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5 minutes ago, gaz5 said:

To be fair, he's not wrong. ALL bitcoin purchases are public record, as is that graph.

I don't own any BTC myself, I sold all of mine before that pullback he's highlighted (at 59k).

But as a long time crypto cynic who decided to put my money where my mouth was this year, I've long since been converted.

I'm not completely cynical about it myself tbh, my main sticking point is the environmental factors although I understand there are some less harmful options out there; as well as the many many pump and dump scams associated with it, although again I guess that's more down to shitcoins than the more "serious" options. 

I just find it interesting speaking to the evangelists because, as we've seen above, they can't even find sources which have a very favourable overall view on crypto without misrepresenting what is being said within them. Or by arguing about how many coins are currently held at a loss when even the briefest research would show that as recently as July that the majority of sales were being made at a loss.

Anyway, far be it for me to argue with a guy who's so objective about the benefits or otherwise of crypto that he has an ad link in his signature!  

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^^^ Said by every participant in every ponzi scheme ever invented by man.
I'm sure THIS "get rich quick" scheme will actually work though...... [emoji1787]
I love hearing these opinions, in all honesty. Partly because it's one I used to hold before I actually did any investigation and partly because these sorts of hard line opinion will most likely be my exit liquidity in 10 years. [emoji846]
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6 minutes ago, oaksoft said:

I have no doubt whatsoever that you'll find an endless stream of people who are desperate enough to believe this.

Why haven't you all retired to your countryside mansions flooded with cash yet?

That's what I want to know.

I'm literally a millionaire purely thanks to my investments in cryptocurrency.

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I'm not completely cynical about it myself tbh, my main sticking point is the environmental factors although I understand there are some less harmful options out there; as well as the many many pump and dump scams associated with it, although again I guess that's more down to shitcoins than the more "serious" options. 
I just find it interesting speaking to the evangelists because, as we've seen above, they can't even find sources which have a very favourable overall view on crypto without misrepresenting what is being said within them. Or by arguing about how many coins are currently held at a loss when even the briefest research would show that as recently as July that the majority of sales were being made at a loss.
Anyway, far be it for me to argue with a guy who's so objective about the benefits or otherwise of crypto that he has an ad link in his signature!  
Yes, I know what you mean. I am far from a maxi, don't actually hold any BTC (or ETH) at the moment, as I've said a few times.

For me, crypto started this year as a small % of my overall portfolio and like with my equities portion a risk on one that I was prepared to lose.

What I've found is some truly outstanding technology that I never knew existed, which as a technology guy has caught me off guard a bit.

The small % that I assigned to it has grown, not because I've added more, but because of the growth, albeit in unrealised profit.

The trick, as with any market, stocks included, is going to be getting out at the right time, but personally I'm approaching it from a risk perspective and taking profit as we go.

I've also started trading a small amount of my account and I'm finding its absolutely no different to trading Forex.

All things considered, yes there's plenty of shit in the market, but same goes for equities and yes, like all markets, someone has to lose money (it's no less a zero sums game than stocks), but there are also plenty of fantastic projects with real utility, being used in the real world right now.

The Ponzi argument is, I generally find, an ignorant one. And I can say that as someone who used to use it. My only regret at the moment is being so stubborn and using that argument myself for so long.

It's not a get rich quick scheme for me, it's just a different asset class.
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So I'm always fake flexin' huh? I just got one question for all my haters. Where am I, and where are you? I'm on Rodeo Drive shopping for a Rolls Royce, in a $600 beanie, $500 belt, $200 Nike Air Max's, and don't make me remind you about my 14 bank accounts. Where am I, and where are you?

Edited by Fraser Fyvie
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4 minutes ago, oaksoft said:

The scam is that people go online and fluff the pillows of things like bitcoin to boost the price.

The usual red flag is persuading others that you essentially can't lose and that vast returns are possible.

On the back of the hype, they then sell up at huge profit and walk away leaving the price to crash with millions losing sometimes everything they own.

It's a classic con trick and bitcoin has been repeatedly subjected to it by all sorts of crooks for years now.

Like I said, in the heat of wanting a quick profit, people ignore the warning signs.

People never, ever learn.

All of those things happen on the stock market though. 

The only difference I can see (and happily admit I dont understand) is that there isnt a tangible product being made like any companies you might invest in more traditionally, that you can then personally attribute a value to, and decide id you want to buy. Eg I think this pharma company is going to cure cancer. I will buy their stock now. 

 

Others can explain where the intrinsic value lies. I wouldnt know where to start, but theres no way its got to where it is now if its just smoke and mirrors. None. 

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5 minutes ago, oaksoft said:

🤣

On 10/05/2018 at 15:32, iron mike python said:

 

Ethereum is looking like your safest store of money though. 

Personally I am all in on ChainLink, if anyone asks me why then I am happy to answer questions. 

Look at the date when I talked about being all in on Chainlink in this very thread. Now look at this chart ($0.53) from then until now ($32.30). Is it out of the realms of possibility that my 10k original investment is now over 1 million?

image.png.88b1bdca71af93438474c71fb3ae7afb.png

 

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All of those things happen on the stock market though. 
The only difference I can see (and happily admit I dont understand) is that there isnt a tangible product being made like any companies you might invest in more traditionally, that you can then personally attribute a value to, and decide id you want to buy. Eg I think this pharma company is going to cure cancer. I will buy their stock now. 
 
Others can explain where the intrinsic value lies. I wouldnt know where to start, but theres no way its got to where it is now if its just smoke and mirrors. None. 
That value absolutely does exist. Not in a physical "product" but in a service or utility that the projects provide.

I know it's not a popular one, but it's an easy example: XRP.

Removing the requirement to park billions of dollars in nostro/vostro accounts in banks around the world, removing the 5-30 day clearing time for settlement performed by SWIFT and the counterparty risk that fits with that delay and opening up payment corridors to anywhere in the world without established bank to bank relationships.

ODL (On Demand Liquidity) is a game changer for global settlement and opens the door for CDBC's.

It's a really easy example of utility in the technology that is solving a real world problem.

One of many.
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29 minutes ago, oaksoft said:

When it comes to sussing people punting obvious get rich quick schemes?

Not really. The more interesting question is why so many other people don't spot them a mile off.

I've not really seen anyone on this thread tout crypto as a get rich quick scheme, to be honest I've not really heard anyone say that with Bitcoin at all. The message seems pretty clear to me - invest what you can afford to lose and see where it goes. Just because you don't trust something in the long term doesn't mean people can't make smart money on it in the meantime. I've never bothered my arse to learn very much about this nor have I bothered to invest but it's clear that if you're sensible (like any investment) you can make reasonable money. Anyone who bought Bitcoin 12 years ago and is still holding now could very well be rich as f**k, but I wouldn;t say 12 years was a particularly "quick" get rich quick scheme. 

27 minutes ago, oaksoft said:

I have no doubt whatsoever that you'll find an endless stream of people who are desperate enough to believe this.

Why haven't you all retired to your countryside mansions flooded with cash yet?

That's what I want to know.

Bizarre that you feel Bitcoin is a failure if investors aren't all retired and living in mansions. 

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Crypto is obviously still a gamble at the end of the day. With it's volatility and a bit of luck however, it does make it extremely addictive once you're in. Stick to betting what you can afford.

Ethereum is probably the safest long term bet IMO. If I had any more disposal income, I'd be on that.

Bitcoin becoming Legal tender is like SPL TV a decade ago. It would be a good idea eventually but right now, it's initiated by a fruit loop charlatan and is probably a few years too early for it's time before it's ready.

If you are interested on any coin but have doubts, I always reckon going on the sub Reddit and getting a measure of how it's going is a good starting point.

I have Swissborg but it's cult-ish AF and I'm locked into it until May.😒

Think I've covered the tl;Dr opinions.

Edited by the jambo-rocker
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I saw a stealth drop of an NFT collection (Defaced) I quite fancied the look of. Decided against it though as even at 0.2ETH I still wanted to get to know the NFT world a bit better before dipping my toe in.

Had a nap.

Refreshed the screen.

Floor price 17ETH. Missed out on £40,000.

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The scam is that people go online and fluff the pillows of things like bitcoin to boost the price.
The usual red flag is persuading others that you essentially can't lose and that vast returns are possible.
On the back of the hype, they then sell up at huge profit and walk away leaving the price to crash with millions losing sometimes everything they own.
It's a classic con trick and bitcoin has been repeatedly subjected to it by all sorts of crooks for years now.
Like I said, in the heat of wanting a quick profit, people ignore the warning signs.
People never, ever learn.


Don’t buy any then dufus
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16 hours ago, DiegoDiego said:

I saw a stealth drop of an NFT collection (Defaced) I quite fancied the look of. Decided against it though as even at 0.2ETH I still wanted to get to know the NFT world a bit better before dipping my toe in.

Had a nap.

Refreshed the screen.

Floor price 17ETH. Missed out on £40,000.

My biggest regret is seeing Aave's team working in the chainlink Github in February 2019 (one of the triggers for me that a project is serious about security is that they will use chainlink)

I'm not a coder but I could see that there was a lot of effort put in: I wanted to invest. I looked to see if they had an Aave token and searched on Coinmarketcap "Aave" and "AaveAave" but couldn't find anything and gave up. I found out 2 months later that they had a token (LEND) available but felt I had missed out already because it had increased in price by that point. LEND change to AAVE token a year ago.

From that first moment I saw it ($2 Aave or $0.02 Lend) to its price today ($332) I would have multiplied my investment by 166. 

 

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My biggest regret is seeing Aave's team working in the chainlink Github in February 2019 (one of the triggers for me that a project is serious about security is that they will use chainlink)
I'm not a coder but I could see that there was a lot of effort put in: I wanted to invest. I looked to see if they had an Aave token and searched on Coinmarketcap "Aave" and "AaveAave" but couldn't find anything and gave up. I found out 2 months later that they had a token (LEND) available but felt I had missed out already because it had increased in price by that point. LEND change to AAVE token a year ago.
From that first moment I saw it ($2 Aave or $0.02 Lend) to its price today ($332) I would have multiplied my investment by 166. 
 
Oooft.

I've not many like that, though Axie Infinity was similar. I thought "Computer games? Nah I don't know enough about that to be comfortable investing." that was maybe three months ago. Then I saw the growth numbers and looked into it more. Then I waited a bit. Then the ship was already on the horizon.

Funny story about Aave.
They were criticised by some left-wing American organisation for not having a diverse enough board. They came to this conclusion because AAVE is an initialisation for African American Vernacular English, and therfore it was inappropriate to co-opt the word for a DeFi protocol. It was then pointed out to them that the developers are Finnish and aave has been Finnish for ghost far longer than any US acronym came into being, so maybe they were the ones not diverse enough.
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The crypto currency in-crowd remind me of other nerds who like to talk in a language that only they understand.

That said I will probably slip one or more a couple of quid in a few years time when I see them sitting outside Tesco partially covered by a blanket holding up a sign reading “Fucked by Bitcoin”.  I am a humanitarian after all.

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30 minutes ago, Granny Danger said:

The crypto currency in-crowd remind me of other nerds who like to talk in a language that only they understand.

That said I will probably slip one or more a couple of quid in a few years time when I see them sitting outside Tesco partially covered by a blanket holding up a sign reading “Fucked by Bitcoin”.  I am a humanitarian after all.

There are a number of people in this forum that can help you if there is something you are not understanding. For example you seem to think that Bitcoin would be too volatile for you at its current price point (and that is a reasonable view to have)

BUT one of the biggest uses of cryptocurrency is the Stable Coin market (synthetic version of USD) which is pegged to the price of the Dollar. You can then lend this for at least 5% (image below) in a contract that has been audited dozens of times over 2 years and has no middleman making your money disappear. You can withdraw whenever you like and nobody can stop you. 

image.png.91f9cddd8dca9756cf9740871318709e.png

Much better than the interest you get in your current account I'm sure?

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I kind of understand some of the nice things about Cryto Currency, such as not having to use banks and understand about Block Chains and how they regulate the currency value.

However, I don't think I've ever actually seen where you can spend this currency.

Also, you have dodgy ones like Onecoin, with is the Crypto Currency version of Scientology, even seems to have a slightly religious element.

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