|
gold has never been especially valued for its industrial utility, it's still moderately valuable as a cultural artifact of medieval kingdoms who landed on it as a forgery-resistant currency they could centrally regulate the supply of before anyone had invented dollar bills. To any culture who lacked that whole central government backing it as currency thing gold was just a shiny rock you can't eat or make anything useful out of because it turns out "value" isn't some universal fuckin force that emanates from anything scarce lmao
A Wizard of Goatse fucked around with this message at 01:50 on Jan 3, 2022 |
#
?
Jan 3, 2022 01:41
|
|
|
|
| # ? May 28, 2024 22:38 |
|
|
Gutcruncher posted:To be fair if you buy gold you have, if nothing else, gold. Instead of nothing. fun story, this isn't necessarily true. My grandfather bought some gold as an "investment" and what he got was some certificates for gold that was stored in a company multiple states away. He's never seen it. Apparently he COULD (or so he says) but... you could say that what he actually bought was a pointer to a location where gold could be stored
|
|
#
?
Jan 3, 2022 02:11
|
|
|
Log082 posted:fun story, this isn't necessarily true. My grandfather bought some gold as an "investment" and what he got was some certificates for gold that was stored in a company multiple states away. He's never seen it. Apparently he COULD (or so he says) but... a friend of mine invested in silver and had just a block of silver. it was pretty neat holding that in my hand. anyway then the price of precious metals tanked and he learned not to take investment advice from our paranoid friend
|
|
#
?
Jan 3, 2022 02:13
|
|
|
MechaCrash posted:Old baseball cards and old comic books are worth shitloads of money because nobody thought they'd be worth a drat thing, so nobody bothered holding on to them, so if you did then you've got one of the few copies floating around. Also because of World War 2. Due to shortages there were "Scrap Drives" where scrap metals, rubber, rags and paper were collected to be recycled into good for US troops. Since they were made of paper, many pre-WW2 trading cards and books were turned in during these drives, destroying way more than standard wear-and-tear and dejunking would have claimed.
|
|
#
?
Jan 3, 2022 02:54
|
|
|
In the us context it isn’t gold as such that affects people’s minds, it’s the norquistian ideology of demolishing the welfare state that gold dealers play on In comparison bitcoin ideology is at least superficially more benevolent, playing up empowerment and having a machine basically replace the welfare state by making everyone rich
|
|
#
?
Jan 3, 2022 03:02
|
|
|
Modern gold and bitcoin share nearly 100% of a basis as fundamentally an apocalypse hedge i.e. at best its an antisocial hedging scheme where money is presumably thrown at make-work assuming the money is so worthless it might as well be spent on an alternative. But within a pyramid scheme that has market makers selling that apocalypse to the poor as a way to prop up and even grow the market when it turns out the money and other traditional markets aren't as bad as some crack pots imagine.
|
|
#
?
Jan 3, 2022 03:11
|
|
|
I think crypto and NFTs have more in common with diamonds than gold. Diamonds are to a very high degree artificially scarce and were made valuable mostly via intensive marketing. We can actually make diamonds, but their manufacture is also kept artificially constrained, if memory serves. Of course diamonds do have some practical use, and actually exist, so the analogy isn't perfect.
|
|
#
?
Jan 3, 2022 03:39
|
|
|
Log082 posted:fun story, this isn't necessarily true. My grandfather bought some gold as an "investment" and what he got was some certificates for gold that was stored in a company multiple states away. He's never seen it. Apparently he COULD (or so he says) but... There was a fairly recent case of a big company that did that and massively oversold their actual gold supply
|
|
#
?
Jan 3, 2022 03:47
|
|
|
NFTs are certificates giving you ownership of real estate on the moon. It's loving pointless and your ownership isn't actually enforceable by any means.
|
|
#
?
Jan 3, 2022 03:51
|
|
|
zedprime posted:Modern gold and bitcoin share nearly 100% of a basis as fundamentally an apocalypse hedge i.e. at best its an antisocial hedging scheme where money is presumably thrown at make-work assuming the money is so worthless it might as well be spent on an alternative. But within a pyramid scheme that has market makers selling that apocalypse to the poor as a way to prop up and even grow the market when it turns out the money and other traditional markets aren't as bad as some crack pots imagine. This remains one of the best things i've seen ITT: Goodpancakes posted:Where is that economist posting about idiots like Ghostyy making a gamble for status? CaptainSarcastic posted:I think crypto and NFTs have more in common with diamonds than gold. Diamonds are to a very high degree artificially scarce and were made valuable mostly via intensive marketing. We can actually make diamonds, but their manufacture is also kept artificially constrained, if memory serves. Nah, nobody's stopping synthetic diamonds production. But jewelers mark synthetic diamond as such, partly because they're still in cahoots with de beers. Partly because it's truth. Synthetics are still distinguishable from natural diamond with polarized or UV light so it's not worth trying to fool people. The synthetic industry has been growing a ton, de beers actually owns a synthetic production company. Young people like the idea of diamonds that aren't an environmental & conflict disaster. Diamond's value is 100% about advertising and monopoly. Cubic zirconia and moissanite have been perfectly good diamond replacements for years before gem quality synthetic diamonds got good. But advertisement made the words "cubic zirconia" into a synonym for "cheap" or "fake".
|
|
#
?
Jan 3, 2022 04:26
|
|
|
Klyith posted:This remains one of the best things i've seen ITT: That's fair - my memory on industrial production was vague. The history of de Beers is one of those things that would push the boundaries of credulity if it was in fiction, but those fuckers managed to blow past all that into cartoon villain level poo poo in the real world, and them hobbling synthetic diamond production would be completely in character.
|
|
#
?
Jan 3, 2022 04:38
|
|
|
Klyith posted:Diamond's value is 100% about advertising and monopoly. Cubic zirconia and moissanite have been perfectly good diamond replacements for years before gem quality synthetic diamonds got good. But advertisement made the words "cubic zirconia" into a synonym for "cheap" or "fake". One of my favorite rich people things: Do you think a lot of women wear $200,000 engagement rings when they might have to run into Starbucks? No, they have a replica ring made out of CZ, keep the real one in a safe and drag the real one out only occasionally. Apparently it is only socially OK to do this if you actually own the real one, even though literally no one knows the difference but a jeweler.
|
|
#
?
Jan 3, 2022 04:41
|
|
|
Doctor_Fruitbat posted:Gold just completely obliterates people's brains, like even if you can get into people's heads that money is a made up tool and not a finite resource they still end up going "right, but it has to be tied to gold, because gold is immutable and perfect" as if wealth being backed by gold is a fundamental law of the universe. This was a whole thing in Making Money. Of course, it kinda goes with how a lot of modern education ends up probably on purpose teaching people that other constructs like political norms and capitalism are literally immutable laws of reality and trying to defy them is as laughably pointless as trying to flap your arms and fly. Which also ties into how crypto true believers are motivated primarily by badly misunderstanding those already arbitrary constructs. Similar to SovCit types, whose ideology is hilariously laughable to anyone who has the slightest familiarity with material dialectics.
|
|
#
?
Jan 3, 2022 04:53
|
|
|
well that's the thing about bitcoins, they're not material, they're virtual 
|
|
#
?
Jan 3, 2022 04:55
|
|
|
https://twitter.com/CryptoCopeng/status/1477601757463289857?s=20 I just want to say “then prove it!”
|
|
#
?
Jan 3, 2022 05:20
|
|
|
https://twitter.com/dt_chain/status/1477843627175038976 I'm just trying to imagine how insane the prices can get before the Web3 people are like, this is literally unbelievable as not a scam.
|
|
#
?
Jan 3, 2022 06:21
|
|
|
maybe its a joke/fake post. I'm pretty sure a decent finicial advisor , bank person, or a friend that isnt a fellow flavoraid drinker would have smacked their head with a bat if they were serious about even looking at the computer screen with that money.
|
|
#
?
Jan 3, 2022 06:34
|
|
|
A Real Hologram posted:I’m in a gentle discussion with a new relative, who is a true believer in bitcoin and is arguing with me about his position on it. Start by calling out their false equivalency. Gold has nothing to do with bitcoin or economics because no sane country bases the value of their currency on gold.
|
|
#
?
Jan 3, 2022 09:29
|
|
|
I bought [insert garbage picture here] for [insert outrageous sum of money here]. It's true, too. You have to believe me now since I said it's true Now go spend your money on NFT's please
|
|
#
?
Jan 3, 2022 09:31
|
|
|
https://twitter.com/verge/status/1477822092565438476
|
|
#
?
Jan 3, 2022 10:04
|
|
|
Cool, yet another reason for me to dislike Samsung.
|
|
#
?
Jan 3, 2022 10:07
|
|
|
Televisions that display images? 
|
|
#
?
Jan 3, 2022 10:12
|
|
|
Most tvs already have the ability to show a jpeg from a flash card or USB or other source, adding an app for crypto goofs will take very little effort. LG makes the better tvs anyway tho  (they will add this too I’m sure)
|
|
#
?
Jan 3, 2022 10:13
|
|
|
priznat posted:Most tvs already have the ability to show a jpeg from a flash card or USB or other source, adding an app for crypto goofs will take very little effort. Yeah, I got a C1 over Christmas and hooh is it a QoL upgrade from the five year old TCL we have I would also not buy a Samsung TV or monitor. My mom has a Samsung TV from a couple years back and Christ if it doesn’t have the worst UI I’ve ever see n Still better than Bitcoin though
|
|
#
?
Jan 3, 2022 13:26
|
|
|
https://twitter.com/elpaisinenglish/status/1477939678665916422 buttcoined again
|
|
#
?
Jan 3, 2022 13:40
|
|
|
tehinternet posted:the worst UI I’ve ever see n Have you tried LG's motion control remote from a few years ago?
|
|
#
?
Jan 3, 2022 14:07
|
|
|
Three Olives posted:One of my favorite rich people things: This is literally a little kids fantasy of having "jewels".
|
|
#
?
Jan 3, 2022 14:18
|
|
|
I can't wrap my mind around this NFT ape jpeg stuff. I just don't get it. Back in the day when I was young we had cryptocurrency and it was used to launder money or trade drugs and child pornography. It was simple and it made sense. But this ape stuff that kids are into these days is just bizarre. I think all those pregnant spiderman needle YT videos weren't as harmless as we thought and now we are seeing the long term effects
|
|
#
?
Jan 3, 2022 15:27
|
|
|
StrangersInTheNight posted:
lol they haven't had even a fig leaf of being stock cars for decades, the last RWD carburated sedan sold by a US make rolled off the assembly line in 1990 and NASCAR didn't allow fuel injection until 2012
|
|
#
?
Jan 3, 2022 15:46
|
|
|
GABA ghoul posted:I can't wrap my mind around this NFT ape jpeg stuff. I just don't get it. Back in the day when I was young we had cryptocurrency and it was used to launder money or trade drugs and child pornography. It was simple and it made sense. But this ape stuff that kids are into these days is just bizarre. I think all those pregnant spiderman needle YT videos weren't as harmless as we thought and now we are seeing the long term effects It's simple. Because there are lots of individual coins, there can be a relatively well established market for them. That means if you claim that some coin can be sold for some high price (to inflate the value of your holdings of that coin), other people will try to sell their to try to capture that value. But with NFTs, each is ostensibly unique. So if you sell yourself one for several million pseudo dollars, it is much harder for someone to capture that value by selling an identical (ie fungible) copy. This makes pump and dump schemes easier to inflate.
|
|
#
?
Jan 3, 2022 16:14
|
|
|
The Something Awful Forums > Main > General Bullshit > Bitcoin: This makes pump and dump schemes easier to inflate
|
|
#
?
Jan 3, 2022 16:16
|
|
|
ultrafilter posted:The Something Awful Forums > Main > General Bullshit > Bitcoin: This makes pump and dump schemes easier to inflate
|
|
#
?
Jan 3, 2022 16:20
|
|
|
Three Olives posted:https://twitter.com/dt_chain/status/1477843627175038976 Is that $5.8M in real money or in fake internet goofball money?
|
|
#
?
Jan 3, 2022 16:24
|
|
|
Extra Large Marge posted:Is that $5.8M in real money or in fake internet goofball money? It’s never real money when it comes to buying stuff with crypto. Just promises that one day you might get real money, maybe, so we’ll say it’s worth this amount in dollars. funeral home DJ fucked around with this message at 16:33 on Jan 3, 2022 |
|
#
?
Jan 3, 2022 16:31
|
|
|
Extra Large Marge posted:Is that $5.8M in real money or in fake internet goofball money? They bought tokens of ape images instead of anything tangible or remotely useful, so that tells me all I need to know.
|
|
#
?
Jan 3, 2022 16:36
|
|
|
Extra Large Marge posted:Is that $5.8M in real money or in fake internet goofball money? It’s dumb but I hope someone makes a tv that auto right clicks all NFTs just to piss of these nerds
|
|
#
?
Jan 3, 2022 16:42
|
|
|
Extra Large Marge posted:Is that $5.8M in real money or in fake internet goofball money? $5.8M is not so much that you couldn't turn it into real money. So for most purposes that's "real money". OTOH trusting that all that money went from Person A to Person B as a fair purchase, rather than split between two people in cahoots to pump up the value of a new run of 20,000 "limited edition" ape jpegs, is a different story.
|
|
#
?
Jan 3, 2022 17:30
|
|
|
FogHelmut posted:Have you tried LG's motion control remote from a few years ago? Yes, because my parents still have one. It loving sucks!
|
|
#
?
Jan 3, 2022 17:46
|
|
|
I assume all these people are crypto rich because they mined Ethereum in 2015 or whatever and they have just been sitting on the wallet or what-have-you. The problem being realizing these gains as what I call ActualMoney. If I happened to luck into something like that I would like to think I would at least break off a piece but I imagine many of them receive sufficient ActualMoney to live on from some computer janitor or scam endorsement position.
|
|
#
?
Jan 3, 2022 18:40
|
|
|
|
| # ? May 28, 2024 22:38 |
|
|
These are likely people who have large crypto holdings, don't want to cash out because HODL forever but want to "diversify" because that's what the big boy investors do, right? And those super tycoons invest in art, hey NFTs are "art" and crypto, and boom, you've got this unholy mess.
|
|
#
?
Jan 3, 2022 19:03
|
|
