Cryptocurrency
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- neverscared3
World Wide Web inventor Tim Berners-Lee calls crypto ‘dangerous’ and likens it to gambling
Tim Berners-Lee, the inventor of the World Wide Web, called cryptocurrency “dangerous” and likened it to gambling in an episode of CNBC’s “Beyond The Valley” podcast published last Friday.
Discussing the future of the web, Berners-Lee said digital currencies are “only speculative” and compared it to the dot-com bubble, in which internet stocks, often without a solid business behind them, were highly inflated.
- no shit bra...neverscared
- Captain Obviousfadein11
- you can also liken stocks, bonds, treasuries, even a pension as 'dangerous' and 'gambling'. Plenty of people have lost their savings big time with those.shapesalad
- it's all a rigged game, if you're not doing the rigging, you're the mark._niko
- @shape but stock values are based on actual companies, products, services, people, management, forecasts, history, etc. not as much of a gamble.monospaced
- unlike crypto you can often guess what a stock might do over a certain timemonospaced
- wait till he hears about gambling websitesinteliboy
- shapesalad4
- lol. But he's not exactly a catch eitherNBQ00
- ^you should see him naked firstBeeswax
- ^ Uh. Oh. No thank you!Continuity
- NEWSFLASH - women care firstly about a guys bank balance, secondary his looks.shapesalad
- Thirdly: his dick.palimpsest
- dbloc4
- https://pbs.twimg.co…drgs
- intellectual virgins..neverscared
- and man handsrobotinc
- And euro trashmonospaced
- euro trash looks much different..neverscared
- not wearing this shirtmonospaced
- nice try of deception from the real trash , .. because the only toxic trash relating in this are cryptos intrinsic exuberant CO2 emissionsneverscared
- That your design OOC?teh
- NBQ002
‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash
https://www.theguardian.com/tech…
“I couldn’t eat or sleep for two nights,” says Alla Driksne, a 34-year-old chef from London. “I got sick from the stress.” She has lost her life savings – a six-figure sum – in the Celsius freeze.
- https://www.youtube.…NBQ00
- gambling is one helluva drugKrassy
- just two nights? rookie.sted
- "using his credit card to make an initial investment of €2,500 ".... so what's the story? It's not crypto, it's about an idiot using money he doesn't have.shapesalad
- Crypto isn't at 0 so they just lost a little more than half their life savings.BabySnakes
- Definition of a loserinteliboy
- Rule No1 for investing in ANYTHING: Never invest more than you can afford to lose.microkorg
- BuddhaHat3
From a Reddit post: https://www.reddit.com/r/OutOfTh…
Answer:
A number of reasons.
* the non-fungible (un-reproduceable) part of NFTs is usually just a receipt pointing to art hosted elsewhere, meaning it's possible for the art to disappear and the NFT becomes functionally useless, pointing to a 404 — Page Not Found
* some art is generated based off the unique token ID, meaning a given piece of art is tied to the ID within the system. But this art is usually laughably ugly, made by a bot who can generate millions of soulless pieces of art.
* Also, someone could just right click and save a piece of generated art, making the 'non-fungible' part questionable. Remember, the NFT is only a receipt, even if the art it links to is generated off an ID in the receipt.
* however, NFTs are marketed as if they're selling you the art itself, which they're not. This is rightly called out by just about everybody. You can decentralize receipts because those are small and plain-text (inexpensive to log in the blockchain), but that art needs to be hosted somewhere. If the server where art is hosted goes down, your art is gone.
* NFT minters are often art thieves, minting others' work and trying to spin a profit. The anonymous nature of NFTs makes it hard to crack down on, and moderation is poor in NFT communities.
* Artists who get into NFTs with a sincere hope of making money are often hit with a harsh reality that they're losing more money to minting NFTs of their art is making in profit. (Each individual minted art piece costs about $70-$100 USD to mint)
* most huge sales are actually the seller selling it to themselves under a different wallet, to try to grift others into thinking the token is worth more than it is. Wallet IDs are not tied to names and therefore are anonymous enough to encourage drumming up fake hype.
* example: If you mint a piece of art, that art is worth (technically speaking) zero dollars until someone buys it for a price. That price is what the market dictates is the value of your art piece.
* Since you're $70 down already and nobody's buying your art, you get the idea to start a second crypto wallet, and pretend it's someone else. You sell your art piece (which was provably worth zero dollars) to yourself for like $12,000. (Say that's your whole savings account converted into crypto)
* The transaction costs a few more bucks, but then there's a public record of your art piece being traded for $12k. You go on Twitter and claim to all your followers "omg! I'm shaking!!! my art just sold for $12k!!!" (picture of the transaction)
* Your second account then puts the NFT on the market a second time, this time for $14,000. Someone who isn't you makes an offer because they saw your Twitter thread and decided your art piece must be worth at least $12K. Maybe it's worth more!
* Poor stranger is now down $14K. You turned $12k and a piece of art worth $0 into $26K.
* creating artificial scarcity as a design goal, which is very counter to the idea of a free and open web of information. This makes the privatization of the web easier.
* using that artificial scarcity to drive a speculation market (hurts most people except hedge funds, grifters, and the extremely lucky)
* NFTs are driven by hype, making NFT investers/scammers super outspoken and obnoxious. This is why the tone of the conversation around NFTs is so resentful of them, people are sick of being forced to interact with NFT hypebeasts.
* questionable legality — haven for money laundering because crypto is largely unregulated and anonymous
* gamers are angry because game publishers love the idea of using NFTs as a way to squeeze more money out of microtransactions. Buying a digital hat for your character is only worth anything because of artificial scarcity and bragging rights. NFTs bolster both of those
* The computational cost of minting NFTs (and verifying blockchain technology on the whole) is very energy intensive, and until our power grids are run with renewables, this means we're burning more coal, more fossil fuels, so that more grifters can grift artists and investors.Hope this explains. You're correct that the tone is very anti-NFT. Unfortunately the answer is complicated and made of tons of issues. The overall tone you're detecting is a combination of resentment of all these bullet points.
- (the token is non-fungible not the art)sted
- Shit, this should've gone in NFT thread I was not concentrating =\BuddhaHat
- Sounds great! where do I mint my NFTs?shapesalad
- @sted
The NFT is the art.palimpsest - Upvoted ehehehehegrafician
- You don’t even need $12k in your savings account. With a flash loan, you can borrow and repay a huge loan right in the same transaction for a small fee.monNom
- but don't you need crypto collateral for a "flash loan"?grafician
- I would't touch NFTs without having access to an analysis tool like https://www.nansen.a…https://www.youtube.…shapesalad
- AFAIK flash loans are unsecured and connected to a smart contract so they don’t go through if the contract doesn’t settle. Not an expert but thatswhat I heard.monNom
- No collateral required: https://blog.coincod…monNom
- Crypto punk “sold” for $500M used this technique in a wash trade, apparently.monNom
- What this means is there is effectively no price discovery mechanism in NFTs, as anyone can sell to themselves for any amount. (Just like the art market)monNom
- You probably mean the black market, as you need to pay taxes otherwise, not to mention anti-money laundering laws and other protections...grafician
- Not to mention wash trades/sales are illegal but hey, who are we to impose these rules on the crypto brosgrafician
- is there a distinction between the black market and crypto?monNom
- scarabin3
Apparently tether printed 1,500,000,000 USDT a couple days ago, backed by nothing at all, which is being used to buy other crypto like bitcoin. Wouldn’t this devalue those other coins? I don’t get how they can just pull that money out of thin air.
- exactly. none of it makes any sense.
everyone knows this. Just get while the getting's good is the underlying philosophy._niko - like bernie maddoff did ?!neverscared
- like Madoff's investors, many knew what was going on and the returns were impossible but they just shut the fuck up and raked in the dough_niko
- lol neverscared beat me to it_niko
- yeahh its funny , not so much when the blowback comes.. though... boom boom crashneverscared
- If they printed a massive chunk of money to buy Bitcoin, wouldn’t that push Bitcoin higher?nb
- Yeah but then the bitcoin market is propped up by fake money, kind of making it worthless? If i were a crypto “bank” i wouldn’t cash out anything bought w USDTscarabin
- or is it because the stable coins bind worth to fiat currency...they probably think they can do they same as a central bank. and those are fighting back.uan
- 1.5 billion is nothing in the crypto spaceinteliboy
- Tether has survived 100 and this makes it 101 FUD attacks plus a sec lawsuit.inteliboy
- there is a tipping point for every fraud... and then it flash crashes... tether is the first.neverscared
- exactly. none of it makes any sense.
- Krassy4
Staples Center in L.A. to Be Renamed Crypto.com Arena
The arena’s owner, AEG Worldwide, said it struck a 20-year naming rights agreement with Crypto.com
- Ooh, this should be interesting to see age, one way or another.Nairn
- yupKrassy
- lolmonospaced
- There’s obvs a clause that allows them to sell the rights backnb
- "$700 million over twenty years"
give it 2 monthsgrafician
- omahadesigns2
Bought $100 of Shiba Inu coin, which is not Doge apparently.
If I bought it last week, I would have made $400 profit apparently.
I'll just let this sit.
- Why didnt you buy 1 month ago?drgs
- Cuz I didn't think or knowomahadesigns
- If u bought $100 on shib, that hits $1 youre now a multi millionaireGuyFawkes
- ^"It has a circulating supply of 394,796,000,000,000 SHIB coins and the max. supply is not available."
How exactly can it hit $1?
Again, you guys are moransgrafician - @omahadesign it was 40+%, not 400%.fisheye
- You're going to lose everything tosser.utopian
- I got half a million of it for like 3$ in August...it's worth 30$ today. It performed way better than the 2 Thetas GuyFawkes adviced me to buy.uan
- @fisheye 400% not 40%, but from last nights point now makes it 650%GuyFawkes
- @uan whats Thetas? you might have me mixed upGuyFawkes
- I bought them thinking about 2 Tetas, but it was Thetas...
https://www.qbn.com/…uan
- neverscared5
- https://pbs.twimg.co…neverscared
- Bennnns rig?monospaced
- That's nothing, you should see how much my ferret made at Wolsingham Show when it won the ferret race.shapesalad
- This is hilariousGuyFawkes
- shitty futureneverscared
- now hamsters are generating a fatal ecological footprint, we should expect differentneverscared
- anyone can calculate his hit count ?...https://www.theg...neverscared
- https://www.theguard…neverscared
- Krassy6
$611 Million in Cryptocurrencies Stolen in Massive Hack
- hahaha Suckers!utopian
- < Hahahahaa see the comments on that pagegrafician
- So using a S M A R T C O N T R A C T is like hiding 600M under your mattress instead of a bank hoping nobody would find it LOL
Dumb fucksgrafician - Oh, Ffs, stop it already!.. Trade some logos for beer or other practical and realistic shit instead of some clumsy ephemeral stockmaquito
- neverscared3
- lolGuyFawkes
- "hence the people"sted
- How it started... crypto enthusiasts: "we don't need banks or laws we police ourseslves! Viva the revolution!"jonny_quest_lives
- How it's going... "Dear Law Enforcement I'd like to report a major economic crime"jonny_quest_lives
- Rob a regular bank for peanuts money (also federally insured tho) you get real hard prison time. Rob a "crypto bank" for billions, you get spam email.grafician
- ^keyword INSURED lolgrafician
- "Dear Hackers" lol
really? "dear?"Krassy - comedy gold.. no one should be suprised , if u watch the bitcoin conference frome miami .. u r that ugly guy from microstrategy u realiize pretty fast that itsneverscared
- a douchebag infested operation.neverscared
- nearly as douchey as my typos.neverscared
- sorryneverscared
- shapesalad1
Which apps do you use to track your crypto trades?
I started with Blockfolio, but found Delta to have a nicer UI.
All was good as I'd made 4 or so buys and was holding, so it showed accurately my position profits. But now I've made 20 or so trades, it shoes an overall total profit for all of my BTC trades, but I just want to see if my current holding is up or not.
Binance is also useless in showing your positions.
is there no app that simply shows your past buys, the price paid at the time, the current value now???
- *showsshapesalad
- I think Robinhood shows you history for crypto. Each trade would show what you paid per coin, how many coins and total buy price.hardhat
- they don't want you to see how much money they make with every transaction fees lolgrafician
- https://www.cointrac…zaq
- Poloniex maybe?nb
- Maybe go back to blockfolio? It let's you track independent transactionsESKEMA
- Thanks, will take a lookshapesalad
- Coin stats is good. Haven’t had any problems with. I create additional portfolios to keep track of swing tradesBH26
- BRD seems to show past trades and value both historic and currentsausages
- omahadesigns2
So is Crypto over?
- NahAQUTE
- Buy the Dip!utopian
- ofc TOLD YOUgrafician
- Qredo, a crypto wallet tech, got 83m investment recently. Many other examples. Money still going into it all.shapesalad
- Imagine a digital bank, in your browser and on your smartphone, with super quick payment and a bunch of features you can't even imagine today...shapesalad
- that's where it's headings. Your high street bank is closing branches, and pushing you to go paperless and use their app.shapesalad
- Once a crypto token + wallet tech comes along that is intuitive, expect the trad-fi sector to die off.shapesalad
- do i have to imagine the unimaginable features?kingsteven
- You couldn’t if you tried. Only the blockchain may reveal unseen truths. For ever and ever. Amen.monNom
- shapesalad1
SBF
Scammer Bankrupted Fraudster
- Sexy veganAQUTE
- He stole $0.54 of bitcoin from me.shapesalad
- Which if bitcoin reaches $1m, would be $50shapesalad
- https://i.gifer.com/…SlashPeckham
- I KNEW IT back then
the red flags were there on their youtube channel for years and nobody botheredgrafician - One of Elon's apostles.utopian
- graf knewmonospaced
- Graf always knowsYakuZoku
- prompt?grafician
- HijoDMaite3
Conversation this morning with my bro-in-law..
- Who's who, and which one's drank the Kool Aid?Nairn
- I’m blue. He’s the apostleHijoDMaite
- ha, sorry. My best chum sounds a lot like your brother here in regards to btc, etc, It's a bit tedious sometimes :)Nairn
- Mind you, your brother's got a better handle on blockchain's general lack of utility, unlike my pal!Nairn
- I keep everything on Binance. If Binance goes bankrupt its the end of crypto and all of your coins are worthless anywaydrgs
- fuck crypto. Imagine you take your money and buy a bit of Yen, some ozzy Dollars, some euros, a couple pesos. all because you think each is shit hot.shapesalad
- Because japan got sushi and robots, oz the surf, europe the history, mexico the tacos... so obviously their currencies are going to the moon.shapesalad
- That's basically what people are doing when playing with crypto. Except these coins are sketchy as fuck and the 'banks' are even more sketchy and house of cardsshapesalad
- The OG bitcoin, the white paper, the concept - it's good, very nice solution. How much it's worth.. no idea.shapesalad
- Everything else is hype until properly usable in real world applications that your granny could get behind. Until then it's hype, hope, and belief system.shapesalad
- Fuck crypto. But yeah, I pivoted to working in crypto this year, seemed like a good idea, now it seems like no credibility of future to it.shapesalad
- Lets see how next year starts off, probably gonna have to brush up my CV and waste time on LinkedIn again...shapesalad
- Do you have any substantial savings, Shapesalad? I have a bridge down here in London I could sell you.Nairn
- Every bear market feels like it's the enddrgs
- Bitcoin always moves in the direction which causes the most amount of pain. If you sell now, it will immediately go updrgs
- I won’t sell my 1 Bitcoin. Don’t need the money. Can wait 5 / 10 years on that. Certainly not putting any more into it. And reconsidering my career direction.shapesalad
- This is a helpful exchange, Hijo. I invested about 3K w/Coinbase and am just treating it like a long ride. BTC, ETH and some random called Sushi Swap.stoplying
- monNom6
Coinbase to lay-off 18% of their workforce
- shapesalad got rekt?grafician
- work in the sidelines of crypto, safe if things go up or down.shapesalad
- hydro746
- accurategrafician
- Glad to see the old QBN gallows humor is back. I was avoiding this thread as some people took that crypto shizz WAY TOO SERIOUSLY!jonny_quest_lives
- Krassy0
how is cryptocurrency trading not gambling? serious question.
- how are stocks and fiat not gambling? how is falling in love or simply going outside not gambling?Milan
- stocks depend on company performance; fiat currency is not being traded reallyKrassy
- Stocks don't depend on company performance.zarkonite
- sure they do: "Fundamental factors drive stock prices based on a company's earnings and profitability from producing and selling goods and services."Krassy
- https://www.investop…Krassy
- err, forex? gambling is a vague enough term it could mean "buying with expectation of an increase in value" so buying anything could be gamblingkingsteven
- i'd say thats true of almost all cryptocurrency. i only have EWT now and i'd consider that an investment (just not a particularly smart one atm)kingsteven
- will be a huge problem https://www.theguard…neverscared
- oops https://www.theguard…neverscared
- starting a business is a gamble, maybe 50% gamble, stock trading is 65%, crypto is 70%, sports betting 90%, roulette is 99%. more or lessBeeswax
- @neverscared exactly. good oneKrassy
- is there some empiric data on that numbers from beeswax or is this fantasyland number dropping.neverscared
- stock performance is based on buying and selling activity, which MAY or MAY NOT be based on company performancemonospaced
- buying and selling = supply and demand = company performance as it is closely tied to supplying to meet demand.Krassy
- is keeping your money in fiat gambling? or just stupidity?inteliboy
- Supply demand isn’t company performance though.monospaced
- company performance is absolutely tied to supply & demand, c'mon now :)Krassy
- Nairn5
- Nice. So we can buy her on the dip. Who can pass up a sale, son?DRIFTMONKEY
- ^ lolGuyFawkes
- the LA lakers arena might sue herKrassy
