We are light years away from DeFi becoming a mainstream and meaningful reality unless we significantly accelerate innovation to make SUBSTANTIAL improvements in its current state. Current state DeFi is fantasy and coding experiment - way too immature and fluffy to even survive.
>By your logic all demonstrations that invlove less than half the population don't represent popular sentiment, and because you think like this, yes you are the mouth breather. You do realise that the opposit is actually true.... Don't you? Your making an ASSUMPTION that popular sentiment was in support with the 1 million.... like I said, thoughts and prayers.... WTF do you think SENTIMENT is....? You know what makes elected officials change their position.... When MAJORITY public sentiment is FEARED to lead to real action that means they don't get reelected! So, you claim "public sentiment" was with the 1 million..... Yet the elected officials knew that whatever public sentiment that actually was, they would NOT convert into anything meaningful that would impact them getting re-elected. (AKA - politicians knew public sentiment amounted to no more then "thoughts and prayers") so why TF would they listen to it! Gee, I really don't know why the government didn't listen.... With all that "thoughts and prayers" powerful public sentiment being magically projected at them..... How did they ever hold up under the onslaught! Maybe the public sentiment should have taught Iraqi kids how to use thoughts and prayers to stop a JDAM killing them and their family when it struck their house in the middle of the night? I don't think thoughts and prayers would stop Depleted Uranium munitions though, they are used specifically to breech armour.... I realise that there is no stronger armour then thoughts and prayers..... But I think Depleted Uranium munitions might get through it. Now, public sentiment, that's another thing entirely! That would 100% stop Depleted Uranium munitions! >The majority that your comment lumped me in with, You missed the subtext of this post.... You ARE the majority. >you claim pretext when you don't even understand the basics of language. Not understand the basics of language..... Strange flex.... Where did I claim pretext....? SUBtext..... SUB......text..... S....U....B...T...E...X...T It's a completly differant word then pretext. Basics of language and all that....
Yeah when I was reading how Do Kwon tweeted out that they bought a crap ton of Bitcoin to back up UST, I thought WTF?? Why would you disclose that. If you disclose your security you basically beg people to find a hole in it and exploit the shit out of it.
WTF how is this downvoted? I love all these simpletons who if they had loads of money would just sit around picking their nose. If you literally had more money than god, and you could do anything, of course you'd use philanthropic means for personal power (even if it's just for the ego boost alone with no exploitation of that power). Why do people think you'd need to be aggressive to wield power? He already has the money dipshits! I think it's that people don't really understand the nature or point of power itself.
>The thing the article discusses is that fiat currencies are backed by nothing and infinitely printed. Untrue until 1943. Based on that however, it does get worse in terms of inflation because the gold backing had been removed slowly and it has been backed by itself. So... the US Dollar becoming the "peg" of currency out of thin air might have been a gross oversimplification. But it does lend some credibility on the thought that it is currently backed by nothing. >Bitcoin puts anyone who's willing to save in it back on a hard money standard, helping them get back to similar days such as when the dollar just a receipt for gold When cryptocurrency is "polluted" with the billionaires, cryptoassets pops out, the cycle begins anew. >Allowing a janitor in that time to afford a house, wife, kids, two cars, and a retirement for both them and their spouse. Hard money makes that possible because people can save their way into retirement when their money is not constantly losing value every time someone gets a new loan that prints more dollars putting more dollars into circulation. So does gold in times of uncertainty. >Fiat money makes it so people have to work all their lives, to where a married couple who are both teachers can't even afford a house, car, or kids, so they must live on debt promising their future selves to work longer years because they can't afford to save on this debasing currency standard that only benefits those who can afford loans that print money and cause inflation, for the assets they want in excess of their living expenses. Bitcoin with its 21 million supply limit doesn't? Deflationary assets that are not houses, i.e. gold, follow quite the same curve of increasing value as underlined on the "WTF Happened in 1971" site you have cited below. Bitcoin halving *does* make you work harder to secure ASICs to be recognized as "worthy" for more BTC. >Regardless, my point was that for what is very much an opinion piece, if he wants to bring anyone over to his side he might want to stick to the merits of his argument rather than do what amounts to an economic stand up comedy routine for deaf people. The commenter above probably meant that BTC is not usable by normal means, by society at large, by wagies. The argument here only applies to Americans; if they want to swap the whole centralized finance system, they effectively "de-peg" the world finance. Tell me that is a necessary sacrifice to achieve trickle down wealth?
>In fact the original holders would be an immeasurably small drop in the ocean in such an airdrop. That's the fault of the mechanism that the project used and they made the choice to invest in. If you don't want your initial investment diluted through inflation, don't place it into a project who's stated mechanism IS to massively inflate the supply of 1 of its coins and sell off into the wider market in an attempt to peg your stablecoin. They literally signed up for this mechanism! Then when it goes bad, they want a spawn point and do over..... That's not how investing works! When you get a return on investment (APY) it's compensation for RISK that your taking, there is no free lunches! In this case it didn't work in their favour. You can't just endlessly mint new tokens and A) Expect it won't result in MASSIVE inflation that destroys the token price. B) Sell those tokens out into the wider market seeking new buyers so that it creates liquidity for your project.... and then turn around when it doesn't work out in your favour and claim that those new tokens somehow represent LESS then the old tokens! It's it harsh..... Fuck yes! But stop and think for a minute just what Terra and it's holders were doing to everyone else..... They decided it would be a great idea to use a crypto currency (BTC) as a backing asset to back another crypto currency (UST) and in the event that UST depegged, they would DUMP BTC into the market to try and regain the UST peg. They have used a HIGHLY CORRELATED asset (BTC) as backing.... So in the event of a market wide downturn, as UST depegged, the backing asset ALSO fell in value at the same time..... Now, imagine that Terra had another 2-3 trs under its belt, accumulating 300,000 BTC (it had 80,000 BTC when this happened). Now imagine this exact same thing happened and Terra dumped 300,000 BTC into the market to try to maintain UST peg! WTF does anyone think would happen to the price of BTC? It would shit the bed and drop like a rock! Everyone would panic and dump EVERYTHING crypto wide! It would be tge catalyst for the largest drop in cryptos history! Do Kwon is a fuckhead! What he was doing was creating a SYSTEMIC RISK for the entire crypto space and his backers did nothing to stop him or guide him to another option..... Seriously, what idiot thinks that having 2 highly correlated assets in any way works as a hedge....? They had a algorithmic stablecoin mechanism and it worked EXACTLY as it was stated to work. They minted and created TRILLIONS of new LUNA and sold them to new holders! They knew this was the mechanism, they invested knowing that! They can't then cry it's unfair when everything works exactly as it states on the box! If they didn't want inflationary risk..... why use the mechanism that they used and all bought into! 1 LUNA = 1 LUNA! The market must hold everyone accountable, no one gets a free ride after the minting didn't play out like they hoped, that was the RISK and why 20% APY was on the table. Higher the APY, HIGHER THE RISK! Your ALWAYS being compensated for the RISK you are accepting to take on! ALWAYS! Now, if the market doesn't hold the project accountable, that's a clear message to every scammer and criminal to run ponzies, dump trillions of tokens into the market and then they get a free pass and a fuckin spawn point? No way anyone was buying this as it was crashing if they knew the tokens you bought through this period somehow represented less then OG tokens! People bought into a crashing token on the CHANCE tgere was some big profits to be made, these people took a huge RISK! They also provided exit liquidity for OG's who were desperately dumping their LUNA as they minted from UST! 1 LUNA = 1 LUNA! They won't allow any voting rights to these newly minted LUNA.... They are already demonstrating that they consider new holders as disposable, to be used to provide them exit liquidity and then or tokens are somehow of less value in their ecosystem! But that's not how courts view it..... It's straight up fraud and theft! If they ram this through, there will be class actions! 1 LUNA = 1 LUNA! OG holders are angry towards new holders and conveniently forget that we were the people that were willing to buy their shitcoin in their time of need..... so they then want to treat us as "less then" when it's convenient for them. The ONLY people they should be angry at is Do Kwon and the project that used this mechanism! Be angry at the person who used a highly correlated asset to back stop another asset in the same asset class! How fuckin stupid can you be! The idea of a HEDGE is that it's a hedge AGAINST some risk.... Not at risk at the exact same time as the risk is hitting what it's supposed to be protecting! 1 LUNA = 1 LUNA!
Thank you - that is really helpful. But also WTF - food and energy are things that literally everyone pays for. Excluding them means that the reported rate of inflation is completely unrelated to the purchasing power of the “daily dollar.” I guess that is what I was complaining about in my first post, but it’s weird to learn that someone intentionally created a method to report inflation that excludes stuff like that.
Then WTF is he doing moving to POS? What a load of crap I read his full tweets hes says he confused and uncertainty about decentralizion and stuff but we know the current plans for Eth ended up been centralised. They will never build ETH 2 he doesn't even know what he wants to build.
Remember that antiwork is basically an American reddit, a lot of the stuff they complain about is simply banned by law in other countries. Which is why they keep having to insist that they're not an anti-American reddit. Once in a while a European will show up and say WTF, just pass a law to protect workers rights, this is not a problem with capitalism in general, this is a problem with American capitalism. To be fair, the United States by now has very low social mobility compared to other industrialised nations (https://en.m.wikipedia.org/wiki/Global_Social_Mobility_Index). This is not the 19th or 20th century anymore. It is a lot harder to work your way up in the United States than it is in say the Nordic European countries. So you can see where the frustration on antiwork comes from.
Question is how the fuck did a random shitcoin association manage to accumulate ~80k+ bitcoin????? WTF? This was surely funded by greedy VC and their friends, no? I mean, I couldn't get my fingers on 80k bitcoin for a new shitcoin, and most people couldn't do it either. Very few could.
See, here is the issue... YOU are more concerned about Tether, which has SOME realistic representation in the real world, than you were with UST, or might be with USDD (which can be mined??? WTF??) Stick to the REAL problems of the marketplace... don't jus take a villain out of thin air, find one that is already in existence. USDT has been around for a VERY LONG TIME while I do believe they have had a part in the 2018 crypto crash, they are also the foundation of the crypto universe we live in. There are many eyes on USDT to make sure they stay pegged, if they don't NYDC might have a few words with them because of them and the full might of the US legal system might fall on them... something that not many want to have to deal with. So instead of "trust me bruh" BS, why don't you look at the other side of the "What if they lie" and see how badly it ends for them.
The reality is that this isn't something answered in a quick reddit comment--to understand the implications of blockchain technology on society, and how potentially monumental they could be, takes a deep understanding of the history of money/tech/economics/culture/etc.--there isn't a simple "Solana is amazing because your mom will be able to X/Y/X." Think of 1993 and the internet--people said the same exact thing--this whole "World Wide Web" thing was interesting, but to the average Joe it didn't mean anything at all other than a few static web pages with interesting facts about cats. The equivalent to your question would be "Why do I need to bother creating a webpage for my business if I'm already in the Yellow Pages?" or "What's the point, it's so slow and it's not like I'm ever going to actually put my credit card on there with all the scammers" The internet meant nothing to your mom 30 years ago, but probably does now. This is sort of why Bitcoin Maxis are so obnoxious--they've spent the 1000 hours learning about this technology and see the implications it will have. I encourage you to start at the basics, learn about money and Bitcoin and why it's revolutionary. Listen to people like Michael Saylor, Vitalik Buterin, Raoul Pal etc, and you'll start to grow a worldview that shows how fucked up so many of the world's systems are, and how blockchain technology could eventually solve a lot of them. It's not a simple answer, and could certainly have negative implications or simply fail, but put your 100 hours in and I guarantee you'll look back and say Apple? KFC? Spotify? Chase? Zoom? WTF, they offer us NOTHING, all they do is make things worse.
Why? **Because its the thin end of a very fucking annoying and persistent wedge of relentless shitcoin touting cucks.** Please - **Go tout shitcoin on one of the many shitcoin groups...you will be welcome there among the other spruiking touts touting shitcoins for all they are (not) worth.** I am from New Zealand and our NZBitcoin was literally captured by agents working for a shitcoin CEX, not its FUCKED. They infiltrated the mods and opened comments to all crypto topics claiming there is no difference between Bitcoin and other crypto. WTF! I had to start a new group r/BitcoinNewZealand which will take a lonmg time to rebuild a genuine NZ bitcoin community because r/NZBitcoin is now nothing more than a hijacked group for shameless touting of shitcoins- go have alook if you want to see what happens when you let these cucks in to tout and spruik their shitcoin- its not pretty.
No, not manipulation.... We are cheering the removal of SYSTEMIC RISK that LUNA was creating in the wider crypto space..... WTF do you think happens if LUNA used BTC to back the algorithmic mechanism.... Give LUNA another few years to accumulate a fuckload more BTC and if this problem happened and they dumped BILLIONS in BTC into the market to try stabilise their shitcoin UST..... WHAT THE FUCK DO YOU THINK HAPPENS TO BTC PRICE! If this other group deliberately took out LUNA, it's stopped this systemic risk forming and a arrogant POS who wouldn't listen to anyone's warnings had his shit idea kneecapped so it didn't fuck up the wider market when it eventually came under stress later on. The problem here is the FOUNDER of LUNA..... He and his project don't operate in a fuckin bubble and if he won't listen to others concerns and his actions place everyone else at risk..... Fuck him and the project he rode in on! He was warned, he had the opportunity to address the problems and find a differant way, he refused to and belittled everyone else..... Best thing in tgat situation is to decisively cut out the cancer before it grows to large! LUNAtics shouldn't have been so blind and instead should have held Do Kwon accountable and understand the risks his actions would eventually create for the ENTIRE crypto space!
Ok I foolishly put shitoads into Luna last night and I'm relieved to wake up and discover it hasn't crashed. What are the latest tokenomics to this shitcoin? The fully diluted market cap is in the trillions!!! WTF!!!!! How does the distribution work?
WTF are you talking about lol? I have been buying index funds for 12 years. I don't own any individual stocks lol. I am up probably 200% on my index funds. I have a small amount of YOLO money in Bitcoin and Ethereum that I started buying in early 2021 when Crypto was tanking and my cost basis is at a break-even point right now. I don't disagree with you that Crypto doesn't have any intrinsic value. Bitcoin is not a company with cash flow, I get it. But I would still be willing to bet Bitcoin will retest its all-time highs and probably pass them at some point in the future.
Nobody is going to show up as the bearer of bad news here when the market is booming. You just get downvoted to oblivion. ​ Most of the projects that won't work are common sense. Consider: As others said, 20% APY. Platform based on NFTs where JPGs are worth millions...and the best use case is a TURBO STUBHUB, where LiveNation/Ticketmaster just capture a larger percentage of Still XRP is a top coin even though Ripple has straight up explained that those tokens will NEVER BE USED for institutional transactions! WTF?? Tether is backed by only 6% Cash and Equivalents. 80%, as others have noted could be Evergrande grade junk debt. 14% is unbacked?!? Even ETH hasn't panned out. ICOs were great! ...and Smart contracts are just a new tool for business to flex on retail/consumers. Sure for a few months or years it will be cool tech for you to trade pokemon. Then established capital holders come in. When tech gets more complicated, you become more disadvantaged. Especially without regulation. When shit gets legal, and you don't have a legal team, you're always negotiating from a point of weakness when contracts are involved. ​ I don't see how this ever gets fixed when the whole market is based on meaningless hype. People have been reading the same, obviously BS white papers for coming up on a decade, and they're still falling for shit like Web3. If you read the words "Web3" and don't instantly eyeroll/vomit, you aren't discerning enough to not be a sheep in this market. The market is full of BS because people buy into the BS. This isn't about a few projects. It's basically everything. Even BTC is inflated by stablecoin shenanigans at this point. Will charlatans double back in a few years with new hype words and a fresh approach and push crypto to new highs? It's possible. Will this tech ever change the lives of humans? Fuck no! And it's not because of the tech, it's because of the humans. People just pile in on trash projects like lemmings.
This feels weird, ICP weird. I bought LUNA yesterday afternoon just to have a relic of the past. Like I still have some SHIB (5 USD), DOGE (10USD) and Safe...I cant say it... I have those just for fun and to say...I have LUNA also. This morning I woke up and notice a CMC notification...Like WTF people...this feels like resurrecting grandpa just to poke him with a stick till he dies again. It will not go to 100 dollars again and you won't have 20 Million then.
So let's make a algorithmic coin but don't follow the algo and roll back the chain. So now it's not an algorithmic coin or a blockchain. Let's just have an excel spreadsheet and everyone write in what they own and email it to everyone to fill in. WTF
It’s MUCH worse than you think: Tether is a criminal organisation. Founded by criminals and kept going by criminals. Research its history carefully. Ask yourself why Giancarlo Devasini - a convicted Italian fraudster, is the ‘CFO’ but never seen in public, never quoted. Ever. Or the CEO. I mean WTF!? The public faces are Paolo Ardoino - seems clean - the CTO and Stuart Hoegner the ‘general counsel’. Stuart was involved in the poker scandal where some players could secretly see their opponents hands. Who took out Do Kwon? Well, cui bono? Tether. As the largest stable coin by market cap AND volume. Tether has LIMITLESS funding from organised crime. The rest of the reasons for its survival are hogwash. It’s all dirty money being recycled. Tether is just plain straight up evil. It needs to be exposed.
This has been a crazy 24 hours. I didn't budge, didn't panic sell, didn't lose my shit (though I confess to feeling a little WTF Oh Shit at moments). I feel like I just won a personal trial by fire. And I'm even more determined to stay in crypto.
>and well remember when one of the regular crypto mantras was "have fun staying poor". I've literally never seen anyone say that, nor have I ever said it. You heard someone make some tongue-in-cheek joke in a meme and suddenly everyone who's in crypto says that? WTF? >And guys, remember: "only invest what you can afford to lose." That's literally rule #1 around here and it speaks to the volatility of the market as well as the nature of what kind of investment this is. It's all speculative. Everyone here knows that. Everyone here does a better job dissuading those who shouldn't be in crypto than you buttcoin people ever will. Look how fragile you are that you have to raid this subreddit and argue with everyone as we are all some sort of crypto bro caricature you've set up in your mind. It's not about crypto and you know it.
Having your own node isn't important? WTF?? AND YOU ARE TELLING ME I DON'T KNOW HOW BTC WORKS!. I would say that you need to read the white paper (no, you doesn't read it), learn about money and learn about bitcoin, learn the importance of nodes.
No it isn’t well written wtf? BTC literally failed at being the thing it was designed to do but now it works as a store of value but it’s being manipulated by whales and large mining pools and also it’s energy inefficient. WTF People just turning off their brains
WTF do you think it's been doing the last decade? While the dollar has been losing purchasing power rapidly over years and years, btc continues to grow. Don't come in here butt hurt because you didn't get instant gains and complain that it's only 20 something thousand right now when it was 4k less than 3 years ago. You're not the first person to declare bitcoin "dead in the water", and all of your predecessors have been wrong. Tired of so many people who's outlook is 12 months or less. The dollar is getting stronger because the Fed is doing what they should have done a long time ago (raising interest rates and trying to curb inflation). If they had done this or kept the dollar pegged to gold, we wouldn't need BTC. They'll strengthen the dollar short term until something breaks, then fire up the printer again. A worldwide, decentralized, digital currency was invented 14 years ago and in that time has never been hacked, reached over 500M market cap, grown an average of 200% a year, become fucking legal tender in a country, and is in the process of changing the way we do remittences or payment settling globally. And you, in your mighty wisdom have ignored these facts because it's dipping against the dollar at an inconvenient time for you. Failing test my ass. It's anti-inflationary by definition.