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kittyglitther t1_iy444ty wrote

My cousin's husband was always going on about how rich he was going to get from crypto. This year's thanksgiving was very quiet.


[deleted] t1_iy4f7w4 wrote



dont_shoot_jr t1_iy5wp19 wrote

This was the subject of a few “am I the asshole” posts


kittyglitther t1_iy5z5lt wrote

Between crypto, Elon's meltdown, the right wing turning their backs on Trump, and the "red wave" turning out to be a big nothing, I feel like many people had quiet thanksgivings this year.


kushNation141 t1_iy43hb1 wrote

Crypto is a sucker's game.


pixel_of_moral_decay t1_iy465hp wrote

It’s just MLM digitized.

It’s not a suckers game. It’s a game for people who think they are better at exploiting others than others are at exploiting them.


Jahooodie t1_iy4qgm4 wrote

Wait wait wait.... Crypto bros AREN'T the pinnacle of human intellect they claim to be?!?


pixel_of_moral_decay t1_iy4wjue wrote

All of a sudden so many people are now claiming they didn’t personally invest in it. They just were interested in the technology.

Morons. All of em.

Blockchain is a legit technology. I can definitely see it having long term applications in some transactions. But investing in it is about as solid as investing in Reddit karma. The difference between those is something too many geniuses can’t figure out.


new_account_5009 t1_iy5pcar wrote

>Blockchain is a legit technology.

I think you're giving the crypto people too much benefit of the doubt. All blockchain offers is a secure public append-only database. There are precisely zero use cases that aren't better handled with traditional database implementations.


pixel_of_moral_decay t1_iy5vz6p wrote

There’s lots of applications, mainly that it’s auditable.

And “transaction” doesn’t have to be financial. That can be any interaction of people or systems. Even software licensing.


Jahooodie t1_iy9c3m7 wrote

One case example I've heard of: Drug APIs or consumer goods input on chain of custody, so in dealing with opaque countries like China there is a publicly acknowledge dispersed ledger resistant to tampering.


pixel_of_moral_decay t1_iy9zbmm wrote

Yup. There’s a ton of applications for what’s essentially a database with authentication and tamper evidence built in.

Investing in database records with funny names however isn’t one of them.


Allentw t1_iy4moy1 wrote

I’m surprised they are still around. Thought they ran into some problem last year with the regulators.

Edit: looks like they were in trouble and got a bail out from ftx but ftx can’t even save their own ass


driftingwood2018 OP t1_iy4zc49 wrote

Yea they got in trouble with marketing interest rates on some of their products, got a slap on the wrist, then financial trouble, FTX started bailing out and buying up troubled crypto firms until they were exposed as a huge fraud themselves


Allentw t1_iy5u5lh wrote

Turns out you can’t print money (FTT) out of thin air 🤣


dont_shoot_jr t1_iy5wn0j wrote

They weren’t printing it…they were posting it online…blockchain


Basilone1917 t1_iy4m36m wrote

I bet one of the employees tried to pay for a sandwich in Short Grain with an FTX token


discipleofsteel t1_iy49fma wrote

I have an account with some coin locked up. I do believe in the value of cryptocurrency, but as a means to transact in hyperinflationary environments and in oppressive regimes. Not as a get rich scheme.


pixel_of_moral_decay t1_iy54sii wrote

I mean it’s math. And the methodology to verify a transaction is pretty sound.

But at the end of the day: it’s just a record. Creating records regardless of how much carbon you spend doing it… has no value.

But as a technology, it has use cases and I think you’ll see more and more of them materialize over time.


discipleofsteel t1_iy577dz wrote

I mean all banking is "just a record". It's the pseudo-decentralization which is novel.


pixel_of_moral_decay t1_iy5cat1 wrote

Banking is a record of economic contribution.

Bitcoin is a record. Nothing more.

Anyone can create a database and assign themselves a million dollars. That’s a record.

That difference isn’t nuanced. It’s everything.


discipleofsteel t1_iy5dil6 wrote

Thats literally how fractional reserve banking works...

I mean yeah, not "everyone" can do it. But they're still just assigning themselves value. It's all faith and credit. Again I argue the only difference is the centralization.


pixel_of_moral_decay t1_iy5wmmd wrote

If your argument had even a shred of validity Bitcoin wouldn’t have tanked. Not to mention you wouldn’t need to get other people to invest to keep your money afloat.


discipleofsteel t1_iy5ziu4 wrote

Bitcoin didn't tank. It experienced a speculative bubble and the bubble popped. How much is Bitcoin worth? It isn't. It has value in it's utility as a medium exchange in the scenarios I mentioned above. Beanie Babies were a fun toy, then a speculative bubble worth a fortune, and then a fun toy again. You'd have to be a gambler or an idiot to risk money you can't afford to lose speculating on the value of anything.

Regardless, the current price of Bitcoin in USD, is entirely irrelevant to any of my arguments.

Of course it's "kept afloat by it's investors". Literally everything is. The USD is backed by faith that the US pays it's debts. Anyone who buys that debt is an investor. If foreign nations stopped buying US debt the US economy would collapse.


faktastic t1_iy5dm6c wrote

I’ve heard a guy talking loudly on his cell phone around there on making crypto trades and mentioning large numbers. Something like “could we really…?” Probably the desperate CFO, heh.

Separately if you want to read an account of working through the crypto bubble from another JC resident, check out my book on another crypto shitshow company!


spypol t1_iy44p85 wrote

Did it employ a lot of JC residents?


driftingwood2018 OP t1_iy451n5 wrote

Uncertain. From what I know, they were headquartered in JC for some tax friendly/registration purposes (Silverman building &Co) but most of their employees sat in offices in NYC. They filed for Chapter 11 which is a restructuring so not out of business


red__what t1_iy58st5 wrote

CrossTower is also located in JC...and surprise surprise.. in the Bahamas


hipsteradonis t1_iy4cj61 wrote

Payroll tax was too much smh


hipsteradonis t1_iy4zxvi wrote

Anyone downvoting this thinking I was serious is an idiot btw.


AryehCW t1_iy5oqbd wrote

If you invested in a crypto company headquartered in Jersey City, you deserve to lose you money.


Brudesandwich t1_iy5tk57 wrote

And why would that matter? There are a bunch of companies headquartered in JC doing fine.


AryehCW t1_iy82btk wrote

One step up from a Nigerian prince.