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Quote:
Originally Posted by BCR
you know who loves a good ponzi?
rich people and institutional investors.
you know who ends up holding their bags?
everyone else.
binance bought 2b worth of btc this weekend to stabilize price.
I once was a big fan of Binance. I even posted a Jew referral code here for new signups when they were rapidly expanding into the US market.Quote:
Originally Posted by sonatine
However, I've since soured on them. Not only is their customer service absolute shit, but there's been tons of rumblings about them being shady, and they seem on the verge of a big scandal.
Kind of how I felt about UB in 2007.
Quote:
Originally Posted by Dan DruffI once was a big fan of Binance. I even posted a Jew referral code here for new signups when they were rapidly expanding into the US market.Quote:
Originally Posted by sonatine
However, I've since soured on them. Not only is their customer service absolute shit, but there's been tons of rumblings about them being shady, and they seem on the verge of a big scandal.
Kind of how I felt about UB in 2007.
apparently it might just be bad reporting in this case, binance is denying it, i think.
https://twitter.com/cz_binance/statu...35203152859136
Forget the investment angle. I’m with you on almost all of these alt coins being straight ponzis. Anything that makes you more money by bringing in new money or pays dividends when it’s only making $ by new adopters is a ponzi.Quote:
Originally Posted by sonatineQuote:
Originally Posted by BCR
you know who loves a good ponzi?
rich people and institutional investors.
you know who ends up holding their bags?
everyone else.
Btc in theory isn’t a straight ponzi, but it requires people continuing to use it. It doesn’t require, on a basic level, new money to come in to exist as a store of wealth. So not a Ponzi by definition. It does require new money to sustain the levels it’s traded at or anything close, so ponzi-like if you bought in for more than a few hundred. It could go to $100, but ponzis go to zero.
Something that was $5 in 2011 being worth $100 in 2022 isn’t a ponzi. It’s great growth. Just not for the 99% who paid more for it.
It requires oversight as one can’t trust an exchange to not spend their money when things are going great and not have it when things are going poorly. But that’s not a ponzi, that’s corruption. More like Full Tilt. Wasn’t a Ponzi, created tons of profit, but not as much as they blew thinking it would always be profitable. Some of these exchanges give me Full Tilt vibes.
You understand tech on a high level. I’m a neo-Luddite
I’ve seen this reoccurring theme. I see it on Bill Maher. I see it on Bill Simmons. I see it on Joe Rogan. I’ve seen it a hundred times.
Guest is on who is successful and loves crypto. They’ll say explain to me why it’s so great.
You’ll hear some generic response. Blockchain will change the world. Or they’ll just be dismissive and say they can’t really adequately explain it in the time allotted.
I’ve heard Simmons ask Harolabob five times without an actual response
As someone who works in that world, what does the actual blockchain provide to a company that something else couldn’t? Why is it revolutionary?
I legit have no idea. I grasp it’s transparent, but that hasn’t stopped it from being home to a million scams and hacks. Oh great, I can see exactly when I was robbed, and that someone then dumped it to another account in Estonia, but I have zero recourse to get it back or do anything about it. My bank gives me my money back if someone steals from me.
I get you hate it, but just on a purely technical level, is there anything revolutionary about it that if implemented in a practical sense, not as an investment, is a leap forward? I keep trying to get why people think blockchain will be implemented by companies as more than a way to pay for things. I’ve never seen any answer I can grasp.
I’m not against it. I have bought it. Might again. But I gamble on shit all the time. I think BTC might actually grow stronger by eliminating all the competition. To me that’s the greatest protection from the kids turning on it. That it’s the only one left standing and it’s still cooler to them than a bank or trying to do their homework on the stock market.
If you can’t explain it to a fifty year old, and most of those guys aren’t idiots, it’s problematic considering that who has the wealth.
Even that article BCB talked about with O’Leary. He couldn’t tell you what it did for a company. He likes it because smart people are going into it. Brilliant people were working for and investing with Elizabeth Holmes.
I’ve just never seen anything like it, where it’s had this tremendous success, yet no one can adequately explain why it’s revolutionary.
Saw nft of Steph Curry for 20k good investment?
This will NEVER happen.Quote:
Originally Posted by BCR
The entire Crypto economy raises and falls on Bitcoin because it was the FIRST crypto.
Just like Cyberpunks was the first NFT.
Bitcoin has nothing to do with defi or nft's.
What is happening in crypto right now is bringing the price of Bitcoin and Ethereum down are "decentralized finance companies" that are leveraged 25 to 1 or higher. These defi companies are borrowing massive amounts of money mostly on Ethereum. However some companies had assets in Bitcoin which they used as collateral to borrow even more money. Some companies then announced that they would not process withdrawals which brought down the entire crypto market.
https://pbs.twimg.com/media/FVnws_nW...g&name=360x360
slightly off topic but Steph Curry is a great basketball player because he has some white blood
Quote:
Originally Posted by BCRForget the investment angle. I’m with you on almost all of these alt coins being straight ponzis. Anything that makes you more money by bringing in new money or pays dividends when it’s only making $ by new adopters is a ponzi.Quote:
Originally Posted by sonatine
Btc in theory isn’t a straight ponzi, but it requires people continuing to use it. It doesn’t require, on a basic level, new money to come in to exist as a store of wealth. So not a Ponzi by definition. It does require new money to sustain the levels it’s traded at or anything close, so ponzi-like if you bought in for more than a few hundred. It could go to $100, but ponzis go to zero.
Something that was $5 in 2011 being worth $100 in 2022 isn’t a ponzi. It’s great growth. Just not for the 99% who paid more for it.
It requires oversight as one can’t trust an exchange to not spend their money when things are going great and not have it when things are going poorly. But that’s not a ponzi, that’s corruption. More like Full Tilt. Wasn’t a Ponzi, created tons of profit, but not as much as they blew thinking it would always be profitable. Some of these exchanges give me Full Tilt vibes.
You understand tech on a high level. I’m a neo-Luddite
I’ve seen this reoccurring theme. I see it on Bill Maher. I see it on Bill Simmons. I see it on Joe Rogan. I’ve seen it a hundred times.
Guest is on who is successful and loves crypto. They’ll say explain to me why it’s so great.
You’ll hear some generic response. Blockchain will change the world. Or they’ll just be dismissive and say they can’t really adequately explain it in the time allotted.
I’ve heard Simmons ask Harolabob five times without an actual response
As someone who works in that world, what does the actual blockchain provide to a company that something else couldn’t? Why is it revolutionary?
I legit have no idea. I grasp it’s transparent, but that hasn’t stopped it from being home to a million scams and hacks. Oh great, I can see exactly when I was robbed, and that someone then dumped it to another account in Estonia, but I have zero recourse to get it back or do anything about it. My bank gives me my money back if someone steals from me.
I get you hate it, but just on a purely technical level, is there anything revolutionary about it that if implemented in a practical sense, not as an investment, is a leap forward? I keep trying to get why people think blockchain will be implemented by companies as more than a way to pay for things. I’ve never seen any answer I can grasp.
I’m not against it. I have bought it. Might again. But I gamble on shit all the time. I think BTC might actually grow stronger by eliminating all the competition. To me that’s the greatest protection from the kids turning on it. That it’s the only one left standing and it’s still cooler to them than a bank or trying to do their homework on the stock market.
If you can’t explain it to a fifty year old, and most of those guys aren’t idiots, it’s problematic considering that who has the wealth.
Even that article BCB talked about with O’Leary. He couldn’t tell you what it did for a company. He likes it because smart people are going into it. Brilliant people were working for and investing with Elizabeth Holmes.
I’ve just never seen anything like it, where it’s had this tremendous success, yet no one can adequately explain why it’s revolutionary.
to be clear i dont hate the technology, i hate the culture.
when crypto was 'a solution in search of a problem' i said ok well, its quite clever i suppose and it might shake up some things.
it not shake up some things, at least nothing that benefitted society.
it simply became a self fulfilling prophesy where sales goons (the absolute shit tier of humanity) parasitically inserted themselves into the narrative and then ate its meat/bones and danced around in its desiccated corpse to attract VC.
it still takes months to buy a house. we still cant vote from home.
i interviewed with a crypto based fintech startup back in 2018 or so. their whole schtick was like 'yeah we are going to disrupt banking' and my dick got _super_ hard and i was like FUCK YEAH LETS CREATE A BLOCKCHAIN BASED SWIFT ALTERNATIVE and they literally said naw thats too scary we just want to use crypto to facilitate some sort of crowdsourced loan grift.
oh punch line the person interviewing me was a libertarian ex NSA operator half my age with no hair who couldnt stop vaping during our interview.
yeah i passed and they folded without ever launching a few months later. they probably burned through mid eight figures in VC while doing so.
https://www.youtube.com/watch?v=yp0diaVLPrQ
Quote:
Originally Posted by sonatineQuote:
Originally Posted by BCR
to be clear i dont hate the technology, i hate the culture.
when crypto was 'a solution in search of a problem' i said ok well, its quite clever i suppose and it might shake up some things.
it not shake up some things, at least nothing that benefitted society.
it simply became a self fulfilling prophesy where sales goons (the absolute shit tier of humanity) parasitically inserted themselves into the narrative and then ate its meat/bones and danced around in its desiccated corpse to attract VC.
it still takes months to buy a house. we still cant vote from home.
i interviewed with a crypto based fintech startup back in 2018 or so. their whole schtick was like 'yeah we are going to disrupt banking' and my dick got _super_ hard and i was like FUCK YEAH LETS CREATE A BLOCKCHAIN BASED SWIFT ALTERNATIVE and they literally said naw thats too scary we just want to use crypto to facilitate some sort of crowdsourced loan grift.
oh punch line the person interviewing me was a libertarian ex NSA operator half my age with no hair who couldnt stop vaping during our interview.
yeah i passed and they folded without ever launching a few months later. they probably burned through mid eight figures in VC while doing so.
https://www.youtube.com/watch?v=yp0diaVLPrQ
Good read
As for that video, I really don't even have words.
Before today, I never realized or even bothered looking up (cuz IDGAF) that he has a sister. I didn't realize until today that there are multiple members of his family who are just amazingly tone deaf and completely disconnected from normal society.
Perhaps there was the whole family of lizard people who landed here, and not Just Mark.
I wonder what Dee Snyder and the rest of TS would think of this atrocity. I can't imagine that they are very happy.
I Just googled after making that last post...
And nope...its safe to say that Snyder is definitely not happy.
https://junkee.com/mark-zuckerbergs-...-anthem/323911
Aren’t you surprised Sam Bankman-Fried (SBF FTX) hasn’t bought a stake in any media yet?
SBF is gonna buy Twitter from Elon to ban truth speakers
I came so close to up to uploading my DNA to Twitter too
I really need to stop checking in on crypto & SBF. I’m being redundant. When I skim SBF news it’s like quicksand that draws you in until your day ends up dead.
It’s a rabbit hole that guarantees to delight and appall. I mean it’s the core question: is SBF a hero or villain.
Sam just rescued BlockFi it seems.
This guy wants to be BlackRockQuote:
BlockFi secures $250 million revolving credit facility from crypto exchange FTX
The funny part is it’s literally almost impossible to make that song more cringe yet she pulled it off.Quote:
Originally Posted by GordmanQuote:
Originally Posted by sonatine
Good read
As for that video, I really don't even have words.
Before today, I never realized or even bothered looking up (cuz IDGAF) that he has a sister. I didn't realize until today that there are multiple members of his family who are just amazingly tone deaf and completely disconnected from normal society.
Perhaps there was the whole family of lizard people who landed here, and not Just Mark.
I wonder what Dee Snyder and the rest of TS would think of this atrocity. I can't imagine that they are very happy.
Even as a rebellious teenager when it came out, it was horribly cringe-worthy. Twisted Sister was like Stryper-level bad, yet still disrespected by that cover. That’s an accomplishment. It’s like making a Richard Marx or Michael Bolton song more corny. Hard to do.
Quote:
Originally Posted by BCRThe funny part is it’s literally almost impossible to make that song more cringe yet she pulled it off.Quote:
Originally Posted by Gordman
Even as a rebellious teenager when it came out, it was horribly cringe-worthy. Twisted Sister was like Stryper-level bad, yet still disrespected by that cover. That’s an accomplishment. It’s like making a Richard Marx or Michael Bolton song more corny. Hard to do.
Wait... I'm going to stop you right there.
So, tell me...what is it that you don't like about Michael Bolton? He is an amazing guy and an even more amazing singer. I literally celebrate his entire catalog. I don't think it gets any better than when he sings When A Man Loves A Woman.
If you have few hours to spare the video below is likely the best compromise between accuracy and brevity...Quote:
Originally Posted by BCRwhat does the actual blockchain provide to a company that something else couldn’t?Quote:
Originally Posted by sonatine
https://www.youtube.com/watch?v=YQ_x...l=FoldingIdeas
...it touches most relevant things since 2008 to 5 months ago.
Today maybe the least clunky thing blockchain can provide is crowdfunding with a vote share based on owned tokens. Flash loans is another thing that mostly functions in crypto space. Not saying it's not a leverage nightmare, but it mostly doesn't exists anywhere else for retail. Those are all smart contract based and BTC network currently is useless for it.
I have no idea what you can possibly do with BTC. Essentially it's antiquated tech today and you would either have to build on top of it or fundamentally change it. I have no idea why anyone would do that instead of starting from scratch or using coins that are better suited for it.
Today most "crypto" projects are that only by name and they strive to interact as little as possible with blockchain. Mostly because current blockchains are slow, clunky and expensive. Traditional mail is at least slower and less secure but somehow cheaper than BTC/ETH based transactions.
As is most crypto applications are shitty reinventions of the wheel. Maybe hexagons on a good day. They kinda work.
ps. regarding your question there's no real answer. It's ok for speculation, buzzwords, burning electricity and collecting venture capital.
pps. forgot the best thing crypto is suited for. Not really a blockchain thingie per say, but crypto is fairly good for buying crypto.
The latest crypto related thingies were NFTs, metaverse and pay to earn games.
In the early days at first glance NFTs seemed like something that could help digital artists monetize their craft if they worked outside of commercial art. That did not work out. Today most NFTs are procedurally generated crap with some of them having some value as an asset in gaming environments. Since everything costs a fuckton in the blockchain, they are mostly just links to traditional web addresses. Handful of NFTs that include anything IP related in their smart contract are as secure as your ownership of the related NFT. Someone steals your NFT and you lose your reproduction rights. It's amazingly retarded. Think of Walt Disney owning a statue of Mickey Mouse that at the same time holds all rights to use that character.
Metaverse for the most part only uses crypto as an asset and currency. Say land rights or whatever in a virtual world that may someday be used. In case, if you're wondering how scarce virtual real-estate is, the correct answer is that it isn't. There's absolutely no reason to include crypto to any VR project. Any competent developer that's looking to build an MMO, chatroom or a marketplace in VR gives zero fucks about blockchain. There's nothing decentralized in those projects and there's no reason they don't just use their own currency. DEFI doesn't make those projects any safer. Usually the opposite and any related real-estate/currency only has value as long as the project remains popular. Devs can and will pull the plug the minute they feel like it.
And then pay to earn. TBH i don't know what the fuck that is. Or that i would be surprised if it wasn't just another shitty MMO with gold farmers from 3rd world countries with an additional layer of bullshit. Value of game (and assets/currencies) is heavily tied to it's popularity. Ever since forever there have been gold and item selling in online games. Some in-game and some in 3rd party sites. The running theme with most crypto based pay to earn games is that they are just shittier versions of existing games.
Most crypto projects are just variations of Seals with Clubs.
Hi all, I like to think of BTC this way, and how I explained it to my 80 yr old mom.
"Bitcoin is kind of like digital gold if all the gold was already mined and there was only a set amount of gold that would ever exist."
I think this explanation is simple and to the point.
Yes, I understand that BTC is still being mined, but bitcoin will max out at 21 million bitcoin.
Now, its still to early to say if the world will think BTC is worth using or keeping for some "store of value" reason. One can limit anything to 21 million but that doesn't mean anyone will think BTC is worth anything.
@ Tellafriend & my new convert Daly
Fed's Powell: a U.S. digital dollar could help maintain international primacy
https://www.reuters.com/markets/us/f...source=twitter
No disaster will be squandered in the pursuit of tyranny.
Worst development since Bush era Patriot Act and Stellar Winds.
Nobody gives any fucks which makes for a smoove runway.
In before Druff, “I got nothin’ to hide”
This this this::: like absolutely so spot on.Quote:
Originally Posted by gimmick
As a gamer you are totally right about play to earn. There is a saying in mobile gaming first you develop a profit plan then you develop a game around that. Play to earn crypto is this on crack. They are barely considered games and might as well be slot machines. Often the very worst type of loot box shit.
I’ve been planning on making another post to update the polker thread. I read their telegram channels everyday and it’s been enlightening to see just what a fucking scam it is. And keep in mind they are on the up and up compared to 95 percent of the other crypto stuff. For instance staff uses real full names as opposed to anonymous account which is 95 percent of crypto.
Quote:
Originally Posted by BetCheckBetThis this this::: like absolutely so spot on.Quote:
Originally Posted by gimmick
As a gamer you are totally right about play to earn. There is a saying in mobile gaming first you develop a profit plan then you develop a game around that. Play to earn crypto is this on crack. They are barely considered games and might as well be slot machines. Often the very worst type of loot box shit.
I’ve been planning on making another post to update the polker thread. I read their telegram channels everyday and it’s been enlightening to see just what a fucking scam it is. And keep in mind they are on the up and up compared to 95 percent of the other crypto stuff. For instance staff uses real full names as opposed to anonymous account which is 95 percent of crypto.
https://www.bloomberg.com/opinion/ar...source=twitter
Crypto Meltdown Claims Rolex and Patek Philippe as Victims
Prices for the most popular secondhand luxury watches have peaked. It’s the latest sign that the bling boom might not last.
Canada had a major internet outage last week for 24 hours affecting millions of people and business. Caused major financial issues as well. As bad as it was people were able to rely on paper money. All crypto requires major online processing. If we ever see a major attack on the the grid or collapse of internet that crypto is worthless. It can’t be traded or moved. Without some sort of real tangibility you are really taking a big risk. It’s only a letter of time before we see a coordinated attack on telecom systems abd when that happens it will be the nail in the coffin for crypto.
Quote:
Originally Posted by BetCheckBet
Any situation where “crypto” becomes unusable comes with a situation where we have bigger problems.
If anything this sort of discussion usually takes place with people who take the “what happens the day we wake up and the dollar went to zero”. To those people I say congratulations “you won” because The usd is worthless and BTC is now a store of value which is highly desirable……. But now the whole world is up in flames and you can’t buy anything anymore.
Visa/Mastercard/Debit cards were just as useless at stores/businesses that used Rogers to connect online. Visa/Mastercard aren't going donkdown.Quote:
Originally Posted by BetCheckBet
Households that had rogers couldn't access tv/internet/phone services. Amazon or netflix aren't going donkdown either.
Quote:
Originally Posted by BetCheckBet
https://malpedia.caad.fkie.fraunhofer.de/actor/killnet
or so i hear.
New York City PSA yesterday. The northeast is ready
https://youtu.be/N-5d7V4Sbqk
Quote:
Originally Posted by garrett
https://pbs.twimg.com/media/FXnLew9W...jpg&name=small
Only celebrities know what's best for us.
Are you Urine?
https://www.youtube.com/watch?v=IchQsSUAkBE
https://www.youtube.com/watch?v=reC00AKmTzU
https://www.youtube.com/watch?v=1wkEbf8Zo_c
https://www.youtube.com/watch?v=LBUfBc9PwlM
https://www.youtube.com/watch?v=8ecaSXltduw
https://www.youtube.com/watch?v=d1HkIjX_sfI
https://www.youtube.com/watch?v=drgwtdk8wdc
Makes ya wanna go to Vegas
Sam describing yield farming to Bloomberg is either mind blowing candor or autism. He is brutally accurate. Will re listen cause I’m not sure I believe what I heard.
Yield farming from ~23:00
https://www.bloomberg.com/news/artic...levine-stunned.
SBF was born in 1992 & I think it’s pretty clear he’s on the spectrum. His age group and experience allows him to describe a Ponzi scheme unencumbered by shame. It’s all pretty standard and matter of fact.
Which is fine except Sam is THE CRYPTO KINGPIN. I learned from Bloomberg he now has a stake in IEX Brad Katsuyama’s (Flash Boys) exchange.
It speaks to the financial perversion of the past 20 years.
His wealth, power and reach cannot be overstated.
Starting to see big split in video game world. Most gamers see nfts as terrible micro transactions. Companies like ea have gotten horrible reputations because of this.
Yesterday minecraft came out and said they would not be doing nfts given how predatory they are and goes against spirit of minecraft being able to create anything for free.
Square Enix has just come out saying they will be doing nfts for final fantasy and already huge player base is up in arms.
no one even mentioning how tesla just unloaded 75% of its bitcoin?
Quote:
Originally Posted by Sanlmar
serious question; what else is he suppose to do with his money? he lucked into billions. he likes finance. so he tosses money into IEX, robinhood, etc etc. like why wouldnt he? it all seems very basic and straight forward to me. i think the fascination for him isnt shoehorning crypto into the narrative with these plays, its simply being able to have a seat at the most important tables so that in 20 years, when token/chain based technology does actually underpin all these critical financial sectors, hes been able to protect his investments (and passion) the whole way.
hes 30 years old, in 30 years he could be running the fed. and by then, he will probably be the best person for the job.
You clearly did not listen to SBF’s depiction of yield farming. I can not imagine what you would find more entertaining. You’ve changed.
Maybe I have too as a poster. Understand it’s a dispassionate take on our population and the state of government. At no point do I indicate a preference. I think Tulsi is hot and compassionate but I fantasize about many things. She is irrelevant
I say this with all seriousness. The Fed will not exist in 30 years.
The Fed & Treasury will likely be one entity inside 10 years - most likely 5 depending on CBDC.
The Fed and Treasury are already working as one.
You know all this.