Bitcoin/cryptocurrency thread

[Detournement]

It's not a four year cycle. Believing that markets operate like the tides is idiocy. It is going to crash because the fraud has gotten so big that the US has no choice other than to regulate stable coins. 

Material conditions matter not hocus pocus MLM speak. 

[gaz5]

It's not a four year cycle. Believing that markets operate like the tides is idiocy. It is going to crash because the fraud has gotten so big that the US has no choice other than to regulate stable coins. 
Material conditions matter not hocus pocus MLM speak. 

One might argue that ignoring the data that shows quite clearly that this market does operate on a 4 year cycle (currently), because it has a variable that no other market does, is, in fact, idiocy.

What's also interesting is that I sat in a 90 minute seminar yesterday, hosted by the Digital Pound Foundation, where a BoE representative had a far different view than you regards cryptocurrency and Stablecoin.

Me thinks you get too much of your opinion from Mr Whale......

[Detournement]

32 minutes ago, gaz5 said:

One might argue that ignoring the data that shows quite clearly that this market does operate on a 4 year cycle (currently), because it has a variable that no other market does, is, in fact, idiocy.

What's also interesting is that I sat in a 90 minute seminar yesterday, hosted by the Digital Pound Foundation, where a BoE representative had a far different view than you regards cryptocurrency and Stablecoin.

Me thinks you get too much of your opinion from Mr Whale......

What did the BoE rep say about stable coins?

[gaz5]

What did the BoE rep say about stable coins?

Nothing overly negative, let's put it that way.

General consensus was that privately backed stable coin would likely remain a requirement alongside publicly backed CBDC's.

But anyway, back to this "not a 4 year cycle". You realised the error of your ways yet......

[jamamafegan]

Frens [emoji23]
There is a difference between predicting a crash because the entire thing is fundamentally a massive fraud and predicting a crash because you think guys in a Telegram group have figured out how to predict the future by drawing lines on a chart. 
If the fraudulent stable coins that account for 70% of crypto trading crash then the whole thing crashes. The acceleration of Tether printing and the all the new ground floor investments that are obvious scams are big indicators the end is in sight due to upcoming regulation of stable coins. The people running the scams will be looking to grab as much Christmas money off idiots as they can then bail.
 

Did you get scammed in the past or something? Your hatred for crypto is weird.

[Genuine Hibs Fan]

5 minutes ago, jamamafegan said:

 

Did you get scammed in the past or something? Your hatred for crypto is weird.

 

It's either an environmentally ruinous speculation bubble which will leave all but a few early adopters and the already wealthy potless or the first stage of a new age of tech-driven surveillance and immiseration for working people, either by weirdo tech libertarians or the state. If you read critically or even just beyond the hype machine you would know this. The literal best case scenario is it goes back to being something you can use to buy drugs or child pornography on the dark web 

[Detournement]

43 minutes ago, jamamafegan said:

 

Did you get scammed in the past or something? Your hatred for crypto is weird.

 

I've only ever used it to buy drugs and it's worked fine. 

I find the full phenomenon interesting and entertaining. You have individual investors claiming to be doing highly technical market analysis and assessing the value of new software yet they are unable or unwilling to grasp the very simple implication of 70% of all crypto trading volume involving a completely unbacked stable coin. 

Edited November 11, 2021 by Detournement

[DiegoDiego]

Mr@Detournement, if this is such an obvious pump & dump scam and you're aware when the crash is coming, how much of your own money have you invested and are cashing out right now? Or despite being in on the whole thing are you letting thousands sit on the table?

[gaz5]

I've only ever used it to buy drugs and it's worked fine. 
I find the full phenomenon interesting and entertaining. You have individual investors claiming to be doing highly technical market analysis and assessing the value of new software yet they are unable or unwilling to grasp the very simple implication of 70% of all crypto trading volume involving a completely unbacked stable coin. 

Yes Tether is a risk, as has been acknowledged by pretty much everyone in this thread involved in Crypto, myself included.

What you seem unable or unwilling to grasp is that it's an accepted one that falls within our risk tolerance for this asset class allocation.

We get it, you don't like it, burn the crypto witch and you'll continue to throw whatever shite at the wall you can to see what sticks because you don't want to trade in it and because you don't want to anyone else who does is an idiot.

I have no idea what your end goal is because you're certainly not going to discourage anyone on here who is involved, firstly because we've heard your arguments a million times and we know how to pick out the nonsense. And the points you make that are actually valid (like Tether being a risk) we already know and have accepted.

It just comes across incredibly arrogant, this view that you are unquestionably correct in your views and that anyone involved in Crypto at odds with them or accepting of the valid risks you raise are idiots.

Anyway, back to this not a 4 year cycle. You looked at that again yet, I see you've ignored that question twice already?

[Detournement]

1 minute ago, DiegoDiego said:

Mr@Detournement, if this is such an obvious pump & dump scam and you're aware when the crash is coming, how much of your own money have you invested and are cashing out right now? Or despite being in on the whole thing are you letting thousands sit on the table?
 

I'm not interested in investing. I'm a simple guy who works and saves. 

My interest is from a fairly geeky perspective observing a bizarre social phenomena.

I can't really think of anyway you could use knowledge of the Tether scam to make money anyway. The only big winners will be early adopters and the people who own and control the exchanges. 

[Detournement]

@gaz 7

It's not a 'risk' it's a proven fraud. In any regulated market or a market that was mainly constituted by professional brokers it would already have fallen apart. The only reason it hasn't came apart is because the market is made up of individual investors who share a form of magical thinking that has been implanted by MLM tactics. 

The value of Tether and USDC will drop to zero the second that regulation becomes certain. What do you think this will do to the Crypto market?

The other day you said you were going to switch to USDC to take advantage of high interest rates but how exactly do you think that rate can be legitimate?

 

 

[gaz5]

[mention=42808]gaz 7[/mention]
It's not a 'risk' it's a proven fraud. In any regulated market or a market that was mainly constituted by professional brokers it would already have fallen apart. The only reason it hasn't came apart is because the market is made up of individual investors who share a form of magical thinking that has been implanted by MLM tactics. 
The value of Tether and USDC will drop to zero the second that regulation becomes certain. What do you think this will do to the Crypto market?
The other day you said you were going to switch to USDC to take advantage of high interest rates but how exactly do you think that rate can be legitimate?
 
 

Ok, I'll bite.

Show me where it's a "proven fraud".

There's plenty of speculation and plenty of opinion pieces, some of it probably even true, but show me one piece of evidence that shows it's a "proven fraud".

I'm happy to be educated if you know something and can back that with evidence.

Or is this like the "not a 4 year cycle" claim that you can't show is true either?

[jamamafegan]

. If you read critically or even just beyond the hype machine you would know this.

Man, I don’t do either. I’m a simple man. I see Shibe going cheap, I buy Shibe. My stock is currently high. That’s all I care about.

[DiegoDiego]

I'm not interested in investing. I'm a simple guy who works and saves. 

Then you are investing, you're just investing in something that loses 4.9% of its value a year.

[Detournement]

7 minutes ago, gaz5 said:

Ok, I'll bite.

Show me where it's a "proven fraud".

There's plenty of speculation and plenty of opinion pieces, some of it probably even true, but show me one piece of evidence that shows it's a "proven fraud".

I'm happy to be educated if you know something and can back that with evidence.

Or is this like the "not a 4 year cycle" claim that you can't show is true either?

The 4 year cycle claim is unprovable like the existence of god. It's only been around for a decade ffs. 

It is a fraud for the very simple reason that they claimed 1:1 USD:USDT right up until the state of New York forced them to admit this was untrue. They are completely unaudited and have only managed to show 3% cash equivalent and that was just a screenshot of a bank balance. Since then they have printed another 30 billion in 7 months. 

[Genuine Hibs Fan]

2 minutes ago, jamamafegan said:

 

Man, I don’t do either. I’m a simple man. I see Shibe going cheap, I buy Shibe. My stock is currently high. That’s all I care about.

 

And that's fine. But just because you're making money from something doesn't mean it's not a) a scam or b) a highly unethical investment

[Detournement]

Something that has no value can't be cheap.

[gaz5]

The 4 year cycle claim is unprovable like the existence of god. It's only been around for a decade ffs. 
It is a fraud for the very simple reason that they claimed 1:1 USD:USDT right up until the state of New York forced them to admit this was untrue. They are completely unaudited and have only managed to show 3% cash equivalent and that was just a screenshot of a bank balance. Since then they have printed another 30 billion in 7 months. 

Got it, it's not a "proven fraud" as you claimed. Thanks for confirming.

There have been 3 Bitcoin halvings so far. Every cycle has topped and bottomed around these halvings. Yes, we don't have a lot of data, but 100% of the data we do have, over 3 cycles so far, points towards distinct (and lengthening) 4 year cycles around the halvings.

This is quite frankly irrefutable, unlike the existence of God for which no data exists after thousands of years. Your analogy is, quite clearly, disanalogous.

[iron mike python]

2 hours ago, Detournement said:

to USDC to take advantage of high interest rates but how exactly do you think that rate can be legitimate?

 

 

Because there is a high demand for people to borrow. Lending and Borrowing can be done without a middleman in defi, reducing the costs. Think of all the wasted capital that goes into keeping traditional loans/borrowing system going. Think of all the time that is lost in a traditional scenario (time is money). Think of all the bureaucracy that happens in a traditional system.

Instead in Defi you just have to simply trust the open source code. And get good rates. 

[Zetterlund]

8 minutes ago, iron mike python said:

Because there is a high demand for people to borrow. Lending and Borrowing can be done without a middleman in defi, reducing the costs. Think of all the wasted capital that goes into keeping traditional loans/borrowing system going. Think of all the time that is lost in a traditional scenario (time is money). Think of all the bureaucracy that happens in a traditional system.

Instead in Defi you just have to simply trust the open source code. And get good rates. 

I wont hold my breath waiting for @Detournement to ape into TIME.