The ASR Cryptocurrency thread

[julian_hughes]

You can laugh all you want but all it shows is that you don't understand software development. Investing in something like Polkadot or Solana (the two examples that I gave yet there are many others) is no different than investing in a software company. These people are doing exactly what you said: building something that others use and find value in.

I didn't say that at all. I said that fiat currencies are more sound than cryptocurrency because their credibility is rooted in the goods and services that people and institutions and governments will pay for and which is taxable.

Investing in a software company providing services around cryptocurrency? OK, you can assess that company's performance and assets and value and invest if you think it's a good proposition. That is *NOT THE SAME THING AS BUYING CRYPTOCURRENCY!!!!!!*

edit: but congrats on that rather sly evasion and diversion. Almost impressed.

 

[Chromatischism]

For the visual folks among us, here's a really interesting graphic I came across today. Highlighted are spot volumes of Bitcoin by size from early 2020 to today. Red is sell, blue is buy.

 

[julian_hughes]

I saw the same graph at an essential oil sales seminar and when an a*way rep invaded my home. But it smelled better.

 

[Chromatischism]

I didn't say that at all. I said that fiat currencies are more sound than cryptocurrency because their credibility is rooted in the goods and services that people and institutions and governments will pay for and which is taxable.

Investing in a software company providing services around cryptocurrency? OK, you can assess that company's performance and assets and value and invest if you think it's a good proposition. That is *NOT THE SAME THING AS BUYING CRYPTOCURRENCY!!!!!!*

edit: but congrats on that rather sly evasion and diversion. Almost impressed.

The point is that regardless of your baseless accusations of "evasion" and "diversion" (I am just trying to have a conversation and answer your posts), this development frontier exists and is happening. Prior to this post you didn't seem to want to acknowledge that it was a real thing at all.

Now, regarding decentralization, does anyone want to talk about the elephant in the room?

 

[mansr]

Investing in a software company providing services around cryptocurrency? OK, you can assess that company's performance and assets and value and invest if you think it's a good proposition. That is *NOT THE SAME THING AS BUYING CRYPTOCURRENCY!!!!!!*

Although it's not the same exact thing, it does involve the same level of stupidity. Such companies cannot exist without the crypto-things. Therefore, when the latter bubble bursts, so will the former.

 

[julian_hughes]

Trying to equate investing in a software company with buying cryptocurrency is indeed a diversion. They are not at all the same thing. To then try to turn the conversation to amazon's uptime? That is so bizarre and poorly executed that I don't think it merits being described as a diversion or an evasion, it's just desperate and sad. If it's supposed to a substitute for saying something credible in plain English? It doesn't work.

 

[julian_hughes]

Although it's not the same exact thing, it does involve the same level of stupidity. Such companies cannot exist without the crypto-things. Therefore, when the latter bubble bursts, so will the former.

Yes, but the company may have recoverable assets such as buildings, hardware, cash, investments. And if that business is well run then those financial assets will not be stored in cryptocurrency This is true and relevant and deeply amusing.

 

[mansr]

Yes, but the company may have recoverable assets such as buildings, hardware, cash, investments. And if that business is well run then those financial assets will not be stored in cryptocurrency This is true and relevant and deeply amusing.

Most of their physical needs will be rented using borrowed money. I guess the plastic in their employee badges might be worth a few microcents, though.

 

[julian_hughes]

Most of their physical needs will be rented using borrowed money. I guess the plastic in their employee badges might be worth a few microcents, though.

I think you'll find they use NFC tokens instead of plastic badges with a name and a photo. It's so much more convenient. And who knows? Those tokens may one day become fabulously valuable for reasons nobody can quite explain.

 

[Chromatischism]

Trying to equate investing in a software company with buying cryptocurrency is indeed a diversion. They are not at all the same thing. To then try to turn the conversation to amazon's uptime? That is so bizarre and poorly executed that I don't think it merits being described as a diversion or an evasion, it's just desperate and sad. If it's supposed to a substitute for saying something credible in plain English? It doesn't work.

Every time you don't get it, you turn to insults. THAT, buddy, is a diversion.

Can we stay on topic?

Buying DOT, SOL, ETH, what have you, is like investing in software. If you think that's wrong, please describe in detail and without resorting to insults.

When you buy one of these, you are buying a protocol. You become part owner of the protocol just like you can own shares of a company. Think of it like buying a piece of an early internet protocol like HTTP or IP. Since these protocols are decentralized, you can stake your tokens for APY (at much better rates than banks) or even run a node yourself if you want to take things to the next level and get rewards for helping the network. This is a level of participation and ownership that was not possible before. These are the building blocks of Web 3.

Now, why mention Amazon's major outage, which took companies offline? It's a timely example of the risk of centralization, which these protocols are aiming to mitigate.

 

[julian_hughes]

If anybody disagrees or asks a difficult question it's an insult. Now I'm his buddy. The check is in the post and it's called Web 3. Amazon? What the hell do those dumbos know about the internet or money or technology???? OMG I'm converted.

 

[Blumlein 88]

I want an open source crypto. Kind of like linux. I expect it to be free built on programmer's good will and spare time. And yet I expect it to make us all rich. All of us. Democratic wealth for all people. For Free. Those of you too short sighted to see what you will be investing in are simply going to get rich later than the rest of us. Trust me!

 

[julian_hughes]

Buying DOT, SOL, ETH, what have you, is like investing in software.....

When you buy one of these, you are buying a protocol. You become part owner of the protocol just like you can own shares of a company. Think of it like buying a piece of an early internet protocol like HTTP or IP.....

This is simply untrue. Nobody, *NOBODY* "bought a piece of http or IP" This is arrant nonsense and utterly without foundation or any connection to *easily* verifiable reality. I didn't offer an insult and am not doing so now. I'm pointing out that what you are claiming is simply and plainly and provably completely untrue. It's misleading.

I'll just point out that this thread *in an objective AUDIO forum* was started by people who want to promote a technology which will *maybe* benefit *them* if the promotion works. They have offered numerous insupportable claims including "fucking buy it now and ask questions later" immediately before a HUUUUUGE price crash of the speculative venture they are promoting! And if they are questioned they claim these questions are insults and they go to mods and browbeat them into removing perfectly reasonable posts containing questions or challenges which they find difficult to deal with!

When you can smell desperation and a failing or loose grip on facts and reality then do not risk one penny that you cannot afford to throw away. It is a ponzi scheme. It's the cleverest and most brilliant ever conceived as it has harnessed the new phenomenon of widely available computing power to disguise/minimise the essential and unavoidable flaw. But the day will come. And even before that it would only take the EU (or Germany alone, let's face it) or the US Treasury or the UK to regulate cryptocurrency like other speculative instruments and it's all over, instantly.

 

[julian_hughes]

I want an open source crypto. Kind of like linux. I expect it to be free built on programmers good will and spare time.

Just a little while ago you were asserting that cryptocurrency is genuine economic activity because it requires coders and businesses etc. Now you want them to work for goodwill?

Linux actually has value. It is used to make goods and offer services. It is not like cryptocurrency at all. Horrible comparison.

Sent from my Debian 11 GNU/Linux desktop (apology to Steve Jobs)

 

[Blumlein 88]

Just a little while ago you were asserting that cryptocurrency is genuine economic activity because it requires coders and businesses etc. Now you want them to work for goodwill?

Linux actually has value. It is used to make goods and offer services. It is not like cryptocurrency at all. Horrible comparison.

Sent from my Debian 11 GNU/Linux desktop (apology to Steve Jobs)

I think you have mistaken me for someone else. I don't think I've asserted crypto is genuine economic activity. I actually think maybe bitcoin should be illegal due to the energy costs to mine it currently when it produces nothing for the used up energy.

 

[Blumlein 88]

Just a little while ago you were asserting that cryptocurrency is genuine economic activity because it requires coders and businesses etc. Now you want them to work for goodwill?

Linux actually has value. It is used to make goods and offer services. It is not like cryptocurrency at all. Horrible comparison.

Sent from my Debian 11 GNU/Linux desktop (apology to Steve Jobs)

I know linux has value. I didn't compare it to crypto-currency. I wish for crypto-currency to learn something from it. And in case it didn't show, and obviously it did not.........../sarcasm.

 

[julian_hughes]

I think you have mistaken me for someone else. I don't think I've asserted crypto is genuine economic activity. I actually think maybe bitcoin should be illegal due to the energy costs to mine it currently when it produces nothing for the used up energy.

You are right. I did conflate you with someone else. I apologise. But my point about the cryptocurrency being nothing like Linux still stands.

 

[julian_hughes]

I know linux has value. I didn't compare it to crypto-currency. I wish for crypto-currency to learn something from it. And in case it didn't show, and obviously it did not.........../sarcasm.

One of the difficulties with this cryptocurrency subject is that it is often impossible to differentiate the claims made by its proponents from good old satire, sarcasm and hooting, pointing and laughing. Again I offer my apologies. But as a recent convert to cryptocurrency I'd just point out that my apology will soon be 20 times more sincere than it is right now, there will be more of them and you will soon be able to use them to buy a house. Or maybe a pizza. Or maybe a different type of apology.

 

[Chromatischism]

This is simply untrue. Nobody, *NOBODY* "bought a piece of http or IP"

Exactly. NOW you finally get it. Maybe. It still seems like you aren't reading all of my posts before responding.

 

[Chromatischism]

HUUUUUGE price crash

Do you also poke fun at people who bought TSLA 1 month ago and suffered a "HUUUUUGE price crash"? It has seen a 19.27% price correction in that time, from $1183 to $955. I mean if you are, that's kind of dickish.

But guess what else suffered a 19.27% Correction? Bitcoin, from $59,000 to $47,600. Interesting, huh?

...so where are your insults for people who hold TSLA stock? My guess is you haven't even thought about it and are just grasping at something to bolster your arguments.

The unfortunate truth is that crypto has become correlated with tech and stocks. It didn't used to be that way, but now when the stock market corrects, so too does crypto.

But it's more important to not lose sight of the bigger picture. 1 year ago TSLA was trading at $695 and BTC at $19k.