The Crypto Thread

[Formula72]

https://www.edn.com/opinion-chip-glut-wont-end-any-time-soon/

I posted this in the stonks thread can you envision a similar situation to the chip glut in 2001 after the crazy buying of 1999 or do we just keep on getting more redic?

It’s a bit different but the framework is similar and shit always swings back and forth, no?

[Fatboy8]

Watches?

[Formula72]

@ChrisV

There’s too much inflation potential to hold cash. Inflation will also devalue debt and you shouldn’t be paying high interest rates on debt anyway.

I should hasten to add I’m not an expert or even a particularly well informed amateur here, but it’s a problem I’m personally dealing with. I have money to invest and I’m like wtf do I do with this? The stock market looks like a house of cards. Nothing like term deposits or bonds are paying returns. I was intending to buy a house in the near future but the already-high property market here has jumped 20% over the last year on the back of absurdly low interest rates. So wtf do I buy? I’m not a crypto permabull HODLer by any stretch but I have like 20% of net wealth in crypto basically by process of elimination.

Sure, but if deflation comes, cost of debt goes up. Also, what are interest rates doing in the next 5 year and how does that affect debt?

[Ikioi]

Haven’t owned a watch in over 30 years.

[Fatboy8]

I’m all out of ideas then.

[Lawnmower_Man]

This would have been a great idea 10 years ago, but you can’t currently get your hands on anything that would be considered a store of value for less than 2x retail price. I’m cheering on all of these idiots paying $25k for $10k Rolexes as “investments” because dunking on them when it comes back to reality is gonna be so sweet.

[olink]

@NotBruceZ

Blockchain gets used more if you can come up with more uses for it.

If someone could figure out how to use blockchain to verify vaccine passports, that would be great.

This, and nearly every single other hypothetical use of blockchains, is better solved by other technology. Blockchain is inherently slow and only solves the problem of trust. if you can trust your bank/govt agency/whomever, Blockchain is an objectively inferior solution to any problem.

Take your case of vaccine passports. A conventional database managed by a trusted entity is much faster and cheaper than a distributed append only database (ie a blockchain).

[Lawnmower_Man]

@ChrisV

I was intending to buy a house in the near future but the already-high property market here has jumped 20% over the last year on the back of absurdly low interest rates. So wtf do I buy?

You buy the motherfucking dip.

[Ikioi]

With all the discussion and confusion of what are Web3 and NFTs. and what, if anything, is their value, I stumbled upon recent Tim Ferris podcast where he breaks down NFTs with Naval and Chris Dixon, two tech investors deep the space. Only about halfway through but finding it informative.

Here are my random notes as I listen through so far:

*Web3 definition: “Internet owned by users and builders–orchestrated with tokens.”

• Tokens are important because they provide a mechanism by which value and control can be given to builders and users as opposed to centralized companies

• Value and control accrues to users as opposed to the company because there is no company

• Three critical things that make Web 3 revolutionary

1. All data is secured by private keys rather than by central entities
2. Users own the platform
3. Didn’t catch it

• From closed code corporations own platform and users are the data to open code contributors own platform and users own data
• Open code means applications plug into each other like lego blocks
• Composable - Open source means every problem is solved only once. Like legos or digital legos that can be built on top
• Games will be composable in that they will include previously created building blocks
• Composability is to software as compound interest is to finance
• 99.9% of code that runs in the world is open source, because it was composable.
• Web3 takes same level of innovation and applies it to web services in addition to software
• Media will also become composable, resulting in greatest distribution
• Primitive - foundational building blocks of the Internet
• Current Internet powered by banner and search ads
• Social media “pays out” in likes
• Games the next cutting edge of NFTs
• NFT is as general a concept as a web page
• Core concept of owning something on the Internet
• From rental model to ownership model
• Current model is game is free but you can buy cosmetic goods within game - 40 bil industry
• But virtual goods are locked into the platform and all money goes to company
• Now, transactions are peer to peer, NFTs built within the game that can be bought and sold; company only takes smaller fee
• NFTs are transferable outside the platform from which it was purchased

That’s as far as I’ve gotten. Have a listen if you care to:

Chris Dixon and Naval Ravikant — The Wonders of Web3 And Much More | The Tim Ferriss Show

[ElSapo]

You don’t need to believe in time to own a watch.

No one owns a watch.

You could invest in me. … I’m pretty sure my stock is gonna moon in the next 2-3 years.

[anon12304106]

You aren’t wrong with this analysis, but the answer is just eventually the bubble pops and we all have 75 percent less wealth basically regardless of what we do today.

[zimmer4141]

I think this is my main issue with Crypto/Blockchain.

For a technology that has now been around for 10+ years and created literal Trillions in wealth, I would expect the technology to have grown more or at least have some more practical applications by this point.

I’m also skeptical because I just don’t see the need for “Decentralized Everything” the way some blockchain true believers do, so it’s possible that’s why I’m not seeing the same value in it.

[Fatboy8]

I’ve slept on it and have come up with an investment.

Rabbits.

If the impending market crash and associated doom happens, you’ll want rabbits.

[ElSapo]

Even after the collapse tho, diversifying your portfolio remains key …

[ElSapo]

Also, that’s a really disturbing search suggestion, Google.

[prana]

Is rabbi kosher?

[Trolly]

Learning that there are more and more people I know who don’t seem like crypto bros but are heavily invested in Bitcoin. A crash is going to be brutal on middle class retirement savings.

[NotBruceZ]

https://twitter.com/USA_Polling/status/1455938941220265991

[DrJenniferMelfi]

What is going on with IOTX???

This price is only on CB, Crypto.com has it at .1352 and nowhere near this volatility

[Yuv]

any thoughts on solana? i know nothing about it but for some reason some non-cryptobros friends of mine talked to me about it which is usually a sign of bubble happening or bubble bursting