Is this 'Bitcoin' the real deal?

Don't stop believing.

It's a good investment, very sensible, will definitely pay off.

Or not. Who knows?

I think Bitcoin will remain a supported pyramid scheme.

The new Ethereum looks very interesting though, with the shift to proof of stake.

It addresses a number of the fundamental problems with crypto currencies and means that they might start actually being useful.
Morgan Stanley: "Systemic spillover risks of crypto weakness to the fiat banking system currently appear limited, as the leveraged crypto companies have generally borrowed from each other."
1655114143745.png

Great reassurance.........nothing to see here.................definitely not a ponzi scheme.
 

How bad boy

Full Member
It seems like they are only being used as an investment and for speculation purposes at the moment as opposed to being utilised for the purpose they were designed for .

I have crypto for the last 5 years and have never bought anything with them .
You used the word Investment.

It's not an investment, no more than scratch cards are an investment. Might pay off, might not.

If anything, scratch cards are more predictable as there's rules around the probable rates of return.

But that's not to say that Bitcoin, like scratch cards, doesn't have its uses and value...

I really think the "Currency" term in cryptocurrency is the problem. They're not really currencies, certainly not how they're used today.

Once again, I have to caveat that, there are some potential interesting use cases.

There was an interesting interview with Marc Andreessen recently. Bit tech bro but this bit in particular struck me as a useful way of thinking longer term about crypto:

[B said:
Marc Andreessen][/B]That's right. And, if you think about it even today, if I want to do a mobile app, I need Apple's permission. I need Apple's permission. I need Google's position to get it in the app store. But, if I do a mobile website on mobile Safari--on Apple Safari--or Google Chrome, people can just access my website.

So, this permissionless capability is still there. It's still incredibly important and powerful. It's still a big contrast versus the status quo. And then--it's the thing that caused the internet to win. It's the reason the internet won and the reason nobody remembers all the prior networks anymore--other than me--is because the internet won, because the creativity that got unleashed by permissionless innovation meant that you had a million times the intellectual candle-power going into creating all of the use cases and all the great things for people to do. Those included all of the big internet businesses that we know today and all the things we like to do online.

So, what we had is: we had a decentralized, permissionless network of data but without trust. And, this is sort of, again, the internet's famous for this. There's no trust. Like there's no--it's the famous thing: On the internet nobody knows you're a dog, right? The famous cartoon. Which is there's no sense of trusted identity on the internet.

There is no internet-native money. Right? To this day, if you want to access money on the internet, you're still plugging in your credit card number and dealing with all that stuff. There's no internet native money the way that there's internet native data.

By the way, core internet services like email really ought to have a built-in method[?] of money. There's still no built-in concept of money so there's these huge incentive problems.

So, for example, spam. The reason spam is a perpetual problem with email is because of the economics of spam. It's free to send a billion emails. If you only have a 0.0001% conversion rate on the people that you're trying to trick, it's still cost effective to run a spam campaign. If we had had micropayments on the internet from the beginning--if we had had internet-native money from the beginning, we would've had a system where sending an email would've cost, let's say, a thousandth of a cent. So, from a consumer's standpoint, nobody ever would've noticed or cared if you spent a penny a day or whatever to send all your emails. But, it would've killed the spam industry, like, right out of the gate. We never would've had the spam problem.

And, then rolling into social networking, the same thing would've happened. We never would've had a lot of the downside things you see on social networking.

So, we didn't have internet-native money. We couldn't build economics into the system. And, then we couldn't build any other applications based on trust, right? So, we couldn't have internet-native transfer of money. We couldn't have internet-native stored money. We couldn't have internet-native contracts. Internet-native lending. Internet-native insurance. Internet-native title. Right? All of these concepts of trusted relationships and economic activity that we take for granted in the real world, in all of their various imperfect forms.

Like, there should be internet-native versions of all of those things. And, that's basically what this sort of Crypto Web3 revolution is now, in my view, is it's sweeping back in 30 years later and basically saying: Okay, now we finally have the technologies to be able to basically drop a trusted environment, a trusted architecture, in place on top of the un-trusted aspect of the internet; and all of a sudden have a trust environment in which everybody globally can do business and can transact in a way that is trusted and clear and straightforward. And, then again, globally ubiquitous. Just like the internet, globally ubiquitous. Anybody on planet earth can participate in this. And, that's why we get excited about this.


So the way I think about this is there are ways of evaluating cryptocurrency projects, based on factors such as:
  • Is this absolutely killing the planet?
  • Are there any major blockers to simply paying Visa or Mastercard to handle the damned payment?
  • Is the system actually decentralised? If you have a privately owned mobile wallet built by a techbro startup between you and the blockchain, you're almost certainly neither private nor secure
  • Is there some idiotic, overly convoluted mechanism to make this work which can fail catastrophically (c.f. Luna)?
If the answer to all the above is no, then you've got something very, very interesting.

If no, then it's probably just another pyramid scheme + money laundering.
 

How bad boy

Full Member
Wow, I've really only been paying attention to the Bitcoin price because laziness.
Bitcoin is down from a peak of $67k to $24k today. Which is a good bit (64% drop by my count), a level last seen in Dec 2020.


But looking at the Ethereum price, ouch. It went to $4.8k, is now $1.2k. 75% drop.

That is... a lot.
 

How bad boy

Full Member
Suppose it could be worse, Dogecoin, which, let's remember, was set up as a fucking joke, went from $0.72 in May last year to 0.05 now.
Which is a 93% drop.

I mean. you still have the insane position of a joke coin still being "valued" at $7.5 billion.

Cryptocurrency "investment" is lunacy.
 

Corks finest

Full Member
Banners brokers is long long long gone This is an “ investment plamas “ That the dj has been involved with over a year Purportedly earnings of 10 k per month between 3 guys Also involved briefly with another one that just crashed a few days ago Leaving over a 100 Limerick folk out of pocket ( Limerick alternative ‘medical’chap main actor down there) It’s all totally a ponzi / pyramid scheme
Same group of greedy individuals involved in crypto up to last year
This investment gang are mainly Indian- Brazilian and one American lady was actually jailed for fraud previously and incidentally was a major player in the one that went belly up v recently
 
Banners brokers is long long long gone This is an “ investment plamas “ That the dj has been involved with over a year Purportedly earnings of 10 k per month between 3 guys Also involved briefly with another one that just crashed a few days ago Leaving over a 100 Limerick folk out of pocket ( Limerick alternative ‘medical’chap main actor down there) It’s all totally a ponzi / pyramid scheme
Same group of greedy individuals involved in crypto up to last year
This investment gang are mainly Indian- Brazilian and one American lady was actually jailed for fraud previously and incidentally was a major player in the one that went belly up v recently
Paulie Mac was on the 2 Norries Podcast over the weekend.

Oddly enough he didn't mention BB but claimed he made fortunes for people through Crypto ( iirc he fronted a scam that went but )

The boys were close to beatifying him for the good he does through his motivational seminars
 

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