Crypto Currency Thread (Vol.2)

Crypto Currency Thread (Vol.2)

Author
Discussion

Herbs

4,833 posts

206 months

Saturday 14th May
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Wrapped Luna is being delisted in the next 2 weeks by Coinbase.

I took a gamble yesterday morning by buying some which so far has paid off but should I be cashing out or letting it run?

I'm financially savvy but a novice when it comes to crypto and its terminalogy.

Thanks for any help

whatxd

339 posts

78 months

Saturday 14th May
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Condi said:
Ummmm...... 6 months ago Bitcoin was worth £51,000.....


The Condi indicator is signalling again, last time it signalled in 2018 I ended up with a couple of Porsches and a renovation project hehe

I wonder if it’s still such a reliable indicator?

r3g

122 posts

1 month

Sunday 15th May
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RichTT said:
No bitcoiner is caring about the price going up or down 40% in the short term.
I don't know what you're smoking dude, but it must be some good sht. Clearly you've never heard of reddit, twitter, youtube or any of the crypto-currency forums. If the price drops more than 10% in a day everyone starts losing their minds, never mind 4x that.

RichTT said:
So to say that nobody cares about its utility or store of value only points to your ignorance on what is happening in the world outside of your sphere of knowledge.
How condescending.

I'm quite confident that if a poll were to be done asking crypto holders their reason for holding the coins/tokens they do :

a) holding because I hope the price will go up and make me a lot of money.
b) holding because of its use case.
c) holding because it's a good store of value.

Apart from the blinkered and arrogant Bitcoin maxis like yourself, I can safely say that everybody else would choose a) without hesitation.

digger_R

1,739 posts

183 months

Sunday 15th May
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RichTT said:
Again, crypto bros, not bitcoiners.

And absolutely anyone, crypto bro or bitcoiner or maxi or jpeg hustler knows that the price can crash 90%. That's their risk reward. If bitcoin maxis are toxic and arrogant its because everyone thinks they come up with something better, and then eventually they all either go to zero, or crash and burn. Because the principles that they are built on emulates the fiat system. Every time there's a crash, more people either leave the space completely, cash out completely, lose everything they've invested. But a growing percentage just become bitcoin maxis.
Sorry Rich but you just sound like someone new who is underwater and has decided to identify as a 'bitcoin maxi'.
Yes, you're learning the hard way, most people have to - but please don't try to pass yourself off as some kind of expert in this stuff. It's obvious you just got into the game and are having your *rse handed to you in $ value. It wasn't long ago you were harping on about how great your defi sh*tcoins were doing etc.

Bitcoin maxi toxicity arrogance is simply down to a complete lack of maturity - so let's not try and dress it up as something holy.
I won't kick you while you're down - but please don't act as if you understood the risk, if you did I'm sure you wouldn't have thrown so much at some of that defi crap. Some of it may come back to previous levels - but who would knowingly want to sit through a 90% draw down! I did try to warn you at $45k, sub $30k was on the cards and have posted numerous times about sh*tcoin bingo.

I'm sure there are many better informed people around who simply won't post in this thread because of the juvenile rants - the place would be a lot better if there were some informed discussion, but maybe it's just not the place for it.

(Almost) Everyone is in this space for the money whether you like it or not - fear and greed ultimately rule the market

If you want to actually profit from it - learn to swing trade properly and you'll make a lot more in $ and bitcoin value long term - that's just my 2 cents.

RichTT

2,106 posts

148 months

Sunday 15th May
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I knew the risk. I got burned on sh*tcoins and defi and all the other influencer promoted crap just like most other people new to the space. 12 months has taught me a lot. I said I was wrong several pages ago. I've admitted I got caught up in the 100k hype frenzy.

Losses I've made in gambling on alts I've written off. It's a learning experience. Move on. It's not like I'm losing my house over it. I'm comfortably averaged in on bitcoin which was always my biggest holding since summer last year and where I will continue to DCA. Other people can chase returns through day trading alts, I probably don't have the tenacity or the time or the mental energy to do so. As a result they'll make more money, fine by me.

Do I believe everything that I've said recently. Absolutely. Have I come across as a raging tw*t to most of the people on here. Absolutely. I won't retract anything that I've said on here although I've gone back and deleted some recent posts, but I'm aware that arguing on an internet forum is probably not good for my mental health.

It's difficult to remain calm when it feels like you're watching the world collapse around you. That comes across here where I can vent and express myself although in hindsight, better not to, it seems.

RichTT said:
edit: for those who I have discussed and argued with over the previous ±12 months on here.

I was wrong on a lot of things. Yields, alts, bots.

I'll happily admit that now.

An opinion can change when presented with contrarian evidence. Mine has.

Self custody, buy bitcoin, hold forever.

Edited by RichTT on Friday 13th May 08:12

r3g

122 posts

1 month

Sunday 15th May
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RichTT said:
I knew the risk. I got burned on sh*tcoins and defi and all the other influencer promoted crap just like most other people new to the space. 12 months has taught me a lot. I said I was wrong several pages ago. I've admitted I got caught up in the 100k hype frenzy.

Losses I've made in gambling on alts I've written off. It's a learning experience. Move on. It's not like I'm losing my house over it. I'm comfortably averaged in on bitcoin which was always my biggest holding since summer last year and where I will continue to DCA.
smile
I find it somewhat amusing that you've been in the crypto 'space' for 12 months and in that time you've done shtcoins, defi and bots and lost money on all those, but now you're suddenly a Bitcoin expert and are preaching to other members about their crypto "ignorance on what is happening in the world outside of [their] sphere of knowledge."

It's generally considered good form to get your own "sphere of knowledge" house in order first, before criticising others.

I wish you the best of luck with your BTC dollar cost averaging. Hopefully your quest for it to take over the world and reach whatever heady figure you saw in the latest Michael Saylor youtube "research" video both come to fruition.

pquinn

3,458 posts

23 months

Sunday 15th May
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Looking around a lot of people got burned hard on Luna, and as you'd expect it's a lot of the same sort who get burned by every scam or bubble in history. Even the 'clever' ones did some very stupid investing. Sad for them but...

Also a lot of pumping trying to get Luna from worthless to slightly less worthless. Some big percentage moves happening but it's still dead junk. Lots of risk in dabbling there. Plus a *lot* of scamming hanging off the back of the situation.

The more interesting moves right now seem to be around Tether and Binance. They've had alarms going off for *ages* but the current Tether redemptions and moves by Binance might be an extra bad sign.

Mr Whippy

25,489 posts

218 months

Sunday 15th May
quotequote all
RichTT said:
I knew the risk. I got burned on sh*tcoins and defi and all the other influencer promoted crap just like most other people new to the space. 12 months has taught me a lot. I said I was wrong several pages ago. I've admitted I got caught up in the 100k hype frenzy.

Losses I've made in gambling on alts I've written off. It's a learning experience. Move on. It's not like I'm losing my house over it. I'm comfortably averaged in on bitcoin which was always my biggest holding since summer last year and where I will continue to DCA. Other people can chase returns through day trading alts, I probably don't have the tenacity or the time or the mental energy to do so. As a result they'll make more money, fine by me.

Do I believe everything that I've said recently. Absolutely. Have I come across as a raging tw*t to most of the people on here. Absolutely. I won't retract anything that I've said on here although I've gone back and deleted some recent posts, but I'm aware that arguing on an internet forum is probably not good for my mental health.

It's difficult to remain calm when it feels like you're watching the world collapse around you. That comes across here where I can vent and express myself although in hindsight, better not to, it seems.

RichTT said:
edit: for those who I have discussed and argued with over the previous ±12 months on here.

I was wrong on a lot of things. Yields, alts, bots.

I'll happily admit that now.

An opinion can change when presented with contrarian evidence. Mine has.

Self custody, buy bitcoin, hold forever.

Edited by RichTT on Friday 13th May 08:12
To be fair I don’t think you need to say you were wrong.

The whole modern economic world is a Ponzi scheme that needs ever more participants and rape of the finite resources we have to remain functional.

What you’ve experienced is a microcosm of a larger problem, and we should all realise we’re here to play the game if we want to maximise our lot in life from a financial perspective.

Sadly we’re either wolves aware of our predicament, or sheep content to be unaware.

The system exists like this purely so a few can skim from the many, and maintain the status quo.


At some point the entire global system may be tested in this regard… and why I think we see the increasingly draconian systems shaping up ready for when it all stops.


So you’re not wrong. You just believed in the hype.
Most of the Western world believes in the hype of the entire economic system which dry shafts them each day.

Seventyseven7

386 posts

46 months

Sunday 15th May
quotequote all
pquinn said:
The more interesting moves right now seem to be around Tether and Binance. They've had alarms going off for *ages* but the current Tether redemptions and moves by Binance might be an extra bad sign.
The the alarms with Binance you're talking of?

r3g

122 posts

1 month

Monday 16th May
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pquinn said:
Looking around a lot of people got burned hard on Luna, and as you'd expect it's a lot of the same sort who get burned by every scam or bubble in history. Even the 'clever' ones did some very stupid investing. Sad for them but...

Also a lot of pumping trying to get Luna from worthless to slightly less worthless. Some big percentage moves happening but it's still dead junk. Lots of risk in dabbling there. Plus a *lot* of scamming hanging off the back of the situation.
They are out with the defibrillators desperately trying to jump start it but not having much success looking at the chart.

I nearly made a fatal error when the blockchain was restarted a couple of days ago. Saw the opportunity to potentially make some quick cash as the price was around $0.0000200. Went onto my Kraken account, sorted out some USD and put an order in for £50. I was just about to submit the order when I noticed something looked odd with the price. $0.08 ! eek If I'd been paying attention I'd have noticed that it was only trading on FTX. I did think about setting up an account but couldn't be arsed. In hindsight I wish I had done it as it went up close to $0.0006 yesterday, which would've been around a 30x if my calcs are right frown .

Gweeds

2,083 posts

29 months

Tuesday 17th May
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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.




Ouroboros

1,242 posts

16 months

Tuesday 17th May
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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

1,975 posts

218 months

Tuesday 17th May
quotequote all
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.

Joey Deacon

5,368 posts

153 months

Tuesday 17th May
quotequote all
Gweeds said:
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

2,083 posts

29 months

Tuesday 17th May
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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

2,161 posts

26 months

Tuesday 17th May
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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

9,806 posts

120 months

Tuesday 17th May
quotequote all

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

Has something happened ?


wisbech

2,226 posts

98 months

Tuesday 17th May
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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

2,161 posts

26 months

Tuesday 17th May
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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

673 posts

161 months

Tuesday 17th May
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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