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Not only will crypto not go away it will become too big to fail and get bailed out by the central banking authorities to prevent an economic meltdown when theres finally a run on the bank.
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Dec 12, 2021 22:08
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Xanderkish posted:My take is that Bitcoin will run the course of every other too good to be true money making scheme, where it grows in popularity, meaning more people buy into it but also more people grow wise to it. Hopefully the latter outweighs the former and the fever breaks -- either by a crash or, more likely in my view, government regulation -- before too much harm happens. And then something else will take it's place. Bitcoin isn't the Mark of the Beast, it's just the latest of bubbles/scams, to eventually be replaced by another. The thing is it's even emptier than previous (still going bubbles) There's nothing conceptually there to center value on. Like when the tech boom happened, at least those companies were doing something. Even if Facebook was an extremely overvalued ad agency, they were at least actually an ad agency.
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Dec 12, 2021 22:09
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Salt Fish posted:Not only will crypto not go away it will become too big to fail and get bailed out by the central banking authorities to prevent an economic meltdown when theres finally a run on the bank. Right now if you just approach it as a way to profit off hype and rubes then the gains are hard to ignore, but that’s not a palatable investment strategy for a lot of people, particularly if the gains get less and less dramatic whilst all the whilst retaining all of the negative aspects of it (e.g. no protection, no regulation, etc)
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Dec 12, 2021 22:15
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ikanreed posted:The thing is it's even emptier than previous (still going bubbles) In either case, the asset is overvalued, even if in one case it's overvalued from something and in the other case overvalued from nothing. Granted, I'll be charitable and say that the notion of a decentralized currency is intriguing enough that's it not necessarily a valueless proposition. A lot of investments are into things that seem like they could have value, even if they never pan out. And Bitcoin has the benefit of technical obfuscation that conceals the underlying low-utility of the actual currency.
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Dec 12, 2021 22:18
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ikanreed posted:The thing is it's even emptier than previous (still going bubbles) Think of it as a combination of Theranos (where people were investing in impossible promises) and the subprime mortgage crisis (where financial companies were repackaging and rebundling risky investments to the point where they couldn't even really tell what they were buying anymore).
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Dec 12, 2021 22:20
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Out of curiosity, I ran a google trends analysis comparing "bitcoin" with "real estate". Far from a scientific analysis, but at least in terms of google trends, real estate was a pretty consistent trend, while Bitcoin, like the currency itself, was much more volatile. It shot up a lot in December of 2017, and is a little bit higher than its five year average, but not exactly knocking it out of the park. I also tried comparing them both to Covid, but Covid dwarfed both, unsurprisingly.
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Dec 12, 2021 22:25
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This better not be real. https://twitter. com/FloydiesNFT /status/1468364201957597186?t=973nv9QBw6bV9LVdBPcILA&s=19 Edit: broke the link so people don't have to see it. egg_dog fucked around with this message at 23:55 on Dec 12, 2021 |
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Dec 12, 2021 22:53
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 I hate it here
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Dec 12, 2021 22:59
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egg_dog posted:This better not be real. my money's on nazi psyop, "floyd[ d]ies" is literally the name and that's the poo poo they circlejerk to e: also the exaggerated nose+lips and the red eyes and the jokerized NFT, yeah, def nazis Captain Charisma fucked around with this message at 23:10 on Dec 12, 2021 |
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Dec 12, 2021 23:01
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Durzel posted:I guess it’s possible that the bigger it gets the less volatile it will become, but perversely the less attractive it will be for newcomers. It could be that it reaches a critical mass where it’s neither growing nor shrinking in an appreciable way. I think at this point crypto isn't pulling in significant numbers of new suckers, it's just getting the old suckers to throw even more money in.
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Dec 12, 2021 23:05
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I wasn't able to find data on historical trading of crypto, but there is evidence to suggest more people have traded it in the past 12 months.quote:More than 1 in 10 Americans invested in cryptocurrency over the past year, according to a survey published by the University of Chicago, a sign of the popularity of digital currencies like bitcoin and ethereum. There's also some interesting stuff in there on how Crypto investors tend to be younger, more diverse, and less educated than people who invest in traditional stock options. The article also says that most financial advisors don't recommend crypto due to its volatility, but they didn't give a hard number for that.
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Dec 12, 2021 23:12
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Historical trading of crypto was largely fake and took place on the MAGIC THE GATHERING ONLINE EXCHANGE d/b/a "Mt. Gox" Mark Karpeles only wishes he had the foresight to invent stable coins. Back then it was almost impossible to cash crypto out to filthy fiat currency in a bank account, when this poo poo starts to go sideways, I predict people will realize that not much has changed. One huge "innovation" of NFTs is something that crypto is actually "good" at purchasing: a purely digital asset. No need to get a bank to deal with you, and of course, plenty of opportunity for wash trades and pump'n'dump and frauds.
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Dec 12, 2021 23:18
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did anyone say mt. gex yet
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Dec 12, 2021 23:22
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egg_dog posted:This better not be real. It's real in the sense that someone actually did upload those NFTs to a marketplace, but they're not shilling it nearly hard enough for it to be a real project, so it's probably just a white supremacist spending some of their extra ETH on a sick racist joke
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Dec 12, 2021 23:26
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Everything is grim and I hate it. Reported the tweet/account at least. Edit: trashed the link from my other post. egg_dog fucked around with this message at 23:55 on Dec 12, 2021 |
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Dec 12, 2021 23:53
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Happy Landfill posted:What's the over under of crypto leading to another financial crash? it's not big enough to cause a crash on its own but it is in prime position to get completely annihilated along with a bunch of other poo poo when something else causes a financial crash the insane senseless market euphoria and "longest bull run in history" and "this poo poo cant last forever" was something we talked about when I went to college and that was before crypto existed and kind of a long time ago, I'm old edit: of course I need to add the goon classic: "the market can remain irrational longer than you can remain alive" Ad by Khad fucked around with this message at 00:07 on Dec 13, 2021 |
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Dec 13, 2021 00:05
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Another way to put it is that smoking might not give you lung cancer, but you still shouldn't do it.
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Dec 13, 2021 00:11
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Wait, wait, wait... so 1 Tether = 1 USD but it's not actually convertible? What does that actually mean?
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Dec 13, 2021 00:34
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Mad Dragon posted:I don't know if it's been mentioned in the last 400 or so posts I skimmed over, but deviantArt is notifying artists when one of their images is stolen to create an NFT. And if they can't steal your art, they simply steal your account, destroy every piece of artwork you uploaded there and use it to shill crypto: https://twitter.com/RubberNinja/status/1470090601483972612?t=XS0xvA7HFBacJ3frhwVz-g&s=19 I follow a lot of artists on Twitter, and there have been a LOT of these, this is not even close to the first. NFT fuckers are sociopathic scum.
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Dec 13, 2021 00:35
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Prurient Squid posted:Wait, wait, wait... so 1 Tether = 1 USD but it's not actually convertible? What does that actually mean? It means Tether does not, and never has, actually had any serious amount of USD, and hence will not redeem USDT for actual currency. You may ask why, then people take them seriously when they print millions of USDT on a weekly basis, and to that I can say only this: BUTTCOIN
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Dec 13, 2021 00:48
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So there are imaginary coins that are intended to be constantly increasing in value terms of USD. Then there are other imaginary coins that are supposed to be completely static in terms of USD. Neither are easily convertable into USD. Also the coins that are supposed to be static have to be churned out at Weimar inflation levels in order to keep the other coins going up, up, up. And none of this is based on... anything?
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Dec 13, 2021 01:06
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Prurient Squid posted:Wait, wait, wait... so 1 Tether = 1 USD but it's not actually convertible? What does that actually mean? The important thing to remember is that before Tether etc., it was nearly impossible to set up a crypto exchange, since the REAL MONEY side required a real financial institution. Tether enables funny money swapping inside whatever random cloud server people set up. So there's enormous demand for "stable" coins kind of... regardless of if they make sense? Tether is not redeemable, suspended from US operations, under investigation, and obviously a scam. But people want to create and trade crypto SO BAD that they just... ignore that. Because without Tether (and its ilk), online exchanges would be tiny due to existing financial regulations surrounding the fiat currency side of the equation.
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Dec 13, 2021 01:07
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This incredible banner displayed at PAX Unplugged convention is up for charity auction: https://twitter.com/Stringerplz/status/1470116853632618498
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Dec 13, 2021 01:18
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Need to make a car an NFT and issue new NFTs as the mileage goes up.
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Dec 13, 2021 01:20
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Have you ever been to an arcade that uses tokens or mag striped cards instead of quarters? Have you ever been to a farmers market where you use tokens or mag striped cards instead of cash? These are examples of nonexchangable currency you use to buy into a system with the idea the system is doing something useful for you. Tether is the same sort of token except for crypto exchanges. If uncontrolled token usage for security trading sounds like an awful idea, good news, you're sane.
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Dec 13, 2021 01:23
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Tether printed $2bil on the 9th and another $1bil on the 7th, according to whale alert twitter.
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Dec 13, 2021 01:54
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if you think of nfts as retribution from a vengeful god then they start to make a lot of sense
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Dec 13, 2021 02:11
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CRUSTY MINGE posted:Tether printed $2bil on the 9th and another $1bil on the 7th, according to whale alert twitter. Every tether is backed by 1 USDT, and since 1 USDT is worth 1 USD, it's fully backed bingo bango so simple
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Dec 13, 2021 02:40
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Prurient Squid posted:Wait, wait, wait... so 1 Tether = 1 USD but it's not actually convertible? What does that actually mean? You can convert your $1 to 1 Tether. No backsies.
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Dec 13, 2021 03:10
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https://twitter.com/edzitron/status/1470168932283682816?s=21
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Dec 13, 2021 03:13
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how did bloomberg of all places get @crypto?
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Dec 13, 2021 03:38
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acidx posted:how did bloomberg of all places get @crypto? Take a wild guess
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Dec 13, 2021 03:46
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It's an asset to invest in, and people love talking about it on Twitter. Hence, a Twitter account for it. The real question is how many people at Bloomberg work on the Crypto beat.
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Dec 13, 2021 03:46
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Xanderkish posted:It's an "asset" to "invest" in, and people love talking about it on Twitter. Hence, a Twitter account for it. Fixed.
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Dec 13, 2021 03:51
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Funnily enough, as soon as I posted that, I immediately began to question my choice of both of those exact words.
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Dec 13, 2021 03:57
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EorayMel posted:Take a wild guess 
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Dec 13, 2021 04:19
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Keanu Reeves still being cool and correct: https://www.forbes.com/sites/danidiplacido/2021/12/11/keanu-reeves-thinks-nfts-are-a-joke/
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Dec 13, 2021 04:26
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Salt Fish posted:Every tether is backed by 1 USDT, and since 1 USDT is worth 1 USD, it's fully backed bingo bango so simple Every USDT is backed by a real, actual US Dollar. You can go to Tether HQ and look at the dollar.
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Dec 13, 2021 04:26
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Nice Van My Man posted:Keanu Reeves still being cool and correct: Excellent! *air guitar*
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Dec 13, 2021 05:52
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If I'm reading this history tab right right, someone bought the hilarious NFT banner charity auction for its "buy it now" price of $420,69 after it had been bid up to $1,500 or so: https://events.handbid.com/auctions/unplugged-unnft-banner/item/pax-unplugged-unnft-banner-1153275
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Dec 13, 2021 06:11
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