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this post was submitted on 21 Oct 2024
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I am old enough to remember when the CEO of Nortel Networks got crucified by Wall Street for saying in a press conference that the telecom/internet/carrier boom was a bubble, and the fundamentals weren't there (who is going to pay for long distance anymore when calls are free over the internet? where are the carriers-- Nortel's customers-- going to get their income from?). And 4 years later Nortel ceased to exist. Cisco crashed too, though had enough TCP/IP router biz and enterprise sales to keep them alive even until today.
This all reminds me of the late 1990s internet bubble rather than the more recent crypto bubble. We'll all still be using ML models for all kinds of things more or less forever from now on, but it won't be this idiotic hype cycle and overvaluation anymore after the crash.
Shit, crypto isn't going anywhere either, it's a permanent fixture now, Wall Street bought into it and you can buy crypto ETFs from your stockbroker. We just don't have to listen to hype about it anymore.
Crypto is still just as awful as it ever was IMO. Still plenty of assholes ~~gambling~~ investing in crypto.
Well put.
Soon, it won't be this idiotic hype cycle, but it'll be some other idiotic hype cycle. Short term investors love hype cycles.
True, it’s now in most circles just been mixed in as a commodity to trade on. Though I wish everyone would get that. There’s still plenty of idiots with .eth usernames who think there’s some new boon to be made. The only “apps” built on crypto networks were and are purely for trading crypto, I’ve never seen any real tangible benefit to society come out of it. It’s still used plenty for money laundering, but regulators are (slowly) catching up. And it’s still by far the easiest way to demonstrate what happens to unregulated markets.
https://www.web3isgoinggreat.com/
Crypto has been turned into gold by wallstreet, they bought up enough of it to jot be completely exposed, it's supply is extremely limited and will run out. Putting your money into it is no different than putting it into gold, you might catch a good moment and buy in low and get some return, but most wont.
Sorry kiddo, putting your money into crypto is very, very different to putting it into gold.
Once the apocalypse comes, you can at least use a gold brick to brain the zombies, whereas your crypto will vanish along with the Internet and electrical grid.
Well yeah, it's easier to steal it if you click on a link you shouldnt.
The supply is absolutely more like unlimited lol.
Not enough btc? Make lite coin! Etc etc etc
No one cares about lite coin though which defeats the purpose.
Etherium bla bla bla there are tons of them thousands. There us no shortage lol.
Silver, bronze etc, are you being dense on purpose? Though your seeming affinity for crypto implies you are simply dense.
Lol touch grass cryptobro.
I think you are the cryptobro, how the fuck is likening crypto to a known stupid investment like gold make me a crypto bro you absolute muffin.
That's like saying US Dollars are Unlimited because you can always buy Zimbabwe Dollars...
Good metaphor.