psionl0
Skeptical about skeptics
How to make something true - repeat it again and again and again and . . .
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Merged Bitcoin - Part 3
- Thread starter Dr.Sid
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- bitcoin cryptocurrency
psionl0
Skeptical about skeptics
I don't know about the "bitcoin guys" but personally, when I first found out about bitcoin, I thought it was just an interesting piece of technology. At the time, I didn't think it would amount to much more than that. Few people did of course. With no reliable way to value the tokens, I didn't see it becoming a wide spread currency (and the more I learned about the technological limitations, the less convinced that I became that bitcoin would be a widespread currency). I didn't foresee the rise of speculation in bitcoin.
When this thread first started (speculation was well under way), there quickly appeared 3 camps of posters: The libertarians who thought it would take over the financial world, the doomsday prophets who believed that this was an invention of the devil that would destroy the world and the naive posters who thought that sooner or later, speculators would stop speculating and bitcoin would die a natural death.
None of these positions have ever proven to be the case.
psionl0
Skeptical about skeptics
The 4th camp - those who see it as little more than just another technological product.
psionl0
Skeptical about skeptics
I know you are being sarcastic but this is essentially true.
Sure, the fact that a trustless storage/transfer mechanism can be made to work is a significant technological development but not earth-shatteringly so.
It has its hassles to set up and use, it can only be used for digital products, it does nothing to address frauds and scams with these products (some might argue that frauds and scams are more likely because the environment is unregulated) and it does not provide a cast iron guarantee against loss or theft of these products.
Why would you want to post more than this?
Roger Ramjets
Philosopher
That's a pretty narrow view. Blockchain may be 'little more' than a technological product, but Bitcoin is far more.
First off, Bitcoin is the brainchild of libertarian ideology, and most of its early proponents were attracted to it because of that. The technology wasn't important to them, only the (desired) result.
Secondly, once its potential for speculation became apparent it attracted far more attention, again not for the technology but because it could make you rich with practically no effort. Blockchain wasn't needed for that either. Any technology that could create a distributed ponzi would do the job.
Thirdly, its potential for criminal activity is not just a 'little' more than the technology itself, but a major draw card. It's arguably the only reason Bitcoin took off at all, since in the early days it had no other practical use.
So Bitcoin isn't really about blockchain (or any technology) at all. That's just the mechanism that allowed it to have the desired attributes. The important bits are being disassociated from central banks and fiat currency, its anonymity (which could have been achieved with conventional cryptography or other means), and being a vehicle for speculation (which could have used anything from tulips to pictures of bored apes).
That's not to say that you couldn't be interested only in blockchain implementations, in which case Bitcoin is simply one example. But it isn't just that. The libertarians, doomsday prophets, and 'naive' posters predicting Bitcoin's demise could all see that there was a lot more to it than the technology. Those of us who studied ponzis and asset bubbles recognized many of their characteristics. However some of us 'naively' didn't consider how well it was crafted to extend the ponzi beyond a single cycle, which is what makes Bitcoin such an interesting case.
This log scale graph shows how each 'halving' has boosted the price by a smaller proportion. Bitcoin is running out of steam. Eventually it will become just like other 'pump and dump' schemes, and when that happens many 'fans' will lose interest. It's even possible that we are seeing its last gasp right now - though it has a long way to go to reach zero.
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dirtywick
Penultimate Amazing
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i’m not being sarcastic. you can just copy the code and make your own. and people have lots of times. often with some small changes to the code just to run a quick pump and dump. like lots and lots of times.
psionl0
Skeptical about skeptics
I get it. You see bitcoin as the tool of the devil (ironically, you are probably an atheist).
The CT section is thisaway.
< ---------------------------------
The paranormal section is thataway.
--------------------------------- >
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psionl0
Skeptical about skeptics
Have they? Which cryptos were created purely as a pump 'n dump?
a_unique_person
Director of Hatcheries and Conditioning
$TRUMP
dirtywick
Penultimate Amazing
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easiest to point out would be anything made on pump dot fun
psionl0
Skeptical about skeptics
Your inclusion of this diagram in your post shows why you can't be taken seriously.
In any other thread, you would take a poster to task if they tried to make prediction by extrapolating random data. You have pointed out in the past that "past performance is no indicator of future performance".
But see a pretty picture that confirms your bias against bitcoin and all of your critical thinking flies out of the window.
psionl0
Skeptical about skeptics
A website where anybody can create their own crypto is a good start but you still need to show specific examples.
dirtywick
Penultimate Amazing
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you can launch anonymous memecoins on a site called pump. it's just kind of the whole thing. what other possible use would there be for it?
psionl0
Skeptical about skeptics
Have you tried using the site? (It may be a parody site - or even a scam itself).
I'm not saying that cryptos haven't been created purely as a pump 'n dump but how often it occurs is a significant question. Then there is also the adage "if it sounds too good to be true then it is" which would probably make you immune to such scams.
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dirtywick
Penultimate Amazing
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i haven't launched a memecoin if that's what you're asking, i'm not getting involved in crypto pump and dumps. people launching anonymous memecoins on a site called pump, pretty obvious what the intent is there. and you can just look at the front page, there's like a dozen of them created in the last ten minutes
but we can do a little experiment, let's check back with We Are Retards coin which was just minted half an hour ago in a few days and see how it's going. $200k volume in the last 30 minutes. that's probably a legit project and not some stupid pump and dump
oh ◊◊◊◊ it's already dumping as i finished the post lol
but we can do a little experiment, let's check back with We Are Retards coin which was just minted half an hour ago in a few days and see how it's going. $200k volume in the last 30 minutes. that's probably a legit project and not some stupid pump and dump
oh ◊◊◊◊ it's already dumping as i finished the post lol
psionl0
Skeptical about skeptics
It doesn't sound like cryptos that are being created and marketed on the usual crypto exchanges. It appears to be more of an "in house" thing.
dirtywick
Penultimate Amazing
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it's basically a platform for creating pump and dumps. a lot of people know exactly what it is, and just play chicken on it, trying to ride the pumps and selling before the dump. but, plenty of influencers ran scams on pump.fun as well. in any case, they've made millions of coins on pump.fun, who is happy to facilitate and collect fees. most of them are just people gambling on getting in and out on rug pulls. kind of the point of the site, which is why i brought it up as a good example of crypto rug pulls. a new one every minute.
anyway, once in a while a coin gets big enough to make it to "real" exchanges. like fartcoin
Fartcoin price today, FARTCOIN to USD live price, marketcap and chart | CoinMarketCap
The live Fartcoin price today is $0.1569 USD with a 24-hour trading volume of $38,655,962.07 USD. We update our FARTCOIN to USD price in real-time.
coinmarketcap.com
made it to coinbase and other major exchanges. and maybe people figure if fartcoin made it, then why not we are retards coin? but they're stupid memecoins and always will be.