$8000 of SHIB coin is worth $5.7b (in 400 days)

Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by astoor on Thursday October 28, 2021 @08:53AM (#29025489)

A couple of thoughts:

- This would only be the "greatest trade ever" if they actually cash out, i.e. realise the paper profits. The other two examples of "greatest trades ever" did realise their profits. There are of course questions as to whether they could in this case.

- Assuming they could cash out and make $5bn, and if they did, who would the losers be? In the case of the George Soros trade, he made his billion at the expense of the British tax payers, who collectively had to pay an extra £3.3 billion taxes, and mortgage payers, who saw their interest rates shoot up to 15%. In this case, presumably it would be all the people who bought SHIB for a higher price than that at which it settles after cashing out, plus everyone else on the planet who suffers from the social, political and environmental fallout from cryptocurrencies. That $5bn would have to come from somewhere.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by dools on Thursday October 28, 2021 @08:57AM (#29025529)

The choice to tax people anything extra as a result of the Soros operation was a matter of policy, rather than necessity.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by rsj_hn on Thursday October 28, 2021 @02:04PM (#29029128)

The money does need to come from somewhere, ultimately higher prices for imports, and if the government needs to buy imports, then yeah, taxes go up or spending on other things is cut.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by archibaldJ on Thursday October 28, 2021 @09:10AM (#29025643)

or they could just lose their wallet like how I lost mine..

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by sunsetMurk on Thursday October 28, 2021 @09:43AM (#29026034)

it's a sad club we're in. Occasionally I even go to bitinfocharts.com and look at my wallet that I will never have access to. Wonderful!

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by zs234465234165 on Thursday October 28, 2021 @08:11PM (#29033710)

What kinda figures are we talking about here? :)

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by Icko on Thursday October 28, 2021 @08:59AM (#29025546)

It's not a zero-sum game. Even if it was, the cost would be carried by the people paying $5bn for a shitcoin. The pollution etc. are just externalities and not necessary.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by astoor on Thursday October 28, 2021 @09:26AM (#29025842)

How can cryptocurrencies not be zero sum? Especially meme coins like SHIB. These are purely speculative devices, have no intrinsic value, and don't lead to the creation of legitimately beneficial products or services, etc. - all they do is consume resources like electricity and people's time.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by ajkdhcb2 on Thursday October 28, 2021 @09:55AM (#29026170)

Wikileaks gets banned from all payment processors -> accepts bitcoin -> people donated whom would have been otherwise unable -> the censorship resistant technology facilitated democratic values and improved society, which is something valuable

Darknet markets are also facilitated, creating very valuable marketplaces. You wouldnt say ebay has no value

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by VHRanger on Thursday October 28, 2021 @09:25AM (#29025829)

Right , PoW crypto is a negative sum game

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by zardo on Thursday October 28, 2021 @09:26AM (#29025837)

> It's not a zero-sum game

Yes it is.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by robjan on Thursday October 28, 2021 @09:39AM (#29025975)

A normal trade is not zero-sum

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by zardo on Thursday October 28, 2021 @09:53AM (#29026148)

I don't know what a normal trade is. What does it have to do with speculating on crypto coins?

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by ootsootsoots on Thursday October 28, 2021 @10:12AM (#29026341)

There is no root node to the universe

People playing mind games does not anchor reality to them

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by matheusmoreira on Thursday October 28, 2021 @02:01PM (#29029085)

> who would the losers be?

Anyone holding USD.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by adventured on Thursday October 28, 2021 @08:58AM (#29025533)

> Assuming they could cash out and make $5bn, and if they did, who would the losers be?

Your losers scenario requires that SHIB declines materially after the buyers pick up the $5b of the crypto (such that the buyers inevitably end up losing money). You've built that assumption in and it's incorrect to automatically assume that, it's a central flaw in your premise.

There are not losers in every economic transaction in fact. The buyers may end up losing money.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by IncRnd on Thursday October 28, 2021 @09:27AM (#29025852)

By definition these sorts of trades are a zero-sum game.

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by robjan on Thursday October 28, 2021 @09:40AM (#29025998)

Trades in a market are not zero-sum since the buyer still has something that can be sold for a non-zero amount

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Re:$8000 of SHIB coin is worth $5.7b (in 400 days) by djenendik on Thursday October 28, 2021 @10:26AM (#29026501)

But isn't this just a question of how one truncates the expression for the sum?

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