71–80 of 126 posts
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Do you have to prove your funds are not black money to buy "GUSD"?
No idea. I transferred a bunch of coins from Bittrex and Coinbase, sold some for USD for a nice profit, put that USD in to GUSD, and a month ago pulled out last year's interest of ~$1500 USD to buy some beautiful pendant lights, brass faucet, and a mediocre range hood for my new kitchen remodel.
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This comment hits the nail on the head. Just this morning when I saw FTX and BlockFi's news I thought to myself "yeah all the electricity spent on this is bad, but the real problem is how many hours of human thought have been spent on coming up with these schemes just for them to blow up on our faces". Crypto is like the mental virus in the movie "Pontypool" [0] - people are infected by it and cannot think about anyt…
Is there a term for this type of highly interesting problem that is ultimately a waste of time? I have been calling it a “brain sink”in my head, it is deeply sad to me how many smart people have jumped on the bandwagon and what they could have done otherwise with their potential.
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Except the latter is backed by an army and you can actually buy stuff with it. The former is so volatile that you don’t know if it’ll exist next year or not
8% of every dollar in your pocket a year ago no longer exists.
Edit: happy Veterans Day (USA) to those who served.
I'm a huge crypto bear, but the Fed Balance sheet is still way to big for the entire space to go to zero. Where would all the money go? SPX X 2, hyperinflation? https://www.federalreserve.gov/monetarypolicy/bst_recenttren...
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Don't forget the utterly insane amounts of both financial and human capital that have been invested in this space with virtually nothing to show for it. The whole thing is an infinite sinkhole. Cryptocurrency kind of reminds me of that Star Trek episode where they were going to destroy the Borg by giving them this impossible n-dimensional object to ponder. It had no solution but was infinitely interesting so they wou…
If crypto didn't exist, these people would either go to wallstreet, or play poker.
The potent mix of greed, exclusivity, and novelty applied at the right time someone's life can ruin just about anyone.
It's depressing to me that there is such a vocal group of people cheerleading the demise of an industry that seeks to improve the financial system on a global scale. Truly disheartening are the financially disenfranchised (and what I believe) young voices for whom any system would be better than the current. It's to the extent that many think that attacking capitalism itself is the answer. There is an incredible amou…
Look at it this way: the scammers are not doing that, at all. In fact, they are making it less likely that anyone will do so because they are turning people off to the field categorically, making it hard for an honest business to get customers, and dramatically increasing the likelihood of strict regulation. Those young people who you're concerned about are in many cases losing or about to lose what assets they have, and they're going to be angry about it — do you think they'd give any time of day to another company in that sector which sounds just like the people who defrauded them?
If you're serious about that goal, you should be on the frontline attacking these companies and especially making it super clear who you think is doing it right. When the dotcom crisis hit, yeah, a ton of never-had-a-chance companies failed but the web was just fine because there were a ton of people delivering real value to organizations all around the world. If there's “genuine genius at work solving difficult problems for everyone's benefit”, ignore the crooks being criticized and focus on directing attention to those geniuses because they've been massively outshadowed.
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Not only is that adjacent to, but itself, a wrong statement, what does it even have to do with anything?
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Except the latter is backed by an army and you can actually buy stuff with it. The former is so volatile that you don’t know if it’ll exist next year or not
8% of every dollar in your pocket a year ago no longer exists.
Can someone explain why the bank run on Tether hasn't already happened? We've seen with FTX that it only takes a little FUD for people to get scared and start withdrawing. It's not like there isn't more credible stablecoin alternatives, USDC looks a lot more credible.
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This comment hits the nail on the head. Just this morning when I saw FTX and BlockFi's news I thought to myself "yeah all the electricity spent on this is bad, but the real problem is how many hours of human thought have been spent on coming up with these schemes just for them to blow up on our faces". Crypto is like the mental virus in the movie "Pontypool" [0] - people are infected by it and cannot think about anyt…
Is there a term for this type of highly interesting problem that is ultimately a waste of time? I have been calling it a “brain sink”in my head, it is deeply sad to me how many smart people have jumped on the bandwagon and what they could have done otherwise with their potential.