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(W3IGG)   Bored Ape restaurant is no longer accepting crypto payments   (web3isgoinggreat.com) divider line
    More: Fail, Money, Hedge fund, Short, Bored Ape-themed, crypto payments, Withdrawal, Voyager Digital, recent litany of crypto companies  
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997 clicks; posted to Business » on 25 Jun 2022 at 2:45 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



27 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-06-25 2:52:00 AM  
1) That website made me feel like I got an STD.

2) No longer accepting crypto payments? You mean they made a rational decision?

3)

/insert your own there
 
2022-06-25 3:06:16 AM  
Fark user imageView Full Size
 
2022-06-25 3:29:28 AM  
Finally figured out crypto is a scam, eh?
 
2022-06-25 3:37:20 AM  
And this is exactly why an inherently deflationary currency is a terrible idea:

"Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff ... but as far as buying food and all that, maybe not," one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. "People want to hold onto their ethereum. They're not gonna want to use it."

With a deflationary currency, the velocity of money always trends towards zero. Which why most economical will tell you that moderate inflation is necessary for the economy to function properly.
 
2022-06-25 6:29:13 AM  
Fark user imageView Full Size

Paging Mr Cryptobevets. Mr Cryptobevets, you have a thread to sh*t on the business page!
 
2022-06-25 6:40:35 AM  

Mad_Radhu: And this is exactly why an inherently deflationary currency is a terrible idea:

"Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff ... but as far as buying food and all that, maybe not," one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. "People want to hold onto their ethereum. They're not gonna want to use it."

With a deflationary currency, the velocity of money always trends towards zero. Which why most economical will tell you that moderate inflation is necessary for the economy to function properly.


AFAIK, ETH (unlike BTC) has no hard cap and isn't inherently deflationary (also, unlike BTC, it actually has some utility).
 
2022-06-25 8:22:16 AM  
It's almost as if basing your business model on a form of currency that most people don't use, and won't buy into, severely limits your customer base.
 
2022-06-25 8:56:09 AM  

hubiestubert: It's almost as if basing your business model on a form of currency that most people don't use, and won't buy into, severely limits your customer base.


I hope the investor pitch was actually "Okay, so this crypto shiat seems to attract complete f-'in morons with money who want to show off, maybe we can snag a chunk of that" and not "hurr durr cryptoes are futur"
 
2022-06-25 9:08:22 AM  
I was assured that accepting "money" whose sole value was the hope someone would buy it for a higher price was a very smart thing to do, and the future of the economy.
 
2022-06-25 9:11:19 AM  

Tyrone Slothrop: I was assured that accepting "money" whose sole value was the hope someone would buy it for a higher price was a very smart thing to do, and the future of the economy.


To be fair, I feel exactly the same way about the stock market.  It's not the freaking economy, and we need to stop treating it like it is.
 
2022-06-25 9:24:42 AM  

Tyrone Slothrop: I was assured that accepting "money" whose sole value was the hope someone would buy it for a higher price was a very smart thing to do, and the future of the economy.


Exactly.  If my DogeCoins are going to double in value in a month, why would I part from them now?  What's the incentive for me to buy anything with it and reduce my future value in half?

This, by itself, makes no sense, on top of the actual complexity of constantly having to adjust your prices due to the fluctuations, and the complexity of making the actual transaction.

And that's ignoring the rest of the stupidity of cryptocurrency in general.
 
2022-06-25 9:28:18 AM  

Last Man on Earth: Tyrone Slothrop: I was assured that accepting "money" whose sole value was the hope someone would buy it for a higher price was a very smart thing to do, and the future of the economy.

To be fair, I feel exactly the same way about the stock market.  It's not the freaking economy, and we need to stop treating it like it is.


It is not entirely the same thing.  While there's indeed a lot of speculation and part of the value of a particular stock will be based on the "vision" of the C-suite of the company, it mostly reflects the assets, products sold, and profits a company is making.

Unlike crypto which is inherently worth nothing and is 100% hype.
 
2022-06-25 10:15:17 AM  

Last Man on Earth: Tyrone Slothrop: I was assured that accepting "money" whose sole value was the hope someone would buy it for a higher price was a very smart thing to do, and the future of the economy.

To be fair, I feel exactly the same way about the stock market.  It's not the freaking economy, and we need to stop treating it like it is.


Well, your feelings are wrong.

Stock is equity in a company. You receive dividends on the stock. You get some level of voting power in the company. The price usually reflects the health of the company and it's long term value.

Are some stocks overvalued because of idiot speculators? Yes of course.

The reason the stock market doesn't reflect the economy is because the stock market only measures publicly traded companies, and it's possible to have discrepancies like high unemployment and record corporate profits.
 
2022-06-25 10:35:38 AM  

Flab: Exactly. If my DogeCoins are going to double in value in a month, why would I part from them now? What's the incentive for me to buy anything with it and reduce my future value in half?


The cryptobro argument seems to be "Well people are going to have to buy stuff anyway, so it's okay!" or "a truly deflationary currency has never been tried, so we're not complete certain it'll be a total disaster!"
 
2022-06-25 10:51:02 AM  

frankb00th: [Fark user image 425x242]
Paging Mr Cryptobevets. Mr Cryptobevets, you have a thread to sh*t on the business page!


Please don't summon him.
He will shiat the page with 25 posts in a row that all say the same nothing.
And then start wanking about the Year of the Desktop.
 
2022-06-25 10:59:47 AM  

trialpha: Flab: Exactly. If my DogeCoins are going to double in value in a month, why would I part from them now? What's the incentive for me to buy anything with it and reduce my future value in half?

The cryptobro argument seems to be "Well people are going to have to buy stuff anyway, so it's okay!" or "a truly deflationary currency has never been tried, so we're not complete certain it'll be a total disaster!"


The issue is the magnitude of the change. Doubling in a month? Yeah, HODL. 4% per year? I'm not waiting that long to buy a hamburger if I am hungry now.

I will point to the computer industry as an example of a relatively deflationary currency. For decades, the number of dollars required to buy a fixed amount of computing resource (CPU power, bytes of RAM or hard disk space, etc) has been falling. People now get terabytes for what they used to pay for megabytes. The CPU power which once cost 3 months salary is now embedded into a USB cable where you can't even see it. And somehow that industry has survived, reaching an equilibrium between customers who want to wait for their money to be worth more vs. customers who want to play a new-release game today.
 
2022-06-25 11:33:37 AM  

Ivo Shandor: trialpha: Flab: Exactly. If my DogeCoins are going to double in value in a month, why would I part from them now? What's the incentive for me to buy anything with it and reduce my future value in half?

The cryptobro argument seems to be "Well people are going to have to buy stuff anyway, so it's okay!" or "a truly deflationary currency has never been tried, so we're not complete certain it'll be a total disaster!"

The issue is the magnitude of the change. Doubling in a month? Yeah, HODL. 4% per year? I'm not waiting that long to buy a hamburger if I am hungry now.

I will point to the computer industry as an example of a relatively deflationary currency. For decades, the number of dollars required to buy a fixed amount of computing resource (CPU power, bytes of RAM or hard disk space, etc) has been falling. People now get terabytes for what they used to pay for megabytes. The CPU power which once cost 3 months salary is now embedded into a USB cable where you can't even see it. And somehow that industry has survived, reaching an equilibrium between customers who want to wait for their money to be worth more vs. customers who want to play a new-release game today.


That's not a valid comparison.  With computers, the whole industry moves at the same speed.  If you need a pc now, you have no choice to buy one now.

Whereas for an overpriced burger, you have the choice between bartering your cryptobeaniebabies, or use currency, and everyone still has easy access to currency.
 
2022-06-25 12:08:47 PM  

jso2897: frankb00th: [Fark user image 425x242]
Paging Mr Cryptobevets. Mr Cryptobevets, you have a thread to sh*t on the business page!

Please don't summon him.
He will shiat the page with 25 posts in a row that all say the same nothing.
And then start wanking about the Year of the Desktop.


Yeah, I'm not entirely sure what happened with him.  He always had an ideology (just look at the username), but he was normally sane/stable.  The rabid attacks, ranting, and chatroom gibberish-speak are relatively new.
 
2022-06-25 1:19:09 PM  

Last Man on Earth: Tyrone Slothrop: I was assured that accepting "money" whose sole value was the hope someone would buy it for a higher price was a very smart thing to do, and the future of the economy.

To be fair, I feel exactly the same way about the stock market.  It's not the freaking economy, and we need to stop treating it like it is.


Only rich people matter.
 
2022-06-25 1:37:58 PM  
Eat the dip!
 
2022-06-25 3:54:16 PM  

jso2897: frankb00th: [Fark user image 425x242]
Paging Mr Cryptobevets. Mr Cryptobevets, you have a thread to sh*t on the business page!

Please don't summon him.
He will shiat the page with 25 posts in a row that all say the same nothing.
And then start wanking about the Year of the Desktop.


So like a CryptoCarter Pewterschmidt?
 
2022-06-25 4:28:45 PM  
I wonder if I can still buy a $2M pizza?
 
2022-06-25 5:27:27 PM  
Fark user imageView Full Size
 
2022-06-25 5:39:31 PM  

Mad_Radhu: And this is exactly why an inherently deflationary currency is a terrible idea:

"Yes, ethereum is a currency in a way where you can exchange [non-fungible tokens, or] NFTs and stuff ... but as far as buying food and all that, maybe not," one crypto-enthusiast diner, Marc Coloma, said as he munched on fries outside the restaurant. "People want to hold onto their ethereum. They're not gonna want to use it."

With a deflationary currency, the velocity of money always trends towards zero. Which why most economical will tell you that moderate inflation is necessary for the economy to function properly.


The purpose of money is to change hands. It's supposed to be spent (money doesn't have owners, only spenders, as Omar from The Wire put it). Inflation incentivizes this. If people don't want to spend it, then it's functionally useless as a currency.
 
2022-06-25 6:03:08 PM  

Ivo Shandor: trialpha: Flab: Exactly. If my DogeCoins are going to double in value in a month, why would I part from them now? What's the incentive for me to buy anything with it and reduce my future value in half?

The cryptobro argument seems to be "Well people are going to have to buy stuff anyway, so it's okay!" or "a truly deflationary currency has never been tried, so we're not complete certain it'll be a total disaster!"

The issue is the magnitude of the change. Doubling in a month? Yeah, HODL. 4% per year? I'm not waiting that long to buy a hamburger if I am hungry now.

I will point to the computer industry as an example of a relatively deflationary currency. For decades, the number of dollars required to buy a fixed amount of computing resource (CPU power, bytes of RAM or hard disk space, etc) has been falling. People now get terabytes for what they used to pay for megabytes. The CPU power which once cost 3 months salary is now embedded into a USB cable where you can't even see it. And somehow that industry has survived, reaching an equilibrium between customers who want to wait for their money to be worth more vs. customers who want to play a new-release game today.


Lol, what? You seem to be confusing goods with currency.

No one is accepting three mice in exchange for other goods and services.

Currency is a store of value and a promise for an actual product in the form of goods and services, without that promise it doesn't actually have a value (unless it's based on something with value, like gold coins, but that was moved away from as the price of gold fluctuates too much as well as stuff like shaving).

Currency stability is the ideal because it makes decision making around receiving and relinquishing them easy.

A computer is not a store of value, it is a good with value. But there is no promise that you can exchange it for its worth.

Last Man on Earth: To be fair, I feel exactly the same way about the stock market.  It's not the freaking economy, and we need to stop treating it like it is.


Then you don't understand the stock market.

Buying shares in a company is no different to getting a group of people together and going in on a piece of machinery that gets rented out, the rental money pays for its upkeep, and at the end of the year all of the profit is tallied up, some is held back to upgrade the machine and the rest distributed to the shareholders.

The stockmarket is a means to pool money into something that creates value and reap the rewards.

Crypto is trying to be a means to store value, without creating value. But no one is backing up the promise. Making it a bad currency.

People are treating it like an object that creates value. When it doesn't. Making it a bad investment.

It's nothing for something.
 
2022-06-26 8:49:02 AM  
I hate everyone who has ever considered eating in that restaurant.
 
2022-06-26 12:42:58 PM  

thurstonxhowell: I hate everyone who has ever considered eating in that restaurant.


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