Let's talk about Cryptocurrencies

[Roof-Daddy]

Originally Posted by jammies

What happened to all the crypto enthusiasts who were in the thread earlier?

It's been a year long bear market in crypto and lots of the garbage crypto out there is getting flushed out.

The good projects will still be around when the next bull run hits and now is a great time to be buying into those types of projects IMO. Putting money right now into the stuff that will last is like buying $10 or even $100 bills for pennies.

[Jason14h]

Originally Posted by jammies

What happened to all the crypto enthusiasts who were in the thread earlier?

Like almost all CP threads now a days there is no discussions , but rather a group who will just constantly post an opposing viewpoint while adding zero to the topic

The enthusiasts are doing their due diligence , buying into project they see potential in , and chatting in groups that discuss the pros and cons of projects vs seeing people argue the crypto “isn’t a currency” and that everyone involved is idiots while watching the same people thank each others posts endlessly !

[Azure]

Crypto and the various technology behind it is never going to flourish until the idiots with too much money stop pumping projects like FTX.

A lot of these companies are built on a house of cards, and because they are privately held and not required to publish their reserve status, it is easy to get sucked in. But are they solvent? Are they using your funds to buy stocks? Is your crypto actually being put into cold storage when it is on their exchange? Without 3rd party audits and regulations on how these companies operate, this is going to happen over and over again.

It is also pretty pathetic how the US is refusing to play ball and get regulation going. These exchanges are not going away, and people are going to buy / sell crypto regardless on how much jammies likes to whine about it. It needs to be regulated and in order to do that the biggest financial economy in the world needs to work with the exchanges.

[Azure]

Originally Posted by Jason14h

Like almost all CP threads now a days there is no discussions , but rather a group who will just constantly post an opposing viewpoint while adding zero to the topic

The enthusiasts are doing their due diligence , buying into project they see potential in , and chatting in groups that discuss the pros and cons of projects vs seeing people argue the crypto “isn’t a currency” and that everyone involved is idiots while watching the same people thank each others posts endlessly !

It also doesn't help that people like jammies venture in and out of threads only to mock the people discussing the subject of that thread.

I don't agree with everything crypto either, and some things are a scam, but I find the discussion interesting and enjoy the different points of view.

But some people just whine 'OMG CRYTpOTOZ LORDZ SO LAME<, CRYOTPZO SCAM POST CATVIDZ IN MY MOMS BASEMENT, WHERE ARE ALL THE CYRPTO LOVERS NOW HUH.' Its pathetic.

[karl262]

Originally Posted by rubecube

What are the odds that a completely unregulated currency/market would be used to scam people?

https://twitter.com/user/status/1590727350408265733

Probably about the same odds as a completely regulated currency/market.

[Fuzz]

Originally Posted by Roof-Daddy

It's been a year long bear market in crypto and lots of the garbage crypto out there is getting flushed out.

The good projects will still be around when the next bull run hits and now is a great time to be buying into those types of projects IMO. Putting money right now into the stuff that will last is like buying $10 or even $100 bills for pennies.

Which are the "good projects?"

[Jason14h]

Originally Posted by Fuzz

Which are the "good projects?"

That’s like asking what are the good stocks to buy . Everyone’s opinion will differ

[Fuzz]

OK, top 5 projects you like.

[afc wimbledon]

Originally Posted by Fuzz

Which are the "good projects?"

the ones that do a good job of allowing the Iranian Government and various Mexican Drug Cartels to launder their money effectively, I'm guessing none of them at this point involve 'mining' or anything that remotely requires paying an electricity bill

[JohnnyB]

Originally Posted by Azure

Crypto and the various technology behind it is never going to flourish until the idiots with too much money stop pumping projects like FTX.

A lot of these companies are built on a house of cards, and because they are privately held and not required to publish their reserve status, it is easy to get sucked in. But are they solvent? Are they using your funds to buy stocks? Is your crypto actually being put into cold storage when it is on their exchange? Without 3rd party audits and regulations on how these companies operate, this is going to happen over and over again.

It is also pretty pathetic how the US is refusing to play ball and get regulation going. These exchanges are not going away, and people are going to buy / sell crypto regardless on how much jammies likes to whine about it. It needs to be regulated and in order to do that the biggest financial economy in the world needs to work with the exchanges.

In the case of FTX that includes idiots like BlackRock, Sequoia, Tiger, and the OTPP.

Regulation is definitely needed, especially with regards to transparency and leverage on centralized exchanges. If Alameda hadn't been engaging in high-risk and highly leveraged trading, and Sam Bankman-Fried hadn't bailed them out with user funds while also allowing users to trade with loads of leverage, FTX may well have had no problem in this crash. Fortunately, after this event many of the big exchanges are now committing to provide proof or reserves. Binance apparently may have in excess of $60B in reserves, so it's not like it can't be done properly. Meanwhile decentralized exchanges are also generally ticking along just fine and hopefully they will have wider adoption as user experiences become less cumbersome.

The next wave of adoption I think will also largely come with most people not even being conscious of the fact that they're using something on a blockchain, and there will be some greatly improved user experiences. Hopefully we get progress on meaningful regulations and standards that protect those users by that point too.

[Fuzz]

No, I'm serious. I keep hearing about good projects, but when I ask for them I usually get that clammed up response like "it's really complicated" or, well, "everyone's opinions will differ" which of course they will. I didn't ask for everyone's opinion. I'm really curious which projects have promise, because to me they all seem to be some variation of the same thing, and most don't seem to have use cases where central DB's would handle it better. So I'm curious.

[afc wimbledon]

Originally Posted by JohnnyB

In the case of FTX that includes idiots like BlackRock, Sequoia, Tiger, and the OTPP.

Regulation is definitely needed, especially with regards to transparency and leverage on centralized exchanges. If Alameda hadn't been engaging in high-risk and highly leveraged trading, and Sam Bankman-Fried hadn't bailed them out with user funds while also allowing users to trade with loads of leverage, FTX may well have had no problem in this crash. Fortunately, after this event many of the big exchanges are now committing to provide proof or reserves. Binance apparently may have in excess of $60B in reserves, so it's not like it can't be done properly. Meanwhile decentralized exchanges are also generally ticking along just fine and hopefully they will have wider adoption as user experiences become less cumbersome.

The next wave of adoption I think will also largely come with most people not even being conscious of the fact that they're using something on a blockchain, and there will be some greatly improved user experiences. Hopefully we get progress on meaningful regulations and standards that protect those users by that point too.

Doesn't regulation completely defeat the purpose of Crypto though, along with completely destroying it's advantage over conventional banking?

[JohnnyB]

Originally Posted by afc wimbledon

the ones that do a good job of allowing the Iranian Government and various Mexican Drug Cartels to launder their money effectively, I'm guessing none of them at this point involve 'mining' or anything that remotely requires paying an electricity bill

That's obviously a problem, but not a systemic risk problem or a risk to user funds kind of problem. It's the kind of stuff that banks like DB do all the time too. Crypto is hardly the first part of the financial world to be party to laundering money, and it generally leaves much more transparent records for investigators to use as they become more competent with the tech.

[JohnnyB]

Originally Posted by afc wimbledon

Doesn't regulation completely defeat the purpose of Crypto though, along with completely destroying it's advantage over conventional banking?

No. There are crytpo-libertarian kind of people who oppose any kind if regulation, but there are also plenty of people who would welcome it. How much people would welcome it is a pretty broad spectrum, but there are plenty of things in crypto where the purpose and value isn't at all about being outside of regulation.

[afc wimbledon]

Originally Posted by JohnnyB

That's obviously a problem, but not a systemic risk problem or a risk to user funds kind of problem. It's the kind of stuff that banks like DB do all the time too. Crypto is hardly the first part of the financial world to be party to laundering money, and it generally leaves much more transparent records for investigators to use as they become more competent with the tech.

I don't think it's a problem, I wasn't joking when I said it's crypto's only practical use right now, if anything is going to allow it to maintain any value it's it's dark web utility

[JohnnyB]

Originally Posted by afc wimbledon

I don't think it's a problem, I wasn't joking when I said it's crypto's only practical use right now, if anything is going to allow it to maintain any value it's it's dark web utility

You just need to learn more about it then, because that kind of comment suggests you just don't know much about what's going on with it.

I previously linked to this course on web3 by UNIC. All the lectures so far are free and if you're actually curious you could watch some of them and get an idea of the ways in which people are finding value in crypto that isn't at all dependent on dark web utility.

https://www.unic.ac.cy/openmetaverse...live-sessions/

[karl262]

It would probably be easier to name 50 banks caught money laundering than 50 crypto exchanges.

[jammies]

Originally Posted by Azure

It also doesn't help that people like jammies venture in and out of threads only to mock the people discussing the subject of that thread.

I've made my reasoned opinion on crypto clear earlier in this thread - it's an active detriment to society, is an industry infested with grifters and economic naïfs, and does nothing useful that digital currencies can't. So where mockery is appropriate due to events unfolding in accordance with those arguments, and not the "YOU JUST DON'T UNDERSTAND TECH, BRO!" ideas put forth by the enthusiasts, I'm going to mock.

I'll shut up when buying anything other than niche or illegal products is done with cryptocurrency. So, likely never.

[jammies]

Originally Posted by karl262

It would probably be easier to name 50 banks caught money laundering than 50 crypto exchanges.

Well, since there are less than 600 crypto exchanges and more than 44 000 banks in the world, this is a useless statistic.

[monkeyman]

I just assume all crypto exchanges are involved in money laundering.