The Crapto Thread

[6ix]

@Riverman

Presented without comment

bitch the entire problem is you presenting everything without comment

like

do you have the slightest notion how far you are from passing a turing test at this point?

[6ix]

@zikzak

You are not imo.

btw @olink he’s just being diplomatic; you totally fucking suck lol and there’s no way i’m telling you the news right now

[danby]

What an awful Polk comment.

“I shilled a fraudulent company for money guys, shit happens, it wasn’t my fault, next time I shill another company that pays me, please continue to believe its legit so I can make money”

[jmakin]

The Crypto Thread

I have discussed with the other mods and we’re going to create a new Crypto LC thread - for things like random links, etc. (basically for most/all of RM’s posting). Currently whenever RM makes a post this thread becomes unreadable. This thread will remain for actual substantive discussion. Going to move the most recent RM posting and replies there shortly. Posting LC content here going forward will be moderated.

[ParlaySlow]

Good conversation with Bruce Schneier

Understanding Crypto 6: Bruce Schneier: Security, Trust, and Blockchain —...

[olink]

@zikzak

there’s a certain degree of nihilism to a lot this crypto stuff.

I’d argue that trading crypto instills this nihilism. The way you interact with the world can’t help but shape your opinion of it. When you’re trying to make some profit by speculating in an environment rife with scams around every corner, parsing a steady diet of fools, bullshit artists, and conmen to find your edges, a range of perspectives from nihilism to outright sociopathy is probably to be expected to result.

@zikzak

Which company did more damage to the economy and retail investors - Three Arrows Capital or Enron? (Spoiler: It was Enron, by a lot)

Sure, and the damage done in 2008 by investment banks peddling fraudulent mortgage backed securities dwarfs even that.

It’s still a false equivalence. There is fraud in banking, in companies, etc., and it is insufficiently punished. But in crypto, fraud is the norm. Without effective regulation, it has to be, ducy. Scams that we made illegal a hundred years ago are normalized, expected, even advertised.

[danby]

To be fair, the entire 2008 debacle where retail banks did NINJA loans with ARMs en mass, NINJA loans were packaged as triple AAA securities by rating agencies, and then wall street banks sold those mortgage backed securities all over the world almost brought the world economies to dust.

Nothing crypto does will ever surpass that level of insanity.

But you simply can’t compare index funds to crypto investment schemes. It’s just not remotely similar.

[danby]

@olink

@danby

Bitcoin is not a fraud.
Ethereum not a fraud.
Even NFTs are not fraudulent.

The crypto institutions like exchanges, algorithmic stable coins, yield farming, crypto banks are rampant with fraud.

You do see how this is a distinction without a difference, right?

I think there is a difference. Massive difference.

If traditional financial industry was not regulated it would be a fraud fest as well. The insider trading going right now would be magnified a million times.

If we regulate the exchanges and “lending companies” in crypto it would go a long way to cleaning up the space.

[NoMatterWho]

@olink

The way you interact with the world can’t help but shape your opinion of it.

So true. Misery breeds company.

[olink]

@danby

If traditional financial industry was not regulated it would be a fraud fest as well.

Yeah, it was until we did. Problem is with crypto there isn’t necessarily a jurisdiction you can regulate them in.

[pvn]

@NotBruceZ

The crypto meltdown has claimed its first luxury victim: the Rolex Daytona

We mentioned this in the watch thread, this is a joke, Daytonas are down since the peak but still up compared to Jan 1st and up massively over the last like 4 years

[Riverman]

https://twitter.com/tier10k/status/1546286261887025157?s=21&t=lq0w2bCL9ScVfxyoZHuRHw

[beetlejuice]

[zikzak]

@olink

I’d argue that trading crypto instills this nihilism.

I can assure you my meager crypto holdings aren’t the thing making me feel like we’re hurtling towards an existential void. I also don’t put nearly as much effort into it as what your post suggests, although others may.

[Crunchyblack]

[jmakin]

we should make our own crypto exchange. it’ll be completely user funded - that means no banner ads, no paywall, but you gotta give.

[Formula72]

@zikzak

@olink

Aita for pointing it out?

To paraphrase something somebody in (I think) the Discord said awhile back, there’s a certain degree of nihilism to a lot this crypto stuff. Like sure, there are crypto true believers who envision some decentralized technotopia on teh blockchainz, but there’s also a large faction that thinks everything is so hopelessly broken and corrupt that yeah, fuck it, why not have an algorithmic stablecoin that self-referentially maintains its own peg to another currency through smoke and mirrors? The way “real world” currencies function is just as absurd, but nowhere near as entertaining.

There’s a pretty big part of me that doesn’t even care anymore and just wants to roll the dice for the lulz. Maybe I 100x on some stupid shitcoin. Maybe the global economy collapses. Whatever. Everything is hopelessly broken. At least the crypto stuff makes me laugh.

I think for me, the head scratcher on bitcoin continuing to surge just like it has for the last half dozen dips is both the consistent shift from whales owning the majority to the small ball investors increasing their relative size that has increased in tandem to current levels of disposable income since 2016 when a lot similar nonsense in other markets started to go crazy.

I mean, apple has 10xed every decade for 40 years or so about but we can’t assume that it continues into perpetuity when 10xing for two more decades puts them way above the entire value of the united states market.

The majority of the crypto crew feels confident in a 500k bitcoin price which is cool and all but is that price based on that assumption that the broken economy might not actually collapse or that bitcoin will remain strong when the economy that we know of today collapses or changes?

Because institutional adoption really hasn’t played a major role in price since covid so either we get a more roided up retail surge somehow with money that isn’t there or bitcoin is going to actually have to accomplish some miracle regulatory magic that gets everyone on board.

[CS04]

Wait, the majority of the crypto crew thinks btc is going to 500k?

[Aofrantic]

There was a poll itt a month back or so.

[CS04]

Oh damn. I didn’t realize it was so optimistic. If btc ever gets over 100 I’m buying a property in Central America and never looking back