Bitcoins/Litecoins/Virtual Currencies

Arden · Nov 4, 2021

Mist said:
I think it's something totally different. I think municipalities are just competing to be the next big innovation/tech hub, now that the luster of SF has gone, and you'll see a lot of tech-virtue signaling to show that a given city is a safe-space for tech investment. Crypto just happens to be the techiest thing on people's minds, but in a few months or a year, you'll see similarly tone-def tweets about how the new Boise mayor is going to hold his first town hall meeting with the metaverse, etc.

Everyone wants to be hip, especially when hip means potential investment dollars pouring into their city.

I'm sure that's a factor too, no doubt. The two ideas aren't mutually exclusive. It doesn't change the equation. It doesn't matter if adoption comes via sincere belief or just by someone trying to ride a trend.

If you are old enough to remember the evolution of how the "Internet" went mainstream, plenty of companies that only had a vague concept of what it was and what it could do first jumped on the Internet bandwagon primarily for marketing reasons and so they could seem "hip."

Caliane · Nov 4, 2021

Spiffing brit did a few vids on cryptocoin. he was joking around and bought $10 of the top 211 coins back in like march. in that vid, he then asked chat to pick a coin, and he'd buy $1000 worth.
They picked Shibu inu.
he made another vid back in 10/16 saying it how it tripled in three days to about 3k.
he has 128673571 shib. Which is still 6337 now. peaked at 11,219.

Big Phoenix · Nov 4, 2021

Arden said:
I definitely think that evolving to a crypto-based system has significant tangible benefits from removing middle men, to reducing the power of banks, to empowering average people, to minting a lot of new millionaires and billionaires who got in early on a new asset class, to improving the overall experience of monetary transactions, to granting new opportunities for developing nations, etc etc.

None of that will happen if governments and big institutions buy into crypto. It will be another thing they control and conduit of power for them. Its already well underway with the likes of Coinbase trading on the NASDAQ. The largest crypto exchange controlled and manipulated like any other company in the US.

IMO a great comparison to crypto is social media. Another "game changing" tech/idea/system that came out just a year or two before crypto(bitcoin at least). Just like crypto is now it was supposed to be a freeing technology, allowing individuals and groups to bypass the usual systems of control when it came to information sharing. Since then social media has completely taken over the world and now thoroughly dominates how information is exchanged. And what is the end result? 100% controlled by the people that controlled the old systems of control as well. In fact social media is their best tool yet at controlling the masses, the exact opposite of what it was supposed to be. The internet might as well be a handful of social media websites at this point.

Why would crypto turn out any differently than social media?

Arden · Nov 4, 2021

Big Phoenix said:
None of that will happen if governments and big institutions buy into crypto. It will be another thing they control and conduit of power for them. Its already well underway with the likes of Coinbase trading on the NASDAQ. The largest crypto exchange controlled and manipulated like any other company in the US.

IMO a great comparison to crypto is social media. Another "game changing" tech/idea/system that came out just a year or two before crypto(bitcoin at least). Just like crypto is now it was supposed to be a freeing technology, allowing individuals and groups to bypass the usual systems of control when it came to information sharing. Since then social media has completely taken over the world and now thoroughly dominates how information is exchanged. And what is the end result? 100% controlled by the people that controlled the old systems of control as well. In fact social media is their best tool yet at controlling the masses, the exact opposite of what it was supposed to be. The internet might as well be a handful of social media websites at this point.

Why would crypto turn out any differently than social media?

I actually think the social media comparison is pretty accurate. Keep in mind anytime I talk about this stuff I almost never talk about what I think is "good" vs. "bad." Stuff like that is more of a philosophical question and while I think it's really interesting I try not to let my personal beliefs or my emotions have any impact on my financial decisions.

Anyway, you are pretty much making my point that crypto was never going to be some libertarian wet dream that Bitcoin maxis envisioned. Emergent tech is always restrained to a certain extent by existing powers and crypto is no different. It's a give and take. I think it will definitely bring some good things into existence and make a lot of people money but big institutions are going to get theirs like they always do.

swayze22 · Nov 4, 2021

Lightning Lord Rule said:
Why let Wall St have all the fun in ripping people off?

uhhh hello LLR - taxation is theft.

Lightning Lord Rule · Nov 4, 2021

swayze22 said:
uhhh hello LLR - taxation is theft.

Well to be fair, arguing who the bigger crooks are -Wall St or Washington- is kind of like a chicken and egg argument.

Rajaah · Nov 4, 2021

Jysin said:
Rajaah SHIB needs to clear and prove to hold the ~5600 level to have any upward strength. Otherwise, this is just a lower high.. likely followed by lower lows.

I own 0 crypto anything. Just looking at a chart for a technical perspective. Save your money for something with upward momentum.

Yeah, I didn't buy back in when I got home, and it didn't skyrocket while I was out either. It's only slightly higher than where I sold, going to see if it continues the descent I've been expecting. I don't believe it has upward strength currently but it will once the current FUD-wave subsides. If it reaches the lows I think it will, I'll jump back in and gauge the timing as best I can. If good news comes down the pike and a rebound begins, I'll jump back in then. Without there being something concrete driving it (good news, mainstream adoption, or an Elon tweet) I don't think these current bounces have much behind them.

That said I'd rather be in it than out of it because I 95% believe Shiba will be doing great around New Year's for a variety of reasons. Just trying to make the most out of a crash in the meantime. My stress level will be a lot better if I get back in at, say, 3500 or lower, because I'll undo most of my perceived loss and get back on the right track even if it takes a couple months, with a lower number needed to be back in the green. Actually willing to HODL Shiba for a while if I can get that low buy number.

Mist · Nov 4, 2021

Lightning Lord Rule said:
Well to be fair, arguing who the bigger crooks are -Wall St or Washington- is kind of like a chicken and egg argument.

Lightning Lord Rule · Nov 4, 2021

Ah fuck,

Mist agreed with me... and today was going so well

Haus · Nov 5, 2021

Wingz said:
How do we not have an FOH coin? Lightning Lord Rule
Replace tucobucks with that and just keep 51% for yourself.

I think I've even suggested this as well... $HOOF or $DD suggested for the ticker. Oh wait.. no... I believe the one true ticker would be :

$HODJ

(Hold On for Dear Jerle)

Giving a positive reaction could literally be a "tipping" model. Or establish the ongoing minting to supply coins to distribute for positive responses.

Also, convert the concept of amod into a DAO for board policy/decisions.

LachiusTZ · Nov 5, 2021

Rajaah said:
Yeah, I didn't buy back in when I got home, and it didn't skyrocket while I was out either. It's only slightly higher than where I sold, going to see if it continues the descent I've been expecting. I don't believe it has upward strength currently but it will once the current FUD-wave subsides. If it reaches the lows I think it will, I'll jump back in and gauge the timing as best I can. If good news comes down the pike and a rebound begins, I'll jump back in then. Without there being something concrete driving it (good news, mainstream adoption, or an Elon tweet) I don't think these current bounces have much behind them.

That said I'd rather be in it than out of it because I 95% believe Shiba will be doing great around New Year's for a variety of reasons. Just trying to make the most out of a crash in the meantime. My stress level will be a lot better if I get back in at, say, 3500 or lower, because I'll undo most of my perceived loss and get back on the right track even if it takes a couple months, with a lower number needed to be back in the green. Actually willing to HODL Shiba for a while if I can get that low buy number.

Just go all in on index ETFs.

Let me know when you do so I can buy puts.

Rajaah · Nov 5, 2021

Gambled on the weekend boosting SHIB once people got their Friday checks, or at least that being more likely than a continued crash into the weekend, so I got back in last night at about the same number I got out at. Turns out I got it right because it went up a lot today. -20% from the initial investment rather than -30% and just the reversal of the crash alone feels pretty good. I think it was mostly Kraken FUD and I think it's more likely to create a new floor/resistance in the 5000's than it is to fall back to the 2700 level.

In short, I coulda gambled on it nosediving and almost did, but ended up gambling on it going back up which worked out. Still haven't actually lost anything on Shiba yet. I do expect to be in the red for a while but I'm not gonna sell. Would like a 3x-4x profit when it's all said and done, which for Shiba isn't really that out of the question. Would only need to reach .00020 - .00030. It's doable if I hold off on selling when it gets to 1.1x. Some might say 3x-4x is also lowballing it, and it probably is over the span of years, but you need a near-term exit strategy unless you have massive faith in something long-term, which for Shiba I don't because it doesn't do anything. It's a fun meme coin though, no doubt.