vimothy

yurp
I pretty much agree with @toko ]But yeah I don’t think crypto threatens the dollar. If anything, it threatens the major institutions facilitating usage of the dollar.
Isn't that the same thing though? I think the reality is that crypto doesnt threaten tradfi at all, it provides another avenue, for now mostly unregulated, through which it can operate. and the entry and exit points for that avenue are dollar pegged stable coins.
 

vimothy

yurp
interesting thing about the recent problems is that terra / luna - idk anything about celsius - was so insanely designed it was almost a case in point of what not to do, and yet investors bought it up by the truck load purely bc of the obviously false and shoddy af carrot of anchor yield.
 

vimothy

yurp
You could for sure sell "PonziCoin" into this market with no problems. And when it exploded, you'd have twitter treads full of ppl explaining how the fact the demand for more still exists proves how strong crypto is.
 

toko

Well-known member
interesting thing about the recent problems is that terra / luna - idk anything about celsius - was so insanely designed it was almost a case in point of what not to do, and yet investors bought it up by the truck load purely bc of the obviously false and shoddy af carrot of anchor yield.
the problem is that some people are stupid, and a bunch of people like to bet on stupid people. they love to gamble. in the last decade gambling has seen a meteoric rise. It's invaded so many spheres of life. Some of my "smart" friends bet on sports regularly. Even in video games do we see gambling mechanics to much success. People bet on csgo skins. Mobiles games often have gambling elements coonditioning young audiences to gambling. Even runescape ssee: https://www.reddit.com/r/GrandExchangeBets/ has become an arena for speculation. The lionization of speculators who achieved financial freedom not via labor but via capital speculation has given rise to a culture in which betting on ponzi's is no longer a bad thing, because everyone expects everyone else to do it too. By and large those playing shitcoin roulette know they are gambling - they just don't know how far some of the asymmetries are and how stacked the deck is against them. Hence why I think regulation here is a good thing, (disclosures for influencers and other public individuals who own non-traditional investments)
 
Coinbase are the feds


"According to the document, released via a Freedom of Information Act request, ICE is now able to track transactions made through nearly a dozen different digital currencies, including Bitcoin, Ether, and Tether. Analytic features include “Multi-hop link Analysis for incoming and outgoing funds,” granting ICE insight into transfers of these currencies, as well as “Transaction demixing and shielded transaction analysis” aimed at thwarting methods some crypto users take to launder their funds or camouflage their transactions. The contract also provides, provocatively, “Historical geo tracking data,” though it’s unclear what exactly this data consists of or from where it’s sourced. An email released through the FOIA request shows that Coinbase didn’t require ICE to agree to an End User License Agreement, standard legalese that imposes limits on what a customer can do with software "

No-one has been as consistently right as me in the last year, where is my medal
 
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