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I can't wait for this bubble to burst so I never have to hear about these tulips again.
by voz_ 5y ago
I can't wait for this bubble to burst so I never have to hear about these tulips again.
- inshadows 5y agoI'm enlightened by you expressing your feelings.
- MadSudaca 5y agoMaybe it’s be like the dotcom bubble. It’ll burst in a big way, leaving many people broke, then from the aftermath good projects will emerge and will come to redefine the world.
- unicornmama 5y agoEven before the dot com bubble burst, we saw businesses with practical value producing applications of the Internet. Today it’s over 10 years of crypto. I have only observed one application of crypto that touches the real economy - with a relatively obscure token. Everything else, seems to be just be playing financial games inside of crypto, money laundering, side-stepping regulations, speculative meme assets and of course scams. Can you point to an actual application of crypto that touches the real economy? I will be very interested!
- FDSGSG 5y ago>Can you point to an actual application of crypto that touches the real economy? I will be very interested! Yeah, cryptocurrency effectively replaced Liberty Reserve & co.
- jakub_g 5y agoCrypto made producing ransomware a viable business model. Touching real economy in real ways!
- FDSGSG 5y agoRansomware was a viable business model before cryptocurrency. The beginning of the winlocker boom slightly predates cryptocurrencies, ransomware was already the hottest thing on cybercrime forums before cryptocurrency appeared. Crypto as in cryptography? Maybe.
- john37386 5y agoUbisoft is adding NFT in its new games. Ubisoft is a real company producing real games with real players all around the world. https://www.theverge.com/2021/12/7/22822410/ubisoft-nfts-quartz-digits-ghost-recon-breakpoint https://www.theverge.com/2021/12/7/22822410/ubisoft-nfts-qua...
- EdwardDiego 5y agoI'm not surprised - people want to buy them, so they'll happily sell them.
- zombietfk 5y agoBut is it actually adding anything? Even the article says what they are doing (reselling digital goods) doesn't require any blockchain technology at all.
- Kinrany 5y agoIt does make the ability to resell inalienable. Of course it's worthless when the game will be shut down in only a few years.
- Avshalom 5y agoSort of. You can sell it but Ubi can just as easily blacklist any ID it feels like, preventing you from actually using anything you bought. Which will probably happen the first time some high profile streamer gets scammed out of his special shirt or whatever.
- ElonMuskrat 5y agoIs this just protifing on a topical craze or does this have staying power? What experience does in-game NFTs offer to players that they otherwise cannot find in traditional database backed assets?
- jfk13 5y ago> Is this just protifing on a topical craze Of course. > What experience does in-game NFTs offer to players The warm glow of feeling they're the trendiest kids.
- beebmam 5y agoThe black market for pharmaceuticals are greatly touched by cryptocurrency, and that's certainly the "real economy". It's deeply harmful, but it is part of the real economy
- ElonMuskrat 5y agoThis is a good point. Black markets are indeed part of the real economy, whether governments and people like it or not. That being said, regulation is inevitible.
- john37386 5y agoYou can see the glass half full or half empty. I see it half full.
- boppo1 5y agoI think institutions will adopt it for real-time security settlement. T+3 caused the Robinhood debacle of shutting down retail GME purchasing. As far as I can tell from the congressional hearings, T+3 is because the incumbents feel secure that they have a monopoly on security settlement tech.
- unicornmama 5y agoFascinating. Hope someone here with experience in settlement and clearing houses could shed some light. I wonder if any new solutions would need to use any existing crypto network or if they can just spin off their own.
- MadSudaca 5y agoI like two projects: One offering decentralized computation and the other one offers the most efficient/cheap transfer of value ever created. I expect both projects or some incarnation of their UVP to radically change the world.
- afc 5y agoSince when have you been waiting? What will you do in twenty years if it hasn't burst by then? And in forty? Continue to wait?
- voz_ 5y agoThere's not a single problem it solves. A technical solution in search of a problem is a hilariously poor investment, esp when any distributed system will do the same work - but better. And all the "value" stuff on it like NFTs is just a giant ponzi scheme from any way you look at it.
- gjs278 5y agobuying things from nootropic websites where they won’t process credit cards
- andruby 5y agoI do think there is at least one problem that crypto currencies solve better than the status-quo: sending money internationally. It has less regulation than the official channels. Can have better privacy. Can be cheaper. Can be faster. Compared to Western Union, international wire transfers and the likes, sending money home for foreign workers (remittance), seems to be much better with Stellar, or other low-fee crypto currencies. Maybe one more problem that it solves: I bought some crypto early on as a hedge against global politics going to shit (US, Russia or China going into proxy wars) or economics taking a dive (and governments/central banks deciding to devaluate, ...). I totally agree with you on NFT's though. And I don't like the speculation/gambling aspect of crypto currencies.
- lottin 5y ago> It has less regulation than the official channels. If the way it "solves the problem" is by not following the regulations that everybody else has to follow, I don't know if it's actually solving a problem so much as cheating the system.
- another_story 5y ago
- 5e92cb50239222b 5y agoIf climate change is finally taken seriously at some point, I hope they get clamped down on very hard. Unlike meth labs and "terrorists", a large mining farm can be traced by power usage. (Unless you're using solar, then go ahead and mine all you want.) Crypto fanatics are doing nothing of any practical value while greatly helping out with destroying our planet. We've been having rolling blackouts recently because of these fuckers. Energy is cheap in my country and they use that. Power lines are not built for that sort of thing. The normal paying consumers are suffering as a result.
- sktrdie 5y agoAfaik most % of mining happens close to the energy source where it can't even be transported or where it's already being wasted. At least that would be the most economically viable solution; hence hopefully what everyone will eventually be doing (doing otherwise would not be rewardable). Actually in a way the market price is not only defined by speculation but also how much "paying for energy" compares to "getting the bitcoin reward". So in a way the market price tells us how much people are willing to pay for energy (globally). But yeah I agree it all sucks that it's going to mess up our planet even more.
- formerly_proven 5y agoYou're assuming that miners are paying the full cost of the energy they're using, which is not the case - see all the mining operations in places with subsidized energy, i.e. everyone else is paying some of the price, not to mention the externalities.
- jakub_g 5y agoThere's been quite a few reports of unused coal burning power stations being revived and dedicated to mining crypto.
- donatj 5y ago> doing nothing of any practical value while greatly helping out with destroying our planet Serious question, where does this line of thinking end? Gaming rigs use upwards of a thousand watts, no practical value in gaming. Watching sitcoms on a television has no practical value. Phones capable of doing things other than making calls have no practical value, but we charge them all the time. Honestly I think providing an alternative financial system is more practical than most of the other energy intensive things we do these days. The idea that we should do less stuff and be miserable because climate change is fatalist and just silly. We should be building nuclear power plants at a drastic rate to meet supply.
- bellyfullofbac 5y agoI guess it'll never go to zero without legislation... but the Internet's power to make communities from far-flung people mean nowadays we have a community of flat-earthers, as well as a community of rubes, and they'll continue to believe in it as it bubbles up and bursts again and again. The number of rubes you could convince about tulips in Amsterdam was finite, but on the Internet...
- heurisko 5y ago> The number of rubes you could convince about tulips in Amsterdam was finite, but on the Internet... I think a lot of "investors" (gamblers) know it is mostly a scam, but are hoping they're not going to be the ones left without a chair when the music stops.
- roenxi 5y agoBitcoin have to be worth something in the same sense that a leaf of toilet paper isn't actually free - just very cheap. We don't know what the long term fair price of a bitcoin is and it isn't at all obvious that we are in a bubble. For all the naysayers and the evangelists, at this point it is clear that cryptocurrencies have staying power and the broader market (not going to pick out bitcoin specifically) seems likely outlive the US dollar. Decentralised protocols are more reliable than the US government.
- kazen44 5y agoAre decentralised protocols really more reliable? I highly doubt it. The reason the dollar is so strong is because it is backed by a goverment which will use its power to guarantee the dollar does not collapse. The same goes for the Euro, yen, RMB etc. When hyperinflation kicks in, will a decentralised protocol step up and try to curtail it?
- uh_uh 5y agoWhen hyperinflation kicks in, will the United States military step up and try to curtail it? If so how?
- throwaway52355 5y agoThe dollar is strong? Against what? It and all the other fiat currencies were losing their worth for decades.
- tsimionescu 5y ago> For all the naysayers and the evangelists, at this point it is clear that cryptocurrencies have staying power and the broader market (not going to pick out bitcoin specifically) seems likely outlive the US dollar. Decentralised protocols are more reliable than the US government. By what logic do you expect a ~10 year old technology reliant on massive amounts of power in a global warming world, that only started seeing adoption ~5 years ago, will beat the US dollar's ~200 year old lifetime? Not to mention, USD and the US are such a central part of all finance and technology worldwide that it's absurd to imagine Bitcoin would survive a collapse of the US government.
- deleted 5y ago[deleted]
- clippablematt 5y agoHundreds of years after the tulip bubble, tulips are still a big part of Dutch tourism with flower markets being a big attraction in Amsterdam. Because culture doesn’t disappear. So good look with that.
- Jensson 5y agoCrypto bubble bursting just means that all investors leave, not that crypto currencies disappear. So bitcoin would go back to levels it was at before the investment craze 4 years ago, so about 5 years ago? At that point you could buy stuff with it and send people money, but people didn't view it as an investment vehicle.
- denton-scratch 5y agoThe blockchain is an append-only structure; it can only grow. The longer the blockchain, the more it costs to process a transaction. So if people divest from bitcoin and the price drops, that won't make bitcoin more suitable for buying stuff. Nothing can make the blockchain shorter.
- uh_uh 5y agoYou can truncate it at any point you want. If in 2060, the community collectively decides that the chain is too long, they can just decide that a block from 2040 is the new genesis block.
- denton-scratch 5y agoBy 2060 I'll have been dead for about 15 years.
- Quindecillion 5y agoThe altcoin bubble will certainly pop. Bitcoin isn't going anywhere though, so if you include that under your definition of a "tulip", I wouldn't hold my breath if I were you.
- vagab0nd 5y agoMay I offer a solution to your problem? Just buy some bitcoin to hedge your feelings. You win if it goes up. You win if it goes down.
- spurgu 5y agoHasn't it "burst" a handful of times already?