7 ms·

If there is a future for crypto it is in the cyberpunk/pirate zone. The idea the institutional investors thought they could make a buck off all these folks is h

If there is a future for crypto it is in the cyberpunk/pirate zone. The idea the institutional investors thought they could make a buck off all these folks is hilarious. Even in their delusional unrealized apotheosis the crypto/web3 crowd was building the anti Facebook. I think all the web3 investment was horrible BS and crypto is not a place for venture investing. If it has a future at all it should embrace the drug dealing ponzi scheming tax evading ransomwaring heart of itself. It’s not chase bank, it’s the Medellin cartel.

bawolff 4y ago
On the contrary, true believers are usually the easiest people to make a buck off. Their bias makes them easy to trick/manipulate.
- beepbooptheory 4y ago
  I feel like those are second order "true believers". The real guys never left Cypherpunks mailing list, or you wont find them on Twitter at least.
- kuhewa 4y ago
  There were Gamestop true believers for Christ's sake, who knew they bought in high and would probably not get out before it crashes, but still let themselves convinced their disposable income that month was worth the price of sticking it to the man.
  - mschuster91 4y ago
    It was a fun time though, and watching hedge funds lose billions of dollars in value definitely was worth the 100$. The way I see it, the fun went on for months, way better entertainment value than movie tickets in that time. And I still have some GME and AMC to remember that glorious time. Ape together strong.
    - kuhewa 4y ago
      If the value was real to you there is no arguing, likewise i spend more on inputs to grow tomatoes every year than the market value of what I get out, for similar reason. but I'm sure you are aware someone that repeated the line about sticking it to the man is still laughing about you believing it and getting left holding the bag.
    - pavlov 4y ago
      Who do you think got your $100? A different hedge fund that made billions in profits.
    - ChildOfChaos 4y ago
      You have a strange definition of fun, you could have kept that $100 and still had the same amount of ‘fun’ reading the same nonsense online.
      - codetrotter 4y ago
        Nah
      - postexitus 4y ago
        When you bet on a game, the fun factor goes up 10x for sure.
    - xwolfi 4y ago
      "hedge funds", plural? Most hedge fund made money, one lost. https://www.washingtonpost.com/business/2021/02/08/gamestop-wallstreet-wealth/ https://www.washingtonpost.com/business/2021/02/08/gamestop-... There is nothing funny in seeing retail being abused by fake Shamans telling the way to win was to buy overpriced shares from... And to this day, some irreductible think they re fighting dtcc (why ??) by direct registering...
    - JohnFen 4y ago
      You know who had a really good time? All of those institutional investors who got your $100.
TheAlchemist 4y ago
Institutional investors are making a lot of $$$ of these crypto folks ! Arbitragists, Hedge Funds etc.
- 0xB31B1B 4y ago
  Dollar for dollar, institutional LPs have lost way more on crypto than they have made. Multicoin is down 90%, rumor is the 2nd A16Z crypto fund (the 6b one) is deep in the red and a full write off
8note 4y ago
It already happened, no? The retail investor has successfully been taken advantage of by the institutional investor with crypto
csomar 4y ago
Not only that but that's a big market too. Drugs are like what, a $2 Trillion/year economy? Tax evasion? A few trillions? Money laundering and scam? Another Trillion? That's trillions of $$ transacted and in value. Will put Bitcoin price at $250-$400 Thousands of dollars.
basch 4y ago
The future of crypto is much more boring. It’s in the accounting world. It’s in AP/AR. It’s the backbone between accounting systems at different firms transacting with each other, who are collaborative but also trying to make money from each other. Think contractors and subcontractor. Instead of double entry accounting, where each firm keeps a separate ledger for a project, they can all transact off one record of truth. That kind of paradigm change won’t happen until oracle and sap etc agree on standards and interoperability. Give it another 40-50 years to displace current databases.
Spartan112 4y ago
[dead]
rakoo 4y ago
The pirate zone is very much against private property and ownership, it is probably the last place crypto will work. Cyberpunk is the denunciation of the ravages capitalism does, I don't think you will sell them NFTs in the next 1000 years.

bawolff 4y ago

On the contrary, true believers are usually the easiest people to make a buck off. Their bias makes them easy to trick/manipulate.

beepbooptheory 4y ago
I feel like those are second order "true believers". The real guys never left Cypherpunks mailing list, or you wont find them on Twitter at least.
kuhewa 4y ago
There were Gamestop true believers for Christ's sake, who knew they bought in high and would probably not get out before it crashes, but still let themselves convinced their disposable income that month was worth the price of sticking it to the man.
- mschuster91 4y ago
  It was a fun time though, and watching hedge funds lose billions of dollars in value definitely was worth the 100$. The way I see it, the fun went on for months, way better entertainment value than movie tickets in that time. And I still have some GME and AMC to remember that glorious time. Ape together strong.
  - kuhewa 4y ago
    If the value was real to you there is no arguing, likewise i spend more on inputs to grow tomatoes every year than the market value of what I get out, for similar reason. but I'm sure you are aware someone that repeated the line about sticking it to the man is still laughing about you believing it and getting left holding the bag.
  - pavlov 4y ago
    Who do you think got your $100? A different hedge fund that made billions in profits.
  - ChildOfChaos 4y ago
    You have a strange definition of fun, you could have kept that $100 and still had the same amount of ‘fun’ reading the same nonsense online.
    - codetrotter 4y ago
      Nah
    - postexitus 4y ago
      When you bet on a game, the fun factor goes up 10x for sure.
  - xwolfi 4y ago
    "hedge funds", plural? Most hedge fund made money, one lost. https://www.washingtonpost.com/business/2021/02/08/gamestop-wallstreet-wealth/ https://www.washingtonpost.com/business/2021/02/08/gamestop-... There is nothing funny in seeing retail being abused by fake Shamans telling the way to win was to buy overpriced shares from... And to this day, some irreductible think they re fighting dtcc (why ??) by direct registering...
  - JohnFen 4y ago
    You know who had a really good time? All of those institutional investors who got your $100.

TheAlchemist 4y ago

Institutional investors are making a lot of $$$ of these crypto folks ! Arbitragists, Hedge Funds etc.

0xB31B1B 4y ago
Dollar for dollar, institutional LPs have lost way more on crypto than they have made. Multicoin is down 90%, rumor is the 2nd A16Z crypto fund (the 6b one) is deep in the red and a full write off

8note 4y ago

It already happened, no? The retail investor has successfully been taken advantage of by the institutional investor with crypto

csomar 4y ago

Not only that but that's a big market too. Drugs are like what, a $2 Trillion/year economy? Tax evasion? A few trillions? Money laundering and scam? Another Trillion? That's trillions of $$ transacted and in value. Will put Bitcoin price at $250-$400 Thousands of dollars.

basch 4y ago

The future of crypto is much more boring. It’s in the accounting world. It’s in AP/AR. It’s the backbone between accounting systems at different firms transacting with each other, who are collaborative but also trying to make money from each other. Think contractors and subcontractor. Instead of double entry accounting, where each firm keeps a separate ledger for a project, they can all transact off one record of truth. That kind of paradigm change won’t happen until oracle and sap etc agree on standards and interoperability. Give it another 40-50 years to displace current databases.

Spartan112 4y ago

[dead]

rakoo 4y ago

The pirate zone is very much against private property and ownership, it is probably the last place crypto will work. Cyberpunk is the denunciation of the ravages capitalism does, I don't think you will sell them NFTs in the next 1000 years.