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PaperclipPerfector  1yr ago (text post)   3985 thread views

Small-Scale Question Sunday for August 27, 2023

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

Culture war topics are accepted, and proposals for a better intro post are appreciated.

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What really set bitcoin apart, as an insane wealth generator, was that many thousands of people with no capital whatsoever and through no particular effort of their own found themselves essentially holding stacks of practically-free "founder stock" in a "company" that suddenly became incredibly valuable. Almost everyone of significant wealth in the world has that wealth either because they (or their ancestors) put years of effort and capital into building something they owned into something other people wanted to buy, or because they had a large amount of capital they were able to invest into a low-cost enterprise that the effort of others transformed into a high-priced enterprise. Crypto was nothing like that; crypto essentially invented a new currency and early adopters became enriched by rampant speculation. This has not changed; the vast majority of crypto transactions are still purely speculative. The originally-intended benefits of cryptocurrency (anonymity, fiscal anarchy) have almost entirely failed to manifest, and that is probably at least in part because of the rampant speculation that drives the crypto market.

Ugh yeah this was the worst part. I correctly predicted it wouldn't pan out anytime soon, but.... that wasn't the right move.

Sadly I actually owned bitcoin, enough to make me a millionaire, back in the 2011 days. I spent it on a few ounces of pot.

It still hurts me when I think about it... :'(

If it makes you feel better always remember that someone gave 25 Bitcoin each as consolation prizes to the people who finished 5th through 8th.

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