- Institutional money flowing into cryptos may not be right round the corner — crypto funds are not doing well. “Plunging returns this year, with performance dropping by 35 per cent as digital coins suffered a volatile first half.”
imagine that someone tried to diversify their tulip portfolio by making sure they bought different colors of tulips
— Buttcoin (@ButtCoin) June 17, 2018
- The public have inexplicably failed to flock to cryptocurrencies’ value proposition in nine years. This could be due to the propaganda of fiat bankster shills … or it could be that the fiat banksters are completely correct, and Bitcoin and its descendants are still incompetent. BIS: “Looking beyond the hype, it is hard to identify a specific economic problem which they currently solve. Transactions are slow and costly, prone to congestion, and cannot scale with demand.”
let's not judge bitcoin's success until it's been around as long as the internet^W^Welectricity^Wthe historical notion of writing down a record of financial transactions
— Buttcoin (@ButtCoin) June 18, 2018
- The actual money of the future — in the UK in 2017, more money in the UK was spent through touch-cards than cash. This arrangement is centralised enough to give even me qualms, but in practice I find my card literally more convenient than cash too — and when I do try to use cash, I’m surprised at how hard it can be even to make change. This is what cryptocurrencies are failing to compete with, and what the Lightning Network has to beat.
If history is any guide, cryptocurrencies will replace money in the same way cars replaced horses.
Who can forget how people bought millions of cars in the early 1900s, only to keep them in the garage, wait for car prices to moon, and argue about what cars were really for.— Trolly McTrollface (@Tr0llyTr0llFace) June 18, 2018
- The Civil ICO backs another prospective news outlet: the Colorado Sun, founded by former staff of the Denver Post. They also have a Kickstarter, which looks like it’s going pretty well.
- I mentioned PonzICO in the ICO section of the book. Here’s the retrospective. “Other projects should take this unorthodox lesson to heart: turns out one of the best ways to generate income is trading your labor for money, rather than scamming people out of money.”
- Also mentioned in said ICO section — EOS, the Platonic essence of an ICO token, with an offering document stating that this thing you were buying was literally worthless. They finally built their network, and you’ll be amazed to hear that it doesn’t work. The token price was, of course, unaffected.
- Remember The Bitcoin Standard by Saifedean Ammous? Someone on Amazon’s put up a scam imitation (archive). Stolen description and all. Click “Look inside!” for text generated by a Markov chain.
- You know you’ve been on SomethingAwful too long when someone buys a smilie for you. The Buttcoin thread gave me :gerard: — it’s the waddling duck from @Bitfinexed’s last video — which is also now a smilie — but sideways. Um, OK.
The past, present, and future of bitcoin is the full run of Numberwang skits with the word blockchain used in its place
— POWERFUL CRAB FART🦀 (@FartCrab) June 16, 2018
Bitcoin is just like the early internet. People would save their AOL 10 free hour discs because they knew it would be worth 100 free hours someday. If they tried to get online and used up their hours they were mocked for not HODLing. People who read a book were called NoNetters.
— Buttcoin (@ButtCoin) June 18, 2018
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Buying multiple colors of tulips actually makes a little bit more sense – at least you will have many colors in your garden. But same argument goes when you compare tulips to bitcoins in general