Crypto Crash

[h00man]

okay so to get it right...

- crypto/NFTs are just "hyped" imaginary coding that people buy with REAL MONEY
- the people that bought into crypto years ago are rich as fuck with REAL MONEY because they sold it to people who were late to the bandwagon
- people with crypto currently, are trying to raise the value of their coded money, so they can sell it to people who are even MORE LATE to the crypto bandwagon
- crypto bros think crypto will have value in the metaverse
- its MLM

Is this correct?

[sexualhelon]

There's the saying, "invest in what you know". Most people have no clue why they're investing in the crypto that they're purchasing. They just choose the cheapest, most hyped crypto of the moment which is the equivalent of choosing the most spiked penny stock of the day. The odds are really against you. The way people talk about crypto, it's like they forgot about the fact the same thing happens in the stock market every day and has been for ages.

[DaleSr]

[Uncle Jeffrey]

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I cant knock anyone trying to survive late stage capitalism mang

[close]

Yo but if you're actively making it worse? That sucks

I think the pinning it on individuals thing is a big part of the problem. I could go vegetarian, ditch my car (have already bike commuted for over a decade now), and ease up on overall consumption... And it wouldn't change a thing. Until we hold the corporations to the fire it's meaningless.

Make changes that benefit YOU and push for regulatory reform that will fix the actual issue

[DaleSr]

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I cant knock anyone trying to survive late stage capitalism mang

[close]

Yo but if you're actively making it worse? That sucks

[close]

I think the pinning it on individuals thing is a big part of the problem. I could go vegetarian, ditch my car (have already bike commuted for over a decade now), and ease up on overall consumption... And it wouldn't change a thing. Until we hold the corporations to the fire it's meaningless.

Make changes that benefit YOU and push for regulatory reform that will fix the actual issue

Yeah in the macro sense i think that crypto is stupid and harmful and I'm supportive of legislating this stupid shit, but also don't actively support that system

[RCB3]

The fact that you, Dale, just put out a giant blanket statement that all crypto is a scam without any utility just shows what an idiot you are. Would agree 98% of crypto is, but there's incredible use case for decentralized finance, smart contracts, monetary systems outside of central banking/government control, etc.

You do realize that your "Ha!, Crypto dipped 50%, see it's all a scam!" narrative has literally happened when Bitcoin went made it to a dollar and then dipped heavily, reached, $100, then retraced, went to $1000, had cooling off periods, went to $20,000 then back to 3k, then now is down from $69k. Your crusade of self-rightenousness that you're saving the people from some pyramid scheme seems to come from some deep level of insecurity. Glad you feel you're out their fighting for the people by taking a black and white, all-in, one sided approach to a complicated sector. Keep it up!

Also, the fact you made a meme about yourself is incredibly cringe.

[DaleSr]

Gotta say, opening statement of "98% of this thing i support is a scam, but hear me out on the other 2%" is a bold strategy.

[RCB3]

Gotta say, opening statement of "98% of this thing i support is a scam, but hear me out on the other 2%" is a bold strategy.

Again, this just shows what incredible ignorance you have. You're lumping "crypto" as this one thing that you're all in on or not and if something is somehow connected to "crypto," it's automatically a scam. Imagine using that lens as your worldview. You sound like a person who'd sit down to a conversation with someone who shared a different perspective and just really hear them out. 

[Mouth]

Watch out! He's long on bullets....

[Chatbot]

NOOOOOOOOOO MY MIKE MO SWITCH FLIP NFT IS NOW WORTHLESS!!!!

[Deputy Wendell]

Watch out! He's long on bullets....

[Gene_Harrogate]

All this digital currency is too divisive, it's tearing slap part. That's why I've got my entire portfolio invested in Powerball tickets.  They're tangible, I can hold them in my hand, and every Monday, Wednesday, and Saturday I can see if I gained or lost.

[Abyss1]

The fact that you, Dale, just put out a giant blanket statement that all crypto is a scam without any utility just shows what an idiot you are. Would agree 98% of crypto is, but there's incredible use case for decentralized finance, smart contracts, monetary systems outside of central banking/government control, etc.

.

Cryptography itself isn't a scam, but when people talk about the financial markets with government and decentralization its almost like saying the green party will one day disrupt the dem/rep control over government...it may not really be a scam is some cases but its made up of a lot naivety which is worse because people tell themselves the shit is real and is going to change lives for the human utopian future 

[cucktard]

Anyone thinking of investing in crypto should do themselves the due diligence of watching this:



The video is not purely about NTFS as there's a ton of info on crypto as well. There's been a lot of misinformation I've read from people who drank the coolaid on SLAP. For instance, Bitcoin being a banking solution for developing countries; a private form of payment; or useful for people born in an area of the world that doesn't grant its citizens government identification. These were all valid reasons to support crypto in its inception but never saw fruition. No undocumented people are using crypto for banking, as you have to have ID to sign up for exchanges. Now it's primarily a tool used to scam the socially inept and gullible.

I came here to post this video too.
I’d need to watch it a few more times with some computer tabs open to connect his points to the news, but incredibly well researched.

WATCH IT

[DaleSr]

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Gotta say, opening statement of "98% of this thing i support is a scam, but hear me out on the other 2%" is a bold strategy.

[close]

Again, this just shows what incredible ignorance you have. You're lumping "crypto" as this one thing that you're all in on or not and if something is somehow connected to "crypto," it's automatically a scam. Imagine using that lens as your worldview. You sound like a person who'd sit down to a conversation with someone who shared a different perspective and just really hear them out. 

Like it or not crypto is now a big catch all term for everything from nfts to monero. All of these supposed benefits that you claim have not come true. Liberation has not come from dogecoin being accepted as currency in el Salvador or Nigeria. The market value for a lot of these currencies fluctuates wildly, it's not a good omen for the viability of your model if you have a black Friday style crash every three to four years. You're mad at me because you've sunk money into this project and now there are stakes for you. You have a vested interest in not looking like a fool for putting your money in this, and no matter what i say, you will continue to defend it because you don't want to lose that money. So you continue to say it will overthrow banking and provide a new paradigm shift in the way the financial world operates. Which is laughable.

[Freelancevagrant]

Gonna say making profits of anyone’s work, losses, gains or misfortunes is fucked.

The thought process that crypto is the future is pretty short sited. If banking collapses that means technology has pretty much imploded and that means all of the theoretical Chuck E. Cheese tokens are rendered fucking useless.

Three cheers for the collapse of technology!

[Coastal Fever]

Compelling arguments from all sides of the SLAP table.  However, I’d like to hear what the guns and baked beans bunker guy thinks before drawing any conclusions.

[manysnakes]

Compelling arguments from all sides of the SLAP table.  However, I’d like to hear what the guns and baked beans bunker guy thinks before drawing any conclusions.

Those are the most hilarious crypto people. "Fill a freezer full of meat, a basement full of canned goods, stock up on ammo and most importantly make sure you convert fiat currency to a currency which ceases to exist once the power goes out!"

[manysnakes]

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okay so wait...if you invest in crypto, and own like....100k in bitcoin or whatever the fuck....how do you pull it out and spend it on real shit in real life?

[close]

the ones who made money, sold their coins to other people before bubbles pop

Yeah, all the "crypto millionaires/billionaires" you see are such because they invested early and dumped their hot potatoes into someone else's hands. They probably still have positions in crypto, because that's just what rich people do now, but they're not going around spending bitcoin on a daily basis as some new type of money. They turned their speculative asset into fiat currency before this game of musical chairs is over.

[Deputy Wendell]

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Compelling arguments from all sides of the SLAP table.  However, I’d like to hear what the guns and baked beans bunker guy thinks before drawing any conclusions.

[close]

Those are the most hilarious crypto people. "Fill a freezer full of meat, a basement full of canned goods, stock up on ammo and most importantly make sure you convert fiat currency to a currency which ceases to exist once the power goes out!"

actually, i'm sure precious is referring to me, and with family--both old and young--to worry about in these especially precarious times, all i can think to say, is who the fuck has money to gamble with right now?

and @Coastal Fever, kisses to you

[Coastal Fever]

Buffett himself said be greedy when others are fearful, so now would seem like the time to buy.  But I’ll also admit that my odds of selling the top and surviving a societal collapse are equally slim.

[Abyss1]

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Anyone thinking of investing in crypto should do themselves the due diligence of watching this:



The video is not purely about NTFS as there's a ton of info on crypto as well. There's been a lot of misinformation I've read from people who drank the coolaid on SLAP. For instance, Bitcoin being a banking solution for developing countries; a private form of payment; or useful for people born in an area of the world that doesn't grant its citizens government identification. These were all valid reasons to support crypto in its inception but never saw fruition. No undocumented people are using crypto for banking, as you have to have ID to sign up for exchanges. Now it's primarily a tool used to scam the socially inept and gullible.

[close]

I came here to post this video too.
I’d need to watch it a few more times with some computer tabs open to connect his points to the news, but incredibly well researched.

WATCH IT

Its very good, I watched the whole thing straight.  It is heavy finance in the beginning, but by the time he gets to the NFTS its amazing.

[cky enthusiast]

all crypto people will get done up instantly when it all collapses

[RCB3]

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Gotta say, opening statement of "98% of this thing i support is a scam, but hear me out on the other 2%" is a bold strategy.

[close]

Again, this just shows what incredible ignorance you have. You're lumping "crypto" as this one thing that you're all in on or not and if something is somehow connected to "crypto," it's automatically a scam. Imagine using that lens as your worldview. You sound like a person who'd sit down to a conversation with someone who shared a different perspective and just really hear them out. 

[close]

Like it or not crypto is now a big catch all term for everything from nfts to monero. All of these supposed benefits that you claim have not come true. Liberation has not come from dogecoin being accepted as currency in el Salvador or Nigeria. The market value for a lot of these currencies fluctuates wildly, it's not a good omen for the viability of your model if you have a black Friday style crash every three to four years. You're mad at me because you've sunk money into this project and now there are stakes for you. You have a vested interest in not looking like a fool for putting your money in this, and no matter what i say, you will continue to defend it because you don't want to lose that money. So you continue to say it will overthrow banking and provide a new paradigm shift in the way the financial world operates. Which is laughable.

Odd you keep just making more assuming statements without those ever being said. Maybe read more of people's comments before making broad, sweeping assumptions in your head. I'm 75% invested in BTC and the rest in other projects I think have real utility and future promise. No NFT's or any meme coins. And never once said I think BTC will overthrow banking and provide a new paradigm. There's people who think that, but I don't agree with it. And I started buying when BTC was $12k and I'll continue to happily dollar cost average in longterm. Keep up the good fight Dale!

[Freelancevagrant]

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Gotta say, opening statement of "98% of this thing i support is a scam, but hear me out on the other 2%" is a bold strategy.

[close]

Again, this just shows what incredible ignorance you have. You're lumping "crypto" as this one thing that you're all in on or not and if something is somehow connected to "crypto," it's automatically a scam. Imagine using that lens as your worldview. You sound like a person who'd sit down to a conversation with someone who shared a different perspective and just really hear them out. 

[close]

Like it or not crypto is now a big catch all term for everything from nfts to monero. All of these supposed benefits that you claim have not come true. Liberation has not come from dogecoin being accepted as currency in el Salvador or Nigeria. The market value for a lot of these currencies fluctuates wildly, it's not a good omen for the viability of your model if you have a black Friday style crash every three to four years. You're mad at me because you've sunk money into this project and now there are stakes for you. You have a vested interest in not looking like a fool for putting your money in this, and no matter what i say, you will continue to defend it because you don't want to lose that money. So you continue to say it will overthrow banking and provide a new paradigm shift in the way the financial world operates. Which is laughable.

[close]

Odd you keep just making more assuming statements without those ever being said. Maybe read more of people's comments before making broad, sweeping assumptions in your head. I'm 75% invested in BTC and the rest in other projects I think have real utility and future promise. No NFT's or any meme coins. And never once said I think BTC will overthrow banking and provide a new paradigm. There's people who think that, but I don't agree with it. And I started buying when BTC was $12k and I'll continue to happily dollar cost average in longterm. Keep up the good fight Dale!

Damn, do you have investment properties? That’s some serious coin you’re minting my G.

[PuffinMuffin]

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Gotta say, opening statement of "98% of this thing i support is a scam, but hear me out on the other 2%" is a bold strategy.

[close]

Again, this just shows what incredible ignorance you have. You're lumping "crypto" as this one thing that you're all in on or not and if something is somehow connected to "crypto," it's automatically a scam. Imagine using that lens as your worldview. You sound like a person who'd sit down to a conversation with someone who shared a different perspective and just really hear them out. 

[close]

Like it or not crypto is now a big catch all term for everything from nfts to monero. All of these supposed benefits that you claim have not come true. Liberation has not come from dogecoin being accepted as currency in el Salvador or Nigeria. The market value for a lot of these currencies fluctuates wildly, it's not a good omen for the viability of your model if you have a black Friday style crash every three to four years. You're mad at me because you've sunk money into this project and now there are stakes for you. You have a vested interest in not looking like a fool for putting your money in this, and no matter what i say, you will continue to defend it because you don't want to lose that money. So you continue to say it will overthrow banking and provide a new paradigm shift in the way the financial world operates. Which is laughable.

[close]

Odd you keep just making more assuming statements without those ever being said. Maybe read more of people's comments before making broad, sweeping assumptions in your head. I'm 75% invested in BTC and the rest in other projects I think have real utility and future promise. No NFT's or any meme coins. And never once said I think BTC will overthrow banking and provide a new paradigm. There's people who think that, but I don't agree with it. And I started buying when BTC was $12k and I'll continue to happily dollar cost average in longterm. Keep up the good fight Dale!

I'm genuinely interested in blockchain technologies with real-world utility which isn't a libertarian wetdream. Can you please explain what you see as promising, and how it will be beneficial to the common working-class person? Also, how do you justify the energy consumption and GPU time which could go to research for curing diseases: https://foldingathome.org/start-folding/?lng=en-US (Which is what I do, and if you have a halfway decent GPU, please do the same)

Signed,
Curious no-coiner

[Mark Renton]

I skimmed through this thread so maybe it’s already been said but did someone else notice that most of the blokes hyping you up for cryptos are high school dropouts? But I’m not talking about blokes who decided they didn’t want to study and pursued something else I’m talking about absolute wastemen.

There’s this group of people from the town that tried to get me into MLM first, then wanted me to buy gold bars (?) then cryptos.
I started by politely saying ‘no thanks’ then over the years I switched to blue tick them and I got blocked by a few of them haha.

All over these years they wanted to portrait themselves as ‘businessmen’ but they were so fucking vague when asked what kind of business are they into.

TLDR: Bitcoin = hard pass for me.

[smellsdead]

you know if you burn your money it makes my money worth more


jussayin

invest in lego
stack them bricks player

[thebacker]

I skimmed through this thread so maybe it’s already been said but did someone else notice that most of the blokes hyping you up for cryptos are high school dropouts? But I’m not talking about blokes who decided they didn’t want to study and pursued something else I’m talking about absolute wastemen.

There’s this group of people from the town that tried to get me into MLM first, then wanted me to buy gold bars (?) then cryptos.
I started by politely saying ‘no thanks’ then over the years I switched to blue tick them and I got blocked by a few of them haha.

All over these years they wanted to portrait themselves as ‘businessmen’ but they were so fucking vague when asked what kind of business are they into.

TLDR: Bitcoin = hard pass for me.

"hEy BrO, dO yOu WaNt To RuN yOuR oWn BuSiNeSs? HiT mE uP fOr oPpOrTuNiTiEs"

[RCB3]

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Gotta say, opening statement of "98% of this thing i support is a scam, but hear me out on the other 2%" is a bold strategy.

[close]

Again, this just shows what incredible ignorance you have. You're lumping "crypto" as this one thing that you're all in on or not and if something is somehow connected to "crypto," it's automatically a scam. Imagine using that lens as your worldview. You sound like a person who'd sit down to a conversation with someone who shared a different perspective and just really hear them out. 

[close]

Like it or not crypto is now a big catch all term for everything from nfts to monero. All of these supposed benefits that you claim have not come true. Liberation has not come from dogecoin being accepted as currency in el Salvador or Nigeria. The market value for a lot of these currencies fluctuates wildly, it's not a good omen for the viability of your model if you have a black Friday style crash every three to four years. You're mad at me because you've sunk money into this project and now there are stakes for you. You have a vested interest in not looking like a fool for putting your money in this, and no matter what i say, you will continue to defend it because you don't want to lose that money. So you continue to say it will overthrow banking and provide a new paradigm shift in the way the financial world operates. Which is laughable.

[close]

Odd you keep just making more assuming statements without those ever being said. Maybe read more of people's comments before making broad, sweeping assumptions in your head. I'm 75% invested in BTC and the rest in other projects I think have real utility and future promise. No NFT's or any meme coins. And never once said I think BTC will overthrow banking and provide a new paradigm. There's people who think that, but I don't agree with it. And I started buying when BTC was $12k and I'll continue to happily dollar cost average in longterm. Keep up the good fight Dale!

[close]

I'm genuinely interested in blockchain technologies with real-world utility which isn't a libertarian wetdream. Can you please explain what you see as promising, and how it will be beneficial to the common working-class person? Also, how do you justify the energy consumption and GPU time which could go to research for curing diseases: https://foldingathome.org/start-folding/?lng=en-US (Which is what I do, and if you have a halfway decent GPU, please do the same)

Signed,
Curious no-coiner

I went back and forth with the TheLurper a while back, so I don't have the energy to type it out again, but here's the page on the thread where we discussed some thoughts. It goes onto page 11 too.

https://www.slapmagazine.com/index.php?topic=110245.270

Some of my thoughts I'd slightly alter now a little bit, but I enjoyed different viewpoints. I don't see any value in debating someone like Dale because it's quite apparent his view won't change no matter what.

And the energy debate is very nuanced. If you think BTC has no value, then any amount of energy is a waste. If you think it has value like I do, then debating how the energy is used is useful. Hopefully in the same way you might criticize energy use of Bitcoin you'd do the same to any other system and their use of energy. As a whole I think BTC mining can do better, but is constantly moving towards more renewables and capturing energy that would've been wasted anyways. There's tons of great debates on the efficiency of mining, which I'd be happy to share if you'd like.

But as a whole, I'd say the value I see overall to BTC is in response to our current debt cycle spiral and monetary systems owned by governments/central banking. I think we're handcuffed in terms of not being to find anyway of getting out of inflation long term and money printing will continue and increasing rates, further debasing the dollar. Our purchasing power will continue to decrease and that will affect mainly the poor and middle class.

If you're interested in people who have some good insight on debt cycles, I really like Greg Foss and Jeff Booth. Also Alex Gladstein does great work with the Human Right Foundation and why he believes Bitcoin can and is helping those in authoritarian-led countries.

I think people forget that BTC is still a new technology and isn't ideal as monetary policy in the current state. I don't think having El Salvador adopt it as legal tender really is some amazing leap forward since many people just want something more stable in the time being. But as time goes on, I just see the value of a growing decentralized monetary system where miners are constantly adding more and more security to the network and there's a fixed supply.

I honestly don't mind when people don't like BTC or have concerns, but I think those that criticize it with a lack of understanding just add no value to any conversation.

And I'm in the same boat on the libertarian wet dream. I'm not in the camp of thinking the world will be come this anarcho capitalistic world of self-sovereignty and Bitcoin citadels. But I do agree there is a way BTC can almost be a check and balance system to our current financial world that's increasingly worrying to me.

If you're curious on what initially made me interested in BTC and the history of money and our current monetary policy, shoot me a message and I can share some stuff that was super informative.