For some reason, when I think of Fartcoin, the image that comes to mind are pieces of a Potemkin Village, stolen by some Soviet bureaucrat and set up in his own backyard for his amusement and to troll his neighbors. Someone was "successful" enough within the Ponzi scheme system to find some of the waste and put it to work for him/herself. Even if ultimately they're left with nothing, they still got a laugh out of it, I guess.
It’s fitting that you selected former Cincinnati mayor Jerry Springer to illustrate your post, as he played a significant role in normalizing the Fartcoin-like environment we live in today. There’s a touch of ironic satire in the fact that Springer chose to wear a fancy tuxedo on his low-brow circus. Forsooth! Cincinnatus rolls in his grave.
Have you looked into Tether, the amount of UST they hold and how they can drive bitcoin's price? Additionally, have you started feel that Bitcoin could be the tool they use to reset the ponzi fiat mess we are in?
QTR is the most honest serious person I've encountered on the internet, so I take him at his word when he describes himself as unserious. Does it leave me confused? No more than QTR is confused when he scratches his head why the recession and bear market hasn't occurred in the past two years. As for fartcoin, holders won't be smiling when it blows up in their face.
Sir, I see that You are not alone... and not alone in being so bewildered from such a situation.
My own feelings... I know that I/we am/are right, sadly the world doesn't agree with me/us...
Patience... my only hope is that we can be right and rightly so before being decrepits.
:)
I am a small coin collector, and I had a nasty echange of words with my own brother just yesterday, he advocating rolex watches and collector cars while I am more for standardized items, uk sterlings and silver coins...
I was angry because effectly he seems to be right while I am sure/convinced I am right...
Reading Charles Mackay's "Extraordinary Popular Delusions and the Madness of Crowds" reveals the world has seen before, the place we are at right now.
A good example is the "Tulip Mania" that swept thru Holland and others close by, in the late 17th century. People were investing a year's worth of labor into a single tulip bulb. That sounds crazy but how different is it from investing in many of the crypto currencies today?
The only thing I can say is "stupid doesn't last forever". Eventually common sense will return, unfortunately, by that time most will have lost everything they ever had.
This Fartcoin insanity and the whole pump.fun market are living proof that there’s a large market of people wanting, dare I say begging, to give their money away. The reaction to rug pulls has been hilarious, as the victims (or as i prefer to think of them, the customers) are always shocked, upset, flabbergasted by the event. Never mind that there is literally no other end game for a token/coin/memento, that goes up in value on zero substantiation. Ironically, this reminds me of how my mom invests in stocks. She has no idea what the companies do but watches the stocks’ directional movement and jumps in and out. So far, in her 20+ yrs of equity investing she has done really well (and i mean “really well”). I on the other hand, who actually care about the little things, underlying value, what a company does, what it’s earnings look like, have not been able to do better than plop my money into index funds and earn average returns. I’ve scared her away from crypto but i can’t help to think that she’d likely be good at making money there too, since you really don’t have to know anything about the whys and wherefores 🤣. What this all tells me, and has been telling me since the early ICO craze, is that there’s a market for the lottery players, the believers, that their number is coming. These folks are willing to hand over their hard earned cash. The gov’t once tried to protect them from themselves with accredited investor rules, but rules be damned to this group, they are willing to lose it all for a chance at the golden ticket.
As for Bitcoin, i now believe we’re into a different dynamic here now that it’s rapidly getting institutionalized and countries are considering it as a hedge against their more volatile (if that’s even possible) currencies. A major fall there would have much more serious consequences, and with Trump’s desire to jump in, will likely be heavily buoyed to prevent any complete “shit the pants” collapse. I suspect there will be a “too big to fail” blanket wrapped around it to protect the likes of Blackrock and fellow FIs from suffering in any sort of market hiccup.
I do believe however that we are now in the “Emperor has no clothes” phase of exposing all financial markets, whether equities, bonds, commodities, art, collectibles, etc. Everyone thinks they “get” value, but as we’re seeing, no one really gets it all, or at least no better than a bunch of kids speculating through a game of Monopoly 🤣. There will be blood, much like there was blood in 2008 with leveraged mortgages, and in previous stock market crashes. But such are the cycles. I’ve seen crypto die at least 10+ times since the 2010s and it simply keeps defying gravity. As the kids in crypto & NFTs like to say WAGMI or as I prefer to say TAGMI (*They’re* All Gonna Make It), cause i’m way on the sidelines of this circus 😂
For many, the financial markets and products are just a casino. Bets are placed, losses or wins follow. For this with a get rich quick mentality, it takes getting fleeced a few times to maybe reconsider how money is invested. Re, QTR, you are my favorite pessimist.
I think there's one dimension along which Fartcoin makes a certain sense.
It's entertainment. Like Atlantic City or Las Vegas. Or an expensive Netflix habit.
It gives people something to talk about, socialize around, have "fun" with. People feel a certain participation in a public spectacle. The "valuation" becomes equivalent to an industry size metric. Like saying the streaming online movie business is an $X billion dollar industry. Or people spend $Y million each year on Starbucks grande skim lattes -- are they good for you? nutrious? NO. But they're fun for some people and they can bond around them, if briefly.
I think this stuff is just that -- it's a form of fun and spectacle. I wish I'd bought it! LOL. I could use some fun getting 4% in cash. Maybe one day . . .
Would be cool if you could explain the differences between MMT and Austrian economics for those of us who think you’re full of shit and demonstrate no real grasp of the concepts behind those buzzwords you seem to focus on so narrowly.
A Tour de Force of Critical Thinking and Common Sense.
…It’ll never catch on….🙈
MMT, Worthless “Investments”, Hidden Frauds and Wealth Distortions are the Bread & Circuses captivating the masses.
BUT!!… You can hold your head high and say with pride. “ Fuck it. At least I tried…”
Big Respect
Brian
For some reason, when I think of Fartcoin, the image that comes to mind are pieces of a Potemkin Village, stolen by some Soviet bureaucrat and set up in his own backyard for his amusement and to troll his neighbors. Someone was "successful" enough within the Ponzi scheme system to find some of the waste and put it to work for him/herself. Even if ultimately they're left with nothing, they still got a laugh out of it, I guess.
I have this paper napkin in front of me called Napcoin. It's worth 50k. There is a 100k demand for it.
It's for sale @45k. Purchase must be in gold only.
Fartcoin--Dollars. Which of these is based on absolutely nothing? That's right, both of them.
It’s fitting that you selected former Cincinnati mayor Jerry Springer to illustrate your post, as he played a significant role in normalizing the Fartcoin-like environment we live in today. There’s a touch of ironic satire in the fact that Springer chose to wear a fancy tuxedo on his low-brow circus. Forsooth! Cincinnatus rolls in his grave.
Chris,
Have you looked into Tether, the amount of UST they hold and how they can drive bitcoin's price? Additionally, have you started feel that Bitcoin could be the tool they use to reset the ponzi fiat mess we are in?
So you’re not starting a Quoth the Rav-coin?
QTR is the most honest serious person I've encountered on the internet, so I take him at his word when he describes himself as unserious. Does it leave me confused? No more than QTR is confused when he scratches his head why the recession and bear market hasn't occurred in the past two years. As for fartcoin, holders won't be smiling when it blows up in their face.
Sir, I see that You are not alone... and not alone in being so bewildered from such a situation.
My own feelings... I know that I/we am/are right, sadly the world doesn't agree with me/us...
Patience... my only hope is that we can be right and rightly so before being decrepits.
:)
I am a small coin collector, and I had a nasty echange of words with my own brother just yesterday, he advocating rolex watches and collector cars while I am more for standardized items, uk sterlings and silver coins...
I was angry because effectly he seems to be right while I am sure/convinced I am right...
F.. the world.
:)
Well I consider you to be a serious person. Or rather, I consider you and your ideas seriously.
A serious person, as opposed to, say, Roman, Sioban, Kendall (let's not forget Connor) Roy, none of whom are serious, per Logan at least.
History always repeats itself.
Reading Charles Mackay's "Extraordinary Popular Delusions and the Madness of Crowds" reveals the world has seen before, the place we are at right now.
A good example is the "Tulip Mania" that swept thru Holland and others close by, in the late 17th century. People were investing a year's worth of labor into a single tulip bulb. That sounds crazy but how different is it from investing in many of the crypto currencies today?
The only thing I can say is "stupid doesn't last forever". Eventually common sense will return, unfortunately, by that time most will have lost everything they ever had.
This Fartcoin insanity and the whole pump.fun market are living proof that there’s a large market of people wanting, dare I say begging, to give their money away. The reaction to rug pulls has been hilarious, as the victims (or as i prefer to think of them, the customers) are always shocked, upset, flabbergasted by the event. Never mind that there is literally no other end game for a token/coin/memento, that goes up in value on zero substantiation. Ironically, this reminds me of how my mom invests in stocks. She has no idea what the companies do but watches the stocks’ directional movement and jumps in and out. So far, in her 20+ yrs of equity investing she has done really well (and i mean “really well”). I on the other hand, who actually care about the little things, underlying value, what a company does, what it’s earnings look like, have not been able to do better than plop my money into index funds and earn average returns. I’ve scared her away from crypto but i can’t help to think that she’d likely be good at making money there too, since you really don’t have to know anything about the whys and wherefores 🤣. What this all tells me, and has been telling me since the early ICO craze, is that there’s a market for the lottery players, the believers, that their number is coming. These folks are willing to hand over their hard earned cash. The gov’t once tried to protect them from themselves with accredited investor rules, but rules be damned to this group, they are willing to lose it all for a chance at the golden ticket.
As for Bitcoin, i now believe we’re into a different dynamic here now that it’s rapidly getting institutionalized and countries are considering it as a hedge against their more volatile (if that’s even possible) currencies. A major fall there would have much more serious consequences, and with Trump’s desire to jump in, will likely be heavily buoyed to prevent any complete “shit the pants” collapse. I suspect there will be a “too big to fail” blanket wrapped around it to protect the likes of Blackrock and fellow FIs from suffering in any sort of market hiccup.
I do believe however that we are now in the “Emperor has no clothes” phase of exposing all financial markets, whether equities, bonds, commodities, art, collectibles, etc. Everyone thinks they “get” value, but as we’re seeing, no one really gets it all, or at least no better than a bunch of kids speculating through a game of Monopoly 🤣. There will be blood, much like there was blood in 2008 with leveraged mortgages, and in previous stock market crashes. But such are the cycles. I’ve seen crypto die at least 10+ times since the 2010s and it simply keeps defying gravity. As the kids in crypto & NFTs like to say WAGMI or as I prefer to say TAGMI (*They’re* All Gonna Make It), cause i’m way on the sidelines of this circus 😂
For many, the financial markets and products are just a casino. Bets are placed, losses or wins follow. For this with a get rich quick mentality, it takes getting fleeced a few times to maybe reconsider how money is invested. Re, QTR, you are my favorite pessimist.
I think there's one dimension along which Fartcoin makes a certain sense.
It's entertainment. Like Atlantic City or Las Vegas. Or an expensive Netflix habit.
It gives people something to talk about, socialize around, have "fun" with. People feel a certain participation in a public spectacle. The "valuation" becomes equivalent to an industry size metric. Like saying the streaming online movie business is an $X billion dollar industry. Or people spend $Y million each year on Starbucks grande skim lattes -- are they good for you? nutrious? NO. But they're fun for some people and they can bond around them, if briefly.
I think this stuff is just that -- it's a form of fun and spectacle. I wish I'd bought it! LOL. I could use some fun getting 4% in cash. Maybe one day . . .
Everything's fun and games until someone has to wear a cone. Maybe tens of millions of us...
Whoa there, Pilgrim, James Grant is "another crusty old fuck in a bowtie who" I would vote for president in a New York Minute
Very good point. Love Jim Grant.
It perfectly complements the Animals Farting adult coloring books, lol.
Would be cool if you could explain the differences between MMT and Austrian economics for those of us who think you’re full of shit and demonstrate no real grasp of the concepts behind those buzzwords you seem to focus on so narrowly.