The Bitcoin/Crypto Thread
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"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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https://arstechnica.com/tech-policy/2024/12/teen-creates-memecoin-dumps-it-and-earns-50000/
Teen creates memecoin, dumps it, earns $50,000
This being a zero-sum game, the teen "earns" $50,000 means other people "lose" $50,000 elsewhere.
After all these years, it seems cryptocurrencies still have only one application: speculation.
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@George-K said in The Bitcoin/Crypto Thread:
A lawyer was talking about the "Hawk Tuah" crypto thing.
"Someone lost a lot of money and said, 'I really don't understand how crypto works.' Well, guess what, you don't have to know how a blender works to not stick your dick in it."
Outstanding observation.
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@Axtremus said in The Bitcoin/Crypto Thread:
https://arstechnica.com/tech-policy/2024/12/teen-creates-memecoin-dumps-it-and-earns-50000/
Teen creates memecoin, dumps it, earns $50,000
This being a zero-sum game, the teen "earns" $50,000 means other people "lose" $50,000 elsewhere.
After all these years, it seems cryptocurrencies still have only one application: speculation.
That is certainly how it seems to me.
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What ultimately gives fiat currencies value is that governments require you to use them to pay taxes. No such equivalent for crypto.
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@Axtremus said in The Bitcoin/Crypto Thread:
https://arstechnica.com/tech-policy/2024/12/teen-creates-memecoin-dumps-it-and-earns-50000/
Teen creates memecoin, dumps it, earns $50,000
This being a zero-sum game, the teen "earns" $50,000 means other people "lose" $50,000 elsewhere.
After all these years, it seems cryptocurrencies still have only one application: speculation.
You forgot money laundering.
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It is speculating, but it’s not blind speculation. Emerging blockchain technologies do look to have very promising applications in secure data transfer. Healthcare systems are looking at using it for faster and more secure methods of transferring patient data, banks and credit card processors are investing into it for better and more secure financial transactions. There are applications that could make blockchains one of the most critical technologies developed in first half of the century, which could have significant financial implications. Tossing a few bucks into the pot doesn’t necessarily hurt. Especially with a pro-crypto admin coming in.
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My "investment" or "wager" in Shiba Inu is currently almost twice what I have invested. I am waiting this cycle out, to see if it gets close to ATH. If it does I will cash out with 2 - 3 x the "lunch money investment" I made and still have 40 million of them
for which I will have spent zero "real coins"I have already cashed in 50% of my original wager in fiat dollars issued by the Federal Reserve Bank.
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@LuFins-Dad said in The Bitcoin/Crypto Thread:
It is speculating, but it’s not blind speculation. Emerging blockchain technologies do look to have very promising applications in secure data transfer. Healthcare systems are looking at using it for faster and more secure methods of transferring patient data, banks and credit card processors are investing into it for better and more secure financial transactions. There are applications that could make blockchains one of the most critical technologies developed in first half of the century, which could have significant financial implications. Tossing a few bucks into the pot doesn’t necessarily hurt. Especially with a pro-crypto admin coming in.
I don’t see the connection between the general value of an algorithm and the value of an application of that algorithm into a gambling game. The gambling game might still be useless.
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@jon-nyc said in The Bitcoin/Crypto Thread:
What ultimately gives fiat currencies value is that governments require you to use them to pay taxes. No such equivalent for crypto.
Slightly imprecise framing IMO. I would say that fiat currencies have value because they are defined as valuable by entities with authority to impose violence on you, if you do not provide them that value upon request.
