AI bubble burst

[Diogenes]

https://twitter.com/x/status/2084108995980108154

View: https://x.com/elonmusk/status/2084108995980108154?s=20

 

[Jerry Mathers]

https://twitter.com/x/status/2084108995980108154

View: https://x.com/elonmusk/status/2084108995980108154?s=20

yes, a true massive spasmodic episode of big tech dum dum sauce.

 

[Diogenes]

yes, a true massive spasmodic episode of big tech dum dum sauce.

Think so, Jerry?

 

[Into the Night]

I understand your sentiments on fiat currency, but cryptocurrency is a fiat currency,

Blockchain based currency is not a fiat currency.

and thus, it cannot somehow be better than a fiat currency, i.e. it is one.

Wrong. It's value cannot be set by any government action.

All cryptocurrencies hold the value that the participants deem.

Hence, NOT a cryptocurrency. It's value is set by the market, not by a government.

They all dishonestly use the term "coin" to invoke feelings of tangible worth in the gullible, but any bowl of cryptocurrency "coins" will be an empty bowl. The "coins" are correctly called "tokens" and they are bits in a database without any intrinsic value whatsoever.

They value is determined by the market. The only 'database' is the blockchain. The blockchain does not just disappear.

Cryptocurrency is exactly like Communism, i.e.

Wrong. The government cannot set it's value.

1. Cryptocurrencies are indistinguishable from Utopia in the marketing.

Wrong. Their value is set by the market.

2. There are always gullible people who fall for it.

Fall for what? Their value is set by the market.

3. They always fail (except Bitcoin is making a good showing of it). 2 Million new tokens are introduced every month, and they all fail. Some fail very quickly and some take a little longer.

Why would it fail? Tokens (or 'Coins') produced have only a limited capacity to be produced. They cannot be printed at will by a government.

4. Every new cryptocurrency begins initially under the assumption that all the other failures were simply not implemented correctly, but this one is going to moon; just you watch!

Synthesis. Compositional error fallacy.

5. When ultimately collapsing, the participants are bewildered, and disillusioned in their leadership. They lose everything but don't learn any lesson.

Conclusion based on compositional error fallacy.

... but an offshore scam with only one intention, i.e. bilk as many people as they can out of as much money as they can, out of reach of US jurisdiction ... certainly is a scam.

A blockchain is not 'onshore' or 'offshore'. It is simply a blockchain.

A dollar bill is based on a single simple piece of cloth. At least that much is tangible.

Nope. It's just bits in a database, but it is NOT a blockchain based currency.

I have to ask: Did you get suckered into tossing money into a cryptocurrency?

I don't invest in it myself, but I know how it works and why it is NOT a fiat currency.

That's how fraudsters sell quantum computing.

Non-sequitur fallacy. Blockchain currency has no relationship to so-called 'quantum computers'.

... unless it is placed on an exchange where there becomes exactly the kind of empowered intermediary that can not only "fiddle with it" but can totally manipulate every single transaction. This is precisely where all the fraud occurs. Ask @gfm7175 about "shark's teeth".

Blockchain currency requires no exchange.
You can't fiddle with the blockchain. It simply exists and is shared by users of the currency.

Very true. The cryptocurrency carries the full faith and credit of those controlling the transactions, i.e. the exchange.

There is no exchange.

You thought I was going to say "the participants", didn't you? Come into my parlor, said the spider to the fly. It's amazing how may gullible flies there are who believe the spider who says "In my web, you get to decide what's for dinner."

There is no 'parlor'. Cliche fallacy.

The exchange runs it and manipulates the shit out it. They all fail, some faster than you can say "rug pull." Bitcoin does not have an exchange and does not suffer from this vulnerability.

There is no exchange.

Nope. The world at large determines the value of the dollar.

Nope. The Federal Reserve does, by printing them at will without limit. This is controlled by Congress. who benefits from this rubber check.

The US government borrows to fuel overspending. This is very bad. Nonetheless, nothing that the government has done to date compares to the fraudulent activity that destroys 2 Million crypto tokens per month. There is no faith in cryptocurrency.

There are three ways the federal government raises money:
1. It can tax it.
2. It can borrow it.
3. It can print it.

Overtaxation causes a tax revolt and a tax crash.
Borrowing too much causes a loss of confidence in the bonds and a debt crash.
Printing it (often used to 'pay the debt' is just more funny money running around. Printing too much causes loss of faith in the currency and you get a currency crash (hyperinflation).

Blockchain cannot be printed at will. There only a limited number of 'coins' in the blockchain. After that, no more 'coins' can be created. Thus, blockchain currency is naturally deflationary. It tends to increase in value, not decrease, assuming the same number of users or more users.

There is faith in cryptocurrency, as evidenced by the number of people either using it or investigating it.

Nope. You have to remember that we tried that, and the very predictable result occurred, i.e. the value of the currency shot up and down more than a roller coaster. This is extremely bad for a currency. When the people have no idea what their currency will be worth tomorrow, or even in a couple of hours, you have to ditch the currency or get rid of whatever is causing it to be more erratic than a released balloon.

This is because people were using Bitcoin as an investment, so it tended to shoot up and down as people cashed in and out of it for their local currency.

Please note that fiat currencies are the only ones that work.

They don't, as evidenced by the hyperinflations that occurred in Germany, Mexico, Brazil, Japan, etc. The United States will experience one too.

Please note that tying a currency to intrinsic value has been tried many, many times ... and undone soon thereafter.

Gold and silver as currency has been used for thousands of years. You cannot undo that.

Gold and silver are only good as a hedge.

Nope. They have been used as currency for thousands of years.

In that regard, gold and silver are excellent, but definitely not for linking to a currency; that will rapidly kill the currency.

It has never killed a currency.

... because blockchain tokens don't actually exist, whereas gold and silver do.

Blockchains do exist. They ARE the tokens.

... i.e. the Consumer Price Index. How quaint.


It's not the blockchain at which you should be looking; it's the multiple tokens that share the same blockchain.

The blockchain ARE the tokens.

Do you see the problem here?

Obviously, you don't, since you don't understand how blockchain currency works and why it is not a fiat currency. It does have its problems, however, which I will mention later in this post.

How about when they share liquidity?

No such thing.

How about when there are suddenly multiple liquidity accounts, with unnumbered transactions occurring between those accounts?

No such thing.

If you're saying that it might be one big word game, I can see that. Sure.

No word game going here...just a lack of understanding what blockchain currency really is.

If it's a cryptocurrency, it's fiat.

Blockchain currency is NOT fiat currency.

If the government were running the blockchain, there wouldn't be any "sharing" of the blockchain with other currencies. I wouldn't trust the management, but at least it wouldn't be run out of the Bahamas.

There is no management.
It doesn't run 'out of' anywhere. There is no management organization of blockchain currency at all.

The government can control anything it creates.

IF the government were to create a blockchain algorithm, that algorithm exists, and the blockchain so created exists. The government cannot just make it disappear. The government cannot control it.

Now, the actual problems with blockchain currency:

First and foremost, blockchain currencies require use of the internet to conduct a transaction. Fiat paper or coin currency and gold and silver do not.

Blockchain currency requires technological knowledge to use that most people don't have (QED, evidenced by the confusion by you and others on blockchain currency).

Blockchain currency requires a 'wallet' to store the tokens created by the blockchain that you control. This 'wallet' itself is protected by cryptography and a password. People forget passwords. There is no one to get it from. A wallet lost in this way means the tokens are gone. They do not return to the blockchain. You simply cannot access them anymore, and no one can. A similar thing can happen if the wallet, which is a file, is lost.

Blockchain currency will not succeed as a generally accepted currency due to these limitations on it. The closest right now is BitCoin, which is accepted as a currency at a few businesses (particularly in Japan and various locations in the United States, such as Las Vegas).

 

[Into the Night]

crypto was a scam against you stupid libertarians to stop your from buying real assets with your extra sums.

you're stupid cretins.

A currency is not a value. It is a store of value. It is also a unit of account.
Any currency, whether it is fiat, gold, silver, BitCoin, etc. is nothing more than a medium of barter.

The items barters are the real value. It is what people want and need.

 

[Into the Night]

you bought dumb bullshit based on lies.

any digital file can be faked.

A blockchain cannot be faked. It is an algorithm. Anything other than that algorithm is not that blockchain.

any blockchain checker can be compromised and unreliable.

There is no 'blockchain checker'.

sound money is backed by something of actual value.

ALL currency is not value. It is a store of value and a unit of account...nothing more.

I believe that you do not comprehend actual value, actually.

Inversion fallacy.

 

[Jerry Mathers]

A blockchain cannot be faked. It is an algorithm. Anything other than that algorithm is not that blockchain.

There is no 'blockchain checker'.

ALL currency is not value. It is a store of value and a unit of account...nothing more.

Inversion fallacy.

any digital anything can be faked.

 

[Jerry Mathers]

A blockchain cannot be faked. It is an algorithm. Anything other than that algorithm is not that blockchain.

There is no 'blockchain checker'.

ALL currency is not value. It is a store of value and a unit of account...nothing more.

Inversion fallacy.

sound money is redeemable for a specified amount of real value asset.

resources being wasted to create a bitcoin is not value.

 

[zymurgy]

JFC. the retards took over the thread


they don't know shit about block chain technology and it shows

 

[Into the Night]

any digital anything can be faked.

Wrong.
A blockchain cannot be faked.
The OS that I have built cannot be faked.
A cryptographic algorithm cannot be faked.

 

[Into the Night]

sound money is redeemable for a specified amount of real value asset.

Then fiat money qualifies. You can buy real things with it, including land, houses, gold, silver, railroad cars full of wheat, computers to discover BitCoins, etc.

resources being wasted to create a bitcoin is not value.

Currency is not value, NoName. It is a store of value and a unit of account.
Learn the difference.

 

[zymurgy]

stable coin is a block chain crypo currency and is every bit the sham that fiat dollars are

posers - especially fallacy boy - king of the retards

 

[Jerry Mathers]

Then fiat money qualifies.

no. fiat money is not redeemable for anything else.

Currency is not value, NoName. It is a store of value and a unit of account.
Learn the difference.

better currencies are backed by value in and of themselves. those are sound currencies.

you don't understand why the fuck you are talking about.

 

[Jerry Mathers]

stable coin is a block chain crypo currency and is every bit the sham that fiat dollars are

posers - especially fallacy boy - king of the retards

bitcoin too.

 

[zymurgy]

if a retard tells you bitcoin is a scam - they are telling you that capitalism itself is a scam

they are saying - no - we do not agree with voluntary exchange and how both parties walked away happy

they are fucking dumb.

 

[Into the Night]

stable coin is a block chain crypo currency and is every bit the sham that fiat dollars are

What is the sham?

 

[Into the Night]

no. fiat money is not redeemable for anything else.

Yes it is. You can buy cars, houses, boats, computers, food, water, and many other things with it.

better currencies are backed by value in and of themselves. those are sound currencies.

Such as?

you don't understand why the fuck you are talking about.

Inversion fallacy.

 

[zymurgy]

What is the sham?
sit this one out poser. you proved you have no fucking clue

or - google what stable coin is - and come back and defend it. you stupid fucking imbecile

 

[Into the Night]

bitcoin too.

What is the sham?

 

[Into the Night]

if a retard tells you bitcoin is a scam - they are telling you that capitalism itself is a scam

Non-sequitur fallacy.
A currency is not capitalism or socialism. It is simply a currency and nothing more.

they are saying - no - we do not agree with voluntary exchange and how both parties walked away happy

they are fucking dumb.

Random phrases ignored.