Comp Sci prof who doesn't think much of crypto

[joe96]

Hi everyone,

I am building a free stock screener for traders including myself. Currently I need some help from you awesome traders. It will be awesome if someone can give me some advice on my screener page. I will try my best to provide better solutions but I just need someone to tell me what he/she wants from a screener. Please let me know if you are willing to help. That means a lot to me.

Thank you

 

[M.W.]

Then don't be stupid and claim there is nothing you disagreed with. I never said the rest of the content is invalid, in fact I agree with most of the rest of the content. Read carefully what I write if you want to engage with me.

I know what he said. That was only one component, and hardly the only one he mentioned.

 

[JackMorgan]

 

[NoahA]

Good video, and I don't disagree (I follow him of Twitter). But lets face it, changing anything with how the government runs or the actual laws is next to impossible.

The way we got into this mess is because of how fiat money works, and how much control the FED has. The monetary system is broken. If you fix the money, you fix everything else, including wealth inequality. So I believe the best solution is to adopt the hardest form of money there is, which is bitcoin, and then everything else will fall into place. (albeit after a very ugly dark period, but this is unavoidable at this point)

 

[Cryptjitsu]

Bullshit. Study the basics of US stock exchanges and what role liquidity providers play. You seem to have been born 12 or 13 years ago. Also a company share gives you ownership in the company and voting rights. With cryptos you get nada.

DAO and governance tokens have been around for at least a couple years now, plus, quite a few of them have regular votes on protocol revenue distribution.
What's the last time Tesla, Apple, Netflix, Google, Facebook stock asked for your vote on anything worth a damn?

 

[Cryptjitsu]

Well, people like to argue that whole commodity vs (insert term here) until the bulls come home.

BTC bull Michael Saylor: Ethereum is ‘obviously’ a security
https://cointelegraph.com/news/btc-bull-michael-saylor-ethereum-is-obviously-a-security

That's just him being a scared bitch of the growing realization that Ethereum is a superior store of value asset.

 

[Cryptjitsu]

1) It is not a Ponzi scheme. Period.

"A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Ponzi schemes are named after Charles Ponzi. In the 1920s, Ponzi promised investors a 50% return within a few months for what he claimed was an investment in international mail coupons."

2) The market price determines the value of Bitcoin and ETH which is controled by the demand of buyers or the fear of sellers.

3) There is no reason that we could not see the price go back up to previous highs in a year from now even if it were to fall another 50% from now. As long as you don't trade on margin, you should be able to handle the wild swings. The point of being an "Elite Trader" is to have an edge that allows you to trade profitably.

People use the term Ponzi loosely, but the fact remains that just like almost every other crypto, Bitcoin operates on Ponzinomics. The only functional way to make money with Bitcoin where actually owning it is required is to sell it for a higher price than bought. The actual means of payment utility it tried & failed, is minimal nowadays.
At the end of the day, the BTC ecosystem needs to keep onboarding, and the only selling proposition they have that actually sticks, is "Number Go Up". Oh yeah, and "We were first"

 

[Cryptjitsu]

Bitcoin has over $20B of daily trading volume on worldwide exchanges, but he's too dumb to understand it, somehow

Correction:

WASH daily trading volume

 

[johnarb]

Correction:

WASH daily trading volume

There's fake volume for sure, but I think it's not a significant portion of the volume, unlike in 2017 when the Chinese and Korean exchanges were trying to attract new customers

Nowadays, the industry is dominated by a few players, Binance, FTX, etc

 

[Frederick Foresight]

Then don't be stupid and claim there is nothing you disagreed with. I never said the rest of the content is invalid, in fact I agree with most of the rest of the content. Read carefully what I write if you want to engage with me.

WTF are you talking about? I agree with all of Reich's content. All of it. I thought you were taking issue with the inheritance component since you brought it up. I simply said that was one element of the widening wealth gap. He presented a multi-pronged rationale.