Cryptocurrency (35 Viewers)
- Thread starter Quetzalcoatl
- Start date
Similar vibes back in the 90s when normies proclaimed the internet was another fad 
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Btw before the normies clap back, in bifurcating markets from the tech. A reality where web1-3 all coexist is imminent. All markets are crazy and risky— both Tradafi, and crypto.
In this case, people getting rugged or a CEX going insolvent causing market contagion effects is no different that tradFi. RBS and Lehman and Bear Stearns ring a bell? That was less than 15 years ago. Can’t tell me those weren’t worse. No one was held accountable and the banks got bailed out bc it’s all a scam. Might as well get in on the right side of as many scams as possible. Plenty of arb opportunities in tradFi and crypto nowadays. Just don’t fvck with leverage in either forum.
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Btw before the normies clap back, in bifurcating markets from the tech. A reality where web1-3 all coexist is imminent. All markets are crazy and risky— both Tradafi, and crypto.
In this case, people getting rugged or a CEX going insolvent causing market contagion effects is no different that tradFi. RBS and Lehman and Bear Stearns ring a bell? That was less than 15 years ago. Can’t tell me those weren’t worse. No one was held accountable and the banks got bailed out bc it’s all a scam. Might as well get in on the right side of as many scams as possible. Plenty of arb opportunities in tradFi and crypto nowadays. Just don’t fvck with leverage in either forum.
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I kinda have to agree with Tim Berners-Lee on the term "web3" being loaded and wrong to begin with. That's like calling Napster and music sharing "web2".
Yeah, it's a nifty set of applications and features. But most of the Internet is not using that for the foundation of communicating online. We are not running Juventuz on the chain. Sending a chat on WhatsApp to my probation officer will not require tokens and gas fees. Just because some people thought Burning Man was awesome doesn't mean everybody does.
Yeah, it's a nifty set of applications and features. But most of the Internet is not using that for the foundation of communicating online. We are not running Juventuz on the chain. Sending a chat on WhatsApp to my probation officer will not require tokens and gas fees. Just because some people thought Burning Man was awesome doesn't mean everybody does.
Similar vibes back in the 90s when normies proclaimed the internet was another fad
- - - Updated - - -
Btw before the normies clap back, in bifurcating markets from the tech. A reality where web1-3 all coexist is imminent. All markets are crazy and risky— both Tradafi, and crypto.
In this case, people getting rugged or a CEX going insolvent causing market contagion effects is no different that tradFi. RBS and Lehman and Bear Stearns ring a bell? That was less than 15 years ago. Can’t tell me those weren’t worse. No one was held accountable and the banks got bailed out bc it’s all a scam. Might as well get in on the right side of as many scams as possible. Plenty of arb opportunities in tradFi and crypto nowadays. Just don’t fvck with leverage in either forum.
- - - Updated - - -
Btw before the normies clap back, in bifurcating markets from the tech. A reality where web1-3 all coexist is imminent. All markets are crazy and risky— both Tradafi, and crypto.
In this case, people getting rugged or a CEX going insolvent causing market contagion effects is no different that tradFi. RBS and Lehman and Bear Stearns ring a bell? That was less than 15 years ago. Can’t tell me those weren’t worse. No one was held accountable and the banks got bailed out bc it’s all a scam. Might as well get in on the right side of as many scams as possible. Plenty of arb opportunities in tradFi and crypto nowadays. Just don’t fvck with leverage in either forum.
But FTX? This is an exchange. If you can’t trust the exchange then what sort of market is that? This is like the NYMEX taking everyone’s margin accounts and blowing it all on unhedged front month crude long positions. Or like a casino in Vegas taking all bets and throwing the cash in an incinerator out back.
Crypto might not be bad at the core, but if you can’t trust the exchange, you can’t trust crypto.
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It’s done.
I’m sick of reading all of these horror stories of folks losing their millions from crypto on Twitter. But no wonder why inflation and housing is so high if countless peeps had millions from this. Crypto crash is good for the overall economy
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OP
