Cryptocurrencies are a massive fraud

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MarloStanfield wrote:

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vmt80 wrote:

Just as a side note: DeFi100 just recently did an exit scam and ran away with $32 million in investor funds.

Their website was updated with a note:

'We scammed you guys, and you can’t do shit about it. HAHA. All you moon bois have been scammed and you cant do shit about it'

To be honest, I'm not even sure whether I really symphatize that much with greedy, rich, gullible people and their lost money.

Envious much?

Why would I be? I'm living in one of the most privileged parts of world, and doing quite well. It's another thing to recognize inherent injustice in an economic order which serves few at expense of many.

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MarloStanfield wrote:

Anyway, all that actually happened was their website got hacked.

Well, I stand corrected. Anyways, I do stand by my statement about untrustworthiness of cryptocurrencies as such. As a liquid asset, I'd much rather possess US dollars or Chinese renminbi, for that matter. Even as a hedge, cryptocurrencies are much too volatile. Sure, there is the gambling value, but if you want to gamble, you should also be prepared to afford losing your bets. That's why cryptocurrencies suck at what they are purported to be: a liquid medium of exchange.

By the way, I find it quite funny how both the description and critique of the system follow what I've earlier on said about PoE, and why I put the game aside.

yes

I don't agree with you personally. I believe that cryptocurrency is a step into the future.

Something is worth what ppl will pay... If titans on Wall Street think they are the "next big thing" they are/will be...I hate them for two reasons.

a) you cant buy a top end video card - or if you find one they are signifigantly more than retail - Aim never pays retail.

b) environmental destruction making coins. I had a freind is HS who had $4000 powerbills making coins as a small time operator...there is no limit obviously to power you need since its a growing industry. The only limit is how many video cards you can afford/are produced.

AMD/nVidia can't satisfy demand because there is no limit to making digital currencies, whereas, we gamers only need one top end card every 2-3 years. AMD/nVidia and Miners would fill warehouses after warehouses with farms if they could and cover entire planet. It would be totally insane if they could meet demand.

I think that at the end of the day Elon Musk (I bet he must be having a hell of a crack right now) and a bunch of very select few will be some millions richer, and a great good deal of gullible (but extremely greedy) people will get the short end of the stick (as usual), and end up having a stock of very expensive but mostly useless equipment, that nobody would want to buy off their hands (except for peanuts). I also think that day is not very far. But we'll have to wait and see. Why gullible one might ask? Because whoever thinks that billionaires give good financial advice for... free, and don't have an agenda (which they always do, that's how they made their fortune in the first place), can only be called that.



Edit: Don't buy a GPU right now for no reason. That's my advice. Free of charge too.

Maybe the billionaires want to decouple from governments. Setting up parallel monetary systems is a good way. Can't be tracked, taxed, inflated, quantitative eased and so on. They will effectively become the new lords in some kind of financial feudalism. We already have a sort of pseudo-aristocracy where money buys access but imagine if you controlled the money itself. Divine Rights of Kings and everything is back.

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Aim_Deep wrote:

Maybe the billionaires want to decouple from governments. Setting up parallel monetary systems is a good way. Can't be tracked, taxed, inflated, quantitative eased and so on. They will effectively become the new lords in some kind of financial feudalism. We already have a sort of pseudo-aristocracy where money buys access but imagine if you controlled the money itself. Divine Rights of Kings and everything is back.

Which is also why they want to go to Mars. Musk has talked about people being unable to afford the trip but paying their debt to him through work at the other end; in other words setting up a system of indentured servitude.

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GusTheCrocodile wrote:

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Aim_Deep wrote:

Maybe the billionaires want to decouple from governments. Setting up parallel monetary systems is a good way. Can't be tracked, taxed, inflated, quantitative eased and so on. They will effectively become the new lords in some kind of financial feudalism. We already have a sort of pseudo-aristocracy where money buys access but imagine if you controlled the money itself. Divine Rights of Kings and everything is back.

Which is also why they want to go to Mars. Musk has talked about people being unable to afford the trip but paying their debt to him through work at the other end; in other words setting up a system of indentured servitude.

Sounds like Path of Exile if the enemies knew how to use Virtue Gems and link them better.

One thing about currency that was technically implied from the 4th post of this thread, but that vmt80 doesn't seem to want to get (although maybe I'm wrong on that) is this: the primary utility of a currency is that other people value it. With pretty much any other tradeable commodity, you don't buy it because other people want it, but because it does something somewhat empirical.

For example, people tend to value food that tastes good and makes them not hungry. So if a particular food item is overvalued, the "empirical value" of that item's taste and nutritional value will work against that overvaluing.

In contrast, with a currency other people valuing it is utility in and of itself. If other people value it more, then in terms of its "empirical value" it is worth more, because the reason why you have currency is for other people to value it — well, and to have it be convenient to store, move and exchange, but lots of digital currencies satisfy those requirements, making "people value this" the real hurdle.

And let's not pretend like dollars and euros aren't digital currencies because a fair number of us have barely seen or touched paper money in the past year and still managed hundreds of transactions.

So unlike every other type of tradeable, currencies literally operate under the same principle as Ork psychic powers in Warhammer 40K. In real life, red paint doesn't make a trukk fasta, but people thinking a type of money is worth more DIRECTLY makes it worth more.

This said, there are all kinds of things that work indirectly on belief in value. And this kind of intrinsic value only really effects demand — if the AVAILABLE supply is sufficiently large, people don't place much value on even something as necessary to life as fresh water. But my point is: people do not generally value Exalts because they personally plan on consuming Exalts, but they value Exalts because they can count on other players valuing Exalts. It's definitely a case of feels being more important than, albeit influenced by, reals.

Cryptocurrencies has its own problems. Cryptocurrencies is not universally accepted and less in circulated, which make it less desirable as a currency. Cryptocurrencies are more an asset than a currency. Cryptocurrency is more valued as a speculation tool not as an investment or currency. Cryptocurrencies are backed by corporations rather than government, which is make it less trustworthy and safe. The value of Cryptocurrencies being more volatile and risky. Being overvalued, and having huge difference in its perceived value. Resulting with Cryptocurrencies in massive bubbles that could likely burst.

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GusTheCrocodile wrote:

Which is also why they want to go to Mars. Musk has talked about people being unable to afford the trip but paying their debt to him through work at the other end; in other words setting up a system of indentured servitude.

I am more amused that people can be convinced to take part in someone's risky and dangerous experiment/capital venture and pay for it at their own expense.