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Merged Bitcoin - Part 3

carlitos said:
Because I have been reading a lot about crypto lately, Bitcoin Gurus now appear in my twitter feed. Their image analysis seems to be very similar that of the Bigfoot people, 9/11 building collapse analysts and Jack White looking at Apollo or JFK photos.

[qimg]https://pbs.twimg.com/media/FOi4iyZWUA0VAcF?format=jpg&name=small[/qimg]

[qimg]https://i.imgur.com/5X3Mcmm.jpg[/qimg]
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That chart is 4 years old. Are they trying to claim that their "analysis" predicted Bitcoin's recovery?
 
The Don said:
Russia have announced that they will accept bitcoin payment for oil
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They'll never be able to practically use crypto for any sustained business. Oil trades are hundreds of millions, if not billions, of dollars. There would be massive liquidity issues, purchases and sales of that size would **** the entire bitcoin\altcoin ecosphere up, and it's just not a realistic idea.

Which is pretty much what the top analysts say as well.

"I don't think cryptocurrency is a reasonable off-ramp for sanction evasions," he previously told Insider. "The combination of the lack of liquidity in the crypto market to sustain the Russian economy, as well as strict compliance controls in the larger crypto exchanges will make it impossible for the Russian central bank to even move any crypto."
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It's a red herring.
 
There's really no point in wondering what Bitcoin can be used for. We see it right now. It's a highly volatile speculative asset, frequently used by outright fraudsters and scammers, with massive negative externalities.

There's no end use for it besides this. This is it. It's over a decade old with untold millions of dollars pumped into it, this isn't some nascent technology still trying to find its purpose. Here it is, in all its ugliness.
 
SuburbanTurkey said:
There's really no point in wondering what Bitcoin can be used for. We see it right now. It's a highly volatile speculative asset, frequently used by outright fraudsters and scammers, with massive negative externalities.

There's no end use for it besides this. This is it. It's over a decade old with untold millions of dollars pumped into it, this isn't some nascent technology still trying to find its purpose. Here it is, in all its ugliness.
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LoL :rolleyes:
 
plague311 said:
LoL :rolleyes:
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The crypto true believers keep thinking something better is coming, but this is it man. How much more time and money does it need before it finally transforms into something socially useful? It's well into its mature phase of the life cycle. Gaze upon its form and weep.

Pretending otherwise is just cope.
 
SuburbanTurkey said:
The crypto true believers keep thinking something better is coming, but this is it man. How much more time and money does it need before it finally transforms into something socially useful? It's well into its mature phase of the life cycle. Gaze upon its form and weep.

Pretending otherwise is just cope.
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So a false dichotomy? Awesome.

I'm not going to get into a long drawn out debate with you. We both know for an absolute fact that you will never change your mind, and given I have actual experience with crypto, I find most of your views about crypto to be full of ****. So there's no common ground, or even progress, either you and I are going to make here. None. Absolutely none. You've made up your mind, 100%. I've made up mine.

All I try to do is correct the biggest of yours, and others, bull **** claims that are made here. Like the stupidity that "Russia is using bitcoin to avoid sanctions!!!!". It's stupid, and anyone with experience knows why.

Also, I'm not some crypto true believer. At this point if you added up all of my crypto, NFTs, and wallets I'd probably be sitting at around $1300ishUSD. I understand the downfalls of crypto, I understand the changes the bulk of the industry is trying to make to address those downfalls. You won't, never will.
 
plague311 said:
So a false dichotomy? Awesome.

I'm not going to get into a long drawn out debate with you. We both know for an absolute fact that you will never change your mind, and given I have actual experience with crypto, I find most of your views about crypto to be full of ****. So there's no common ground, or even progress, either you and I are going to make here. None. Absolutely none. You've made up your mind, 100%. I've made up mine.

All I try to do is correct the biggest of yours, and others, bull **** claims that are made here. Like the stupidity that "Russia is using bitcoin to avoid sanctions!!!!". It's stupid, and anyone with experience knows why.

Also, I'm not some crypto true believer. At this point if you added up all of my crypto, NFTs, and wallets I'd probably be sitting at around $1300ishUSD. I understand the downfalls of crypto, I understand the changes the bulk of the industry is trying to make to address those downfalls. You won't, never will.
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That's the fun thing about negative externalities, everyone has "experience" with crypto whether we want it or not.

What a relief that solutions are coming soon. All these people shoveling coal into the money printing machines was starting to make me nervous!
 
SuburbanTurkey said:
That's the fun thing about negative externalities, everyone has "experience" with crypto whether we want it or not.
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Well, on a positive note, it's not the dumbest thing I've read today.

SuburbanTurkey said:
What a relief that solutions are coming soon. All these people shoveling coal into the money printing machines was starting to make me nervous!
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I couldn't roll my eyes hard enough out of fear I'd be permanently handicapped.

Keep up the good fight.
 
plague311 said:
Well, on a positive note, it's not the dumbest thing I've read today.



I couldn't roll my eyes hard enough out of fear I'd be permanently handicapped.

Keep up the good fight.
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If it makes you feel any better, I concede that the crypto bros have largely already won. The US regulatory system is incredibly slow to respond to financial predation. The crypto world is going to remain an open hunting ground for sophisticated actors to take advantage less sophisticated consumers who don't really understand the risks they are taking, all the while consuming more and more resources and producing more and more waste.

My one hope is that this giant scam factory doesn't become so large as to be "too big to fail", so that the larger economy isn't too significantly impacted by the periodic busts that always follow the booms. Even in this I am pessimistic.
 
SuburbanTurkey said:
The crypto true believers keep thinking something better is coming, but this is it man. How much more time and money does it need before it finally transforms into something socially useful? It's well into its mature phase of the life cycle. Gaze upon its form and weep.

Pretending otherwise is just cope.
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Skepticism is FUD. Diligence is FUD. Practical concerns about feasibility, sustainability, and liquidity of your investment are FUD. Look at the chart the man shows you and believe what he tells you it says. Don't ask questions. Stop trying to "think" - people that are smarter than you have done all the thinking; your job is to pay in and keep paying in. Open your mouth and close your eyes.
 
Checkmite said:
Look at the chart the man shows you and believe what he tells you it says. Don't ask questions.
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The only "men" I see doing this are the ones who want you to believe that a permanent collapse is imminent (this time for sure) regardless of what the price history might say.
 
psionl0 said:
The only "men" I see doing this are the ones who want you to believe that a permanent collapse is imminent (this time for sure) regardless of what the price history might say.
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Are you still struggling to understand the difference between "imminent" and "inevitable"?
 
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