Crypto Currency Thread (Vol.2)

Crypto Currency Thread (Vol.2)

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Discussion

Blown2CV

26,041 posts

180 months

Saturday 14th May
quotequote all
GT3Manthey said:
tertius said:
Never heard it it but this article does not exactly inspire confidence: https://www.bloomberg.com/news/articles/2021-11-12...

I found the announcement thread on bitcointalk. It’s had 12 comments on it since it started in July 2021 of which only one was not from the OP.
Tks for this .

I’ve been tracking it over the last two weeks but as I said I don’t know too much about it .

My pal is only allowed to withdraw $10k a month although his holdings are ( at current values) worth supposed millions.

He has suggested he could get me involved but at current levels, and given what’s going on elsewhere, I’m not sold on the idea
even not given what's going on elsewhere, you shouldn't be considering it.

The fundamental issue with the democratised/socialised/de-centralised whatever model, removing middle-men, is that the buyer needs to directly trust the seller. If the seller is cleverer at hiding crookedness than the buyer is at spotting crookedness, then this is the st that arises. There is no need for long term, repeat business or some kind of registration and regulation, so you can spin up a scam, execute it and disappear. Or, you could always plan a tried and tested scam and slap the word crypto in front of it. The volume of that st arising is what will kill crypto before it really gets going. Most people aren't very bright.

r3g

122 posts

1 month

Saturday 14th May
quotequote all
Anyone here doing yield nodes?

Mr Whippy

25,489 posts

218 months

Saturday 14th May
quotequote all
Condi said:
RichTT said:
To quote "Those who understand Bitcoin, buy it. Those who don't, talk about it." Saylor.
Someone with a large amount of money invested in something which only ever makes a return if other people are prepared to pay more than he did in "talking own book" shocker!

hehe
Well this is also true of stocks with no dividends too.

As a bond holder in said company at least you might get to raid the stationary cupboard if it goes under.

Apart from that, they’re all just “next willing investor/bag holder” products aren’t they?

RichTT

2,106 posts

148 months

Saturday 14th May
quotequote all
r3g said:
Anyone here doing yield nodes?
I looked in to masternoding and Yield nodes before.

6 month minimum lockup for any deposits
Yielding average of 10% since 2018
Doxxed team (can check Linkedin etc)
Your locked assets can go up and down in price.

The yield is a bit misleading. If you're gaining 10% on a locked deposit that's losing 5% per month then you're not gaining a lot, even with compounding. The locked quantity is converted to various coins that can increase and decrease in value. They've not been through a proper bear market yet although their track history seems fine.

They recently announced that they would be partnering with a government somewhere as a Node provider for some digital infrastructure. It's not clear who that is yet.

DYOR on the coins that they node.

digger_R

1,739 posts

183 months

Saturday 14th May
quotequote all
GT3Manthey said:
tertius said:
Never heard it it but this article does not exactly inspire confidence: https://www.bloomberg.com/news/articles/2021-11-12...

I found the announcement thread on bitcointalk. It’s had 12 comments on it since it started in July 2021 of which only one was not from the OP.
Tks for this .

I’ve been tracking it over the last two weeks but as I said I don’t know too much about it .

My pal is only allowed to withdraw $10k a month although his holdings are ( at current values) worth supposed millions.

He has suggested he could get me involved but at current levels, and given what’s going on elsewhere, I’m not sold on the idea
It looks like a copy and paste of a standard 2017 era scam -

Create exchange/platform - unlock limited amounts at predefined intervals, let the ponzi roll until it gets rugged. If he can 'only' withdraw into their own token or some other asset which he can't immediately sell then its an obvious scam.

If I were him i'd be taking out everything I could as it's likely only a matter of time until it's rugged. Fairly standard pyramid setup IMO. Their website looks better than most of these things do - but that just means they may have gone for a higher tier of client.

https://economictimes.indiatimes.com/markets/crypt...

edited to add: My general rule is that anything that is a personality cult has celeb endorsement is there for one thing - and it's not functionality. Make money while it's there but don't expect it be there tomorrow.

I had another look for the 2 tokens mentioned on their website HCN and HDO - they aren't listed on any recognized crypto asset listing platform such as coinmarketcap.com. Which is a massive red flag.

Edited by digger_R on Saturday 14th May 14:31

gregs656

8,547 posts

158 months

Saturday 14th May
quotequote all
[quote=RichTT]Right. A lot of you seem to be confused about what bitcoin and the bitcoin network is.

You missed my point with all of this.

Condi

13,593 posts

148 months

Saturday 14th May
quotequote all
Mr Whippy said:
Well this is also true of stocks with no dividends too.

As a bond holder in said company at least you might get to raid the stationary cupboard if it goes under.

Apart from that, they’re all just “next willing investor/bag holder” products aren’t they?
Not really no. If you invest in a stocks you are investing in a company. That company buys parts for £10, adds £5 worth of labour and sells it for £20. Even if they don't pay a dividend that profit is reinvested somewhere and makes the value of the business (and therefore your shares) higher.

Bond holders usually have a charge over something, and bonds pay interest.

Bitcoin doesn't pay a dividend, it doesn't pay interest. It has very little utility as a currency and is far too volatile to be used as a store of value.

Luke.

10,343 posts

227 months

Saturday 14th May
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Luna going bonkers right now.

Signed up to Crypo.com for a punt but can't seem to buy it though...

RichTT

2,106 posts

148 months

Saturday 14th May
quotequote all
Luke. said:
Luna going bonkers right now.

Signed up to Crypo.com for a punt but can't seem to buy it though...
It got delisted.

Available on Kucoin or Binance if your really that desperate.

Luke.

10,343 posts

227 months

Saturday 14th May
quotequote all
Thanks.

Condi

13,593 posts

148 months

Saturday 14th May
quotequote all
RichTT said:
Gold doesn't pay a dividend or interest yet it has a $10trillion dollar market cap. The only thing gold has against bitcoin as a store of value is history. In every other aspect bitcoin is better. Divisible, scarce, transportable, immutable, secure.
Gold has utility, in electronics mainly, but also in jewellery. People buy gold to wear it on their wrist or round their neck.

RichTT said:
It's volatile against your currency on a short time frame. It's not volatile if your currency devalues 50% a year or goes to zero in a decade.
Ummmm...... 6 months ago Bitcoin was worth £51,000.....



digger_R

1,739 posts

183 months

Saturday 14th May
quotequote all
Luke. said:
Luna going bonkers right now.

Signed up to Crypo.com for a punt but can't seem to buy it though...
don't walk - run away from crypto.com.

Read about their ponzi card and gtfo.

Condi

13,593 posts

148 months

Saturday 14th May
quotequote all
RichTT said:
And you don't think a secure, decentralised, global transactional network is enough utility for you?

Yes, and just like every other bitcoin maxi I've been buying regularly through the highs and the lows. What's your point? My average buy in isn't 51k.
Not, not really....

Maybe you could explain why bitcoin as a "secure, decentralised global transactional network" has value, above the "secure, centralised global transactional network" we have now - ie SWIFT, PayPal, Western Union, BACS or any other way of moving money. Just saying fancy words means nothing if you can't explain why they are important. Our current financial system is fairly secure - certainly more secure than one which allows anyone with an email address to sign up for an account, yes it's centralised but that is not necessarily a bad thing, or at least I can't see why decentralised is better than centralised anyway, and of course it is already a global network.


What is my point? My point is that you said currency was no use as a store of value if it falls by 50% in a year. Bitcoin has literally fallen by more than 50% in 6 months, so by your own metric Bitcoin is terrible store of value!

Mr Whippy

25,489 posts

218 months

Saturday 14th May
quotequote all
I like bitcoin because you own it.

An address, like a pigeon hole in the vastness of space containing a gold bar, but only you know where it is… no one will ever find it… but you can access it from anywhere and instantly exchange like cash.


So while others would accept it in exchange for goods and services directly, it’s free from dhead government or central bank control.


It’s not there yet. The last time I spent btc I had to jump through more KYC than ever before, wheras in the past I didn’t have to, which is a sad backwards move.


Until people will accept btc directly, so you’re bumping wallets or exchanging cold wallets and not going near the centralised exchanges etc, then a big appeal of bitcoin disappears.



Also while HMRC won’t let you have it as a currency, and treat it like a stock investment, it’s a nightmare to use for anything if you have other big capital gains events on a regular basis, as you have to account for every little bloody btc transaction.


For me, it’s got worse since I bought my btc.

But I bought it 7 years ago so the capital appreciation makes up for it biggrin

gregs656

8,547 posts

158 months

Saturday 14th May
quotequote all
RichTT said:
gregs656 said:
You missed my point with all of this.
You mean this point?

r3g said:
nobody cares about utility or store of wealth arguments. All they care about is the price going up so they can buy lambos and retire.

It's not an investment. It's gambling. You have no clue whether it'll go up or down 40% from one minute to the next. That is decided by the multi-billion dollar hedge funds etc whom you and every other normie has no control over.
No because I didn't say that.

I think what you are missing is that no one cares about the back room stuff. People in the countries you mention don't care about bitcoin in particular, any more than they cared about the US dollar, they just want a stable means of exchange. That isn't a revolution.

Edited by gregs656 on Saturday 14th May 17:55

robscot

1,710 posts

167 months

Saturday 14th May
quotequote all
Luke. said:
Luna going bonkers right now.

In what sense?

Luke.

10,343 posts

227 months

Saturday 14th May
quotequote all
robscot said:
Luke. said:
Luna going bonkers right now.

In what sense?
In the sense it was up 700% on the day.

GT3Manthey

2,161 posts

26 months

Saturday 14th May
quotequote all
digger_R said:
It looks like a copy and paste of a standard 2017 era scam -

Create exchange/platform - unlock limited amounts at predefined intervals, let the ponzi roll until it gets rugged. If he can 'only' withdraw into their own token or some other asset which he can't immediately sell then its an obvious scam.

If I were him i'd be taking out everything I could as it's likely only a matter of time until it's rugged. Fairly standard pyramid setup IMO. Their website looks better than most of these things do - but that just means they may have gone for a higher tier of client.

https://economictimes.indiatimes.com/markets/crypt...

edited to add: My general rule is that anything that is a personality cult has celeb endorsement is there for one thing - and it's not functionality. Make money while it's there but don't expect it be there tomorrow.

I had another look for the 2 tokens mentioned on their website HCN and HDO - they aren't listed on any recognized crypto asset listing platform such as coinmarketcap.com. Which is a massive red flag.

Edited by digger_R on Saturday 14th May 14:31
Each month he sells $10k worth which he transfers into £ and cashes out. For me the idea that i cant liquidate when i want was the first red flag although i says it creates a more stable coin price but how does he know the owner isnt cashing out stacks each month.

I'm with you, i'll not be getting involved but its always worth taking a look and running it into a thread such as this.

Cheers all

Ouroboros

1,243 posts

16 months

Saturday 14th May
quotequote all
So buy BTC don't use it. Funny it was never envisaged as such.

Would be interesting if one day the creater, US government or individual decides to reduce everyones worth overnight by bulk selling. A million BTC is a very powerful tool to have, by an unknown entity.

gregs656

8,547 posts

158 months

Saturday 14th May
quotequote all
RichTT said:
That's a direct quote. So that's exactly what you said.

If millions of people in countries around the world are transacting in bitcoin, or on the lightning network in digital USD to avoid having to use a currency that is inflating to nothing isn't a fukn grassroots revolutionary movement against their own fiat currencies then I'm afraid we're at an impasse. Because obviously we don't speak the same language.

Of course they don't care that it's specifically bitcoin, of course they don't care how it works. But they know it's better than their own currency, it's safe, quick, easy to transfer internally or internationally, useful for big or small transactions and as easy as installing an app on a phone.
It's a direct quote of someone else, though. You seem quite angry.