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a gemlog on crypto crashing: “millions of people who lost their whole life savings” “thousands of people who committed suicide”
ok. first of all, if you want to make wild claims about thousands of people dying, you’re gonna have to cite a source. have a September 11th’s-worth people really killed themselves?
ditto for the claim that “millions have lost their whole life savings“. who puts their life’s work into a single coin of crypto? if they exist, that’s negligence, not investing
comatoast, Being so hyperbolic makes it hard to take you seriously, which is a shame because your content is usually awesome
2 years ago · 👍 gritty
eph It's not really a jackpot. You are solving transactions on the network and getting paid for it., You are literally writing that X gave Y to Z on the net work I think a lot of people miss this. · 2 years ago
@comatoast, I think running computers for days and days to guess random numbers in the hopes of a jackpot is a huge waste of resources. · 2 years ago
@eph I want to be clear I support crypto. I just think that shit like terra/luna and most of the etherum ecosystem are cancerous ponzi schemes. I think that BTC, XMR and even wownero have legitimate use cases, though. The etherum network is the real issue here. It's an obvious scam and blockchain tech isn't good for contractual obligations. · 2 years ago
Ok maybe I shouldn't have said thousands of people killed themselves with out proof I just know I saw a lot of people desperatly claiming they were going to kill themselves and etc etc. I will edit my blog to reflect this, but, I know for a fact luna/terra had millions of people involved in it. and that is where I get my logic from on that.
Sorry I shouldn't have said that though involving suicides and that was myopic as fuck on my part. · 2 years ago
@eph jep, that are my thoughts, buy a field and you can farm potatoes or corn.. but i have never seen someone eating euros or dollars, in bavaria we have a common saying, 'liebe vergeht, land besteht', would translate it to 'love goes by, fields last'. · 2 years ago
@bavarianbarbarian, that is exactly why I haven't invested anything in cryptocurrency, and probably won't do so in the future. Bitcoin &c. is technically impressive, but impractical as you have to convert it to use it (like other currencies I guess, but with those you can uhhh hold them and get real things in return) · 2 years ago
Maybe thats a bavarian/german thing, but i know nobody who would invest such amount of money in 'nothing'. We buy land, houses, stuff that lasts even if money is worth nothing. · 2 years ago
The TerraUSD's collapse was impressive but hey, pegging a cryptocurrency to a dying fiat currency wasn't exactly a smart move. Now the filthy western governments will play their card and try to impose their CBDC when people have lost all confidence in crypto, and tie this to a digital identity .. · 2 years ago