Crypto is a sucker's game.

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.

Did it employ a lot of JC residents?

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

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.

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.

Payroll tax was too much smh

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Your wife’s what?

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

Did you at least have a quiet thanksgiving?

It’s a Fintwit/WSB joke

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

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

I think he's insinuating you need to check by the dumpster behind Wendy's.

💯

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.

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

Gonna be a lot of Teslas on the used car market 🤭

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

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.

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

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

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.

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.

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! https://www.amazon.com/Billionaires-Folly-Untold-Ethereum-Unicorn/dp/1958848158/ref=mp_s_a_1_1?keywords=billionaires+folly&qid=1669671579&sr=8-1

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

>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.

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

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

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.

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.

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

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

I like short grain, especially the ube mochi

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.

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.

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Living above short grain was the only good part of living above short grain

One step up from a Nigerian prince.

sounds like you are thrilled. bad karma.

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.

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.