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Cryptocurrency thread


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Member · Posted
4 hours ago, MrWunderful said:

If BTC goes to 40$, im dropping 10k on it

Lol, my BitcoinTalk signature is a personal quote on the forum from 2011. Something like…

”If bitcoin drops back below $3.50, I plan on making a sizable purchase.”

It never did and that’s why I never bought 2-3,000 of them. 😕

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Member · Posted

Ultimately, the logic of cryptocurrency, or at least the logic of the sorts of people buying it and how it exists in its current state, are that it will inevitably crash in value over a long enough period of time.

The VAST majority of the people who bought these coins did so as a lottery ticket, with the hope and expectation that they would be able to cash out after making extraordinary gains. VERY few people actually have any interest whatsoever in the use value of the "coins", and they only buy and hold them for the purpose of making money. I mean REAL money here, hard US fiat.

The obvious problem is that the "value" of the coins on paper is VASTLY in excess, and I mean MANY orders of magnitude higher than the amount of ACTUAL money in the system. So it is absolutely and completely and utterly impossible for all the supposed "gains" of the currencies to be realised. The SOLE reason most people are invested in the first place, to be able to sell and make a fortune is actually fully impossible, and any attempt to realise it leads to an exponential devaluing of the currency as people attempt to "realise" their "gains".

 

Bitcoin never WAS worth 60,000 dollars. If you had one, and sold one at the top for that much, well yeah you could have probably have converted it into USDT and then into actual cash. But if too many people followed suit, the liquidity would dry up SUPER fast, like a TINY fraction of the total Bitcoin in the market could ever realistically have ever converted into 60K USD. After that, it's it's panic selling at ever larger discounts straight to the bottom... There was never the money there that people thought they had in the first place, it was ALWAYS an illusion.

Cryptocurrencies, in their current form, gain value from money pumped into the system from outside. The gullible schmucks who put in their covid checks in 2020 and 2021, and then continued to put in their paychecks each month, as well as their life savings. THAT is where all that magical money came from, that's where all those "gains" came from. People paying in to the system, there is no actual value there, it's robbing Peter to pay Paul.

Now, Paul has been paid, Peter has been robbed, and the numbers on the screen have been revealed as just that, numbers. It was NEVER possible for "ALL OF US TO MAKE IT", because there was very little ACTUAL money to make, at least not for the VAST majority of people "invested".

Hold, diamond hands, the moon. All lies to make the dumbest people leave their cash on the table for as long as possible, so Paul could slip it into his own pocket. Now the money is gone, and the bigger fool has been revealed. 

Could it come back? I'm thinking a whole generation of easy money and goodwill has been burned, it's not going to be anywhere NEAR this easy to rope in the marks next time. All the most desperate, dumb and greedy have already been exploited and chewed up and spat out. I think it's going to be a LONG time before we see a significant recovery in the price of Bitcoin specifically (that is if Tether doesn't FUBAR) and in general I think most of crypto in its present form is basically done.

 

They are going to have to find something to actually do with it that isn't just gambling before any true value is possible to generate AND sustain, IMO. And hey, if they DO, maybe I will use a coin or two myself one day, you know, when there's actually a legit REASON to and I'm not going to get hacked and lose my entire lifesavings! 😅

 

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Events Team · Posted
31 minutes ago, OptOut said:

Ultimately, the logic of cryptocurrency, or at least the logic of the sorts of people buying it and how it exists in its current state, are that it will inevitably crash in value over a long enough period of time.

The VAST majority of the people who bought these coins did so as a lottery ticket, with the hope and expectation that they would be able to cash out after making extraordinary gains. VERY few people actually have any interest whatsoever in the use value of the "coins", and they only buy and hold them for the purpose of making money. I mean REAL money here, hard US fiat.

The obvious problem is that the "value" of the coins on paper is VASTLY in excess, and I mean MANY orders of magnitude higher than the amount of ACTUAL money in the system. So it is absolutely and completely and utterly impossible for all the supposed "gains" of the currencies to be realised. The SOLE reason most people are invested in the first place, to be able to sell and make a fortune is actually fully impossible, and any attempt to realise it leads to an exponential devaluing of the currency as people attempt to "realise" their "gains".

 

Bitcoin never WAS worth 60,000 dollars. If you had one, and sold one at the top for that much, well yeah you could have probably have converted it into USDT and then into actual cash. But if too many people followed suit, the liquidity would dry up SUPER fast, like a TINY fraction of the total Bitcoin in the market could ever realistically have ever converted into 60K USD. After that, it's it's panic selling at ever larger discounts straight to the bottom... There was never the money there that people thought they had in the first place, it was ALWAYS an illusion.

Cryptocurrencies, in their current form, gain value from money pumped into the system from outside. The gullible schmucks who put in their covid checks in 2020 and 2021, and then continued to put in their paychecks each month, as well as their life savings. THAT is where all that magical money came from, that's where all those "gains" came from. People paying in to the system, there is no actual value there, it's robbing Peter to pay Paul.

Now, Paul has been paid, Peter has been robbed, and the numbers on the screen have been revealed as just that, numbers. It was NEVER possible for "ALL OF US TO MAKE IT", because there was very little ACTUAL money to make, at least not for the VAST majority of people "invested".

Hold, diamond hands, the moon. All lies to make the dumbest people leave their cash on the table for as long as possible, so Paul could slip it into his own pocket. Now the money is gone, and the bigger fool has been revealed. 

Could it come back? I'm thinking a whole generation of easy money and goodwill has been burned, it's not going to be anywhere NEAR this easy to rope in the marks next time. All the most desperate, dumb and greedy have already been exploited and chewed up and spat out. I think it's going to be a LONG time before we see a significant recovery in the price of Bitcoin specifically (that is if Tether doesn't FUBAR) and in general I think most of crypto in its present form is basically done.

 

They are going to have to find something to actually do with it that isn't just gambling before any true value is possible to generate AND sustain, IMO. And hey, if they DO, maybe I will use a coin or two myself one day, you know, when there's actually a legit REASON to and I'm not going to get hacked and lose my entire lifesavings! 😅

 

You forgot to mention that this is not financial advice.

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Member · Posted
1 hour ago, OptOut said:

Ultimately, the logic of cryptocurrency, or at least the logic of the sorts of people buying it and how it exists in its current state, are that it will inevitably crash in value over a long enough period of time.

The VAST majority of the people who bought these coins did so as a lottery ticket, with the hope and expectation that they would be able to cash out after making extraordinary gains. VERY few people actually have any interest whatsoever in the use value of the "coins", and they only buy and hold them for the purpose of making money. I mean REAL money here, hard US fiat.

The obvious problem is that the "value" of the coins on paper is VASTLY in excess, and I mean MANY orders of magnitude higher than the amount of ACTUAL money in the system. So it is absolutely and completely and utterly impossible for all the supposed "gains" of the currencies to be realised. The SOLE reason most people are invested in the first place, to be able to sell and make a fortune is actually fully impossible, and any attempt to realise it leads to an exponential devaluing of the currency as people attempt to "realise" their "gains".

 

Bitcoin never WAS worth 60,000 dollars. If you had one, and sold one at the top for that much, well yeah you could have probably have converted it into USDT and then into actual cash. But if too many people followed suit, the liquidity would dry up SUPER fast, like a TINY fraction of the total Bitcoin in the market could ever realistically have ever converted into 60K USD. After that, it's it's panic selling at ever larger discounts straight to the bottom... There was never the money there that people thought they had in the first place, it was ALWAYS an illusion.

Cryptocurrencies, in their current form, gain value from money pumped into the system from outside. The gullible schmucks who put in their covid checks in 2020 and 2021, and then continued to put in their paychecks each month, as well as their life savings. THAT is where all that magical money came from, that's where all those "gains" came from. People paying in to the system, there is no actual value there, it's robbing Peter to pay Paul.

Now, Paul has been paid, Peter has been robbed, and the numbers on the screen have been revealed as just that, numbers. It was NEVER possible for "ALL OF US TO MAKE IT", because there was very little ACTUAL money to make, at least not for the VAST majority of people "invested".

Hold, diamond hands, the moon. All lies to make the dumbest people leave their cash on the table for as long as possible, so Paul could slip it into his own pocket. Now the money is gone, and the bigger fool has been revealed. 

Could it come back? I'm thinking a whole generation of easy money and goodwill has been burned, it's not going to be anywhere NEAR this easy to rope in the marks next time. All the most desperate, dumb and greedy have already been exploited and chewed up and spat out. I think it's going to be a LONG time before we see a significant recovery in the price of Bitcoin specifically (that is if Tether doesn't FUBAR) and in general I think most of crypto in its present form is basically done.

 

They are going to have to find something to actually do with it that isn't just gambling before any true value is possible to generate AND sustain, IMO. And hey, if they DO, maybe I will use a coin or two myself one day, you know, when there's actually a legit REASON to and I'm not going to get hacked and lose my entire lifesavings! 😅

 

I'm still waiting for my Pet.com stocks to make a comeback, any day now I reckon 😆 

Most of these coins and NFTs will be thrown onto the bubble graveyard like beanie babies, tulips, dotcom stocks and so on. Imagine living in El Salvador right now 😟

I sleep soundly at night with my OptCoin. I invested $0 at the start of the year and it hasn't crashed like these other coins. Screen still says $0 😅

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Posted (edited)

The problem with crypto there is way too many now and do they actually have a purpose or do anything? Can you actually buy a slice of pizza with any of them? wasn't the original intent of crypto to replace or supplement paper money with unstable governments. All I see people do with crypto is buy and sell/hold.

Edited by MisterGoomba
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Member · Posted
3 hours ago, MisterGoomba said:

The problem with crypto there is way too many now and do they actually have a purpose or do anything? Can you actually buy a slice of pizza with any of them? wasn't the original intent of crypto to replace or supplement paper money with unstable governments. All I see people do with crypto is buy and sell/hold.

Bingo! This was part of why so got put in 2016. I got into crypto because I thought it was the future.  “Money”, defined by clear rules but Bitcoin was trash as a piece of software but an amazing starting point.

The early years of innovation were good but features kept getting duct taped to the blockchain and it wasn’t features that could legit replace cash.

I still think it could happen, but it may take a few more crash cycles before people get tired of the unneeded cruff like NFTs and DAPs.

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Member · Posted
On 5/11/2022 at 8:26 PM, RH said:

Lol, my BitcoinTalk signature is a personal quote on the forum from 2011. Something like…

”If bitcoin drops back below $3.50, I plan on making a sizable purchase.”

It never did and that’s why I never bought 2-3,000 of them. 😕

You missed a gamble. Just like not buying Apple stock or whatever 🤷‍♀️ 

I also missed it, but this is one category out of dozens when it comes to making money exponentially. When it comes to the opportunities to lose as well, I've learned to stay away from everything. Hindsight's always 20/20. 

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Member · Posted
Posted (edited)
11 hours ago, Link said:

You missed a gamble. Just like not buying Apple stock or whatever 🤷‍♀️ 

I also missed it, but this is one category out of dozens when it comes to making money exponentially. When it comes to the opportunities to lose as well, I've learned to stay away from everything. Hindsight's always 20/20. 

And I get this, 100%.  My past experience hasn't taught me to pursue potential opportunities that may explode x1000.   In fact, I'm quite conservative with what I do invest, especially my IRAs and 401k.  Loosing the big opportunities, in  a sense, has made me care more about preserving what I have.  BTC has gone from literally being as low as about $.05 when it was listed on the earliest exchanges (which was a few months before I learned about it) to being worth tens of thousands of dollars, but I've also seen a lot of people lose a LOT of money going big into some alt-coins.  I don't look at my past experience with to much disappointment.  Instead, crypto allowed me to pay off my house mortgage, have some fun with the wife and kids, put a little away into saving AND gave me a nice kick-start to my game collecting back in 2016.  Sure, I'm not worth +$10m but if I stay focused on that, I miss out on the fact that I actually was quite blessed with my experience.  I have a reasonable job and without that former crypto experience, I'd probably still have a mortgage and my collection wouldn't be 1/4th the size it is now. That's not something to look at and feel disappointed about, just because something else could have been.

Edited by RH
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Member · Posted
19 hours ago, RH said:

Instead, crypto allowed me to pay off my house mortgage, have some fun with the wife and kids, put a little away into saving AND gave me a nice kick-start to my game collecting back in 2016.  Sure, I'm not worth +$10m but if I stay focused on that, I miss out on the fact that I actually was quite blessed with my experience.  I have a reasonable job and without that former crypto experience, I'd probably still have a mortgage and my collection wouldn't be 1/4th the size it is now. That's not something to look at and feel disappointed about, just because something else could have been.

Yeah, that's a pretty decent ride in my book, especially paying off the house. 

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Member · Posted
On 5/11/2022 at 9:26 PM, RH said:

Lol, my BitcoinTalk signature is a personal quote on the forum from 2011. Something like…

”If bitcoin drops back below $3.50, I plan on making a sizable purchase.”

It never did and that’s why I never bought 2-3,000 of them. 😕

I wish I had found about bitcoin earlier than I did. I didn't really have it explained to me until mid 2020 and I still didn't quite understand it without doing some more research. I finally bought in around $14k in the fall of 2020, but it would have been less than half of that if I had gotten in just a few months earlier. I still keep buying in small amounts when I can, but I feel pretty good about what I've already got.

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Member · Posted

Tether is under SERIOUS pressure, could collapse imminently....

image.png.9f4012f72eb2cf088eb0f9803f4235fe.png

That's the market cap of Tether over the last week, 8 BILLION dollars of liquidity has been withdrawn in just the last week... Although actually that's technically not correct...

They stopped updating the figures 3 days ago... By now the number could easily be in excess of TEN BILLION USD fleeing the Tether liquidity pool. Good chance they are doing EVERYTHING in their power to stop the flood of capital leaving their system, and they are trying to prevent a full scale bank run by hiding the figures.

 

No fucking WAY they have the money to liquidate every single Tether no fucking WAY! Likely they are already in trouble liquidating what they have done.

If you are in Tether, get out NOW, at least temporarily until this bank run is over. If you don't take your money out of Tether now, there may be none left when you do.

There is blood in the water already, this shit is about to go thermonuclear IMO😬

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Administrator · Posted
18 minutes ago, OptOut said:

Tether is under SERIOUS pressure, could collapse imminently....

image.png.9f4012f72eb2cf088eb0f9803f4235fe.png

That's the market cap of Tether over the last week, 8 BILLION dollars of liquidity has been withdrawn in just the last week... Although actually that's technically not correct...

They stopped updating the figures 3 days ago... By now the number could easily be in excess of TEN BILLION USD fleeing the Tether liquidity pool. Good chance they are doing EVERYTHING in their power to stop the flood of capital leaving their system, and they are trying to prevent a full scale bank run by hiding the figures.

 

No fucking WAY they have the money to liquidate every single Tether no fucking WAY! Likely they are already in trouble liquidating what they have done.

If you are in Tether, get out NOW, at least temporarily until this bank run is over. If you don't take your money out of Tether now, there may be none left when you do.

There is blood in the water already, this shit is about to go thermonuclear IMO😬

HODL! DIAMOND HAMS!

Wild West Lol GIF by Justin Gammon

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Administrator · Posted
Just now, Brickman said:

@Gloves did you lose some sort of bet? I keep thinking OptOut is talking to himself with your user icon.

Nope, just been looking for excuses to use my way too expensive drawing tablet lately, and was inspired. Figured it would make a fun avatar for a bit!

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Member · Posted
4 hours ago, OptOut said:

Tether is under SERIOUS pressure, could collapse imminently....

image.png.9f4012f72eb2cf088eb0f9803f4235fe.png

That's the market cap of Tether over the last week, 8 BILLION dollars of liquidity has been withdrawn in just the last week... Although actually that's technically not correct...

They stopped updating the figures 3 days ago... By now the number could easily be in excess of TEN BILLION USD fleeing the Tether liquidity pool. Good chance they are doing EVERYTHING in their power to stop the flood of capital leaving their system, and they are trying to prevent a full scale bank run by hiding the figures.

 

No fucking WAY they have the money to liquidate every single Tether no fucking WAY! Likely they are already in trouble liquidating what they have done.

If you are in Tether, get out NOW, at least temporarily until this bank run is over. If you don't take your money out of Tether now, there may be none left when you do.

There is blood in the water already, this shit is about to go thermonuclear IMO😬

This Is Fine GIF

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