What the hell is (a) bitcoin?

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Arthur Dent
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Re: What the hell is (a) bitcoin?

Post by Arthur Dent »

It’s totally hilarious that bitcoin emerged in the aftermath of the global financial crisis out of a libertarian rage about how the Fed was debasing the currency with inflation that actually did not exist. We needed a techno-currency out of the reach of the feckless bureaucrats to protect ourselves from they inflation they would cause. And what’s happened now that we do indeed have real inflation? Bitcoin inflation is way, way worse — more like 75%! And while the dollar bureaucrats act to control inflation, the collection of speculators and scam artists who populate the bitcoin world may well generate in it a hyperinflation and total collapse. Amazing stuff.

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AdmiralKird
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Re: What the hell is (a) bitcoin?

Post by AdmiralKird »

yeah but, you can be rich. just buy bitcon. power to theppl

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sighyoung
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Re: What the hell is (a) bitcoin?

Post by sighyoung »

The hits just keep on coming, don't they?

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sighyoung
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Joe Shlabotnik
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Re: What the hell is (a) bitcoin?

Post by Joe Shlabotnik »

https://www.nytimes.com/2022/11/17/busi ... uptcy.html

Crypto == Libertarian Utopian foolishness.

Makes Spongebomb Squarepants look like Henry Kissinger.
John J. Ray III, the new chief executive of the collapsed cryptocurrency exchange FTX, said in a bankruptcy filing on Thursday that he had never seen “such a complete failure of corporate control” in his career working with distressed companies.

Mr. Ray helped manage Enron after its collapse in an accounting fraud scandal in 2001. But the corporate dysfunction at FTX, he said, appears to be even worse.

“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented,” he wrote in the filing.
Image

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Joe Shlabotnik
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Re: What the hell is (a) bitcoin?

Post by Joe Shlabotnik »

I want to clarify something now that I've read the whole article.

Crypto for the masses == Libertarian Utopian foolishness
Crypto for the enablers == Libertarian exploitation as a divine right (John Galt gets to do whatever the hell he wants because he's an UberMensch)

quote at the end of the above article:
Since resigning, Mr. Bankman-Fried has started to speak more publicly about the collapse of his company. In an interview with The New York Times on Sunday, he claimed that he was unaware of how much money Alameda had borrowed from FTX. Later, in series of Twitter messages to a reporter at Vox, he said regulators “make everything worse.”

The filing went to great lengths to distance FTX’s current leadership from the former chief executive, who is in the Bahamas. “Mr. Bankman-Fried is not employed by the Debtors and does not speak for them,” the filing said, calling his public statements “erratic and misleading.”
Remember, if you don't know who the bag-holder is in your crypto-verse, it's you.

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cardinalkarp
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Re: What the hell is (a) bitcoin?

Post by cardinalkarp »

Surprised no one is bringing up FTX’s deep ties to the Democratic Party and Ukraine.

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thrill
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Re: What the hell is (a) bitcoin?

Post by thrill »

Feel free to drop that in the politics forum. This thread is for making fun of crypto true believers and to congratulate ourselves for either being smart or just not having enough money to get burned by the collapse of the dumb libertarian ideal of funny money with no governmental backing.

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sighyoung
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a_smith
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