The "AI changes everything" people rhyme remarkably well with the "blockchain changes everything" people.
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Same as the tobacco industry.
The tactics are the same predatory #cronycapitalism that arise from no #laws or regulation.
Some #cryptocurrency has legitimate uses. Others do not.
Buyer beware. Do your research if curious or a collector of limited market quantities.
Supply and demand etc. etc.
I can't blame people for collecting stupid junk.i'll go further:
the *idea* of #cryptocurrency was promising. a sort of freedom. but instead the whole space from top to bottom has been coopted by the worst characters. all of cryptocurrency is now nothing but grifters and criminals, and a sea of impressionable degenerates who don't understand how they are being robbed by whales. just waiting on the rug pull with stars in their eyes
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@mattblaze funny you should say that, that kinda all went into e-scooters, and rental e-scooters have absolutely had an impact on cities
@navi it seems like scooters had a modest impact, probably mostly offsetting personally owned bicycles. I don’t think they’ve come anywhere close to “changing how cities work” (the supposed promise of the segway). A thing can be successful without being “revolutionary”.
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i'll go further:
the *idea* of #cryptocurrency was promising. a sort of freedom. but instead the whole space from top to bottom has been coopted by the worst characters. all of cryptocurrency is now nothing but grifters and criminals, and a sea of impressionable degenerates who don't understand how they are being robbed by whales. just waiting on the rug pull with stars in their eyes
Guys, the rug would have been "pulled out" before an #IRS tax structure was adopted to mange capital gains on #cryptocurrency sales.
Now, I predict that there will be a culling in the crypto markets because there are nearly thousands of worthless grift within the market as you have correctly identified.
Time, adaption and adoption should create the culling cycle eventually.
Big risk is big reward or cascade failure. -
Guys, the rug would have been "pulled out" before an #IRS tax structure was adopted to mange capital gains on #cryptocurrency sales.
Now, I predict that there will be a culling in the crypto markets because there are nearly thousands of worthless grift within the market as you have correctly identified.
Time, adaption and adoption should create the culling cycle eventually.
Big risk is big reward or cascade failure.right but i'd say the entire sector is a grift
it has no applications, besides as a casino whose selling point is tech hype. it's 2026: nothing useful, nothing large scale, has been adopted from #cryptocurrency. people thought it was a new internet
it started out full of dreams, which is fine. normal. noble even
but there's a lot of that in tech: dead ends
and all cryptocurrency offers now is this endless hype and nothing but harvesting money from the impressionable
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right but i'd say the entire sector is a grift
it has no applications, besides as a casino whose selling point is tech hype. it's 2026: nothing useful, nothing large scale, has been adopted from #cryptocurrency. people thought it was a new internet
it started out full of dreams, which is fine. normal. noble even
but there's a lot of that in tech: dead ends
and all cryptocurrency offers now is this endless hype and nothing but harvesting money from the impressionable
I've researched individual digital currency.
I'll say this again.
Do your research and buyer beware.
That's market capitalism.
Always has been. -
i think of it as:
in cryptocurrency the con job preys on random airheads by promising them flimsy tech dreams
then the whales sell, and "oh well" to the airheads
in AI the con job preys upon c-suites by suggesting they are missing out on flimsy tech dreams
then the c-suites find themselves in a sea of mediocrity and the hatred of their employees
in both cases the inevitable crash completes the confidence game, and the con men walk away with a fat payout
@benroyce @IrrationalMethod @mattblaze
I'm exhausted waiting for that last part. -
I've researched individual digital currency.
I'll say this again.
Do your research and buyer beware.
That's market capitalism.
Always has been.right: do your research. you can profit if you get on the escalator at the right time, and get off at the right time
for the vast majority, they aren't going to get the timing right. and so the whole thing is a machine where the whales pump, then they dump, and most get nothing but a mouth full of ash
but this very topic is the problem
we're doing casino talk
that's it
no applications. no real value
just poker chips
#cryptocurrency is a sad joke of desperation and hype
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right: do your research. you can profit if you get on the escalator at the right time, and get off at the right time
for the vast majority, they aren't going to get the timing right. and so the whole thing is a machine where the whales pump, then they dump, and most get nothing but a mouth full of ash
but this very topic is the problem
we're doing casino talk
that's it
no applications. no real value
just poker chips
#cryptocurrency is a sad joke of desperation and hype
Timing markets is how you use your research and technology. That is why #securitiesfraud is a federal crime.
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@navi it seems like scooters had a modest impact, probably mostly offsetting personally owned bicycles. I don’t think they’ve come anywhere close to “changing how cities work” (the supposed promise of the segway). A thing can be successful without being “revolutionary”.
I think one can argue rental e-bikes are changing the way London works. A grester impact in two/three years than standard bikes have made in the last 20/30 years.
Especially amongst the young.
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@benroyce @IrrationalMethod @mattblaze
I'm exhausted waiting for that last part.@ohmu @IrrationalMethod @mattblaze
AI like crypto will persist for a long time
it's the dark side of the dreamer:
dreams are great. but a hard rational analysis of the pros and cons is blotted out by the dream, and so this powers the con job by crypto whales and AI ventures
yes, the crash is coming. but it will revive again. and crash again. until a whimper
if crypto and AI have any real future, it's just as a tool no one profits off of. the profit motive is what destroys both dreams
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Timing markets is how you use your research and technology. That is why #securitiesfraud is a federal crime.
i have no argument with you
instead i am saying that unlike the stock market, which is about ventures based on real world applications, #cryptocurrency has none. thus, it is only a casino
so you win the argument on the basis of scoping the discussion to the dreamer buying and selling crypto
but outside that argument: the consideration of what crypto actually does
it does nothing
it's just poker chips, with hype signals driving ups and downs that you can analyze
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i have no argument with you
instead i am saying that unlike the stock market, which is about ventures based on real world applications, #cryptocurrency has none. thus, it is only a casino
so you win the argument on the basis of scoping the discussion to the dreamer buying and selling crypto
but outside that argument: the consideration of what crypto actually does
it does nothing
it's just poker chips, with hype signals driving ups and downs that you can analyze
It's a fair discussion and I thank you for the space.
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I think one can argue rental e-bikes are changing the way London works. A grester impact in two/three years than standard bikes have made in the last 20/30 years.
Especially amongst the young.
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right but i'd say the entire sector is a grift
it has no applications, besides as a casino whose selling point is tech hype. it's 2026: nothing useful, nothing large scale, has been adopted from #cryptocurrency. people thought it was a new internet
it started out full of dreams, which is fine. normal. noble even
but there's a lot of that in tech: dead ends
and all cryptocurrency offers now is this endless hype and nothing but harvesting money from the impressionable
@benroyce @Jazone @mattblaze Business in general has given up on pure R&D so now every time they come up with a new idea, they monetize it *first* before getting to the point of feasibility or viability.
It turns *everything* into some kind of grift when handled this way.
"We have no idea whether this is useful but like hell are we gonna let consumers get away without paying for it anyway."
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@navi it seems like scooters had a modest impact, probably mostly offsetting personally owned bicycles. I don’t think they’ve come anywhere close to “changing how cities work” (the supposed promise of the segway). A thing can be successful without being “revolutionary”.
@mattblaze @navi Rental scooters seem to have cluttered sidewalks and impeded pedestrians. Doesn't that count?
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@benroyce @Jazone @mattblaze Business in general has given up on pure R&D so now every time they come up with a new idea, they monetize it *first* before getting to the point of feasibility or viability.
It turns *everything* into some kind of grift when handled this way.
"We have no idea whether this is useful but like hell are we gonna let consumers get away without paying for it anyway."
@gooba42 @benroyce @mattblaze
Totally
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i have no argument with you
instead i am saying that unlike the stock market, which is about ventures based on real world applications, #cryptocurrency has none. thus, it is only a casino
so you win the argument on the basis of scoping the discussion to the dreamer buying and selling crypto
but outside that argument: the consideration of what crypto actually does
it does nothing
it's just poker chips, with hype signals driving ups and downs that you can analyze
@benroyce
Money is promises.
It seems obscure whose efforts are promised by a unit of Cryptocurrency.
Also, what happens if such a promise is not kept, and who causes it to happen? -
The "AI changes everything" people rhyme remarkably well with the "blockchain changes everything" people.
@mattblaze The blockchain works great! You can block everyone who shows up in your timeline talking about crypto, then block everyone who asks why you blocked the first fool.
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@benroyce @Jazone @mattblaze Business in general has given up on pure R&D so now every time they come up with a new idea, they monetize it *first* before getting to the point of feasibility or viability.
It turns *everything* into some kind of grift when handled this way.
"We have no idea whether this is useful but like hell are we gonna let consumers get away without paying for it anyway."
past:
here's a product. oh wow -> lots of money
current:
let me describe an amazing product. oh wow -> lots of money
perverse incentives
in cryptocurrency, AI, lots of the edges of tech
people buy the promise rather than the thing
then something strange happens: they get very defensive about it
because they invested so much, they can't face the reality it's empty promises
this begins to take on the trappings of a social movement, a cult, rather than business
