The Alarm Is Sounding On NFTs

[Agema]

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.

If only they did lose all their money.

Much of the time these people are overwealthy chuckleheads who can lose millions and still live in luxury for the rest of their lives. They're dicking around with cybercurrencies because they're comfortably well off enough not to deal with the everyday shit us peasants have to.

I have a much harder time believing anyone engaging with NFTs, understanding how they work, to not just be out for skimming money.

I agree.

And then there's the saying "a little knowledge is a dangerous thing". A load of them think they understand, because their main point of comparison is the completely clueless general population. They are the ones who are going to be robbed blind by the few who really understand.

 

[Chimpzy]

You can't put a price on fun!

 

[BrawlMan]

You hate to see it folks.

I am loving this!

 

[crimson5pheonix]

I was about to make a thread on this when I remembered we have a thread for crypto bullshit

El Salvador expected to default as bitcoin plummets

The Central American country made the cryptocurrency legal tender last year, but since then, it has continued to fall, raising concerns about whether it will be able to meet its next debt payment

english.elpais.com

El Slavador is run by a cryptobro who tried to switch the whole country over to bitcoin... a year ago when it was worth twice what it's worth now.

 

[Thaluikhain]

I was about to make a thread on this when I remembered we have a thread for crypto bullshit

El Salvador expected to default as bitcoin plummets

The Central American country made the cryptocurrency legal tender last year, but since then, it has continued to fall, raising concerns about whether it will be able to meet its next debt payment

english.elpais.com

El Slavador is run by a cryptobro who tried to switch the whole country over to bitcoin... a year ago when it was worth twice what it's worth now.

 

[crimson5pheonix]

 

[Thaluikhain]

Did it take the same 6 years for Luna to fall that much, though? If it took less, that's even worse.

 

[crimson5pheonix]

I should post in this thread more, it's a good laugh.

 

[EvilRoy]

Much of the time these people are overwealthy chuckleheads who can lose millions and still live in luxury for the rest of their lives. They're dicking around with cybercurrencies because they're comfortably well off enough not to deal with the everyday shit us peasants have to.

Those are the high profile guys, but there are also legions of day traders, gamblers and "too smart for their own good" people. Weird glitch in human behaviour - give a person a degree in something mathematical or mathematics adjacent like engineering, accounting, finance and so on and people convince themselves they're too smart to be scammed and they're so good at math that all their investments are rock solid. And then they instantly lose it all on something like this.

I feel kind of bad and kind of not. The engineer who shit talks site crew for being dumb probably deserves to lose some money.

 

[Silvanus]

Did it take the same 6 years for Luna to fall that much, though? If it took less, that's even worse.

Terra Luna has only existed since Jan 2018, apparently.

 

[Cheetodust]

I should post in this thread more, it's a good laugh.

Nick Lutsko is going to be so happy.

Also this:

The four 'Crypto Bros' who've lost up to $20bn in crash

Armstrong (pictured) was once worth $13.7billion but has seen $11billion vanish from his personal wealth as digital currencies went through the floor when investors started to sell.

www.dailymail.co.uk

Can we now accept that being rich doesn't mean you're in anyway good at anything? It just means you're immune to the consequences of being a fucking moron.

Edit: for a sense of scale, 4 fuckwits who wouldn't be able to hold down any fucking job if they hadn't been blessed with rich hateful parents just lost the entire budget of my country's healthcare system. Billionaires need to fuck off.

 

[crimson5pheonix]

Coinbase Says If It Goes Bankrupt, It Might Seize Users' Crypto

The crypto wallet company Coinbase appears to have quietly snuck a mutually-assured destruction clause into its latest earnings report.

futurism.com

 

[Cheetodust]

Coinbase Says If It Goes Bankrupt, It Might Seize Users' Crypto

The crypto wallet company Coinbase appears to have quietly snuck a mutually-assured destruction clause into its latest earnings report.

futurism.com

Yup. Everyone with significant skin in the game seems to be acting like this shit is done. The only holdouts are people who don't want to see reality and won't make out like bandits when this shit comes crumbling down.

Considering crypto is basically a speculative asset in its most pure form, no other function like precious metals, not tied to anything in the world that produces value like stocks. The only way it can gain value is by people believing that it is. How can that come back from a massive crash like this? The only people who still believe in it are the ones who are in way too deep to pull out. Everyone else is gonna look at it and realised they'd be insane to put their money in it. The only hope is selling the idea that buying now when the price is low is smart and that seems like a long shot at a time when most people are barely affording groceries.

 

[Silvanus]

Yup. Everyone with significant skin in the game seems to be acting like this shit is done. The only holdouts are people who don't want to see reality and won't make out like bandits when this shit comes crumbling down.

That's not true!

There's also Square Enix, who inexplicably leapt onto the bandwagon after it had already fallen off the cliff.

 

[Agema]

Considering crypto is basically a speculative asset in its most pure form, no other function like precious metals, not tied to anything in the world that produces value like stocks. The only way it can gain value is by people believing that it is. How can that come back from a massive crash like this?

If you mean crypto as a whole, it can continue after a crash like this in a similar way that the dollar can retain trust if the Argentinian peso crashes. Although you are right to treat it like a stock market sector rather than a currency as well: a bit hit to one cryptocurrency will cause a shockwave through the rest as people pull out of them generally. This doesn't tend to happen with regular currencies because they're too integral to the economic system - when one falls it might drag a few with it, but others go up because they're viewed as safe currencies.

 

[Dalisclock]

That's not true!

There's also Square Enix, who inexplicably leapt onto the bandwagon after it had already fallen off the cliff.

Something Something BUY THE DIP Something Something.

 

[crimson5pheonix]

Alright, this is officially the best thing to happen ever..

 

[TheMysteriousGX]

Alright, this is officially the best thing to happen ever..

Couldn't happen to a nicer bastard

 

[Cheetodust]

If you mean crypto as a whole, it can continue after a crash like this in a similar way that the dollar can retain trust if the Argentinian peso crashes. Although you are right to treat it like a stock market sector rather than a currency as well: a bit hit to one cryptocurrency will cause a shockwave through the rest as people pull out of them generally. This doesn't tend to happen with regular currencies because they're too integral to the economic system - when one falls it might drag a few with it, but others go up because they're viewed as safe currencies.

Yeah but crypto was not about actually being a currency. You don't "HODL" currency and wait for it to go "to the moon". Currency has the function of being currency. Now crypto sucks at the one thing crypto was meant to do, so I am very curious to see if the concept can bounce back.

It's based entirely on people having faith in it and the fourth most valuable coin just vanished ruining lives. If it just becomes this insular thing where a few dedicated crypto bros still believe in it then it's basically at the level NFT's are at.

 

[BrawlMan]

I am very curious to see if the concept can bounce back.

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