• frightful_hobgoblin@lemmy.ml
    0·
    10 months ago

    It’s literally so quiet

    Can we agree it’s time to start organising death squads for people who misuse thhe word ‘literally’

  • happybadger [he/him]@hexbear.netEnglish
    0·
    10 months ago

    I’ve been watching meme stock subreddits and they’re very cynical about this bubble. By now they’ve seen a clear pattern where it arbitrarily fluctuates between like $16-60k. The game is no longer pretending it’s going to the moon as a Millerite fantasy. It’s timing your buy-in so that you’re closer to the $16k than the $60k.

    NFTs also alienated all but the weirdest goobers. Even if I didn’t see all crypto as a scam, for a solid year it was just nakedly a series of highly public scams. Like mid-level marketing or the lottery it completely lost legitimacy for anyone who isn’t pathologically dependent on getting rich quick. The utility of any blockchain project is as meaningful as the utility of any Herbalife supplement.

    • DasKapitalist@lemmy.mlEnglish
      1·
      30 days ago

      By now they’ve seen a clear pattern where it arbitrarily fluctuates between like $16-60k. The game is no longer pretending it’s going to the moon as a Millerite fantasy. It’s timing your buy-in so that you’re closer to the $16k than the $60k.

      How’s that clear pattern working out?

      • happybadger [he/him]@hexbear.netEnglish
        1·
        30 days ago

        In what way would you say there is a more rational basis for the value of bitcoin now than when I made that comment? The speculative value has arbitrarily increased certainly, the right-wing is buying more and more Iraqi dinars by the day because they’re going to get rich quick during the coming Millerite apocalypse, but if you really want to be a soypoint-1 right now then:

        1. Can you buy anything with it that you regularly purchase where you already shop?

        2. If so, are those transactions easier than using actual money?

        3. Do you have an incentive to purchase that item today if the value of bitcoin tomorrow will presumably go to the moon?

        4. Is the trading volume increasing or decreasing?

        5. Is the amount held by whales increasing or decreasing?

        6. If the actual money value of Bitcoin is rising and people need actual money to buy the more expensive things they need, what disincentivises them from cashing out apart from the same logic you might use at a casino?

        7. If people cash out, what happens to the value of any speculative asset that isn’t tied to a specific use-value?

        If I swap out 60k for 90k it’s just as arbitrary. It’s still a completely irrational solution looking for a problem. The culture surrounding it now is no more vibrant or convincing than it was 9 months ago, Trump pledging to make a federal reserve of something he doesn’t understand won’t mean I can buy eggs with it down the street, and if you can point to any crypto project you wouldn’t describe as a scam in a market you seem to trust then I have some fantastic business opportunities for you. By all means if this gives you any sense of reddit-ass le intellectual supremacy, take all your earnings from my business opportunities and invest them in bitcoin. You will get so rich so quick.