SatoriEnligtenmentNow
133773
2203
81
Edit: Send your best conversational opener, please.
Feb 24, 2022 8:01 PM
SatoriEnligtenmentNow
133773
2203
81
Edit: Send your best conversational opener, please.
crvstallinedimensions
So like a reverse funnel system?
McMunchly
has anybody linked this Problem With NFTs video yet? It's blowing up https://www.youtube.com/watch?v=YQ_xWvX1n9g&feature=youtu.be
StartingOverAgainAndAgain
This video was so informative
McMunchly
there's a good follow up one another channel where he expands on a few things https://www.youtube.com/watch?v=8St36RjHd2E
StartingOverAgainAndAgain
Thank you!
ChocolatePizzaMemes
This is a misconception. The largest wallets belong to exchanges, not individual people. You can even google it and see.
HotStrongid
I miss the good old days when the smart money was in baseball cards.
derrymerbles
POGS!
DaMotorBoater
I've made, and continue to make, soooo much money in Magic cards. Been migrating to sealed product only the last 3 years though.
RhymingEverything
What do you do? Buy large booster quantities and sell the individual cards?
DaMotorBoater
Usually buy one booster box of each expansion since late 90s to crack, now I keep at least one from each set that's released and don't crack
DaMotorBoater
I usually only get a bundle now to open, everything else stays sealed. Sometimes Collector's Booster boxes, depends on leaked cards I see
DaMotorBoater
I have singles I've bought hundreds of to speculate on, like commons and uncommons, but don't do singles anymore other than building a deck.
CoeurFranc
Or in tulips.
aloysiuscentauri
There is some truth to this: something manufactured without the knowledge it could be a commodity, like early baseball cards.
HotStrongid
Sure. Stock trading essentially makes sense, too. But several layers of abstraction later, we’re in the Fleer Ultra phase of capitalism.
KiopMiko
I miss the days when there was always money in the banana stand.
couchcaster
I've got a Ken Griffey Jr 89 Upper Deck rookie card if you're interested
Bonermuffin
Good old Honus Wagner
Predicto
Beanie Babies FTW!
CaptainDogWasTheBestDog
You want some? I’m looking to divest and pay off my student loans
dontrike
You mean pogs?
Klavierbauer
Teeny Beanie Babies
thereitis101
It still is. I got into vintage a few years ago and the whole industry exploded during pandemic. Still going.
Cloudraker
No, it's not true at all. It's total bullshit made up by people who don't have any Bitcoin. Speaking of, I have some to sell if you need.
anotherIngloriousHandle
yes i need, but at a price that you may not like
CoeurFranc
Invest in tulips instead.
DysgraphicProgrammer
I'll trade you for a bridge I have.
djmenyo82
I'll buy a few. I'll give you $10 for 1. Show OP how wrong he is.
BoxOfHellos
anything can be scam-ified, imho Bitcoin is a powerful invention, a trustless settlement system. look into the "Byzantine Generals problem"
UsuallySpecial
It fails at trust, due to quorum of ownership. If a quorum of BTC (or most others) is held by one entity, they can accept fraudulent entries
UsuallySpecial
China holds a quorum of BTC. It also fails at anonymity, as banks can and do share enough data to identify owners in most cases.
WenTheEternallySurprised
I see what you did there
ExplainingTheJokeIsFunnierThanThePunchline
I read this comment in Tommy Wiseau’s voice.
ChronicaLewinski
Oh Hai Mark
gtfout
I read THIS comment in Tommy Wiseau's voice.
elcee50
thewiggins
Nice crop, s...
SatoriEnligtenmentNow
…hit head.
PressMyButtonsBaby
SerialChickenLover
And I’ve got a bridge in Brooklyn to sell, too. It’s the original NFT.
thewiggins
ctrl + c, ctrl + v, hey, I too have a very similar bridge to sell
ReginaKasteen
Hah! You believe in Brooklyn?
ezmicken
Meanwhile in the regulated economy...
Pauzlife
I bought $100 each of the biggest at the time like 6 months ago. $700 total. Resale of $360.25 right now. Lol.
SatoriEnligtenmentNow
So. You lost 50% so far?
Pauzlife
Yes. Its an expensive experiment. But i am committed.
Smurpo
Strictly speaking, that's not how a ponzi scheme works. You can call it a scam if you want but to call it a ponzi scheme is stupid.
stercusmoriturussum
Not sure about the numbers, but essentially yes. The only value of BTC is what others are willing to pay for it.
GlobalConstitution4all
Thank you for saying BTC and not Bitcoin. Too many people think BTC is Bitcoin. BTC is theft. BSV has insane utility and inherent value.
theAttendant
There is financial cost to mining so it’s not just pure speculation right?
drzdeano
Pretty sure the cost of bitcoin production doesn't have much connection to its actual trading value
Impignorate
Like fiat?
melmboundanddown
Pretty sure that's everything you are describing. You think that bank note has magical powers?
soulsource
Yeah, the 99% sound way too little. It's probably more like 99.99%.
im2short2die
Kind of like with anything
jakefromstatefarmmmmmm
*any fiat currency
SadToSay
Yes and no. Some things have practical applications. Almost anything has some value for raw materials. Not bitcoin though.
ageek3000
What is the raw material value of a $100 bill? $0.01?
SadToSay
Even that has infinitely more value than BTC. However, the value of a dollar is primarily based on the backing of the US federal government.
Crowlands
A potato has value as, for example, Food.
BurningVeryImportantThings
I'll take three foods please
blaghart
and its only value is what people are willing to exchange for it, otherwise it's just food.
[deleted]
[deleted]
blaghart
quantify that value without using a reference to other people.
TheAlviss
You are essentially correct. Our current currency is just paper fake money. But it's also stable.
PocketCleric
and as a backup of a megalomaniacal robot with a slow-clap module
StatisticallyInsignificantCanadian
BoxOfHellos
the calmest & most rational voice I've found on this, James @ InvestAnswers https://www.youtube.com/watch?v=5gt1YrHgBac
fadingtheory
The Bitcoin Enthusiast's defense for this is hilarious. "10% is better than 1%, which is how many people own 99% of fiat currency"
Smidge204
Also a nontrivial part of that 10% are likely Russian oligarchs.
DisgruntledFerret
I hear North Korea loves them, too. They stole $400 million worth of crypto coin in 2021, and $1.5 billion total in the past five years.
SatoriEnligtenmentNow
I thought units were not strealable on the platform. In fact not being theftable was the whole point. Yes?
DisgruntledFerret
The blockchain's secure / "i been hacked, all my apes gone" / ...or maybe it's not. ~haiku
TiredOfMyUsernameBeingMyActualNameSoIChangedIt
It's strange, the source on his own tweet doesn't actually say what he's suggesting
SatoriEnligtenmentNow
How so, please?
TiredOfMyUsernameBeingMyActualNameSoIChangedIt
https://blog.dshr.org/2021/12/talk-at-ttivanguard-conference.html?m=1
GFTR
Nobody knows if it is true. You can't even estimate it.
SatoriEnligtenmentNow
I feel like you are joking. But I’m not sure.
GFTR
I'm not. You can't know who owns the Bitcoin addresses and you can't know whether the funds in one address belong to more than one person.
EYESwide0PEN
Bitcoin is a protocol just like HTTP and SMTP. If you don’t understand that, you’re not going to understand it’s underlying value
Klavierbauer
Office Thank-You .gif
Klavierbauer
Central American countries are buying milk and eggs using crypto with their cellphone and burning paper money for heat.
taurondir
A lot of things don't technically start off as scams. People work out ways to scam once they figure out all the mechanics.
Tokomek
I nominally own lots of Bitcoin I keep it on a dead hard drive at the dump where I shipped it decades ago...
owlest
there were bitcoins decades ago?
Tokomek
More a decade ago but so much has been packed into the years lately that it feels like an eternity.
DuelingBrothers
You are banned from ever checking the bitcoin prices for your own sanity.
Tokomek
Long ago resigned to it. It happened and regretting the past is fairly dumb.
Trimule
There's apparently some poor bastard in Wales who has been fighting for a couple of years for the right to dig in the local dump for his HD
SuperPickle17
meanwhile paypal is giving away free crypto. Wonder what their end goal is...
Tesseract09
To be the broker and take a commission, same as always.
AnotherReplyToIgnore
Crypto is just the global currency nobody wanted. It's going to devalue currency tied to real economic value and ruin economies.
SatoriEnligtenmentNow
Whose economies?
TonawandaBlue
Just like the regular stock market
Aquilarden
Except even more imaginary!
Aquilarden
Wow, down votes from the crypto fans, I guess.
RenegadeSci
Family owns stock in a drilling company. It started to tank in 2020, BUT they had cash in the bank & owned the offshore rigs. Real assets.
RenegadeSci
It came back when oil started costing more than -$5 a barrel.
UsuallySpecial
Always fun profiting from environmental destruction and war pricing.
RenegadeSci
Blows my mind that they own oil rigs offshore and wind farm holdings. I don't disagree with you. Only one of those makes sense.
JumpingSandmann
Riiiight, because Bitcoin also pays dividends...
ageek3000
So it's very similar to crypto then... not all stocks pay dividends, and not all crypto pays dividends. But, some do.
JumpingSandmann
There is crypto that pays dividend? In Dollars or any other non-crypto currency?
JumpingSandmann
Because if you get Dividend paid in the crypto you're holding thats not really comparable.
7Drinks
Nope.
fadingtheory
Almost like crypto just duplicated existing conditions without all the pesky "real" stuff attached that tends to hinder speculative pumping.
n0n53n53
also without regulation
jesse2020wayne91831415
Look up utility coins. There's some out there that could take out visa/Mastercard etc within the next 10 years.
Tesseract09
There aren't enough video cards in the world to run the rigs you'd need to handle even half of visas transaction rate.
jesse2020wayne91831415
You don't know much about it. Coins and tokens are getting much more efficient.
Tesseract09
"getting". Let me know when they can actually handle a serious number of transactions instead of having to cache outside the chain like.
damogen
inflation of the dollar hit 7% and everyone started panicking... let me know if any crypto gets near that level of stability.
asinglenoob
It’s even funnier when you realize the magic block chain completes almost 1 second worth of Visa transactions… in a day.
jesse2020wayne91831415
There's a utility coin I'm talking about just for that. Proof of stake, it's an immediate collateral that can convert any crypto into any
asinglenoob
Sure they will
ferrelnm
Who was the money giant before Visa that thought no new company like Visa could ever take over?
asinglenoob
Do you have an example? I don’t. Even then. Visa is essentially an oligopoly with Mastercard and Amex and they have the magic of network…
CrapOnASpatula
Diners Club.
jesse2020wayne91831415
Visa charges merchants 3-5% on every transaction. There's coins out there that could do it for under .5%. just because you don't understand
jesse2020wayne91831415
Doesn't mean it isn't happening
asinglenoob
I’m well aware of what they charge but they offer something that crypto nerds don’t understand, a ready made access to a market
michaeloberg
This is harmful bullshit. The real stock market, although manipulated, represents expected future value in real assets and revenue
UsuallySpecial
Ehhh slightly but not at all accurately. Prices change due to poorly educated rich kids buying and selling from misremembered rumours.
michaeloberg
For anyone who wants to learn instead of instinctively down/upvote: https://jlcollinsnh.com/stock-series/
captiandavie
at this stage… kinda? and the crypto market represents future speculation about digital goods.
trasneoir
I'd argue that most of the money in stocks at any given time is more concerned with market sentiment than fundamentals.
michaeloberg
You would be wrong. There is speculation but there is no more stable and self-cleansing asset class than stocks. (Stable being > 20yr times)
Breadfordloaves
People making blanket statements about the stock market being a Ponzi scheme interestingly never comment about the corporate bond market 1/
Breadfordloaves
even though they operate similarly. They're all just ways to purchase discounted cash flows ("fundamentals"). Bitcoin does not have any 2/
Breadfordloaves
future cash flows from operations coming to hodlers. It's purely speculation, which exists in stocks but not exclusively like crypto
FlissFloss86Gaming
Bitcoin is absolutely nothing like the stock market. Please get a better financial education, cuz damn
Mnbvvxz
Look, I get that tensions are high what with the russia thing and all, but calm the fuck down
AlwaysInTheshadows
He's comparing the owned percentages (which is about 89% for the stock market). Not apples to apples. Maybe bring it down a notch or two.
FlissFloss86Gaming
How do you know he's not refering to the Ponzi scheme part of the tweet? I also don't think my comment was too intense, but sorry if it was
StuckInBetweeen
91 people knew. Maybe reread lol.
djmenyo82
Arnt NFT the same. I read that 90% are held/owned by a small group of ppl. That need you to buy so they can offload them.
sleepinggreenidea
2nd sentence is important. They're billionaires on the ledger, but need new buyers to enter the market to turn the crypto into hard currency
Armyguy8382
I have gotten about 8 random messages from people that devolved into trying to get me to buy crypto. I waste their time as much as possible.
ageek3000
I've been in crypto for 10 years and I've never had anyone try to get me to buy crypto from them. You must be really unlucky.
engineeringwombocombo
You should look into getting a paid phone number. Anyone who calls you pays you by the minute.
TinFury
Why do large wallets continue to accumilate then? You know the blockchain is transparent and we can see that this is happening right?
SatoriEnligtenmentNow
I don’t know the answers to your questions. Anyone?
Radiowarsaw
Now do the USD
sweatshopkids
no u
sleepinggreenidea
You can pay taxes in USD, and US citizens must pay taxes. Ergo, USD has inherent worth. Crypto is a commodity, not a currency.
VasyaTheCat
This is complete hogwash. Sauce please
HeHeHebieJeebies
Fuck... and I cannot stress this enough FUCK Chinese & Russian bitcoin farms.
PotatoFaceSmurf666
Crypto ain't gonna do any good after WW3
theAttendant
Should I start hoarding bottle caps
CoolGifBro
Coca Cola ones will be worth the most I predict
th1cklikesitth1cker
don't forget bobby pins, you will need them when you don't have them
PotatoFaceSmurf666
Ya see, I forgot I would need those.
youreathing
Even it it wasn't a scam, it's fucking HORRIBLE for the environment.
BoxOfHellos
No doubt that bitcoin miners require lots of power, but many are miners shifting to renewable sources, also
SatoriEnligtenmentNow
Gold just sits there. How is it consuming energy?!!
ekrumme
It takes effort to pull it from the ground. And then more to turn it into a usable form
youreathing
That graph doesn't say much. I could make one comparing China's power usage vs NASA, and it would be just as meaningful. 1/
youreathing
What is "The Banking System" or "Galaxy Digital?" This is an image that makes implications. 2/2
woozle
it's a scam
FuckThemIfTheyCantTakeAJoke
that's made me 4 million, which I used to buy a house, a boat and educate myself.....Only joking, I'm spending it on drugs.
Klavierbauer
Central American countries are buying milk and eggs using crypto with their cellphone and burning paper money for heat.
d0o0o0d
Tulip mania for the 21st century.
funkmoth
Tulip mania?!?! What is this you speak of?
d0o0o0d
https://www.investopedia.com/terms/t/tulipmania.asp
thewiggins
pffft, look at this guy, not knowing about tulips, betcha buy copper from Ea-nasir too.
DiscountOneLiners
Tulips. And mania. And Holland
Klavierbauer
Central American countries are buying milk and eggs using crypto with their cellphone and burning paper money for heat.
SatoriEnligtenmentNow
True?
Klavierbauer
At least in Nicaragua
Tesseract09
I can buy milk and eggs here using my phone, without being at the mercy of a highly volatile currency. What's your point?
Klavierbauer
Are you in a third world country who's government has forgone providing a centralized currency?
Tesseract09
You said the people had paper money, although I'd assume it's plastic unless it's a third world country like the USA.
Klavierbauer
It's in a Johnny Harris video about crypto. https://www.facebook.com/JohnnyHarrisVox
Tesseract09
Yeah... A Facebook video for someone with vox in their name, that's going to be a hard pass.