Bitcoin: no angel investors, only Faustian bargains

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Crust First: May 1, 2013; Wrong lads.

DerekSmartymans posted:

Put in�where?

Corn hole.

# ? Dec 12, 2023 02:29

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# ? May 30, 2024 15:30

small butter: Oct 8, 2011

Thanks. It's probably not original and I think I've heard this argument stated slightly differently before.

But I think it's a good one because it's not even trying to argue the morality of bitcoin, just demonstrating that it's mathematically impossible for it to be anything other than a poo poo investment for the average investor. Even worse for the median investor! Like, it's quite literally guaranteed in the formula:

bitcoin investment return = principal - miners' fees - exchange fees - hacks - scams - oops, forgot my password

There is no way for bitcoin to return anything more than the sum of its parts, which is simply other people's money. Me mentioning biotech was not just an aside - consider the difference in value creation. A successful biotech investment uses money to fund people doing research, whose knowledge generates a new therapeutic that tangibly benefits mankind, and the sale of this therapeutic goes back to the investors. We can argue about the morality of this, but something gets created that benefits people regardless, and it's more than the sum of its parts.

# ? Dec 12, 2023 02:50

Victory Lap: Feb 25, 2001

https://www.forbes.com/sites/digital-assets/2023/12/11/donald-trump-predicted-to-trigger-a-2024-100000-bitcoin-price-boom/?sh=12a109d4c4a9

quote:

Now, with many predicting 2024 could be an even bigger year for bitcoin, analysts with investment manager VanEck have said they expect former U.S. president Donald Trump to retake the White House next year�helping the bitcoin price soar to $100,000 by December 2024 and giving it a market capitalization of around $2 trillion.

"In the second half of 2024, bitcoin will climb a Presidential-sized wall of worry," VanEck analysts Matthew Sigel and Patrick Bush wrote in a 2024 crypto and bitcoin prediction report.

"After a combative election that saw Donald Trump win 290 electoral votes and regain the presidency, raising optimism that the [Securities and Exchange Commission] SEC's hostile regulatory approach will be dismantled, we think the bitcoin price will reach an all-time high on November 9, exactly three years to the day from its last all-time high."

https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vanecks-15-crypto-predictions-for-2024/

quote:

Please note that VanEck may have a position(s) in the digital asset(s) described below.

Step into the realm of speculation with us as we embark on a whimsical journey into the future of crypto in 2024. In the ever-evolving landscape of digital assets, where imagination is not just a luxury but a necessary locomotive for investors, predicting a path feels akin to navigating through a galaxy of possibilities. We understand the skepticism that often surrounds predictions�after all, foreseeing the twists and turns of the crypto cosmos can feel as elusive as catching stardust in your hands. Yet, here we are, ready to peer into the crystal ball with a twinkle in our eyes, saluting the challenge. Because in the world of cryptocurrencies, where coins and tokens are born from the void, imagination has always been the catalyst for innovation. So, fasten your seatbelts, stow away your doubts, and join us in this speculative expedition as we attempt these first tracks in 2024's crypto terrain�with a few potential money-making ideas along the way, we ho-ho-hope! Here are our 15 crypto predictions for 2024

3. Bitcoin will make an all-time high in Q4.

In the second half of 2024, Bitcoin will climb a Presidential-sized wall of worry. The percentage of the global population voting in legislative and presidential elections will hit an all-time high above 45% in 2024. This high level of important elections augurs high volatility and the prospect of significant changes. More specifically, we see mounting evidence that voters and courts are rejecting the anti-growth agenda of the Green lobby. Thus, after a combative election that saw Donald Trump win 290 electoral votes and regain the Presidency, raising optimism that the SEC's hostile regulatory approach will be dismantled, we think the Bitcoin price will reach an all-time high on November 9th, exactly 3 years to the day from its last all-time high. (Recall that Bitcoin�s breakout in November 2020 also came exactly three years to the day from its November 2017 top). If Bitcoin reaches $100k by December, we make a long-shot call that Satoshi Nakamoto will be named Time Magazine's "Man of the Year."
4. Ethereum won�t flip Bitcoin in 2024

Ethereum will fail to flip Bitcoin in 2024, but it will outperform every mega-cap tech stock.

6. NFT activity will rebound to an all-time high.

Monthly NFT volumes will approach a new all-time high as speculators return to crypto and gravitate toward top NFT collections on Ethereum, improved crypto games, and new Bitcoin-based offerings. Despite ETH's nearly 50-1 ratio vs. Bitcoin in primary NFT sales since inception, Bitcoin's Ordinals protocol and emerging layer 2 chains on Bitcoin will drive a continued rebirth in Bitcoin network fees. The ratio of ETH-to-BTC primary NFT issuance will end in 2024 closer to 3-1. Stacks (STX), a smart contract platform secured by Bitcoin, will become a top-30 coin by market cap (currently #54).

11. A breakout blockchain game will finally arrive.

Blockchain gaming will see at least one title surpass 1 million+ daily active users, demonstrating the long-awaited potential. Among candidates to achieve this milestone, IMX is most likely to become a top 25 coin by market cap (currently #42) with the release of Illuvium, Guild of Guardians, and other high-budget games in 2024 and a well-designed token that aligns interests better than most. According to a recent report from DappRadar, the WAX blockchain currently leads the gaming sector with 406k daily unique active wallets, of which ~100k are playing Alien Worlds, a metaverse with multiple simple games that reward players with the Trillium token. However, many of these players are likely bots farming the tokens due to the simplicity of the games. On the other hand, Immutable has multiple AAA games building on their platform that implement token models that cannot be simply farmed and are truly fun games to play. These titles, which have been building for years and received $100m+ in funding, are being released in 2024. They could attract players at the scale of traditional AAA games like Starfield, which was released earlier this year and reached 10 million players within its first two weeks.

Additionally, Immutable has been working to resolve many of the technical pain points that have inhibited the success of Web3 gaming so far, such as wallet management. Immutable�s �Passport� allows users to log in to games and manage their blockchain-based game items through a familiar single sign-on process while abstracting away blockchain interaction. The increased simplicity that Immutable provides gamers combined with large distribution partners such as the Epic Games Store and GameStop could finally allow a blockchain-based game to become a mainstream hit.

And a bunch of other nonsense predictions

So some shitheads who are admittedly invested in all the shitcoins they're promoting write some absolutely fictional predictions based mainly on vibes, their whole site just being bullish predictions about crypto.

Then some other dipshit from forbes comes along and his article is just quoting that poo poo verbatim, smash it together with a couple other baseless rumors, offer no analysis whatsoever and jam submit.

And so goes the news cycle. No need to try and keep your ponzi schemes under the table anymore, it's just baked into our institutional news coverage now.

# ? Dec 12, 2023 03:23

Mooseontheloose: May 13, 2003

This is a sad video but a MTG player has to sell his collection because he invested in bitcoin: If you can stand Nikachu here is a 8 minute video on it.

# ? Dec 12, 2023 03:33

Boxturret: Oct 3, 2013; Don't ask me about Sonic the Hedgehog diaper fetish

Mooseontheloose posted:

This is a sad video but a MTG player has to sell his collection because he invested in bitcoin: If you can stand Nikachu here is a 8 minute video on it.

You mean to say that him doing mushrooms that one time didn't fix everything?!? That was such an odd note to end that documentary on lol

e: oh that isn't new news, its just one of those videos of a guy watching a video that's freely available and telling you about it

Boxturret fucked around with this message at 04:02 on Dec 12, 2023

# ? Dec 12, 2023 03:36

Three Olives: Apr 10, 2005; Don't forget Hitler's contributions to medicine.

Facts vs Feelings posted:

I have a NInja Foodi. Why would I need a trad toaster too?

Also if we are doing kitchen appliance chat, I full endorse the Ninja Creami.

The Foodi is scrub level though, Breville Combiwave if your circumstances force you into a table top microwave, which mine, unfortunately do.

# ? Dec 12, 2023 06:38

Strong Sauce: Jul 2, 2003; You know I am not really your father.

Mooseontheloose posted:

This is a sad video but a MTG player has to sell his collection because he invested in bitcoin: If you can stand Nikachu here is a 8 minute video on it.

Please do not fall for Boogies dumb rear end schtick. He is a piece of poo poo and enjoys people feeling sorry for him. Do not feel sorry for him.

# ? Dec 12, 2023 08:32

Stefan Prodan: Jan 7, 2002; I deeply respect you as a human being... Some day I'm gonna make you *Mrs* Buck Turgidson!; Grimey Drawer

Three Olives posted:

Also if we are doing kitchen appliance chat, I full endorse the Ninja Creami.

The Foodi is scrub level though, Breville Combiwave if your circumstances force you into a table top microwave, which mine, unfortunately do.

Oh yeah I saw some of those Creamis on sale on woot on sometimes for like $60, those are the things for people who can't afford a real ice cream maker right

# ? Dec 12, 2023 08:38

divabot: Jun 17, 2015; A polite little mouse!

we just started a non-reddit version of Buttcoin on Awful Systems, by popular demand.

https://awful.systems/post/669632

if you're on the fediverse, see if it works for you. URL to try to subscribe to is https://awful.systems/c/buttcoin

buttcoins awaaaaaaaay

# ? Dec 12, 2023 11:34

tehinternet: Feb 14, 2005; Semantically, "you" is both singular and plural, though syntactically it is always plural. It always takes a verb form that originally marked the word as plural.

Also, there is no plural when the context is an argument with an individual rather than a group. Somfin shouldn't put words in my mouth.

Mooseontheloose posted:

This is a sad video but a MTG player has to sell his collection because he invested in bitcoin: If you can stand Nikachu here is a 8 minute video on it.

Holy poo poo what an insufferable prick talking about a different insufferable prick

# ? Dec 12, 2023 14:32

Scratch Monkey: Oct 25, 2010; 👰Proč bychom se netě�ili🥰kdy� n�m P�n Bůh🙌🏻zdrav� d�💪?

the guy's name is "Nickachu" and you expect him to not be insufferable?

# ? Dec 12, 2023 15:12

Foo Diddley: Oct 29, 2011; cat

tehinternet posted:

Holy poo poo what an insufferable prick talking about a different insufferable prick

they're youtubers and MTG people, it's insufferable pricks all the way down

# ? Dec 12, 2023 16:35

Strong Sauce: Jul 2, 2003; You know I am not really your father.

nikachu is actually pretty knowledgeable and his actual streams where he actually plays mtg are good. unfortunately a lot of his other stuff he really hams up the youtubeness

# ? Dec 12, 2023 20:24

drk: Jan 16, 2005

# ? Dec 13, 2023 06:19

drk: Jan 16, 2005

what is it with crypto dudes and taking to the sea

# ? Dec 13, 2023 06:19

syntaxfunction: Oct 27, 2010

drk posted:

what is it with crypto dudes and taking to the sea

Can't be tried for many and varied crimes.

That's it. That's the whole thing. They can do whatever they want and ~~mother~~ the government can't tell them no.

# ? Dec 13, 2023 06:23

Gutcruncher: Apr 16, 2005; Go home and be a family man!

I have a Ninja Foodi cuz I have a teeny tiny kitchen with no oven so I mostly use it for that. I actually got it for free because I ordered a PS5 from Kohl�s back when they were impossible to get. They were holding a special thing where you get free gift card credit for every dollar you spend, so their forced 700 dollar bundle got me shitloads of free store credit. Credit that they didn�t take back after they canceled and refunded the stupid PS5 bundle for lack of stock.

What I�m saying is buying random poo poo on Kohls is a more viable financial plan then crypto

# ? Dec 13, 2023 06:24

dr_rat: Jun 4, 2001

drk posted:

what is it with crypto dudes and taking to the sea

Either played to much bioshock or more likely most land already has countries with governments on them who don't really want you setting up your own lawless government randomly inside them.

Also Mediterranean would be a pretty bad area to try this. Looks like there's no part of it that isn't in the exclusive economic zone of some country or other. Unsurprisingly I doubt they really thought this out.

Also $20 million. Bahahaha, that's nothing if you talking about trying to set up any sort permanently populated large sea vessel thing.

Also they really should of put the quotation marks around "utopian" in that sentence.

dr_rat fucked around with this message at 06:32 on Dec 13, 2023

# ? Dec 13, 2023 06:29

Three Olives: Apr 10, 2005; Don't forget Hitler's contributions to medicine.

Stefan Prodan posted:

Oh yeah I saw some of those Creamis on sale on woot on sometimes for like $60, those are the things for people who can't afford a real ice cream maker right

No, they are for people that don't have the room, space or desire to spend $7,000 on a Pacojet to use like a dozen times a year.

In practice, for most people, it is a "ice cream maker", but the operation and intention is completely different. And if you got one on Woot for $60, you got one hell of a deal. They came out and were selling for large discounts for awhile but eventually people figured out what they are and the base model is on sale right now for $169 on Walmart.

# ? Dec 13, 2023 06:34

drk: Jan 16, 2005

dr_rat posted:

Also they really should of put the quotation marks around "utopian" in that sentence.

oh, this guy is exactly what you think:

quote:

Even if Mr. Brown never ends up building an eternal city, he has already built something of this moment. Praxis, a real-life partnership between puffed-up subcultures that mix mostly online, has pulled together those in the tech world who seek alternatives to liberal democracy, members of an ascendant right that rejects the premise of human equality, and a band of downtown New York scenesters who find it all a bit thrilling.

[...]

In Amsterdam, Mr. Brown described Praxis as his response to being trapped inside his apartment during Covid, mixed with his longstanding interest in colonial America. �Ready to join America in 1776?� reads a company pitch deck.

In 2022, Mr. Brown had been more specific about his motivation to build a city from scratch, telling a speechwriter that he got the idea for Praxis after witnessing looters break shop windows in SoHo during the protests that followed the murder of George Floyd.

# ? Dec 13, 2023 06:37

dr_rat: Jun 4, 2001

drk posted:

oh, this guy is exactly what you think:

Incredibly unsurprisingly.

# ? Dec 13, 2023 06:49

Nessus: Dec 22, 2003; After a Speaker vote, you may be entitled to a valuable coupon or voucher!

drk posted:

oh, this guy is exactly what you think:

Let me guess - a city with no homeless people or visible minorities. But, get this: with Bitcoin.

# ? Dec 13, 2023 06:54

Lammasu: May 8, 2019; lawful Good Monster

God, I love Bioshock so much.

# ? Dec 13, 2023 06:59

Agents are GO!: Dec 29, 2004

drk posted:

no

got the too-much-splicing look down already

# ? Dec 13, 2023 07:18

PhazonLink: Jul 17, 2010

so whats the basic economic output of this city that makes? what goods or services do they offer that others want?

# ? Dec 13, 2023 07:21

BlackIronHeart: Aug 2, 2004; PROCEED

PhazonLink posted:

so whats the basic economic output of this city that makes? what goods or services do they offer that others want?

They specialize in tourism, totally legal tourism with activities that are definitely not illegal in most all other countries. Wholesome, legal tourism!

# ? Dec 13, 2023 07:26