Post AR36WFqRQFrk3Z759c by Lightrider@mastodon.acm.org
 (DIR) More posts by Lightrider@mastodon.acm.org
 (DIR) Post #AR36WD5veDTJWjKuNU by dgolumbia@mastodon.world
       2022-12-26T13:25:19Z
       
       0 likes, 0 repeats
       
       Izabella Kaminska: "the dynamics underpinning the rivalry between [#FTX & #binance] are closer to those that governed the Medellín & Cali cartels." "it’s not just a giant capital hole that’s spooking the #crypto system. It could be the realisation that the confidence trick at the heart of the sector—underpinned by greater fool theory & easy Fed money—has finally run its course." https://unherd.com/thepost/changpeng-zhao-knows-binance-will-implode/ #cryptocurrency #bitcoin #fraud #organizedcrime ht @davidgerard
       
 (DIR) Post #AR36WDzEKbhwIFD4Zk by failedLyndonLaRouchite@mas.to
       2022-12-26T14:18:35Z
       
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       @dgolumbia @davidgerard one weakness of crypto is that real, serious money is required for mining; this means a constant flow of fools goldIs it possible that the switch to proof of stake (or whatever it is) that greatly lowers cost of servers and electricity, will enable the crypto boom to continue ?
       
 (DIR) Post #AR36WF4aIBaJf8irYm by JorgeStolfi@mas.to
       2022-12-26T15:17:06Z
       
       0 likes, 0 repeats
       
       @failedLyndonLaRouchite @dgolumbia @davidgerard PoW or PoS, it does not matter.  For any crypto, a net inflow of hard investment money is necessary to maintain the price above zero. The "investors" as a whole must continuously spend more hard money buying than they get back from selling.  If this net inflow were to stop, the price would immediately drop to zero.Crypto investors, as a whole, will lose tens of billions of dollars. This is the only thing that is guaranteed by math.
       
 (DIR) Post #AR36WFqRQFrk3Z759c by Lightrider@mastodon.acm.org
       2022-12-26T15:56:52Z
       
       0 likes, 0 repeats
       
       @JorgeStolfi @failedLyndonLaRouchite @dgolumbia @davidgerard if you only get into #cryptocurrency to "make money" in terms of fiat then you've missed the point entirely.
       
 (DIR) Post #AR36WGQxEV4ZsoCF4C by JorgeStolfi@mas.to
       2022-12-26T16:02:55Z
       
       0 likes, 2 repeats
       
       @Lightrider @failedLyndonLaRouchite @dgolumbia @davidgerard After 14 years, it should be obvious that cryptocurrencies cannot make ANY positive contributions to humanity.  They only gave us many very bad things --- ransomware, dark markets, tax evasion, corruption, and more.  And the biggest ponzi investment scam in history; which has driven many thousands, maybe millions, to financial ruin.