6 ms·

However, I did notice their prominent advertising at the NBA Finals...

by ErikAugust 4y ago

celestialcheese 4y ago
Probably already committed money. Still a terrible look.
- gnicholas 4y ago
  It must have been hard for them to come up with an ad over the last couple months that they knew would be relevant/accurate no matter what happened in the markets. I wonder if they had a different ad prepped and then subbed this one in because of what happened. It was a visually simple ad and presumably could have been created at the last minute.
willturman 4y ago
Crypto is dead.
- m00x 4y ago
  Bold claims like this is what make people look like idiots when things turn around. With experience though, you can tell that people who make bold claims like this were always idiots gambling away their credibility, hoping the 50/50 lands in their favour.
  - wonnage 4y ago
    There’s no turnaround coming
    - TameAntelope 4y ago
      An equally as irrational position as, "Crypto is the best thing ever!"
      - dkural 4y ago
        Was there an Enron turn-around? Crypto does some mildly useful things, which could justify perhaps 1% of the resources going into it.
        thebean11 4y ago
        That's about as useful as pointing to some equally unrelated thing that did turn around. The truth is nobody here knows either way, and if you did you'd be in the process of becoming very wealthy on that knowledge. Let me make a wild guess that you will not actually be putting your money where your mouth is on this?
        TameAntelope 4y ago
        Since we're just randomly linking unrelated things, FedEx turned their business around after their CEO saved it from bankruptcy at the blackjack table[0]. [0] https://www.businessinsider.com/fedex-saved-from-bankruptcy-with-blackjack-winnings-2014-7 https://www.businessinsider.com/fedex-saved-from-bankruptcy-...
      - spookthesunset 4y ago
        I mean the end state of crypto isn’t a very positive one. Either it will crash catastrophically or it will slowly fizzle out until the majority of people just forget about it. Either way, at some point virtually nobody will be using it.
        uncomputation 4y ago
        Speculative assets rarely crash, despite people wanting the drama of it all. If ETH went to $100, enough people would buy it in the hopes it would skyrocket again and make them fabulously wealthy, pushing the price up, but lower than last time, until it cycled back and so on until it fizzles out.
        danuker 4y ago
        As long as fiat currency keeps getting pumped out, people will want something else, more scarce, to hold their wealth in. That could be bonds, gold, stocks, real estate, or why not crypto? Crypto is easy to transfer.
    - kleer001 4y ago
      Eh? Look again in 2 years at the next bitcoin reward halving.
  - ssharp 4y ago
    I'm struggling to find a good analogy to these crypto boom/bust cycles, where the market continues to survive/thrive after the busts. The closest I can come up with is real estate, but there is a core underlying value in real estate in that people need space to live/work/shop/whatever -- so when speculative bubbles burst, there is pretty significant underlying demand. I have a hard time drawing that parallel the crypto. Certainly there are valuable use-cases but the main use-case still seems to be as a speculative investment.
    - JumpCrisscross 4y ago
      > struggling to find a good analogy to these crypto boom/bust cycles Casinos. Seriously [1]. [1] https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.3.173 https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.3.173
    - shrimpx 4y ago
      It’s like betting and gambling. The losers keep coming back thinking they can time it correctly this time around. The game is basically putting money in to get it higher, and timing the top. Crypto being largely meaningless in terms of value is a perfect medium for the game.
    - djbusby 4y ago
      A fool is born every minute. there is an endless supply of those who need to learn the hard way. Keeps the Boom/Bust cycle going.
    - mjr00 4y ago
      Not an asset class, but I'd draw parallels to Texas Hold 'Em. In 2003, Chris Moneymaker wins $2.5 million at the WSOP as an amateur who qualified through the internet; within a year, everyone is talking about hold 'em, their bankroll strategy, having poker nights with their buddies, how they're playing 12 tables at once online, etc. Culminates in massive mainstream acceptance, ads for Pokerstars running on major networks, and a major plot arc in a James Bond movie. But it turns out that nearly everyone is a loser in online poker; after all, at a 6 person table, only 1 person wins (well, 2nd place usually gets their entry fee back, but still). Very few people become Chris Moneymakers; most just lose a bit of cash, some their life savings. Look at where hold 'em is now. It still exists, of course, but you don't see poker tournaments broadcast live on ESPN anymore. It's not even a very popular livestreaming category. It definitely went through a boom, then huge bust, and then a slide into... not really irrelevancy, just kind of a continued existence. IMO, crypto is headed for the same fate. It will still be fun for a subset of people to gamble on altcoins, to pump and dump and run schemes of dubious legality. And just like I wouldn't count out a poker resurgence sometime in the next decade, I wouldn't count out another crypto spike in the future. People never stop loving easy money.
  - aquadoggy 4y ago
    In case you didn't get the reference, the Coinbase commercial entirely consists of comments saying "Crypto is dead" with various timestamps going back ten years, and then ... "Long live crypto". https://www.youtube.com/watch?v=fCEvIiY0mR4 https://www.youtube.com/watch?v=fCEvIiY0mR4
  - unicornmama 4y ago
  - pphysch 4y ago
    Still hodling beanie babies?
- mushbino 4y ago
  ...long live crypto.
  - Carioca 4y ago
    There are still tulips around
    - achenet 4y ago
      yeah, but tulips can at least sit there and look pretty.

However, I did notice their prominent advertising at the NBA Finals...

celestialcheese 4y ago

Probably already committed money. Still a terrible look.

gnicholas 4y ago
It must have been hard for them to come up with an ad over the last couple months that they knew would be relevant/accurate no matter what happened in the markets. I wonder if they had a different ad prepped and then subbed this one in because of what happened. It was a visually simple ad and presumably could have been created at the last minute.

willturman 4y ago

Crypto is dead.

m00x 4y ago
Bold claims like this is what make people look like idiots when things turn around. With experience though, you can tell that people who make bold claims like this were always idiots gambling away their credibility, hoping the 50/50 lands in their favour.
- wonnage 4y ago
  There’s no turnaround coming
  - TameAntelope 4y ago
    An equally as irrational position as, "Crypto is the best thing ever!"
    - dkural 4y ago
      Was there an Enron turn-around? Crypto does some mildly useful things, which could justify perhaps 1% of the resources going into it.
      - thebean11 4y ago
        That's about as useful as pointing to some equally unrelated thing that did turn around. The truth is nobody here knows either way, and if you did you'd be in the process of becoming very wealthy on that knowledge. Let me make a wild guess that you will not actually be putting your money where your mouth is on this?
      - TameAntelope 4y ago
        Since we're just randomly linking unrelated things, FedEx turned their business around after their CEO saved it from bankruptcy at the blackjack table[0]. [0] https://www.businessinsider.com/fedex-saved-from-bankruptcy-with-blackjack-winnings-2014-7 https://www.businessinsider.com/fedex-saved-from-bankruptcy-...
    - spookthesunset 4y ago
      I mean the end state of crypto isn’t a very positive one. Either it will crash catastrophically or it will slowly fizzle out until the majority of people just forget about it. Either way, at some point virtually nobody will be using it.
      - uncomputation 4y ago
        Speculative assets rarely crash, despite people wanting the drama of it all. If ETH went to $100, enough people would buy it in the hopes it would skyrocket again and make them fabulously wealthy, pushing the price up, but lower than last time, until it cycled back and so on until it fizzles out.
      - danuker 4y ago
        As long as fiat currency keeps getting pumped out, people will want something else, more scarce, to hold their wealth in. That could be bonds, gold, stocks, real estate, or why not crypto? Crypto is easy to transfer.
  - kleer001 4y ago
    Eh? Look again in 2 years at the next bitcoin reward halving.
- ssharp 4y ago
  I'm struggling to find a good analogy to these crypto boom/bust cycles, where the market continues to survive/thrive after the busts. The closest I can come up with is real estate, but there is a core underlying value in real estate in that people need space to live/work/shop/whatever -- so when speculative bubbles burst, there is pretty significant underlying demand. I have a hard time drawing that parallel the crypto. Certainly there are valuable use-cases but the main use-case still seems to be as a speculative investment.
  - JumpCrisscross 4y ago
    > struggling to find a good analogy to these crypto boom/bust cycles Casinos. Seriously [1]. [1] https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.3.173 https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.3.173
  - shrimpx 4y ago
    It’s like betting and gambling. The losers keep coming back thinking they can time it correctly this time around. The game is basically putting money in to get it higher, and timing the top. Crypto being largely meaningless in terms of value is a perfect medium for the game.
  - djbusby 4y ago
    A fool is born every minute. there is an endless supply of those who need to learn the hard way. Keeps the Boom/Bust cycle going.
  - mjr00 4y ago
    Not an asset class, but I'd draw parallels to Texas Hold 'Em. In 2003, Chris Moneymaker wins $2.5 million at the WSOP as an amateur who qualified through the internet; within a year, everyone is talking about hold 'em, their bankroll strategy, having poker nights with their buddies, how they're playing 12 tables at once online, etc. Culminates in massive mainstream acceptance, ads for Pokerstars running on major networks, and a major plot arc in a James Bond movie. But it turns out that nearly everyone is a loser in online poker; after all, at a 6 person table, only 1 person wins (well, 2nd place usually gets their entry fee back, but still). Very few people become Chris Moneymakers; most just lose a bit of cash, some their life savings. Look at where hold 'em is now. It still exists, of course, but you don't see poker tournaments broadcast live on ESPN anymore. It's not even a very popular livestreaming category. It definitely went through a boom, then huge bust, and then a slide into... not really irrelevancy, just kind of a continued existence. IMO, crypto is headed for the same fate. It will still be fun for a subset of people to gamble on altcoins, to pump and dump and run schemes of dubious legality. And just like I wouldn't count out a poker resurgence sometime in the next decade, I wouldn't count out another crypto spike in the future. People never stop loving easy money.
- aquadoggy 4y ago
  In case you didn't get the reference, the Coinbase commercial entirely consists of comments saying "Crypto is dead" with various timestamps going back ten years, and then ... "Long live crypto". https://www.youtube.com/watch?v=fCEvIiY0mR4 https://www.youtube.com/watch?v=fCEvIiY0mR4
- unicornmama 4y ago
- pphysch 4y ago
  Still hodling beanie babies?
mushbino 4y ago
...long live crypto.
- Carioca 4y ago
  There are still tulips around
  - achenet 4y ago
    yeah, but tulips can at least sit there and look pretty.