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Scylla Rhiadra

Scylla Rhiadra

Posted
Posted
2 hours ago, SHTAX said:

omg, you must be an expert...obviously 😂

It's a bubble that is going to burst because it is literally designed to burst. That's the way these sorts of highly speculative ponzi schemes work -- when the Big Boys decide it's time to cash out, taking everyone else's investment with them, they will, and the entire thing will implode, leaving the saps -- and also including many who don't invest in it -- considerably poorer.

It's also just about the most stupidly unethical scheme devised since . . . well, I'm hard pressed to think of an analog dumb and vacuous and dangerous enough to fit.

Crypto-currencies and NFTs produce literally nothing of value. They don't feed people, cloth them, house them, or keep them safer. They are digital vapour, built through the conspicuous consumption of planet-destroying energy that could have been used instead to improve life, but that are instead being deployed to enrich a very few people. And in the meantime, fleets of gullible and delusional idiots, convinced that they are going to be clever enough to be the predator rather than the prey, jump aboard, utterly oblivious to the sharks already circling.

It represents very nearly the worst that unregulated capitalism has to offer. And if I didn't know that a whole lot of innocent lives are going to be impacted along with the incurably greedy and unscrupulous, I'd be cheering when it finally does blow up in these people's faces.

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Lindal Kidd

Lindal Kidd

Posted
Posted

I agree 100% with Scylla, but with an observation.

People say that cryptocurrencies are intrinsically worth nothing, nada, zero. This is true, but it ignores the fact that all of the so-called "fiat currencies" including the US dollar, are in the same boat.

Unless it is backed by some tangible thing of value, no currency has any value other than a group's collective belief that it does. When people stop believing a cryptocurrency, or a government-issued currency, has value...then it won't.

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Coffee Pancake

Coffee Pancake

Posted
Posted
18 hours ago, Scylla Rhiadra said:

It's a bubble that is going to burst because it is literally designed to burst. That's the way these sorts of highly speculative ponzi schemes work -- when the Big Boys decide it's time to cash out, taking everyone else's investment with them, they will, and the entire thing will implode

This is exceptionally common with alt and meme tokens, commonly called a "rug pull".

https://www.fastcompany.com/90692521/rug-pull-crypto-squid-game-explained

cUFWlYb.png

This isn't even the biggest.

So far, the only upside to crypto seems to be teaching libertarians why banking regulations exist.

 

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CaithLynnSayes

CaithLynnSayes

Posted
Posted
On 12/7/2021 at 2:51 PM, Ceka Cianci said:

Crypto market is going to crash soon anyways..

It's a matter of time before it gets regulated..

I wonder if you truly know what crypto is. If you did, you would not say these two statements.

Cryptocurrency as a principal is like pandora's box. The idea was born in 2008 and fully open source. If you look at it from a programmer's perspective then you will see its beauty and how this idea is so stupidly simple and robust. Blockchain technology is here to stay. (Just like the rona, fy ;)) I'm active in crypto since around 2011. It will dip, for sure, it has done so in the past many times. But please look at the bigger picture.

 

Saying that it will be regulated shows your ignorance of the matter. This is not a personal attack, it is just a fact. The nature of crypto is that it is not possible to regulate it. China has tried and failed many times. Please think about this for a t least 7 seconds. It's been around since 2008. Were nearing the end of 2021. How come it hasn't been shut down yet. How come bitcoin is now worth $48.7K? You can make the argument that it is based on nothing, that it therefore has no value. To that i'll ask you. What is your Dollar based on? It has value because the people using it give it value. Just like your Dollar nowadays. If i give you a $100, you're going to accept it, because you know it enables you to do or buy things with it.

The US went off the gold standard in 1933. Simply put, the gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. (https://www.investopedia.com/ask/answers/09/gold-standard.asp) So it used to be that the US (and other countries, for that matter) had to prove they had a set amount of gold equal to the paper (and coin) money in circulation. This is no longer the case. The reason for that is a whole other rabbit hole i'd like to go over with you if you are interested in learning about it. Basically it enables your government to print money like its nothing. Needless to say that everyone knows that the Brandon administration printed 40% of the total capital in circulation of all times in the last 6 months. I'm sure many Americans aren't all that happy with the inflation going on at the minute. But as i said, this is a real trippy rabbit hole to go through.

With (most) crypto this is impossible if a fixed amount is set. The firs, bitcoin is such a cryptocurrency. 21 million, that's it. No less, no more. Nobody (or government can print more as they see fit. This is basic maths. Imagine i have 1000 of something and i lose 1. No big deal, right? Now, let's imagine i have 3 of something and i lose 1. Now i'm starting to get slightly worried, so those 2 remaining have that much more value to me. Again, this is inflation at its simplest.

You can not regulate it. There is no centralised server or place to put regulations or restrictions. Nobody can freeze your account, steal or seize your currency. The banks and government sure can steal your Fiat currency, but not your cryptocurrency because its all decentralized.

Please look into the matter a bit further before making uneducated statements on a subject you clearly don't seem to understand. (Again, not a personal attack.)

 

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Alwin Alcott

Alwin Alcott

Posted
Posted
10 minutes ago, CaithLynnSayes said:

Nobody can freeze your account, steal or seize your currency.

/me coughs softly

https://www.google.com/search?q=stole+crypto&newwindow=1&client=firefox-b-d&ei=Jvy0YdLQKZLosAeAtK6wBw&ved=0ahUKEwjS-5Tkvdz0AhUSNOwKHQCaC3YQ4dUDCA0&uact=5&oq=stole+crypto&gs_lcp=Cgdnd3Mtd2l6EAMyBAgAEBMyCAgAEBYQHhATMggIABAWEB4QEzIICAAQFhAeEBMyCAgAEBYQHhATMgoIABAWEAoQHhATMggIABAWEB4QEzIICAAQFhAeEBMyCAgAEBYQHhATMggIABAWEB4QEzoHCAAQRxCwAzoECAAQQzoRCC4QgAQQsQMQgwEQxwEQ0QM6CwguELEDEMcBENEDOgUIABCABDoLCC4QgAQQxwEQowI6BQguEIAEOgsILhCABBDHARCvAToICAAQsQMQgwE6CwgAEIAEELEDEMkDOgcILhCxAxBDOggIABCABBCxAzoICC4QgAQQsQM6CAgAEIAEEMkDOgoILhCxAxCDARAKOgQIABAKOgQILhAKOgYIABAWEB46CAgAEBYQChAeOgYIABAKEBNKBAhBGABKBAhGGABQuwdYtTFg3X9oAXACeACAAXmIAZ4JkgEDOC40mAEAoAEByAECwAEB&sclient=gws-wiz

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CaithLynnSayes

CaithLynnSayes

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Posted (edited)

/me coughs loudly...

You also seem to be demonstrating not understanding the core principle of cryptocurrency. By clicking your Google Search link i'm assuming you want me to read the article "Someone stole $120 million in crypto by hacking a DeFi website", correct? 

Allow me to explain how this is a trap many people seem to fall for. - In my previous post i said that it is decentralized. Cryptocurrency by its nature is decentralized but if you 'trust' a website to safeguard your crypto, aka you don't own and control your private key(s) then sure that website can and will eventually be hacked and your bitcoin will be stolen. This is misunderstanding how crypto works yet again. If you want to truly safeguard your bitcoin, you never ever trust a third party with your password/private key. Please look into Mt Gox if you want to read all about bitcoin's "first market crash" and what caused it. An interesting documentary on the matter is 'The Rise And Rise of Bitcoin' > https://www.youtube.com/watch?v=qk4gZrBR9CU In it you will learn what happened on Mt Gox. A well known quote in crypto is "You don't control your private key, not your bitcoin"

So recap: bitcoin is decentralized but you centralize it by trusting a single website with your bitcoin security effectively going against cryptocurrencies core principal and creating a single point of vulnerability, then yes, of course it will eventually get hacked and stolen. Not sure why i had to explain this, but hey, i just did, didn't i :) 

(FYI, also not personally attacking you bud, just explaining ;))

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Scylla Rhiadra

Scylla Rhiadra

Posted
Posted
1 hour ago, CaithLynnSayes said:

/me coughs loudly...

You also seem to be demonstrating not understanding the core principle of cryptocurrency. By clicking your Google Search link i'm assuming you want me to read the article "Someone stole $120 million in crypto by hacking a DeFi website", correct? 

Allow me to explain how this is a trap many people seem to fall for. - In my previous post i said that it is decentralized. Cryptocurrency by its nature is decentralized but if you 'trust' a website to safeguard your crypto, aka you don't own and control your private key(s) then sure that website can and will eventually be hacked and your bitcoin will be stolen. This is misunderstanding how crypto works yet again. If you want to truly safeguard your bitcoin, you never ever trust a third party with your password/private key. Please look into Mt Gox if you want to read all about bitcoin's "first market crash" and what caused it. An interesting documentary on the matter is 'The Rise And Rise of Bitcoin' > https://www.youtube.com/watch?v=qk4gZrBR9CU In it you will learn what happened on Mt Gox. A well known quote in crypto is "You don't control your private key, not your bitcoin"

So recap: bitcoin is decentralized but you centralize it by trusting a single website with your bitcoin security effectively going against cryptocurrencies core principal and creating a single point of vulnerability, then yes, of course it will eventually get hacked and stolen. Not sure why i had to explain this, but hey, i just did, didn't i :) 

(FYI, also not personally attacking you bud, just explaining ;))

"Decentralized" is a nice way of saying "unregulated." Meaning that it is (in theory) only susceptible to the influence of the free market.

Except that the "free market" actually isn't very "free," is it? Because the Elon Musks of the world wield vastly more influence, by virtue of the sheer size of their stake in it and overall wealth, than I can ever hope to have.

So, what it boils down to is this: do I want to use a currency that is regulated to at least some degree by a government that I help elect, and can help toss out if I don't like their fiscal policies -- or do I want to trust billionaires and crypto-gangsters to make decisions that will benefit not just them, but society as a whole? Cuz, in my country, one person has one vote. In crypto-land, someone like a Musk has literally millions of "votes" to my one. And I trust Musk about as far as I can throw him.

Yeah, sorry. I think not.

I genuinely hope that you are not one of those badly burned when your "free market" turns against you and the other bit players (pun intended) in the crypto-currency market.

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CaithLynnSayes

CaithLynnSayes

Posted
Posted (edited)
33 minutes ago, Scylla Rhiadra said:

"Decentralized" is a nice way of saying "unregulated." Meaning that it is (in theory) only susceptible to the influence of the free market.

Except that the "free market" actually isn't very "free," is it? Because the Elon Musks of the world wield vastly more influence, by virtue of the sheer size of their stake in it and overall wealth, than I can ever hope to have.

So, what it boils down to is this: do I want to use a currency that is regulated to at least some degree by a government that I help elect, and can help toss out if I don't like their fiscal policies -- or do I want to trust billionaires and crypto-gangsters to make decisions that will benefit not just them, but society as a whole? Cuz, in my country, one person has one vote. In crypto-land, someone like a Musk has literally millions of "votes" to my one. And I trust Musk about as far as I can throw him.

Yeah, sorry. I think not.

I genuinely hope that you are not one of those badly burned when your "free market" turns against you and the other bit players (pun intended) in the crypto-currency market.

What you're saying is is perfectly understandable from your point of view. What is happening now with most cryptocurrencies is that they are being seen as investments and ways to trade for fiat without actually using it as a currency. This is why you see massive spikes on the market when Elon Musk (to use your example) does something, or when a pump and dump is happening. This is because it is not being fully used as an actual currency. Case in point, Venezuela recently adopted it as a currency to do business in (https://www.reuters.com/technology/venezuelas-economy-regresses-crypto-fills-gaps-2021-06-22/) 

Decentralized is indeed a nice way of saying unregulated. I fully agree with you on that. Isn't it beautiful? No government can print it out of thin air and have out of control inflation. Pretty neat ha? I just like to add: In case some people may think or say that it is being used for illegal activities, drugs and weapons... One simple question. With what do you think such things still are, and have been paid and bought with in the past...? the US Dollar if i'm not mistaken... Right? :) 

Once bitcoin (or any other cryptocurrency) gets massively widely adopted as a means of making transactions, that market will stabilize more. Again, that's just basic maths and economics. I'm not trying to sell you anything, you do you. By all means, keep putting your trust in a currency that can fall through at any second when your federal reserve, banks or government does something unexpected. It's not like that ever happened in the past... right? Oh wait, what's this? > https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela Hyperinflation in Venezuela is the currency instability in Venezuela that began in 2016 during the country's ongoing socioeconomic and political crisis.

I urge you to not be so naive and say that you can just "vote away bad players". The world doesn't work that way, politics don't work that way. Economics don't work that way. I truly enjoy studying economics and markets and what is currently happening in the US (and trickling down through the rest of the world for that matter) is kind of fascinating to me as it is worrying to be fair. I for one do believe that this is a good thing for cryptocurrencies and Venezuela and its adoption of bitcoin seems to be an indicator of that. Clearly they see more value in it than their own national currency and government that has let them down multiple times over the decades. Look into it, it is a really interesting read learning about it.

As explained before. bitcoin (as an example of cryptocurrency) has a set limited supply; 21 million. That by definition means inflation, or even hyperinflation simply can't happen because of that simple fact. Venezuelans realise this and are widely adopting it. The more people using it as a day to day means of doing business, the more stable (and worth) it will become.

And sure, bitcoin as it is today could very well fail. It has its limitations. A good example is that transaction validations are not the quickest, but the technology is constantly being worked at and improved. Hence why there are so many "altcoins". This means people are constantly working on the technology and improving it. We'll see what happens in the next 10 to 20 years, but i'm sure we will have some sort of blockchain based (worldwide?) currency.

 

Can you tell i'm passionate about this topic? :D 

Edited by CaithLynnSayes
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CaithLynnSayes

CaithLynnSayes

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Posted
49 minutes ago, Scylla Rhiadra said:

crypto-gangsters to make decisions that will benefit not just them, but society as a whole?

I just want to address this. This is not how any crypto works, at all. As i said, decentralization here means that no single or handful of (what you call) "crypto-gangsters" can change the rules of the game. again, because there is no single point of attack. A set of rules is agreed upon by the network of said currency. No single individual can simply change how it works to benefit themselves.

 

As i'm sure you've gathered by now. I'm way into it all and i could be considered as one of those types that once you get me going on this topic, i won't shut up easily about it. Sorry, but i didn't start this thread, lol. It is however a tad frustrating to read these misconceptions. It's sad, but understandable since it is fairly new. If you wanna learn more about it, honestly, feel free to hit me up. Red pill Blue pill type of deal, you know :) 

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Max Nova

Max Nova

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Posted

It started out as an interesting idea but then banks, Wall Street, billionaires and regulators got involved and now it crashes when someone decides to tweet something negative about it or says we should make a law, I no longer see it as "decentralised" but I do see it as a way for the ultra rich to steal more from us legally. I'm also really nervous about the exchanges having the fiat to pay out, one of the brokers in my country just got put on notice for not having the funds to pay out, it took me 12 days to get my money from that exchange and Bitcoin dropped 12% by the time I did. Crypto is not convenient for buying goods or services and our entire economy (where I live) is already digital via direct bank accounts or multiple digital wallets that you can add money to.

 

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TheVeryFirst

TheVeryFirst

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Posted
1 hour ago, CaithLynnSayes said:

I just want to address this. This is not how any crypto works, at all. As i said, decentralization here means that no single or handful of (what you call) "crypto-gangsters" can change the rules of the game. again, because there is no single point of attack. A set of rules is agreed upon by the network of said currency. No single individual can simply change how it works to benefit themselves.

 

As i'm sure you've gathered by now. I'm way into it all and i could be considered as one of those types that once you get me going on this topic, i won't shut up easily about it. Sorry, but i didn't start this thread, lol. It is however a tad frustrating to read these misconceptions. It's sad, but understandable since it is fairly new. If you wanna learn more about it, honestly, feel free to hit me up. Red pill Blue pill type of deal, you know :) 

 

And if you don’t like the rules then you make your own.

 

Don’t know who you trust but looking at currency.com there are “according to data from CoinMarketCap, there are currently more than 13,506 in existence. {crypto} New tokens are popping up all the time “

 

I don’t trust that there are so many of them.

 

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