A thousand upvotes? Is this reddit?
What’s the exchange rate of Reddit karma to Lemmy nothings?
Well, at least you won’t find bots farming karma
yet
I didn’t even know the counter could go to 4 digits.
It doesn’t happen often, but when it does it’s the equivalent of going viral around here lol
How does it feel, going viral?!
1k upvotes here is like the equivalent of 50k on Reddit (probably I’m operating on dated info, who knows how much they screwed with the upvoting system by now lmao)
We are working on it
I think crypto is good for transactions, not storing money.
Like, crypto in general sucks, but digital anonymous money transfer is almost impossible without it.
The underlying tech is actually very cool and neat, unfortunately it got co-opted by cryptobros and bastardized :(
So energy intensive though. There has to be a less wasteful way to do proof of work
You took the words right out of my mouth! I think the blockchain is a very neat technology, but cryptobros completely ruined that.
*checks ETH price*
Am I missing something? I’ve been staking since the switch. I’m doing just fine.
You just doing fine so far!
Na in all seriousness what orange Muppet does to the world markets atm is horrible while I wish it to crash on his head I wish everyone of normal people they get rich with whatever.
That is perfect!
Omfg lol too good
This is what happens when you don’t use crypto as god intended: purchasing medication from India and subscriptions to indexers.
Purchase Bitcoin right before purchase. Watch the spare change left over go up and down and imagine all the millions you could be winning or losing.
This is what happens when you don’t use crypto as god intended: purchasing medication from India and subscriptions to indexers.
I’m not saying this is what I bought Monero for.
But this is what I bought Monero for.
I think I saw this meme for the first time in 2017
What’s funny is that, in 2017, the ETH high was something like $12. (It got up to $1300 in 2018)
Now, it’s sitting at $2000 and it’s a “crash”.
The lesson here is to buy the dip and then check back in 5-10 years.
that is the rule with all crypto. just pick one of the 40 thousand made, but it, wait a decade then sell it.
gotta hodl your memes
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What is an “Ethereum”? Some sort of subscription?
Ethereum is a petroleum based lube used in gay porn. When multiple dudes double dock during an orgy, that’s called a block chain. The ethereum on their foreskins creates an immutable ledger.
It’s a pretty old cryptocoin: initally released back in 2015, and a significant change deployed in 2022. It was then when they changed from proof-of-work to proof-of-stake, which basically means that they don’t use mining anymore to keep the network running. They use like 1% of energy compared to PoW coins.
Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.
Still, I think Eth is one of the cryptos that actually tries to be useful and efficient in some way and not just a stupid pump and dump scheme. Turns out, nobody gives a fuck about that, perhaps?
Also they have some smart contract capabilities which I suppose Ethereum people think are important. But I’ve never seen any practical use for that stuff.
Anything you need complicated multi-party interactions for that you want guarantees on. Real estate escrow comes to mind first. Depository accounts with yield. An immutable archive of records. Multi-signature corporate treasuries. Whatever. It’s programmable money. It’s not even necessarily monetary, because smart contracts can just deal with arbitrary data.
Never impressive to see a technical audience shit all over Ethereum for internet points. By far the least scammy crypto people have actually dedicated years into building something real on.
Would be great if they got some of that out there.
Respectfully, I think it’s just you. Ethereum smart contracts are universally publicized and utilized in the crypto community, and it’s why people were/are interested in the project. Many other coins are built on top of this technology. It’s pretty foundational. If you look into crypto any deeper than just buying and selling it, then the topic should have come up pretty much immediately.
I reckon most of that already is. A real estate escrow smart contract is maybe 200-300 lines long in Solidity, depending of course on what it supports (contingencies and such). You may want to actually go look around, because there’s I don’t know how many millions of lines of Solidity already written. It doesn’t all get as much publicity as NFTs.
It’s only worth $80,000 per token. Nobody gives a fuck! smh.
Haha yeah I made this comment mostly to see if I could meme some anger out of someone. Got some nice explanations though.
oh whoops
Not like it was obvious lol
It’s a decentralized network running a virtual machine with its own token to pay for usage.
A cryptocurrency that recently lost a lot of its value
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I can’t wait for people to realize they’re all in a pyramid scheme together. I’m sick of hearing bros saying crypto should be part of my portfolio.
If you can hold it long-term, it’s a fantastic investment.
If you’re a day trader that can’t look away from the charts for more than five minutes, then crypto definitely isn’t a good idea for you.
I’m sick of not hearing people saying that stocks and the rest of the casino economy are the exact same scam.
I don’t disagree, but there’s at least some capital and speculative value behind those companies. Crypto is straight up arbitrarily finite.
It never had any value, like all other crypto currencies. But it was used to fake value and dupe people out of their money.
Value isn’t necessarily something tangible. It’s what other people think it’s worth. The USD doesn’t have any more value than the belief people put in it. Do you also think it has no value?
I’m not defending crypto speculation, but it’s ignorant to say it doesn’t have value if you can buy things with it. Basically all modern money is based on faith, including crypto. Even when it’s based on gold or silver, that’s aren’t actually useful for most people so it’s still made up value worth however much people value that.
Basically all modern money is based on faith,
Wrong.
Fiat currencies are based on military might, not hopes and dreams.
Basically all modern money is based on faith, including crypto.
Ok, sure, however, fiat currencies are based on the faith that there’s at least one entire nation that you can use your currency in, and is motivated to ensure their currency is worth something, and has some semblance of stability. Crypto is based on the faith that there’s other dumbasses out there that will agree with you that these particular bits hold value for some reason.
Sure. I’m not disagreeing with that, just that it doesn’t have value. It does. Just because it’s made up doesn’t mean it doesn’t have value, as long as someone is willing to buy it from you.
I don’t like these uses of crypto either. It’s just a really stupid argument to say it doesn’t have value. There are plenty of valid arguments that can be made against it without making something up like that.
Right, and I’m not arguing that cryptocurrency doesn’t have value, just that it’s value is based on a much less solid foundation than the value of fiat currency.
The original comment was. I agree with you.
Crypto is based on the faith that there’s other dumbasses out there that will agree with you
And that’s the most beautiful thing about crypto that got lost in all the speculation, shitcoin, scams, and nft bullshit. A currency of the people for the people, but of course, when the pigs came into power they were the same as the old farmers.
It was always a scam. When people were saying these things, that was part of the scam.
There are good uses for the blockchain, just not really with currency.
Keep telling yourself that crypto is a scam with no value, etc… While you loyally and unquestionably use your green paper money covered in pictures of slave masters.
Eh, it’s also the thing that makes it so vulnerable to speculation, shitcoin, scams, and nft bullshit
Not really, I think the vulnerability is the lack of knowledge of the public.
Binary Options and Forex use fiat and they are the exact same brand of scam.
I’m sorry, but at this point I honestly have more faith in the latter than the former. I just don’t have any faith in America at all.
Ok I’m talking about fiat currency as a concept though, not the USD specifically.
If your point is that fiat currencies are still vulnerable to some instability, then sure, I guess I agree, but fiat currencies are still orders of magnitude more stable than cryptocurrencies.
If a state converted from paper money to crypto, the only discernible differences would be like more computers, more transparency, less middlemen, etc. Crypto is literally just a new (distributed, open) form of accounting.
Serious question: do the Europeans here have more faith in your governments than you do in obsessive internet people?
The usd has value created by virtue of being backed by the usa government. It is not just faith based.
With the current administration, I’d argue we are definitely in “faith based” money right now.
It was originally based on a gold reserve and then taken off to become a fiat currency. Trump is talking about potentially not paying back debts owned to other governments. Definitely sounds faith based to me, there’s nothing hard backing it.
It’s funny because USA has gone bankrupt several times and most people don’t even know or acknowledge it.
Now they just print paper money and violently force people to use it for stolen oil.
A country, itself, cannot go “bankrupt”.
You wanna know how we can settle debts, for pennies on the dollar, today, right now?
Mint a 10 gajillion USD coin. Now, pay all debts. Now, destroy 10 gajillion USD coin.
See? Impossible to go bankrupt, if you’re the buyer, generator, and seller of something, and there’s always a willing buyer.
That’s completely meaningless and worthless though, especially since that racist empire is literally destroying the planet with its petrol-dollars.
Money does not run on morals.
True, but that isn’t contradictory. The point is value of both of these forms of currency are made up and imaginary. They’re valuable as long as someone is willing to purchase it.
The same is true for gold. People think it has intrinsic value, which is why it’s so easy to scam people with. The value is almost entirely based on people thinking it’s valuable though.
I don’t like crypto-currencies. It “not having value” isn’t the correct argument to use against it though. It’s a pretty stupid one. There are plenty of good arguments that should be used instead.
They’re valuable as long as someone is willing to purchase it.
Government based fiats always has the guarantee that the government will accept them to settle your taxes.
So, as long as the government exists, there’s a buyer for the currency.
Not the case with made up ponzicoins.
The USA government? With the tariffs? And the orange buffoon in charge? If we’re counting that, then we might as well count his “crypto reserve” as backing too.
Or it could be backed by math and economics alone.
I don’t think it’s worth the discussion, but comparing a fiat currency like the US dollar with crypto currency is a false equivalence argument. They aren’t even comparable.
You just compared them by calling them both currencies.
I didn’t say they’re equivalent. I said both of them have value that is imaginary. Crypto currencies have value if you can purchase things with them. It just makes you sound dumb to say it doesn’t have value. That’s not the correct argument to make against it.
Yo, don’t be bad-mouthing our soon-to-be currency. Scams and money laundering were never this easy.
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Ah yes the price is returning to where it was 4 months ago just like the stock market. So people who have been buying at the peak for the past 4 months might have lost some money. Otherwise it’s still up like 10000000% historically.
Nobody cares except the anti-crypto ideologues with their misinformed memes.
ETH is a massive premine, making you exit liquidity.
Its basically buying silver instead of gold (bitcoin) because its “cheap”.
No, man. People are sounding like these prices are fixed, when we’ve seen time and time again that crypto prices are cyclical.
Now’s a time to buy. ETH is at a 50% discount. Your assets would be in a pretty good spot right now if you’d bought Bitcoin in 2017 when it “crashed” to $4000 per unit. I picked up shares of EZBC at an average of $32 a share (currently hovering between $45-$50 in a supposed crash) and XRP at 50 to 75 cents, currently hovering around $2.10.
What you do is invest, and then just forget about it and let those assets sit. Investing is about forward-thinking.
Now’s a time to buy.
Never is it a good time to invest in a ponzi scheme. It’s just a matter of playing “Greatest Fool”.
“Greatest fool” description relies on the precept of its utility or demand returning to zero in a near-future timeframe. If people have utility for “the thing”, that won’t be the case.
There is no utility really, for ponzicoins. You can’t make anything from it. You can use it to make anything. You can’t eat it. You can’t hydrate with it. And you can’t use the notes to summon military aid.
I suppose you can buy drugs with it. Maybe.
So yes, it’s a Greatest Fool game.
Yes, for the limited subset of ERC20s or whatever you describe as “ponzicoins”. Things that actually do nothing, particular not doing anything more than L1 cryptos but “this is yet another token”, are not really adding any value. But I would be really surprised if you can name any more complex contracts than ERC20s (or ERC721s), which is where the work in the space actually goes.
“Work”
Totally, friend. Brilliant response.
They are as cyclical as people are cyclical for falling for confidence scams again and again and again … You can consider something based on how good an investment it is, or based on how ethical it is. Very seldom will both work out. People, don’t cry about the rich getting richer, the poor getting poorer, assholes behaving more like assholes, and inflation skyrocketing when you normalize and even crowdsource this sort of relationship with your economy. Don’t be surprised when the society that surrounds you is so burnout all you have to spend your money on is shit.
They are as cyclical as people are cyclical for falling for confidence scams again and again and again
No. They are cyclical because of the way that crypto algorithms work, and the effects they have on the media and human greed.
how ethical it is.
This conversation isn’t about ethics. It’s about the silliness of the meme, but thank you. You are correct in saying that each individual investor needs to consider these issues as well.
We’ve seen time and time again that not all crypto prices are cyclical. Ethereum has been performing poorly relative to BTC. If you’re just going to forget about it, then you should avoid proof of stake! When you log back in you’ll see that everyone who staked was sitting on a musical chair and you’re not.
Plus, it’s run by a central foundation that bailed itself out when the DAO flopped. Requires attention at best.
God damn! Have a little sensitivity lol
Ha ha!
It feels tacky to point this out, but that is just vaginas. The open wallet? What are we doing.
Here’s your chance to get in on the ground floor…
https://coinmarketcap.com/currencies/pussy-financial/
(jk don’t buy this)
Brother, really? Have you even seen one before? 🤔
They’re obviously made of polygons.
Lara Croft agrees
He must be down bad, have a little heart.
