GooberTheHat wrote:

Watching at x1.5 speed, and still have an hour and a half left to go and he's already made the case that it's all a dumb pyramid scheme scam. I'm looking forward to the rest of it.

I sat and watched it all through to the end, it's pretty fascinating and he gets genuinely angry at the end and it's great.

We got thsi hodl hodl!

I know enough about NFTs to not really know about NFTs, but if someone buys a monkey or whatever for their Twitpic, there's nothing (but good sense) stopping anyone else from using it?

Your original might be much higher quality, but virtual theft keeps it from ever being shown! Schrod's art.

You don't buy the image, you buy a token that contains a link to the image. There is nothing to stop anyone reproducing the image and using it.

Eh?

Yeah, it's a very clumsy analogy.

I'll need to watch over a couple of days but I'm very interested in experiencing the absolute bodying of this whole mess.

Here’s another go at slashing it to pieces, by exploring the Tether bubble

https://jacobinmag.com/2022/01/cryptocurrency-scam-blockchain-bitcoin-economy-decentralization

Crypto currency then.

Generating a coin takes resources (hardware as capital + electricity and cooling as revenue) but most costs are sunk and that value is untransferable - the result has no inherent value. You are left with depreciating servers.

A diamond takes resources to find and cut etc. That is sunk too. But you have a diamond in your hand.

Fuck crypto currency. 

Buy and sell some by all means but don't think for a second it's any better than going to the bookie. The forces at play are far too unpredictable and everything is immature and easily distrupted. Presumably this could be modelled at some point - more likely at a macro level. But no-one is going to share that knowledge and like anything in economics - once you find a cause and effect it stops working once you start taking advantage of it. It's also worth bearing in mind that since it is completely synthetic there is a possibility it is being controlled by someone who is profiting by it - ie. whoever started it off.

Gamble by all means but gamble responsibly. Always play where it is safe.

It's an interesting proposition. That's for sure. And worth keeping an eye on.

Blockchain technology is interesting. I've looked at how it works. But it could be used for a great many unrelated things and it's unfair it's shackled to crypto-currency in many peoples' eyes.

I'd be a lot more comfortable if crypto was linked to an income generating asset though. I think folk are fascinated with the mechanics of it and that can become a distraction.

Brooks wrote:

The takeaways that I hadn't seen expressed entirely so tidely: - Crypto 'solves' a problem no one was realistically having: the hacking of data streams. It does nothing about idiots and fuckarses putting bad information in there in the first place - Public ledgers can become really fucking dangerous tools of oppression pretty easily

Good luck taking stuff off the ledger without massive effort either. Total clown shoes behaviour.

Armitage_Shankburn wrote:

It was just pure lol

And still is. Nowt’s moved on much since.

Can’t argue with you there. Always good and satisfying to do a big Nelson ‘HA-HA.’

Start of the year, about $1000.
End of the year, $14,000.

Well we should have all put in our pensions.