A fool and his not-really-money are soon parted
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Did someone say FTX?
https://www.reuters.com/technology/ftx-says-will-file-us-bankruptcy-latest-blow-crypto-2022-11-11/
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@Zecc said in A fool and his not-really-money are soon parted:
one of the biggest meltdowns in the industry.
Big enough to take the rest of the not-really-money industry down with it?
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@HardwareGeek said in A fool and his not-really-money are soon parted:
@Zecc said in A fool and his not-really-money are soon parted:
one of the biggest meltdowns in the industry.
Big enough to take the rest of the not-really-money industry down with it?
I don’t think it’s that big, sadly.
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@Arantor said in A fool and his not-really-money are soon parted:
@HardwareGeek said in A fool and his not-really-money are soon parted:
@Zecc said in A fool and his not-really-money are soon parted:
one of the biggest meltdowns in the industry.
Big enough to take the rest of the not-really-money industry down with it?
I don’t think it’s that big, sadly.
That's what s/he said.
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@topspin said in A fool and his not-really-money are soon parted:
@Arantor said in A fool and his not-really-money are soon parted:
@HardwareGeek said in A fool and his not-really-money are soon parted:
@Zecc said in A fool and his not-really-money are soon parted:
one of the biggest meltdowns in the industry.
Big enough to take the rest of the not-really-money industry down with it?
I don’t think it’s that big, sadly.
That's what s/he said.
Some might call this cheap, but that's because they weren't there, facing the overwhelming necessity.
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On Twitter, members of the cryptocurrency community quickly began to speculate that the outflows could have been coordinated by a member of Bankman-Fried’s inner circle, pointing out that the simultaneous and sophisticated hacks of FTX and FTX US are indicative of a potential inside job.
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What a fine foundation of sand you have there, Mr Crypto Market!
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@izzion said in A fool and his not-really-money are soon parted:
Crypto.com’s reserves are in the dog-
inspired memeproduced token, SHIBT.
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cRyPtO iS NoT a PoNzI sChEmE
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@topspin WHICH of the 50,000 crypto cons that pop up every single day hit the mainstream?
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I look forward to getting my next GPU free in a cereal box.
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@boomzilla I wonder if it's actual Elon Musk or just parody.
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@Gustav said in A fool and his not-really-money are soon parted:
@boomzilla I wonder if it's actual Elon Musk or just parody.
What, you don't believe that billionaires could have an orgy fetish?
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@izzion I don't believe billionaires can be so good at shitposting, yet here we are.
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LOL, a video from April:
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doot doot doot
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@boomzilla said in A fool and his not-really-money are soon parted:
LOL, a video from April:
They have value because people say they have value and who are you to say otherwise? I mean, what do you even say to this? Because on the one hand, this is insane and breaks all monetary theory, other other hand, that guy has a billion dollars.
Yeah, well summarized except he probably means "value theory" when it's about values and the box isn't even necessarily peddled as "money" but may be something like NFTs. But on the other hand, no, that's completely congruent with some schools of value theory. This guy just says it a bit eruditely:
Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself. It is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well-being. Hence value does not exist outside the consciousness of men. It is, therefore, also quite erroneous to call a good that has value to economizing individuals a “value,” or for economists to speak of “values” as of independent real things, and to objectify value in this way. For the entities that exist objectively are always only particular things or quantities of things, and their value is something fundamentally different from the things themselves; it is a judgment made by economizing individuals about the importance their
command of the things has for the maintenance of their lives and
well-being.
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@LaoC said in A fool and his not-really-money are soon parted:
They have value because people say they have value and who are you to say otherwise? I mean, what do you even say to this? Because on the one hand, this is insane and breaks all monetary theory, other other hand, that guy has a billion dollars.
I wonder if they know USD is fiat currency.
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Speaking of FTX, this thing glows
Sam Bankman-Fried Has a Savior Complex—And Maybe You Should Too
SBF has been a ‘significant donor’ in the US midterm elections
He was also, allegedly, the second biggest single donor to Democrats in the 2020 presidential election, second only to George Soros.
https://nitter.nl/epsilontheory/status/1590458516548259845?s=21
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@LaoC said in A fool and his not-really-money are soon parted:
@boomzilla said in A fool and his not-really-money are soon parted:
LOL, a video from April:
They have value because people say they have value and who are you to say otherwise? I mean, what do you even say to this? Because on the one hand, this is insane and breaks all monetary theory, other other hand, that guy has a billion dollars.
Yeah, well summarized except he probably means "value theory" when it's about values and the box isn't even necessarily peddled as "money" but may be something like NFTs. But on the other hand, no, that's completely congruent with some schools of value theory. This guy just says it a bit eruditely:
Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself. It is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well-being. Hence value does not exist outside the consciousness of men. It is, therefore, also quite erroneous to call a good that has value to economizing individuals a “value,” or for economists to speak of “values” as of independent real things, and to objectify value in this way. For the entities that exist objectively are always only particular things or quantities of things, and their value is something fundamentally different from the things themselves; it is a judgment made by economizing individuals about the importance their
command of the things has for the maintenance of their lives and
well-being.Yeah...the problem with what he was talking about is that the thing they're valuing is being able to convince more people to throw money into the pot in order to get more people to throw money into the pot. You're just making the victims a bit more complicit in the theft than most other forms of theft, since your victim wants to steal from someone else, too. And then the music stops.
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@Gustav said in A fool and his not-really-money are soon parted:
@LaoC said in A fool and his not-really-money are soon parted:
They have value because people say they have value and who are you to say otherwise? I mean, what do you even say to this? Because on the one hand, this is insane and breaks all monetary theory, other other hand, that guy has a billion dollars.
I wonder if they know USD is fiat currency.
Backed with nukes baybee!
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@Gustav said in A fool and his not-really-money are soon parted:
fiat currency
Oh, you had an extra currency in socialist Poland for cars?
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@BernieTheBernie those cars were so good people had to sign up 8 years in advance to buy one.
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@Gustav No shit, that thing is insane
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LOL!
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This just in, Bitcoin causes cancer!
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@boomzilla said in A fool and his not-really-money are soon parted:
@LaoC said in A fool and his not-really-money are soon parted:
@boomzilla said in A fool and his not-really-money are soon parted:
LOL, a video from April:
They have value because people say they have value and who are you to say otherwise? I mean, what do you even say to this? Because on the one hand, this is insane and breaks all monetary theory, other other hand, that guy has a billion dollars.
Yeah, well summarized except he probably means "value theory" when it's about values and the box isn't even necessarily peddled as "money" but may be something like NFTs. But on the other hand, no, that's completely congruent with some schools of value theory. This guy just says it a bit eruditely:
Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself. It is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well-being. Hence value does not exist outside the consciousness of men. It is, therefore, also quite erroneous to call a good that has value to economizing individuals a “value,” or for economists to speak of “values” as of independent real things, and to objectify value in this way. For the entities that exist objectively are always only particular things or quantities of things, and their value is something fundamentally different from the things themselves; it is a judgment made by economizing individuals about the importance their
command of the things has for the maintenance of their lives and
well-being.Yeah...the problem with what he was talking about is that the thing they're valuing is being able to convince more people to throw money into the pot in order to get more people to throw money into the pot. You're just making the victims a bit more complicit in the theft than most other forms of theft, since your victim wants to steal from someone else, too.
If the premise is that the only valid measure of value is what people are willing to pay for a commodity, he's actually creating value here.
It's the same thing that happens in stock speculation anyway.And then the music stops.
The fuckups in crypto are one of its main features.
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@LaoC said in A fool and his not-really-money are soon parted:
@boomzilla said in A fool and his not-really-money are soon parted:
@LaoC said in A fool and his not-really-money are soon parted:
@boomzilla said in A fool and his not-really-money are soon parted:
LOL, a video from April:
They have value because people say they have value and who are you to say otherwise? I mean, what do you even say to this? Because on the one hand, this is insane and breaks all monetary theory, other other hand, that guy has a billion dollars.
Yeah, well summarized except he probably means "value theory" when it's about values and the box isn't even necessarily peddled as "money" but may be something like NFTs. But on the other hand, no, that's completely congruent with some schools of value theory. This guy just says it a bit eruditely:
Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself. It is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well-being. Hence value does not exist outside the consciousness of men. It is, therefore, also quite erroneous to call a good that has value to economizing individuals a “value,” or for economists to speak of “values” as of independent real things, and to objectify value in this way. For the entities that exist objectively are always only particular things or quantities of things, and their value is something fundamentally different from the things themselves; it is a judgment made by economizing individuals about the importance their
command of the things has for the maintenance of their lives and
well-being.Yeah...the problem with what he was talking about is that the thing they're valuing is being able to convince more people to throw money into the pot in order to get more people to throw money into the pot. You're just making the victims a bit more complicit in the theft than most other forms of theft, since your victim wants to steal from someone else, too.
If the premise is that the only valid measure of value is what people are willing to pay for a commodity, he's actually creating value here.
If that's as far as you're looking, then sure.
It's the same thing that happens in stock speculation anyway.
Yeah, pretty close. I'd say it's more like playing poker.
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@boomzilla said in A fool and his not-really-money are soon parted:
I'd say it's more like playing poker.
But not quite the same as strip poker. There, everyone ending up fucked might be considered a good outcome.
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@Gustav said in A fool and his not-really-money are soon parted:
@BernieTheBernie those cars were so good people had to sign up 8 years in advance to buy one.
And there was even a lottery for that car.
When you won the lottery, you ...
were allowed to buy immediately.
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@boomzilla said in A fool and his not-really-money are soon parted:
He had no idea there was gambling going on at Ric's Casino
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Per https://what.thedailywtf.com/post/2036835. Let us posit a liquidity store of indefinite value orbiting the Sun, somewhere between Venus and Mercury. And, being thus assured issue tokens against it.
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@blek said in A fool and his not-really-money are soon parted:
All 10 are, or used to be, paired up in romantic relationships with each other.
It is a bit unclear what this line really means. Like, 5 couples? That's some nice nepotism, but other than that unspectacular.
A connected graph where everyone has a direct or indirect path to everyone else? Holy shitsnacks, that's one big spiderweb of "ugly people need love, too" you got there.
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An interesting view on the and the lessons from FTX:
You didn’t have to know diddly squat about cryptocurrencies to foretell that this scam would come crashing down.
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@Tsaukpaetra I would bid up to 100 EFT for 1 EFT.
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@topspin said in A fool and his not-really-money are soon parted:
"not fully connected, certainly"
In this world?
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Real money won't make it to the blockchain.
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@boomzilla TFW a VR cyberspace of unlimited possibilites turns out to be a bummer.
Boomers: the future will be amazing!
Xers: the future will suck!
Millenials: the future DOES suck!
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@topspin I was getting depressed from all those pictures from the 90s posted on /r/oldschoolcool, but I don't recognize this movie and now I feel better!
(I assume it's something I should've recognized if I were older.)
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@Gustav if you're too young to recognise this, we may need to revoke your TDWTF membership