Bitcoins/Litecoins/Virtual Currencies

James said:

Hard to say that when $SHIB and $DOGE are minting millionaires.

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Plenty of scams mint millionaires. Also I should have specified I didn't mean include Doge itself in that statement about animal coins- I meant the dozens of doge copycats (including SHIB).

James said:

Hard to say that when $SHIB and $DOGE are minting millionaires.

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Really?
Scams often make Millionaires. PT Barnum and all.

Yeah, there's a lot more people getting rich off of $SHIB and $DOGE than one dude setting it up. Kind of like how Bitcoin is a meme coin, but tons of people are getting rich on it. Is it a scam? Charlie Munger thinks so.

James said:

Yeah, there's a lot more people getting rich off of $SHIB and $DOGE than one dude setting it up. Kind of like how Bitcoin is a meme coin, but tons of people are getting rich on it. Is it a scam? Charlie Munger thinks so.

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Plenty of scams make money for people beyond the one guy (or small group of guys) who set them up. Pyramid schemes etc.

Rugpull shitcoins are coins created with the sole intent to heavily promote the coin and get as many investors to buy in and then cash out a few months later, leaving 80% of the investors as bagholders. Sure, a certain percentage of rando investors lucky or smart enough to time things right will also make money, but it doesn't make it less of a scam.

None of that applies to BTC, so no, I wouldn't classify BTC as a shitcoin.

Literally all of that applies to BTC, I have no idea what you're talking about. HODL = don't sell your Bitcoin until I can dump mine.

If you think BTC was created with the sole intent to be a rugpull then I don't know what to tell you other than I disagree.

If you think $SHIB was created with the sole intent to be a rugpull then I don't know what to tell you other than I disagree.

Sure buddy- the minute someone transfers 6B in BTC to Vitalik let me know.

Rajaah said:

What program are you using for these loans / interest tricks etc? The one with the promotional 'sploit. I don't know if I'll be doing any sploiting, but the borrowing has appeal if something drops to a steal-level price. I'd rather do that than cash out of Eth, for example.

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Nexo also allows the interest + loan thing to work out positive, but it doesn't offer MATIC and doesn't seem quite as nice as what Jackie Treehorn describes. I also wonder how long this crap will keep up as it just doesn't make sense to my logical brain. I must not be fully understanding the offering because it almost seems like printing money to me.

That being said I absolutely love the idea of DeFi in generally and I think it is an amazing thing for finance in general. Essentially crowd sourced loans based on collateral so it is about as objective as possible from a "who can get a loan" perspective. Seems low risk for the lenders as well, company gets a small cut for the service but has none of the risk since the capital is shared, people have lower risk because the loan capital is spread out among all users and collect more interest than a standard savings account. I mean....it's basically a bank without fucking over the little people. Awesome concept and I really hope a huge part of the future.

And like I said, while Nexo isn't quite the cascading situation AAVE has going on right now, I was able to deposit coins and then take a loan out at 5.9% to reinvest however I want, the max being 12%....so it's basically a guaranteed 6% gain! Of course when you factor in the retarded growth of crypto in general that 6% could actually be more, which is what we are seeing here with the MATIC situation. I think that particular piece of the puzzle is what makes this insane. Because if this were just USD, you might say, "I can make more than 6% elsewhere and move on".

Anyways....what is the deal with *new* MATIC? I cannot quite understand how to figure that out based on the whitepaper: maticnetwork/whitepaper

This was the closest I found find, something about 1.2 billion tokens set aside for "staking", which is where the tokens are coming from I'm guessing. Matic Network Aims for 80% Token Lockup in New Staking Program - CoinDesk

The one thing I still struggle to understand with crypto is how coins that have this massive influx of supply do not fall victim to the supply/demand standards of economics. Bitcoin for example has the control over how new coins come in to play. I can read the whitepapers all day but it seems some coins are a bit dodgey or hard to find information for how new coins come in to play. And if they are entering so fast why does that not curtail the price rise at all?

Another great example of this was FileCoin, where there was a limited supply and you *needed* FileCoin to "host" a file storage as part of the "crowd" so the limited supply drove the price up for a short period. I get that....I don't get MATIC or DOGE situations other than it being the latest GME/MEME situation and question the lasting power.

Furry said:

Matic on the tumble now, what happened?

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ADA did the same thing last week

That internet computer makes me chuckle