The Crypto Thread

Crunchyblack · May 20, 2022, 4:09pm

Jail Kwon

anon3530961 · May 20, 2022, 7:13pm

Lawnmower_Man · May 20, 2022, 7:29pm

I’ll apprehend him for 20% of the money. Not joking.

6ix · May 21, 2022, 5:12am

https://twitter.com/loomdart/status/1527396521305690112

6ix · May 21, 2022, 7:33am

beetlejuice:

The Crypto Crash Feels Amazing - The Atlantic

Whatever happens, though, the jagged history of crypto shows that foolish risk creates its own aesthetics. The crypto-bro investor does not evoke vicarious excitement, like a stuntman jumping motorcycles or a daredevil mountaineer, because his antics at the keyboard don’t appear to take much skill. He’s more like a bettor at the track who picks the winning horse at random, or a country-club jerk who hits a lucky hole in one. Watching him may elicit wonder at his cosmic luck—a mathematical sublimity. But no one would describe his victory as a beautiful achievement.

That’s why we end up feeling nauseated at the crypto bro’s success: It’s so unearned, it makes us sick. But our schadenfreude is a product of the same illusion. We’re not reveling in our prudence, so much as we’re indulging in an even lamer form of grandiosity. “It could have been me” was a lie from the start: Sure, we might have profited 10,000-fold—and then lost everything a few years later—but probably not. If my folks and I had purchased Netscape at its IPO, we wouldn’t now be plutocrats. We’d have put a few thousand dollars in, at most, and then sold off our stocks when their value had tripled or quadrupled. We’d have made a little money and been glad. As for crypto, I bought a thousand bucks’ worth a while back and am down by half. Whatever. The fantasy of failing to achieve a massive gain, and then also of averting bankruptcy, flatters us twice over. The truth is more banal: It could never have been me.

it’s rare that i’m actually speechless

bookmarked

6ix · May 21, 2022, 7:35am

Where does one even begin with not just that article but the meta of Beetlejuice sharing it?

CaffeineNeeded · May 21, 2022, 5:05pm

Guess what’s going to solve the Palestinian-Israeli conflict?

JonnyA · May 23, 2022, 6:54pm

In theory, algorithmic stablecoins require no central actor like USDC does. Now in practice, I don’t think they will ever work, but I think that’s the appeal.

It’s the same appeal for DeFi as opposed to CeFi (I also think that true DeFi will never work and every true DeFi platform will ultimately be exploited).

zikzak · May 23, 2022, 7:04pm

It’s possible at some point that one of the notoriously unstable coins will settle into something more stable on its own without the algorithmic nonsense. Like does a fully mature BTC that’s been 99% mined still have exponential swongs, or does it settle into a narrower range like gold?

jwax13 · May 23, 2022, 7:05pm

https://twitter.com/tiktokinvestors/status/1494076067669168130?s=21&t=bjH2WYIZKJgpH1tKfi8bZA

freddbird · May 23, 2022, 8:05pm

Damn, combine that strategy with this real estate strategy and this could be big

https://mobile.twitter.com/TikTokInvestors/status/1528068078361145344

econophile · May 23, 2022, 8:26pm

Way ahead of you

ElSapo · May 23, 2022, 8:29pm

jwax13 · May 23, 2022, 9:14pm

Riverman · May 23, 2022, 10:03pm

Lololol there’s one of these a day

https://twitter.com/cryptowhale/status/1528833698988269568?s=21&t=zIDpUm9mEk5bxKaPTOHPmQ

WichitaDM · May 23, 2022, 10:22pm

One thing that has gotten lost in the bickering is that I don’t think anyone really disagrees that there is rampant scames and a bunch of fucked up things happening with stuff like monkeypox coin and the crypto/nft influencers and all that.

That being said I don’t really have any sympathy for anyone who loses their ass doing the dumbest things in this space.

NotBruceZ · May 23, 2022, 10:47pm

Has anyone come with an idea like a RugPullCoin in which they promise explicitly to rugpull, make it a huge joke that becomes a meme, watch people pump up the value for the lulz, then pull the rug as promised?

Trolly · May 23, 2022, 10:52pm

I don’t know about the dumbest stuff, but I do have sympathy for regular schlubs who gets fleeced because they bought into the hype and bet the farm on Matt Damon’s cryptocoins or whatever. People shouldn’t get financially ruined just because they’re too credulous and there are a lot of very sophisticated scams out there.

WichitaDM · May 23, 2022, 10:54pm

Do you think anyone buys crypto thinking it is a safe or risk-free investment though? Like how could you buy monkeypox coin and think there wasn’t substantial risk?

I have some sympathy for people falling for the stablecoin scames like UST but a bare bit of googling would tell you that wasn’t some risk free investment.

WichitaDM · May 23, 2022, 10:54pm

There have been several NFT launches around this theme. I think the discord made a decent chunk off one called NotARug which shockingly did end up being a rug basically.