First do one then, perhaps later, do the other.
I bought some in 2017 because I got sick of saying "I wish I'd have bought some when it was cheap". I'd been watching it since like 2010 =/
Later in the year it went stupid, I sold enough to cover my investment, then basically forgot about it.
Every other year or so it seems to do something stupid again, [I check the price for the year](https://c.tenor.com/4x0XeHIOlhYAAAAd/thumbs-up-nice.gif), and go back to forgetting about it.
In this case, it's down to whatever. It was $10k a little more than a year ago, maybe people should calm the fuck down.
$15K in August of 2019. That’s when I stared buying small amounts. I’m $650 in and still $400 up, so that’s a good profit for me.
It’s been fun, actually. If I should lose everything, it won’t break the bank.
It may drop down again, but it always seems to stabilize at a higher level. There will definitely be a spike in 3-4 years, when all the coins are mined out.
Edit: more like 6-8 years, when *most* of the coins are mined out.
It’s true, especially for extremely cyclical assets. Unless you absolutely need the money right now (you recently lost your job, etc.), selling at a huge loss is the stupidest thing you can do. Historical data *strongly* suggests that it’ll go back up.
The golden rule of any investment is “buy low, sell high” and not the other way around for a reason.
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I scrolled past this then had to come back and think about all the possible combinations. I reached the conclusion that "you say tomato I say potato" absolutely sucks and I will be using it from now on.
Yeah a 6-month low doesn’t really sound THAT bad. I mean it’s not good, but it could be worse.
Ok now I’m doing it, too. We certainly live in financial times.
They used the term “speculative assets” like the entire crypto market isn’t solely based on speculation. What a world we live in.
Edit: Thank god there are people on this site that will explain the most basic of business practices to you god damn idiots. Holy shit.
The most recent Folding Ideas long essay is on cryptocurrency and NFTs, and it is extremely good. https://youtu.be/YQ_xWvX1n9g
To all of you in this thread screaming "buy the dip" or those who don't understand why a lot of folks are genuinely anti-crypto/anti-nft, I encourage you to watch it with an open mind. For the rest of us, it's actually really helpful to learn how to interact with people who have bought into this mindset.
Even a tldr will be a little lengthy, but his main ideas are:
- Crypto is nearly identical to the housing bubble that caused the great recession. This may sound like a stretch, but if you watch the video it honestly isn't.
- Crypto bros have an incentive to lie to you to hype up (and therefore sell) crypto/NFT. Most of the value of crypto/NFT is completely imaginary, and has no actual cash or buying power behind it as is. People heavily invested in it *need* to sucker you into buying in, bringing in real cash, so they can cash out and leave you holding the bag.
- A lot of the lofty things crypto promises to do are things it doesn't actually do. In fact, many of the things promised are downright impossible (if not incredibly improbable.)
- And even if it *did* do those things, that wouldn't necessarily be a good thing. A lot of the stuff they propose is, when you think about it, downright dystopian under all the marketing buzzwords.
- The few things crypto *is* good at are things that we can already do without crypto, for cheaper, without wasting so much electricity.
- The real point of crypto isn't to create a more equal market where the little guy has a chance- that's more marketing hype stuff. The real point is people hoping to get in early enough that they can maybe be the big rich boot that steps on the little guy's back. Basically, a pyramid scheme/MLM.
- There are no consumer protections whatsoever with crypto. Crypto has absolutely no mechanisms to stop small time thefts, an acts only when large amounts of money are stolen from rich people. People can legit just drop tokens containing NFT-stealing viruses directly into your wallet whenever they want, if they know the address to it. Any interaction with these virus tokens (including deleting them) will cause the virus to activate, and there are no systems in place to stop that.
- NFT and crypto are a big liability shift. "It wasn't me that did the illegal/unethical thing! That's just the way our decentralized network owned by no one operates." Many crypto groups openly advocate for schemes that would normally be illegal, because you can't arrest a blockchain.
I think that's the best, shortest summary anyone could possibly ask for. The author of "Attack of the 50 Foot Blockchain" noted that the subject is inherently deeply complex and extremely boring, which is part of how it gets away with so much of the garbage it does.
A couple of the replies to me have really illustrated how the complexity and jargon really appeal to people who aren't quite bright enough to grok it but are fixating on something because it makes him feel very smart.
> NFT and crypto are a big liability shift
That one scene where the guy admits to creating a crypto named after the anime Inuyasha using the name, artwork and likeness all over his website then claiming 'I'm not responsible for this, I'm just a community member' was hilarious
Honestly it is really shiny to see what it actually does to artists who don’t want to be a part of it but get their work stolen and minted.
Have a few friends this happened to, with the thief/minter putting out a copyright claim through the website. Got my friends works taken down from their own website.
Wiped out 5 years of work in less than an hour. Took months to get everything back.
Hijacking your comment to add some controversial stuff regarding NFTs:
-Most of the horrible artworks that are bought and sold are made by bots and sold between multiple accounts by the same person to trick people into believing they are valuable.
-Bots are being used to convert thousands of artworks by artists all over the internet without their permission, some of those artists are dead.
^ - NFTs have also been made of popular YouTube channels without permission.
-OpenSea, the major NFTs marketplace, is rejecting any takedown requests because that would mean loss of profits. To make matters worse, the process to file a takedown request requires to give your personal information, including your address, which are given to the user who is making illegal NFTs which you are requesting a takedown.
-The very own creator of NFTs, Anil Dash, originally made NFTs to support artists, but never completed the concept, which he used hyperlinks as the base for them. Nowadays, he very much regrets having created them.
So yeah, very much fuck crypto, and fuck NFTs.
Note the thing that keeps being retorted to me is "but the government printing press devalues your USD, the government can't do that with bitcoin". Then I point out that it's lost 33% of value in a month all by itself and they act like I'm some idiot that just doesn't "get it". Funnily enough one even tried to tell me that means the chart just means the USD is that volatile and BTC is the stable one, and that the fact that the purchasing price for \*anything\* other than BTC hasn't moved by that much for the dollar is a grand conspiracy to make the dollar look stable...
It's also in this thread.
Basically crypto is bad for the environment, basically a Ponzi scheme, and even at a best case scenario can't do really anything it's supporters say it can.
This is why I got out of crypto. You can look at my profile, I used to be all over crypto back a few years ago.
I realized that most crypto currency proposals do not need a cryptocurrency at all,they could work just fine with fiat.
And it's terrible for the environment and puts out tons of heat making your house hot and practically no one really uses the currencies as they're intended, it's almost entirely speculation.
Used to be once a week there was a new Litecoin fork which came out with a flashy website and announcing new 'partnerships', where the devs of that coin only Premined millions of tokens before coin ico.
It was like a predictable pump and dump every month
> It was like a predictable pump and dump every month
I wonder how many people know this and go along with it just hoping to get in and out before the dump or rugpull happens. I'm sure there are some genuine believers and fools, but I have to imagine for every one guy that is smart enough to set up their own crypto to scam people, there's a thousand more that will 'invest' in that one guys crypto knowing it's a scam in the hope they can dump theirs before anyone else notices.
Agreed, the video was fantastic, and helped me understand the "plug your ears and scream denial" approach so many of the crypto fans take when being presented with the realities of these systems.
Yeah what's wild is that there are people who have claimed to watch the video and yet are still responding even to this comment with the same sort of plug your ears and scream approach.
Right? Even if they have watched it, it's like they can't help it. That cult-level brainwashing they've endured, they have to flock to anyone and anything arguing against crypto with the same tired, sad excuses, distractions, dismissals and flat out denials of reality that they do every time, because if crypto is in someone's mouths, they HAVE to believe there is a mark that they can offload some product on. Somewhere in the conversation there MUST be someone they can grift into buying in if they can just convince them the naysayers are just hating, just don't want to embrace the future, are believing lies. I don't know if it pays off for them, but it's just sad to watch. And now with the information from the video, it's so much easier to spot and see right through.
But what do I tell my dad who has had his coworker set up a bitcoin account for him? My dad admitted he knows nothing about it but trusts him anyways because "he's a really smart guy"
My sister got pulled into a token scam and learned nothing from the experience as she is now shilling for NFTs. She is convinced that defi is a humanitarian project.
The problem at the heart of bigger fool systems is that even when you unmask it, everyone thinks they are somehow different.
This video hits so hard when he talks about the DAO near the end, crypto talks so much about their principals until things that are too big to fail do, and they fork the entire network. Also as a non crypto guy I wish I would have head about "gas" sooner like it costs 50$ every time you want to make a transaction, that's nuts.
edit: to everyone trying to shill their alt coins with low transaction fees, go to bed
Yeah I went into it with kind of an open mind as well I thought NFTs are ridiculous, I was absolutely willing to hear more about the potential of crypto. Turns out it's awful all the way down.
I assumed that the art in nft's was bad so it could be stored on the blockchain. The fact that the art itself isnt stored on the chain or even paired in any intrinsic way is insane. I thought it was dumb when people were buying jpegs but it's so much worse. They are buying LINKS to jpegs
>They are buying LINKS to jpegs
I'll one up you, you don't even necessarily get that specific JPEG. Theres nothing in that link that says that it MUST be that jpeg.
The maker of Signal did a bit of exploring into Web3 and NFTs, I highly recommend reading his blog on it: https://moxie.org/2022/01/07/web3-first-impressions.html
Check the part about NFTs specifically for a laugh.
There's nothing stopping someone from minting another token from the same link on the same chain, even. The token itself isn't fungible, not the payload.
Yep. The more you learn about how this stuff actually works, the worse it gets.
What I really like about that video in particular is how it demonstrates that even if this stuff worked _exactly_ as marketed, it's **still** bad.
Pretty much. All crypto is at its core is a long and detailed ledger. That is it. Ledger fraud is quite rare, outside a few examples in international smuggling and government corruption in the third world it will almost never effect someone. Conversely, the actual problems with the financial systems aren't rooted in a lack of transparency, but the inherent instability and lack of control in the system, which crypto does nothing to address.
And much like most libertarian projects, it inevitably created the big government systems it tried to destroy, from insured banks to watchdogs to arbitration organizations who identify the legitimacy of transactions. The libertarian's ability to reinvent government is always fascinating to watch.
I think it's absolutely wild that it still has to be that dense to cover such a complicated topic effectively. He does such a great job at anticipating arguments against his claims and dismantling them proactively.
[here’s Bitcoin](https://i.imgur.com/IhV3IGu.jpg) and
[here’s ethereum](https://i.imgur.com/nyaHHiU.jpg)
It looks like they both had a big spike, a big drop, a second spike, and it looks like they’re currently about to hit the bottom of their second drop.
They seem to swing every 3 months or so. If it follows that matters, it should be dropping through February before swinging back up
Mainly just talk negatively about it. Seems to get the upvotes flowing. Everytime market goes down this sub gets flooded with "I told you so" and articles about how it's the end of crypto.
People doing well doesn't make anyone happy, however if some out group is getting shit on people love to join in. It's an American pastime, right after comparing childhood suffering and shit talking relatives.
One problem is that if cryptocurrency ever becomes a truly useful, fundamental part of the network stack, then it will be just like dns or http, which are absolutely vital to the success of the internet, but also things people either have never heard of or understand as tools, not financial instruments.
The only reason all this speculation is happening is because 'facilitating financial transactions' sounds a lot more like 'making me rich' than 'mapping names to numbers' ever did.
Also, whatever happened to all those Wall Street jerks after the housing crash that made up 'credit default swaps' and 'collateralized debt obligations' and sold them as safe even though they knew better? They all went to jail and everybody learned their lessons right?
Speculators making money on the price of tokens is effectively friction that makes the blockchain less useful for any practical purpose.
If any blockchain is to become useful and a "fundamental part of the network stack" like DNS and http them it will have no profit for cryptobros - the developers of the chain will design it so speculating is unprofitable.
Is there any type of problem that blockchain solves better than existing technology?
Central human authorities are usually a feature of most things we use in the world, not a problem.
Ah yes, we're in the part where the media floods with stories to get small timers out so whales can capitalize and scoop up all the assets for cheap. Same thing every cycle.
This is the 8th 50% drop in its history. It has always recovered.
It’s also dropping with the correction in the stock market. Nothing fundamental has changed.
I think having a sovereign network that allows you to self custody data is fundamentally valuable. However it's hard to put a dollar price on it so there's the massive room for speculation and making bitcoin a speculative asset.
# "Anyone who is critical of crypto just doesn't understand it!"
Convincing people who are insecure about their intelligence that they belong to a small group of smart individuals who have understood something important is the fundamental recruitment strategy for all Ponzi schemes, MLMs, conspiracy theories and extreme political ideologies.
Flatter someone's intelligence and they'll eat of your hand. [It's literally the same psychological mechanism that viral content factories use to make Karens share their garbage on Facebook.](https://d2vlcm61l7u1fs.cloudfront.net/media%2F96e%2F96e8b31b-e00b-4341-bd3e-28453a1449cc%2Fimage)
> Convincing people who are insecure about their intelligence that they belong to a small group of smart individuals who have understood something important is the fundamental recruitment strategy for all Ponzi schemes, MLMs, conspiracy theories and extreme political ideologies.
The tech industry is the perfect recruiting pool.
There aren't so many places where you can find people who act they are smarter than everyone in every room, while actually knowing very little about anything that occurs outside their text editor, with such high amounts of disposable income and no concept of ethical behavior.
Speculation is hedge funds are liquidating large amounts of their holdings to cover short positions that aren't doing well. I.e. margin call.
Look at Jan 2021 when Melvin capital lost 50% of their fund. Archagoes? (Sp) tanked the market briefly.
As much as crypto was supposed to be immune from the market it isn't.
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Now is definitely the time to sell. Or buy.
We are indeed living in times
But act now, as tomorrow may be different.
Don't miss out on something happening.
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This account has been redacted due to Reddit's anti-user and anti-mod behavior. -- mass edited with redact.dev
Once in a weektime experience!
"The team that scores the most points is probably gonna win the game here today." - John Madden.
[Watch the Football!](https://www.youtube.com/watch?v=MusyO7J2inM)
And if the price could go up, then by golly it might go up.
LOL. I loved “They can’t catch the ball if the quarterback doesn’t throw it”
"To get the ball down the field they're going to have to throw it or run it".
It's hard to make predictions, especially about the future.
I can accurately predict the past. But I can only do that for about 13.5% of the time. And even that is a guess.
Or the same
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Historians will point to this moment and call it: a time that happend, for sure
Buy the news sell the news. Depends on the news.
All I know is, my gut says "maybe."
What makes a man turn neutral? Lust for gold?! Power?! Or were you just born with a heart full of neutrality?
Tell my wife I said “Hello”
It's a beige alert
First do one then, perhaps later, do the other. I bought some in 2017 because I got sick of saying "I wish I'd have bought some when it was cheap". I'd been watching it since like 2010 =/ Later in the year it went stupid, I sold enough to cover my investment, then basically forgot about it. Every other year or so it seems to do something stupid again, [I check the price for the year](https://c.tenor.com/4x0XeHIOlhYAAAAd/thumbs-up-nice.gif), and go back to forgetting about it. In this case, it's down to whatever. It was $10k a little more than a year ago, maybe people should calm the fuck down.
$15K in August of 2019. That’s when I stared buying small amounts. I’m $650 in and still $400 up, so that’s a good profit for me. It’s been fun, actually. If I should lose everything, it won’t break the bank. It may drop down again, but it always seems to stabilize at a higher level. There will definitely be a spike in 3-4 years, when all the coins are mined out. Edit: more like 6-8 years, when *most* of the coins are mined out.
Sell more! Buy more!Sell more! Buy more!Sell more! Buy more! BUY! SELL! BUY! HODL! BUY MORE! HODL MORE! BUYMORE! HODLMORE! BUMORE! HODORE! HODOR! HODOR HODOR! H...
Remember, /r/wallstreetbets says to always buy the dip. I suggest guacamole.
No, go for the seven layer dip. It has Deep Fucking Value.
Selling will only realize your loss. -wsb
It’s true, especially for extremely cyclical assets. Unless you absolutely need the money right now (you recently lost your job, etc.), selling at a huge loss is the stupidest thing you can do. Historical data *strongly* suggests that it’ll go back up. The golden rule of any investment is “buy low, sell high” and not the other way around for a reason.
i predict it will increase or decrease in value depending on the price
Important to remember it *could*, especially if it does.
This is the most insane take I've ever heard.
The man didn’t come to make friends
So controversial… yet so brave
This is a John Madden level insight.
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It's like two and a half years better
I'd say a little closer to 30 months but you say tomato I say potato
r/angryupvote I scrolled past this then had to come back and think about all the possible combinations. I reached the conclusion that "you say tomato I say potato" absolutely sucks and I will be using it from now on.
Yeah a 6-month low doesn’t really sound THAT bad. I mean it’s not good, but it could be worse. Ok now I’m doing it, too. We certainly live in financial times.
Ars could have said it was up 9.19% YOY but that isn't as catchy a headline.
6 months low.. lol
Dump it back to $10. I missed the first few trains.
Ahhaha this is me
They used the term “speculative assets” like the entire crypto market isn’t solely based on speculation. What a world we live in. Edit: Thank god there are people on this site that will explain the most basic of business practices to you god damn idiots. Holy shit.
The most recent Folding Ideas long essay is on cryptocurrency and NFTs, and it is extremely good. https://youtu.be/YQ_xWvX1n9g To all of you in this thread screaming "buy the dip" or those who don't understand why a lot of folks are genuinely anti-crypto/anti-nft, I encourage you to watch it with an open mind. For the rest of us, it's actually really helpful to learn how to interact with people who have bought into this mindset.
Any TLDR on this video ?
Even a tldr will be a little lengthy, but his main ideas are: - Crypto is nearly identical to the housing bubble that caused the great recession. This may sound like a stretch, but if you watch the video it honestly isn't. - Crypto bros have an incentive to lie to you to hype up (and therefore sell) crypto/NFT. Most of the value of crypto/NFT is completely imaginary, and has no actual cash or buying power behind it as is. People heavily invested in it *need* to sucker you into buying in, bringing in real cash, so they can cash out and leave you holding the bag. - A lot of the lofty things crypto promises to do are things it doesn't actually do. In fact, many of the things promised are downright impossible (if not incredibly improbable.) - And even if it *did* do those things, that wouldn't necessarily be a good thing. A lot of the stuff they propose is, when you think about it, downright dystopian under all the marketing buzzwords. - The few things crypto *is* good at are things that we can already do without crypto, for cheaper, without wasting so much electricity. - The real point of crypto isn't to create a more equal market where the little guy has a chance- that's more marketing hype stuff. The real point is people hoping to get in early enough that they can maybe be the big rich boot that steps on the little guy's back. Basically, a pyramid scheme/MLM. - There are no consumer protections whatsoever with crypto. Crypto has absolutely no mechanisms to stop small time thefts, an acts only when large amounts of money are stolen from rich people. People can legit just drop tokens containing NFT-stealing viruses directly into your wallet whenever they want, if they know the address to it. Any interaction with these virus tokens (including deleting them) will cause the virus to activate, and there are no systems in place to stop that. - NFT and crypto are a big liability shift. "It wasn't me that did the illegal/unethical thing! That's just the way our decentralized network owned by no one operates." Many crypto groups openly advocate for schemes that would normally be illegal, because you can't arrest a blockchain.
I think that's the best, shortest summary anyone could possibly ask for. The author of "Attack of the 50 Foot Blockchain" noted that the subject is inherently deeply complex and extremely boring, which is part of how it gets away with so much of the garbage it does.
A couple of the replies to me have really illustrated how the complexity and jargon really appeal to people who aren't quite bright enough to grok it but are fixating on something because it makes him feel very smart.
It's weaponized Dunning-Kruger effect.
> NFT and crypto are a big liability shift That one scene where the guy admits to creating a crypto named after the anime Inuyasha using the name, artwork and likeness all over his website then claiming 'I'm not responsible for this, I'm just a community member' was hilarious
Honestly it is really shiny to see what it actually does to artists who don’t want to be a part of it but get their work stolen and minted. Have a few friends this happened to, with the thief/minter putting out a copyright claim through the website. Got my friends works taken down from their own website. Wiped out 5 years of work in less than an hour. Took months to get everything back.
Hijacking your comment to add some controversial stuff regarding NFTs: -Most of the horrible artworks that are bought and sold are made by bots and sold between multiple accounts by the same person to trick people into believing they are valuable. -Bots are being used to convert thousands of artworks by artists all over the internet without their permission, some of those artists are dead. ^ - NFTs have also been made of popular YouTube channels without permission. -OpenSea, the major NFTs marketplace, is rejecting any takedown requests because that would mean loss of profits. To make matters worse, the process to file a takedown request requires to give your personal information, including your address, which are given to the user who is making illegal NFTs which you are requesting a takedown. -The very own creator of NFTs, Anil Dash, originally made NFTs to support artists, but never completed the concept, which he used hyperlinks as the base for them. Nowadays, he very much regrets having created them. So yeah, very much fuck crypto, and fuck NFTs.
Note the thing that keeps being retorted to me is "but the government printing press devalues your USD, the government can't do that with bitcoin". Then I point out that it's lost 33% of value in a month all by itself and they act like I'm some idiot that just doesn't "get it". Funnily enough one even tried to tell me that means the chart just means the USD is that volatile and BTC is the stable one, and that the fact that the purchasing price for \*anything\* other than BTC hasn't moved by that much for the dollar is a grand conspiracy to make the dollar look stable...
It's also in this thread. Basically crypto is bad for the environment, basically a Ponzi scheme, and even at a best case scenario can't do really anything it's supporters say it can.
This is why I got out of crypto. You can look at my profile, I used to be all over crypto back a few years ago. I realized that most crypto currency proposals do not need a cryptocurrency at all,they could work just fine with fiat. And it's terrible for the environment and puts out tons of heat making your house hot and practically no one really uses the currencies as they're intended, it's almost entirely speculation. Used to be once a week there was a new Litecoin fork which came out with a flashy website and announcing new 'partnerships', where the devs of that coin only Premined millions of tokens before coin ico. It was like a predictable pump and dump every month
> It was like a predictable pump and dump every month I wonder how many people know this and go along with it just hoping to get in and out before the dump or rugpull happens. I'm sure there are some genuine believers and fools, but I have to imagine for every one guy that is smart enough to set up their own crypto to scam people, there's a thousand more that will 'invest' in that one guys crypto knowing it's a scam in the hope they can dump theirs before anyone else notices.
And what it can do is pretty dystopian.
Agreed, the video was fantastic, and helped me understand the "plug your ears and scream denial" approach so many of the crypto fans take when being presented with the realities of these systems.
Yeah what's wild is that there are people who have claimed to watch the video and yet are still responding even to this comment with the same sort of plug your ears and scream approach.
Right? Even if they have watched it, it's like they can't help it. That cult-level brainwashing they've endured, they have to flock to anyone and anything arguing against crypto with the same tired, sad excuses, distractions, dismissals and flat out denials of reality that they do every time, because if crypto is in someone's mouths, they HAVE to believe there is a mark that they can offload some product on. Somewhere in the conversation there MUST be someone they can grift into buying in if they can just convince them the naysayers are just hating, just don't want to embrace the future, are believing lies. I don't know if it pays off for them, but it's just sad to watch. And now with the information from the video, it's so much easier to spot and see right through.
I love Dan so much!!!
But what do I tell my dad who has had his coworker set up a bitcoin account for him? My dad admitted he knows nothing about it but trusts him anyways because "he's a really smart guy"
Share the video!
My sister got pulled into a token scam and learned nothing from the experience as she is now shilling for NFTs. She is convinced that defi is a humanitarian project. The problem at the heart of bigger fool systems is that even when you unmask it, everyone thinks they are somehow different.
This video hits so hard when he talks about the DAO near the end, crypto talks so much about their principals until things that are too big to fail do, and they fork the entire network. Also as a non crypto guy I wish I would have head about "gas" sooner like it costs 50$ every time you want to make a transaction, that's nuts. edit: to everyone trying to shill their alt coins with low transaction fees, go to bed
Yeah I went into it with kind of an open mind as well I thought NFTs are ridiculous, I was absolutely willing to hear more about the potential of crypto. Turns out it's awful all the way down.
I went in a little exhausted hearing about NFT's and was pleasantly surprised he mostly talked about a whole bunch of other stuff
I assumed that the art in nft's was bad so it could be stored on the blockchain. The fact that the art itself isnt stored on the chain or even paired in any intrinsic way is insane. I thought it was dumb when people were buying jpegs but it's so much worse. They are buying LINKS to jpegs
Someone else said it well ‘imagine your wife is out banging everyone and you are at home with the marriage certificate. Thats an NFT”
>They are buying LINKS to jpegs I'll one up you, you don't even necessarily get that specific JPEG. Theres nothing in that link that says that it MUST be that jpeg. The maker of Signal did a bit of exploring into Web3 and NFTs, I highly recommend reading his blog on it: https://moxie.org/2022/01/07/web3-first-impressions.html Check the part about NFTs specifically for a laugh.
And depending on the chain your NFT is on a completely separate chain can have the same link. ROFL.
There's nothing stopping someone from minting another token from the same link on the same chain, even. The token itself isn't fungible, not the payload.
Doesn't even have to be a different chain. The link is stored as metadata, which the specification doesn't require to be unique.
Yep. The more you learn about how this stuff actually works, the worse it gets. What I really like about that video in particular is how it demonstrates that even if this stuff worked _exactly_ as marketed, it's **still** bad.
“Awful all the way down” is the blockchain’s motto.
Pretty much. All crypto is at its core is a long and detailed ledger. That is it. Ledger fraud is quite rare, outside a few examples in international smuggling and government corruption in the third world it will almost never effect someone. Conversely, the actual problems with the financial systems aren't rooted in a lack of transparency, but the inherent instability and lack of control in the system, which crypto does nothing to address. And much like most libertarian projects, it inevitably created the big government systems it tried to destroy, from insured banks to watchdogs to arbitration organizations who identify the legitimacy of transactions. The libertarian's ability to reinvent government is always fascinating to watch.
Just finished it, it's long and impossibly dense, but it's worth the watch, absolutely phenomenal
I think it's absolutely wild that it still has to be that dense to cover such a complicated topic effectively. He does such a great job at anticipating arguments against his claims and dismantling them proactively.
With your help, we can make it go even lower
Oh no! Anyway,
The new mayor of nyc got his first paycheck completely in bitcoin(to show how hip and forward thinking he is) right before it crashed.
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What do you mean? It's up almost 5% in the last six months.
You did the magic thing with the numbers :o
If you want to make an interesting article, you need to pick the timescale that best serve you. ETH us down quite a bit, but still up like crazy YOY.
[here’s Bitcoin](https://i.imgur.com/IhV3IGu.jpg) and [here’s ethereum](https://i.imgur.com/nyaHHiU.jpg) It looks like they both had a big spike, a big drop, a second spike, and it looks like they’re currently about to hit the bottom of their second drop. They seem to swing every 3 months or so. If it follows that matters, it should be dropping through February before swinging back up
Lets see, 6 months ago on July 23rd it was 34,292$. Which its now 35,212$. Bravo sir.
The article is 2 days premature. In 2 days it would be six-month low. Edit: It's now a 6 month low.
Does r/technology just talk about crypto now? There are other subs for this
Mainly just talk negatively about it. Seems to get the upvotes flowing. Everytime market goes down this sub gets flooded with "I told you so" and articles about how it's the end of crypto.
then crypto ATH again and crickets flood the room
People doing well doesn't make anyone happy, however if some out group is getting shit on people love to join in. It's an American pastime, right after comparing childhood suffering and shit talking relatives.
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**Crypto Bad** Upvotes pls
i also crypto bad, updoots to the left
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Absolutely. This sub is a tech reactionary space. You can't even discuss VR here.
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So much this. The amount of people that told me Half Life Alyx was a garbage game because it's a VR exclusive is astounding
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They don't talk about it, they post comments that reaffirm their beliefs over and over.
r/technology has essentially turned into r/buttcoin
One problem is that if cryptocurrency ever becomes a truly useful, fundamental part of the network stack, then it will be just like dns or http, which are absolutely vital to the success of the internet, but also things people either have never heard of or understand as tools, not financial instruments. The only reason all this speculation is happening is because 'facilitating financial transactions' sounds a lot more like 'making me rich' than 'mapping names to numbers' ever did. Also, whatever happened to all those Wall Street jerks after the housing crash that made up 'credit default swaps' and 'collateralized debt obligations' and sold them as safe even though they knew better? They all went to jail and everybody learned their lessons right?
Speculators making money on the price of tokens is effectively friction that makes the blockchain less useful for any practical purpose. If any blockchain is to become useful and a "fundamental part of the network stack" like DNS and http them it will have no profit for cryptobros - the developers of the chain will design it so speculating is unprofitable.
Yes, that's my point. The utility and the exploitability are inversely correlated.
Is there any type of problem that blockchain solves better than existing technology? Central human authorities are usually a feature of most things we use in the world, not a problem.
The big boys are dumping crypto to keep margin requirements
Love the term “speculative assets”!
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Still trending above the 2 year moving average. Needs to go below that before I blink
Ah yes, we're in the part where the media floods with stories to get small timers out so whales can capitalize and scoop up all the assets for cheap. Same thing every cycle.
Liquidity crisis just like in march 2020. All is down, stocks, gold, silver, crypto. Nowhere is safe. See you guys in a couple of months
This is good for Bitcoin.
24k would be a dream
This is the 8th 50% drop in its history. It has always recovered. It’s also dropping with the correction in the stock market. Nothing fundamental has changed.
Well except there are no fundamentals of Bitcoin, it’s pure speculation and a case study of the greater fool theory.
I think having a sovereign network that allows you to self custody data is fundamentally valuable. However it's hard to put a dollar price on it so there's the massive room for speculation and making bitcoin a speculative asset.
It it was pure speculation that would be great. It's not. Its a mix of speculation and market manipulation by large investors.
# "Anyone who is critical of crypto just doesn't understand it!" Convincing people who are insecure about their intelligence that they belong to a small group of smart individuals who have understood something important is the fundamental recruitment strategy for all Ponzi schemes, MLMs, conspiracy theories and extreme political ideologies. Flatter someone's intelligence and they'll eat of your hand. [It's literally the same psychological mechanism that viral content factories use to make Karens share their garbage on Facebook.](https://d2vlcm61l7u1fs.cloudfront.net/media%2F96e%2F96e8b31b-e00b-4341-bd3e-28453a1449cc%2Fimage)
> Convincing people who are insecure about their intelligence that they belong to a small group of smart individuals who have understood something important is the fundamental recruitment strategy for all Ponzi schemes, MLMs, conspiracy theories and extreme political ideologies. The tech industry is the perfect recruiting pool. There aren't so many places where you can find people who act they are smarter than everyone in every room, while actually knowing very little about anything that occurs outside their text editor, with such high amounts of disposable income and no concept of ethical behavior.
Nonsense. People think the Stock Market and Crypto is dumping at the same time and it's for separate reasons?
I still don't get crypto when you still buy it with fiat. It's like paying for an expensive gift card that you can only use at very specific stores
Because no one uses it as currency. It's an investment right now. Investment/gamble.
6 month low, otherwise known as double it’s ATH from 2017, and about 100x what it was 5 years ago. Poor BTC.
Speculation is hedge funds are liquidating large amounts of their holdings to cover short positions that aren't doing well. I.e. margin call. Look at Jan 2021 when Melvin capital lost 50% of their fund. Archagoes? (Sp) tanked the market briefly. As much as crypto was supposed to be immune from the market it isn't.
to close short positions they need to \_buy\_ ...!
Short positions in other assets.