Topic: Do people who invest in crypto know it is Bullshit?
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Matt Damon pushing crypto? It is a cult. I can see someone who knows it is bullshit investing like in any other pyramid, but are people dumb enough to think it is a real thing? He here is the best description:

https://medium.datadriveninvestor.com/bitcoin-isnt-dead-but-it-is-a-cult-1183b4d2318f

I worked at hedge funds for 15 years and I don’t know a single person who believes that crypto is legit, but all day I get pitched it by people with no finance background.


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tell that to the people who just sold Staples Center in LA week to rename it crypto.com arena. this is not a rex.


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USD's are bullshit too. There is no gold behind them. Green Toilet paper. At least crypto took some effort to get.


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. said: tell that to the people who just sold Staples Center in LA week to rename it crypto.com arena. this is not a rex.

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Did they sell it for dollars, or for crypto? Think carefully.

The Houston NFL team used to play in Enron Stadium, btw.


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By what metric is it bullshit? The sector has a 2.7 trillion dollar market cap. 150 billion daily volume. Anyone who bought Bitcoin, eth, doge, or hell, any of the top 50 cryptos early has made ridiculous return.


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They are so very loud on Twitter. But ask them a technical question and you're accused of being a luddite.


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. said:
­
Did they sell it for dollars, or for crypto?  Think carefully.

The Houston NFL team used to play in Enron Stadium, btw.

­don't have to think carefully, just read the articles dumbass.
they sold it for 700 million dollars. and that's just the naming rights.


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. said: By what metric is it bullshit? The sector has a 2.7 trillion dollar market cap. 150 billion daily volume. Anyone who bought Bitcoin, eth, doge, or hell, any of the top 50 cryptos early has made ridiculous return.

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Anyone who bought a tulip during tulipmania could buy a house with it. Does that mean it wasn’t bullshit?


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It is a basically trading noise. Maybe worse since the prices are heavily manipulated.

I still don’t understand why regulators haven’t killed it.


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There is an expression that once taxi drivers start telling you what to invest in, you better get out of the market. That is what crypto is.

Not an asset like Coke, or Cars, or Apple.
Not a currency - only does 4 transactions a second while Visa does 10,000.
Not a hedge against volatility - it is itself volatile.

It is decentralized but can be shut down by governments.

It will go to $0


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Only mongos invest in it.


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OP, I get it.

1. You feel you missed the train, and that makes you feel stupid, pussy and bitter.

2. You're old and can't keep up with this new and rapidly evolving sector. You are like the old tards in the late 90s who thought the information super highway was a passing fad.


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. said: By what metric is it bullshit? The sector has a 2.7 trillion dollar market cap. 150 billion daily volume. Anyone who bought Bitcoin, eth, doge, or hell, any of the top 50 cryptos early has made ridiculous return.

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Sounds like the dotcom bust.


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. said: It is a basically trading noise. Maybe worse since the prices are heavily manipulated.

I still don’t understand why regulators haven’t killed it.

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It is banned in China and a India already. The UK and EU are discussing their own digital tokens. Once the Fed does it, it will outlaw other coins and everything will go to $0


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All the hucksters and bros and VCs are also screaming about Web 3.0 with none of them having clearly defined it.

I read a comment on HN which struck a nerve: if you look at the world rationally, then you wouldn't have invested in this because it's irrational. And that caused you to miss the boat. In contrast, those who go with emotion and hype made (and continue to make) a lot of money and their personalities lead them to braying about it on social media which increases the noise further.

Perhaps also, being rational but still human, it grates you to see these types profit wildly while you continue to grind away.


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. said: OP, I get it.

1. You feel you missed the train, and that makes you feel stupid, pussy and bitter.

2. You're old and can't keep up with this new and rapidly evolving sector. You are like the old tards in the late 90s who thought the information super highway was a passing fad.

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Dunce. Explain how it is an asset? Explain how it is a currency? Explain how it is stable? Take a look at USDT, tether, they were kicked out of NY State for having no assets to pay back the investors.

“Missed the train” - you sound like a housewife selling Amway or Tupperware.


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. said:
­don't have to think carefully, just read the articles dumbass.
they sold it for 700 million dollars. and that's just the naming rights.

­so, they had so much confidence in crypto that they demanded dollars. :lol:

Btw, ATT bought naming rights to the Cowboys stadium for $150 million

Like I said, sounds like the dotcom bust.


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I mean, look at these guys:



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. said:

Perhaps also, being rational but still human, it grates you to see these types profit wildly while you continue to grind away.

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Well I don’t “grind away” - I buy the S&P and use protective puts and long dated options to hedge a crash, and I have real estate. I am not super rich but I worked with billionaires for 15 years and not a single one of them ever publicly talked about how rich they were getting and that everyone had to get on the train or miss it. I only heard that shot in 1987, 2002, and 2008 right before the crashes.


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Balaji Srinivasan formerly of coin coinbase breaks down crypto really well. Dudes like him are why I still have optimism for the future.


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. said: Balaji Srinivasan formerly of coin coinbase breaks down crypto really well. Dudes like him are why I still have optimism for the future.

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I follow Balaji on Twitter but I haven't seen his definition of Web 3. It's most Libertarian wet dreams.

How does he define it?


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Like these:
https://twitter.com/balajis/status/1463912548202258433
https://twitter.com/balajis/status/1463597732749217793

"Amazing things are going to happen, amazing things are going to happen!" repeatedly over and over.

Now Balaji is a smart guy. A lecturer at Stanford and CTO of Coinbase. But I wish they'd provide a detailed, nuanced treaty on the matter rather than trying to sound profound on Twitter.


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Bitcoin conferences won’t take Bitcoin as payment for the conference!

Would you take salary in dollars that had such volatility? No.

It is not a scalable currency, not a store of value, it is made up phony shit


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Are you ready for the future?

https://twitter.com/naval/status/1456429482026225667
https://twitter.com/naval/status/1461561211531583493


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I've made 50k this year on crypto.  I don't care if it's fake, the money is real.



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