jamest wrote:
Any peer-to-peer cryptocurrency is by definition decentralised as it facilitates trade between two parties without interference from a third [controlling] party.

i.e. statement of agreement

jamest wrote:Further, certain wallets and exchanges and means/methods and some crypto coins already exist to virtually guarantee anonymous trading too.

i.e. statement of agreement

jamest wrote:So, regardless of whether or not all crypto or exchanges are truly decentralised (which they are not)...

i.e. statement of agreement

jamest wrote:and regardless of whether corruption and failure exists within this evolving space (as it does everywhere on planet earth),

i.e. statement of agreement

jamest wrote:what you've said above is blx.

Despite the wide and comprehensive agreement: it suddenly becomes 'blx'.

The_Metatron wrote:A thousand bucks invested in bitcoin or etherium a year ago is worth about $250 today.

Not blx.

Yes, we know. The key is to buy at the right time, not at the end of a bull cycle as was the case at the end of last year. Look at the chart and observe the 4-year cycle. Everything is more-or-less as it should be. Nobody should have bought any crypto 12 months ago.

jamest wrote:
The key is to buy at the right time,...

Like when you go to the casino: they key is to bet on the right number.

The_Metatron wrote:A thousand bucks invested in bitcoin or etherium a year ago is worth about $250 today.

Not blx.

Nothing lasts forever.

You could have invested in Facebook during their Series A funding or bought their shares after Zuckerberg turned it into Meta. Yesterday's gold is tomorrow's shit.

It's all beanie babies.

So the truth lies somewhere between these 2 videos.

That second video failing at basic arithmetic by failing to distinguish between $8 a month and $8 a year is pretty incongruous with the decidedly superior tone the presenter adopts.

The first video was interesting and pretty good, although even there I feel a bit less sensationalism and sarcasm would work better.

quas wrote:



So the truth lies somewhere between these 2 videos.

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bogdan9310 wrote:I invested around £4000 in crypto, and I think I'm sitting on a goldmine.
Crypto has suffered a decline since the hype last year, but it's gaining back territory. I think the price will skyrocket when the next global economic collapse is going to come, which is sometime 2020.
If you are looking for some advice, I say invest in ethereum, the smart contract capability long overtakes the king bitcoin which is just a currency. Also, I looked at a few ICOs (initial coin offering). Syngularity NET has the most advanced AI out there, and has its own coin too.

This aged well.
Edit: though admittedly while Ethereum has been on a slide, it is about 8x its value in 2019.

Busts another falsehood repeated over and over about the decentralized nature of crypto offering some kind of protection against financial ruin.

I'd rather have a '3rd controlling party' with the power of oversight and an obligation to protect customers from exploitative practices.

This is unexpectedly illuminating. You can learn so much about how the world really works.

Just as an aside, Coffeezilla - the first YouTuber linked above - recently called out Jake Tran for accepting what are some really bad sponsorships promoting financial scams, on a channel that's supposedly against them. Jake Tran responded by doubling down.



As ever, the lesson is that you don't get your financial advice from YouTube.

Matt_B wrote:As ever, the lesson is that you don't get your financial advice from YouTube.

Isn't it really worse than that? Isn't it really that we don't seek financial advice from somebody like quas who posts anonymously on a backwater skeptic forum and ends up repeatedly grabbing the short end of the stick? I mean, it's the blogosphere in its current incarnation, where everybody gets to have his or her say, but writ very, very small.

Matt_B wrote:Coffeezilla - the first YouTuber linked above - recently called out Jake Tran for accepting what are some really bad sponsorships promoting financial scams, on a channel that's supposedly against them. Jake Tran responded by doubling down.

So instead of actually thinking and talking about the FTX situation, we're going to talk about how some vlogger doubled down? At that point, we should get the fuck off the internet and just read the gossip rags in the magazine racks at the supermarket.

Meh. My only point was that Jake Tran is not a reliable source.

It's somewhat interesting how he can openly promote scams without consequence though. By way of relating this to FTX, they used a number of real world celebrities to promote their scam, who are currently being sued. The best "not legal advice' analysis is that this probably won't succeed as they'll just claim that they were promoting it in good faith and that it was "not financial advice" despite them basically saying that you should throw your paychecks into it.

That's a nice little racket, I'd say. They've got all the upsides of running a scam but none of the risks when it all goes belly up.

As for The Liver King, why indeed are we busy talking about scammer X when we should be talking about scammers Y and Z?

Matt_B wrote:Just as an aside, Coffeezilla - the first YouTuber linked above - recently called out Jake Tran for accepting what are some really bad sponsorships promoting financial scams, on a channel that's supposedly against them. Jake Tran responded by doubling down.

Coffeezilla is the biggest hypocrite of them all. This guy has mentioned that he invested in crypto like Bitcoin and Ethereum, and yet he will be the first to make videos specialising on crypto/NFT scams. In case you didn't know it already, all cryptos are scams. Worthless vaporware BS that has zero use case aside from get-rich-quick ponzi schemes. We vilify people like SBF simply because this guy goes one step further: he scams the scammers.

quas wrote:Coffeezilla is the biggest hypocrite of them all. This guy has mentioned that he invested in crypto like Bitcoin and Ethereum, and yet he will be the first to make videos specialising on crypto/NFT scams.

Assuming that's true, that isn't hypocrisy, let alone the worst hypocrisy of all.

quas wrote:We vilify people like SBF simply because this guy goes one step further: he scams the scammers.

Many of the victims of the FTX collapse were ordinary people. Perhaps gullible or unwise in some cases, but not scammers. Those who vilify SBF mostly cite two reasons (a) His actions benefitted himself and caused a lot of harm to others and (b) Perceived criminality.