Cryptocurrency

[BobbyCoins]

 

[9 Nines]

Bitcoin, it does the opposite of what you think it does! and, what a joke. 

[BobbyCoins]

Anti-coiners, no need to listen to this. You don't give a shit anyway. You're fine with what your shit government does.

 

 

 

[Jamalisms]

NN from the start of the thread to now has really turned a corner into mania.

[Downtown]

On 8/4/2022 at 12:01 PM, Downtown said:

Like blockchain technology, the technology and innovation behind smart contracts are truly capable of rapidly advancing our society. 

 

The early problems with NFTs are similar to most crypto-currencies in that they are so wildly driven by speculation and individuals looking to prey upon that speculation that the true societal "value" is misunderstood and under-implemented. Its a catastrophe that our understanding of NFTs is largely consolidated to .jpgs. 

 

I'm a largely curious person and worked on quite a few crypto projects  in 2021 once the bull rally heated up. I've worked as a dev on my own ERC-20 token that was smart contract enabled and also worked on a team for two NFT PFP projects as well as an additional smart contract project that was funded by the EU and the lighthouse initiative before it went under. 

 

The one constant with every limited interaction I have had in the crypto space is that everyone eventually becomes a scammer. My own partners rugged two of my projects last year to make a measly $600. These are largely insecure and immature kids who are more focused on getting rich quick than actually developing tech. Too many opportunities in the process for someone to fuck it all up either out of greed or spite. 

 

One kid I still know from all of this lives in the bahamas at the FTX compound.  He showed me the ultimate scam behind BTC and how it dictates the large caps. I will never touch the shit again after seeing/knowing how the exchanges can operate. 

 

Can you still make money in crypto and NFTs, etc? Absolutely. Even more-so because there are large industries built around the scams that are just trying to keep the system going for their own profits. But ultimately everyone involved is just trying to scam someone else and until that human aspect changes, the tech will largely be lost on the public. I was once hopeful, then curious, then skeptical, and now just annoyed with it all. 

This was August 2022. Months before FTX scandal came out and anyone even knew what was happening behind the scenes. This was right after I lost all faith in anything crypto and knew that SBF and the main people behind crypto are just scammers. The liquidity is largely fake. Worth gambling with like max 5% of your net worth. Anymore is foolish. 

[BobbyCoins]

On 3/17/2023 at 11:30 PM, Jamalisms said:

NN from the start of the thread to now has really turned a corner into mania.

 

I've got your mania right here:

 

 

 

[BobbyCoins]

12 hours ago, Downtown said:

This was August 2022. Months before FTX scandal came out and anyone even knew what was happening behind the scenes. This was right after I lost all faith in anything crypto and knew that SBF and the main people behind crypto are just scammers. The liquidity is largely fake. Worth gambling with like max 5% of your net worth. Anymore is foolish. 

 

Do you know the difference between FTX and any given bank? FTX wasn't in the regulated good ol boys club. But the shit they were doing was essentially fractional reserve banking.

[BobbyCoins]

Here's some more mania...

 

 

 

[Jamalisms]

Grasping at straws

[Jamalisms]

On 11/4/2017 at 7:20 PM, NashvilleNinja said:

I honestly don't understand how people can give thin air so much intrinsic value. Paper money may not have any actual value in and of itself, but it is a representation of something valuable, whatever it may be. Once upon a time it actually was backed by something people figured was valuable due to its use. What is bitcoin backed by that gives it value? Why is it worth trading?

 

From this to blindly posting any link that attempts to say the financial systems we have are anything but absolutely perfect.

 

Meanwhile, the guy who started the thread says he realized it's all a scam.

[Downtown]

Can you make money on scams? Absofuckinglutely. Is there money to be made in crypto? Yes. Is the technology Itself a scam? Nope. 
 

The problem is the people. People are shit bags. Crypto people tend to be bigger shit bags. 
 

I’m not saying avoid all crypto altogether. I’m just saying it’s like a volatile penny stock and treat it as such.
 

For some reason people need to convince themselves by convincing others that crypto or now “Bitcoin” is the future and a worldwide solution. 

 

Maybe crypto is the new Christianity in that sense?  
 

 

[OILERMAN]

18 minutes ago, Downtown said:

For some reason people need to convince themselves by convincing others that crypto or now “Bitcoin” is the future and a worldwide solution. 

 

Nashville Ninja is the poster child for this

 

It almost seems like he's trying to convince himself!

[Downtown]

2 minutes ago, OILERMAN said:

 

Nashville Ninja is the poster child for this

 

It almost seems like he's trying to convince himself!

 

Its a lot easier to go all-in if you get someone else on board. Its lonely out on the ledge. The same human mentality is on display in the football forum. 

 

We've really come full-circle. In 2017 the arguments others were making to me were that Bitcoin is imperfect, but its still the first and that means one of these other newer coins will be faster and that coin will be the technology that replaces BTC and unlocks the future! Now in 2023 the same people are making arguments similar to Ninja saying that all of these other coins were just crap all along, but now its really gonna be a winner-takes-all scenario. Because of that, its gonna be the original (BTC) that replaces our financial system and it has always been the technology that unlocks our financial future! Its just a convenient sales pitch to buy whatever they're currently selling.

 

So we've come full-circle. Start the process again! 

[Supdawg]

In the end, hard money will win. 

 

/thread

 

[BobbyCoins]

3 hours ago, Jamalisms said:

 

From this to blindly posting any link that attempts to say the financial systems we have are anything but absolutely perfect.

 

Meanwhile, the guy who started the thread says he realized it's all a scam.

 

No financial system is absolutely perfect, including bitcoin. There are always trade-offs in anything.

 

On 11/4/2017 at 7:20 PM, NashvilleNinja said:

I honestly don't understand how people can give thin air so much intrinsic value.

 

It's not even thin air really. I can breath "thin air," I can't breath numbers on a digital ledger.

But what is "intrinsic value?" Actually, first of all what is "intrinsic?" Intrinsic just means the essential nature of a thing. In that regard everything has a nature. A human being is a human being because it's a homosapien. It's almost a tautology.

And what is "value?" It is relative worth, utility, or importance. It's relative because it has no utility or usefulness unto itself. Nothing... not seashells, rai stones, silver, gold, stocks, treasuries, physical currencies, or digital currencies... has any utility or attractiveness unto itself. The reason anything has value is because it is useful/has utility and importance (to people).

So then what is "intrinsic value?" It simply means that the essential nature of something has utility to someone. What it doesn't mean is that sans the existence of people it would still have value. It wouldn't. Nothing would. If the United States were to crumble and fall apart the USD would have no value. Its treasuries would have no value. *It* would have no value. Why? Because it would cease to have utility or importance to others around the globe.

And if you think the US can't crumble and fall apart, just go ask ancient Rome about how things are still going for them here in 2023.

 

On 11/4/2017 at 7:20 PM, NashvilleNinja said:

Paper money may not have any actual value in and of itself, but it is a representation of something valuable, whatever it may be.

 

Exactly. And what is "something valuable, whatever it may be?" Something that has utility or importance.

 

On 11/4/2017 at 7:20 PM, NashvilleNinja said:

Once upon a time it actually was backed by something people figured was valuable due to its use.

 

Exactly. It was valuable beause it had "use" (utility and importance).

 

On 11/4/2017 at 7:20 PM, NashvilleNinja said:

What is bitcoin backed by that gives it value?

 

The utility and importance that people find in its energy use (read Jason Lowry's thesis "Softwar" ), scarcity, fungibility, security, decentralization, censorship-resistence, etc. etc. etc.

There is nothing about the nature of bitcoin that gives it any inherent value in and of itself. But like I said above, nothing else has that either. It is, as @Downtown said, all about the people. Bitcoin is given value by the people choosing because they find it has utility and importance to them. It is valuable... as is anything else that has value... to them.

 

1 hour ago, Downtown said:

Can you make money on scams? Absofuckinglutely. Is there money to be made in crypto? Yes. Is the technology Itself a scam? Nope. 
 

The problem is the people. People are shit bags. Crypto people tend to be bigger shit bags. 
 

I’m not saying avoid all crypto altogether. I’m just saying it’s like a volatile penny stock and treat it as such.
 

For some reason people need to convince themselves by convincing others that crypto or now “Bitcoin” is the future and a worldwide solution. 

 

Maybe crypto is the new Christianity in that sense?  

 

I didn't start "getting into" this space until 2021, but even I understood that it was never "now Bitcoin". It's always been Bitcoin. It literally was the first, and if you've read the whitepaper you'll understand that it is the "purest" (pure as in the end goal of it) form of it. Unlike almost every other crypto out there, Bitcoin was a fair release. No pre-mining, no VC funding. And it grew completely organically. Nearly everything else is an arbitrage or a grift on Bitcoin, including crypto exchanges trying to make a buck off of it. Or if that sounds too harsh, then you can basically understand it in this way: BTC is what every other cryptocurrency is denoted in.

Anyway, there's not much at all to disagree with in this post, yet...

 

On 3/18/2023 at 12:07 PM, Downtown said:

This was August 2022. Months before FTX scandal came out and anyone even knew what was happening behind the scenes. This was right after I lost all faith in anything crypto and knew that SBF and the main people behind crypto are just scammers.

 

...if the "main people behind crypto are just scammers", then why wouldn't you say to avoid it altogether like you did in your other post? ¯\_(ツ)_/¯ Because not all people are problems and not all people are shit bags. There are a lot of people in the crypto space, and especially in the bitcoin space, who are trying to actually solve problems and help others, not be the problem. The "main people" are not all scammers. There are a lot of scammers in this space, but there are a lot of scammers in general. It's just part of the human experience. Plenty of grifters and shit bags in every corner of the earth and every walk of life. You just have to learn how to out maneuver them.

 

On 3/18/2023 at 12:07 PM, Downtown said:

The liquidity is largely fake. Worth gambling with like max 5% of your net worth. Anymore is foolish. 

 

That's essentially the definition of fractional reserve banking, imo. Fake liquidity. If banks were full-reserve+ there'd never be any need to worry about bank runs because everyone be whole and would have full and unfettered access to their money. Custodia Bank, located in Wyoming, is attempting to become such a bank for the crypto industry. But the FED is denying them, illegally so according to Custodia. Which is why they are now suing the FED over it. But that's getting off on a tangent.

What FTX, Celsius, and the others did, from what I understand, is essentially the same thing that banks do. Rehypothecating customer funds to add liquidity for yield farming. But fractional reserve banking is the real gamble. It's a house of cards that depends on being propped up by more and more liquidity. Or in the case of fractional banking, propped up by more and more credit/debt. And also, SBF, Mashinsky, etc. were, as you say, slimy shit bags doing slimy shit bag things. But then so is Jerome Powell and all the rest of them at the FED, FDIC, etc. They're just regulated shit bags.

There are many people in the crypto space who have been calling for regulation for a good long minute. But the government continues to drag its feet. Why is that? Because they don't want the competition. It's why they've been denying Custodia Bank. They want people getting rekt by these shitty fucking people/platforms like FTX/SBF and Celsius/Mashinsky because it gives them the excuse to say "see? told ya so." And more importantly it's them saying "let us be your big daddy centralized solution for all things banking."

 

1 hour ago, Downtown said:

We've really come full-circle. In 2017 the arguments others were making to me were that Bitcoin is imperfect, but its still the first and that means one of these other newer coins will be faster and that coin will be the technology that replaces BTC and unlocks the future! Now in 2023 the same people are making arguments similar to Ninja saying that all of these other coins were just crap all along, but now its really gonna be a winner-takes-all scenario. Because of that, its gonna be the original (BTC) that replaces our financial system and it has always been the technology that unlocks our financial future! Its just a convenient sales pitch to buy whatever they're currently selling.

 

So we've come full-circle. Start the process again! 

 

Do I think that there are potential use cases for blockchain solutions in various industries? Sure, although many industries don't need a botique blockchain. No one is going to accuse the plumbing industry of needing a blockchain. At most they just need an adequate database. But the music/mostion picture industries on the other hand? I can see them as definite candidates. And it doesn't necessarily have to be Bitcoin either, imo. It may be better if it were Bitcoin, but that's another debate for another time.

 

Bitcoin isn't going to just obsolete all other currencies any more than the dollar has because different people want different things. It's just one more economic tool people now have to try and build wealth. But after 2 years I recognize why Bitcoin should be the one economic tool backing our economy. Why? Because of what I and many others believe gives it its "intrinsic value" in the first place. If you want to call that "mania" knock yourself out.
 

2 hours ago, OILERMAN said:

Nashville Ninja is the poster child for this

 

It almost seems like he's trying to convince himself!

 

Fret not. I think my word tank is now empty.