China Posted December 23, 2021 Share Posted December 23, 2021 Link to comment Share on other sites More sharing options...
China Posted January 5, 2022 Share Posted January 5, 2022 The Ticking Bomb of Crypto Fascism The crypto market’s inevitable crash will pull America’s politics in an even scarier direction. Even more significant is the rise of cryptocurrency (and, to a lesser degree, NFTs, the ephemeral online artworks whose value is now approaching that of the entire traditional U.S. art market). Crypto is now worth trillions of dollars. All of that value is premised not on some fundamental utility, but rather on the idea that there will always be someone else who will come along and pay you more than you spent on your crypto. This is going to end badly. They are called crypto “currencies,” but clearly they are not currencies. Their value fluctuates far too much to be a useful medium of exchange. So what are they? They are collectibles, pure speculative objects with zero intrinsic value. If you buy a stock, you own a portion of a business; if you buy a house, even if the price goes down, you still have a house. If you buy a Bitcoin, you have nothing but the title to a piece of computer code that can do absolutely nothing for you except to the extent that someone else can be induced to pay you money for it. In the midst of a mania, as we are now in, the price of these imaginary assets tends to rise, because the collective public sentiment is that the prices will rise. When that sentiment changes — whether due to fear, or some event that causes crypto holders to need to cash out — the price will plummet. This basic dynamic has been demonstrated a zillion times in financial history, often by assets with far more substance than crypto. Crypto, like meme stocks, is a poor replacement for the American dream. A functional nation would end gerrymandering, pass campaign finance reform, end the filibuster, abolish the undemocratic U.S. Senate, tax great wealth, institute public healthcare and build a social safety net to ensure that no one in our very wealthy country slipped all the way through the financial cracks of life and was ruined. But that’s not the American way. The American way is to cheer on the few lucky ultra-rich people, and fete them as heroes, and look for a way to emulate them, although such a thing is mathematically impossible. Instead of socialism, we have given people crypto. They buy crypto, for the most part, not because of lofty beliefs in techno-futurism, but because they think it is a way to get rich quick for a low entry price. Crypto is just a modern lottery ticket. But whereas lottery tickets only cost you a little at a time, crypto will inflate to the moon and then crash into the gutter in a far more devastating way. The bitterest irony, perhaps, is that while the regular folks flock to crypto because they think it’s a utopian land of opportunity for the little guy to make a buck, it is, in fact, largely controlled by a small cartel of rich investors. Just like everything else. The crash of crypto is bound to happen for the same reason that all Ponzi schemes eventually crumble: There is not an infinite supply of new people willing to pay ever-increasing prices for the stuff that you currently own. The more interesting question is not whether many small-time investors will lose a lot of money on their crypto investments, but what will happen when they do? Click on the link for more 2 Link to comment Share on other sites More sharing options...
Ball Security Posted January 6, 2022 Share Posted January 6, 2022 4 hours ago, China said: The Ticking Bomb of Crypto Fascism The crypto market’s inevitable crash will pull America’s politics in an even scarier direction. Even more significant is the rise of cryptocurrency (and, to a lesser degree, NFTs, the ephemeral online artworks whose value is now approaching that of the entire traditional U.S. art market). Crypto is now worth trillions of dollars. All of that value is premised not on some fundamental utility, but rather on the idea that there will always be someone else who will come along and pay you more than you spent on your crypto. This is going to end badly. They are called crypto “currencies,” but clearly they are not currencies. Their value fluctuates far too much to be a useful medium of exchange. So what are they? They are collectibles, pure speculative objects with zero intrinsic value. If you buy a stock, you own a portion of a business; if you buy a house, even if the price goes down, you still have a house. If you buy a Bitcoin, you have nothing but the title to a piece of computer code that can do absolutely nothing for you except to the extent that someone else can be induced to pay you money for it. In the midst of a mania, as we are now in, the price of these imaginary assets tends to rise, because the collective public sentiment is that the prices will rise. When that sentiment changes — whether due to fear, or some event that causes crypto holders to need to cash out — the price will plummet. This basic dynamic has been demonstrated a zillion times in financial history, often by assets with far more substance than crypto. Crypto, like meme stocks, is a poor replacement for the American dream. A functional nation would end gerrymandering, pass campaign finance reform, end the filibuster, abolish the undemocratic U.S. Senate, tax great wealth, institute public healthcare and build a social safety net to ensure that no one in our very wealthy country slipped all the way through the financial cracks of life and was ruined. But that’s not the American way. The American way is to cheer on the few lucky ultra-rich people, and fete them as heroes, and look for a way to emulate them, although such a thing is mathematically impossible. Instead of socialism, we have given people crypto. They buy crypto, for the most part, not because of lofty beliefs in techno-futurism, but because they think it is a way to get rich quick for a low entry price. Crypto is just a modern lottery ticket. But whereas lottery tickets only cost you a little at a time, crypto will inflate to the moon and then crash into the gutter in a far more devastating way. The bitterest irony, perhaps, is that while the regular folks flock to crypto because they think it’s a utopian land of opportunity for the little guy to make a buck, it is, in fact, largely controlled by a small cartel of rich investors. Just like everything else. The crash of crypto is bound to happen for the same reason that all Ponzi schemes eventually crumble: There is not an infinite supply of new people willing to pay ever-increasing prices for the stuff that you currently own. The more interesting question is not whether many small-time investors will lose a lot of money on their crypto investments, but what will happen when they do? Click on the link for more I read that and wanted to know how many Americans own crypto. I saw a 48M number from the Microstrategy CEO and crypto enthusiast. I saw a link from Pew Research that said 16%. Now among those, what percentage “dabbles” in it and how many people will be financially ruined if it collapses? Is it more than the real estate investors who got wiped out in the Great Recession? More than the number of people who got taken by MLMs? Link to comment Share on other sites More sharing options...
DCSaints_fan Posted January 6, 2022 Share Posted January 6, 2022 I don't think crypto is going away anytime soon. Major institutions/big players are starting to get involved now. Crypto is reaching the point where it is Too Big To Fail. Link to comment Share on other sites More sharing options...
China Posted January 11, 2022 Share Posted January 11, 2022 Cryptolanders Inevitably Implode Over Age Of Consent It’s a story as old as time. A group of financially independent young men find each other on the internet. They realize they all have similar libertarian beliefs and decide they should start their own nation. They then convince a bunch of other men, usually ones who aren’t so financially independent, to buy into this scheme to support their dream of building the perfect libertarian state. And it doesn’t even matter what kind of internet community of men we’re talking about. This will happen anywhere. Twelve years ago, Redditors tried to organize Reddit Island and then last year did it again! You put enough men together in a chatroom, they will try and build their own sovereign state. This is, essentially, the main engine behind things like the doomsday prepper industry or far-right American militias. But there tend to be a few things that really screw these projects up. First, libertarians, inherently, don’t work together very well. Second, even if they do manage to organize themselves, they typically can’t amass enough capital to buy a piece of land that they can turn into their own country. Buying an island or an abandoned oil tanker or whatever is expensive and complicated. But even if everything else goes right, there is one thing no group of online free market weirdos have ever been able to agree on. Once the topic is even mentioned within a group of libertarian men, it will cause so much infighting and drama that it inevitably destroys the community and implodes whatever shared goal they were trying to accomplish. And that topic is, of course, age of consent laws. Which is exactly what threw the Cryptoland project into chaos this weekend. If you missed Cryptoland, you can watch the, uh, trailer for it embedded above. It seems like some versions are being pulled off YouTube, but, as of this morning, this one was still working. If this goes down, you can also watch it here. Cryptoland is what’s called a decentralized autonomous organization, or DAO, which are cryptocurrency-backed communities that tend to not be decentralized, autonomous, or even very well organized. If you’re new to this world, a DAO typically picks a goal — in this case, buying an island in Fiji for crypto traders to live on — and then generates a crypto token, which then people can buy. That token acts like a share of a stock. Buying a token gives you access to the community behind the project, which is typically hosted on Discord, and usually also gives you voting power. Basically, imagine a chatroom structured like a stockholders meeting. The project’s trailer got a lot of attention last week, but an incident involving the Cryptoland Twitter account was what really derailed this whole thing. Last week, Twitter user @widesauce asked the project’s Twitter what the age of consent would be on the island. In a now-deleted response that you can read an archive of here, the account replied, “Mental maturity should be more than enough! ;)” After deleting the tweet, the account posted a statement claiming that they didn’t understand the question and thought it was asking how old people would have to be to visit the island. They are also threatening to sue users who tweet about the controversy. Click on the link for the full article 1 Link to comment Share on other sites More sharing options...
China Posted January 20, 2022 Share Posted January 20, 2022 And the grift goes on… Experts Raise Warnings About Steve Bannon’s New Cryptocurrency Last month, Steve Bannon, the former Trump campaign manager and White House strategist, announced his participation in a new venture: a cryptocurrency marketed to Joe Biden haters and Donald Trump devotees. He and Boris Epshteyn, another ex-Trump adviser, boasted that they had taken a “strategic ownership position” in a crypto coin called $FJB. That stands for **** Joe Biden. On his podcast, Bannon began talking up the coin, of which they both had acquired significant amounts, as a “currency for the MAGA movement.” During one episode, Epshteyn hailed the $FJB coin as a tool to help Trump fanatics “let your feelings, your primal disapproval, your primal disgust with Biden be heard.” But $FJB buyers might want to beware. Not only does every purchase bolster the value of Bannon’s and Epshteyn’s holdings, crypto experts say the currency is designed in a way that affords its operators an unusual amount of discretion in blocking owners of coins from selling their tokens—a power that could cause problems for investors. Click on the link for the full article 1 Link to comment Share on other sites More sharing options...
Cooked Crack Posted January 20, 2022 Share Posted January 20, 2022 Link to comment Share on other sites More sharing options...
Califan007 The Constipated Posted January 20, 2022 Share Posted January 20, 2022 Not sure if this should be in this thread because I have no idea what an NFT is lol... 3 Link to comment Share on other sites More sharing options...
China Posted January 22, 2022 Share Posted January 22, 2022 New York’s mayor is getting paid in bitcoin. But can he pay the bills with it? New York’s new mayor gets his first paycheck on Friday – and as part of his bid to keep the city “on the forefront of innovation”, he’ll be receiving his wages in cryptocurrency. “New York is the center of the world and we want it to be the center of cryptocurrency and other financial innovations,” Eric Adams said in a press release. But even in the center of the world, trying to live on ethereum or bitcoin might be a struggle. The subway won’t take it, and it’s hard to fit dogecoin in the quarter slot at the laundromat. So what will Adams actually be able to do with his paycheck? Yes. Getting groceries might be difficult – in 2019, Whole Foods began accepting cryptocurrency via an app-based payment system called Flexa, but a customer care representative said on Thursday that the company was not currently taking cryptocurrency. But the vegan mayor might have better luck at restaurants. Yelp allows users to filter for restaurants that accept cryptocurrency – though calls to the spots and visits to their websites suggest some of the claims are inaccurate. Click on the link for the full article Link to comment Share on other sites More sharing options...
DCSaints_fan Posted January 22, 2022 Share Posted January 22, 2022 BTC falls to $35k, ETH now below $2500, time to buy in again ? Link to comment Share on other sites More sharing options...
stoshuaj Posted January 24, 2022 Share Posted January 24, 2022 On November 12, Odell Beckham Jr. signed a deal with the Rams worth $750,000. He announced he would take that in Bitcoin. At the time, Bitcoin was worth $64.293. Today, it is worth $35,400. Today, that deal is worth $412,953 Odell will be taxed on $750.000. Federal & CA state tax will be 503% That means Odell, as of now, has netted $35.703 from the Rams contract this year. 1 Link to comment Share on other sites More sharing options...
Cooked Crack Posted January 25, 2022 Share Posted January 25, 2022 1 Link to comment Share on other sites More sharing options...
Ball Security Posted January 25, 2022 Share Posted January 25, 2022 6 hours ago, stoshuaj said: On November 12, Odell Beckham Jr. signed a deal with the Rams worth $750,000. He announced he would take that in Bitcoin. At the time, Bitcoin was worth $64.293. Today, it is worth $35,400. Today, that deal is worth $412,953 Odell will be taxed on $750.000. Federal & CA state tax will be 503% That means Odell, as of now, has netted $35.703 from the Rams contract this year. So did he receive $750k in Bitcoin on 11/12? Or was it prorated over the 8 games he played? Or was the 750K just a one time bonus? 1 Link to comment Share on other sites More sharing options...
stoshuaj Posted January 25, 2022 Share Posted January 25, 2022 2 hours ago, Ball Security said: So did he receive $750k in Bitcoin on 11/12? Or was it prorated over the 8 games he played? Or was the 750K just a one time bonus? Beats me but here’s a link: https://www.sportingnews.com/us/amp/nfl/news/odell-beckham-contract-bitcoin/1e230f0aiwmqa12sxjoxsne7xp Beckham's deal with the Rams was ultimately a one-year, $1.25 million deal with a $750,00 base salary and up to $3 million in incentives, all of which revolve around team playoff success. But there's a big catch to Beckham's contract— it's not being wholly paid out in U.S. dollars. Rather, Beckham is taking the entire contract in Bitcoin, he announced when he signed the deal. more at link…. Link to comment Share on other sites More sharing options...
Destino Posted January 25, 2022 Share Posted January 25, 2022 5 Link to comment Share on other sites More sharing options...
TradeTheBeal! Posted January 25, 2022 Share Posted January 25, 2022 Great. 3 Link to comment Share on other sites More sharing options...
DCSaints_fan Posted January 25, 2022 Share Posted January 25, 2022 On 12/15/2021 at 12:08 AM, Tedskins 21 said: Imo, DEX is the future. Whether BTC is the adopted currency remains to be seen (unlikely.) My hesitation with BTC is the fact that 60% of its transactions are made through Tether, which is made out of thin air (like the dollar, but I digress.) Tether will crash soon, and BTC/crypto too. Something else will rise from the ashes. Also remember, not your keys, not your coins. Do you mean 60% of the BTC transactions are exchanges for tether? I'm not sure what the crashing of Tether would have to do with it. If you can't exchange Tether for BTC, or vice versa, they'd just use some other stable coin or fiat currency. 1 hour ago, TryTheBeal! said: Great. Gotta love Elon. He knows exactly how to pump n' dump crypto. And since this stuff is (barely) regulated by the SEC, its not illegal. Link to comment Share on other sites More sharing options...
tshile Posted January 25, 2022 Share Posted January 25, 2022 Oh **** better go buy some doge 2 Link to comment Share on other sites More sharing options...
TradeTheBeal! Posted January 25, 2022 Share Posted January 25, 2022 Just to clarify my opinion, you do not under any circumstances “gotta love Elon”. It is perfectly reasonable to think somewhat poorly of Elon. 2 Link to comment Share on other sites More sharing options...
redskinss Posted January 29, 2022 Share Posted January 29, 2022 I'm not an economist and I admittedly know almost nothing about it so can someone explain to me how this bitcoin crash doesn't seem to be that big of a deal? I just learned of it today. I would have thought that whenever any currency that is used in very large numbers to buy and sell goods lost a trillion dollars that would have a significant impact on the economy and therefore be a very large story. Did I go into a coma this week and miss a huge story or is this really only a problem for people who invested in bitcoin? Link to comment Share on other sites More sharing options...
bearrock Posted January 29, 2022 Share Posted January 29, 2022 2 minutes ago, redskinss said: I'm not an economist and I admittedly know almost nothing about it so can someone explain to me how this bitcoin crash doesn't seem to be that big of a deal? I just learned of it today. I would have thought that whenever any currency that is used in very large numbers to buy and sell goods lost a trillion dollars that would have a significant impact on the economy and therefore be a very large story. Did I go into a coma this week and miss a huge story or is this really only a problem for people who invested in bitcoin? Probably because those who actually use bitcoin as currency instead of investment vehicle is extremely small compared to currencies backed by Central banks (was estimated to be about 2.3 million in 2018. It might be lower now as more owners may look at it as investment vehicle). Also, if central bank backed currency loses half its value, it's probably indicative of a deeper problem with the country's economy or the global economy. Bitcoin, by in large, is just investment losing value. 1 Link to comment Share on other sites More sharing options...
Cooked Crack Posted February 8, 2022 Share Posted February 8, 2022 1 Link to comment Share on other sites More sharing options...
The Evil Genius Posted February 8, 2022 Share Posted February 8, 2022 NSFW video but holy hell. 😅 1 Link to comment Share on other sites More sharing options...
tshile Posted February 8, 2022 Share Posted February 8, 2022 (edited) Yeah these have been floating around all day in group chats 😂 hope some of you have figured out how to ride the eth waves. Tons of money to be made doing that. Edited February 8, 2022 by tshile Link to comment Share on other sites More sharing options...
TradeTheBeal! Posted February 8, 2022 Share Posted February 8, 2022 (edited) I’m getting Cowgirl vibes… How much you wanna bet she drives a Tesla and stans Elon? Edited February 8, 2022 by TradeTheBeal! 1 Link to comment Share on other sites More sharing options...
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