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Pinboard

@Pinboard

Do not attempt to compete with Pinboard. http://pinboard.in  maciej@ceglowski.com +1 415 610 0231

Boulevard of broken dreams
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    1. Pinboard‏ @Pinboard Oct 8

      When you buy a Chinese stock on a US exchange, you're not buying shares of that company, but a Variable Interest Entity incorporated in the Cayman Islands. This VIE is a smoke-and-mirrors entity that has no enforceable relationship with the Chinese giant, and is illegal in China.

      4 replies 12 retweets 53 likes
      Show this thread
    2. Pinboard‏ @Pinboard Oct 8

      But because it is convenient for everyone, this flimsy and very shady looking fiction has worked as a way to duct-tape Chinese companies to US capital markets. If you're a freshly arrived Martian just learning about money, it doesn't look much different from something like Tether

      1 reply 10 retweets 38 likes
      Show this thread
    3. Pinboard‏ @Pinboard Oct 8

      And shenanigans like this, which are rampant in finance, reinforce the cryptokids' assertion that the financial sector is *also* a scam, or at least just as much a scam, only that it enjoys the support of governments and the Reptilian Council and so on, and gets treated as legit

      1 reply 4 retweets 46 likes
      Show this thread
    4. Pinboard‏ @Pinboard Oct 8

      These scams/fictions/bubbles or whatever you want to call them function as long as enough people are willing to use them in good faith, and as long as they serve a convenient purpose. So that's why I think Tether is so resilient to all of the justified exposures of it as shady

      1 reply 3 retweets 28 likes
      Show this thread
    5. Pinboard‏ @Pinboard Oct 8

      Cryptocurrency exists and thrives not just because it's an unregulated casino, but because the deep rot in our hyperfinancialized economy has alienated a generation of people who rightly seek an alternative. This is the cultural motor behind crypto and we should not ignore it.

      3 replies 40 retweets 113 likes
      Show this thread
    6. Pinboard‏ @Pinboard Oct 8

      Cryptocurrency in 2021 is a mirror universe of Wall Street. Both run on lies, self-delusion, obfuscation, hidden risk, bankrupt premises, arrogance and waste. But crypto makes a different set of people rich, many of them outsiders, one of them a hamster.https://www.bbc.com/news/technology-58707641 …

      3 replies 24 retweets 64 likes
      Show this thread
    7. Pinboard‏ @Pinboard Oct 8

      Pinboard Retweeted Pinboard

      This is not my defense of cryptocurrency, which I've called out a lot in the past. I continue to believe what I said in this thread. But I think we need to move past saying "bubble, bubble!" and realize this poisonous phenomenon has deep roots for a reasonhttps://twitter.com/Pinboard/status/1399066534769659906 …

      Pinboard added,

      Pinboard @Pinboard
      The only reason proponents have to domesticate cryptocurrency is to maintain a situation like the status quo, where part of it (like Coinbase) sits in the legal economy, the rest of remains in the illegal economy, and pathways between the two continue to function smoothly.
      Show this thread
      2 replies 10 retweets 37 likes
      Show this thread
    8. Pinboard‏ @Pinboard Oct 8

      Pinboard Retweeted Clay Fouts

      This is an excellent point. Crypto is a lottery ticket for the hopeless, and right now it's not such a bad lottery ticket. If you dive into enthusiast communities, you find a lot of struggling people who have no prospect of advancement in the real economyhttps://twitter.com/obelos/status/1446483485770739721 …

      Pinboard added,

      Clay Fouts @obelos
      Replying to @Pinboard
      All the crypto-hype folks I know who aren't techies benefitting from the dev side of the business are people with overwhelming debt (usually college) who have no prospects of ever getting out from under that burden. Crypto is the new, unregulated lottery for them.
      2 replies 12 retweets 43 likes
      Show this thread
    9. Pinboard‏ @Pinboard Oct 8

      "We'll make our own financial system, with blackjack and HOOKERS" is not the craziest response to what happened in 2008. I'm sorry it's using more electricity than Finland, but we kind of brought it on ourselves.pic.twitter.com/Ddo1fMa0d4

      3 replies 17 retweets 62 likes
      Show this thread
    10. Pinboard‏ @Pinboard Oct 8

      If Trump was a raised middle finger to a bankrupt political system, then whoever the hell all these cryptocurrency moguls are is the same thing, raised to Wall Street. They're tacky, preposterous, mendacious, corrupt, and you should not underestimate their appeal.

      1 reply 8 retweets 46 likes
      Show this thread
      Pinboard‏ @Pinboard Oct 8

      This is what happens when you don't let people deposit stuff in a savings account that earns a reliable 1% over inflation. Shit gets weird.

      7:46 AM - 8 Oct 2021
      • 19 Retweets
      • 71 Likes
      • Jade Vance Luke Stevens Alex Joffe fj Muhammad Durrani ccarter84 Life of a drone bee: Honey, Nut, Cheerio! Chris Chelberg Darth Boomer - minion to Hannah 🦖🦕
      1 reply 19 retweets 71 likes
        1. New conversation
        2. Alex Harrowell‏ @yorksranter Oct 8
          Replying to @Pinboard

          Huh, if you invested in literal Wall Street - the stock market - you'd have made out really well over the last decade and you know it wasn't Vanguard who lost unique and unreplaceable representations of their clients' assets in a HDD they threw away

          1 reply 0 retweets 0 likes
        3. Alex Harrowell‏ @yorksranter Oct 8
          Replying to @yorksranter @Pinboard

          By definition, if it's a lottery ticket for the desperate it can't also be a money market fund for the middle class

          0 replies 0 retweets 0 likes
        4. End of conversation

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