Crypto Currency Thread (Vol.2)

[Ouroboros]

BTC is a mcguffin, the stone in the soup tail.

It is there as whatever the latest trend reasoning behind the devotees is. It has been so many things, even talk of hitting a million, move the dot...

But the reality the price has been boosted by stable coins leveraged at 3-5 times the actual dollar amount. Add in coins made billions from nothing you have a soup of money swirling around. People believe in nothing,Baka religion it is not hard for people to believe in BTC as the answer to everything.

[moonigan]

Gweeds said:

https://www.currentaffairs.org/2022/05/why-this-co...

“Despite being hyped in expensive Super Bowl ads, cryptocurrency is now having a difficult moment. As the New York Times reports, “the crypto world went into a full meltdown this week in a sell-off that graphically illustrated the risks of the experimental and unregulated digital currencies.” One of cryptocurrency’s most vocal skeptics is Nicholas Weaver, senior staff researcher at the International Computer Science Institute and lecturer in the computer science department at UC Berkeley. Weaver has studied cryptocurrencies for years. Speaking with Current Affairs editor-in-chief Nathan J. Robinson, Prof. Weaver explains why he views the much-hyped technology with such antipathy. He argues that cryptocurrency is useless and destructive, and should “die in a fire….”

Pretty much every ‘benefit’ touted in the PR lines trotted out in this thread are dismantled one by one.

And this chap has likely forgotten more than most people know.

It was an interesting read, enlightening.

[anonymous-user]

Gweeds said:

https://www.currentaffairs.org/2022/05/why-this-co...

I have been following Crypto on and off for about 8 years now and these are basically the same conclusions I came to. I am amazed it hasn't imploded as yet and that there are enough FOMO suckers to keep the whole Ponzi scheme turning over.

As I said years ago, a solution looking for a problem, it's useless as an actual currency, and blockchain despite the hype has not been used for anything.

I wish people could admit that it solely used as a means of transferring dodgy money and buying the tokens is no different to gambling at the casino.

As for NFTs, I don't even know where to start.

[Gweeds]

The quote that’s always stated with me, from a forensic accountant I read something by:

There’s nothing that crypto does that can’t be done just was well using what we already have, except crime.

[GT3Manthey]

GT3Manthey said:

Total novice here so apologies in advance but , does anyone know anything about Himalaya Exchange ?

Pal of mine invested from the outset at almost zero as he’s connected to the company and now the ‘coin’ is trading at 44.

He can sell a small amount each month and relative to what’s going on elsewhere the coin seems stable .

Question is , will this end up being another coin base situation ?

Tks in advance and once again I’m totally new to this !

Meanwhile the price of this coin remains stable which i don’t understand?

[Jon39]

Most unusual.
There was only one post in this topic yesterday.

Has something happened ?

[wisbech]

Gweeds said:

The quote that’s always stated with me, from a forensic accountant I read something by:

There’s nothing that crypto does that can’t be done just was well using what we already have, except crime.

Even then, as people are finding out, unless you are very careful about your on/off-ramps, the fact that crypto stores all the transaction data can make it easier for you to be tracked down and linked. E.g. the people busted for buying child porn using crypto, because the feds just subpoenaed the exchanges to see who had bought the relevant BTC.

So a double edged result - if they had had to use their credit cards/ bank accounts direct, they wouldn't have bought the porn, but then they wouldn't have been busted

[GT3Manthey]

Jon39 said:

Most unusual.
There was only one post in this topic yesterday.

Has something happened ?

Not that I’m aware of but I mentioned it last week as a mate is involved and I was tempted but with all else going on I’ve left it .

Owners of coins can only sell 10k$ a month so maybe that keeps a stable coin price

[SarlechS]

looking to rebalance some of my portfolio, i made some profits in some of the meme coins and am looking to move this into something a bit more stable but with potential to grow. Most of my asset is allocated across layer 1's

I'm thinking of investing in either DOT or SOL, which do you guys think has more long term potential? I've done a fair bit of reading but the projects are so different i'm finding it hard to know where to place my money

[WY86]

SarlechS said:

looking to rebalance some of my portfolio, i made some profits in some of the meme coins and am looking to move this into something a bit more stable but with potential to grow. Most of my asset is allocated across layer 1's

I'm thinking of investing in either DOT or SOL, which do you guys think has more long term potential? I've done a fair bit of reading but the projects are so different i'm finding it hard to know where to place my money

Hmm SOL is a tricky one and not one i am personally a fan of mainly due to lying about how many tokens was in existence also very heavily VC backed meaning prime for a rug pull if it did surge in price. It also has more down time than Santa Claus.

Personally I like Quant which I think has more potential, I have also loaded up on a load of Layer 2 solutions such as LRC and Matic Polygon, Once Zksync release a token i will be purchasing that as well.

[digger_R]

WY86 said:

SarlechS said:

looking to rebalance some of my portfolio, i made some profits in some of the meme coins and am looking to move this into something a bit more stable but with potential to grow. Most of my asset is allocated across layer 1's

I'm thinking of investing in either DOT or SOL, which do you guys think has more long term potential? I've done a fair bit of reading but the projects are so different i'm finding it hard to know where to place my money

Hmm SOL is a tricky one and not one i am personally a fan of mainly due to lying about how many tokens was in existence also very heavily VC backed meaning prime for a rug pull if it did surge in price. It also has more down time than Santa Claus.

Personally I like Quant which I think has more potential, I have also loaded up on a load of Layer 2 solutions such as LRC and Matic Polygon, Once Zksync release a token i will be purchasing that as well.

Personally DOT is the only holding I've kept since 2020 - everything else was sold.
I'm eyeing some SOL as well - only as a swing trade vs BTC to accumulate more BTC but I'll look for a 'safe' entry on anything I'm going to speculate on

[g4ry13]

digger_R said:

WY86 said:

SarlechS said:

looking to rebalance some of my portfolio, i made some profits in some of the meme coins and am looking to move this into something a bit more stable but with potential to grow. Most of my asset is allocated across layer 1's

I'm thinking of investing in either DOT or SOL, which do you guys think has more long term potential? I've done a fair bit of reading but the projects are so different i'm finding it hard to know where to place my money

Hmm SOL is a tricky one and not one i am personally a fan of mainly due to lying about how many tokens was in existence also very heavily VC backed meaning prime for a rug pull if it did surge in price. It also has more down time than Santa Claus.

Personally I like Quant which I think has more potential, I have also loaded up on a load of Layer 2 solutions such as LRC and Matic Polygon, Once Zksync release a token i will be purchasing that as well.

Personally DOT is the only holding I've kept since 2020 - everything else was sold.
I'm eyeing some SOL as well - only as a swing trade vs BTC to accumulate more BTC but I'll look for a 'safe' entry on anything I'm going to speculate on

I'm always buying DOT whenever I top up more.

My plan is to get to holding a million DOT tokens (it's a plan! - probably not a possibility )

[Al Gorithum]

Gweeds said:

https://www.currentaffairs.org/2022/05/why-this-co...

“Despite being hyped in expensive Super Bowl ads, cryptocurrency is now having a difficult moment. As the New York Times reports, “the crypto world went into a full meltdown this week in a sell-off that graphically illustrated the risks of the experimental and unregulated digital currencies.” One of cryptocurrency’s most vocal skeptics is Nicholas Weaver, senior staff researcher at the International Computer Science Institute and lecturer in the computer science department at UC Berkeley. Weaver has studied cryptocurrencies for years. Speaking with Current Affairs editor-in-chief Nathan J. Robinson, Prof. Weaver explains why he views the much-hyped technology with such antipathy. He argues that cryptocurrency is useless and destructive, and should “die in a fire….”

Pretty much every ‘benefit’ touted in the PR lines trotted out in this thread are dismantled one by one.

And this chap has likely forgotten more than most people know.

Very illuminating - thank you! Kinda glad my spidey senses have kept me away so far. I wonder how many of the self appointed experts on this thread really do know what's going on?

[Mr Whippy]

What do you mean “what’s going on?”

Nasdaq tech heavy index is taken a battering.

IPO and other hypey speculative stuff has sunk more than crypto total market cap.


Crypto space is heavily speculative and hypey and 99% of actual coins are probably pump/dump and pyramid schemes etc, or at best a vain hope to become ‘the one’ one day, somehow, which one might… but you’d have to buy into literally everything just to make sure you’re exposed but without having to do DD on thousands of products… which ironically is why there is so much money in them all. Hope.


But really the only crypto anyone should and could take seriously is BTC and ETH.

As I’ve said again and again, any “winning” feature would be adopted by bitcoin and thus with its intrinsic existing value would be very likely to usurp any competitor.

But it’s very likely at this point there is less opportunity for crazy gains.


I’m amazed people expect more from this space… like it was going to pay out mega returns risk free ish forever.

I’d argue at this time it’s quite matured and unlikely to see any new offering suddenly, sustainably, do something amazingly new.

[WY86]

Mr Whippy said:

What do you mean “what’s going on?”

Nasdaq tech heavy index is taken a battering.

IPO and other hypey speculative stuff has sunk more than crypto total market cap.


Crypto space is heavily speculative and hypey and 99% of actual coins are probably pump/dump and pyramid schemes etc, or at best a vain hope to become ‘the one’ one day, somehow, which one might… but you’d have to buy into literally everything just to make sure you’re exposed but without having to do DD on thousands of products… which ironically is why there is so much money in them all. Hope.


But really the only crypto anyone should and could take seriously is BTC and ETH.

As I’ve said again and again, any “winning” feature would be adopted by bitcoin and thus with its intrinsic existing value would be very likely to usurp any competitor.

But it’s very likely at this point there is less opportunity for crazy gains.


I’m amazed people expect more from this space… like it was going to pay out mega returns risk free ish forever.

I’d argue at this time it’s quite matured and unlikely to see any new offering suddenly, sustainably, do something amazingly new.

I am not disagreeing with the majority of your post but there is always evolution in any field.. crypto is no different to that.

I do think there are some Crypto projects out there that will gain more popularity especially on the ETH blockchain as every one complains about high gas fees which Layer 2 solutions solve.

Bitcoin in my eyes also has the trendy factor that helps keep its price high. I suspect a lot of people bought it because of the high price as a sort of status symbol
To go along with their Tesla Model X.

[dimots]

WY86 said:

I suspect a lot of people bought it because of the high price as a sort of status symbol
To go along with their Tesla Model X.

Are you high?

[WY86]

dimots said:

Are you high?

No… it became a status symbol to some, to show off. no different to owning gold chains or diamonds.

[r3g]

Mr Whippy said:

Crypto space is heavily speculative and hypey and 99% of actual coins are probably pump/dump and pyramid schemes etc, or at best a vain hope to become ‘the one’ one day, somehow, which one might… but you’d have to buy into literally everything just to make sure you’re exposed but without having to do DD on thousands of products… which ironically is why there is so much money in them all. Hope.

Good comment here from Whippy imo, I agree. I've been bouncing around BTC and alts for many years but not made any life-changing amounts. I don't quite know why it took me so long to realise all the top crypto youtube channels I'd been following for years didn't have a clue either! For the most part they just load up on a bag of something then put out a video with some questionable statements about how it could do 100x and their million subscribers all wade in and pump the price, at which point the content creator cashes out with his easy 2x and starts making his next video. It's all so obvious once you take your blinkers off.

I stick to the full-on degen ponzi stuff and make decent amounts (Grape Finance, Drip, The Tavern, Comb Financial, OHM (eh, say no more about that ), Thor nodes and several others like Chikn game and Animal farm) but none of these will last and the proverbial rug will receive a pulling at some point. Not projects for the faint-hearted as there's a very high chance you'll lose all your money, your shirt, your house, your wife and your dog if you don't know what you're doing!

I'm just mulling whether to dump £10k into Yield Nodes and $2k into Swapnex. 6 month lock-up for Yield Nodes but they've been delivering for nearly 3 years now at 8% per month. 4 month lock-up for Swapnex and there's plenty online about this being a ponzi with nothing backing it so I'm under no illusions, but I've seen videos of people making their ROI in about 2 months so if it lasts that long you're then playing with house money. Gotta play the game if you want a chance of winning!

[g4ry13]

dimots said:

WY86 said:

I suspect a lot of people bought it because of the high price as a sort of status symbol
To go along with their Tesla Model X.

Are you high?

Are you telling me you don't wear your cold storage wallet as a medallion?!

[Mr Whippy]

WY86 said:

I am not disagreeing with the majority of your post but there is always evolution in any field.. crypto is no different to that.

I do think there are some Crypto projects out there that will gain more popularity especially on the ETH blockchain as every one complains about high gas fees which Layer 2 solutions solve.

Bitcoin in my eyes also has the trendy factor that helps keep its price high. I suspect a lot of people bought it because of the high price as a sort of status symbol
To go along with their Tesla Model X.

Just think about ETH and BTC.

Could everyone just ‘move’ to the other? Nope.

There is no intrinsic value, so a run for the ‘winner’ is impossible.

So vested interests will always try preserve the investment.

I believe BTC will just do what it needs to survive relative to its peers.


I’m sure some kind of contracts on Lightning on BTC is already a thing, so those ETH functions are coming to BTC blockchain.

The winners will begin to be the ones with a less volatile price so you don’t mind holding your money in it.

The winners will stop going up forever quite so fast, the products are maturing.



Of course, as noted, there will be plenty of wolves and sheep in this space and big gains to be had by those inclined.

Personally I’m happy to not be part of those things because ultimately I’m making my money off someone likely to not have much and they’re losing it to me in desperation or greed.


I’m still hoping btc takes a dip to £10,000 or £5,000 ish then I’ll top up a bit.

But for now I’m just holding what I bought in 2015 and just taking small extra profits each time it goes high.