Merged Bitcoin - Part 3

Patrick Boyle talks to Zeke Faux (pronounced Fox apparently) about his new book about Crypto.



Incudes his experience of buying a Bored Ape and attending a Bored Ape Yacht Club party.

There's also a discussion of his visit to El Salvador which was the first country to make BTC an official currency. Spoiler: nobody in El Salvador uses BTC. Vendors hate it.
 
psionl0 said:
Yep. NFTs could have had the potential to help establish legal ownership of intellectual property. But one people started paying huge sums for crude pictures of bored monkeys, it turned into a tulip.
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"crypto technology may have some niche legitimate uses, but seems to be primarily used for pointless speculation and outright scams" is a recurring theme.
 
psionl0 said:
I only needed to hear the first sentence ("Ponzi scheme") to know that this is just 54 minutes of confirmation bias.

So YT;DW.
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Pity. If you were able to overcome your confirmation bias you might find it quite informative.

Here's one comment:-
This lad is INSANELY talented at these sorts of videos. I’ve always been interested in the concept of Crypto (no interested in investing in it, just watching it) but I’ve never fully understood it. I’ve watched so many people trying to explain what it is and how it works, and always been none the wiser after watching the video/explanation. After this video, I can finally say that I understand the basics of it and how it generally works. This guy explains it in a detailed, but simple to understand way.
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Note that the author was at one time quite positive towards Bitcoin. He only came to the conclusion that it is a 'distributed ponzi scheme' after following its development for many years and becoming jaded by what it turned into. His opinion of it doesn't detract from the clear explanations of how blockchain works and the relationship to things like NFTs and WEB3.0 (which until now I did not know was a crypto thing).
 
I follow this bloke on YouTube. He covers all the Crypto, NFT and Web 3.0 scams, frauds and disasters and gives a roundup video quite regularly. He covers gaming as well

The sheer scale of fraud and criminality involved with Crypto and NFTs is staggering

This is his short 'roundup' channel
https://youtube.com/@kirareacts

And this his 'long form' channel
https://youtube.com/@KiraTV1
 
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I love the people who say:

"It totally isn't a Ponzi scheme, because in Ponzi schemes only one person gets all the stolen money."

or the other variant:

"It totally isn't a Ponzi scheme, because it doesn't pretend to have any assets behind it."

Oh well, life goes on I guess.
 
psionl0 said:
If you could really do a pump and dump and crash the market you would already have done so.
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How do you know I haven't? Lord knows enough pump and dumps and rugpulls and other scams have happened so far, maybe I was one of them and am posting from my private island.
 
novaphile said:
I love the people who say:

"It totally isn't a Ponzi scheme, because in Ponzi schemes only one person gets all the stolen money."

or the other variant:

"It totally isn't a Ponzi scheme, because it doesn't pretend to have any assets behind it."

Oh well, life goes on I guess.
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I don't know who you are quoting but it isn't me.
 
psionl0 said:
So you are the one who crashed NFTs.
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That was me. You see, I (and others like me) didn't buy into them.

Ponzi schemes need a steady supply of new 'investors' or they collapse. The real purpose of NFTs wasn't to be a new way to buy and sell artworks, it was a way to boost Bitcoin usage. Once that was achieved it didn't matter if the NFT market collapsed. Too bad for all the artists who were tricked into using Bitcoin for a scheme that actually allowed people to steal their art!
 
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