The Crypto Thread

[TrollyWantACracker]

No plateau. Something akin to a living work of art apparently. Figuarively and literally.

[CanadaMatt3004]

Why you hef be mad?

[Trolly]

It would be a fun prop bet to see if someone could make it to a full 365 days.

[6ix]

@CanadaMatt3004

Why you hef be mad?

wat

[CanadaMatt3004]

Cmon, its only game.

Why you heff to be mad? (Original)

[ParlaySlow]

but before you told me that bitcoin was elegant and marvelous

[6ix]

i’m not mad and if you want a life tip it’s this: if somebody doesn’t respect you and they show it, they’re probably not mad; they simply just don’t respect you

[CanadaMatt3004]

My post was an attempt at a joke, hence the funny hockey man, and like the 8 previous posts between me and L Washington

[CanadaMatt3004]

I mean, I wasnt even counting myself amongst the sad, mediocre fucks you arent mad at. Should I have been?

[6ix]

@CanadaMatt3004

I mean, I wasnt even counting myself amongst the sad, mediocre fucks you arent mad at. Should I have been?

nah that was “the royal ‘you’”

[CanadaMatt3004]

Awww fuck, I thought we got rid of royal shit like 250 years ago

[6ix]

@CanadaMatt3004

Awww fuck, I thought we got rid of royal shit like 250 years ago

maybe it’s just me but it always feels clunky to do this:

i’m not mad and if you one/somebody/a person want(s) a life tip it’s this

[ElSapo]

Wtf is mark Levine?

ETA: Matt. Still dunno the dude.

[BigDaddySwaps]

https://twitter.com/buccocapital/status/1542188652905775105

https://twitter.com/buccocapital/status/1542188655523020804

[Trolly]

@goofyballer

For instance, crypto avoids fractional reserve banking: A Bitcoin is a Bitcoin, not the debt of some bank, so there is no buildup of leverage in the system as investors hunt for safe assets.Crypto avoids the opacity of traditional banks: Crypto transactions occur on an open transparent blockchain; there are no hidden obligations that can bring the system down.

I mean, this is word salad, though. Bitcoin avoids fractional reserve banking by… not being a bank? This bag of Thai chilies I have also avoids fractional reserve banking and all the opacity of traditional banks. It also isn’t providing loans or most of the other financial services banks do, for better or worse.

[6ix]

@goofyballer

Good Matt Levine quote from last week:

Mostly what I think is interesting here is that there is a story about crypto that says it is a reaction to the 2008 financial crisis. In this story, people lost confidence in the traditional banking system because it was opaque and overlevered; people thought their money was safe but then it turned out that their banks were putting their deposits into scary hedge funds and losing their money. People draw a line between Occupy Wall Street and crypto: Crypto, the theory goes, is a financial system that (1) does not rely on the evil legacy banks and (2) addresses some of the worst tendencies of those banks.

For instance, crypto avoids fractional reserve banking: A Bitcoin is a Bitcoin, not the debt of some bank, so there is no buildup of leverage in the system as investors hunt for safe assets. Crypto avoids the opacity of traditional banks: Crypto transactions occur on an open transparent blockchain; there are no hidden obligations that can bring the system down. Crypto is decentralized and open; “code is law”; mistakes lead to failures, not bailouts. “The basic philosophical difference between the traditional financial system and the cryptocurrency system is that traditional finance is about the extension of credit, and crypto is not,” I wrote earlier this month.

But the current crypto winter shows that this is amazingly untrue in practice. There is a ton of leverage and interconnection, and who owes what to whom is surprisingly opaque, and when it causes problems it is addressed by negotiated bailouts from large crypto players. Crypto has recreated the opaque, highly leveraged, bailout-prone traditional financial system of 2008.

i was like come on Matty hit me with that 3rd paragraph I know the BUT/HOWEVER/ON THE CONTRARY IN PRACTICE was coming

[6ix]

f

@ParlaySlow

but before you told me that bitcoin was elegant and marvelous

ya but at the beginning of that post i said this

@6ix

making “a bitcoin” has been a computer science problem since basically computers existed (ya it’s mostly pointless but everything is)

and over a year ago this

@6ix

I mean, blockchain is amazing and elegant from a mathematical perspective

so not sure what to say if we’re just arguing to argue

there’s no argument you all can think of that i haven’t already contemplated and probably mentioned in this thread and, probably, agreed with

is crypto mostly a stupid scam to transfer wealth from the dumb to the less dumb? fuck yes

did i make a few dollars by selling to the crypto funds and whales and institutional investors who are underwater or liquidated, the same funds and whales that rivermang is linking to make fun of? also fuck yes

do you think bedroom traders like myself are elated and joining in on making fun of those arrogant donks? a little more of that fuck yes

i just happen to see a graph like this

and wonder what the hell we’re arguing about

[Riverman]

Fucking nuts that accounts earning 80x the interest rate of FDIC insured accounts were too good to be true

Behind the Celsius Sales Pitch Was a Crypto Firm Built on Risk

[cassette]

Can we get a Riverman containment thread? This could be a serious discussion that leads to fun and profit.

[L.Washington]

:vince1: