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Post by smoothpete on Nov 19, 2022 11:59:13 GMT
This youtube guy is also really good. Just straight deadpan delivery, low key very funny but factual
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Post by stuz359 on Nov 22, 2022 0:18:08 GMT
My understanding, and I'm only posting because there are still some defending this (not here obvs):
If I buy a pint, I get a pint even if it's a shit pint.
If I buy a house, even if the value collapses, I still have a house.
If I buy Bitcoin, it's based on the idea that someone else think a bit of code in a blockchain is valuable. But it's not actual stuff.
If I buy a console, I have a console, that console has value. if I buy a game, I have a game, that game has value. if I have bitcoin and someone decides it's worthless, I have nothing. The other things, I still have some stuff that I can use (that has value). Bitcoin if it collapses, I have nothing.
How deluded do you have to be that buying something that doesn't exist has value?
Still enjoying my horse armour though.
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Post by Chopsen on Nov 22, 2022 6:41:10 GMT
Not to defend this nonsense, but you could argue exactly the same about shares and bonds. If the company they're in is regarded as worthless, you have nothing.
Also, gold. Sure you still have the gold but it's value is only dependent on other people thinking it's as valuable as you do.
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Post by dfunked on Nov 22, 2022 7:08:58 GMT
Buying games is probably a pretty bad example. If you buy a digital game and the platform suddenly goes kaput, you don't have the game any more. You're buying digital games in the faith that that won't ever happen, but it could. Or something like the PS3 CMOS battery issue happens.
No idea what I'm dribbling on about any more... Carry on as you were.
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Deleted
Deleted Member
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Post by Deleted on Nov 22, 2022 7:32:03 GMT
Not to defend this nonsense, but you could argue exactly the same about shares and bonds. If the company they're in is regarded as worthless, you have nothing. Also, gold. Sure you still have the gold but it's value is only dependent on other people thinking it's as valuable as you do. And money. Money is literally just made up and a group delusion. Not worth the paper it is printed on. |
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Post by Resident Knievel on Nov 22, 2022 7:32:29 GMT
Does Tales of Monkey Island have value?
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Post by Chopsen on Nov 22, 2022 7:37:24 GMT
If money didn't exist tho you'd have to invent it. Without a divisible intermediary to exchange one set of goods and services for another, you'd doomed to a barter economy. How many goats to a PS5?
You don't *need* gold to exist as an investment asset. Yet people collectively use it as one and that's all that gives most of its value.
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Post by Nanocrystal on Nov 22, 2022 8:18:05 GMT
Not to defend this nonsense, but you could argue exactly the same about shares and bonds. If the company they're in is regarded as worthless, you have nothing. Also, gold. Sure you still have the gold but it's value is only dependent on other people thinking it's as valuable as you do. And money. Money is literally just made up and a group delusion. Not worth the paper it is printed on. Not really a delusion, though, is it? Everyone understands fundamentally that money is just a token. It's more like we all collectively agree to reconize its value for the sake of practicality, and we have little choice in the matter because it's so baked in to our social systems. But with fiat currency, literally the entire world agrees on this principal, to the extent that it isn't even in question, and it has been like that for hundreds of years. Same with gold. Not with cryptocurrencies or NFTs though. |
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Deleted
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Post by Deleted on Nov 22, 2022 8:56:01 GMT
And money. Money is literally just made up and a group delusion. Not worth the paper it is printed on. Not really a delusion, though, is it? Everyone understands fundamentally that money is just a token. It's more like we all collectively agree to reconize its value for the sake of practicality, and we have little choice in the matter because it's so baked in to our social systems. But with fiat currency, literally the entire world agrees on this principal, to the extent that it isn't even in question, and it has been like that for hundreds of years. Same with gold. Not with cryptocurrencies or NFTs though. True. But even then people can just decide it doesn't exist, or at least your version of it. Then you get hyperinflation or you change pesetas to euros or something. I fundamentally see crypto and normal currency as similar, but just one is established so we accept it. (This is a criticism of currency, not a Ln endorsement of crypto) 2008, great depression, now etc all seem to me to show money is not stable anyway. It is just the best thing we can think of. |
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dogbot
Full Member
Posts: 8,738
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Post by dogbot on Nov 22, 2022 17:14:06 GMT
I will give you 4. Four goats! |
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Post by Trowel 🏴 on Nov 23, 2022 14:26:04 GMT
Quite the thread
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Post by brokenkey on Nov 23, 2022 15:25:57 GMT
Not to defend this nonsense, but you could argue exactly the same about shares and bonds. If the company they're in is regarded as worthless, you have nothing. Also, gold. Sure you still have the gold but it's value is only dependent on other people thinking it's as valuable as you do. gold has practical uses, which underpin its value to a degree. |
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crashV👀d👀
Junior Member
not just a game anymore...
Posts: 3,892
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Post by crashV👀d👀 on Nov 23, 2022 16:32:24 GMT
It was sure as shit stinks that some bigger players were going to be outed by this. As dodgy as SBF is/was (and I don't believe his BS for a second) there were too many people getting fat off this teet. On the one of CZs recent vids it was even detailed how Bloomberg chose not to investigate. |
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sport✅
Junior Member
notice me senpai
I want to claim my tits
Posts: 2,326
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Post by sport✅ on Nov 23, 2022 16:57:13 GMT
It's also been pretty quiet in the upper echelons of FG. Some big players involved here.
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Post by smoothpete on Dec 5, 2022 9:22:52 GMT
Coffeezilla is just such a dude. Goes hard on SBF here.
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sport✅
Junior Member
notice me senpai
I want to claim my tits
Posts: 2,326
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Post by sport✅ on Dec 5, 2022 9:43:31 GMT
Look at that stare. Zilla will be swimming with the fishes by new year.
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Bongo Heracles
Junior Member
Technically illegal to ride on public land
Posts: 4,661
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Post by Bongo Heracles on Dec 5, 2022 9:53:59 GMT
The first panel he crashes is hilarious. Crypto shills and arse lickers to a man and then he crops up.
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Post by smoothpete on Dec 5, 2022 10:44:17 GMT
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Bongo Heracles
Junior Member
Technically illegal to ride on public land
Posts: 4,661
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Post by Bongo Heracles on Dec 5, 2022 11:20:03 GMT
She looks like how Hermione Granger is described in the actual books.
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Post by smoothpete on Dec 8, 2022 10:27:00 GMT
Coffeezilla continuing to do great work:
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lukasz
New Member
Meat popsicle
Posts: 687
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Post by lukasz on Dec 12, 2022 2:54:43 GMT
Coffeezilla continuing to do great work:
I saw his other video from 7 months or so ago. Where that dude admitted to ponzi scheme. And viola. Same guy is now in the news lol! Coffee third attempt was so successful. And that ftx guy is a moron. Like trump and musk. Talks when they should keep quiet! |
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Bongo Heracles
Junior Member
Technically illegal to ride on public land
Posts: 4,661
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Post by Bongo Heracles on Dec 12, 2022 7:48:03 GMT
I don’t think he admitted it as much as tried describing crypto to ‘old money’ people who just turned around and said ‘that’s a ponzi scheme’.
Something like ‘we have an empty, worthless box that we convince people has value and get them to put money into’
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Post by smoothpete on Dec 12, 2022 9:04:25 GMT
There's a great, in depth interview with coffeezilla on a recent Lex Fridman podcast / video in case anyone cares. It's interesting (but very long)
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Post by Jambowayoh on Dec 13, 2022 15:18:52 GMT
Aaaaaaaaaand he's been arrested in Barbados. As usual never fuck around with rich people's money.
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Post by smoothpete on Dec 13, 2022 15:24:20 GMT
The day before he was due to testify before a congressional committee... He's hired Ghilaine Maxwell's lawyer too.
Additionally Binance has paused USDC withdrawals.
Fun times!
Apparently SBF and his exec mates had a chat group called "Wirefraud" 😂
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Post by 😎 on Dec 13, 2022 18:20:01 GMT
Congress are absolutely tearing apart not just this nonsense but crypto in general. Suggests some tight regulations are going to be incoming.
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Post by smoothpete on Dec 13, 2022 19:14:06 GMT
His statement or whatever that he was going to deliver was leaked / released. It starts with “I fucked up”
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Post by Trowel 🏴 on Dec 13, 2022 19:33:56 GMT
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Post by smoothpete on Dec 14, 2022 10:29:50 GMT
The House Financial Services Committee hearing with John Ray is absolutely damning. Very, very long but jeezo...
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askew
Full Member
Posts: 6,831
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Post by askew on Dec 14, 2022 11:27:33 GMT
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