How hard is it to just take the L on this? Iāve been super wrong about all kinds of stuff and Iām fine to admit it.
It shouldnāt be that difficult. The whole industry is a scam, fake money isnāt actually worth anything, the blockchain is not transformative, the primary use case is crime, unregulated stuff isnāt a libertarian utopia itās just a fraud magnet. These things are all obvious.
I assume you are massively short everything related to crypto?
Spoiler: the answer will be no.
The real question is why are you so emotionally invested in all of crypto being a scam?
Only if you admit capitalism is the real scam.
Being horribly wrong for a decade is a hell of a motivator to eventually be right and be seen as right.
I honestly have no idea what L you expect anybody to take. You have never seemed to be even the slightest bit interested in what anybody here actually has to say, so you constantly seem to be yelling at people who donāt post here.
I think the first posts about FTX & SBF on UP may have been around 2020 elections with AWice Tweets. Just doing a little searching down the memory lane and found these:
LOL as literally every one of these exchanges files for bankruptcy after being exposed as complete frauds and the gold standard of crypto bitcoin is like -70% YTD youāre all like ālol Riverman just doesnāt get it!ā
Guys, this is pretty simple. The entire industry is a scam. Fake money is not money. Crooks predictably flocked to a once in a lifetime doing the fraud opportunity. The blockchain is useless. Every supposed innovation of crypto is ābank regulations 101.ā I get it, you donāt like capitalism. Which changes none of the above.
Iām not 100% convinced of this yet. But anything financial has to include regulation, audit, etc. The entire history of financial markets tells us this. When the stock market was unregulated someone could have reasonably argued that the idea of owning miniscule pieces of large companies was all nonsense.
Bitcoin is still worth 5 figures and the vast majority of exchanges are currently solvent.
Youāre missing the point. BTC could be worth $500000000 and Riverman would definitely still have the same opinions and be posting in this thread at the same volume.
But itās true, you really donāt get it, because you have never had the decency to care what any of the other people who post here actually think. All you do is yell at straw men and ignore anybody who takes the time to engage you directly, which is pretty crappy behavior imo.
Itās still nonsense.
For the 100th time I personally think crypto is largely dumb but I also like money. There is lots of money to be made in crypto for the last decade without doing anything illegal.
If trading piles of garbage was the new hot thing and i could make money on it i would be into it. Thatās the part RM/suzzer/etc just flat do not get. Like we mostly fundamentally agree with you that there is lots of dumb and scammy shit going on in the industry but:
This is fair. We all used to play poker and that was a fundamentally stupid scammy exercise as well.
Equally pointless in the grand scheme of life. Except for the fact it was occasionally fun.
If you currently have zero dollars short crypto this is all just performance art.
Riverman has some bad crypto takes but heās not far off here