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

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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. For example, Ethereum nodes spend electricity and computing power to verify that users of the Brave Browser have indeed interacted with advertisements. These interactions are then recorded and for their service the validation nodes are paid in ETH. As The Brave Foundation also recieves some of this ETH as they help validate, they can turn around and pay their users and advertisers in BAT. Which itself validates selerately but uses ETH for second order verification to confirm its value.

This is what separates crypto from fiat. They actually serve a function beyond just a medium of exchange
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Many, like doge, serve no purpose.
 
I can't find a better place to post this. A youtuber who exposes scams just dropped a 40min video about a bunch of influencers including ricegum and people from Faze (ye I don't fucking know) running a shitcoin scam.

TLDW - they promoted an alt coin called save the kids spinning it as a charity initiative but it was basically a big pump and dump scam and the evidence suggests the influencers were in on it. Vid is long but I would recommend a watch. This stuff is getting a lot of traction all over the net it seems.
 
Stasi said:
I can't find a better place to post this. A youtuber who exposes scams just dropped a 40min video about a bunch of influencers including ricegum and people from Faze (ye I don't fucking know) running a shitcoin scam.

TLDW - they promoted an alt coin called save the kids spinning it as a charity initiative but it was basically a big pump and dump scam and the evidence suggests the influencers were in on it. Vid is long but I would recommend a watch. This stuff is getting a lot of traction all over the net it seems.
https://youtube.com/watch?v=Kv6ne6VQCZI
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Faze Kay was kicked from the clan, several others were suspended for this.
 
I honestly think that a lot of crypto is like lottery tickets, a tax on stupidity, witness those retards crying on Twitter at Elon Musk for shilling this or that piece of crap. It has its advantages if someone (like our boss) is discriminated against by the financial sector, and some example are genuine crypto, but in terms of the big number of low info people involved, it is a tax on stupidity. Someone probably said this already, but it's key to it, I think.
 
Other than pure speculation, you need to ask yourself why a coin would increase in value. Why would the value go up from what it is now?

Usually no one has any answer for this, other than "BLOCKCHAIN!" without explaining why that would mean it should be used as currency by someone.

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.

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. For example, Ethereum nodes spend electricity and computing power to verify that users of the Brave Browser have indeed interacted with advertisements. These interactions are then recorded and for their service the validation nodes are paid in ETH. As The Brave Foundation also recieves some of this ETH as they help validate, they can turn around and pay their users and advertisers in BAT. Which itself validates selerately but uses ETH for second order verification to confirm its value.

This is what separates crypto from fiat. They actually serve a function beyond just a medium of exchange
Click to expand...
Right, but why would you want to buy ethereum, thinking it'd go up in value, just for that reason?
 
Stasi said:
I can't find a better place to post this. A youtuber who exposes scams just dropped a 40min video about a bunch of influencers including ricegum and people from Faze (ye I don't fucking know) running a shitcoin scam.

TLDW - they promoted an alt coin called save the kids spinning it as a charity initiative but it was basically a big pump and dump scam and the evidence suggests the influencers were in on it. Vid is long but I would recommend a watch. This stuff is getting a lot of traction all over the net it seems.
https://youtube.com/watch?v=Kv6ne6VQCZI
Click to expand...
Muta even did an in-depth analysis on it for almost 40 minutes:


Between the way how the stock stack developers only made their socials for only 20+ days prior to this development, to even Muta busting out his Indian accent in pure rage, I’m surprised how this is the first time people are not aware about things like this (possibly) happening frequently in the blockchain sphere.

“Influencers” can’t even influence their own stock on how to do stocks right.
 
Hollywood Hulk Hogan said:
Other than pure speculation, you need to ask yourself why a coin would increase in value. Why would the value go up from what it is now?

Usually no one has any answer for this, other than "BLOCKCHAIN!" without explaining why that would mean it should be used as currency by someone.

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.
Click to expand...
It's all speculative. There's no real value in it until you're able to use it for commerce (not currency exchange). I think the whole thing tanks when govt's find a way to regulate it.

Everything is cool until mom and dad get in on it.
 
Hollywood Hulk Hogan said:
Right, but why would you want to buy ethereum, thinking it'd go up in value, just for that reason?
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Why would I invest in a company that was the first to start using double entry book keeping? We take this very simple accounting method for granted NOW as EVERYONE uses it. But humanity has only been using this "technology" for the last 500 years. Which means there are 3,500 years or more of economic history where this method of tracking gains and losses in the economy did not exist.

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.
 
mindlessobserver said:
Why would I invest in a company that was the first to start using double entry book keeping? We take this very simple accounting method for granted NOW as EVERYONE uses it. But humanity has only been using this "technology" for the last 500 years. Which means there are 3,500 years or more of economic history where this method of tracking gains and losses in the economy did not exist.

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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Just because the company uses double entry book keeping doesn't mean it's going to be profitable.

Why is ethereum going to go up in value?
 
Hollywood Hulk Hogan said:
Just because the company uses double entry book keeping doesn't mean it's going to be profitable.

Why is ethereum going to go up in value?
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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.
 
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.
Click to expand...

I'm more or less of the same opinion, if slightly less optimistic. I like the technology, the real question is if it's going to be Ethereum or some other form of the technology. I'm in entirely on Proof of Stake coins, because of the more practical transaction speeds. I think the ETH2 update will be huge for that platform, but I think Cardano has a chance to compete with it once they update for smart contracts.

Crypto is a small part of my otherwise safe, sensible portfolio, but it's fun and I do believe in the technology. I believe in crypto technology more than its usefulness as currency.
 
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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But why would that make people want to use this coin for purchasing stuff, over things like cash and cards? Or why would that make it go up in value? Just because it's a new method doesn't mean that the value of the underlying asset will go up.

If a new company that makes a product no one wants has a revolutionary way of doing bookkeeping, that doesn't mean they'll be profitable
 
Hollywood Hulk Hogan said:
But why would that make people want to use this coin for purchasing stuff, over things like cash and cards? Or why would that make it go up in value? Just because it's a new method doesn't mean that the value of the underlying asset will go up.

If a new company that makes a product no one wants has a revolutionary way of doing bookkeeping, that doesn't mean they'll be profitable
Click to expand...
I don't think you understand what ETH fundamentally is. It's not a currency. The currencies are the various Tokens deployed on the network. Those Tokens are like the script paper money issued by banks back before central banking. ETH is the gold bars that resided in the bank to back the value of the paper script. It exists to facilitate the value of the transactions, not to pay for them itself. The difference between those pre-central banking banks and the Ethereum network is that the book is completely open and is fool proofed to prevent debasement of value or outright theft.

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. And that is why I believe ETH is going to be big. Not because I can take my ETH down to McDonald's and buy a burger with it, but because of its potential to back an entirely new and more efficient global financial system

Also, Jack Dorsey says don't buy it. ALWAYS do the opposite of what that man tells the Twitter tards to do.
 
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. And that is why I believe ETH is going to be big. Not because I can take my ETH down to McDonald's and buy a burger with it, but because of its potential to back an entirely new and more efficient global financial system
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There's nothing stopping any country in the world from using feces as currency, but that doesn't mean they're going to. Currency is just fine as is, there's no reason to replace it with crypto.
 
web.archive.org

RSA Conference on Twitter

“The Internet has a serious fundamental flaw: the transmission control protocol/internet protocol (TCP/IP)—the primary engine underpinning the Internet—is less secure. Is #blockchain the solution we need to eliminate this flaw? https://t.co/MIN1UXBa8G”
web.archive.org web.archive.org

1625442551598.jpeg

Ahahaha no. 🤡 🌎
 
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