No, man. People are sounding like these prices are fixed, when we’ve seen time and time again that crypto prices are cyclical.
Now’s a time to buy. ETH is at a 50% discount. Your assets would be in a pretty good spot right now if you’d bought Bitcoin in 2017 when it “crashed” to $4000 per unit. I picked up shares of EZBC at an average of $32 a share (currently hovering between $45-$50 in a supposed crash) and XRP at 50 to 75 cents, currently hovering around $2.10.
What you do is invest, and then just forget about it and let those assets sit. Investing is about forward-thinking.
Is this really a cycle? The interesting thing to me is, as others have pointed out, it’s mostly dropped right along with the stock market. Not looking so much like an uncorrelated asset.
“Greatest fool” description relies on the precept of its utility or demand returning to zero in a near-future timeframe. If people have utility for “the thing”, that won’t be the case.
There is no utility really, for ponzicoins. You can’t make anything from it. You can use it to make anything. You can’t eat it. You can’t hydrate with it. And you can’t use the notes to summon military aid.
Yes, for the limited subset of ERC20s or whatever you describe as “ponzicoins”. Things that actually do nothing, particular not doing anything more than L1 cryptos but “this is yet another token”, are not really adding any value. But I would be really surprised if you can name any more complex contracts than ERC20s (or ERC721s), which is where the work in the space actually goes.
Yes, work. Smart contracts are designed, programmed and, if they’re done right, rigorously audited for correctness. Then you have user-facing interface and everything surrounding that as well. Look at the documentation of AAVE, for one example.
And this isn’t even getting into the protocol level (L1 or L2) work either. Bitcoin was relatively simple, Ethereum is not. They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.
They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.
And all that time, they are still ponzi schemes that do none of the above very well. We’ve had all of that in the merchant payment systems for decades now, all without the need to consume more electricity than many small nations, just to approve a transaction.
We’ve seen time and time again that not all crypto prices are cyclical. Ethereum has been performing poorly relative to BTC. If you’re just going to forget about it, then you should avoid proof of stake! When you log back in you’ll see that everyone who staked was sitting on a musical chair and you’re not.
Plus, it’s run by a central foundation that bailed itself out when the DAO flopped. Requires attention at best.
They are as cyclical as people are cyclical for falling for confidence scams again and again and again … You can consider something based on how good an investment it is, or based on how ethical it is. Very seldom will both work out. People, don’t cry about the rich getting richer, the poor getting poorer, assholes behaving more like assholes, and inflation skyrocketing when you normalize and even crowdsource this sort of relationship with your economy. Don’t be surprised when the society that surrounds you is so burnout all you have to spend your money on is shit.
They are as cyclical as people are cyclical for falling for confidence scams again and again and again
No. They are cyclical because of the way that crypto algorithms work, and the effects they have on the media and human greed.
how ethical it is.
This conversation isn’t about ethics. It’s about the silliness of the meme, but thank you. You are correct in saying that each individual investor needs to consider these issues as well.
No, man. People are sounding like these prices are fixed, when we’ve seen time and time again that crypto prices are cyclical.
Now’s a time to buy. ETH is at a 50% discount. Your assets would be in a pretty good spot right now if you’d bought Bitcoin in 2017 when it “crashed” to $4000 per unit. I picked up shares of EZBC at an average of $32 a share (currently hovering between $45-$50 in a supposed crash) and XRP at 50 to 75 cents, currently hovering around $2.10.
What you do is invest, and then just forget about it and let those assets sit. Investing is about forward-thinking.
Is this really a cycle? The interesting thing to me is, as others have pointed out, it’s mostly dropped right along with the stock market. Not looking so much like an uncorrelated asset.
Never is it a good time to invest in a ponzi scheme. It’s just a matter of playing “Greatest Fool”.
“Greatest fool” description relies on the precept of its utility or demand returning to zero in a near-future timeframe. If people have utility for “the thing”, that won’t be the case.
There is no utility really, for ponzicoins. You can’t make anything from it. You can use it to make anything. You can’t eat it. You can’t hydrate with it. And you can’t use the notes to summon military aid.
I suppose you can buy drugs with it. Maybe.
So yes, it’s a Greatest Fool game.
Yes, for the limited subset of ERC20s or whatever you describe as “ponzicoins”. Things that actually do nothing, particular not doing anything more than L1 cryptos but “this is yet another token”, are not really adding any value. But I would be really surprised if you can name any more complex contracts than ERC20s (or ERC721s), which is where the work in the space actually goes.
“Work”
Yes, work. Smart contracts are designed, programmed and, if they’re done right, rigorously audited for correctness. Then you have user-facing interface and everything surrounding that as well. Look at the documentation of AAVE, for one example.
And this isn’t even getting into the protocol level (L1 or L2) work either. Bitcoin was relatively simple, Ethereum is not. They’ve spent years crafting these systems to function for PoS, L2 support, sharding, rollups, etc., at scale.
What do these “smart contracts” make? And why do we need to burn up tons of fossil fuels, just to have contracts like we had before?
And how is this better than a typical contract?
https://www.zdnet.com/article/hackers-hijack-smart-contracts-in-new-cryptocurrency-token-rug-pull-scams/
Both are simple ponzi schemes.
And all that time, they are still ponzi schemes that do none of the above very well. We’ve had all of that in the merchant payment systems for decades now, all without the need to consume more electricity than many small nations, just to approve a transaction.
Totally, friend. Brilliant response.
We’ve seen time and time again that not all crypto prices are cyclical. Ethereum has been performing poorly relative to BTC. If you’re just going to forget about it, then you should avoid proof of stake! When you log back in you’ll see that everyone who staked was sitting on a musical chair and you’re not.
Plus, it’s run by a central foundation that bailed itself out when the DAO flopped. Requires attention at best.
They are as cyclical as people are cyclical for falling for confidence scams again and again and again … You can consider something based on how good an investment it is, or based on how ethical it is. Very seldom will both work out. People, don’t cry about the rich getting richer, the poor getting poorer, assholes behaving more like assholes, and inflation skyrocketing when you normalize and even crowdsource this sort of relationship with your economy. Don’t be surprised when the society that surrounds you is so burnout all you have to spend your money on is shit.
No. They are cyclical because of the way that crypto algorithms work, and the effects they have on the media and human greed.
This conversation isn’t about ethics. It’s about the silliness of the meme, but thank you. You are correct in saying that each individual investor needs to consider these issues as well.