General Cryptocoin Discussion

[Bomby569]

That or come under regulations.

And those bad actors are doing what they're doing because cryptocoin is unregulated. It's worthless unless clearly defined and strictly controls rules and laws are in place. It either needs to die and go away or be just as regulated as normal currencies.

that's a classic catch 21, if it was regulated it would just be another currency like fiat.

Crypto itself, the mechanics works just fine. Direct trading and wallets have no problem. All that surrounds it, that's the problem, the exchanges, the alt coins, the shit coins, the nfts, the endless scams.

 

[lexluthermiester]

that's a classic catch 21

You mean Catch 22? There is no catch 21.

Crypto itself, the mechanics works just fine.

No, it doesn't as shown over the last 9 years. 4 major valuation crashes, untold amounts of corrupt, dishonest and criminal activity. That's not a great definition of "fine".

Direct trading and wallets have no problem. All that surrounds it, that's the problem, the exchanges, the alt coins, the shit coins, the nfts, the endless scams.

But that's the problem, you can't have one without all the others. In an unregulated state, it's a very broken and deeply flawed system.

 

[Bomby569]

But that's the problem, you can't have one without all the others.

that's not true, you don't need exchanges, alt coins, etc... and without it there would be no scams or scammers, "hacks" or crypto dishonests

we can just agree to exchange goods and crypto without any 3rd party intervention

 

[lexluthermiester]

that's not true, you don't need exchanges, alt coins, etc... and without it there would be no scams or scammers, "hacks" or crypto dishonests

we can just agree to exchange goods and crypto without any 3rd party intervention

But they're going to happen. You can't have the open cryptocoin system the way it is without every sleazy nitwit & their dog creating garbage avenues of exploitation. In an ideal world were everyone was perfectly honest(or even close to it) the open cryptocoin market would work very well with a minimum of problems. But this isn't an ideal world and people are NOT anywhere close to being honest, let alone perfectly so. It's a system for a perfect world. Earth isn't perfect and is unlikely to ever be so.

 

[Bomby569]

But they're going to happen. You can't have the open cryptocoin system the way it is without every sleazy nitwit & their dog creating garbage avenues of exploitation. In an ideal world were everyone was perfectly honest(or even close to it) the open cryptocoin market would work very well with a minimum of problems. But this isn't an ideal world and people are NOT anywhere close to being honest, let alone perfectly so. It's a system for a perfect world. Earth isn't perfect and is unlikely to ever be so.

I agree, and i also thing regulations is the lesser evil. But the ideal was cutting back on the crap, crypto to pay for goods in a direct wallet exchange, period. I really want to emphasise this

Anything else it's its death, the current status quo or regulations that turn it into a fiat with another name, with taxes, regulated and controlled by a few individuals by exchanges, alt coins, stable coins etc...

I believe it will go back to what i said, eventually.

 

[ThrashZone]

You mean Catch 22? There is no catch 21.

Hi,
Sure catch 21 more crypo thieves

 

[TheinsanegamerN]

But they're going to happen. You can't have the open cryptocoin system the way it is without every sleazy nitwit & their dog creating garbage avenues of exploitation. In an ideal world were everyone was perfectly honest(or even close to it) the open cryptocoin market would work very well with a minimum of problems. But this isn't an ideal world and people are NOT anywhere close to being honest, let alone perfectly so. It's a system for a perfect world. Earth isn't perfect and is unlikely to ever be so.

Lets be honest, if we did live in such a perfect world, where people were honest, crypto wouldnt exist anyway. The idea was given life thanks to the 2008 crash that was fueled by greed and lies.

 

[80-watt Hamster]

Lets be honest, if we did live in such a perfect world, where people were honest, crypto wouldnt exist anyway. The idea was given life thanks to the 2008 crash that was fueled by greed and lies.

That connection seems tenuous to me. Could you elaborate?

 

[RandallFlagg]

Lets be honest, if we did live in such a perfect world, where people were honest, crypto wouldnt exist anyway. The idea was given life thanks to the 2008 crash that was fueled by greed and lies.

I fail to see the distinction between "greed and lies" and "crypto".

 

[lexluthermiester]

Lets be honest, if we did live in such a perfect world, where people were honest, crypto wouldnt exist anyway.

This is true!

That connection seems tenuous to me. Could you elaborate?

If you need that explanation, it's likely something that would take longer than anyone would likely want to spend the time to explain. However, the short version, if everyone(including governments and companies) was completely honest, normal money in both physical and electronic form would be more than enough for everyone's needs.

 

[Bomby569]

Coinbase lays off nearly 1,000 more employees, blaming FTX 'contagion' and economic downturn

The company plans to reduce operating expenses by 25 percent.

www.pcgamer.com

"everything is fine"
"your money is safe"

 

[Chomiq]

FTX: Collapsed crypto giant recovers over $5bn of assets

The firm's former chief executive Sam Bankman-Fried is accused of orchestrating an "epic" fraud.

www.bbc.com

$5bn, huh. Pocket money for some folks.

 

[KLiKzg]

FTX: Collapsed crypto giant recovers over $5bn of assets

The firm's former chief executive Sam Bankman-Fried is accused of orchestrating an "epic" fraud.

www.bbc.com

$5bn, huh. Pocket money for some folks.

They still moved around $1~2 billion in assets, which vanished to several accounts.

Question is: when he comes out of jail (if he comes out) with his Gang...how much would he have of those assets?

 

[RandallFlagg]

They still moved around $1~2 billion in assets, which vanished to several accounts.

Question is: when he comes out of jail (if he comes out) with his Gang...how much would he have of those assets?

The narrative on SBF is slowly shifting, you can pretty much feel it. Bill Ackman for example, slammed SBF/FTX early on but recently has been throwing out apologist pieces for SBF. Big media tried to be apologist at first, that didn't work and they retreated, but they're slowly moving back to the original 'it wasn't SBFs fault' narrative.

People have short memories, they forget, move on and don't care anymore. This gets used against them. I'd bet that SBF either won't go to jail or will get some kind of suspended sentence / time served and so on. It'll probably take 2-3 years to get to that point, at which point it'll probably happen with no comment or perhaps a largely ignored comment here.

 

[R-T-B]

The narrative on SBF is slowly shifting, you can pretty much feel it. Bill Ackman for example, slammed SBF/FTX early on but recently has been throwing out apologist pieces for SBF. Big media tried to be apologist at first, that didn't work and they retreated, but they're slowly moving back to the original 'it wasn't SBFs fault' narrative.

Not the vibe I've been getting, but I haven't been following crypto like I used to either, admitedly.

Coinbase lays off nearly 1,000 more employees, blaming FTX 'contagion' and economic downturn

The company plans to reduce operating expenses by 25 percent.

www.pcgamer.com

"everything is fine"
"your money is safe"

I have confidence in what little I have left there. Not that it's much, but I'm hardly worried by some streamlining in this market.

 

[KLiKzg]

The narrative on SBF is slowly shifting, you can pretty much feel it. Bill Ackman for example, slammed SBF/FTX early on but recently has been throwing out apologist pieces for SBF. Big media tried to be apologist at first, that didn't work and they retreated, but they're slowly moving back to the original 'it wasn't SBFs fault' narrative.

People have short memories, they forget, move on and don't care anymore. This gets used against them. I'd bet that SBF either won't go to jail or will get some kind of suspended sentence / time served and so on. It'll probably take 2-3 years to get to that point, at which point it'll probably happen with no comment or perhaps a largely ignored comment here.

Guy is supposed to be brilliant...like several billion $ brilliant...employs a moron COO (which does calculus form her junior high for multi million transactions) & does approving of spending money/trip & employment over a chat.
Talking over "the next level brilliance" here! Like: I feel sorry for the people investing in "his coin" at all! But this is crazy that is was not regulated before.

From what I see in future: 2023 is going to bring legislation to coins & transactions. So that this kind of "negligence" can't happen again!
Several pension funds (not mine) lost money on SBF game. What they were thinking? I really feel sorry for all the people.
But also, I am happy that someone irresponsible like SBF is out of the game. & I do hope he gets prosecuted for theft, once those 1~2 billion $ in coins are moved again.

 

[80-watt Hamster]

Not sure if the following is 100% appropriate for this thread, but it's at least related, and the concentration of folks who may be interested is probably highest here. Anyway, Vanity Fair article on the market decline of artwork NFTs. It's interesting, but not surprising, to note the similar language between crypto and NFT trading.

With art NFTs in particular, I think almost everyone involved is coming at it backward. Value in art comes from the same place as value in anything else: desirability. That desirability for art derives from significance. What drives the significance varies, but for pieces that "stick", it more-or-less comes down to, "this is really good," or at least important in some way. BoredApes and CryptoPunks might be seen that way in the future as the vanguards of tradable digital art, but almost all the talk and buzz orbits not around the works themselves, but around the associated NFTs.

From a certain perspective, I get it. An NFT is simply a key to the digital object it's tied to, so we're effectively talking about the trading of keys to virtual display cases. While that's a valid way to track ownership, does anyone else feel that it's extremely weird to be paying so much attention to the keys to the case, rather than what the case contains? In a news story of an art heist, the headline is, "Munch's "Scream" Stolen", not "Thieves Break Into Museum".

 

[RandallFlagg]

Not sure if the following is 100% appropriate for this thread, but it's at least related, and the concentration of folks who may be interested is probably highest here. Anyway, Vanity Fair article on the market decline of artwork NFTs. It's interesting, but not surprising, to note the similar language between crypto and NFT trading.

With art NFTs in particular, I think almost everyone involved is coming at it backward. Value in art comes from the same place as value in anything else: desirability. That desirability for art derives from significance. What drives the significance varies, but for pieces that "stick", it more-or-less comes down to, "this is really good," or at least important in some way. BoredApes and CryptoPunks might be seen that way in the future as the vanguards of tradable digital art, but almost all the talk and buzz orbits not around the works themselves, but around the associated NFTs.

From a certain perspective, I get it. An NFT is simply a key to the digital object it's tied to, so we're effectively talking about the trading of keys to virtual display cases. While that's a valid way to track ownership, does anyone else feel that it's extremely weird to be paying so much attention to the keys to the case, rather than what the case contains? In a news story of an art heist, the headline is, "Munch's "Scream" Stolen", not "Thieves Break Into Museum".

I think it's psychotic to a large degree. And I don't think history is going to look kindly on this periods 'art' and especially with things like NFTs, at least in their current form. At best, it might be considered childish in the future, if NFT somehow progresses to something more than just a key to something that has no real use and is easily reproduced for free (like I pasted that jpeg). i.e. something like Helium crypto, which is one of very few crypto types I find might have some long term useful purpose.

Having said all that, art in the modern age is garbage. So is architecture. The future will most likely look at this as a tasteless, dead society.

See if you can spot which is art and which is trash :

 

[the54thvoid]

OT, though relevant to traded art; therefore, loosely related to the artistic merit of NFT's....

Art is subjective. The above examples are an to an individual's taste. There is plenty of modern art which is original and 'pretty'. On the flipside, classical sculpture and architecture often followed standard trends, often because of dogma. So, a lot of modern art rejects that. The Barbican in London is a superb piece of town planning. Might not be to everyone's taste, but it's impressive, and a work of great intelligence.

NFT's could be anything, and I recall someone floated a bunch and was found to have bought their own work to inflate the value. NFT's are definitely modern nonsense where you own something that someone else is legally allowed to also have a copy of, or print, without penalty. NFT's were created as trading cards for rich folk, imo.

 

[ZenZimZaliben]

Man this thread still going on. Should just change the title to "General CryptoCoin Bashing" Is anyone on here even trading crypto besides @R-T-B ?

 

[80-watt Hamster]

Man this thread still going on. Should just change the title to "General CryptoCoin Bashing" Is anyone on here even trading crypto besides @R-T-B ?

Seems to me like both pro- and anti- sentiments would fall under the umbrella of general discussion. Trading and value talk has its own thread, so I don't see the point of limiting the scope of this one too much.

 

[R-T-B]

Man this thread still going on. Should just change the title to "General CryptoCoin Bashing" Is anyone on here even trading crypto besides @R-T-B ?

I don't even trade it anymore, just have some old mining holdings.

 

[ZenZimZaliben]

I don't even trade it anymore, just have some old mining holdings.

Oh really? I still been picking it up on the dips. Nice movement last couple of months. You're not mining anymore either?

 

[R-T-B]

Oh really? I still been picking it up on the dips. Nice movement last couple of months. You're not mining anymore either?

Nope. I converted most of my holdings to stablecoins a while ago too,

Crypto was a negative influence on both me and the world I feel, so I'm actively distancing myself from it now. I don't judge those who feel different, I am not the type to judge, but that's where I am.

 

[RandallFlagg]

Weekly chart "Death Cross' on BTC.

BTC had a daily chart death cross in Jan 2022.