Jump to content
Search In
  • More options...
Find results that contain...
Find results in...
Mr. Freeze

The ongoing cryptocurrency crash

Recommended Posts

Posted (edited)

Yeah, good riddance!

 

To be fair, I think that the end goal of the more hardline ideological ones is to eventually replace fiat currency altogether, rather than being compared to it. I don't think that would be wise, we already depend on computers way too much as it stands, and just more stuff keeps relying on computers, the negative effects of which are clear and only increasing.

 

Either way, in my opinion, the manifestation of currency is mostly irrelevant to the way in which society is organized, even economically. We should focus on ways to have our own means of production, to compete against the upper echelons of the private sectors. And I mean, we don't even need to have our own MoP for things to be better. There are countries in which state-owned companies compete against private companies, and just the competition itself just keeps either away from becoming a scamfest.

Share this post


Link to post

NFTs should be renamed into IDTs: "Imaginary Disappearing Token" 

Share this post


Link to post
Posted (edited)

It's only one particular coin and it's ecosystem that was subjected to a market manipulation attack due to a flaw in it's financial algorithm and the creator's own hubris. The coin(s) involved (LUNA, TERRA, UST, whatever) are now dead.

 

There is quite a bit of contagion because it has effected the entire crypto market as a whole, but I would say this is a temporary set back and if you're hoping for the end of crypto, this isn't it. This will probably cause regulators to step in and possibly further legitimize cryptocurrency in the future. Remember that there are already tons of big financial institutions in this market now.

Share this post


Link to post

When I first saw the thread name, i thought it was a wad

Share this post


Link to post
23 minutes ago, Crystal-Hawk_D00M said:

Does this mean that grifters will actually get jobs now?

No. There's always another grift.

Share this post


Link to post

why are so many people in this thread against crypto?

Share this post


Link to post
38 minutes ago, gwain said:

why are so many people in this thread against crypto?


It's just normal sense to be honest.

Share this post


Link to post
Posted (edited)
55 minutes ago, gwain said:

why are so many people in this thread against crypto?

Basic common sense. It's bad for the environment, the whole game is loaded with scammers, then you have PC part grifters, China in general, misconceptions, lies, etc. It's a load of shit and I hope the NFT shit goes next.

 

Beside all that, I'm sick of hearing about it.

Share this post


Link to post
59 minutes ago, gwain said:

why are so many people in this thread against crypto?

I participate in crypto. But honestly, outside of profit-driven price speculation, there doesn’t seem to be any solid productive use case for it yet.

 

The current market is also full of scammers

Share this post


Link to post
1 hour ago, gwain said:

why are so many people in this thread against crypto?

 

- Doesn't solve any problems it purports to 

- Isn't a currency outside of incredibly niche purchaes (Teslas come to mind) 

- Making the Earth warmer through copious amounts of wasted energy 

- Is volatile to the point of ludicrousness. TerraLuna for instance went from $100 a coin to $1 a coin to 1¢ a coin to .001¢ a coin...all in one week. 

- Has little to no regulation meaning fraud isn't just rampant, it's reinvented. Your wallet got stolen? You got scammed? You got rugpulled? Tough titty, nothing you can do. 

- Piggybacking off of the first point, it's just another way for the rich to get richer. The early adopters who had the capital to invest a ton and the GPU rigs to mine without disadvantage reap all the profits. You buying into Bitcoin at 30k isn't going make you anything unless you invest millions at which point...you are rich enough to profit from it. 

Share this post


Link to post

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×