June 18, 20223 yr 14 minutes ago, Boogyman said: Are we? Who knows? That is my guess anyway, pure guess.
June 19, 20223 yr It actually dropped below 18k yesterday for a brief moment. So who thinks it is going to zoom up again and set a new high over the next 12 months?
June 19, 20223 yr Bitcoin - and all cryptocurrencies - are going to zero. It won't be a straight line there, but a bitcoin has no intrinsic value. In earlier times, money was either something of immediate value (salt, wheat) or scarcity (conch shells, gold, silver). Something of value you could trade for something of value. Commodity money doesn't scale well, so governments moved to representative money. Coins and bills, backed by gold or silver and guaranteed by the government. The US backed its currency with silver until 1964. Now the value of the dollar is found in your trust in the US government. Crypto "value" is based solely on faith and perception. No person or organization stands behind it, and it has no intrinsic value. It rose to dizzying heights in true bubble fashion. There may be a future for blockchain, but there is no future for faith-based money.
June 19, 20223 yr Author 9 hours ago, TomatoPie said: Bitcoin - and all cryptocurrencies - are going to zero. It won't be a straight line there, but a bitcoin has no intrinsic value. In earlier times, money was either something of immediate value (salt, wheat) or scarcity (conch shells, gold, silver). Something of value you could trade for something of value. Commodity money doesn't scale well, so governments moved to representative money. Coins and bills, backed by gold or silver and guaranteed by the government. The US backed its currency with silver until 1964. Now the value of the dollar is found in your trust in the US government. Crypto "value" is based solely on faith and perception. No person or organization stands behind it, and it has no intrinsic value. It rose to dizzying heights in true bubble fashion. There may be a future for blockchain, but there is no future for faith-based money. Nice. I bought more
June 20, 20223 yr Speaking of financial scams, can anyone explain NFTs to me in a way that doesn't make them sound like the world's dumbest con? Why are you paying so much money for a certificate for a picture of a monkey smoking a cigar?
June 20, 20223 yr 4 minutes ago, DEagle7 said: Speaking of financial scams, can anyone explain NFTs to me in a way that doesn't make them sound like the world's dumbest con? Why are you paying so much money for a certificate for a picture of a monkey smoking a cigar? NFTs are kinda stupid if you ask me. You have to have a major boner for "digital art" to appreciate the purpose they serve. Basically, it's the "original" work of digital art that can't ever be duplicated without differing from the original in its signature. Think of it like the original Mona Lisa vs any replica you may have seen. To the untrained eye, a replica might look exactly like the real thing, but people still fork over massive amounts of money to travel to Paris to see the real thing. It's kinda like that, but way dumber because this is just some piece of garbage art from a rando that has no real meaning or history behind it.
June 20, 20223 yr Author 41 minutes ago, DEagle7 said: Speaking of financial scams, can anyone explain NFTs to me in a way that doesn't make them sound like the world's dumbest con? Why are you paying so much money for a certificate for a picture of a monkey smoking a cigar? https://youtu.be/DlNDYMNJ5zQ The jpegs are dumb. NFTs will be much much more
June 22, 20223 yr So, this notification on my mobile that says, "Bitcoin is down"... Is that "down" like Downtown Julie Brown? Down like Costanza "I'm Down"? or down like I'm out 500 quid of good money after bad for three years?
June 22, 20223 yr On 6/20/2022 at 10:25 AM, DEagle7 said: Speaking of financial scams, can anyone explain NFTs to me in a way that doesn't make them sound like the world's dumbest con? Why are you paying so much money for a certificate for a picture of a monkey smoking a cigar? The value they provide can be in the perks they carry. For instance, one NFT might be able to let you mint (get first dibs on) other NFTs, all of which could appreciate in value. Or, alternatively, they could get you real world perks. For instance, The Kings of Leon sold some NFTs which come with lifetime passes to every concert they play anywhere in the world, backstage passes, etc. So for a super fan, it’s pretty neat, and a collectible with perks and resale value. There are some out there but interesting applications for finance, but there are two big hurdles: legal/regulatory compliance and asset recovery. Things like music rights could possibly be put into an NFT. Again, doubt we ever get to that point because of real world issues, but that’s what the NFT people would use to hype the technology.
July 30, 20223 yr Author On 6/20/2022 at 10:25 AM, DEagle7 said: Speaking of financial scams, can anyone explain NFTs to me in a way that doesn't make them sound like the world's dumbest con? Why are you paying so much money for a certificate for a picture of a monkey smoking a cigar? https://medium.com/@nic__carter/redeem-and-retain-nfts-are-the-future-of-luxury-goods-760f00dbce23 This is well written on an iteration of NFTs that will succeed
October 30, 20223 yr Author On 10/28/2022 at 8:07 PM, DaEagles4Life said: Hero always becomes the villain We don't need front end permissioned regulations for defi. Erik has been one of my favorite people in crypto since I've been involved. No one has a clearer, more rational perspective on it and how it should be treated
November 9, 20223 yr 4 hours ago, JohnSnowsHair said: SOL and ETH are tanking. Glad I got out a while back. What's up? FTX collapsed
November 9, 20223 yr Basically FTX and their trading arm got greedy and were not happy ranking in billions in trading fees. They decided to trade customer funds and still managed to F it up
November 11, 20223 yr 4 minutes ago, we_gotta_believe said: FYI for anyone who still has money in blockfi What does this mean for crypto as a whole?
November 11, 20223 yr Just now, Paul852 said: What does this mean for crypto as a whole? Exchanges have come and gone before. MtGox early on was the most notable and pretty significant, but the storm was weathered fairly quickly considering the circumstances. Long-term, I don't expect much of an issue unless it sets off some sort of cascading effect on other exchanges, which I highly doubt. But it's also the reason why you should never keep your money on any unregulated exchange or hot wallet. I broke my own rule when I had $20k in blockfi for a year and a half. Got spooked with some of the pressure from the NJ legislator, the SEC, and then again in the summer when they posted this to their blog: https://blockfi.com/a-message-from-our-founders-july-2022 Cashed out a week later. Apparently I had a month's worth of interest still in the account when I checked just now and it allowed me to request a withdrawal. We'll see if they honor it.
November 11, 20223 yr Author 2 hours ago, we_gotta_believe said: Exchanges have come and gone before. MtGox early on was the most notable and pretty significant, but the storm was weathered fairly quickly considering the circumstances. Long-term, I don't expect much of an issue unless it sets off some sort of cascading effect on other exchanges, which I highly doubt. But it's also the reason why you should never keep your money on any unregulated exchange or hot wallet. I broke my own rule when I had $20k in blockfi for a year and a half. Got spooked with some of the pressure from the NJ legislator, the SEC, and then again in the summer when they posted this to their blog: https://blockfi.com/a-message-from-our-founders-july-2022 Cashed out a week later. Apparently I had a month's worth of interest still in the account when I checked just now and it allowed me to request a withdrawal. We'll see if they honor it. Well said I had a large amount in Blockfi over a year ago but moved it. I convinced friends to use it and also convinced them to move on from them before all this I haven't lost anything in these recent collapses. But, I originally thought the idea of Terra was an exciting one and I never expected FTX to go under like this The lessons from this are: 1. "Not your keys, not your coins." Use self hosted wallets. If you leave anything on an exchange, you better be certain that exchange is beyond legitimate 2. Leverage will kill you 3. Decentralized, open, permissionless immutable finance, where code is law, is the future of money and the future of exchanges. Opaque, closed, centralized exchanges with greedy, "altruistic" humans can never be as honest as math
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