I thought this interview/article was very interesting. It is rather long, though. I know a lot of people in here have sang the praises of one coin or the other, though there is no legitimate use case. Discuss!
JDialz
Ponzi Scheme
13
Crypto remains fucking stupid.
I’m worrying that my NBA top shot investment is bad.
Weren't you planning on liquidating and taking the money? What happened?
I’ve been liquidating and am way way way in the black. I was mostly joking. If dapper (the company that runs this) goes bankrupt and I can’t get any money out I’ve still made a few grand.
Nicely done. Out of curiosity, is there any reason you're still holding money/assets in there?
In theory, the dollar is more of a ponzi scheme, it's backed by over 30 trillion in debt, so theoretically it shouldn't be worth shit. But it's the mass belief or delusion or hype that we deem it worth something that makes it valuable
If you really want to get into it. The value of Crypto comes from the code it is written on, It cannot be inflated, printed, and it takes a value add activity in order to produce it. There is a finite amount. There is no head honcho like the FED who says one day they will print 20 trillion or raise interest rates. With or without our consent. That's the hype of crypto. It's also an international currency that should everyone start using, would take power out the hands of corrupt politicians.
THAT BEING SAID
Noone really knows who exactly created BTC which is the king, but just that it is collaborated on by engineers across the world in an open-source setting, that being said, in theory whoever started it could 'turn it off' at any point they want and bring the entire system to a halt. But, so could any government with their own monetary supply.
Money and what we deem valuable is a mind-fuck.
THAT BEING SAID
Noone really knows who exactly created BTC which is the king, but just that it is collaborated on by engineers across the world in an open-source setting, that being said, in theory whoever started it could 'turn it off' at any point they want and bring the entire system to a halt. But, so could any government with their own monetary supply.
Money and what we deem valuable is a mind-fuck.
I deem you valuable 🤗
I only take my salary in BTC though
Nice! No raises, and it’s getting cheaper for me by the week 😂
Its a ‘buying opportunity’
Came here to say exactly this. Something has value because human kind collectively decide it does. If it was based on economic fundamentals the dollars wouldn’t be worth shit. Another example, why is a pairing by Salvador Dali worth millions? What’s the practical use case? It’s worth millions because we decided it is and it’s not backed by anything other than belief.
my biggest issue with crypto personally is its propped up entirely by the hype of crypto. Until its able to actually be used as a common currency, or is backed by something like a stock is backed by equity in a company, its about as safe of an investment as doing to a casino. Excluding the big bois like BTC and ETH. but even then you still have to be prepared for massive swings.
Any "get rich quick" strategy comes with huge risk. and very few actually end up getting rich quick. most end up going broke while giving their money to the people who told them it will get them rich
Any "get rich quick" strategy comes with huge risk. and very few actually end up getting rich quick. most end up going broke while giving their money to the people who told them it will get them rich
BTC and ETH are also propped up only by perceived value (hype) with no assets.
Every currency in the world is based on “perceived value” Fiat currencies
agreed. but they have more hype behind them than water buttes coin or other meme coin that's trending this week that'll be worth 0 next week.
going away from the gold standard is the worst thing that could have happened to our economy.
I mean you can argue most of the stock market is too, I mean not so much after the past couple of weeks, but the market cap of companies was bogus compared to their actual financials.
Something is worth whatever someone else is willing to pay for it. This applies to crypto as well as stocks.
Something is worth whatever someone else is willing to pay for it. This applies to crypto as well as stocks.
And pottery. (I have a problem 😆)
I don’t disagree that moving away from the gold standard was a terrible move, so was allowing central banks to exist.
I’ve been hearing about coins going to 0 since 2015. The funny thing is not a single crypto person cares. If Bitcoin hit 0 tomorrow it wouldn’t matter.
I’ve been hearing about coins going to 0 since 2015. The funny thing is not a single crypto person cares. If Bitcoin hit 0 tomorrow it wouldn’t matter.
Stock market isn’t zero sum.
Big disagree here. The world economy is far too large for this to be realistic.
Here’s the thing, I agree that it’s hyped up based upon speculation and only speculation. But the price someone pays for something is because they believe it is worth that amount. Same reason gold has value, because we accept it does. The USD is backed by the full faith of the American people… now that’s a ponzi scheme
You can’t arbitrarily create more gold from thin air, however. Good parallel though because gold prices are also in the shitter haha!
Correct that gold cannot be arbitrarily created, it does however have a fixed amount as does BTC. I was the biggest skeptic of BTC, now I’d say I snore side with it than don’t. Also stock can be issued by companies all the time which arbitrarily creates money. The whole money and credit system is a sham
Arbitrarily issuing stock causes the share price to fall.
Correct and so does new crypto being mined into the market. There’s plenty of examples where after new shares are issued or there is a stock split the price rises again. I’m not trying to convince you to put money into any crypto, however my point remains that there is tangible evidence that it is here to stay and will rise.
What is FIAT backed by? Rhetorical question.
A government. Actual answer.
This question annoys me. It’s meant to be clever and solve some riddle. The US dollar is backed by the US government, and the ability of the US government to pay its debts. Have you like, I don’t know, paid for literally anything ever? Do you give them a dollar, or do you give them a signature and wink? When you travel abroad what’s your plan? Do you use the global standard currency or do you use bitcoins, Luna, or something else?
No due respect here, but you’ve not outsmarted the global financial markets with your question.
No due respect here, but you’ve not outsmarted the global financial markets with your question.
Isn't everything in life a Ponzi scheme?
Theres to many scams in crypto for me to involve my hard earned money, I see someone getting scammed through NFTs or a coin everyother day
In theory, the dollar is more of a ponzi scheme, it's backed by over 30 trillion in debt, so theoretically it shouldn't be worth shit.
I deem you valuable 🤗
I just put my money into whatever the black market uses for transactions. These days it's Monero.
Wow, pretty insightful.
In theory, the dollar is more of a ponzi scheme, it's backed by over 30 trillion in debt, so theoretically it shouldn't be worth shit. But it's the mass belief or delusion or hype that we deem it worth something that makes it valuable
37 comments