The ongoing cryptocurrency crash

[Mr. Freeze]

Bored Ape Yacht Club Owners Are Down Nearly 80% in Less Than 6 Weeks

[Ozcar]

Nft is the worst things happened 2020s

Not seriously these pic is ugly as shit, Who tf is gonna buy that shitty chimp picture. 

Just screenshot instead buying that shit.

[Graf Zahl]

3 hours ago, Mr. Freeze said:

Bored Ape Yacht Club Owners Are Down Nearly 80% in Less Than 6 Weeks

 

This makes me smile. :)

 

The good thing here is that NFTs are already crashing hard now - when it's a relatively new thing. It's a clear sign that the market at large has no faith whatsoever in this nonsense, regardless of the relentless push by interested parties.

 

Like any sane person here knows and many already have stated, it doesn't hurt to repeat: Ultimately this is a device to separate stupid people from their money. Those who started it got rich quick - those who are stuck with the worthless merchandise are screwed.

 

[Pirx]

8 hours ago, Ozcar said:

Not seriously these pic is ugly as shit, Who tf is gonna buy that shitty chimp picture. 

 

 

stupid is as stupid does.

[ducon]

7 hours ago, Graf Zahl said:

Ultimately this is a device to separate stupid people from their money.

It’s not a question of stupidity. I’m stupid compared to X and X is stupid, compared to Y and so on. It’s more a question of knowledge (in economics, psychology…), of family (and friends) to discuss with, even of political ideas (a hardcore communist won’t have been fooled by NFT and cryptocurrency, but something else fools him).

And even if it were, I wouldn’t find it funny.

Edited August 8, 2022 by ducon

[FractalBeast]

NFT's did exactly what they were meant to do. Give the late-adopter bitcoin (almost)millionaires that were a bit too late to cash out earlier, the money to cash out a while ago. And they have cashed out, and now people are waking up to the fact that they've bought very expensive Twitter pfp's, and the market is crashing.

[ChopBlock223]

The way I had it explained to me is that NFTs is supposed to make sense for certain miscellaneous technologies, but then people started using it for laundering money and making pyramid schemes.

[rzh]

On 8/8/2022 at 7:17 AM, Mr. Freeze said:

Bored Ape Yacht Club Owners Are Down Nearly 80% in Less Than 6 Weeks

This, much like New Years Eve is one of the few rare things that is universally celebrated regardless of one's personal beliefs and identity.

[Sonikkumania]

14 minutes ago, rzh said:

This, much like New Years Eve is one of the few rare things that is universally celebrated regardless of one's personal beliefs and identity.

Tbh I just found out about this fad from this thread.

[Ozcar]

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Edited October 22, 2022 by Ozcar

[Ozcar]

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Edited October 22, 2022 by Ozcar

[wallabra]

2 hours ago, rzh said:

This, much like New Years Eve is one of the few rare things that is universally celebrated regardless of one's personal beliefs and identity.

 

2 hours ago, Sonikkumania said:

Tbh I just found out about this fad from this thread.

 

Oh, BAYC is even worse than you thought. Their demise is such catharsis that I'm not just celebrating — I'm doing cartwheels, as anyone should!

[Sonikkumania]

16 minutes ago, wallabra said:

 

 

Oh, BAYC is even worse than you thought. Their demise is such catharsis that I'm not just celebrating — I'm doing cartwheels, as anyone should!

Man, there's so many nazis and communists these days, no wonder there's going to be a World War 3.

[Graf Zahl]

3 hours ago, wallabra said:

 

Oh, BAYC is even worse than you thought. Their demise is such catharsis that I'm not just celebrating — I'm doing cartwheels, as anyone should!

 

Hands up who isn't surprised that these things are run by shady low-lifes. If easy money is involved, so are crooks and people with questionable agendas but a need for money to further their goals.

[dasho]

Did I read it wrong, or is this just the demise of the people who were left holding the bag? I'm sure the nazis or whatever already took the money and ran.

[TheMagicMushroomMan]

Reporting on the nazi shit is pointless - nobody is going to say "wow, I was going to get into the Bored Ape NFT thing until I noticed they're using nazi imagery". Everybody with half a brain already hates this stuff. Writing up news articles like that is exactly what they'd want people to do because it only gives them more exposure to an audience that is dumb enough to fund their scam. You really think that they figured nobody would notice any of that stuff when they sat down and decided to incorporate that kind of imagery into their "product", and that they thought people wouldn't report about it when they found out? Sometimes it's best to just ignore the nazis.

[mrthejoshmon]

I mean they're out there selling artwork of 9/11 suicides as NFTs, offensive and tasteless are not words in the dictionary of greed.

 

I'm unsure of how to feel to be honest, if this scam at some point robbed an unironic Nazi by appealing to them then good, coz fuck em, but then also this scam would have made money so...

[TheMagicMushroomMan]

32 minutes ago, mrthejoshmon said:

I'm unsure of how to feel to be honest, if this scam at some point robbed an unironic Nazi by appealing to them then good, coz fuck em, but then also this scam would have made money so...

The unironic nazi would be glad that they gave their $400,000 to a group of wealthier and probably-slightly-less-unironic nazis instead of using it to renew their Tiktok Premium account. 

Edited August 10, 2022 by TheMagicMushroomMan : Had to add an extra zero, I keep forgetting how expensive Tiktok Premium is these days

[mrthejoshmon]

2 minutes ago, TheMagicMushroomMan said:

The unironic nazi would be glad that they gave their $40,000 to a group of wealthier and probably-slightly-less-unironic nazis instead of using it to renew their Tiktok Premium account.

That is true actually, I forget that they [cult] love daddy führer and would do anything for him. [/cult]

[wallabra]

On 8/10/2022 at 5:50 AM, Sonikkumania said:

Man, there's so many nazis and communists these days, no wonder there's going to be a World War 3.

 

Communists? I think you mean tankies? They're a dangerous thing, you know. All the serious rad-lefts have moved away from ML long ago.

 

 

On 8/10/2022 at 2:49 PM, TheMagicMushroomMan said:

Sometimes it's best to just ignore the nazis.

I agree with you, though this last bit here, this is often dangerous in general because, without society holding Nazis being Nazi in public accountable, and normalizing it, this intolerance can spread and overwhelm all remaining forms of tolerance. That is, in a society that is so tolerant as to tolerate intolerance, the intolerance tends to take over. This is known as the Paradox of Tolerance.

 

But in this case, I suppose weighting the points you brought up, you have a point.

[Mr. Freeze]

Aaaaand it's all crashing again! 

[ducon]

[Graf Zahl]

Two thumbs up from me! :D

 

[HorseJockey]

My friends wife called it "Mary Kay for dude bros" and I think that's apt. Such a scam, it's like the gold encrusted steak, pointless and designed to separate wealthy people from their money.

[holaareola]

What crash? If this is a crash, I need a new word for what has happened to my portfolio of actual stock in actual companies that produce actual things.

 

You'll just have to hate a little longer, haters. I'm fairly sure the crash you're praying for will be along at some point. I share your scepticism but will not be praying with you.

[Herr Dethnout]

3 hours ago, Mr. Freeze said:

Aaaaand it's all crashing again! 

Why I believe in God n#777:

[Gez]

4 hours ago, Mr. Freeze said:

Aaaaand it's all crashing again! 

BTC is still overvalued by $17,855.05, IMO.

[Pirx]

4 hours ago, Gez said:

BTC is still overvalued by $17,855.05, IMO.

 

 

this. it can go... wherever doom  takes place.

[RDETalus]

tl;dr for this month’s crash:

A guy formed a company, cryptobros gave him all their money, he mismanaged the money, the company then collapses, there is no money anymore, lol. This is like the fourth time this has happened this year.

Giving one guy control of all your money was never part of crypto's philosophy, but people keep doing it anyways

Edited November 11, 2022 by RDETalus

[Mr. Freeze]

So how about that "Decentralized Finance" eh?