Crypto doomsday
Comments
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Too tired to read it all; I will tomorrow. But what I did read gave me a little more confirmation of what I currently think crypto-currency is: an entirely made-up nothingness in a game played by unaffiliated people who (for the time) agree to a set of rules that dictate that it's not nothingness.
It's like if gold had no history, and all of sudden last week someone grabbed a hunk of it and said, "this, right here, is valuable. it was hard to dig up and its shiny. agree with me." And enough people do, and bam! All of a sudden, it's valuable. Because. We said so. That's why.
But crypto is even worse. Because at least the earth and the physical world say gold is finite and thus scarcity exists for it by rule of the natural world.
Crypto? Because somebody (who? ) said there's a limit on how much they will ever mine and allow to be outstanding. What does that mean? Fuck if I know. Does I trust them? Trust who? Who's they? I never get a straight answer. It's like a fucking joke I'm not in on.
I get it. People have made money. But there's nothing behind it as far as I can tell. And with all the posts we've had on this, only one person has given me any practical use for it beyond trading and playing games: some porn site will only accept crypto for payment. Uh, ok. First, that's not good enough. Second, if you're paying for porn, with all the free shit out there, you have an illness and need therapy.
I'll read it more carefully tomorrow. Thanks for posting our Little Jimmy Cornel. -
Really good read. Thanks for sharing.
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The best post ever in this newborn baby of a bored.creepycoug said:Too tired to read it all; I will tomorrow. But what I did read gave me a little more confirmation of what I currently think crypto-currency is: an entirely made-up nothingness in a game played by unaffiliated people who (for the time) agree to a set of rules that dictate that it's not nothingness.
It's like if gold had no history, and all of sudden last week someone grabbed a hunk of it and said, "this, right here, is valuable. it was hard to dig up and its shiny. agree with me." And enough people do, and bam! All of a sudden, it's valuable. Because. We said so. That's why.
But crypto is even worse. Because at least the earth and the physical world say gold is finite and thus scarcity exists for it by rule of the natural world.
Crypto? Because somebody (who? ) said there's a limit on how much they will ever mine and allow to be outstanding. What does that mean? Fuck if I know. Does I trust them? Trust who? Who's they? I never get a straight answer. It's like a fucking joke I'm not in on.
I get it. People have made money. But there's nothing behind it as far as I can tell. And with all the posts we've had on this, only one person has given me any practical use for it beyond trading and playing games: some porn site will only accept crypto for payment. Uh, ok. First, that's not good enough. Second, if you're paying for porn, with all the free shit out there, you have an illness and need therapy.
I'll read it more carefully tomorrow. Thanks for posting our Little Jimmy Cornel. -
I get the whole blockchain technology. Lots of cool applications - title industry comes to mind. Also anything that needs a clear chain of ownership/transactions - royalty interests in oil & gas come to mind. Both super labor intensive paper-pushing, recording at court houses, etc. Pain in the ass.
I do NOT get crypto currency. Looks to me to be a commodity trade and until it becomes more fungible as a means of exchange, I can't wrap my head around it as an investment. I can put my money in, but how the fuck do I get it out without paying some banker-man a fee to convert it to cold hard cash.....which is kind of what they are trying to avoid in the first place.
Until I can go to the grocery store and buy pepperoni sticks (Hempler's best, by the way- the jalapeno cheese is goddamned delicious) and vodka with my phone/bitcoin, it doesn't do me much good.
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This is a tell that signals someone is an OG around here.creepycoug said:Too tired to read it all; I will tomorrow. But what I did read gave me a little more confirmation of what I currently think crypto-currency is: an entirely made-up nothingness in a game played by unaffiliated people who (for the time) agree to a set of rules that dictate that it's not nothingness.
It's like if gold had no history, and all of sudden last week someone grabbed a hunk of it and said, "this, right here, is valuable. it was hard to dig up and its shiny. agree with me." And enough people do, and bam! All of a sudden, it's valuable. Because. We said so. That's why.
But crypto is even worse. Because at least the earth and the physical world say gold is finite and thus scarcity exists for it by rule of the natural world.
Crypto? Because somebody (who? ) said there's a limit on how much they will ever mine and allow to be outstanding. What does that mean? Fuck if I know. Does I trust them? Trust who? Who's they? I never get a straight answer. It's like a fucking joke I'm not in on.
I get it. People have made money. But there's nothing behind it as far as I can tell. And with all the posts we've had on this, only one person has given me any practical use for it beyond trading and playing games: some porn site will only accept crypto for payment. Uh, ok. First, that's not good enough. Second, if you're paying for porn, with all the free shit out there, you have an illness and need therapy.
I'll read it more carefully tomorrow. Thanks for posting our Little Jimmy Cornel. -
Everybody knows about Little Jimmy Cornel. He's a fucking legend.DerekJohnson said:
This is a tell that signals someone is an OG around here.creepycoug said:Too tired to read it all; I will tomorrow. But what I did read gave me a little more confirmation of what I currently think crypto-currency is: an entirely made-up nothingness in a game played by unaffiliated people who (for the time) agree to a set of rules that dictate that it's not nothingness.
It's like if gold had no history, and all of sudden last week someone grabbed a hunk of it and said, "this, right here, is valuable. it was hard to dig up and its shiny. agree with me." And enough people do, and bam! All of a sudden, it's valuable. Because. We said so. That's why.
But crypto is even worse. Because at least the earth and the physical world say gold is finite and thus scarcity exists for it by rule of the natural world.
Crypto? Because somebody (who? ) said there's a limit on how much they will ever mine and allow to be outstanding. What does that mean? Fuck if I know. Does I trust them? Trust who? Who's they? I never get a straight answer. It's like a fucking joke I'm not in on.
I get it. People have made money. But there's nothing behind it as far as I can tell. And with all the posts we've had on this, only one person has given me any practical use for it beyond trading and playing games: some porn site will only accept crypto for payment. Uh, ok. First, that's not good enough. Second, if you're paying for porn, with all the free shit out there, you have an illness and need therapy.
I'll read it more carefully tomorrow. Thanks for posting our Little Jimmy Cornel. -
All the people I know who invest in your traditional sources seem to be the ones who are the most stable, own a home and other properties, have a good stable family life and career etc. Most of the crypto heads I know are constantly in between jobs/places to live, used up most of their credit limit availible, and always seem to need a couple hundred bucks from time to time to make their car payments, even though they have all this money that is just exploding in crypto.
I know this isn't really proof of anything and doesn't apply to everyone, but it is just an observation with my personal bubble. -
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Great article. Very informative. It also sounds like that guy played that well and made a pretty big profit from it.
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Never invest in something you don't understand. Warren Buffett and practically everyone else always says this. I have Fox Business or CNBC running all trade day long, every time Bitcoin comes up, which is non stop, all the talking heads say the same thing. What the fuck is it? I don't know but it's trading up today ... bla bla bla
Being that I preside in the land of pyramid schemes, aka, multi level marketing - Bitcoin is pretty much this.
