Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. southside

    southside Well-Known Member
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    This was really good and talks through past/current market participants, Avi's ep back in January was really good too and called out why we most likely had rounded top this time.


    I still subscribe to shorter bear markets moving forward. I just want volatility to stay more than anything.
     
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  2. Whammy

    Whammy Look kids, Parliament!
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    Great - thanks about to start the commute home and will give this a listen
     
  3. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Crab forever
     
  4. southside

    southside Well-Known Member
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    We're gearing up for some volatility here pretty soon.
     
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  5. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Hope so, up or down is fine by me I’d just like to feel something again
     
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  6. user15000

    user15000 Well-Known Member

  7. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    has any of the research/build out the fed has been doing on this been released yet
     
  8. user15000

    user15000 Well-Known Member

    Have you given more than 10 seconds of thought as to why his comment is completely inaccurate?
     
  9. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    nope, just trying to find more info on what a digital us currency pathway looks like
     
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  10. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    I read sometime in September
     
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  11. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    lol easy killer
     
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  12. wes tegg

    wes tegg I'm a Guy's guy, guys.
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  13. dblplay1212

    dblplay1212 Well-Known Member
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    I could see a US coin being used in retail but it won't really be similar to gold/bitcoin bc the fed could always just make more.
     
  14. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    sure

    but goldbugs are morons so thats irrelevant
     
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  15. user15000

    user15000 Well-Known Member

    It's at least worth asking :)

    Anyone who thinks "fedcoin replaces btc" is either uninformed or purposefully disingenuous. Powell is the latter.
     
  16. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    I thought it was absurd until I saw some of these numbers
     
  17. user15000

    user15000 Well-Known Member

    His actual comment was something along the lines of if they become the world's largest exchange, it wasn't out of the question that they would buy the other large exchanges.
     
  18. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    Good thread
     
  19. user15000

    user15000 Well-Known Member

     
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  20. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Tbf if I created the biggest scam on earth and got out before the real pump I’d be pretty salty every time someone asked me about it too.
     
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  21. Lyrtch

    Lyrtch My second favorite meat is hamburger
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  22. mal630

    mal630 Well-Known Member
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    If BTC would just come back to 50 that would be great.
     
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  23. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    I'll bite.

    Again it's a lot of broad brush stuff that doesn't necessarily hold up from one crypto/coin to another. If he's referring to PooCoin, Safemoon and Doge in these 2 tweets I 100% agree. Idk who needs to hear this but like 99% of cryptos aren't "decentralized" and your favorite shitcoin certainly isn't. Even the get rich quick part and influencers, the shitcoin space is rampant with that. I don't think thats really fair to put BTC or ETH in that same category but that makes it a lot harder to write up a snarky generalized thread.



    Again, which crypto is he specifically referencing here? BTC has a public ledger with every transaction that's ever been made on it, how does that not help w/ fraud, audits and regulation? If he's talking about Monero or privacy coins he has a point.

    Lumping all of "crypto" into one basket is one of the most pointless things you could ever do
     
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  24. Lyrtch

    Lyrtch My second favorite meat is hamburger
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  25. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    yeah i understand the defenses, ive never found them coercive except in as much to defend the overall space by treating the problems as micro or coin specific. the broad critiques can be true in aggregate but have exceptions, it doesn't negate the critique. especially when said critique is about the ideological base.
     
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  26. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i might be bored and takin' the piss
     
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  27. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    My only pushback would be sure it doesn’t negate them but the “crypto” space is dominated by bitcoin and eth. When you write up a 15 tweet thread and half of the critiques don’t even apply to those 2 idk what were even talking about.
     
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  28. Whammy

    Whammy Look kids, Parliament!
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    Vitalik "Vitamin Butane" Buterin is in it for the tech, unlike Bitcoiners who are in it for the mysticism of solving inflation
     
  29. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    disagree, think the public ledger defense for BTC only really fits SOMEWHAT for the truly internationally recognized crimes vs the rest, even your defense says the system has a mechanism to regulate these things but currently mostly doesn't.

    also wildly disagree that get rich quick isn't an enormous part of the narrative for the entire space and BTC included, we had people in this thread with HUGE numbers for where this last run was topping out at, 100k was about the most conservative top I saw and the high end was 1 mill.

    learning about defi i went from wow this is cool even if its just fintech stapled to crypto, to realizing so much of the space is just ponzis after ponzis, people don't even deny it anymore that its a highly funded space with almost no regulation ripe for doing this before people and the government get aware of it.
     
  30. Whammy

    Whammy Look kids, Parliament!
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    Pool 2's 4 Lyfe
     
  31. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    lets just say the crypto discord devolving into the daily scam chase didn't exactly dissuade me from this conclusion
     
  32. Whammy

    Whammy Look kids, Parliament!
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    I wasn't disputing you tbh...undoubtedly something plaguing crypto right now is the prevalence of scams....although their relative size is overstated relative to their mindshare IMO.

    All the top projects are for real and I'd venture to say the majority of the DeFI marketcap is legit.
     
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  33. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i wasn't saying you were just pointing out where i got my first taste of the underbelly of defi before researching it myself

    cryptos success relies on winning the narrative and PR battle until the legitimate projects....actually do something (before people throw tomatoes about this, i mean broadly defined as a value add to normal people)

    fake it til you make it as they say
     
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  34. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    When you have 100 legit projects out of 10000 its hard to argue there aren't a lot of scams. That doesn't mean EVERYTHING is a scam. Seems to be a hard concept for a lot to grasp.
     
  35. user15000

    user15000 Well-Known Member

    The primary narrative in btc is to dollar cost average in and hold for a minimum of 5 years, with most saying 10+ years.

    That’s not remotely close to a get rich quick narrative.

    Also who says this cycle is over?
     
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  36. user15000

    user15000 Well-Known Member

    The space is rife with scams and ponzis. Was true with icos in 2017 and is true now.

    The space also has plenty of legitimate projects that are not scams.

    These are not inconsistent statements.
     
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  37. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i dont understand the DCA thing, if BTC is going to the moon over 10+ years just shoving all your liquid money in is the move

    its similar logic to bogleheads stuff, if your timeline is decades DCA is pointless and counter productive
     
  38. Whammy

    Whammy Look kids, Parliament!
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    What's this logic? Accrue cash and dump it intp the S&P in a recession for maximum returns. I've seen you mention bogleheads but not familiar
     
  39. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    has anyone used the black and white framing you all are strawmanning?
     
  40. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    no, whatever liquid cash you have intending to invest you invest today in a couple index funds trying to replicate the broader global marketplace. no timing, no nothing, just get it in.
     
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  41. user15000

    user15000 Well-Known Member

    For DCA, I suppose we're talking about 2 different things. If someone is 0% allocated right now but wants to be at say 5%, then yes I think there's no real point in waiting (assuming they have a 10+ year time horizon and and short-term price movements won't impact their psychology). When i refer to DCA, i'm largely talking about the idea that people should buy x% every 2 weeks when they get paid.

    Let's see. You posted a thread from Jackson Palmer that paints the entire crypto space as inherently right-wing (lol it's open source software), built to amplify wealth of proponents through tax avoidance (lol btc is property per the IRS and taxed as such), diminished regulatory oversight (it's highly regulated and becoming moreso), and artificial scarcity (there's nothing artificial about it).

    And that's like tweet #2 of nonsense in his thread. The person using black and white framing is the person you posted in this thread and labeled as a "good thread." It's not a good thread. As Harrison Beck already pointed out, it paints in ridiculously broad strokes that are at times inapplicable to the main projects in the space (btc/eth) or just flat out false. If I was bored and taking a piss (as they say), I'd go point by point, but I'm working and it's a waste of time.

    In short, the black and white framing came from you.
     
  42. user15000

    user15000 Well-Known Member

  43. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Wildly disagree. BTC may have been seen as a lottery ticket/get rich quick scheme in the past cycles but most new participants (talking retail) were priced out. Most didn't even have to interact with BTC to get involved and have no intention to. They play $500 on Safemoon/Doge/memecoins and that's the lottery ticket. (Same as the stock market btw) Everyone had heard of BTC this cycle and even the smoothest of brains realized that if BTC goes to 100k my $500 worth isn't going to be worth that much. It's viewed much more as an investment now than it's ever been.
     
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  44. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    if you actually look at his language it has non all inclusive verbiage

    but i understand your rage meter inhibits comprehension
     
  45. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    if your comp is that non BTC/ETH are penny stock scams I don't disagree. comparing it to a highly regulated space is the point.

    dramatically regulating the space is the path I imagine we both agree with (but not before tons of rich people get wildly more wealthy, which is the point)
     
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  46. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i'm a conservative investor my 100% gain on BTC/ETH is lit

    i've also found BTC even more stupid than when I didn't pay attention to the space
     
  47. user15000

    user15000 Well-Known Member

    Uh no no it doesn't. His entire thread paints in "cryptocurrency technology" and the "cryptocurrency industry." His language is precisely all inclusive. Go ahead and point out where it's not.

    I mean come on...everything about this is broad strokes all-inclusive language.



     
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  48. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    "primarily"
    "almost"
     
  49. user15000

    user15000 Well-Known Member

    Sell it. And then short it. You're surely the first person ever who has cracked the riddle as to why btc is stupid.