Cryptocurrencies - bullshit -- Leo claims

[rnd]

Whenever Leo mentions cryptocurrencies, he'll inject the worlds "bullshit" or "shit" in the same sentence at least 4 times.  Whether it reflects Leo's knowlegde about the topic or ignorance, it's an open question:

  * crypto is used, for instance, as a means to exchange cash for fiat, and vise versa, in order to bypass expensive, scrutinysome and slow international transfers
  * crypto is used in the countries under the sanctions that Leo's own country tends to impose "to support demoncrasy" to attempt to cause a revolt

  * crypto can be used to preserve one's money in the countries with high inflation rate
  * crypto isn't controlled by anyone
 

What will a freelancer from Iran, for instance, use to receive to a payment from an employers from a 1st world country? He could use a bank or a payment system, if he's able to open an account. But the most cheap and fast way, without any fuckingly stupid KYC will be crypto.

In 2020 I got paid in Ethereum, right before it began to grow. And it then grew 4-5x. 400-500% that is. I was lucky with the timing, yes. And I remembered this as I was listening to a Leo's video in which he called "bullshit any scheme which promises even 50% of growth."

 

Edited March 5 by rnd

[Average Investor]

1 hour ago, rnd said:

Whenever Leo mentions cryptocurrencies, he'll inject the worlds "bullshit" or "shit" in the same sentence at least 4 times.

There is a lot of bullshit in the crypto space, but even most of Leo's takes are pretty pro crypto. Mostly pro bitcoin though from what I have seen.  

[rnd]

Yes, there is. One should learn to separate shitcoins from bitcoin and decentralisation.

I personally haven't heard any pro-bitcoin statement from Leo, nor in a single of Leo's videos. Moreover, I remember a video in "insights" which was supposed to "reveal" something about bitcoin. But as I started to watch it, a sorry-ass guru in it would generalise a lot, and distort the facts.

Edited March 16 by rnd

[Leo Gura]

I own some Bitcoin. But there is so much crap in the crypto space. Most crypto is literally securities fraud.

I do believe Bitcoin has long-term potential. I have posted about crypto on my blog.

What I really hate about crypto is the get-rich-quick culture. It's really toxic and harms many naive people. There is a serious lack of integrity in this field.

When I say crypto bullshit I mostly mean everything except Bitcoin.

Quote

he called "bullshit any scheme which promises even 50% of growth."

I stand by my statement. You just got lucky. You could have just as easily lost all your money.

You are not going to get 50% ROI on any serious investment, and to expect that is a recipe for disaster. A lot of people were badly hurt in the crypto crash. I've had fans of my work contact me and tell me they lost their whole life savings and that it ruined them.

One of the things I regret is that I did not warn people enough about the dangers of crypto. I should have seen it coming. This was a classic case of mass delusion.

Edited March 16 by Leo Gura

[Juan]

5 hours ago, Leo Gura said:

What I really hate about crypto is the get-rich-quick culture. It's really toxic and harms many naive people. There is a serious lack of integrity in this field.

Same goes with NFTs, I just opened a thread but about artists on the forum. I’ve been in a couple of Live talks on Twitter and I get this vibe at times, LOTS of rambling without get anywhere practical, lots of speaking about “the future of this, the future of that, oh yeah the banks this!, it’s just getting started!” and yara yara.  

[Danioover9000]

@Leo Gura

8 hours ago, Leo Gura said:

I own some Bitcoin. But there is so much crap in the crypto space. Most crypto is literally securities fraud.

I do believe Bitcoin has long-term potential. I have posted about crypto on my blog.

What I really hate about crypto is the get-rich-quick culture. It's really toxic and harms many naive people. There is a serious lack of integrity in this field.

When I say crypto bullshit I mostly mean everything except Bitcoin.

I stand by my statement. You just got lucky. You could have just as easily lost all your money.

You are not going to get 50% ROI on any serious investment, and to expect that is a recipe for disaster. A lot of people were badly hurt in the crypto crash. I've had fans of my work contact me and tell me they lost their whole life savings and that it ruined them.

One of the things I regret is that I did not warn people enough about the dangers of crypto. I should have seen it coming. This was a classic case of mass delusion.

   So true. Bitcoin is promising in the future, but Cryptocurrency? Bury it in the crypt for it's concurrent con artistry.

[Leo Gura]

7 hours ago, Juan said:

Same goes with NFTs, I just opened a thread but about artists on the forum. I’ve been in a couple of Live talks on Twitter and I get this vibe at times, LOTS of rambling without get anywhere practical, lots of speaking about “the future of this, the future of that, oh yeah the banks this!, it’s just getting started!” and yara yara.  

Don't even get me started on NTFs. They are the epitome of pure bullshit.

If you are paying hard earned money for NFTs, you're a true sucker and you deserve to lose all your money. Shame on anyone who tries to sell their art as NFT.

Edited March 17 by Leo Gura

[Juan]

20 hours ago, Leo Gura said:

Don't even get me started on NTFs. They are the epitome of pure bullshit.

If you are paying hard earned money for NFTs, you're a true sucker and you deserve to lose all your money. Shame on anyone who tries to sell their art as NFT.

I’ll contemplate about it before keep doing it, I’m open to be wrong and know why. I sent you a PM but if you feel to answer here then is fine. 

[Leo Gura]

@Juan I posted a video on my blog about a year ago about the deep problem with NFTs.

Here it is again:

That's all I really have to say.

Edited March 18 by Leo Gura

[Juan]

1 hour ago, Leo Gura said:

@Juan I posted a video on my blog about a year ago about the deep problem with NFTs.

Here it is again:

That's all I really have to say.

Thanks, I’ll contemplate deep about it then to let it go. I guess being frustrated financially as a artist could lead you to this.

Also found this:

Will think about it.

[Leo Gura]

5 minutes ago, Juan said:

being frustrated financially as a artist could lead you to this.

I have sympathy for people who are struggling financially, but the solution to that is not to chase financial gimmicks, it is to develop a legitimate career or business. As an artist you want to build a stable business.

Edited March 18 by Leo Gura

[Arcangelo]

Same boat here

Bitcoin Yes

Shit coins No

 

[Arcangelo]

although I like etherum

[Danioover9000]

@Arcangelo

4 minutes ago, Arcangelo said:

Same boat here

Bitcoin Yes

Shit coins No

 

   That's a slogan right there. You have the makings of a movement already.

[Danioover9000]

@Arcangelo

4 minutes ago, Arcangelo said:

although I like etherum

   It's a decent block chain, very promising. Can't wait when capitalistic economy marries communistic economy.

[FourCrossedWands]

Can someone explain to me why Bitcoin is so much superior compared to other cryptocurrencies?

Was is created by aliens or someone from the future, so we are unable to create even better platforms than Bitcoin in the future, or simply copy it?

For example gold is the superior precious metal because it has very special properties and it cannot be created/replicated.

I see real value in gold, but not so much in Bitcoin.

[universe]

@FourCrossedWands It's the first and oldest cryptocurrency.

It was designed to be a storage for value.

The problem I see in many of the new ones is that they try to be everything.

They kinda have to, in order to stand out.

[Jowblob]

I used to be an investor and a professional trader in crypto, i've made a lot of money... And indeed cryptocurrency is bullshit

Even bitcoin is a form of  piramide scheme where people put in money to make it grow and then dump it on other people.

The stable fiat coins are being printed like real world money and are being sold to exchanges, then the exchanges sell this imaginary coin to other people. 

Most of the coins are based on speculation.

I have been in this field for many years, it's indeed big big bullshit

[nuwu]

I don’t have the energy to write a real reply but here is nonsense

Proof-of-Work is the “Dunning-Kruger” of decentralisation. (All ideas are)

Unregulated competition with exponential advantages leads to monopoly in a theoretical closed system. But regulation as how the system reflects on the outside to shape itself, everything should be considered self-regulating, including Bitcoin. How much of the outside is taken into account, and what makes layers of holons more inclusive than others, or how do you quantify forms in consciousness.

I think token-less protocols will be popular eventually. It maximises decentralisation in PoS and alleviates the unnecessary value-capturing competition between crypto and CBDCs, since former still depend on military equilibrium to be secured at a physical level. (e.g. PoW or PoS without consensus-bound resource, but dApp tokens are still used as stakes or mining rewards. Kindelia is a PoW chain without main token, but raises the question if tx fee alone is sufficient for security showing how ponzi investments are required for the one of Bitcoin.)

Edited March 22 by nuwu

[Danioover9000]

@nuwu

12 hours ago, nuwu said:

I don’t have the energy to write a real reply but here is nonsense

Proof-of-Work is the “Dunning-Kruger” of decentralisation. (All ideas are)

Unregulated competition with exponential advantages leads to monopoly in a theoretical closed system. But regulation as how the system reflects on the outside to shape itself, everything should be considered self-regulating, including Bitcoin. How much of the outside is taken into account, and what makes layers of holons more inclusive than others, or how do you quantify forms in consciousness.

I think token-less protocols will be popular eventually. It maximises decentralisation in PoS and alleviates the unnecessary value-capturing competition between crypto and CBDCs, since former still depend on military equilibrium to be secured at a physical level. (e.g. PoW or PoS without consensus-bound resource, but dApp tokens are still used as stakes or mining rewards. Kindelia is a PoW chain without main token, but raises the question if tx fee alone is sufficient for security showing how ponzi investments are required for the one of Bitcoin.)

   So, are you pro cryptocurrency?