I think we underestimate how dumb some 18-30 (and every age obv) ppl are. Robinhood, crypto and the ability to just put your net worth into whatever with a few clicks is dangerous.
I obviously love gambling, but that most ads are now for crypto or gambling on TV is bad for society.
I donât really disagree. I have had a ton of people in my life want me to âteachâ them crypto or NFTs. I havenât ever done it because I think for the vast majority of people it is a bad idea and there are a million ways to get rekt. In fact I have told them it is a highly risky proposition and it is possible if not likely they will lose substantially.
So ultimately I agree with the people saying we need more protection and that there are rampant scames in the space. I donât think most of the people in the pro-crypto/nft camp here would disagree with that.
People are basically dopes with money and everyone tends to fall for hype. Any time thereâs a bubble they get wrecked. I know itâs entirely their fault but it still sucks.
Which is why the SEC exists. Alas they seem to be suffering from Merrick Garland disease and refuse to be bothered to do their fucking job.
You have to either be born smart and wily enough to be the one who knocks or learn the hard way.
The fun part about this space is libertarian bros learning in real time why banking & financial regulations exist.
How much can the SEC even do? Seem like much of crypto is by design out of the reach of regulators.
I know this has been beaten to death but we all know each other because of a bubble. Does that make bubbles good? No not really. But they are the place where you can make a lot of money because people are irrational. In a rational situation are people paying 6-7 figures for cartoon apes? Of course not.
We can all come to our own conclusions about the ethics of making money from bubbles vs. making money working for a corporation or from stocks or anything else. I guess I am just trying to say I donât think I really disagree with jwax/riverman/trolly/whoever else that the entire crypto industry is riddled with outright scames, soft scames and lots of pitfalls. I wouldnât encourage anyone to get involved today just like I wouldnât be telling anyone to get involved with poker unless I thought they were the type of person who would both enjoy it and had the ability to have a substantial edge. Now that being said the absolute softest markets that exist on earth are largely all in the crypto sphere. So if you are into beating soft markets I canât think of anything else that compares really.
I"m not moralizing or scolding any of you guys for flipping apes, to be clear.
I just want BJ to be poor and somewhat bearable again.
Thereâs plenty of legitimate criticism that can be levied around cryptocurrency, but anyone who lost money investing in something called monkeypoxinu coin was always going to lose that money. It was just a matter of what scam they lost it to.
so the discord made a decent chunk by selling a scam to other people before it imploded.
really need to be less sugar coating of these things.
If that is how we are going to characterize it didnât you do the same thing with Topshot and tubcats? I mean Iâm not even going to argue you are wrong(although I think the way you are characterizing it is mostly wrong).
A lot of the NFTs sold by the discord have gone way up in value after we sold them. In some cases WAY up. I have sold plenty of stuff that subsequently 10-100xed from there. Does that make me the scammer or the buyer after me the scammer or what?
lol one a day. There are at least a dozen of these that manage to get listed on major public trackers every single day. God knows how many more donât clear that hurdle.
Yuv has been very public about how little he actually made off topshot
you mentioned they were rugged, which i think has different meaning than lost value due to lack of interest by consumers.
Oh we are talking about NotARug? I mean I sold mine way before the top and I think most did or lost money holding them too long. Not sure where on the NFT centipede we were on average but not mostly the head imo.
Also their entire marketing was that they were actually a rug. If you bought it you knew that.
At least he got in on tubcats which was a legit free money situation.
Damn, I missed the free money
i still hold most of my tubcats if we are back on yuv is dumb train, which seems very irrelevant to the point i was making and closer to âpersonal attacksâ or âsearch of hypocrisyâ i was discussing in the about moderation thread.
i was replying to a post that said that the discord made a lot of money off something that ended up being a scam. Wichita since retracted or changed the wording of that claim.