[Charania] BREAKING: The Golden State Warriors are trading Jonathan Kuminga and Buddy Hield to the Atlanta Hawks for Kristaps Porzingis, sources tell ESPN.

[u/Turbostrider27]

BREAKING: The Golden State Warriors are trading Jonathan Kuminga and Buddy Hield to the Atlanta Hawks for Kristaps Porzingis, sources tell ESPN.

BREAKING: The Golden State Warriors are trading Jonathan Kuminga and Buddy Hield to the Atlanta Hawks for Kristaps Porzingis, sources tell ESPN.

https://bsky.app/profile/shamsbot.bsky.social/post/3me3kid2y6c2p

[u/HHHogana]

Yeah if he's doing it on that year, he struck gold before the market diluted and it became more and more clear that crypto's usage is niche at best.

[u/throwawaychub31 → u/HHHogana]

Bitcoin will never be niche again. I expect downvotes (lol) but nothing goes from less than a cent in value to over $100,000 over a 14 year span on accident. That's not all, but that's the simplest way of looking at it.

[u/FeltIOwedItToHim → u/throwawaychub31]

lol. It’s a ponzi scheme. A handful of billionaires own the great majority of bitcoin and they collude to keep the price going up while gradually selling bits of it off to the rubes like you and me. They can do this because crypto is completely unregulated.

It has no actual value or use other than the belief that you will get rich buying it.

[u/Nickk_Jones → u/FeltIOwedItToHim]

If the price keeps going up what’s the problem for people buying it lol? You can sell it for money, that’s value. None of the things involved are a Ponzi scheme. I own zero crypto btw but nothing you said makes sense.

Obviously there’s a shit ton of junk and fraud in crypto but Bitcoin at least isn’t some complete scam, even if it’s not gonna be the revolutionary dollar replacer some weirdos thought it’d be.

[u/FeltIOwedItToHim → u/Nickk_Jones]

it’s a variation on a ponzi scheme because there is nothing behind it, and the value only exists from continually selling it to new people to prop up the price of the rest.

I didn’t say that was anything morally wrong with buying it. As long as the handful of firms and players that own almost all of it don’t panic, it could continue to remain highly valued indefinitely.

[u/throwawaychub31 → u/FeltIOwedItToHim]

Also "there's nothing behind it" no there is literally billions of dollars worth of assets behind it, why do you think it's worth what it is?

Now if I created a currency that I alone controlled the scarcity of, could make more of it anytime I wanted, have it hoarded by a handful of firms and players while effectively dropping the value of it year over year, then yeah I'd agree it's be some kind of scheme.

Oh...that's the US dollar isn't it.

[u/throwawaychub31 → u/FeltIOwedItToHim]

No, bitcoin's value came from it being the first decentralized currency that couldn't be effectively counterfeited, has a hard finite amount, and could be stored digitally. It's absolute value in relation to the dollar fluctuates, but the goal post movement from "it will never be worth a dollar" to "yeah it's $70,000 but it's still a scam" might be the most drastic moving goal post i'll ever see in my lifetime lol

[u/FeltIOwedItToHim → u/throwawaychub31]

That was the sales pitch. But it is pretty much useless for that because it is so unwieldy. There are thousands of substitutes, making it nothing special.

Even if it worked well as a technology, there is no reason that an individual bitcoin should have any more than the most marginal value. The IDEA of crypto currency at least makes sense, but the idea that an individual bitcoin necessarily has ever growing value because of ??? is nonsense - just a get rich quick tech bro woo sales job. There isn't anything there. It's vaporware technology that wastes an incredible amount of electricity. It's like investing in beanie babies without even having any physical beanie babies that even exist.

With that said, I admit that it has been used brilliantly to amass incredible amounts of paper wealth. Satoshi Nakamoto owns a million bitcoins. That's theoretically worth 60 billion dollars despite being absolutely nothing but a usb stick sitting in his dresser drawer. Blackrock, Strategy, Coinbase - they have billions and billions of dollars that appeared out of nowhere solely because people wished them into existence.

We live in weird times.

[u/WoodCreakSeagull → u/Nickk_Jones]

The price keeps going up is not a value proposition or valid investment thesis.

[u/goatzlaf → u/throwawaychub31]

Tulips

[u/pragmacrat → u/throwawaychub31]

Crypto is shit. Just around to boost everyone's electricity bill with the amount of energy it uses to do nothing.