The Alarm Is Sounding On NFTs

[Satinavian]

The more i read about the Luna desaster ...

So the idea was to introduce stablecoins to get less volatile, more for commerce useful cryptocurrency. So far so good (someone actually trying to make this mess useful ). And in this case doing so by linking them to another freefloating cryptocurrency (Luna). Which is itself backed with huge bitcoin reserves.

I am not sure how that ever might have seemed like a good idea.

 

[Cheetodust]

The more i read about the Luna desaster ...

So the idea was to introduce stablecoins to get less volatile, more for commerce useful stablecoins. And doing so by linking them to another cryptocurrency. Which is itself backed with huge bitcoin reserves.

I am not sure how that ever might have seemed like a good idea.

It did not. It never seemed like a good idea. Evil grifters pretended it was a good idea and then sold it to the credulous. Some of whom are bellend crypto bros who deserve everything that's coming to them but will probably have enough of daddy's money left to continue making bad decisions and unfortunately others are just poor and desperate and bought into a ponzi scheme.

 

[Silvanus]

Well, here's the follow-up to that tweet, which in hindsight I should've probably included from the start.

Absolutely beautiful. I particularly like the phrase "severely disruptive period of stabilisation".

 

[Satinavian]

It did not. It never seemed like a good idea. Evil grifters pretended it was a good idea and then sold it to the credulous. Some of whom are bellend crypto bros who deserve everything that's coming to them but will probably have enough of daddy's money left to continue making bad decisions and unfortunately others are just poor and desperate and bought into a ponzi scheme.

Eh, i have a better impression of the stablecoin fanbase. Those tend to be less about speculation and more interested in trying to chase the old promises of better banking via crypto.

I still think they are wrong and delusional, but not just grifters.

 

[Cheetodust]

Absolutely beautiful. I particularly like the phrase "severely disruptive period of stabilisation".

Like even if you assume that wasn't all word salad horse shit any explanation that can't go for a string of 3 words without using jargon should never be trusted.

Like 99.9% of people won't know what half those words mean. Which is intentional because the hope is you're just trying to trick people into thinking you know better. I see it all the time in "science based" health and fitness content.

 

[BrawlMan]

2022/23 is gonna be a big year for divorce and suicide.

This will be my response to them:

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[Chimpzy]

You know, while finance and crypto in particular can be pretty impenetrable, I'm just endlessly amused by self-proclaimed crypto experts falling for utter bs, and in general just come off having no clue what they're doing. Wolves of Wall Street indeed.

Tho I suspect that might be because they ones who do know what they're doing have long left the grift game, and made off like a bandit.

 

[Agema]

the old promises of better banking via crypto

Lulz.

This reminds me of the idealistic claims about the internet's contribution to human knowledge and bringing people together, and yet it seems to mostly be porn, scams, rage, and misinformation / gossip. What do people really think banking is? Under what delusion do they think crypto is magically going to evade takeover by large, self-interested institutions and a welter of grubby get rich quick schemes and scams?

"Out of the crooked timber of humanity, no straight thing was ever made". Or perhaps: "garbage in, garbage out". Society will tend to produce what society already is. Assuredly progress does occur, otherwise we would still be cavemen where might made right, but the expectation should be that the vast majority of this is simply going to become a high tech version of what already exists.

 

[Satinavian]

Lulz.

This reminds me of the idealistic claims about the internet's contribution to human knowledge and bringing people together, and yet it seems to mostly be porn, scams, rage, and misinformation / gossip. What do people really think banking is? Under what delusion do they think crypto is magically going to evade takeover by large, self-interested institutions and a welter of grubby get rich quick schemes and scams?

"Out of the crooked timber of humanity, no straight thing was ever made". Or perhaps: "garbage in, garbage out". Society will tend to produce what society already is. Assuredly progress does occur, otherwise we would still be cavemen where might made right, but the expectation should be that the vast majority of this is simply going to become a high tech version of what already exists.

When Bitcoin was new (that is now a long time ago) i read a couple of articles about how much easier bitcoin transaction would be than regular banking. But what i really took away from this was that banking in the US was in some ways really behind the times. That cheques on paper still played a relevant role, that money transfer took ridiculously long and was stupidly costly. I mean they actually managed to provide use cases involving money transfer and currency exchance cross border using the most common US service providers for that and show that it was easier with less additional cost using bitcoin even then.
And that i already had pretty much all of what bitcoin wanted to achieve with my European bank however it managed to do that. And that, if those problems really existed (i kinda had doubts), they could all be solved without crypto and with a bit more competition.

I still think cryptocurrencies are not needed to solve any existing problems. And i have aquired some new understanding of how harmful and wasteful they are. But i still believe that there are some people out there believing them to be a tool to make the world better instead of only becoming rich.

 

[Baffle]

I would have more sympathy (i.e. some) for the losses if it wasn't a community that screeches about 'diamond hands' and says that anyone who doesn't 'make it' is in some way a pathetic weakling with no nerve. Is it not literally the same shape as every scam ever: your returns will be insane, literally unbelievable, with this investment.

 

[BrawlMan]

still believe that there are some people out there believing them to be a tool to make the world better instead of only becoming rich.

Then they're a bunch of oblivious fools living in their own virtual worlds. No good can come from any of this; especially if it's impactful to our environment. Some dumb freaking jpeg of a monkey ain't worth destroying the Earth over.

 

[Satinavian]

Then they're a bunch of oblivious fools living in their own virtual worlds. No good can come from any of this; especially if it's impactful to our environment. Some dumb freaking jpeg of a monkey ain't worth destroying the Earth over.

Those are different groups.

I have a much harder time believing anyone engaging with NFTs, understanding how they work, to not just be out for skimming money. No one in the whole world wants to actually build the touted metaverse only to provide a use for other peoples NFTs. Everyone either knows it won't go anywhere or hopes other people provide the costly utility to make their own NFTs worth the money or (at the very best) build something where only their own NFTs can be used.

 

[BrawlMan]

Those are different groups.

Same difference at this point, as far as I'm concerned. Bitcoins may not be as harmful, but it's still stupid and a scam.

 

[Satinavian]

Same difference at this point, as far as I'm concerned. Bitcoins may not be as harmful, but it's still stupid and a scam.

Yes, bitcoin and other cryptocurrencies are now just a big casino and nearly everyone engaged with it a gambler.

They didn't start out that way, but they became it because crypto is actually bad at being the framework for finance. So every other use case failed.

 

[CM156]

It is interesting seeing accounts that, months ago, said "have fun staying poor" now going into meltdown because they lost all their money on internet monopoly money.

 

[BrawlMan]

It is interesting seeing accounts that, months ago, said "have fun staying poor" now going into meltdown because they lost all their money on internet monopoly money.

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Those poor, foolish saps were doing all that boasting. When they actually end up broke, penniless, or end up homeless, I will not shed a tear for them. I will laugh so hard in their faces.

 

[Dalisclock]

It is interesting seeing accounts that, months ago, said "have fun staying poor" now going into meltdown because they lost all their money on internet monopoly money.

Sir, Monopoly money doesn't appreciate being compared to crypto like that. Go directly to jail. Do not pass go. Do not collect $200.

 

[Baffle]

It is interesting seeing accounts that, months ago, said "have fun staying poor" now going into meltdown because they lost all their money on internet monopoly money.

You can't put a price on fun!

 

[Xprimentyl]

You can't put a price on fun!

 

[XsjadoBlayde]

You hate to see it folks.