The "AI changes everything" people rhyme remarkably well with the "blockchain changes everything" people.
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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
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sure, cryptocurrency has been remarkably profitable
for the whales
the rest are gullible rubes who are robbed by con men extolling an amazing flimsy tech dream built on hype and FOMO
just like AI
@benroyce @Jazone @mattblaze Cryptocurrency was very profitable for that one guy who used to own crypto.com and sold it to some coinmongers. What was his name...?
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@benroyce @Jazone @mattblaze Cryptocurrency was very profitable for that one guy who used to own crypto.com and sold it to some coinmongers. What was his name...?
Everyone has a different definition of profits but historically, 10% on your investment is reasonable.
I'm aware of many private Trust funds that are sitting on 3000 to 5000% profits plus dividends because of the maturity of the assets. -
@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?that's easy
you understand what's going on. i understand what's going on. we're not involved, we're spectators
of this large crowd of gullible rubes enthusing about some tech thing. ok... but why are they so enthusiastic?
that's psychology: they invested their time and energy and money, and all they have is waiting, so they do this weird hype circus
until what?
until the third person who understands what's going on, the grifter, does their rug pull, and walks away with a tidy sum
