Detournement Posted January 27, 2022 Share Posted January 27, 2022 On 12/11/2021 at 07:42, mrcat1990 said: a farming strategy with Abracadabra's Degenbox involving looping UST and MIM round and round between Degenbox and Anchor protocol. Silly high yield potentials but not willing to risk it with the lack of auditing. How could moving unbacked digital currencies around create a high yield? Presumably by loaning the same token multiple times? 0 Quote Link to comment Share on other sites More sharing options...
Busta Nut Posted January 28, 2022 Share Posted January 28, 2022 Does anyone make money on these things? All I see is folk being scammed 0 Quote Link to comment Share on other sites More sharing options...
Satoshi Posted January 28, 2022 Share Posted January 28, 2022 9 hours ago, Detournement said: How could moving unbacked digital currencies around create a high yield? Presumably by loaning the same token multiple times? What currencies do you consider to be backed? 14 minutes ago, Busta Nut said: Does anyone make money on these things? All I see is folk being scammed Nope. No one has ever made money on crypto. 1 Quote Link to comment Share on other sites More sharing options...
Kapowzer Posted January 28, 2022 Share Posted January 28, 2022 The marker is cyclical Busta, the gains when its good more often trump the stock market or currency. I've never had a stock 10x from when I bought it within a month. When it's bad (as it's been since early December) the losses can often outstrip the traditional investment opportunities. It's also rare for the same proportion of stocks and currencies to go to zero over a very short period of time. Since this time last year there's been a pretty fast rise to mid May, a massive drop but still now below many people who were new to things entry point and a gradual climb through September till the end of November. It seemed new coins were launching daily fuelled by it being a bit Wild Westy in some parts and the ease to do so. Definite Fear Of Missing Out (FOMO) by many who got involved. Don't compare it to stocks and shares, because it's fruitless. It is its own thing. NFT's and MemeCoins in most instances are tulipmania repeating itself. Some may have a purpose in gaming and gaming coins where they fuel the ecosystem in terms of credit to use/bet/improve etc. may gether traction. Graming crypto was outperforming many others during the good times but has taken a bigger hit in many cases during the bad times. The coins that actually fuel networks, AVAX, FTM, BNB, ETH, etc. are all "relatively" stable and fighting for market adoption. Think of some of them as the VHS/BETAMAX war in the 80's. Bitcoin dominance still drives the market direction and of course whales do too, but that goes on wherever trading happens. Know that collusion is happening behind the scenes for buying and dumping too. John Oliver does a brief overview and its pretty good in his award winning style. There's over 12k coins listed now, plenty of examples that were riding high back 3 months ago have dropped 99%. Trick is finding the ones that go an x250 overnight. Issue is a lot of these inhabit the outer reaches in terms of Market Cap so down in the 5000+ range in coins and no much indicators. You could a lot worse than look back on gaz5's posts on this thread, reference some youtube videos. Like everything its determining who you can trust and who's on it to try inflate what they already have. 0 Quote Link to comment Share on other sites More sharing options...
Satoshi Posted January 28, 2022 Share Posted January 28, 2022 Even advocates of crypto will agree that market manipulation is common. There is no crime against insider dealing in crypto, and it's free money to those in the know. 0 Quote Link to comment Share on other sites More sharing options...
Theroadlesstravelled Posted January 28, 2022 Share Posted January 28, 2022 1 hour ago, Busta Nut said: Does anyone make money on these things? All I see is folk being scammed 0 Quote Link to comment Share on other sites More sharing options...
gaz5 Posted January 28, 2022 Share Posted January 28, 2022 Even advocates of crypto will agree that market manipulation is common. There is no crime against insider dealing in crypto, and it's free money to those in the know.Market manipulation is common in all markets, not just crypto.The only difference is nothing is illegal in Crypto as it's not regulated, whereas in traditionals you can only manipulate in the ways not hindered by illegality.The largest manipulation in all markets it's algo driven. And all markets are driven by Algos. 0 Quote Link to comment Share on other sites More sharing options...
Satoshi Posted January 28, 2022 Share Posted January 28, 2022 1 hour ago, gaz5 said: Market manipulation is common in all markets, not just crypto. The only difference is nothing is illegal in Crypto as it's not regulated, whereas in traditionals you can only manipulate in the ways not hindered by illegality. The largest manipulation in all markets it's algo driven. And all markets are driven by Algos. Slight side note but I remember seeing an article (or documentary) maybe 15 years ago pre great recession where it said those developing the algorithmns for algo trading weren't really traders in the traditional sense but rather PHDs and experts from various mathematical and scientific backgrounds. Previously, the smartest among us would have been getting humans to the moon or curing cancer and now they were trying to figure out ways to move nanoseconds faster than large pension funds when it comes to investing (and doing so because it made them fabulously wealthy). It's fair, if a bit of a depressing reflection of what society values. The excellent documentary on the BBC which just started covers how the rich won the last decade since the financial crisis. Which is undoubtedly true, despite a populist and nationalistic pivot in these years virtually every major country and politican both bows to and favours markets versus any other concern. Not only did those who own equity triumph recently I can only see this doubling down in the next decade (and indeed beyond as market access improves). And crypto will be a part of it. Despite the healthy skepticism on here you will find very serious commentators who think it's an asset that will disappear in the short term (and any who do have probably had that prediction running for 10 years). 0 Quote Link to comment Share on other sites More sharing options...
morrison Posted January 28, 2022 Share Posted January 28, 2022 This is long, but a good watch. More an attack on NFTs than crypto, but definitely a bit of both. Obviously those involved will dismiss it & those not will agree, such is the nature of the world these days. 4 Quote Link to comment Share on other sites More sharing options...
topcat(The most tip top) Posted January 28, 2022 Share Posted January 28, 2022 This is long, but a good watch. More an attack on NFTs than crypto, but definitely a bit of both. Obviously those involved will dismiss it & those not will agree, such is the nature of the world these days.It’s a well made piece and it’s in chapters so you don’t need to watch it all in one sitting although I got hooked and binged it.My impression of blockchain a decade ago was that it was a clever solution in search of a problemI’m no longer so sure about the “Clever” bit 0 Quote Link to comment Share on other sites More sharing options...
Theroadlesstravelled Posted January 28, 2022 Share Posted January 28, 2022 Anyone who buys Crypto should really know the basic truth that it’s volatile and they could easily lose money. It’s not a get rich quick scheme. Anyone who sinks their life savings into it thinking they’ll become a millionaire in a year is a moron. NFT bros are just ridiculous. 1 Quote Link to comment Share on other sites More sharing options...
wastecoatwilly Posted January 31, 2022 Share Posted January 31, 2022 Started trading about a year ago made some dosh on Bitcoin and Ethe, now it's easier to trade the mining companies like MARA. Don't have any bitcoin any more but still have ETHE and ADA, El Salvador has adopted Bitcoin as their currency. 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted January 31, 2022 Share Posted January 31, 2022 Sad to see... 1 Quote Link to comment Share on other sites More sharing options...
Detournement Posted January 31, 2022 Share Posted January 31, 2022 Most of the celebrities probably have very little idea what they are promoting and are put up to it by their agents. The focus is on NFTs now because BTC and other coins aren't attracting greater fools with fiat anymore so the whales need the NFT cash flowing through ETH to help them cash out. All the 'Air Drop' magic beans getting exchanged for ETH is also part of the scam. 0 Quote Link to comment Share on other sites More sharing options...
Miguel Sanchez Posted January 31, 2022 Share Posted January 31, 2022 Footballers back in the day usually put their money (or had their money put into) film production schemes. Seems like NFTs are replacing them, only this new scheme is rich, influential people adding a guise of legitimacy to something most of the people they're marketed to won't understand. At least the replies to the footballers doing this are almost completely critical. 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted January 31, 2022 Share Posted January 31, 2022 something most of the people they're marketed to won't understandI think you're doing a disservice to most people there. It's clearly marketed as a collectible and I think people know what that's all about. Unless you're using a very loose definition of understand as in "I don't understand how my phone works because I don't have a degree in electrical engineering" way. -2 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted January 31, 2022 Share Posted January 31, 2022 (edited) 43 minutes ago, DiegoDiego said: I think you're doing a disservice to most people there. It's clearly marketed as a collectible and I think people know what that's all about. Unless you're using a very loose definition of understand as in "I don't understand how my phone works because I don't have a degree in electrical engineering" way. I think most people following the link to the website won't have a clue what they're looking at or even the price. https://market.sportenft.com/collections/andy-robertson-standard-nft?utm_source=socialpost&utm_medium=andy Edited January 31, 2022 by welshbairn 0 Quote Link to comment Share on other sites More sharing options...
Miguel Sanchez Posted January 31, 2022 Share Posted January 31, 2022 4 minutes ago, DiegoDiego said: I think you're doing a disservice to most people there. It's clearly marketed as a collectible and I think people know what that's all about. Unless you're using a very loose definition of understand as in "I don't understand how my phone works because I don't have a degree in electrical engineering" way. Tell you what: You find a historical example of a small group of people trying to sell something to a much larger, poorer target audience which doesn't have the end goal of making the first group richer at the expense of the latter and I'll go buy all of Robbo's sporty cards. 2 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted January 31, 2022 Share Posted January 31, 2022 Tell you what: You find a historical example of a small group of people trying to sell something to a much larger, poorer target audience which doesn't have the end goal of making the first group richer at the expense of the latter and I'll go buy all of Robbo's sporty cards.Well that's practically every business, no? I don't see you up in arms about Tennent's Lager. -2 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted January 31, 2022 Share Posted January 31, 2022 16 minutes ago, DiegoDiego said: Well that's practically every business, no? I don't see you up in arms about Tennent's Lager. You don't have to put an auction bid in to buy a pint of T, and have some understanding of complex market. 0 Quote Link to comment Share on other sites More sharing options...
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