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Seems like this is said every year, but to date they've made an awful lot of money.

by trident5000 5y ago

cmrdporcupine 5y ago
That's literally how speculative bubbles work.
- trident5000 5y ago
  Speculative bubbles dont last for over a decade and deflate and then reinflate over and over - thats called a cyclical trend. If you dont think cryptocurrency is a thing that will be here to stay then you can have a word with almost every single asset manager, brokerage, and payment medium thats adopting it. The idea that its a bubble thats going away is frankly absurd at this point. loceng (im out of replies so typing response here): You mean like stocks? Every asset in existence has turnover with new buyers that take out the old. Early adopters get rewarded for taking the risk, this is nothing new.
  - dumbfounder 5y ago
    We refer to the first Internet boom as a bubble. The term bubble, as it is commonly used, does not mean it is going away. I think you are just making a semantic argument.
loceng 5y ago
You mean the early adopters who aren't currently left holding the bag - and for the later adopters to make an awful lot of money, they need the rest of society to buy into he MLM-Ponzi structure - so then they're the latest holding the bag, and where the largest unnecessary and unreasonable wealth transfer in history occurred - shifting double digit percentage of buying power of all society redistributed weighted towards the earlier adopters; that buying power then as an agreed promise to allow earlier adopters to extract more from all of society than the later/final adopters for doing basically nothing except pumping the MLM-Ponzi scheme with shallow hype-propaganda.
- cmrdporcupine 5y ago
  Helps that it's a great tool for money laundering. "Love" this dystopia where the interests of organized crime, tax evaders, and easy money techno-fetishists combine. Western Roman empire fell apart in part because of its inability to raise revenues. When states can't raise taxes to provide services, justice, and protection, private lords and strongmen fill the void.
  - loceng 5y ago
    Very good points. Reminds me of Noam Chomsky when he spent 10 minutes explaining how the Republican party was first taken over by corporate interest groups/industrial complexes: https://boingboing.net/2019/04/20/useful-idiots-r-us.html https://boingboing.net/2019/04/20/useful-idiots-r-us.html
AnIdiotOnTheNet 5y ago
A cryptocoin speculator falls out of a 50th story window. As he falls past an open window on floor 30, he is heard to say "looking good so far!".

Seems like this is said every year, but to date they've made an awful lot of money.

cmrdporcupine 5y ago

That's literally how speculative bubbles work.

trident5000 5y ago
Speculative bubbles dont last for over a decade and deflate and then reinflate over and over - thats called a cyclical trend. If you dont think cryptocurrency is a thing that will be here to stay then you can have a word with almost every single asset manager, brokerage, and payment medium thats adopting it. The idea that its a bubble thats going away is frankly absurd at this point. loceng (im out of replies so typing response here): You mean like stocks? Every asset in existence has turnover with new buyers that take out the old. Early adopters get rewarded for taking the risk, this is nothing new.
- dumbfounder 5y ago
  We refer to the first Internet boom as a bubble. The term bubble, as it is commonly used, does not mean it is going away. I think you are just making a semantic argument.

loceng 5y ago

You mean the early adopters who aren't currently left holding the bag - and for the later adopters to make an awful lot of money, they need the rest of society to buy into he MLM-Ponzi structure - so then they're the latest holding the bag, and where the largest unnecessary and unreasonable wealth transfer in history occurred - shifting double digit percentage of buying power of all society redistributed weighted towards the earlier adopters; that buying power then as an agreed promise to allow earlier adopters to extract more from all of society than the later/final adopters for doing basically nothing except pumping the MLM-Ponzi scheme with shallow hype-propaganda.

cmrdporcupine 5y ago
Helps that it's a great tool for money laundering. "Love" this dystopia where the interests of organized crime, tax evaders, and easy money techno-fetishists combine. Western Roman empire fell apart in part because of its inability to raise revenues. When states can't raise taxes to provide services, justice, and protection, private lords and strongmen fill the void.
- loceng 5y ago
  Very good points. Reminds me of Noam Chomsky when he spent 10 minutes explaining how the Republican party was first taken over by corporate interest groups/industrial complexes: https://boingboing.net/2019/04/20/useful-idiots-r-us.html https://boingboing.net/2019/04/20/useful-idiots-r-us.html

AnIdiotOnTheNet 5y ago

A cryptocoin speculator falls out of a 50th story window. As he falls past an open window on floor 30, he is heard to say "looking good so far!".