5 ms·

A great monetary crisis is upon us, indeed. Crypto is going to be a tool of defence for many, especially now that the tide has gone out, and we see who’s swimm

A great monetary crisis is upon us, indeed. Crypto is going to be a tool of defence for many, especially now that the tide has gone out, and we see who’s swimming naked. When the petrodollar collapse proceeds, as it must, then we’ll see how this is actually going to play out.

rocket_surgeron 4y ago
Why does every cryptobro sound like a mystic?
- firstSpeaker 4y ago
  Because they get the same talking point, and sort of repeat it.
- haswell 4y ago
  The crypto community displays many traits that are very religious in nature. Not just "religious", as in someone's preferred computing ecosystem, but religious in a far more literal sense fueled by blind belief in something greater than oneself. Coins are churches and founders are pastors. To keep "believing" in crypto at this stage requires something approaching religious devotion.
  - survirtual 4y ago
    Nonsense. Putting trust in monetary policy founded upon mathematics and physics (Bitcoin) is hardly religious. Putting trust in a monetary policy founded upon a bankers ballsack (USD) most definitely is, however. Bitcoin crystallizes energy / work into value in a mathematically predictable way, that is fully auditable, with no humans able to manipulate minting to their own benefit. You put in the work and crystallize value and gain, or you don’t and gain nothing. It doesn’t matter to the protocol. What you can’t do is manipulate public sentiment with wars, crisis, and corporate influence to control the monetary supply and policy. You can’t install your little buddies into privately owned “Federal Reserve Banks” which somehow have managed to control the monetary system without being elected or directly accountable to the public. And this is just scratching the surface of the lunacy of legacy systems. Who are the real cultists? Those born into a system of servitude following the charismatic allure of leaders and the rigidity of traditions with USD? A system of censorship, centralized unaccountable, unsupervised, unauditable, “trust me bro” mechanics? Or those who, painfully, broke free of the populace and placed their trust and confidence in value bound to mathematics and physics? The first step to seeing reality is you gotta take your head out of the sand.
    - SideburnsOfDoom 4y ago
      Hallelujah brother! preach! /s
      - survirtual 4y ago
        I hope that someday you are able to escape the confines of your limits and servitude. There is a vast universe beyond this tiny spec of dust called Earth.
        SideburnsOfDoom 4y ago
        > There is a vast universe beyond this tiny spec of dust called Earth. And you say that this celestial sphere is full of space cryptocurrency?
        survirtual 4y ago
        I’m going to piggyback some thoughtfulness on your absurdity. I hope you don’t mind. The only place in the universe where you can get bitcoin is on Earth…I wonder if there are any other assets that can make that claim? Perhaps most other cryptos — but bitcoin was the first, so it has scarcity and historical significance, making it, at a minimum, a valuable collectible. Life, maybe. But not gold, platinum, or any other scarce atoms. And in the entire universe, 21 million is the cap for bitcoin. Whether it works as anything else, there is no denying it is an extremely scarce asset in a possibly infinite universe. And it is a scarce asset whose ownership can change at the speed of light, without any but the two involved parties deciding whether or not it happens, from anywhere within 15 light-minutes. Think about it.
        SideburnsOfDoom 4y ago
        Pseudo-mystical nonsense. Grandparent poster is proved 100% correct.
        4y ago
- acdha 4y ago
  They’ve staked their personal financial success, and often professional credibility, on other people giving them lots of money in exchange for easily-replaced random numbers. The only way that works is if they can continually recruit buyers. The greatest challenge here is a prospective customer thinking analytically about the benefits because for most people the answer is either zero or negative. If you present it in this quasi-mystical form the claims are conveniently resistant to analysis since they rely on things like conspiracies or massive societal shifts, and keeping things emotional is a good way to get buyers to overrule their critical thinking skills. It’s the same thing you see for related industries like goldbugs or preppers, only this time with billions of VC dollars giving much better production values.
  - landemva 4y ago
    The VC backed chains Solana and Helium do look like they are trending to zero. ETH and BTC were not VC backed, and seem to have established some product-market fit. Lots of dev activity on ethereum codebase.
- rvz 4y ago
  No different to the typical AI bro, grifting and selling you their snake oil.
amanaplanacanal 4y ago
I’m old enough to remember that people have been predicting hyperinflation and the collapse of the dollar since the 70s. Maybe it will really happen this time, but I wouldn’t bet on it.

rocket_surgeron 4y ago

Why does every cryptobro sound like a mystic?

firstSpeaker 4y ago
Because they get the same talking point, and sort of repeat it.
haswell 4y ago
The crypto community displays many traits that are very religious in nature. Not just "religious", as in someone's preferred computing ecosystem, but religious in a far more literal sense fueled by blind belief in something greater than oneself. Coins are churches and founders are pastors. To keep "believing" in crypto at this stage requires something approaching religious devotion.
- survirtual 4y ago
  Nonsense. Putting trust in monetary policy founded upon mathematics and physics (Bitcoin) is hardly religious. Putting trust in a monetary policy founded upon a bankers ballsack (USD) most definitely is, however. Bitcoin crystallizes energy / work into value in a mathematically predictable way, that is fully auditable, with no humans able to manipulate minting to their own benefit. You put in the work and crystallize value and gain, or you don’t and gain nothing. It doesn’t matter to the protocol. What you can’t do is manipulate public sentiment with wars, crisis, and corporate influence to control the monetary supply and policy. You can’t install your little buddies into privately owned “Federal Reserve Banks” which somehow have managed to control the monetary system without being elected or directly accountable to the public. And this is just scratching the surface of the lunacy of legacy systems. Who are the real cultists? Those born into a system of servitude following the charismatic allure of leaders and the rigidity of traditions with USD? A system of censorship, centralized unaccountable, unsupervised, unauditable, “trust me bro” mechanics? Or those who, painfully, broke free of the populace and placed their trust and confidence in value bound to mathematics and physics? The first step to seeing reality is you gotta take your head out of the sand.
  - SideburnsOfDoom 4y ago
    Hallelujah brother! preach! /s
    - survirtual 4y ago
      I hope that someday you are able to escape the confines of your limits and servitude. There is a vast universe beyond this tiny spec of dust called Earth.
      - SideburnsOfDoom 4y ago
        > There is a vast universe beyond this tiny spec of dust called Earth. And you say that this celestial sphere is full of space cryptocurrency?
        survirtual 4y ago
        I’m going to piggyback some thoughtfulness on your absurdity. I hope you don’t mind. The only place in the universe where you can get bitcoin is on Earth…I wonder if there are any other assets that can make that claim? Perhaps most other cryptos — but bitcoin was the first, so it has scarcity and historical significance, making it, at a minimum, a valuable collectible. Life, maybe. But not gold, platinum, or any other scarce atoms. And in the entire universe, 21 million is the cap for bitcoin. Whether it works as anything else, there is no denying it is an extremely scarce asset in a possibly infinite universe. And it is a scarce asset whose ownership can change at the speed of light, without any but the two involved parties deciding whether or not it happens, from anywhere within 15 light-minutes. Think about it.
        SideburnsOfDoom 4y ago
        Pseudo-mystical nonsense. Grandparent poster is proved 100% correct.
        4y ago
acdha 4y ago
They’ve staked their personal financial success, and often professional credibility, on other people giving them lots of money in exchange for easily-replaced random numbers. The only way that works is if they can continually recruit buyers. The greatest challenge here is a prospective customer thinking analytically about the benefits because for most people the answer is either zero or negative. If you present it in this quasi-mystical form the claims are conveniently resistant to analysis since they rely on things like conspiracies or massive societal shifts, and keeping things emotional is a good way to get buyers to overrule their critical thinking skills. It’s the same thing you see for related industries like goldbugs or preppers, only this time with billions of VC dollars giving much better production values.
- landemva 4y ago
  The VC backed chains Solana and Helium do look like they are trending to zero. ETH and BTC were not VC backed, and seem to have established some product-market fit. Lots of dev activity on ethereum codebase.
rvz 4y ago
No different to the typical AI bro, grifting and selling you their snake oil.

amanaplanacanal 4y ago

I’m old enough to remember that people have been predicting hyperinflation and the collapse of the dollar since the 70s. Maybe it will really happen this time, but I wouldn’t bet on it.