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The biggest problem with cryptomania is
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Date: January 3rd, 2018 10:11 PM Author: boyish ratface that it represents a complete decoupling of the economy from solving the problem of scarcity. Cryptocurrencies, as they are traded now, do nothing to improve productivity. The mania is simply momentum chasing.
The worst part is that for many people this *is* the economy. The economy is to them a casino, rather than a productive engine.
Technological singularity people will say of course this is where things are headed. With scarcity solved the economy is just a game to be played, rather than a struggle for survival. The problem is that technological singularity people have been around since Marx, and have always been wrong.
In the end the people who know how to do things will always be okay, and one speculator will win the game of musical chairs. |
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Date: January 3rd, 2018 10:16 PM Author: Vermilion infuriating market persian "The economy is to them a casino"
Finance jobs are TTT now.
Gotta have a replacement. |
Date: January 3rd, 2018 10:11 PM Author: Lilac charismatic incel useless brakes SHUT UP AND THROW MONEY INTO WEIRD WEBSITES (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076016) |
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Date: January 3rd, 2018 10:13 PM Author: wonderful church (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076033) |
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Date: January 3rd, 2018 10:13 PM Author: Amber well-lubricated headpube fortuitous meteor (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076040) |
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Date: January 3rd, 2018 10:14 PM Author: Very Tactful Chrome Degenerate Immigrant (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076042) |
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Date: January 3rd, 2018 10:14 PM Author: Bat Shit Crazy Cumskin (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076045) |
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Date: January 3rd, 2018 10:23 PM Author: galvanic fishy roommate (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076133) |
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Date: January 3rd, 2018 10:24 PM Author: seedy regret dilemma (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076138) |
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Date: January 3rd, 2018 10:39 PM Author: erotic sable office (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076258) |
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Date: January 3rd, 2018 10:53 PM Author: exciting metal native rigpig 180,000 (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076390) |
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Date: January 3rd, 2018 11:14 PM Author: purple confused locus puppy 180 fuck libs (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076515) |
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Date: January 3rd, 2018 11:22 PM Author: Mauve range dopamine Lmao (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076591) |
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Date: January 3rd, 2018 11:37 PM Author: Dead preventive strike nowag (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076702) |
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Date: January 3rd, 2018 11:38 PM Author: Nubile Fat Ankles (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076710) |
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Date: January 4th, 2018 12:09 AM Author: fluffy temple toilet seat (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076906) |
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Date: January 3rd, 2018 10:12 PM Author: adventurous boistinker ("jamie" dimon) (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076024) |
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Date: January 3rd, 2018 10:13 PM Author: boyish ratface (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076032) |
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Date: January 3rd, 2018 10:13 PM Author: wonderful church (b Yakov Diamond (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076039) |
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Date: January 3rd, 2018 10:24 PM Author: seedy regret dilemma (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076141) |
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Date: January 3rd, 2018 10:16 PM Author: Impressive garnet base background story (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076061) |
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Date: January 3rd, 2018 10:15 PM Author: Bistre patrolman productivity is useless. we just keep creating more stuff and overpopulating the planet. nobody cares anymore, nor should they. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076049) |
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Date: January 3rd, 2018 10:16 PM Author: boyish ratface Easy to say when you were vaccinated as a child, always had enough to eat, always had a roof over your head... (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076067) |
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Date: January 3rd, 2018 10:17 PM Author: Bistre patrolman it isn't sustainable, simple as. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076080) |
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Date: January 3rd, 2018 10:23 PM Author: boyish ratface Yeah, and peak oil was ten years ago. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076130) |
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Date: January 3rd, 2018 11:23 PM Author: Mauve range dopamine (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076596) |
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Date: January 4th, 2018 1:25 AM Author: Irradiated Aggressive Gas Station Quadroon (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35077303) |
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Date: January 4th, 2018 1:26 AM Author: Irradiated Aggressive Gas Station Quadroon (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35077304) |
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Date: January 3rd, 2018 10:24 PM Author: seedy regret dilemma (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076143) |
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Date: January 3rd, 2018 10:26 PM Author: boyish ratface Be honest: do you think the economy is pointless because you know it's a game you can't win, so you nonchalantly "don't care"? (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076161) |
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Date: January 3rd, 2018 10:28 PM Author: seedy regret dilemma No I care a lot. I know it is a game I can't win, so I want to gas all the kikes.
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Date: January 3rd, 2018 10:31 PM Author: boyish ratface Ty for your honesty. Life sucks if you're born low, but that doesn't mean you do it the sleazy way. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076192) |
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Date: January 3rd, 2018 10:42 PM Author: provocative charcoal clown malthusian trap -> crypto
180 |
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Date: January 3rd, 2018 10:46 PM Author: Bistre patrolman (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076321) |
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Date: January 3rd, 2018 10:15 PM Author: violent coral parlor gay wizard , he said matter of factly as he continued to slurp up crypto like a greedy little cryptopig (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076054) |
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Date: January 3rd, 2018 10:17 PM Author: boyish ratface #nocoins (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076070) |
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Date: January 3rd, 2018 10:15 PM Author: orchid telephone very reminiscent of Enron when it ceased to provide meaningful amounts of any products or services and basically just sold its stock price for the last few years (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076055) |
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Date: January 3rd, 2018 10:17 PM Author: salmon rough-skinned cuckoldry doctorate what on earth are you talking about? (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076074) |
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Date: January 3rd, 2018 10:17 PM Author: Titillating slippery locale Explain how this is any different from much of the economic growth, primarily coming from S.V., over the past 10-15 years? At least every day people can participate in this BOOM.
If you're hoping America starts building shit again, you're going to be sorely disappointed. |
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Date: January 3rd, 2018 10:19 PM Author: tantric domesticated church building philosopher-king but muh glass box/tower (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076092) |
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Date: January 3rd, 2018 10:19 PM Author: Vermilion infuriating market persian Services and entertainment are examples of things, other than manufactured goods, that have value. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076098) |
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Date: January 3rd, 2018 10:49 PM Author: Titillating slippery locale True. Services other than law, though, right? (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076343) |
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Date: January 3rd, 2018 10:22 PM Author: boyish ratface You do have a point in that huge swathes of the population are unable to participate in the economy because of lack of ability or training, and to them crypto is just another scratch-off lottery ticket.
SV is mostly bullshit, but occasionally does great stuff, often from obscure companies no one knows about. Saying SV is as buzzy and pointless as crypto is not accurate. Crypto is an extreme example of tech mania. |
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Date: January 3rd, 2018 10:51 PM Author: Titillating slippery locale You could call any early stage technology "buzzy and pointless." It's surely less "buzzy and pointless" than social networking, isn't it?
Every early stage technology has had big pointless failures (in hindsight) that went to 0. This time you're just seeing it and can throw your money in the ring directly, rather than via someone taking 2% off the top and another 20% of the profits. Not saying it's a good or bad investment long term, just what it is. |
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Date: January 3rd, 2018 10:53 PM Author: boyish ratface I'd rather invest after the hype cycle deflates and then slowly improves in line with value added. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076378) |
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Date: January 3rd, 2018 11:00 PM Author: Titillating slippery locale Go for it. But why should that prevent other people from saying "I see this as having a 50% chance of work, but offering a 5X return if it does" and putting in their money?
And, btw, a decentralized internet if it works, will in fact be "productive." |
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Date: January 3rd, 2018 11:12 PM Author: boyish ratface Don't conflate blockchains with crypto speculation. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076504) |
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Date: January 3rd, 2018 11:08 PM Author: salmon rough-skinned cuckoldry doctorate how would that work in a hypothetical scenario where over time Bitcoin replaces gold as a store of value? (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076483) |
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Date: January 3rd, 2018 11:12 PM Author: boyish ratface I would never invest in a gold equivalent. Gold sucks.
I would invest in technology that facilitated crypto transactions. I don't think crypto has much use as an asset, but would be a great medium of exchange. For the latter to happen you would have to inflate the supply to make it useful. |
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Date: January 3rd, 2018 11:31 PM Author: salmon rough-skinned cuckoldry doctorate you're missing the point. you can think gold sucks but it still has a market cap in the trillions. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076655) |
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Date: January 3rd, 2018 10:23 PM Author: salmon rough-skinned cuckoldry doctorate there is a lot wrong with OP. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076132) |
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Date: January 3rd, 2018 10:25 PM Author: boyish ratface Such as? You've mostly just flapped your arms itt. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076147) |
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Date: January 3rd, 2018 10:28 PM Author: salmon rough-skinned cuckoldry doctorate well, for starters, manias/bubbles, while financially destructive to those who ultimately get caught holding the bag, expedite the progression and maturation of the underlying beneficial technology. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076172) |
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Date: January 3rd, 2018 10:30 PM Author: boyish ratface If that were so, why did reformers spend centuries trying to tame the business cycle, with a resulting increase in long term growth rates? Boom/bust is not a feature; it's a bug. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076185) |
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Date: January 3rd, 2018 10:37 PM Author: salmon rough-skinned cuckoldry doctorate bc they valued stability and slower progress more, obviously. but that doesn't make my point less valid. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076239) |
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Date: January 3rd, 2018 10:38 PM Author: boyish ratface Smoothing the business cycle allows for better long term planning, hence the improvement in long term growth rates (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076253) |
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Date: January 3rd, 2018 10:46 PM Author: salmon rough-skinned cuckoldry doctorate are you reading from a textbook or something? that's not even relevant to what's going on here, even assuming that "smoothing the business cycle" is something that has proven to be achievable. we've had an internet bubble, a housing bubble, and now a crypto bubble over the course of the past 20 years. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076317) |
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Date: January 3rd, 2018 10:49 PM Author: boyish ratface The bubbles of the 20th century have been mild compared to the bubbles of the 19th century.
I suspect you imagine yourself a winning speculator, or better yet a middle man with no skin in the game, and are cynically pumping up this bubble for your own selfish ends. |
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Date: January 3rd, 2018 10:52 PM Author: salmon rough-skinned cuckoldry doctorate lol ok (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076370) |
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Date: January 3rd, 2018 10:55 PM Author: Titillating slippery locale This "smoothing" is only true of the public markets. If you look at private placements, VC, PE, etc. there is a lot of boom and bust.
Crypto, IMO, is raising a fundamental question: should average people be able to invest in something that has a greater return than stocks (likely, IMO), but is far more volatile and prone to scams. I say yes, but I think it's far from obvious. If crypto is web 3.0, I think it'll be great that retail people got in on the ground floor. If not, it'll suck. |
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Date: January 3rd, 2018 11:02 PM Author: salmon rough-skinned cuckoldry doctorate crypto and blockchain are web 3.0. that doesn't mean that most of the cryptos traded won't eventually be worthless, just as was the case with web 1.0. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076450) |
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Date: January 3rd, 2018 11:07 PM Author: Titillating slippery locale I'm sure that vast, vast majority will be worth 0. I think the thing the critics miss is that a bunch of coins being worth 0 doesn't taint the whole sector; it's true of any early stage tech.
The valuations for some (granted, not all) of the coins is reasonable if you consider that a coin can have a valuation of $100 mil if it has a 10% chance of being worth $1 billion (or whatever risk adjusted ratio you want to use). |
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Date: January 3rd, 2018 11:52 PM Author: chartreuse stubborn address partner OK, but if every coin that has a 10% chance of being worth $1 billion is currently valued at $10 billion, then you have a speculative bubble. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076808) |
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Date: January 3rd, 2018 10:25 PM Author: Vermilion infuriating market persian At bottom, value is rooted in scarcity and the satisfaction of human desire.
Unless people are interested in the aesthetics of crypto, it eventually has to do something else to satisfy human desires (or at least be expected to do so). |
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Date: January 3rd, 2018 10:27 PM Author: chartreuse stubborn address partner The biggest problem is that there has never been such a get-rich-quick outlet for technologically competent but financially illiterate Millenial retards who don't understand basic financial or valuation concepts. To them, saying that X has a value of Z, which means that Y, which does more than X, should be worth at least 2Z! is a valid argument. But I digress and am also trying to get rich quick. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076166) |
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Date: January 3rd, 2018 10:29 PM Author: boyish ratface Don't feed the beast. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076179) |
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Date: January 3rd, 2018 10:29 PM Author: brilliant coiffed jew JERRY! JERRY! JERRY! (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076180) |
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Date: January 3rd, 2018 10:40 PM Author: salmon rough-skinned cuckoldry doctorate meh, we had an internet bubble not too long ago and not only did the world not come to an end but it brought the technology much further and faster to the masses. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076268) |
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Date: January 3rd, 2018 10:57 PM Author: Titillating slippery locale Except I'm not sure even the "financially literate" would know how to value a fully formed crypto network at this point. It's a new technology; there is no way to evaluate it based on some kind of EBITDA ratio or whatever. We're in the wild west, brah. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076417) |
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Date: January 3rd, 2018 11:22 PM Author: chartreuse stubborn address partner You have to have some real world metrics. Tying Bitcoin to gold makes some sense. Thinking that Ripple's value could exceed the entire world's money supply doesn't. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076588) |
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Date: January 3rd, 2018 10:32 PM Author: Grizzly glittery scourge upon the earth (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076195) |
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Date: January 3rd, 2018 10:39 PM Author: Self-centered Fragrant Death Wish Stead OP is on point. I've been reading about the 1929 stock market crash.
See http://www.autoadmit.com/thread.php?thread_id=3848753&mc=8&forum_id=2
The Crypto bubble is being fueled by the exact same sort of speculation.
"People were not buying stocks due to fundamentals; they were buying in anticipation of rising share prices. Rising share prices simply brought more people into the markets, convinced that it was easy money."
The biggest difference I see between the two right now are: 1) scale; and 2) how the bubble will pop. I do not think the crypto market is anywhere close to as ubiquitous as the stock market was in 1929. See the story linked above on Kennedy and the shoe shine boy. The market cap itself is also about 1/100 of traditional stock investments. So, even though most people have heard about "Bitcoin," most people still do not own any Bitcoin.
Concerning the pop, the run on the banks was akin to the Hindenburg (rapid hydrogen fueled explosion) due to leveraged margin trading. Margin trading doesn't seem to be that prevalent in crypto, although the valuations are laughably out of sink with reality. I think crypto will be more of a slow burn, with certain shitcoin prices steadily falling over time. Perhaps with periods of intense volatility after a large hack, or new form of government regulation/intervention.
That said, I'm still dumping every last dollar I have into crypto. YOLO. |
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Date: January 3rd, 2018 10:42 PM Author: Mauve range dopamine WTF bro? This market isn’t a casino!
*hits tutu pipe* *buys undrilled mineral rights for 150 years worth of royalties* *buys real estate for 125% more than it cost in 2006* *buys internet Chuck E. Cheese tokens that were 10 dollars a year ago for 1000 dollars a piece* |
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Date: January 3rd, 2018 10:47 PM Author: salmon rough-skinned cuckoldry doctorate "we've never seen this before!" (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076325) |
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Date: January 3rd, 2018 11:36 PM Author: Mauve range dopamine JFC (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076699) |
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Date: January 3rd, 2018 10:55 PM Author: Swashbuckling school associate We improved productivity in the economy for 40 years. It didn't lead to higher wages. It's already decoupled. Why the fuck wouldn't we chase crypto? (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076400) |
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Date: January 3rd, 2018 11:09 PM Author: galvanic fishy roommate (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076490) |
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Date: January 3rd, 2018 11:22 PM Author: Mauve range dopamine Lol we’re all gonna die (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076590) |
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Date: January 3rd, 2018 11:34 PM Author: seedy regret dilemma (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076686) |
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Date: January 3rd, 2018 11:46 PM Author: Cheese-eating piazza NERD! (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076767) |
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Date: January 4th, 2018 12:02 AM Author: salmon rough-skinned cuckoldry doctorate one final point. while I don't dismiss that there is a mania element to crypto investing, let's keep things in perspective. this "bubble" consists of a total market value of $700 billion spread across investors around the world with a large concentration owned by a tiny minority of very wealthy people. (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076869) |
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Date: January 4th, 2018 12:04 AM Author: Mauve range dopamine Along with the 2-3 trillion in energy, billions (maybe trillions) in real estate appreciation, and multiple trillions in the stock market (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35076875) |
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Date: January 4th, 2018 12:19 AM Author: floppy indian lodge Crypto is 100% a ponzi bubble and more
But who cares when you can be like Mark Cuban and realize it’s a scam, dump your trash to yahoo for billions and then buy real assets like fucking nba teams when the music ends
Stop your virtue signaling and ride the tiger |
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Date: January 4th, 2018 12:30 AM Author: salmon rough-skinned cuckoldry doctorate "Crypto is 100% a ponzi bubble and more"
more? is it also inoperable cancer? |
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Date: January 4th, 2018 12:32 AM Author: floppy indian lodge It may very well come to that for some (http://www.autoadmit.com/thread.php?thread_id=3848804&forum_id=2#35077068) |