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Is Crypto Dead?

tw 2022

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I have zero clue about investing and finances. I had enough money in my piggy-bank that was about to be 'invested' in some expensive floor-standing speakers.
The planets were properly aligned at the time, as I was learning crypto-currency lingo and Ethereum stood out over all the other fiats on the market.
Next thing you know, I was awash in ROI within 5 months and instead of getting more greedy and hanging on to it I sold it, before the planets became unglued from each other.
Yeah, I was smiling all the way to the bank and on the way back home as well!
Bada Bing, Bada Bang and a cha-chink!
Yet, I still know jack about investing but won't dabble in bit-coinage ever again!

Moral of the story is that "timing is everything" and "greed breeds tears"!
that's a great story , hit and run...:)
 

Lbstyling

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Trying to kill the "BTC" is good for the BTC. It has weaknesses.

Hoping for applied cryptography to die is like hoping for the end of free will or free association or the incompleteness theorem, the end of network effect. The end of locks and keys. The end of the begining of the end of infinite rehypothecation.

Immutable tally sticks which contain uncensorable hardest storage secured by the largest and reasonably anti-fragile computer.

Whales aren't really into the fork which is called BTC anymore.

Speculation was the first killer app regretably.

Layer One of BTC was not intended to be a fast settlement coin for micro transactions. This is being done in a second layer or by other coins. Getting the consensus layer hardened, how the chain recognizes/organizes the selection of the next correct solution or rare number across the network quickly enough was/is the biggest or most delicate challenge.

that's a great story , hit and run...:)
Alternatively .. I have a friend who is rediculiously bright. Like streight A student with several masters and a doctorate.

He had all his positions hedged, and was making steady £50k a month for years.

Put deposits down on houses and then drew down the equity from them and reinvested in crypto.

Moved his money from one exchange to another and was sent a false link by a scammer one day. Fake home page to the exchange.

Lost £4 million.

Impossible to get back.

Sent details to police who basically just laughed.
 

tw 2022

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Alternatively .. I have a friend who is rediculiously bright. Like streight A student with several masters and a doctorate.

He had all his positions hedged, and was making steady £50k a month for years.

Put deposits down on houses and then drew down the equity from them and reinvested in crypto.

Moved his money from one exchange to another and was sent a false link by a scammer one day. Fake home page to the exchange.

Lost £4 million.

Impossible to get back.

Sent details to police who basically just laughed.
There you go.. Another case of the need for regulation in investment like this..I'm sorry about your friend, it really sucks..
 

pseudoid

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Kudos to Satoshi Nakamoto << even if that name is a pseudonym!
Crypto was always firmly in the "greater fool" category. So no surprise.
Too bad, you just called him/her the 'original fool'!;)
 

Davelemi

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I trade and try not to hold. I’ve done very well on the way up and down, so I hope it’s not dead. There’s several blockchains that’ll weather this storm along with some web3 projects with actual use cases that will survive. Also, there are too many accredited investors that want a piece of this very speculative asset class. Now DeFi, I don’t know. The coffin is almost nailed shut although after this shakeout and incoming regulations I expect strong players like AAVE to survive. FYI- BTC is garbage. What’s the use case? An asset for hedging against inflation
 

Destination: Moon

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Here's a site dedicated to following the daily crashes and smack ups around the world in the crypto sector. The gal that started it has an interesting back story.

 

Vacceo

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In a world that assumes the material as given yet loves to believe metaphysics (like "infinite growth", "invisible hand", "natural rights"...), it was just waiting to happen.

Mark Twin spoke about the first fool and the first con man with religion. I guess he could have applied it to exchange systems that ultimately are not such.
 

Destination: Moon

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In a world that assumes the material as given yet loves to believe metaphysics (like "infinite growth", "invisible hand", "natural rights"...), it was just waiting to happen.

Mark Twin spoke about the first fool and the first con man with religion. I guess he could have applied it to exchange systems that ultimately are not such.

As did George Carlin

Nail 2 things together that have never been nailed together before - and some schm-ck will buy it from you
 

Vacceo

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the list is long and pre dates Twain by a full 1000 yrs +
The fact, but not the quote. It goes "religion was invented when the first con man met the first fool". And that is Mark Twain alone.

Speaking of that and since we´re in an audio forum, there´s an excelent song from Panzerfaust about the topic:

 

pseudoid

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So, is crypto dead? It's probably below the level where mining it is profitable.
It needs an organ donor, like a cyber xeno-transplantation!

I have no idea what I am about talk about, but I must enjoy talkin':facepalm:
Decentralized-finance (Defi) is really a virtuous [libertarian?] concept and has previously been attempted/failed but don't ask me for specific examples, please!
Originally, the idea behind 'mining' for prime#s intrinsically limited (and put a cap on) how many 'BitCoins" can exist. [imo]
On the way to that cyber-bank (aka "a decentralized, open, democratic, trust-less, p2p, blockchain financial system"), other cyber-currencies were introduced and a 'futures' market took hold. [imo]
We, also, later found out that half the crypto-currency market was being driven by shady operators and for illicit/dark financial trades. [imo]
Next, everyone realized that such cyber-coinage is neither anonymous nor untraceable... nor the "Digital Gold" as it has been referred in the last few years! [imo]
What crypto-currency really needs and in short-order is a new round of follow-on innovation which allows worthy use in at least B2B sector. [imo]

I hope companies such as FalconX devise some sort of reliable, institutional, crypto-currency trading platform to move crypto out of its dark ages. [imo]
 
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