COINBASE for Crypto has come

[Clinamenic]

did you see the graph overlaying all of the historical bubbles where ethereum completely dwarfs them all?

No, but I've been viewing this as a bubble for a while now. The graph could still shock me, though.

 

[vimothy]

this one

 

[vimothy]

mad

 

[Clinamenic]

Not that I doubt it, but I am curious as to how Bloomberg determines its normal value. I am somewhat skeptical that its that much higher than Bitcoin, as if BTC reaching $69K is a fifth as abnormal as ETH reaching, what, $4.4K, when Ethereum has functionality that Bitcoin doesn't. BTC is asymptotically inflationary though, and is arguably the most decentralized blockchain, which I suspect adds toward its valuation in this case.

 

[vimothy]

"the thing itself is immaterial as long as it can make a line go up" - key quote, re nfts

 

[vimothy]

Not that I doubt it, but I am curious as to how Bloomberg determines its normal value. I am somewhat skeptical that its that much higher than Bitcoin, as if BTC reaching $69K is a fifth as abnormal as ETH reaching, what, $4.4K.

its just normalised price moves

 

[Clinamenic]

its just normalised price moves

I don't think I understand. So that graph is like a volatility index or something?

 

[vimothy]

eth started from a much smaller level

 

[vimothy]

if a one dollar investment increases a hundred fold, it could still end up less in absolute terms than a one hundred dollar investment doubling

 

[vimothy]

which also gives you a picture of volatility

 

[Clinamenic]

Ah I see, CoinMarketCap says BTC's total ROI is 28456.44%

And ETH is 93059.1%.

And there is always a chance that Ethereum's first mover advantage, re: smart contracts, doesn't prove to really be the advantage over time, and that it gets marginalized by a more efficient blockchain.

 

[Clinamenic]

Speaking as someone who has a major investment in ETH, relative to my other investments. Probably around 45% of my portfolio.

 

[vimothy]

good times for you!

 

[IdleRich]

The video I shared was terrible though, let me be clear.

My point in sharing it was to illustrate that a) there are people slating crypto and, more importantly, that b) there is a large crowd of people willing to uncritically lap up such attacks and cheer them along, however empty they are.
It feels that we are in danger of a situation where reasoned and sober analysis of any kind is a needle buried in a huge haystack of emotive and thoughtless arguments between gormless tech-bros on the one hand and angry detractors on the other who have picked their sides like football fans and will defend them with equal irrationality.

 

[vimothy]

as long as line continues to go up anyway

 

[Clinamenic]

Yeah @IdleRich I share that prognosis. Crypto culture does have a problem, in terms of lacking in critical self-reflection.

 

[vimothy]

My point in sharing it was to illustrate that a) there are people slating crypto and, more importantly, that b) there is a large crowd of people willing to uncritically lap up such attacks and cheer them along, however empty they are.
It feels that we are in danger of a situation where reasoned and sober analysis of any kind is a needle buried in a huge haystack of emotive and thoughtless arguments between gormless tech-bros on the one hand and angry detractors on the other who have picked their sides like football fans and will defend them with equal irrationality.

what is the sober analysis then rich?

 

[Clinamenic]

what is the sober analysis then rich?

Well I think what we're doing here is a big step from the vast majority of dialogues about web3. Ultimately its still an insanely speculative space, but the things being speculated are insanely consequential.

 

[vimothy]

consequential how?

 

[Leo]

The video I shared was terrible though, let me be clear.

in addition to being annoying, he does go overboard but some of his points are valid.