Crypto doomsday

jecornel

Worth reading.

https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

creepycoug

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.

ntxduck

Really good read. Thanks for sharing.

Swaye

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.

The best post ever in this newborn baby of a bored.

PurpleThrobber

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.

AtomicPiss

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.

This is a tell that signals someone is an OG around here.

creepycoug

DerekJohnson said:

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.

This is a tell that signals someone is an OG around here.

Everybody knows about Little Jimmy Cornel. He's a fucking legend.

CuntWaffle

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.

dnc

jecornel said:

Worth reading.

https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

House of cards IMO

https://twitter.com/KimGrinolds/status/1352701006505676801?s=20

Ice_Holmvik

Great article. Very informative. It also sounds like that guy played that well and made a pretty big profit from it.

89ute

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.

dflea

Crypto works if people believe in it.

Just like any fiat currency.

But most fiat currencies have something more of substance behind them - like the word and assets of a nation.

Blockchain tech is great, but that's completely independent of bitcoin. In the aerospace industry, it will make traceability a breeze and that's big.

Swaye

PurpleThrobber said:

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.

Da fuq is a fungible?

pawz

Swaye said:

PurpleThrobber said:

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.

Da fuq is a fungible?

https://www.merriam-webster.com/dictionary/fungible


fun·​gi·​ble | \ ˈfən-jə-bəl  \

Definition of fungible

 (Entry 1 of 2)

1: being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an accountOil, wheat, and lumber are fungible commodities.fungible goods

2: capable of mutual substitution : INTERCHANGEABLE… the court's postulate that male and female jurors must be regarded as fungible— George Will

3: readily changeable to adapt to new situations : FLEXIBLEManagers typically use more than a hundred different lineups over the course of the season. Batting orders are so fungible that few players last long in one spot.— Tom Verducci

fungible

 noun

Definition of fungible (Entry 2 of 2)

: something that is fungible (see FUNGIBLE entry 1 sense 1) : a good one part or quantity of which can be substituted for another of equal value in satisfying an obligation —usually used in pluralFungibles may be valued by weight or measure.

PurpleThrobber

Swaye said:

PurpleThrobber said:

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.

Da fuq is a fungible?

It's like a mushroom. Or a mold. Except plural. And a verb.

doogie

Swaye said:

PurpleThrobber said:

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.

Da fuq is a fungible?

They’re sort of like a deep fried onion in a bag with a lot of salt

PurpleThrobber

doogie said:

Swaye said:

PurpleThrobber said:

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.

Da fuq is a fungible?

They’re sort of like a deep fried onion in a bag with a lot of salt

As an example - "hey ho, I'll give you this deep fried onion in a bag with a lot of salt. You give me a blowie".

If she takes the deep fried onion in a bag with a lot of salt instead of money/coke, the onion is fungible.

DJDuck

Don’t have much to ad except we are a stable Couple that own our home and have $400,000 equity in it. All our kids went to private school at great expense. We are retired and living comfortably.

We also are invested in Cryptocurrenncy and it has done very well for us.

whlinder

How does one "invest" in currency, crypto or otherwise?

I get currency trading and all, but is that really considered an investment? What do you expect to grow?

DJDuck

You buy Bitcoin, Etherium etc. and it stays in your “wallet”. The value goes up or down like other commodities.

It seems there are a couple of people here that seem to want to criticize me for just commenting. It’s pretty pathetic. I’m not here to promote cryptocurrency. The only reason I commented and added our financial situation is because a few people here seemed to say that crypto was just purchased by whacko young people. BTW I am 74 yrs old and don’t really care what anyone’s opinion of crypto is. I respect your opinions until you attack me for mine. 😁

creepycoug

No worries DJ. Your contributions here are appreciated.

I will say that you’re the only person in your age range who I personally know who owns crypto.