The answer of what Web 3 is right here:
https://twitter.com/cdixon/status/1442201621266534402

https://youtu.be/1IH9BHV6ywM­


Roubini explains that it is bullshit.

ooooo ROubini sez....

. said:

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

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You didn't make anything unless you cashed out. Or are you just saying that you're up $50k in value?

is the house I own bullshit? The cars? The assets I put into stocks?

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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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Any key details to share?

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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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you have to be able to take a profit, to have a profit.

you can't cash out into anything, except digital services... webhosting, computer crime and financing foreign or domestic terrorism.­

this is the reason the government hasn't quashed it. it has no liquidity.

. said:

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you have to be able to take a profit, to have a profit.

you can't cash out into anything, except digital services... webhosting, computer crime and financing foreign or domestic terrorism.­

this is the reason the government hasn't quashed it. it has no liquidity.

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I go on an exchange like Coinbase and i sell it for cash.

. said:

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

­when people start pulling ahead in Crypto, the first thing they think about is how to convert it to dollars.

. said:

. said:

­

you have to be able to take a profit, to have a profit.

you can't cash out into anything, except digital services... webhosting, computer crime and financing foreign or domestic terrorism.­

this is the reason the government hasn't quashed it. it has no liquidity.

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I go on an exchange like Coinbase and i sell it for cash.

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And they can change a few million dollars without a problem of course.

I like to compare the crypto and fine art markets. Both seem to be billionaire laundromats.

This reminds me of Liberty Dollars.
https://en.wikipedia.org/wiki/Liberty_dollar_(private_currency)

If you understand how hard the feds dropped the hammer on this guy, and then look at the hands off approach to crypto, you should come to the easy conclusion that crypto is a clandestine criminal operation run by the US government to traffic drugs, weapons, and fund terrorists with less oversight.

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And they can change a few million dollars without a problem of course.

­Nigga, yes.

:lol:

When the fed finally stops pumping and the markets reverse, we will see lots of margin calls and bankruptcies. This is when the Tether scam will finally be made clear and the whole crypto sphere implodes. It will be an epic lesson in human folly.

Nothing backs up crypto except thin air & a hatred of the Federal Reserve.

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I like to compare the crypto and fine art markets. Both seem to be billionaire laundromats.

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Basically the criminals have realized markets without Federal controls and are manipulating them to their pleasures. The stock market is supposedly more heavily managed, although it is poised to crash as well.

In other words the Deep State Elite are controlling all liquidities, as always, and will crash them if and when everything else fails to get them what they desire.

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And they can change a few million dollars without a problem of course.

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This is an exchange where people exchange cryptocurrency for dollars and vice versa. Whether you can exchange your crypto for dollars is based on demand.

I can go sell a billion dollars of MSFT right now with a market sell order if I'm willing to deal with pushing the price down in the process. Same thing.

This is why hedgefunds chop up their stock orders into tiny pieces and sell throughout the day for a whole week.

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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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Was talking to a dumbfuck at work - he just got in a car accident and is planning to "invest" half of his future settlement in crypto.

. said:

When the fed finally stops pumping and the markets reverse, we will see lots of margin calls and bankruptcies. This is when the Tether scam will finally be made clear and the whole crypto sphere implodes. It will be an epic lesson in human folly.

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This. OP here. Finally someone gets it.

buyys!

Oh shit!!!

https://twitter.com/balajis/status/1463986227426705432

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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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No you didn't.

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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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False.

The US dollar is Federal Reserve Debt. That's what backs the dollar. The Federal Reserve has a balance sheet. One of the main items on it is US Treasury debt. The US is good for its Treasury debt because it has the ability to tax imports, tax corporations and people and also is the biggest land owner in the US (among a ton of other shit).

The Federal Reserve bus and sells shit. When it buys shit with Federal Reserve debt, it is increasing its debt in return for an asset it holds on its balance sheet. This increases the amount fo dollars (Fed debt) in circulation.

When it sells shit, which it does (open market operations), it gets dollars back and that cancels the debt and destroys dollars.

So, dollars are created and destroyed and backed by the balance sheet of the Fed.

This is NO DIFFERENT from your personal balance sheet. You can issue debt by buying a house, for example. You spend dollars you don't have and go into debt and hold an asset on your balance sheet. Your personal debt increases because you issued debt. If your house goes up in value, you can sell it, cancel your debt and make a profit. The debt you have can be sold to others (your mortgage can be sold off by a bank). That's just like the Fed.

Bitcoin? It is backed by nothing. No open market operations, no balance sheet. Some guy created a bunch of coins up, gave them to himself and his friends and then sold them off.

AND YOU ARE SO FUCKING STUPID YOU THINK THAT IS LIKE THE DOLLAR. Why? Because you are a fucking idiot, just like all the idiots buying this shit. Fucking morons like you are the fucking problem.

Thank God not everyone is as fucking stupid as you are.

https://www.notboring.co/p/the-great-online-game

. said:

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This is an exchange where people exchange cryptocurrency for dollars and vice versa. Whether you can exchange your crypto for dollars is based on demand.

I can go sell a billion dollars of MSFT right now with a market sell order if I'm willing to deal with pushing the price down in the process. Same thing.

This is why hedgefunds chop up their stock orders into tiny pieces and sell throughout the day for a whole week.

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You can't equate stock and crypto.

Crypto is entirely run by scams. The price is not in dollars. It is "tethers" which is another fucking coin. The majority of exchanges are outside the US and wash trade, punp the price up and down to liquidate limit orders, margin call people, etc. The volume is all fake. The price is fake.

And then Coinbase uses those prices, in tethers, to calculate the price in actual dollars.

There is no liquid market, it is all fake. That is why it can drop 20% at the drop of a hat or spike down 80%. Absolutely nothing like the stock market.

And that's what crypto people love about it. They love that it is corrupt because they want the exchanges to print the prices to the moon so they can sell to a fool at that price. The more corrupt, the more thefts, the more illegal shit, the better.