Gutcruncher posted:

“We are doing it anyways the votes are just a formality”

Betjeman posted:

I've read most of this thread and I still don't understand crypto mindset. At the end of the day crypto is worthless and it's only the dollar backing it that gives it any notional value.

Cyrano4747 posted:

The root problem of all of this is two fold:

1) there is staggering wealth inequality in the US. I'm not even talking about the billionaires, I'm talking "just" the top 1% and top 10%. To crack the 1% you need a net worth of $11 million, and to crack into the top decile you need $1.2 million. The top 1% have about a loving THIRD of the total wealth in the US, and the top 10% are good for about 40%. 50th-90th is about another 3rd. The bottom 50% of households in the US have - COMBINED - a total of 2.6% of the net wealth.

The situation is, to put it mildly, hosed.

2) we've had decades - probably close to a century now - of a cultural notion of the "middle class lifestyle" that is billed as this modest level of comfort that anyone who isn't lazy should be able to achieve, but which in reality reflects a much, much higher income. There are no shortage of clickbait articles out there about how a million dollars a year is somehow middle class in NYC or whatever, but that's not what I'm talking about. I'm talking about the consumerist drumbeat that tells us that poo poo like owning your own home, taking an airplane to go on a foreign vacation once every few years, owning two cars made in the last 5 years, constantly refreshing your wardrobe with the latest fashions, eating out twice a week (if not more) etc. is just a modest, "middle class" existence. If you add all that poo poo up you end up with a lifestyle that costs well into six figures to maintain, and that's before we get into other "middle class" givens like sending your kids to college and saving for retirement.

When you add those two together you get this huge mass of people who loving KNOW they can't afford a new car and a disney vacation and a 2000 sqft house with a quarter acre lawn in a good school district, and they can't see any viable way to claw their way up out of the 50% and into at least like the loving 40th percent. Much less actually make it big and be one of those legit rich people. If you're making $40k/yr and no matter how many pennies you pinch you're not going to save more than $5k of that, then you start looking for ways to "guarantee" some loving insane returns.

Sticking your $5k into a stock that "only" earns 6% a year just looks like treading water at best, and then along comes these guys with this technology of the future that saw triple digit returns in the last ten years and hey, if I buy into this I might actually be able to cash in on the American Dream^TM and afford poo poo like a home and retirement.

Of course there's another layer to this, like the story up above about the guy with the brother in SF. You've got another (smaller) layer of the pyramid that is actual no bullshit middle class people pulling in a comfortable six figures who would be fine if they just saved for retirement, but who get stars in their eyes about being the next batch of internet-minted millionaires (if not billionaires). These are the people reading stories about computer touchers who got paid in google stock in the 90s and who have now catapulted into the realm of the actual 1%, and maybe even the .1% if they were a founder. Well, it's not 1999 any more and they're not working at a hot startup, but crypto might give them that opportunity too.

It's all trickle-down bag holders, because at the end of the day none of these are the people making the actual money, it's the insanely wealthy fucks at the top who have been pumping this from day one like Peter Thiel. But the ones I actually feel a bit sorry for are the retail bag holders, the ones reading CNN articles about bitcoin's meteoric rise in 2019 and thinking they see a way out of a financial no-win situation, the kind of people who everyone was trying to entice with superbowl ads.

gently caress all the rest of them, though.

Hillary 2024 posted:

My mistake, I assumed that they would just dust themselves off and fork Luna. Instead they're starting a completely new blockchain and trying to get people to put money in by airdropping Luna 2.0 tokens to existing 1.0 bag holders who look gullible enough to get involved again

https://www.coindesk.com/tech/2022/05/25/terra-snapshot-expected-this-week-heres-how-new-luna-will-be-distributed/

Seriously anyone who loses money on Luna v2.0 just can't be helped. All you can do is point and laugh

Cyrano4747 posted:

I'm going to self-quote something I wrote in the BWM thread when it got talking about wtf people are thinking when they get into crypto:

tl;dr it's scams all the way down. The big scammers scam the little scammers, an the little scammers scam people who are staring into the abyss and desperately searching for a way to get that "middle class lifestyle" that was sold to them their whole lives.

Betjeman posted:

Well, that's thoroughly depressing, I guess being British and knowing there's gently caress all we can do about the aristocracy lording over us over gives me a little perspective uncommon to Americans

Scratch Monkey posted:

Cyrano4747 posted:

I'm going to self-quote something I wrote in the BWM thread when it got talking about wtf people are thinking when they get into crypto:

tl;dr it's scams all the way down. The big scammers scam the little scammers, an the little scammers scam people who are staring into the abyss and desperately searching for a way to get that "middle class lifestyle" that was sold to them their whole lives.

Zil posted:

Mad Dragon posted:

Notorious R.U.G.

Cowcaster posted:

loading a savestate on my economy

happyhippy posted:

https://twitter.com/SluggishKoalas/status/1528085976236572672?s=20&t=-kNe-GDvEmKRuy3IWPSmDg

Zil posted:

With each new minting, I ask more and more how are these different than pogs?

Zil posted:

With each new minting, I ask more and more how are these different than pogs?

LifeSunDeath posted:

Jfc this one is extra lazy and stupid. it's like a terrible unity game.

funeral home DJ posted:

It looks like Sea Patrol.

poo poo, we need Sea Patrol NFTs now.

Sydney Bottocks posted:

I've always found this nickname sums the crypto mindset up quite succinctly:

https://twitter.com/codinghorror/status/414157007625531394?s=20&t=gSkvhVWquh_Uw_00KAWoWg

happyhippy posted:

https://twitter.com/SolWatches/status/1528217196979138560

LifeSunDeath posted:

Pogs were fun, and you could trade them without getting all your other pogs hacked.

drk posted:

Fortunately chia flatlined almost instantly last year and is down -98% from its high point

UCS Hellmaker posted:

Cause it destroyed hard drives and was absolutely unsustainable even for whales lol

Also the risk of you actively storing child porn on your hard drives

Gutcruncher posted:

Edit: much like NFTs I remember there was a failed cartoon pilot about pogs. Amazing.

smellmycheese posted:

Piss Goblins

https://www.vice.com/en/article/88gw85/crypto-investors-roleplaying-as-pee-obsessed-goblins-to-cope-with-crash

Otto Octopus posted:

This one looks like a cheaply made $10 watch.

smellmycheese posted:

Piss Goblins

https://www.vice.com/en/article/88gw85/crypto-investors-roleplaying-as-pee-obsessed-goblins-to-cope-with-crash

happyhippy posted:

Which reminded me, I just checked to see if there was any more Bored Apes cartoons.
And there is a second ep!

https://www.youtube.com/watch?v=WZQAeojf0xY

I gave up 3 mins in.

Oscar Wild posted:

https://twitter.com/WeAreHoityToity/status/1529710017024143362?t=KNe5-w1rSZuszvMkuFOvDA&s=19