5 ms·

> Doesn't the first line answer the second? To be clear, you're suggesting: "because people are uneducated about bitcoin and crypto, when one project fails the

> Doesn't the first line answer the second? To be clear, you're suggesting: "because people are uneducated about bitcoin and crypto, when one project fails they will incorrectly connect it to bitcoin. And that's bad for Bitcoin." These events are great opportunities to educate ignorant people. > 0 such ignorant people will learn more about bitcoin and why it's not like crypto like Luna. Greater education is extremely good for Bitcoin and bad for scam coins - which rely on ignorance.

ethanbond 4y ago
If these are good opportunities to bolster the credibility of BTC et al., the community must just do a very poor job of capitalizing on those opportunities. It is strictly a bad look to have headline after headline affiliating this entire economic sector with fraud, and frankly the shills’ reactions just make the headlines even more unflattering.
- eric_cc 4y ago
  > headline after headline This has more to do with media and social media thought bubbles. This is no different than any other topic in the news. There are highly intelligent takes out there. But click bait, trolling, and confirmation bias bs rises to the top in certain areas of media and social media.
  - ethanbond 4y ago
    Eh, not really. I know plenty of people first and secondhand who are happy to describe their own participation in or creation of, effectively, scams. Arguably one could call them casino games at best. The dynamics of a speculation-ridden and mostly non-regulated industry makes such moves compelling and easy to rationalize. I too thought there were some interesting “real” things that must be going on somewhere, and surely there are. I figured if there’s one place to find it — or one place it must be found for the sake of the system — it’d be the stablecoins. Then you read into e.g. Tether and realize not only is that a scam, but it’s a transparently obvious one. Again, very bad look for the entire sector.
emerongi 4y ago
Most people investing in crypto just want to put in $1 and take out $2. Trying to educate people about cryptocoins is practically a waste of time at this point - they just don't care. Events like these are bad for Bitcoin on a pure value basis, for anyone invested in Bitcoin. That's just my opinion, though.
- minsc_and_boo 4y ago
  It's worse than that. Every dollar taken out of crypto is at the expense of someone else. Those coiners trying to change $1->$2 are heavily incentivized to lie, manipulate, and convince the naive in the public to put their $1 in. You could say this is everything with a public market, but with stocks or bonds you also have a legally binding contract to organizational assets that have value. Buybacks, issuing new units, dividends, etc. provide other avenues for cash injection to get your $2 out. BTC doesn't even have the bare minimum regulation to prevent bad actors from exploiting the public, which is why it's worse since the public only sees coiners trying to whitewash an inefficient database.
  - eric_cc 4y ago
    You’re thinking about short term traders who want to accumulate more $USD. And sure, they are one actor in the bitcoin eco. Others use bitcoin as their primary currency. And still others would prefer BTC as their currency but, due to tax laws and infrastructure, are hindered from doing so. You’re judging all current btc owners by bucketing them into one easy-to-consume cliche. Not all btc users give a shit about more fiat. Considering the buying power of fiat is a perpetual dip, it’s not exactly the best thing to accumulate.
    - minsc_and_boo 4y ago
      >Others use bitcoin as their primary currency. No, not really. While some crypto-enthusiasts are using BTC as hobby money (in which most payment processors convert to USD right away anyway) the vast majority of people using BTC are speculators.
hw 4y ago
So you’re saying, because bitcoin does not have a monopoly on crypto, people are not forced to only buy bitcoin and as bitcoin holders you obviously want that Would also be nice if the only stock in the stock market was AAPL and no other shit stock with no profit.
- eric_cc 4y ago
  > So you’re saying Mind quoting me? I’m confident I said no such thing. If you look at the top 2,000 projects on CoinMarketCap, the vast majority are shitcoins at best or just blatant scams. But I do not believe bitcoin should have a monopoly and, in fact, the competition is healthy.

ethanbond 4y ago

If these are good opportunities to bolster the credibility of BTC et al., the community must just do a very poor job of capitalizing on those opportunities. It is strictly a bad look to have headline after headline affiliating this entire economic sector with fraud, and frankly the shills’ reactions just make the headlines even more unflattering.

eric_cc 4y ago
> headline after headline This has more to do with media and social media thought bubbles. This is no different than any other topic in the news. There are highly intelligent takes out there. But click bait, trolling, and confirmation bias bs rises to the top in certain areas of media and social media.
- ethanbond 4y ago
  Eh, not really. I know plenty of people first and secondhand who are happy to describe their own participation in or creation of, effectively, scams. Arguably one could call them casino games at best. The dynamics of a speculation-ridden and mostly non-regulated industry makes such moves compelling and easy to rationalize. I too thought there were some interesting “real” things that must be going on somewhere, and surely there are. I figured if there’s one place to find it — or one place it must be found for the sake of the system — it’d be the stablecoins. Then you read into e.g. Tether and realize not only is that a scam, but it’s a transparently obvious one. Again, very bad look for the entire sector.

emerongi 4y ago

Most people investing in crypto just want to put in $1 and take out $2. Trying to educate people about cryptocoins is practically a waste of time at this point - they just don't care. Events like these are bad for Bitcoin on a pure value basis, for anyone invested in Bitcoin. That's just my opinion, though.

minsc_and_boo 4y ago
It's worse than that. Every dollar taken out of crypto is at the expense of someone else. Those coiners trying to change $1->$2 are heavily incentivized to lie, manipulate, and convince the naive in the public to put their $1 in. You could say this is everything with a public market, but with stocks or bonds you also have a legally binding contract to organizational assets that have value. Buybacks, issuing new units, dividends, etc. provide other avenues for cash injection to get your $2 out. BTC doesn't even have the bare minimum regulation to prevent bad actors from exploiting the public, which is why it's worse since the public only sees coiners trying to whitewash an inefficient database.
- eric_cc 4y ago
  You’re thinking about short term traders who want to accumulate more $USD. And sure, they are one actor in the bitcoin eco. Others use bitcoin as their primary currency. And still others would prefer BTC as their currency but, due to tax laws and infrastructure, are hindered from doing so. You’re judging all current btc owners by bucketing them into one easy-to-consume cliche. Not all btc users give a shit about more fiat. Considering the buying power of fiat is a perpetual dip, it’s not exactly the best thing to accumulate.
  - minsc_and_boo 4y ago
    >Others use bitcoin as their primary currency. No, not really. While some crypto-enthusiasts are using BTC as hobby money (in which most payment processors convert to USD right away anyway) the vast majority of people using BTC are speculators.

hw 4y ago

So you’re saying, because bitcoin does not have a monopoly on crypto, people are not forced to only buy bitcoin and as bitcoin holders you obviously want that Would also be nice if the only stock in the stock market was AAPL and no other shit stock with no profit.

eric_cc 4y ago
> So you’re saying Mind quoting me? I’m confident I said no such thing. If you look at the top 2,000 projects on CoinMarketCap, the vast majority are shitcoins at best or just blatant scams. But I do not believe bitcoin should have a monopoly and, in fact, the competition is healthy.