Society/Culture Elon Musk abandons crypto
- Thread starter Chief
- Start date
- Tagged users None
Will go down as history's greatest scam.
I don't understand how/why at all, but my understanding is that ownership of BTC would always be in your possession, nobody can take it off you and claim it as their own.
Unless they get into one of the extremely shonky-looking exchanges/wallets which everyone uses.
Don't get me wrong, I think it's all a sham. I think there's use for Blockchain technology, but it's far too convoluted to be used as exchangeable currency like these cryptos are pretending it could be. By necessitating the middle-men, they lose any technological advantage over existing Govt-backed currencies.
- Jun 14, 2013
- 13,076
- 15,680
- AFL Club
- Essendon
Over 95% of what falls under the umbrella of 'cryptocurrency' aren't used as currencies. I find the best pure cryptocurrencies are those that are pegged against USD. Something like bitcoin is better described as digital gold although it functions more as a risk on asset price wise.
Crypto tokens are sold as solving real world problems. I agree with Chief that most of them are scams, but not all are. That's where nuance is often lost in these discussions.
- Jun 14, 2013
- 13,076
- 15,680
- AFL Club
- Essendon
I am too! The pizzas below were bought for 10,000 bitcoin in 2010 which are currently worth $340 million.
Power Raid
We Exist To Win Premierships
well said and agreed
the challenge for "investors" and "customers" is separating the scams for the real opportunities.
the challenge for the "cryptocurrency" is surviving the regulations, scrutiny and government competition that will come
Just another day
Web3 is Going Just Great
A timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.
web3isgoinggreat.com
I guess it's the same point, but the challenge with surviving the regulations and scrutiny is because of all the scams.
I can't really see the scams ending, the enticement of being able to practically digitally produce "currency" will just be too tempting, forever. Or there's even more regulation coming and the cost of genuine cyptocurrencies (if there are any) doing business will degrade their value.
To be fair tho youd need to value those pizzas today too before you can call it a bad investment.
On SM-G955U1 using BigFooty.com mobile app
- Sep 21, 2004
- 46,558
- 52,877
- AFL Club
- GWS
Lol digital gold.
It’s different in that it doesn’t exist.
Sent from my iPhone using BigFooty.com
- Jun 14, 2013
- 13,076
- 15,680
- AFL Club
- Essendon
What do you mean "it doesn't exist"? Does the post I'm replying to exist?
It has value while someone else is willing to buy it. Other than that it seems a useless asset. It's too volatile to be much good as a currency.
- Jun 14, 2013
- 13,076
- 15,680
- AFL Club
- Essendon
My wife wonders why I watch men kicking a ball around an oval. It seems pointless, right?
I disagree with your assessment, which is why I was buying bitcoin at $4-5k after the covid crash while several naysayers were trolling in the cryptocurrency thread.
Anything under 20k USD is undervalued for BTC afaic. It won't go to zero because people like me are ready to buy at bargain prices. I'll sell at or above 100k USD in 3 years time.
Fair point. I agree. As posted previously, I prefer to use stablecoins that are pegged to USD for transactions.
Then why not just buy USD? Are you trying to stay out of the banking system?
Admittedly bank exchange rates are highway robbery.
- Jun 14, 2013
- 13,076
- 15,680
- AFL Club
- Essendon
Crypto payments are often easier for international transactions as well as payment to others who work in the cryptosphere (usually international too). Generally I find Osko/PayID payments more convenient when the transaction is national and when security is important.
All things being equal, I'd rather support crypto because I believe it's the better choice as a financial system for the good of humanity.
I still don't understand the thread title. Where is the PROOF?
Chief
~ Shmalpha ~
- Thread starter
- Admin
- #93
You mean the bit where Tesla flogged off 75% of their crypto?
It's like fairies. They can't survive without your belief.
Musk was pumping Dogecoin, partially at the request of Tesla workers he met.
He never believed in it. He wanted to slip his employees a bonus that didn't come out of his pocket.
"Tesla holds $1.5 bil in BTC! It must be going big! HODL!"
That's a fraction of the company value. They've torn up money on it. Hold a few hundy mil on the chance it blows up again.
Crypto is not part of Musk's core business. It's a gamble. One of many. It didn't pay off to the levels he hoped. Like many of his crazy ideas.
So he still holds some and he's abandoned it. I mean which one is it?
Chief
~ Shmalpha ~
- Thread starter
- Admin
- #96
Too funny:
www.afr.com
“We owned some luna,” Mr Carnegie said from Singapore, where he lives. “We net ended up square or maybe down a bit. With a Ponzi scheme you are trying to get in and out early.”
...
He said Mr Kwon and other crypto entrepreneurs operating stablecoins were engaged in a form of banking where their financial reserves could not cover, at any one time, their liabilities.
“They have no view of history and no historical context,” he said. “They feel they are discovering everything for the first time. It was leveraged fractional banking, which has been run a gazillion times again and again.”
One Twitter poster responded that Mr Carnegie had lobbied for cryptocurrency funds to be traded on the Australian Securities Exchange. When that was unsuccessful he relocated to Singapore, which had encouraged the funds to set up business there.
“Carnegie turns out be just another crypto bagholder, not the messiah,” wrote a Perth-based account named Talorc.
Carnegie slams ‘scumbag’ crypto traders
The high-profile cryptocurrency investor said he had invested in the luna blockchain currency, which collapsed this year to almost zero.
“We owned some luna,” Mr Carnegie said from Singapore, where he lives. “We net ended up square or maybe down a bit. With a Ponzi scheme you are trying to get in and out early.”
...
He said Mr Kwon and other crypto entrepreneurs operating stablecoins were engaged in a form of banking where their financial reserves could not cover, at any one time, their liabilities.
“They have no view of history and no historical context,” he said. “They feel they are discovering everything for the first time. It was leveraged fractional banking, which has been run a gazillion times again and again.”
One Twitter poster responded that Mr Carnegie had lobbied for cryptocurrency funds to be traded on the Australian Securities Exchange. When that was unsuccessful he relocated to Singapore, which had encouraged the funds to set up business there.
“Carnegie turns out be just another crypto bagholder, not the messiah,” wrote a Perth-based account named Talorc.
Chief
~ Shmalpha ~
- Thread starter
- Admin
- #97
Oh Christ!
Fyre Festival Part II goes NFT!
decrypt.co
Fyre Festival Part II goes NFT!
Fyre Festival’s Island Is Being Turned Into an Enclave for Crypto Millionaires - Decrypt
The infamous locale of the Fyre Festival fiasco is being repurposed for the crypto elite, who will need to snag an NFT to get in.
decrypt.co
- Banned
- #98
Bitcoin still at +30k
Yesterday at the servo I saw you can pay with bitcoin/etherium/others. I asked if anyone had ever done it and they said “no. One guy tried but it didn’t work.”
Is anyone using it as currency yet? Or is it still just people investing in nothing?
Is anyone using it as currency yet? Or is it still just people investing in nothing?
- Banned
- #100
I think a bloke bought pizza with BC a while back - about 500 million dollars today
