this post was submitted on 17 Sep 2022
5 points (100.0% liked)
Technology
37720 readers
598 users here now
A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.
Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.
Subcommunities on Beehaw:
This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
i'm reminded of how when dan olson did his big video on crypto at the beginning of the year he found the community more or less encouraged basic financial fraud schemes like pump-and-dumps and how if you made an NFT project--heavily tied to cryptocurrency--artificially inflating the value was a prerequisite to show you cared about your investors. the whole ecosystem is really just a nesting doll of scams, lol.
This. Here's the video, and it's absolutely worth a watch. Easy to watch in batches (it's >2h long), I watched it over a week or so. Very well argued and evidenced.
While we're at it, we need to talk about "market caps" and crypto-asset valuation. Molly White wrote a fantastic deep-dive into it. Tl;dr is: cryptocurrency valuation is inflated to high haven by what can best be described as "creative accounting". Which is to say:
Bingo.