Laughing at Clown World Crypto Thread - Aka "post retarded meme coins and other funny shit from /biz/" thread

mindlessobserver said:
Not true actually. The value of crypto is tied to what people think the job it does is worth. All cryptos are supposed to serve a function. The function they serve is what has value, not the crypto itself.
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But I dont see anyone using crypto as actual money (besides monero) but holding it in hopes the value increases

At least with tulip bulbs you could get a pretty flower
Hollywood Hulk Hogan said:
Crypto is basically tailor-made for pump and dumps. Unregulated and any retard can make it. Even if you have a lot of it, you may not be able to cash out if you can't find enough buyers.
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Crypto its chock-full of bagholders, but anonymity means its hard to keep track of how many anhero'd
mindlessobserver said:
Double entry book keeping was a revolution, and was what led to the creation of the Medici Bank...which helped fund the Rennaisance. I am buying ethereum as fast as I can not because I am a financial analyst. I am a historian by training and I know a revolution when I see it. Ethereum is going to go up because it cannot do anything but. It's money, but so much more. Its raw data. Data as money, a solid state drive for a financial system in the information age. Old school banking with closed books and individual failure points are going to get absolutely creamed.
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mindlessobserver said:
It's the method by which new and more efficient financial services can be undertaken. All of these services using Ether will increase its market cap as they come online.
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I'm not keeping up with all the deets about the ether network but did they shift to proof of stake? it was around this date right? because as it is eth its insanely expensive to mine and all operations are fucking expensive to undertake, the gas fees for stable tokens like DAI make bank fees look like a joke. Also the speeds of blockchains are laughable, a bank mainframe written on COBOL over 50 years ago would blow the pants off any blockchain with how fast it is, which is why those systems are still around instead of slow gay shit like node.js replacing them

Right now I see stuff like ethereum as what america online was to the internet: a precursor that is making money now but will be dead and forgotten once the real shit goes mainstream, which imho will most likely be deanonymized crypto wholly-owned by nations and maybe some corporations, and only decentralized in that they will run within their own nodes instead of one single datacenter, but not a bunch of third parties like they do now
mindlessobserver said:
Even right now there is absolutely nothing stopping any country in the world to shift their currency solely to the Ethereum network, use ETH to back the value of it and then deploy it in the economy that way.
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Bruh what country would bet its entire economy on a crypto made by a slav skelly guy on which they have zero control whatsoever and can easily lose half its value in hours? Even my retarded keynesian hellhole of a country stuck in an inflationary spiral wouldnt do that
mindlessobserver said:
its potential to back an entirely new and more efficient global financial system
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Entirely new? yes, more efficient? again look at the fees and how slow the network is

Or I missed something and now gas fees are superlow and transactions run in fractions of fractions of a second?
 
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I got approved to use the Coinbase Visa Debit card. Pretty much what I expected. Have to load the sucker up with US Dollar Coin from my other cryptos. Why not just US dollars at point? Seems like an effort to build equity in USDC. It's offering rewards in either BTC or Stellar Lumens. Might be interesting to play around with it.
 
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mindlessobserver said:
I got approved to use the Coinbase Visa Debit card. Pretty much what I expected. Have to load the sucker up with US Dollar Coin from my other cryptos. Why not just US dollars at point? Seems like an effort to build equity in USDC. It's offering rewards in either BTC or Stellar Lumens. Might be interesting to play around with it.
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2.49% transaction fee if you use any crypto other than USDC, and you have to use regular Coinbase (no Pro) so there's no getting around that unless you just buy USDC. Can't fund Venmo, Cash App, etc. with it. Cryptocurrency businesses are a prohibited merchant type, LOL. 4% XLM back but only 1% BTC back, so unless you like XLM, you're probably just better off getting a regular cashback card and buying BTC with the rewards.
 
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Spasticus Autisticus said:
2.49% transaction fee if you use any crypto other than USDC, and you have to use regular Coinbase (no Pro) so there's no getting around that unless you just buy USDC. Can't fund Venmo, Cash App, etc. with it. Cryptocurrency businesses are a prohibited merchant type, LOL. 4% XLM back but only 1% BTC back, so unless you like XLM, you're probably just better off getting a regular cashback card and buying BTC with the rewards.
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Yeah, it seems pretty lame. I am going to have it just to have it. Who knows if a situation develops where I would need a debit card tied to my cryptos. It's definitely not the game changer they are advertising.
 
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Cool Dog said:
Right now I see stuff like ethereum as what america online was to the internet: a precursor that is making money now but will be dead and forgotten once the real shit goes mainstream, which imho will most likely be deanonymized crypto wholly-owned by nations and maybe some corporations, and only decentralized in that they will run within their own nodes instead of one single datacenter, but not a bunch of third parties like they do now
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Cosign this.

The average crypto enthusiast seems to be enamored by the current iterations of the extant roster and don't understand that, as the asset class is still very young (BTC is barely 14 years old), we're in a very formative period of development.

I envision something similar transpiring to what you have described, within the next 2-3 generations.
Nation-states would champion their own centralized, digital replacements for fiat.
A select number of extant altcoins would survive following substantial institutional involvement (or perhaps takeover). Outfits like Cardano, Tezos etc. are well-positioned to be co-opted if they achieve fruition and permanence in the educational and business sectors.
A smaller number (privacy coins mostly) would continue to function as intended. However, they will likely not become mainstreamed for obvious reasons (the institutional-political complex would clearly act against that).
Those 'stablecoins' tied to other assets/instruments (specifically physical) would probably survive as well.
Memecoins will hopefully die off. Probably not soon. Perhaps whenever a dumbo Zoomer kid An Hero's after getting short squeezed out of a 100x leveraged position on Slutcoin using their parent's savings. IMO a substantive sentiment shift is required to kill off the Doge's of the world.

Beyond 3 generations, guesswork.
Digital fiat would be susceptible to the same devaluation process as physical fiat if central banks do not commit to a limited supply, and/or the same greasy peripheral bank loaning process happens. However, I doubt this will be so.
 
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mindlessobserver said:
Yeah, it seems pretty lame. I am going to have it just to have it. Who knows if a situation develops where I would need a debit card tied to my cryptos. It's definitely not the game changer they are advertising.
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For a while I kept getting youtube ads for crypto.com's card. Jokes on them, I use Kraken
 
Systemsprenger said:
Cardano, Tezos etc. are well-positioned to be co-opted if they achieve fruition and permanence in the educational and business sectors.
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Do those have their own separate blockchains and tech? in which case if the code its out there why would anyone absorb those instead of just cloning the repos and launch their own

Systemsprenger said:
Digital fiat would be susceptible to the same devaluation process as physical fiat if central banks do not commit to a limited supply, and/or the same greasy peripheral bank loaning process happens. However, I doubt this will be so.
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They wont do that, central banks fear deflation more than they do inflation right now
 
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Apparently Joe Exotic from Tiger King made a Crypto and it’s doing good. On principle I’m not touching it, but I know a guy who’s already made over 100 on it.
 
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Cool Dog said:
Do those have their own separate blockchains and tech? in which case if the code its out there why would anyone absorb those instead of just cloning the repos and launch their own
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Same reason governments tend to just contract things they don't already have in-built infrastructure right now. The value in these blockchains is fundamentally not their coins/tokens, it is the network underpinning it.
 
Marchesa of the Vast said:
Same reason governments tend to just contract things they don't already have in-built infrastructure right now. The value in these blockchains is fundamentally not their coins/tokens, it is the network underpinning it.
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A network they dont control, why would any government want that for their currency?

And if anything they will outsource the creation to some crony corporation or bullshit state agency which will simply fork the cardano repo and ctrl+F all the "cardano" for whatever name they will use for their national crypto
 
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Can't wait
 
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