Tag Archive | cryptocurrency

Insert your own “SELLcius” joke here

Welp, we’re having another banner week in the crypto world, huh?

These are links I’ve been picking up over the past month or two. They go up to the Luna “we have a token that will always be worth US$1 because of Algorithms(TM), what could go wrong?” crash, but nothing yet from the Celsius “we are not a bank, because banks are Bad and we are Good, so we don’t need all those silly regulations that banks have to follow, and oops now we’re freezing everyone’s ability to withdraw your tokens” crash.

The first Patreon Creator Census has a lot of broad strokes you probably could’ve guessed, but it’s nice to see the specifics broken down. Especially when they break stuff out by “what field is the creator in?”

Creators overwhelmingly hate crypto, btw. Patreon tries to downplay it by breaking out the fields that hate it least…but that also reveals that visual artists hate it the most. You know, the field where crypto has made the biggest and hardest pitch for how useful it is? Second-most hate comes from the writers (the fields where the journalists are), and third-most comes from the game developers (the field where crypto has made the second-biggest push).

“As talk of “the metaverse” grows, and people float [NFT] theories about owning items and cosmetic skins and being able to take between games, interest in what that means practically for gamers has lead to a wild array of theories, but they’re largely pushed by people who know nothing about game development. So, as a developer, it falls to people like me who live and work in these spaces to share our knowledge.” (Link is just one article, but the whole blog is worth a read.)

[US] Political donations from the sector surged to more than $26 million during 2021 and the first three months of this year. That influx of cash is outpacing spending by internet giants, drug makers and the defense industry — providing a fresh pool of financing for candidates heading into November’s congressional elections.”

Ms. Blackburn consolidated many Bitcoin addresses, which might have seemed to represent many miners, into few. She pieced together a catalog of agents and concluded that, in those first two years, 64 key players — some of whom were the community’s “founders,” as the researchers called them — mined most of the Bitcoin that existed at the time.”

“All [interviewees] had similar testimonials about putting their faith in an asset they thought was stable and losing everything. Muhammad, a 30-year-old from Egypt, said that he learned about Luna from YouTubers who said that it would reach $1,000. He bought 1,000 tokens at $88. One token is now currently worth less than $0.0002.

“[The article] uncritically repeated many questionable or entirely fallacious arguments from cryptocurrency advocates, and it appears that no experts on the topic were consulted, or even anyone with a less-than-rosy view on crypto. This is grossly irresponsible. Here, a group of around fifteen cryptocurrency researchers and critics have done what the New York Times apparently won’t.”