It went to $88,000 today. Explain to me what had changed about it other than that the cult members believe it will be subjected to less regulation. Did it get adopted as a currency somewhere? Did it get adopted as a means to transact business somewhere? Or did people just pile money in because other people were piling money in?

Pyramid schemes aren’t Ponzi schemes. They don’t need to go to zero.

Can't think of much in which I am less interested. See also: NFTs.

An intangible sort of suck.

Wood Goblin wrote: Mon Nov 11, 2024 9:19 pm It went to $88,000 today. Explain to me what had changed about it other than that the cult members believe it will be subjected to less regulation. Did it get adopted as a currency somewhere? Did it get adopted as a means to transact business somewhere? Or did people just pile money in because other people were piling money in?

Pyramid schemes aren’t Ponzi schemes. They don’t need to go to zero.

Nothing has to change. There are no borders. It’s just out there now and whoever wants to stop it, that’s their problem.

enframed wrote: Mon Nov 11, 2024 4:29 pm

Gramsci wrote: Tue May 04, 2021 9:49 am Dumb on so many levels and incredibly interesting on others. The most interesting thing about cryptos is the technology behind it, rather than the gambling with the money part.

Is the tech behind it used for anything else? Serious question.

Blockchain is used or at least could be used for number of things, like ensuring authenticity of stuff or I guess shipping manifestos and stuff I can't explain. But they rather rape the earth with what was supposed to stop junk mail: proof of work. You put your computer to work and it uses so much electricity that in the end sending junk mail would've cost too much. Now they use the same concept for "mining" crypto.
They could use that same shit to crack some actual problems, but that would be helpful to humankind, so no.

Yep. I said “interesting” not world changing.

The only reason crypto has been allowed to progress is it has had little really impact on the wider economy. Governments are mostly ignoring it or allowing limited regularisation in markets. The second this shit causes a real world problem it’s gone.

For all the “governments can’t control crypto” it’s entirely untrue. All it takes is financial regulators to say “it is illegal to convert crypto into fiat currency, due to its highly volatile nature” and its over.

Gramsci wrote: Tue Nov 12, 2024 8:27 am The only reason crypto has been allowed to progress is it has had little really impact on the wider economy. Governments are mostly ignoring it or allowing limited regularisation in markets. The second this shit causes a real world problem it’s gone.

For all the “governments can’t control crypto” it’s entirely untrue. All it takes is financial regulators to say “it is illegal to convert crypto into fiat currency, due to its highly volatile nature” and its over.

Seems like quite the opposite is happening under the new regime across the pond mind. Regulation bedamned.

A_Man_Who_Tries wrote: Tue Nov 12, 2024 8:29 am

Gramsci wrote: Tue Nov 12, 2024 8:27 am The only reason crypto has been allowed to progress is it has had little really impact on the wider economy. Governments are mostly ignoring it or allowing limited regularisation in markets. The second this shit causes a real world problem it’s gone.

For all the “governments can’t control crypto” it’s entirely untrue. All it takes is financial regulators to say “it is illegal to convert crypto into fiat currency, due to its highly volatile nature” and its over.

Seems like quite the opposite is happening under the new regime across the pond mind. Regulation bedamned.

That’s only because of minimal impact in the wider economy. The regulators main job is smoothing volatility to allow markets to function to produce “the economy”. The vibe level is already bad enough. Adding vibes plus bullshit would be terrifying.

My take on crypto is it will, as it always has, continue to be a dumbass racket that governments contain and throw crumbs to. Maybe there’ll be an opening up but if it does one big fuck up and normal people are impacted it’s gone.

Solving Sudoko puzzles to buy heroin on the internet is it’s past, now and future.

Gramsci wrote: Tue Nov 12, 2024 8:54 am Maybe there’ll be an opening up but if it does one big fuck up and normal people are impacted it’s gone.

'Normal people' don't matter under fascism.

It's been said before, but tell the Trump lover in your life to bet it all on "dogecoin." It's a surefire winner where the deep state can't take your shit, right?

enframed wrote: Mon Nov 11, 2024 4:29 pm Is the tech behind it used for anything else? Serious question.

the other day when I got the email saying my and pretty much everyones Social Security number was stolen and is now on the [whisper]DARKWEB[/whisper] my first thought was "we need new numbers stored on blockchain". But i'm not sure that would really help anything.