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.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
binance bought 2b worth of btc this weekend to stabilize price.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
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.
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.
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.
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/status/1538635203152859136
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
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.
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.
Last edited by BCR; 06-20-2022 at 11:11 AM.
Saw nft of Steph Curry for 20k good investment?
This will NEVER happen.
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.
slightly off topic but Steph Curry is a great basketball player because he has some white blood
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.
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.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
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.
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 BlackRockBlockFi 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.
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.
The funny part is it’s literally almost impossible to make that song more cringe yet she pulled it off.
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...what does the actual blockchain provide to a company that something else couldn’t?
...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.
Last edited by gimmick; 06-22-2022 at 01:53 PM.
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.
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