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Temporary_Draw_4708 t1_j00a3rv wrote

Reply to comment by sleazy24 in Former FTX CEO Sam Bankman-Fried refuses to testify before Senate, committee says. by AdamCannon

It’s “investing” in currency. Though, there isn’t any inherent value-generating process behind what you’re investing in, which is why it’s hard to call it investing.

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sleazy24 t1_j00avw3 wrote

Dude tell me why any of this is necessary? We have currencies. Why would anyone need a different currency for every step of a financial transaction?? So that grimy vampires can suck out value every step of the way. Gas fees, conversion issues, using tons of electricity, all for NOTHING. I've yet to see anything of value actually come from any of these coins. Because people think the coin itself is going to make something cool, I guess? I was a part of what I thought to be the coolest project I could find, Arpeggi Studio. On Chain Digital Audio Workstation, mintable original music. And my experience with those vampires killed every hope I had for crypto. As soon as I showed even a small amount of skill, they jumped on me to make money for THEM. Do work for THEM. Because every crypto bro is either a talentless dweeb or a stoner loser. That's why they dive into all of the 'tech' which is absurdly convoluted by design so that only the people in the know can properly navigate the system.

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twohundred37 t1_j00dyfu wrote

It’s necessary because it’s closer to actually becoming a stable way to trade value than the current fiat system, in that it is non-inflationary (how you can’t hear those alarm bells of inflation ringing is beyond me), sometimes deflationary, and decentralized, meaning the tool (the currency) works so efficiently that it needs no central bank or federal reserve.

The project you found sounds really fucking cool when reading the words you wrote about it, but I could see how there would be a confusion between what service you were getting in exchange for what value you were generating or providing. Also, I can see it getting really greedy from non artists preying on artists. That tends to happen no matter what currency you exchange. Lol.

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sleazy24 t1_j00fn4j wrote

Fair enough, fiat isnt perfect. Could crypto and fiat exist in some sort of harmony? Chaos and order haha. Hopefully but I really don't like the prospect. I'm really considering buying big chunks of gold at this point...

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jazir5 t1_j01di65 wrote

>meaning the tool (the currency) works so efficiently that it needs no central bank or federal reserve.

It also means there is literally no one who can help you when you are a victim of fraud. The crypto that Sam Bankman-Fried managed is gone. No regulatory agency like FDIC will cover your losses. Crypto transactions are irreversible. Someone takes your cash, you're fucked. And a shitload of people lost all of their holdings in the FTX scandal.

We can see the results of that playing out before our eyes. Crypto is good for gambling(that's all you're doing as you wait for the price to rise or fall), racking up a win by selling when the price is higher than you bought it for, and then pulling out your money into real cash as fast as possible before the value inevitably crashes(and then recovers again at some indeterminate point in the future), if you're lucky enough to time it right. It's not very easy to catch that falling knife.

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twohundred37 t1_j00d340 wrote

Sometimes it’s currency, sometimes the way that currency works will pay you for staking your assets and rewarding with fees collected from the network. Kind of like saying it’s hard to call “investing” in a credit card company investing.

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