4 ms·

You can set your watch by the periodicity of crypto FUD and it being labeled dead.

stjohnswarts 4y ago
for the same reason casinos are still around, humans like to beat the odds.
vkou 4y ago
You can also set your watch by the rugpulls, collapses, and by how often people lose their shirt in it. Which would be fine if it produced useful products where dumb investments get burned, but the industry doesn't produce anything useful. It's just money flowing from suckers to grifters.
- eldenwrong 4y ago
  Explain to me how you can take your money out of Russia, Iran, Lebanon, Ukraine or Venezuela without Bitcoin. I'll wait
  - ABCLAW 4y ago
    Fraud and money laundering unironically described as the killer use case for crypto isn't the slam dunk you think it is.
    - eldenwrong 4y ago
      So now taking your wealth with you is fraud or money laundering?
  - dogecoinbase 4y ago
    Ah yes, the "leave a permanent record of violating sanctions in an immutable blockchain" strategy of money transfer.
    - nelox 4y ago
      Better chances at a casino.
  - Symbiote 4y ago
    For Ukraine any ordinary international transfer works.
  - monodeldiablo 4y ago
    Buy yuan or any other traded fiat currency from a friendly state. In other words, the same way people have dodged currency controls and sanctions since time immemorial.
  - vba616 4y ago
    https://en.wikipedia.org/wiki/Informal_value_transfer_system https://en.wikipedia.org/wiki/Informal_value_transfer_system "The sender gives money to an...agent and his/her counterpart in the receiver region/country acts as deliverer of this money. The sender calls or faxes instructions to his counterpart and the money gets delivered in a matter of few hours. In the past, the message could be delivered using couriers, with men or even animals (such as pigeons). Settlements are made either with a private delivery service or wire transfer in the opposite direction. Another method of balancing the books is to under-invoice goods shipped abroad, so that the receiver can resell the products at a higher market price"
  - vkou 4y ago
    In and out of Russia? Use a non-sanctioned bank. My parents are still sending remittances to Russia. Ukraine? Use a bank. Or maybe PayPal? My parents are also still sending remittances to Ukraine. Lebanon, Iran, Venezuela? Probably Hawala, or maybe through China or India, but you'll probably get a more detailed answer from an ex-pat. I will also point out that shitcoins and NFTs and the various pyramid schemes that are currently unraveling aren't a solution to this problem. In fact, they only solve the problem of transferring money from the pockets of the greedy and financially illiterate to the pockets of the greedy and financially literate.
  - ineedasername 4y ago
    Who are these masses of people exfiltrating their money from these countries with crypto? They seem as yet more theoretical & annecdotal (and even few of those) than actual, especially since there are still normal traditional finance ways for individuals to do this sort of thing. Also any of these hypothetical people that put their money in crypto just lost a significant chunk of their life savings.
paulpauper 4y ago
People said the same probably about enron fud or tulip fud. until it wasn't fud anymore
- lampshades 4y ago
  The Enron of this situation (LUNA) is already dead. If you're trying to compare the entire market to Enron or Tulip mania, that's incredibly short sighted. I'm so tired of these same low value takes year after year.
  - vba616 4y ago
    Why do you think there is only one shoe ("the Enron") to drop? Despite very little knowledge about crypto or conventional finance, what I've read about USDT suggests it has to collapse sooner or later. I get this sense that people assume if there is some questionable stuff reported, and nothing happens, it must have been FUD. Like fast decaying radioactive waste, it has a half-life. But when an organization has always made excuses for why they can't be audited, and tried to confuse people about whether they have been, it never becomes ok.
    - lampshades 4y ago
      I agree that USDT will collapse at some point and it will have a massive effect across the market but that doesn't make the entire market equatable to the Enron situation.
  - ineedasername 4y ago
    Enron didn't fall alone. Adelphia, Worldcom, Tyco, Arthur Anderson, ImClone, Global Crossing, Mirant, Qwest, and others... There was a lot of fallout beyond Enron, either directly because of Enron's collapse or indirectly because all of a sudden people looked a little harder at corporate accounting in places where there had been strong scents of financial BS. In short, if we're using Enron as a comparison point, we're talking about systemic shockwaves through two systems (power industry & corporate accounting)
- 4y ago
lampshades 4y ago
You can also set your bids by it.

for the same reason casinos are still around, humans like to beat the odds.

vkou 4y ago

You can also set your watch by the rugpulls, collapses, and by how often people lose their shirt in it. Which would be fine if it produced useful products where dumb investments get burned, but the industry doesn't produce anything useful. It's just money flowing from suckers to grifters.

eldenwrong 4y ago
Explain to me how you can take your money out of Russia, Iran, Lebanon, Ukraine or Venezuela without Bitcoin. I'll wait
- ABCLAW 4y ago
  Fraud and money laundering unironically described as the killer use case for crypto isn't the slam dunk you think it is.
  - eldenwrong 4y ago
    So now taking your wealth with you is fraud or money laundering?
- dogecoinbase 4y ago
  Ah yes, the "leave a permanent record of violating sanctions in an immutable blockchain" strategy of money transfer.
  - nelox 4y ago
    Better chances at a casino.
- Symbiote 4y ago
  For Ukraine any ordinary international transfer works.
- monodeldiablo 4y ago
  Buy yuan or any other traded fiat currency from a friendly state. In other words, the same way people have dodged currency controls and sanctions since time immemorial.
- vba616 4y ago
  https://en.wikipedia.org/wiki/Informal_value_transfer_system https://en.wikipedia.org/wiki/Informal_value_transfer_system "The sender gives money to an...agent and his/her counterpart in the receiver region/country acts as deliverer of this money. The sender calls or faxes instructions to his counterpart and the money gets delivered in a matter of few hours. In the past, the message could be delivered using couriers, with men or even animals (such as pigeons). Settlements are made either with a private delivery service or wire transfer in the opposite direction. Another method of balancing the books is to under-invoice goods shipped abroad, so that the receiver can resell the products at a higher market price"
- vkou 4y ago
  In and out of Russia? Use a non-sanctioned bank. My parents are still sending remittances to Russia. Ukraine? Use a bank. Or maybe PayPal? My parents are also still sending remittances to Ukraine. Lebanon, Iran, Venezuela? Probably Hawala, or maybe through China or India, but you'll probably get a more detailed answer from an ex-pat. I will also point out that shitcoins and NFTs and the various pyramid schemes that are currently unraveling aren't a solution to this problem. In fact, they only solve the problem of transferring money from the pockets of the greedy and financially illiterate to the pockets of the greedy and financially literate.
- ineedasername 4y ago
  Who are these masses of people exfiltrating their money from these countries with crypto? They seem as yet more theoretical & annecdotal (and even few of those) than actual, especially since there are still normal traditional finance ways for individuals to do this sort of thing. Also any of these hypothetical people that put their money in crypto just lost a significant chunk of their life savings.

paulpauper 4y ago

People said the same probably about enron fud or tulip fud. until it wasn't fud anymore

lampshades 4y ago
The Enron of this situation (LUNA) is already dead. If you're trying to compare the entire market to Enron or Tulip mania, that's incredibly short sighted. I'm so tired of these same low value takes year after year.
- vba616 4y ago
  Why do you think there is only one shoe ("the Enron") to drop? Despite very little knowledge about crypto or conventional finance, what I've read about USDT suggests it has to collapse sooner or later. I get this sense that people assume if there is some questionable stuff reported, and nothing happens, it must have been FUD. Like fast decaying radioactive waste, it has a half-life. But when an organization has always made excuses for why they can't be audited, and tried to confuse people about whether they have been, it never becomes ok.
  - lampshades 4y ago
    I agree that USDT will collapse at some point and it will have a massive effect across the market but that doesn't make the entire market equatable to the Enron situation.
- ineedasername 4y ago
  Enron didn't fall alone. Adelphia, Worldcom, Tyco, Arthur Anderson, ImClone, Global Crossing, Mirant, Qwest, and others... There was a lot of fallout beyond Enron, either directly because of Enron's collapse or indirectly because all of a sudden people looked a little harder at corporate accounting in places where there had been strong scents of financial BS. In short, if we're using Enron as a comparison point, we're talking about systemic shockwaves through two systems (power industry & corporate accounting)
4y ago

lampshades 4y ago

You can also set your bids by it.