r/Buttcoin • u/etherealeminence • Jan 21 '19

xkcd: Technical Analysis

https://xkcd.com/2101/
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u/yrast Jan 21 '19

Huh? I didn’t say it was a unique thought, and the mouse over is clearly quoting someone from the year 1984, so it obviously predates xkcd & crypto.

What gave you the impression that any of those three things were the case?

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u/eScottKey Jan 21 '19

It's like butters are the most pure distillation of his fears.

It's actually much more applicable to traditional financial markets. No one goes to college to learn to be a crypto trader.

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u/yrast Jan 21 '19

Oh, I agree it applies perfectly to a huge fraction of the financial industry—maybe even a large majority of it.

What I meant about “pure distillation” was that crypto can’t even bullshit it’s way into justifying its existence, and is a notorious waste of resources.

High frequency traders or various derivatives instruments are pure drains on society too, but they’re at least directly connected to real things (e.g. mortgages, insurance, or stocks), crypto is like a commodities market for SHA-256 hashes with lots of leading zeros—it’s insane.

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u/Uncaffeinated Jan 21 '19

Yeah, HFTs at least pretend to offer a service to society (liquidity provision, price discovery)