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[Crypto and NFTs and associated garbage] "Stablecoin." PFFT BWAHAHAHAHA

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Posts

  • Phoenix-DPhoenix-D Registered User regular
    So the fed should hand over money to people who create random Monopoly money bullshit then say it's pegged to the dollar.

    anhahaha no fuck off you greedy jackass. Wow. I knew crypto people were up their own ass but this is something else

    ElvenshaemarajiTetraNitroCubaneArbitraryDescriptorBlackDragon480OrcaCommander ZoomjmcdonaldKamareMoanderReynoldsSleepAegeriMoridin889ChiselphaneGiantGeek2020webguy20sarukunFoolOnTheHillsanstodoGimA Kobold's KoboldRhesus PositiveQuidMvrckElldrenzagdrobFencingsaxGnome-InterruptusZibblsnrtSpoitAntoshkaMatevMunkus BeaverDoctorArchPreacherknitdanshrykeRoz
  • TetraNitroCubaneTetraNitroCubane The Djinnerator At the bottom of a bottleRegistered User regular
    edited May 12
    "Proper regulation is only when authorities bail me out and continue to let me fleece people without consequence."

    TetraNitroCubane on
    VuIBhrs.png
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  • ElvenshaeElvenshae Registered User regular
    "Proper regulation is only when authorities bail me out and continue to let me fleece people without consequence."

    I mean …

    FoolOnTheHillSpoit
  • marajimaraji Registered User regular
    edited May 12
    Jragghen wrote: »
    Dzb3rjol.jpg

    Sigh. So close and then derp

    I mean, Tether issues UST, not the Fed. IT’S MONOPOLY MONEY. So the question is, would the supply of Tether increasing have propped up this scheme? Not really, and that realization might have lead to understanding, but nope, gotta externalize that failure.

    maraji on
  • HevachHevach Registered User regular
    edited May 12
    Only way I can see that happening is if the companies behind pegged coins open their financials to the Fed to the same degree banks must and show that they actually have the reserves they say they do in real dollars and not phantom debt paper.

    And a reminder that several of these countries went into exile rather than submit to a FAR lower level of regulatory scrutiny.

    Hevach on
    marajiMoridin889ElvenshaeFencingsaxGnome-InterruptusShadowhope
  • nexuscrawlernexuscrawler Registered User regular
    The problem there is you tell me your monopoly dollar is worth one real dollar why should I buy it

    At very best my return is 1:1 in exchange for buying pretend money

    kimeKayne Red RobeBlackDragon480ButtersjmcdonaldAegeriMoridin889AlexandiersarukunA Kobold's KoboldElvenshaeRhesus PositiveElldrenFencingsaxGnome-InterruptusHandkorShadowhopeNarbusBloodySloth
  • BurtletoyBurtletoy Registered User regular
    Maybe they can move their company to El Salvador and ask president bitcoin bail them out

    OrcaGiantGeek2020AlexandierFencingsaxPreacher
  • ButtersButters A glass of some milks Registered User regular
    maraji wrote: »
    Jragghen wrote: »
    Dzb3rjol.jpg

    Sigh. So close and then derp

    I mean, Tether issues UST, not the Fed. IT’S MONOPOLY MONEY. So the question is, would the supply of Tether increasing have propped up this scheme? Not really, and that realization might have lead to understanding, but nope, gotta externalize that failure.

    Not close to anything. They're just dodging responsibility. They never wanted any regulation until the bottom fell out.

    PSN: idontworkhere582 | CFN: idontworkhere | Steam: lordbutters | Amazon Wishlist
    JragghenmarajiNaphtaliGnome-InterruptusShadowhopeOdinMarathonshryke
  • OneAngryPossumOneAngryPossum Registered User regular
    edited May 12
    I feel like nobody is going to bail out cryptocurrency failures because nothing in that sphere threatens to destabilize any system that anybody with real money or political power actually gives a shit about, and there’s no legal obligation to do so (fingers crossed this remains true).

    Like, the entire market could implode (fingers crossed again), and it would suck for many, many people who got scammed, but it’s not going to panic mainstream investors, it’s not going to have downstream effects on other industries, it’s just… not going to really matter for those who never put their money into the crooked casino.

    Edit: If basically nothing happens to anybody else when your ‘investment’ craters, that seems like a pretty strong indicator that you’ve been investing in absolutely nothing.

    OneAngryPossum on
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  • redxredx I(x)=2(x)+1 whole numbersRegistered User regular
    Elvenshae wrote: »
    "Proper regulation is only when authorities bail me out and continue to let me fleece people without consequence."

    I mean …

    look they invented yet another cryptocurrency.

    you need to come up with something truely novel, like a mortgage backed securities, to get that kind of protection.

    This machine kills threads.
    ElvenshaeShadowhope
  • Captain InertiaCaptain Inertia Registered User regular
    Mortgage backed securities are actually good and provide needed liquidity to the home financing market

    The creepy security you’re looking for is the synthetic derivatives of credit default swaps

    marajiBlackDragon480sanstodoMoridin889ElvenshaePenumbraFencingsaxShadowhopeMunkus Beavershryke
  • marajimaraji Registered User regular
    edited May 13
    Mortgage backed securities are actually good and provide needed liquidity to the home financing market

    The creepy security you’re looking for is the synthetic derivatives of credit default swaps

    The systemic blending of mortgage backed securities created the unanticipated failure mode, the synthetic derivatives/CDOs made that failure mode many times more dangerous.

    The comment up thread about Lehman Brothers only being 50% “larger” than Terra/Luna really does bring home how inflated this Monopoly money nonsense has become.

    maraji on
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  • Kipling217Kipling217 Registered User regular
    I came back in to look what the thread title was about... did not disappoint.

    I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.

    Communicating from the last of the Babylon Stations.
    evilmrhenryOrcaSleepMoridin889FencingsaxGnome-InterruptusMortal SkyjmcdonaldAridholKristmas Kthulhushryke
  • marajimaraji Registered User regular
    Kipling217 wrote: »
    I came back in to look what the thread title was about... did not disappoint.

    I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.

    Those darn ethics, always getting in the way of a good time.

    GiantGeek2020Kipling217Kayne Red RobeReynoldsrahkeesh2000sarukunFoolOnTheHillsanstodoA Kobold's KoboldboogedybooMoridin889ElvenshaeRhesus PositiveDibbitmRahmaniFencingsaxStarZapperButtersNaphtaliMortal SkyQanamilShadowhopeMatevEtiowsaMunkus BeaverDoctorArchMegaMan001BloodySlothjimb213
  • Kipling217Kipling217 Registered User regular
    maraji wrote: »
    Kipling217 wrote: »
    I came back in to look what the thread title was about... did not disappoint.

    I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.

    Those darn ethics, always getting in the way of a good time.

    I know right!

    That and the fear that I will be the Greater Fool in the bitcoin Ponzi scheme. Its not like I am anything special when it comes to such things.

    Communicating from the last of the Babylon Stations.
    Captain InertiaOrcaRhesus PositivemRahmanizagdrobFencingsaxDisruptedCapitalistGnome-InterruptusShadowhopeKristmas KthulhuMunkus Beaver
  • marajimaraji Registered User regular
    Kipling217 wrote: »
    maraji wrote: »
    Kipling217 wrote: »
    I came back in to look what the thread title was about... did not disappoint.

    I have to admit that there where times in the last 5-7 years, where I sort of regretted not getting in on the ground floor. Like mining a couple of hundred bitcoins or buying a couple when they where worth 100$ or something. Then cashing them out and solving all my problems, but Bitcoin/Crypto always struck me as a ponzi scheme looking for a greater fool to buy them off you. Not something that would be useful in itself. Bitcoin was like somebody walking into a bank with handing over a 10$ bill and asking for 100$ for of change.

    Those darn ethics, always getting in the way of a good time.

    I know right!

    That and the fear that I will be the Greater Fool in the bitcoin Ponzi scheme. Its not like I am anything special when it comes to such things.

    But there are so many other people! What are the odds that none of them are more foolish than you? Practically nonexistent I say! Why only a truly savvy investment mind like yours could truly appreciate the elegance, the sophistication, the sheer financial audacity of my latest defi* algorithm!

    It’s called Ful++ and you are virtually guaranteed a minimum 12% quarterly return. I’m offering it to you early, because I know you are smarter than the 216 Kiplings that came before.
    * - is it just me, or do all these algorithms do the same thing - find the greatest fool?

    ElvenshaeAntinumeric
  • Captain InertiaCaptain Inertia Registered User regular
    Crypto is very precisely marketed to people that click scam links yes

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  • electricitylikesmeelectricitylikesme Registered User regular
    Wait so someone clarify: has something happened to Tether?

  • ArchangleArchangle Registered User regular
    Wait so someone clarify: has something happened to Tether?
    Tether blipped down to 95c yesterday, but seems to have stabilised back to near parity.

    I think some of the confusion is the trading signs - Terra = UST, Tether = USDT.

    Current conspiracy-mongering is that Citadel (of GameStop shorting fame) is in part responsible for Terra cratering. There's no real evidence for this, of course, but there's probably a reasonable overlap between the people who got into trading from the GameStop spike and those who lost in the current crypto crash, so it doesn't surprise me that there are rumors of "revenge".

    eMoanderShadowhope
  • sanstodosanstodo Registered User regular
    I have an acquaintance who is/was in the crypto industry and publicly accused me of being too dumb to understand why crypto is the future.

    He has gone completely silent recently. What a coincidence!

    OrcaElvenshaewebguy20Rhesus PositiveRMS OceanicAphostileMvrckAlexandierKayne Red RobeFencingsaxBlackDragon480ButtersChiselphaneGiantGeek2020Gnome-InterruptusjmcdonaldAntinumericElldrensarukunKipling217ShadowhopeMatevHahnsoo1Kristmas KthulhuIncenjucarPreacherknitdanshrykeJengoHeffling
  • BurtletoyBurtletoy Registered User regular
    sanstodo wrote: »
    I have an acquaintance who is/was in the crypto industry and publicly accused me of being too dumb to understand why crypto is the future.

    He has gone completely silent recently. What a coincidence!

    Not to be crass, but maybe you could check in on him? A lot of people seem to be doing not so good after losing their life savings

    Commander ZoomPolaritieNeveronFencingsaxDisruptedCapitalistBlackDragon480
  • sanstodosanstodo Registered User regular
    Burtletoy wrote: »
    sanstodo wrote: »
    I have an acquaintance who is/was in the crypto industry and publicly accused me of being too dumb to understand why crypto is the future.

    He has gone completely silent recently. What a coincidence!

    Not to be crass, but maybe you could check in on him? A lot of people seem to be doing not so good after losing their life savings

    Mutual friends have verified he’s fine and still as irritating as ever in person.

    BurtletoyCommander ZoomForarOneAngryPossumAimdurandal4532ElvenshaeRhesus PositiveFencingsaxBlackDragon480ButtersTofystedethGiantGeek2020FoolOnTheHillGnome-InterruptusjmcdonaldAntinumericElldrensarukunadytumZibblsnrtShadowhopeMatevEtiowsaIncenjucarshrykeHeffling
  • djmitchelladjmitchella Registered User regular
    Jon Bois (yes, that Jon Bois) enters the genre of cryptocurrency parody:



    and then:



    (I mean, ignoring everything else, the Y axis...)

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  • DarkPrimusDarkPrimus Registered User regular
    "Proper regulation is only when authorities bail me out and continue to let me fleece people without consequence."

    I mean, it worked for the banks

    usnTyq4.jpg
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  • BurtletoyBurtletoy Registered User regular
    Jon Bois (yes, that Jon Bois) enters the genre of cryptocurrency parody:

    (I mean, ignoring everything else, the Y axis...)

    The source in the lower right is also pretty good!

    TetraNitroCubanedjmitchellaReynoldsmarajiFencingsaxFiatilElldrenMatev
  • TetraNitroCubaneTetraNitroCubane The Djinnerator At the bottom of a bottleRegistered User regular
    edited May 13
    Jon Bois (yes, that Jon Bois) enters the genre of cryptocurrency parody:



    and then:



    (I mean, ignoring everything else, the Y axis...)

    Brilliant.

    This makes me want to create a video using the Turbo Encabulator script, and try to sell it to crypto die hards as a financial seminar.

    TetraNitroCubane on
    VuIBhrs.png
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  • QuidQuid I don't... what... hnnng Registered User regular


    A person called JuiceOne (link goes to their storefront for credit) animated Snyder's Mastershake reading.

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  • AbsalonAbsalon Registered User regular
    A whoooole lot of crypto people are contrarian, conspiratorial and sanctimonious dingbats of the "Society has rejected my fascist/paleoconservative/libertarian/misogynist recipes for utopia so now I hope it all collapses and all the normies suffer heh heh heh"-variety.

    Not to mention that that nazi and far-right parties were aligning with the crypto crowd and hoping to depend on it for funding and scheming. There are some innocent shmucks caught in the blast but this collapse is almost entirely a boon to the world.

    We are all as God made us and frequently much worse
    Mortal SkyjmcdonaldElvenshaeElldren
  • OrcaOrca Registered User regular
    Bitcoin so far has only retraced to 2020. I thought it was nuts at $1000; let's shoot for that first.

    mRahmaniSleepGiantGeek2020TetraNitroCubaneMortal SkymarajiStabbity StyleJragghen
  • HevachHevach Registered User regular
    edited May 13
    The issue with any crypto crash is that the crash means the buy-in for the next round of Ponzi drops.

    You hear "buy the dip" all the time. The ones left holding the bag from the last round cuts their losses by luring in new rubes, but the rubes who jump in during the bottom widow of the crash actually stand to make a fair amount of money selling to a future round of rubes once the latecomers start driving the price back up (and once it starts going up more rubes pile on).

    Crypto crashes all the damn time, but also rebounds for no damn reason at all except the buy in gets low enough to restart the ponzi scheme at n=1.

    Hevach on
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  • zagdrobzagdrob Registered User regular
    Hevach wrote: »
    The issue with any crypto crash is that the crash means the buy-in for the next round of Ponzi drops.

    You hear "buy the dip" all the time. The ones left holding the bag from the last round cuts their losses by luring in new rubes, but the rubes who jump in during the bottom widow of the crash actually stand to make a fair amount of money selling to a future round of rubes once the latecomers start driving the price back up (and once it starts going up more rubes pile on).

    Crypto crashes all the damn time, but also rebounds for no damn reason at all except the buy in gets low enough to restart the ponzi scheme at n=1.

    That's what I figure too. Bitcoin has enough social penetration that it might retract but at some point - $25k, $10k, $5k, etc it'll reset. It may never get back to the $60k numbers but the cycle will keep going unless its regulated out of existence which is unlikely.

    Ethereum I don't think is quite there yet and I could see it retracting / collapsing but even then there is going to be a floor which I have no idea what it is, but I think it's there for that too. And there is no reason for it to die in the eyes of the scammers because it has recognition so when it hits rock bottom it's as good as any other coin to start that next pump and dump cycle like you said.

    mRahmaniGiantGeek2020Gnome-InterruptusStarZapper
  • ButtersButters A glass of some milks Registered User regular
    I feel like nobody is going to bail out cryptocurrency failures because nothing in that sphere threatens to destabilize any system that anybody with real money or political power actually gives a shit about, and there’s no legal obligation to do so (fingers crossed this remains true).

    Like, the entire market could implode (fingers crossed again), and it would suck for many, many people who got scammed, but it’s not going to panic mainstream investors, it’s not going to have downstream effects on other industries, it’s just… not going to really matter for those who never put their money into the crooked casino.

    Edit: If basically nothing happens to anybody else when your ‘investment’ craters, that seems like a pretty strong indicator that you’ve been investing in absolutely nothing.

    A sacrifice I am willing to make if it means I can get a new GPU for less than $700

    PSN: idontworkhere582 | CFN: idontworkhere | Steam: lordbutters | Amazon Wishlist
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  • Captain InertiaCaptain Inertia Registered User regular
    I’m not so sure Bitcoin will rebound very high (I’m not predicting it won’t, just offering an additional view):

    There needs to be new buyers, the potential population of which would likely shrink due to risk avoidance of BTCs/crypto’s volatility

    Crypto still doesn’t have practical uses beyond funding illegal activity and speculation; NFTs were the scam that made a wider group think there might be a use, but that market is crashing and I think going away

    Timing- the real world economics are putting a hamper in people’s discretionary money to toss into the speculative pool…this retrenchment may go on longer than the hype can sustain to keep crypto widely relevant (this also goes into the first bullet)

    mrondeauGiantGeek2020BlackDragon480ButtersFencingsaxPreacher
  • Captain InertiaCaptain Inertia Registered User regular
    This was retweeted across my timeline today and it’s a pretty concise way to understand wtf happened in the last 7 days:


    Neither UST nor luna is really priced in dollars; they’re priced in other illiquid tokens, which are priced in other illiquid tokens, which are priced in ethers (the native currency of the ethereum blockchain), which are priced in dollars. There was never $18 billion in dollars, or even in ethers. There is only a long, multiply leveraged chain of alleged pricing for two made-up assets. Every time you see a headline claim of billions of dollars in cryptocurrency, those are not in any way actual realizable dollars—there’s no real market liquidity. But the market accepted this barely backed coin as being worth a dollar because the belief would let traders make money for a time.

    BlackDragon480ButtersjmcdonaldmarajiAnon the FelonTetraNitroCubaneElvenshaedjmitchellaGiantGeek2020Rhesus PositiveA Kobold's KoboldKayne Red RobeElldrenGnome-InterruptuskimeAegeriCommander ZoommiscellaneousinsanityFencingsax
  • Captain InertiaCaptain Inertia Registered User regular
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

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  • CptHamiltonCptHamilton Registered User regular
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    PSN,Steam,Live | CptHamiltonian
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  • darkmayodarkmayo Registered User regular
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Is your boss aware that ATMs and online banking are so popular because people hate going to bank branches and so sure as shit aren't going to want to go to a bank branch in VR?

    Its clear that your only recourse is to devour your boss and take over, they are clearly too stupid to lead.

    Switch SW-6182-1526-0041
    Moridin889GiantGeek2020Anon the Felonrahkeesh2000marajiGnome-InterruptussanstodokimeFencingsax
  • ElvenshaeElvenshae Registered User regular
    Lol fuck my boss wants me to start talking with a vendor to build a bank branch in the metaverse

    ……..

    Sounds like you need to hire a thread’s worth of metaconsultants to help you metarealize your core metacompetencies and get some metasynergy going.

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