Bitcoin/cryptocurrency thread

[gaz5]

The above still applies to your latest bait and switch tactic. And it is absolutely not likely to happen to both crypto and stock markets. For all the many, many flaws of the latter, the prospect of a 99% collapse overnight because some Walter Mitty pulled the rug on the fictional 'company' you claim a piece of is not realistic - never mind happening across the board. 
The magnitude and scale of the contagion risk is on an entirely different level for crypto and no amount of either foolish or deliberately obfuscational what about Netflix claims actually cover for this. 
PS: I don't usually write War and Peace efforts like your original post from above, for something that's just a fun wee hobby. 

"bait and switch". Yeah, ok. I've been nothing but consistent as you and your cabal jump from one ignorant misconception to the next.

Even when there's common ground, points of yours that I agree with (and there are many) and I acknowledge them you all just dismiss those and jump to the next thing on your list that has you rage filled about a market you've never placed a trade in.

There's no point in discussing anything with you guys, it's pretty clear that your all pretty happy in your ignorance and not willing to listen to or debate the actual talking points with someone "time served".

Even when you ask for examples from other markets (that I know well as I'm equally as active in them) that you say "never happen" and I give them to you, you just dismiss them and jump in a new direction.

So I'm done trying to give you some insight from someone with actual experience across all the markets, rather than anecdotal hearsay and bias about one from people who have clearly never set foot in it (or maybe you all did and got rekt and that's where your anger comes from, I dunno).

So carry on, you and the rest of your group can continue to think what you want. In the meantime, while your so desperate to be right, I'll carry on not caring whether I'm right or wrong, just that I'm able to make money until all the bubbles pop.

Ultimately, that's my only basis for involvement in equities, crypto and Forex. I don't care about the tech in crypto any more than I care about Chevrons commitment to green energy or the future of the AUS dollar. I only care that they are instruments on which I can make money. And they are.

That none of you can see that is baffling to me, but hey ho.

[BigDoddyKane]

48 minutes ago, virginton said:

No, that's what the bubble participants want you to think. The whole libertarian strand of the crypto world all along was that their products wouldn't be linked to 'something external' that pesky institutions like regulators and nation states could manipulate (from the crypto libertarian view). Which is why some of the self-declared 'stable' coins are already going down with the openly speculative ones. 

I was thinking the external may or may not be something directly linked that external sources like states or regulators can manipulate, It could be anything. Just something that starts to be understood. I doubt any crypto is going to exist in a complete vacuum

Edited May 13, 2022 by BigDoddyKane

[welshbairn]

24 minutes ago, gaz5 said:

So carry on, you and the rest of your group can continue to think what you want. In the meantime, while your so desperate to be right, I'll carry on not caring whether I'm right or wrong, just that I'm able to make money until all the bubbles pop.

Ultimately, that's my only basis for involvement in equities, crypto and Forex. I don't care about the tech in crypto any more than I care about Chevrons commitment to green energy or the future of the AUS dollar. I only care that they are instruments on which I can make money. And they are.

That none of you can see that is baffling to me, but hey ho.

I think some people are mixing you up with BUY THE DIP/HOLD ON FOR DEAR LIFE cultists who frankly look like mugs offering themselves on a plate to exploiters. I can see that it's possible to make money while minimising risk if you put solid hours in and keep a constant eye on fluctuations, and make sure you sell when there are still buyers around. It reminds me of a few years ago on here when matched betting was all the rage, people who put the effort in did make money, enough for a holiday anyway. Didn't last as it relied mainly on bookies introductory offers and when they ran out, other free bets and the like, and bookies started catching on. Tbh I was too lazy to do it, I prefer mug betting where you put a fiver in with a tiny chance of getting a holiday rather than spending 20 hours a week for months making sure of it. If you enjoy what you're doing and aren't risking your house on it, fair play to you.

[Aufc]

The last 50 comments highlight perfectly my previous point about no middle ground with crypto

[vikingTON]

If only there was a respectable centrist position on the benefits of snake oil too!

[Detournement]

All Crypto is is mugs giving scammers fiat money, the scammers giving them electronic tokens and when the mugs all come looking for the fiat they think are due it's long gone.

Obviously some people will have taken profits but that's the big picture. All that is keeping it afloat is the delusion of the people getting scammed. 

[TheScarf]

Isn't it the American Stock Exchange that's taken a hit?  Something which Cryptocurrency trades on?  Netflix isn't Crypocurrency.  Tesco isn't Cryptocurrency and their share price has plummeted.

People saying 'Cryptocurrency is fucked lol' can't see to fathom that everything is taking a hit.

[Satoshi]

35 minutes ago, Detournement said:

All Crypto is is mugs giving scammers fiat money, the scammers giving them electronic tokens and when the mugs all come looking for the fiat they think are due it's long gone.

Obviously some people will have taken profits but that's the big picture. All that is keeping it afloat is the delusion of the people getting scammed. 

Sounds a bit like fiat currency too tbh.

The last decade has seen an extraordinary acceleration in asset prices of almost all classes, the next decade certainly won't be as good.

This is harmful to me as an investor, but very good for society. Only a small proportion of the overall world has any equity, and an even smaller portion any significant equity and they have made off like bandits in the last decade.

House prices will be next to tumble (one of the few asset classes I don't have!)

Vintage wine will be my saviour. One way or the other.

[vikingTON]

2 hours ago, TheScarf said:

Isn't it the American Stock Exchange that's taken a hit?  Something which Cryptocurrency trades on?  Netflix isn't Crypocurrency.  Tesco isn't Cryptocurrency and their share price has plummeted.

People saying 'Cryptocurrency is fucked lol' can't see to fathom that everything is taking a hit.

I don't recall Tesco's stock price falling by 99% literally overnight because their business turned out to be a figment of the imagination m9. 

The stock market is full of short-term speculation and reliably produces crashes, but it resembles a teddy bear's picnic compared to the completely unregulated and utterly devoid of value bubble that is crypto. 

Edited May 13, 2022 by vikingTON

[Detournement]

1 hour ago, TheScarf said:

Isn't it the American Stock Exchange that's taken a hit?  Something which Cryptocurrency trades on?  Netflix isn't Crypocurrency.  Tesco isn't Cryptocurrency and their share price has plummeted.

People saying 'Cryptocurrency is fucked lol' can't see to fathom that everything is taking a hit.

Regular stocks are companies which create products, generate sales etc. Whether or not the prices are realistic there is definitely something which has a value.

The explosion in the Crypto market has been entirely driven by fraudulent stable coins created out of thin air and backed by nothing. Tether printed 1 billion this week which is absolutely ludicrous.

[strichener]

11 hours ago, gaz5 said:

I dont understand your point?

Are you saying Crypto tanked this equities value 9 years BEFORE Bitcoin was invented?

I know I humourously quoted Doc Brown earlier in the thread, but I'm sure you don't mean Crypto jumped in the Delorean and fired it up to 88 miles per hour to tank a company stock before it was even born?
 

I was talking about the recent crash in their price.  Your chart is basically cherry picking.  If you look at the long term chart, this was a bubble stock. 

Now it is little more than a highly leveraged bitcoin front.  Hence why the YTD looks like this

[yoda]

3 hours ago, Aufc said:

The last 50 comments highlight perfectly my previous point about no middle ground with crypto

Here's a middle ground:

It's a speculative "asset" and if you can afford to lose / invest your disposable income in it then go for it. On the other hand, it's still a speculative "asset" and it's not going to be replacing fiat currency for daily transactions let alone overtaking the dollar as a global reserve currency.

In general, the Kool Aid drinking crypto bros are less reasonable than the crypto sceptics. At least in my personal experience.

[vikingTON]

In the long term (assuming no technological shock) I suspect that some form of entirely digital 'currency' will replace fiat currency. But this is like when the French revolutionaries* and every two-bob bank tried printing their own paper credit notes and their value inevitably collapsed.

It is nowhere near mature enough as a system of exchange and the vast majority of the current actors are involved for the wrong reasons. 

 

 

 

 

 

 

* A great bunch of lads, and at least theirs was theoretically tied to the land confiscated during the revolution.

[TheScarf]

3 hours ago, Detournement said:

Regular stocks are companies which create products, generate sales etc. Whether or not the prices are realistic there is definitely something which has a value.

The explosion in the Crypto market has been entirely driven by fraudulent stable coins created out of thin air and backed by nothing. Tether printed 1 billion this week which is absolutely ludicrous.

Yeah I know what they difference is. I’d never buy a fucking penny of Crypto. My point is people only seem to think it’s that which has suffered a crash, when in fact everything has.

[beefybake]

5 hours ago, TheScarf said:

Isn't it the American Stock Exchange that's taken a hit?  Something which Cryptocurrency trades on?  Netflix isn't Crypocurrency.  Tesco isn't Cryptocurrency and their share price has plummeted.

People saying 'Cryptocurrency is fucked lol' can't see to fathom that everything is taking a hit.

The difference being....

that day in day out loads of people buy stuff that they need from Tesco, the company makes big profits,

and Netflix has zillions of paying subscribers for the service they provide. All that's happened is that Netflix have got complacent...,

their rate of increase in subscribers has plateaued, and they're going to have to review some aspects of their subscribing/charging structures.

 

Crypto.....    ???   

Duh. Nil, nothing, zilch.

Edited May 13, 2022 by beefybake

[welshbairn]

3 hours ago, virginton said:

In the long term (assuming no technological shock) I suspect that some form of entirely digital 'currency' will replace fiat currency. But this is like when the French revolutionaries* and every two-bob bank tried printing their own paper credit notes and their value inevitably collapsed.

It is nowhere near mature enough as a system of exchange and the vast majority of the current actors are involved for the wrong reasons. 

 

 

 

 

 

 

* A great bunch of lads, and at least theirs was theoretically tied to the land confiscated during the revolution.

I could see China, Russia, Iran, Venezuela, Afghanistan and much of the developing world getting together to establish a more neutral currency given America's flagrant misuse of their custodianship of the global financial system in recent years, for unilateral ends. This could take a blockchain form but I doubt it will be jpegs of Xi Jinping.

[ICTChris]

 

[topcat(The most tip top)]

 

42 minutes ago, beefybake said:

The difference being....

that day in day out loads of people buy stuff that they need from Tesco, the company makes big profits,

The main difference is that Tesco actually pays regular dividends out to its shareholders. 

 

 

[Thistle_do_nicely]

On 13/05/2022 at 13:16, virginton said:

In the long term (assuming no technological shock) I suspect that some form of entirely digital 'currency' will replace fiat currency. But this is like when the French revolutionaries* and every two-bob bank tried printing their own paper credit notes and their value inevitably collapsed.

It is nowhere near mature enough as a system of exchange and the vast majority of the current actors are involved for the wrong reasons. 

 

 

 

 

 

 

* A great bunch of lads, and at least theirs was theoretically tied to the land confiscated during the revolution.

I was a bit too young to fully grasp it at the time and tbf its probably already touched on somewhere in the thread, but is there a fair like for like comparison with crypto and the dot com bubble?

To me NFT's seem similar to cybersquatters on domain names...

[54_and_counting]

On 13/05/2022 at 15:32, TheScarf said:

Yeah I know what they difference is. I’d never buy a fucking penny of Crypto. My point is people only seem to think it’s that which has suffered a crash, when in fact everything has.

I think it's more the fact that with any actual business etc you can investigate why the crash happened, netflix, tesco whoever

But with crypto, theres absolutely no way to even guess why it crashes other than it did,