Except the survivors had demonstrated real-world use cases that don’t threaten the government’s control over the global financial system.
African-Americans Outpace Whites & Hispanics In Cryptocurrency Investments, A New Avenue to Wealth
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Except the survivors had demonstrated real-world use cases that don’t threaten the government’s control over the global financial system.
Kenny West
Veteran
No, the surviors manged to get big enough to be anti competitive pieces of shyt companies like Microsoft, FB and Amazon. They helped short sellers drive their weaker competitors through the ground so they can swoop in and steal shyt for cheap later and sustain growth. Look at how MS did Linux or Skype. Looks at how FB did IG, Vine and Snapchat.
The bottom line is all the bears patted themselves on the back saying the .com bubble crashed, yet they unironically invest into FAANG portfolios made from these companies and ignore the permanent changes to modern life that the "bubble" correctly predicted. I remember back when people were scared to put their credit card online to buy stuff lol.
People have a funny way of hindsighting things. Its easy for half assed research people to point to AOL or something and talk about bubbles but if they had bought Amazon around the same time they'd be rich.
Wargames
One Of The Last Real Ones To Do It
You are right there is a lot of monopolies on tech and they spend too much money for the politicians to stop them.
Man i think its worse than that. To me it looks like straight up Enron/Arthur Anderson funny money. These crypto companies aren't being audited
The point is the survivors had viable real-world use cases being mass adopted in real time to justify their increasing valuations. The dot-com's without viable use cases, similar to crypto, went bust. Similar to the dot-com's, crypto investors are betting on widespread adoption before it takes place. There is no crypto equivalent of Microsoft.
Kenny West
Veteran
nikka please. What is so impractical and unviable about Yahoo/AOL/AskJeeves's search engine vs Google's for the latter to be one of the most valuable companies in the world? It was a search engine just like the rest of them prior to them acquiring enough to become Skynet. Microsoft pushed a monopoly while making lower quality OS than their competition. Other social media platforms have gotten traction before FB inevitably crushes/aquires the smaller startups.
Nothing was wrong with the technology or the speculation around the innovations. The failing of a business =\= the failing of an idea necessarily. Pets.com will be remembered as a failure of the dotcom bubble but Chewy comes out some years later selling the same shyt and its a massive success?
I mean personally I agree with the sentiment you said about crypto speculation. Majority of tokens are scams with no use case, however you are being naive to cast that assumption on the entire space.
Ethereum already has the best usage case in crypto being the backbone of the NFT space (which will be huge) and its contracts being the backbone for most of the shytcoins as well. As NFTs evolve it will continue to be around.
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ADevilYouKhow
Rhyme Reason
Lol is that a serious question? And MSFT and FB (which didn’t exist during dot com bubble) were clearly above their predecessors. No disrespect, but were you alive during the dot-com bubble? I myself was very young but my parents worked for tech companies so I remember the period vividly.
Kenny West
Veteran
Outside of invading privacy and branding yes. Their investment in data was after they were already huge
I was alive and Microsoft definitely existed back then, FB is stretching the timeline a bit I admit tho but its just an example. Neither company is that much better than their competitors.
I do notice how you're no longer discussing the point of my post tho.
Google search indexing was revolutionary in its effectiveness, that’s why they were able to dethrone Alta vista and others so quickly. People didn’t abandon the existing search engines just because of branding. My point is none of the cryptos including Bitcoin have demonstrated day-to-day usefulness on a mass scale, similar to the dot-coms that no longer exist. On top of that, somehow people think the US government will let crypto become dominant when the main reason America became a superpower after WWII was by having the dominant reserve currency.
Kenny West
Veteran
Agree to disagree with Google. I was being reductionist with that one I guess.
As far as what you say on crypto, this mainly applies to Bitcoin and shytcoins but ETH is already realizing that day to day use via NFTs. Metaverse tokens also have day to day use in game currency
Virtual real estate plot sells for record $2.4 million
Making stuff like this possible. Dumb? Maybe. The makings of a bubble? Maybe.
But will Metaverses, blockchain tech (which is still constantly evolving), or NFTs concepts will completely die out because a bunch of speculative traders got rekt?
No. It didn't happen for the .com tech nor will it happen to crypto/blockchain/defi. There is a genuine passion for the ideas here underneath all the moonboys and scams. A crash will very well be coming but some projects will arise from the rubble
Kenny West
Veteran
Well that explains what fermented your views.
Notice how he doesn't go into why people believe in it, just talks down and reduces it to "quasi religious get rich quick cult" and compares it to the legacy finance system and it's "regulations".
As if this deeply corrupt system isn't on the brink of the 3rd or 4th financial collapse in our lifetime. Dude just sounds like your typical pompus legacy finance type, I hope you develop some of your own ideas instead of inhaling fumes from that ass.The one thing he had right is that it IS about finance. Thats the innovation here. Attachment to blockchain was born because of regulatory failings of the SEC and the endless book cooking on Wallstreet. It makes Market Makers and the DTCC obsolete and thats why legacy finance types hate it so much. They're mad they can't do all the rug pulling
And blockchain tech has surpassed paypal and credit card system in payment processing speeds (Layer2 Eth) so his criticisms are either uniformed or outdated. I don't know when this was written.
Well that explains what fermented your views.
Notice how he doesn't go into why people believe in it, just talks down and reduces it to "quasi religious get rich quick cult" and compares it to the legacy finance system and it's "regulations".
The one thing he had right is that it IS about finance. Thats the innovation here. Attachment to blockchain was born because of regulatory failings of the SEC and the endless book cooking on Wallstreet. It makes Market Makers and the DTCC obsolete and thats why legacy finance types hate it so much. They're mad they can't do all the rug pulling
And blockchain tech has surpassed paypal and credit card system in payment processing speeds (Layer2 Eth) so his criticisms are either uniformed or outdated. I don't know when this was written.
What he’s saying is very valid. People think they’re getting over on the system via crypto and NFTs when the powers that be are just finessing people. They’re getting average people to part from their hard-earned money to invest billions into unproven digital assets. And it’s easier to finesse them because the space is still largely unregulated. Please read the Extraordinary Popular Delusions and Madness of Crowds, examine financial bubbles since the 1600s involving average joes. None of this is new, it’s just a new product every 10-20 years. Yes the system is very flawed, but the US financial system based on the US dollar as the reserve currency is the main reason (overall) US living standards are high.
Kenny West
Veteran
Going back to my original point, speculative mania doesn't discredit the ideas/tech behind every project but ok.
You seem convinced.
