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sport / rec.autos.sport.f1 / Crypto dalliance with F1 comes to a bad end

SubjectAuthor
* Crypto dalliance with F1 comes to a bad endMark Jackson
+* Re: Crypto dalliance with F1 comes to a bad endNews
|`- Re: Crypto dalliance with F1 comes to a bad endHeron
`* Re: Crypto dalliance with F1 comes to a bad endXYXPDQ
 `* Re: Crypto dalliance with F1 comes to a bad endgeoff
  `* Re: Crypto dalliance with F1 comes to a bad endMark
   +* Re: Crypto dalliance with F1 comes to a bad endgeoff
   |+- Re: Crypto dalliance with F1 comes to a bad endMark Jackson
   |`- Re: Crypto dalliance with F1 comes to a bad endtexas gate
   `- Re: Crypto dalliance with F1 comes to a bad endbuild

1
Crypto dalliance with F1 comes to a bad end

<jb3s71Fa8klU1@mid.individual.net>

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From: mjack...@alumni.caltech.edu (Mark Jackson)
Newsgroups: rec.autos.sport.f1
Subject: Crypto dalliance with F1 comes to a bad end
Date: Tue, 5 Apr 2022 17:55:44 -0400
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 by: Mark Jackson - Tue, 5 Apr 2022 21:55 UTC

https://kotaku.com/f1-formula-1-one-delta-time-nft-crypto-cursed-shut-down-1848748953

--
Mark Jackson - https://mark-jackson.online/
When we get introspective, the terrorists win.
- Bus Stop Guy (Darrin Bell)

Re: Crypto dalliance with F1 comes to a bad end

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Subject: Re: Crypto dalliance with F1 comes to a bad end
Date: Wed, 6 Apr 2022 09:47:11 -0400
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 by: News - Wed, 6 Apr 2022 13:47 UTC

On 4/5/2022 5:55 PM, Mark Jackson wrote:
> https://kotaku.com/f1-formula-1-one-delta-time-nft-crypto-cursed-shut-down-1848748953
>
>

"There's a sucker born every minute"

Re: Crypto dalliance with F1 comes to a bad end

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From: McKeis...@ipanywhere.com (Heron)
Newsgroups: rec.autos.sport.f1
Subject: Re: Crypto dalliance with F1 comes to a bad end
Date: Wed, 6 Apr 2022 09:48:35 -0500
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 by: Heron - Wed, 6 Apr 2022 14:48 UTC

On 4/6/2022 8:47 AM, News wrote:
> On 4/5/2022 5:55 PM, Mark Jackson wrote:
>> https://kotaku.com/f1-formula-1-one-delta-time-nft-crypto-cursed-shut-down-1848748953
>
> "There's a sucker born every minute"

There's a sucker reborn every minute, too.

Re: Crypto dalliance with F1 comes to a bad end

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Subject: Re: Crypto dalliance with F1 comes to a bad end
From: qwrtz...@gmail.com (XYXPDQ)
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 by: XYXPDQ - Wed, 6 Apr 2022 15:45 UTC

The whole NFT thing is mostly a scam.

Re: Crypto dalliance with F1 comes to a bad end

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 by: geoff - Wed, 6 Apr 2022 23:30 UTC

On 7/04/2022 3:45 am, XYXPDQ wrote:
> The whole NFT thing is mostly a scam.

The whole crypto thing is little more than a pyramid scheme - actual
payment transactions being only a minor part,m and even most of those
being for nefarious purposes..

geoff

Re: Crypto dalliance with F1 comes to a bad end

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From: mpco...@gmail.com (Mark)
Newsgroups: rec.autos.sport.f1
Subject: Re: Crypto dalliance with F1 comes to a bad end
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 by: Mark - Thu, 7 Apr 2022 08:26 UTC

geoff <geoff@nospamgeoffwood.org> wrote:
> On 7/04/2022 3:45 am, XYXPDQ wrote:
>>
>> The whole NFT thing is mostly a scam.
>
> The whole crypto thing is little more than a pyramid scheme - actual
> payment transactions being only a minor part,m and even most of those
> being for nefarious purposes..

All currency is a pyramid scheme of one sort or another, it just depends
on how much you trust the backers. Even under various gold standards,
you had to trust the people who held the gold that they truly had the
amount of gold backing the currency. Similarly, trust in the Dollar,
Euro, Sterling or whatever comes down to belief in the
country/governments involved (look at the ruble).

The issue with most cryptocurrencies is that they were (in most cases)
originally set up to be difficult/impossible* to cheat while also being
unregulated and untraceable. That makes it attractive to
criminals...which inflates the value (as very large sums can be
laundered through there)...which makes it attractive to ordinary people.
IF belief in the cryptocurrency collapses (say, because a flaw in its
cryptography* is found) you are left with nothing. That happens with
traditional currency too...but the trigger for the collapse tends to be
easier to spot.

* I don't believe in flawless technology, just really robust technology
whose flaws have yet to be discovered.

Re: Crypto dalliance with F1 comes to a bad end

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 by: geoff - Thu, 7 Apr 2022 10:16 UTC

On 7/04/2022 8:26 pm, Mark wrote:
> geoff <geoff@nospamgeoffwood.org> wrote:
>> On 7/04/2022 3:45 am, XYXPDQ wrote:
>>>
>>> The whole NFT thing is mostly a scam.
>>
>> The whole crypto thing is little more than a pyramid scheme - actual
>> payment transactions being only a minor part,m and even most of those
>> being for nefarious purposes..
>
> All currency is a pyramid scheme of one sort or another, it just depends
> on how much you trust the backers.

But the primary purpose that most are used for is day-to-day financial
payment transactions of one sort or another.

Unlike Crapto.

geoff

Re: Crypto dalliance with F1 comes to a bad end

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From: mjack...@alumni.caltech.edu (Mark Jackson)
Newsgroups: rec.autos.sport.f1
Subject: Re: Crypto dalliance with F1 comes to a bad end
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 by: Mark Jackson - Thu, 7 Apr 2022 13:44 UTC

On 4/7/2022 6:16 AM, geoff wrote:
> On 7/04/2022 8:26 pm, Mark wrote:
>> geoff <geoff@nospamgeoffwood.org> wrote:
>>> On 7/04/2022 3:45 am, XYXPDQ wrote:
>>>>
>>>> The whole NFT thing is mostly a scam.
>>>
>>> The whole crypto thing is little more than a pyramid scheme -
>>> actual payment transactions being only a minor part,m and even
>>> most of those being for nefarious purposes..
>>
>> All currency is a pyramid scheme of one sort or another, it just
>> depends on how much you trust the backers.
>
> But the primary purpose that most are used for is day-to-day
> financial payment transactions of one sort or another.
>
> Unlike Crapto.

http://amultiverse.com/tag/cryptocurrency/

--
Mark Jackson - https://mark-jackson.online/
When we get introspective, the terrorists win.
- Bus Stop Guy (Darrin Bell)

Re: Crypto dalliance with F1 comes to a bad end

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Subject: Re: Crypto dalliance with F1 comes to a bad end
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 by: texas gate - Sat, 9 Apr 2022 04:21 UTC

On Thursday, April 7, 2022 at 4:16:47 AM UTC-6, geoff wrote:

> of one sort or another.
like your sexuality?

Re: Crypto dalliance with F1 comes to a bad end

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Subject: Re: Crypto dalliance with F1 comes to a bad end
From: bui...@gmail.com (build)
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 by: build - Sat, 9 Apr 2022 09:52 UTC

On Thursday, April 7, 2022 at 6:26:59 PM UTC+10, mpc...@gmail.com wrote:
> geoff <ge...@nospamgeoffwood.org> wrote:
> > On 7/04/2022 3:45 am, XYXPDQ wrote:
> >>
> >> The whole NFT thing is mostly a scam.
> >
> > The whole crypto thing is little more than a pyramid scheme - actual
> > payment transactions being only a minor part,m and even most of those
> > being for nefarious purposes..
> All currency is a pyramid scheme of one sort or another, it just depends
> on how much you trust the backers. Even under various gold standards,
> you had to trust the people who held the gold that they truly had the
> amount of gold backing the currency. Similarly, trust in the Dollar,
> Euro, Sterling or whatever comes down to belief in the
> country/governments involved (look at the ruble).
>
> The issue with most cryptocurrencies is that they were (in most cases)
> originally set up to be difficult/impossible* to cheat while also being
> unregulated and untraceable. That makes it attractive to
> criminals...which inflates the value (as very large sums can be
> laundered through there)...which makes it attractive to ordinary people.
> IF belief in the cryptocurrency collapses (say, because a flaw in its
> cryptography* is found) you are left with nothing. That happens with
> traditional currency too...but the trigger for the collapse tends to be
> easier to spot.
>
> * I don't believe in flawless technology, just really robust technology
> whose flaws have yet to be discovered.

Interesting thread. I recall another thread on Bitcoin. Glad to see a few have learned.

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