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Dang, this sucks. Not the post, I respect & understand the opinion. It sucks that the initiative of creating a deflationary currency started this massive wave
by zenen 4y ago
Dang, this sucks.
Not the post, I respect & understand the opinion. It sucks that the initiative of creating a deflationary currency started this massive wave of people thinking that they're smarter than whoever invented Bitcoin in the first place. Everybody bought in to the hype but nobody wants to invest the time into understanding how the actual technology works.
"In fact the entire Blockchain arena is filled with either delusional or degenerate people who are inexperienced &, in no way, better than their predecessors."
FTX was a fractional-reserve bank built on buying and selling a resource designed to replace fractional-reserve banks. It's no surprise that this is how it turned out.
This whole 'decentralized wealth' thing isn't THAT difficult - get a good wallet, purchase some BTC from a friend or exchange, and transfer it into that wallet. Rinse, repeat. Don't keep your money on an exchange. Don't throw your money at pump-and-dump schemes. Don't measure your gains and losses based on what the stock market tells you, capitalism is in its late stages and government bailouts won't keep it floating forever.
Sidenote - nobody has really defined what web3 is or isn't yet, maybe Tim BL has a definition you'd like more: https://solidproject.org/take3 https://solidproject.org/take3
- nemo44x 4y ago> capitalism is in its late stages and government bailouts won't keep it floating forever. It's funny to see this critique pop up in various places completely unaware of the fact that capitalism has more or less been dead since the 1940s. The Great Depression was the end of them as a dominating cultural force and they've been replaced by a managed-everything; a management class. So when you speak of capitalism only existing in its current late stage because of unsustainable government bailouts, you're really referring to the managed world we've lived in since the New Deal which began not only the popular things we all know and associate with it, but it also massive introduced corporate governance, a managed economy, more and more government institutions/regulations/departments/etc. We still have some rare examples of swashbuckling capitalists shaping the world to their vision (see: Elon Musk) but they are very unpopular with the managerial class because of that (see: Elon Musk).
- zenen 4y agoyea, that's fair. I know that money hasn't been real since we got off the gold standard, I'm just hella socialist and take any chance I can get to take pot shots at the state of today's economy to further my narrative. Free market economy is the only way I see us cooperating on a global scale though, its hard to imagine otherwise - that's why I support Bitcoin
- skinnymuch 4y agoThis post is super weird even if from a temp account. How are you socialist? You’re talking about the free market. Most likely you’re a modern right wing libertarian.
- pessimizer 4y ago> It sucks that the initiative of creating a deflationary currency started this massive wave of people thinking that they're smarter than whoever invented Bitcoin in the first place. I'm sure there are thousands of people who have spent far more time working on and thinking about bitcoin than the person who invented it.
- zenen 4y agocollectively, yes. I would say that the type of thought is different, however. The creative thought of building a foundation with the foresight of how it might be extended or implemented is different than building on top of that foundation. I'm more saying that people like Buterin saw it gain popularity and imagined that they could do better instead of standing behind it as a unified front. Maybe I'm biased, though