5 ms·

Sounds like crypto is in big trouble. While Coinbase's value is not dependent on a given price of a given crypto currency they are quite dependent on people us

Sounds like crypto is in big trouble. While Coinbase's value is not dependent on a given price of a given crypto currency they are quite dependent on people using and trading some crypto currency. Sounds like people are not doing that.

kebman 4y ago
Alt coins have been bleeding a lot lately. Bitcoin is actually holding up pretty well, considering the latest stock market turmoil.
chx 4y ago
Eventually, people wise up: there's nothing. It's a scam, it's never been anything else. The shills first shilled the coin itself, the Washington Post in 2015 had a very good summary https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/ https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... > So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause. It goes something like this. Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. Sounds great. How does it do that? Well, Bitcoin saves you money by making transactions irreversible. So ... if I get scammed, I got scammed? There's nothing I can do about it? Yes. Okay, but is it at least easy to use? The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. Oh. Yeah. So you should buy some Bitcoins and use yours. Then starting in 2017 but really gathering steam in 2018 came stablecoins. And, of course, 2020 was the real start and 2021 the peak of NFTs. Both stablecoins and NFTs are in ruins now. Note how quick NFT was compared to stablecoins -- and USDT still holds but that won't last either. Unless a new shilling vehicle can be found, bitcoin is next.
- ascendantlogic 4y ago
  Ah yes, the "this time is different" crowd. Toss your prediction in with the rest. https://99bitcoins.com/bitcoin-obituaries/ https://99bitcoins.com/bitcoin-obituaries/
- fleddr 4y ago
  Wildly unhinged takes and talking points from 2015.
  - chx 4y ago
    It is just as true today. It was always a scam. It never was and never can be anything else. I posted https://news.ycombinator.com/item?id=31462469 https://news.ycombinator.com/item?id=31462469 this two weeks ago.
ascendantlogic 4y ago
Sounds like another crypto winter, which we've seen multiple times at this point.

kebman 4y ago

Alt coins have been bleeding a lot lately. Bitcoin is actually holding up pretty well, considering the latest stock market turmoil.

chx 4y ago

Eventually, people wise up: there's nothing. It's a scam, it's never been anything else. The shills first shilled the coin itself, the Washington Post in 2015 had a very good summary https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitcoin-isnt-the-future-of-money-its-either-a-ponzi-scheme-or-a-pyramid-scheme/ https://www.washingtonpost.com/news/wonk/wp/2015/06/08/bitco... > So the Bitcoin faithful have tried to not only convert people, but also convince them to martyr themselves, financially-speaking, for the crypto cause. It goes something like this. Hey, do you want to hear about the future? It's a digital currency called Bitcoin that lets you spend or move your money online without paying any fees. Sounds great. How does it do that? Well, Bitcoin saves you money by making transactions irreversible. So ... if I get scammed, I got scammed? There's nothing I can do about it? Yes. Okay, but is it at least easy to use? The thing is, I don't actually use it. I just hoard it. I'm waiting for some greater fools to push up the price by using theirs. Oh. Yeah. So you should buy some Bitcoins and use yours. Then starting in 2017 but really gathering steam in 2018 came stablecoins. And, of course, 2020 was the real start and 2021 the peak of NFTs. Both stablecoins and NFTs are in ruins now. Note how quick NFT was compared to stablecoins -- and USDT still holds but that won't last either. Unless a new shilling vehicle can be found, bitcoin is next.

ascendantlogic 4y ago
Ah yes, the "this time is different" crowd. Toss your prediction in with the rest. https://99bitcoins.com/bitcoin-obituaries/ https://99bitcoins.com/bitcoin-obituaries/
fleddr 4y ago
Wildly unhinged takes and talking points from 2015.
- chx 4y ago
  It is just as true today. It was always a scam. It never was and never can be anything else. I posted https://news.ycombinator.com/item?id=31462469 https://news.ycombinator.com/item?id=31462469 this two weeks ago.

ascendantlogic 4y ago

Sounds like another crypto winter, which we've seen multiple times at this point.