3 ms·

This, but applied to crypto bagholders

amirhirsch 5y ago
no one depends on their cryptocurrency like their salary or retirement savings. the total market capitalization of cryptocurrency is basically the total amount of wealth humanity is willing to just throw away
- defaultprimate 5y ago
  Weird how every time there's a crash there's suicide hotline posts on all the subreddits and crypto news websites then
- deleted 5y ago
  [deleted]
delabay 5y ago
The psychological momentum of BIS far exceeds that of crypto. BIS and affiliated parties are comprised of thousands of old guard who have built their career and sense of self worth on the belief what they are doing is necessary and beneficial for society. Crypto participants are at max involved a few years and overwhelmingly young 20-somethings. Just as science advances one funeral at a time, so too will this whole industry. It will help if we just stop debating whether crypto assets are real to begin with, and accept that this stuff isn't going away.
- defaultprimate 5y ago
  The psychological momentum of cryptobros far exceeds that of central bankers. Cryptobros and affiliated parties are comprised of thousand of vanguard who have built their entire financial future and self worth on their very limited life experience and ignorance of even the most basic economic principles and history, and a technological screw driver behaving as a hammer looking for a nail. BIS participants are, at minimum, involved for decades in global finance and markets with exceptional educations and understanding of the forces at work, unpredictable and unstable they may be. Just as popular ignorance driven by hype, buzzwords, and FOMO has lead to bubble after bubble, victimization by ponzi schemers, and endless financial fraud, so to will the crypto space. It will help if we just stop debating whether crypto assets function in any way differently than a ponzi scheme and acknowledge they have zero capability of scaling as a currency to meet the demand of global finance, particularly while providing no security or recourse against basic human error like incorrect payee, charge backs, identity theft, etc, and are nothing more than a speculative asset with zero intrinsic value waiting for the next greater fool to come along. "Just accept that my bags will always be around and eventually worth more than I paid for them" No, I don't think I will
  - delabay 5y ago
    Your comment takes me back to the 90s when fax machines were superior to email. You're clearly not paying attention to the space. Everybody in this space is 20-30 years old. Bet against demographics, I dare you.
    - defaultprimate 5y ago
      Email and crypto are definitely comparable in their utility, usefulness, and technological advancement /s Your comment takes me back to the late 90s in the dotcom bubble when everything was revolutionary and definitely not a scam
    - ece 5y ago
      For a hot minute I thought there might be truly scalable and cheap POS DeFi system with validation running on my phone. If this was an easy technical problem, an answer would already exist. There are plenty of POW/pre-mined/centralized coins, but even ETH/DOT have little to show in terms of progress here. POS/POW DeFi blockchains haven't scaled so far despite plenty of tries. This is fact, and hard to refute. Just look at transaction fees, TPS, and level of centralization.
      - delabay 5y ago
        "Little to show"? You're not paying attention.
        ece 5y ago
        You seem to like Helium, and I see that their gateways cost ~$1000, where as The Things Network seems to point you to RPi hats at ~$200. If the crypto innovation is effectively making the network more expensive to use and increasing the cost to build it, all so the operators/miners can earn a little on the side, this doesn't seem like innovation at all. Seems like you could do this with some sort of micro payment scheme (where the initial cost can be paid off), especially since LoRa seems to cater to industrial IoT mostly. If you had a solar powered Things Network, it would be effectively free to use, and you could add more nodes as required at a cheaper cost.

no one depends on their cryptocurrency like their salary or retirement savings. the total market capitalization of cryptocurrency is basically the total amount of wealth humanity is willing to just throw away

defaultprimate 5y ago
Weird how every time there's a crash there's suicide hotline posts on all the subreddits and crypto news websites then
deleted 5y ago
[deleted]

delabay 5y ago

The psychological momentum of BIS far exceeds that of crypto. BIS and affiliated parties are comprised of thousands of old guard who have built their career and sense of self worth on the belief what they are doing is necessary and beneficial for society. Crypto participants are at max involved a few years and overwhelmingly young 20-somethings. Just as science advances one funeral at a time, so too will this whole industry. It will help if we just stop debating whether crypto assets are real to begin with, and accept that this stuff isn't going away.

defaultprimate 5y ago
The psychological momentum of cryptobros far exceeds that of central bankers. Cryptobros and affiliated parties are comprised of thousand of vanguard who have built their entire financial future and self worth on their very limited life experience and ignorance of even the most basic economic principles and history, and a technological screw driver behaving as a hammer looking for a nail. BIS participants are, at minimum, involved for decades in global finance and markets with exceptional educations and understanding of the forces at work, unpredictable and unstable they may be. Just as popular ignorance driven by hype, buzzwords, and FOMO has lead to bubble after bubble, victimization by ponzi schemers, and endless financial fraud, so to will the crypto space. It will help if we just stop debating whether crypto assets function in any way differently than a ponzi scheme and acknowledge they have zero capability of scaling as a currency to meet the demand of global finance, particularly while providing no security or recourse against basic human error like incorrect payee, charge backs, identity theft, etc, and are nothing more than a speculative asset with zero intrinsic value waiting for the next greater fool to come along. "Just accept that my bags will always be around and eventually worth more than I paid for them" No, I don't think I will
- delabay 5y ago
  Your comment takes me back to the 90s when fax machines were superior to email. You're clearly not paying attention to the space. Everybody in this space is 20-30 years old. Bet against demographics, I dare you.
  - defaultprimate 5y ago
    Email and crypto are definitely comparable in their utility, usefulness, and technological advancement /s Your comment takes me back to the late 90s in the dotcom bubble when everything was revolutionary and definitely not a scam
  - ece 5y ago
    For a hot minute I thought there might be truly scalable and cheap POS DeFi system with validation running on my phone. If this was an easy technical problem, an answer would already exist. There are plenty of POW/pre-mined/centralized coins, but even ETH/DOT have little to show in terms of progress here. POS/POW DeFi blockchains haven't scaled so far despite plenty of tries. This is fact, and hard to refute. Just look at transaction fees, TPS, and level of centralization.
    - delabay 5y ago
      "Little to show"? You're not paying attention.
      - ece 5y ago
        You seem to like Helium, and I see that their gateways cost ~$1000, where as The Things Network seems to point you to RPi hats at ~$200. If the crypto innovation is effectively making the network more expensive to use and increasing the cost to build it, all so the operators/miners can earn a little on the side, this doesn't seem like innovation at all. Seems like you could do this with some sort of micro payment scheme (where the initial cost can be paid off), especially since LoRa seems to cater to industrial IoT mostly. If you had a solar powered Things Network, it would be effectively free to use, and you could add more nodes as required at a cheaper cost.