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So...bitcoin

Started by Josephus, December 07, 2017, 05:34:38 PM

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DGuller

Quote from: Sheilbh on June 16, 2022, 03:52:27 PMMagnificent tweet by NBC:
QuoteNBC News
@NBCNews
Anna Sorokin, known for taking hundreds of thousands of dollars from friends and businesses while posing as a German heiress, says she's trying to move away from the "scammer persona" and plans to launch a collection of NFTs.
https://www.nbcnews.com/pop-culture/pop-culture-news/anna-delvey-nft-interview-rcna33811?cid=sm_npd_nn_tw_ma
:XD:

Tamas

I hope you guys with meaningful crypto holdings have sold already.

My XRP lotto was small enough that I might as well hold it to zero, but I think crypto is over. When the dust settled and the next bull market comes there will be too many people scarred to return and pump it all back again.

viper37

#392
Quote from: Tamas on June 18, 2022, 09:21:11 AMI hope you guys with meaningful crypto holdings have sold already.

My XRP lotto was small enough that I might as well hold it to zero, but I think crypto is over. When the dust settled and the next bull market comes there will be too many people scarred to return and pump it all back again.
I thought about investing earlier this spring, but figured it wasn't done going down yet.  So I was right.  For once. :P

I was always worried about something that is not backed by anything and whose value depends on the willingness of people to create more at always greater costs.

I also think "crypto" is over, but there will remain some of it.  Gaming companies tried a foray into crytpo with NFTs and games that generated crypto monney for playing but it didn't work really well and none are featured at E3 this year.

Bitcoin may remain and maybe one or two hyper anonymous coin useful for the black market.  But there'll be less incentive for inovations and zero incentive for creation until some changes are implemented.

The concept of decentralized money was always flawed.  It had use as an investment vehicle, a very risky one, like commercial paper pre-2008.
I don't do meditation.<br />I drink alcohol to relax, like normal people.

If Microsoft Excel decided to stop working overnight, the world would practically end.

crazy canuck

Mining has become easier, and continues to be highly profitable for those who do it.

I want you to panic

https://www.theguardian.com/science/video/2019/jan/25/i-want-you-to-panic-16-year-old-greta-thunberg-issues-climate-warning-at-davos-video

"Woke" is now almost exclusively used by those who seek to deride it, those who chafe at the activism from which it sprang. Opponents to the idea are seeking to render it toxic. They use it to stand in for change itself, for evolution, for an accurate assessment of history and society that makes them uncomfortable and deflates their hagiographic view of American history.

The Minsky Moment

Blockchain is going to continue to attract significant investment because of potential use cases in payments and settlement, and possibly with algorithmic contracts- though I have my doubts on those.

Cryptocurrencies themselves will survive because of the powerful use case in connection with illegal and gray market transactions.  They will also continue to attract "true believer" converts just as the goldbugs used to back in the 70s and 80s. 

Bitcoin specifically has a very poor conceptual design.  Under strict logic it should be competed out by superior alternatives, but it has a brand name and other first mover advantages so likely will stick around for a while.

In a sense you could argue that the crash is WAD because functionally the cryptocurrencies are a highly speculative asset class and wild boom and bust fluctuations are a hallmark of that class.
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

crazy canuck

Agreed.  The mistake I think being made is block chain to bitcoin.  As you and I have discussed before, bitcoin was originally intended to simply be a proof of concept.  I don't feel any sorrow for those who viewed it as an investment.
I want you to panic

https://www.theguardian.com/science/video/2019/jan/25/i-want-you-to-panic-16-year-old-greta-thunberg-issues-climate-warning-at-davos-video

"Woke" is now almost exclusively used by those who seek to deride it, those who chafe at the activism from which it sprang. Opponents to the idea are seeking to render it toxic. They use it to stand in for change itself, for evolution, for an accurate assessment of history and society that makes them uncomfortable and deflates their hagiographic view of American history.