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I'm a basic bitch who still can't make the connection between the computational side of bitcoin (a ledger that grows and checks itself in a decentralized manner, got it) and the financial side (here's a token as reward for your efforts because... reasons?). I can see how such tokens would hypothetically be useful as a store of value, but... now there are hundreds of imitators and alternate justifications of value. Heck, Ethereum 2.0 is supposed to remove a lot of the computer grinding. "It's not just currency derived from computer sweat, though, it's also a digital currency that doesn't have to be pegged to a bank or treasury." Okay, but there are tokens for that too. Without the hash guessing and novelty of online money, what's left for bitcoin? Its price trending upward, especially as the new mining supply halves every four years? What happens when the price soars so high that only the rich can realistically purchase a significant portion of a bitcoin? Why wouldn't everyone just walk away and go back to their banking/money apps? I am picturing someone who got into bitcoin back when they were worth pocket change, feeling like king poo poo because they're a multimillionaire... and then no one being willing to buy. What would be able to drop the price at that point, or whenever people hypothetically lose interest? How does bitcoin not become an ultra-rare beanie baby?
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Jan 24, 2021 03:20
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Fractional orders can be done for sure. It's just... once bitcoin is priced to the moon, why bother with it from there? How would banks and other whales shave off little millionths of a coin to get anything done? It's similar to the problem goldbugs have in describing gold as a store of value in a hyper-inflated doomsday scenario. Who will accept a brick of gold as payment compared to food and water? Digitally speaking, why accept a whole other form of value when there are tokens pegged to different currencies now, with banks crafting their own tokens as we speak? What is bitcoin offering that can't be, or hasn't already been, replicated in a more practical form?
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Jan 24, 2021 05:28
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Chinatown posted:so should i open a coinbase account and buy some of this poo poo or what? Not at their current fee rates. Robinhood's less dependable with pricing, but the chances are better you'll come out ahead of buying/selling with Coinbase.
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Jan 26, 2021 03:06
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FWIW, Netflix still has a disc-based service. If only they could market a recommendation/curation service to go with it, a la Criterion Channel's rotating offerings and celebrations. A lot of people would like to be told what to watch under the guise of cultural education.
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Feb 1, 2021 21:50
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DerekSmartymans posted:I love this post! Don’t forget that Madoff took a significant fraction of his scheme as payment for “putting in the work,” and was profligate with his “salary.” You wouldn’t give your nest egg to a homeless dude to invest for you, after all! I remember some write-up of Madoff's heyday that looked at the percentages he was promising clients and he would've actually performed a profitable service for everyone involved if he just shoved everything in an S&P 500 fund and took a fee. Rich marks handed him the keys to the easiest, most lucrative finance job on earth and he bungled it with his stupid shell games.
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Apr 26, 2021 14:41
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How many more (ex-)Treasury capos does Ripple have to pay off in order to re-legitimize XRP and send it soaring?
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May 5, 2021 21:42
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punishedkissinger posted:What does tether do exactly? People use it to buy bitcoin? Tether is the rinsebowl for one hand to wash the other.
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May 13, 2021 22:22
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"Hello Governor Abbott, for a sum of $10 million in Bitcoin we will restore your power grid." "PSYCH BITCH our whole grid is blockchain!!" *power goes out* "Throw some more poors into the furnace, it's getting cold."
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Jun 5, 2021 20:19
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https://twitter.com/MattBinder/status/1404072222092894210?s=19
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Jun 13, 2021 18:03
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LordSaturn posted:this reasoning always feels to me like "if we don't balance the federal budget there'll be rampant hyperinflation" - I'll believe it when I see it I've got a coworker who won't stop beating the hyperinflation drum - what's the counterargument? Are there enough tools at the Fed's disposal to keep inflation within comfortable bounds?
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Jun 14, 2021 02:53
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Cowcaster posted:the point where it seems to break down though is there doesn't seem to be a lot of impetus among true believers to EVER cash out their investments. they will just eternally hodl, regardless of, well, anything. I have a friend whose hodl forever strategy baffles me. They got into BTC early and could've cashed out a fraction of their position at 50-60K for a cool million and rode out the rest, but they insist on sitting on it all until they're guaranteed tens of millions of dollars. They joke about the recent dip as a discount for everyone else, but I really hope they secure something along the way and not just watch a fortune evaporate.
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Jun 22, 2021 19:41
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blunt posted:You can bypass most paywalls without an extension by putting text.fish/ Infront of the address, eg (random example from NYT today) https://text.fish/https://www.nytimes.com/2021/06/26/style/cryonics-freezing-bodies.html "outline.com/" is also useful (but not perfect) for this purpose
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Jun 27, 2021 16:06
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Buy bits, sell coins.
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Jun 27, 2021 20:51
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golden bubble posted:Crypto has a really solid emotional foundation. It's libertarian goldbug-ism WITH ALGORITHMS. Goldbugs have been around for ages, and scams related to gold and silver have also been around for ages. Crypto takes those old ideas and makes them new again by burning thousands of tons of coal to solve pointless sudoku puzzles. How many more years before coiners adopt the goldbug argument of "it's been around for X years, so how can it lose?"
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Aug 19, 2021 18:03
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nomad2020 posted:But for reals, do you all believe that if a real bank collapses there's going to be up to $250,000 per account just waiting for us to claim? Part of the function of that FDIC insurance is that banks have to meet certain standards in order to qualify for it. Would that insurance mean much if society completely fell apart, no, but its use as a guard rail people rely on for peace of mind means one more check on banks in some form or fashion. Historically, though, FDIC insurance has mitigated bank failures by simply transferring assets to another, often larger bank, ensuring that the gears of capitalism don't miss a beat. That insurance, btw, has not been a boon to the history of black banks in America. I'm loosely paraphrasing "The Color of Money" by Mehrsa Baradaran, who talks about FDIC in greater detail.
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Aug 29, 2021 15:20
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DerekSmartymans posted:Just call me the Giver Me: That paper over there... it just changed color! Why did it turn green? Giver: That's fiat currency from the before times. The fallen times. Now it's recycled into toilet paper, the only practical use left.
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Sep 2, 2021 04:36
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Paladinus posted:It's both. It's a bort. Excuse me, my child's name is Bort.
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Sep 21, 2021 18:52
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ikanreed posted:Actually, can I have a "no loving cryptocurrency" clause I can request a mutual fund to provide before investing? ESG funds need a fourth letter now, unless 'environment' encapsulates the energy waste of crypto. I would like that clause, too.
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Oct 11, 2021 05:26
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Ghost Leviathan posted:It's magical thinking, always has been, like the whole idea that gold or silver are inherent cosmic keystones of Wealth and will outlive the fake idea of a national currency. On that note, does anyone know how to deprogram Mike Maloney "Secrets of Money" cultists? I have trouble finding a good debunking.
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Oct 19, 2021 13:24
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Strong Sauce posted:coinmarketcap was apparently hacked Temporarily embarrassed millionaire? I'm a permanently embarrassed billionaire!
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Dec 15, 2021 06:25
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Arcon posted:Theatrical: https://youtu.be/x26fUL_YB14?t=92 What in the ever-loving history of gently caress did I just watch?! (presentation version) It keeps acting stupidly sincere about a VR Cryptoland where everything is magically amazing and for rich people only, sorta like a plastic Ayn Rand enclave. But there are hokey, ripoff musical bits where everyone does the macarena that come and go really quickly, and the giant coin keeps whipping the camera around to look at things named after crypto poo poo. And there are weird references to the whole thing being a giant scam? The guy gets served rat poison at his table? The games in the arcade all reference crypto as a ponzi/pyramid scheme? There's a whiplash-inducing tone shift when the guy gets the key to his virtual flat but the key is no good and the coin starts reciting something about NOT YOUR KEY then it's laughed off...? If I described this video to another human being face to face, I would be sent to a padded cell.
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Feb 1, 2022 21:12
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Barreft posted:Greed is great Log posted:It's better than bad, it's good!
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Feb 2, 2022 04:50
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a hot gujju bhabhi posted:Sorry yeah, that's true that they have their own thing they're calling metaverse too, it's just not related to the crypto/NFT metaverse Just wait til Libra/Diem makes a comeback!
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Feb 5, 2022 17:57
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Jose Valasquez posted:Sorry but code is law https://youtu.be/2aaubVlhNK4
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Feb 8, 2022 02:55
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Non-Fey Tinas
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Feb 9, 2022 05:47
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Prurient Squid posted:If NFT sponsored links appear on Facebook is angry reacting a good idea or does that just make it worse? Advertisers are extremely hip to the fact that, while people enjoy cute/funny content and rally around sad/inspirational content, it's the anger-inducing content that keeps users on a site for much longer than any other emotional response.
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Feb 12, 2022 23:09
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Mumpy Puffinz posted:ha ha a crypto euthenist is a guy who is good at math, but, wants to kill himself 
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Feb 13, 2022 17:18
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Vashro posted:so what is MOASS ? Mother Of All Short Squeezes - the idea that enough retail traders can buy up (and direct register) enough shares of GameStop or whatever meme stock to trigger a short squeeze that will "make the stock price look like a telephone number."
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Feb 17, 2022 17:48
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https://twitter.com/__femb0t/status/1494789467084926980?t=vGLA2SDcye27TmBNc6x1bQ&s=19 So humanity is just running through all the lovely demonstrations of crypto/NFTs now so that the useful, utopian use cases can land in 10 years, right?
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Feb 19, 2022 03:46
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Oscar Wild posted:Excuse me sir, my Ape jpeg collection is no laughing matter Crypto spaces are echoing this meme, except replace "half" with "double." https://memes.yarn.co/yarn-clip/72491ef1-2641-4ed7-ab49-9d47e837dc05/gif
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Feb 21, 2022 05:55
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LifeSunDeath posted:wtf is happening with the AP, just loving LOL, did their twitter get hacked? https://twitter.com/Anusien/status/1497000840137166852?t=cvkZ70xvGay39x3-ZW_Jgw&s=19
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Feb 25, 2022 04:44
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Salt Fish posted:Yo space fish whats up Heyo! There seem to be a number of fish and Space ____ around SA. I'm just glad there's a corner of the web that reliably dunks on crypto and web3 bullshit. Even some of the ostensibly common-sense twitter folks I follow for rational reminders about index funds and historical performance have been cash-grabbing by offering "guides" to crypto on gumroad or other basic platforms. "Don't you hate how banks and the government and credit card companies control all of finance? What if there was NO control? Enter your bank/credit number here to participate in the revolution." 
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Feb 25, 2022 20:28
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https://twitter.com/TheStalwart/status/1499065490605588484 Pumps (Pomps?) all the way down
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Mar 2, 2022 20:05
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ultrafilter posted:I find that totally plausible but do you have details? I'd like to be able to explain exactly what happened. FWIW Vitalik has since gone on record that WoW didn't literally inspire him to create Ethereum, it's just his joke origin story. [citation needed, but I remember reading a direct quote from him addressing how the joke had taken on a life of its own]
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Mar 20, 2022 01:25
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HappyHippo posted:I thought the gist of that tweet is that there are "bitcoin" dudes and there are "crypto" dudes and don't piss off the bitcoin dudes by talking about crypto because bitcoin is good and pure but the other crypto is bad and scammy. This has happened to me and it resembles the brain poisoning that has taken root in a friend and a relative, all of whose talking points I will paraphrase here in the hopes that y'all can say they are willfully gullible so I don't have to abandon my sanity in the face of this fiscal cult. 1) Crypto (always just Bitcoin if another coin does wrong, Bitcoin is the pure child) represents an opportunity for green energy, not waste. In fact, over 75% of Bitcoin is mined using green energy thanks to initiatives out of Texas. Incentivizing green energy to be used for mining will advance wind and solar farms, thereby making green energy's adoption smoother for all other applications. This one kinda makes sense to me, IF miners are actually resisting those coal plants that were previously revived, and IF green energy is actually advancing as a result. Everyone's sources are crypto blogs that aren't critically reviewed, so I've got no solid harbor for this claim, either. I have trouble believing anyone has verifiable info on the complete picture of what energy sources are used to mine today's Bitcoin beyond self-reporting. 2) Sure, crypto is just made-up internet funbux, but modern fiat currency is just made-up currency units, too. This usually starts with the goldbug talking points about Nixon taking America off the gold standard, then talking about inflation and quantitative easing*. Add in a dash of "why should we be beholden to BANKS and REGULATION, wouldn't you rather that money have NO RULES??" Therefore, for some reason, we should all swap over to the internet currency that will make everyone at the top of the pyramid super rich and nothing will go wrong at all. This point also runs adjacent to "the US dollar will lose its reserve/petrodollar status any day now, America is economically hosed, bitcoin is the third hedge against financial ruin along with gold and silver." Which is kinda funny because the dollar's reserve status really was scammed into place, but for some reason it depresses me to think the solution/evolution for this issue is adopting blockchain and seeing what happens. And if that goes awry, then we'll just invent another money and run that into the ground. gently caress everything. Cue Mike Maloney's yarns about DID YOU KNOW THE PRECIOUS METALS IN ROMAN COINS WERE CHIPPED AWAY NOT UNLIKE THE DOLLARS IN YOUR BANK ACCOUNT okay okay, everything sucks and then we die, I get it. At least goldbugs get shiny coins and bars out of their paranoid hedging, though. 3) Willing ignorance of the role exchanges play in all this. Any example of crypto wrongdoing I share from this thread, the response is, "that wouldn't happen with Bitcoin, because the infallible blockchain ledger is transparent and fair." Okay, sure. I'm a fresh mark who wants to dump his paycheck into Bitcoin. Where, exactly, do I trade my US dollars for the funbux? And what happens when my coins disappear? "There will always be scammers with any currency, but with Bitcoin you can trace any transaction and go after the thief." Again, I'm a fresh mark. Where do I go to track down a scammer's transaction, and what am I supposed to do with that information? Are the police/feds supposed to care that I willingly paid someone for (or that someone stole) an intangible, unregulated piece of code that effectively does nothing? Is there a reddit thread of good hackers who will get my money back, or will the internet declare "git gud" and demand I toss in another paycheck? Okay, I'll stop there, but you get the picture. The pyramid is looming over my social circles and I don't like it. *Which is supposed to be followed by quantitative tightening, which is deflationary, but no one wants to talk about that.
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Apr 2, 2022 16:20
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LifeSunDeath posted:Access to drinking water but on the blockchain https://www.digitalsignagetoday.com/articles/digital-signage-blockchain-head-to-the-restroom/ The dream is still alive each time I wash my hands.
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Apr 4, 2022 14:31
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https://twitter.com/concodanomics/status/1534575165698453506?t=C-i7yaG7JKa3NmQ9td3r0Q&s=19 Crypto bros always open to competition in the marketplace of-- *laughter begins, is only silenced by blocking*
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Jun 9, 2022 01:46
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Checked if I could cash out my free shitcoins Coinbase gave me for guessing through some multiple-choice quizzes, nearly all of them have crashed below $1 in value, which is the minimum necessary to cash out. The ones that should be sellable, I get an error message just as I go to sell. This is all house money anyway, so no loss, but what a shitshow.
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Jun 14, 2022 19:01
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MarcusSA posted:I’d love to see the math on this. Me too. A quick look on Portfolio Visualizer for "US Large Cap" (for S&P 500) purchased in monthly $100 installments starting five years ago comes out to $9,905, a far cry from his initial estimate. Even pushing the start up to June 2017 wouldn't bring it in line to his $7,743 figure. I mean, you'd already be contributing $1,200 per year during a massive bull run, so $6,000 happens without any growth. Hitch that to the S&P 500 wagon and those are some healthy gains, even with the recent downturn. 
Space Fish fucked around with this message at 06:02 on Jun 19, 2022 |
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Jun 19, 2022 05:57
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Foo Diddley posted:hm i suppose i might condescend to sharing the secret of infinite free money, on the off chance that there's anyone in the thread who isn't just a jealous hater Infinite free money is for paid subscribers only, the free tips are for making an extra 20k/month guaranteed, duh
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Jun 30, 2022 18:34
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