Crypto Currency Thread (Vol.2)

[digger_R]

just looks like an very badly written lazy article -
"Having seen his investment supposedly grow to $100,000 he took out two bank loans after being told he’d have to pay an upfront 20pc commission fee to withdraw the money."

No legit platform asks you for 20% commission to withdraw. The article looks intentionally written to scare people - if they had even an ounce of journalistic integrity, they would at least name the platform rather than the woe is me, I've lost it all...

Reading between the lines, it looks like a dodgy platform and it feeds the fears of the inexperienced/uneducated.

I still find it funny how the naysayers simply want to say I told you so rather than educate themselves (even a little).
There are some very smart, profitable people around here who would be happy to share some knowledge - it just seems as though a bunch of grumpy old men are just desperate to tell everyone they were right for not catching any of a 10 year parabolic advance in prices.

[moonigan]

Greater fool theory strikes again. A token called MonkeyPoxInu has to be a scam doesn't it? Even so, millions of $ was pumped into it and then poof, just like that, it was all gone.

https://twitter.com/CryptoWhale/status/15288336989...

[WY86]

moonigan said:

Greater fool theory strikes again. A token called MonkeyPoxInu has to be a scam doesn't it? Even so, millions of $ was pumped into it and then poof, just like that, it was all gone.

https://twitter.com/CryptoWhale/status/15288336989...

never heard of it, can't find any record of it even existing, it did not exist according to the comments

[Condi]

digger_R said:

I still find it funny how the naysayers simply want to say I told you so rather than educate themselves (even a little).

Any question you ask gets different answers from the "knowledgeable, profitable people".

When I posted the article yesterday about Andrew Bailey's comments, in 2 consecutive replies, one person said that blockchain was the important bit, and that crypto currency wasnt the selling point, and a second who said that the entire financial system was going to implode and crypto was going to take over.

WY86 said:

Well Condi, you will know very well that i keep saying not all crypto is aimed at replacing currency. I have also mentioned how i am more interested in advancing blockchains, now as he states blockchains are very important, yet you gloss over that part and only focus on the crypto as currency part.

dimots said:

Meanwhile, bitcoin has built a secure unhackable public ledger that is secured ever further by the proof of work that goes into creating it. It does everything banks are supposed to do, it is totally secure and we can SEE THE MONEY! It's not an inflatable bouncy castle that never gets any bigger or bouncier no matter how much you pump into it.

In addition, it has huge inherent uility. The double spend problem it solves, means that bitcoin can be used to transfer value online without a third party. The security of that transfer is guaranteed by the weight of proof of work that secures the network.

If the experts cannot agree amongst themselves how is anyone from outside going to learn. I've been asking for about 5 years what the use of Bitcoin et al is, and still nobody can answer the question in a sensible way which stands up to basic scrutiny! The best answer, and most honest answer, is from people who are just in it for the exposure and to make a buck. Anyone who tries to justify their interest with fundamental reasons can be quickly tied in knots with simple challenges.

[Seventyseven7]

moonigan said:

Greater fool theory strikes again. A token called MonkeyPoxInu has to be a scam doesn't it? Even so, millions of $ was pumped into it and then poof, just like that, it was all gone.

https://twitter.com/CryptoWhale/status/15288336989...

One issue Bitcoin has for it, is people say how awful it is, without taking a moment to even try and understand what it is or how it works.

One issue 'Crypto' has, is people will post/repost/retweet information that isn't correct without even checking it themselves. There isn't many industries where hundreds/thousands of people will repost inaccurate information like this and not get pulled up on it. But it happens in crypto all the time.

For reference, there has never been a token called MonkeyPoxInu that had 1 Million (Let alone 400 million) in liquidity ever.

[WY86]

Condi said:

If the experts cannot agree amongst themselves how is anyone from outside going to learn. I've been asking for about 5 years what the use of Bitcoin et al is, and still nobody can answer the question in a sensible way which stands up to basic scrutiny! The best answer, and most honest answer, is from people who are just in it for the exposure and to make a buck. Anyone who tries to justify their interest with fundamental reasons can be quickly tied in knots with simple challenges.

but you have not tied anyone in knots though have you, you generalize and push out sweeping statements as if crypto is all the same. different cryptos have different use cases it is that simple. It is like comparing a Lamborghini to a tandem bicycle, yes they both have wheels and gears but they are not meant to compete against each other.

until you grasp some knowledge instead of pointing to daily mail articles and pointing look like this guy agrees with me. then we are going to round and round with this subject.

[r3g]

Ari said:

It is remarkable what people will convince themselves is true if they think it's going to allow them to get rich quick with little effort.

I have a friend who's very into crypto. He's convinced that next year his stake will have at least doubled, probably gone up much more, and he'll cash out then. His logic is that cash is being withdrawn, and he's ahead on the replacement for it (he seems to struggle a bit with the difference between actual cash and currency), Elon Musk is into it and he's a billionaire, and his brother in law recommended it to him.

You can't argue with that! Genuinely, you can't argue with him, he really wants to be rich, so this will work.

I'd say from experience that unless you've been actively dabbling in cryptos for at least 2 years and learnt how the actual game works when it comes to the hype around various coins and tokens, you are likely to lose some - if not all - of your money. I've been there and done it in the early days.

Everyone likes to think they're an expert and have a "hot tip" because their favourite crypto youtuber celeb said it will 100x, not realising that they don't actually have a clue whether it will or won't, but making big claims to your 660k subscribers is an excellent way to bait them into buying it which will ensure your own bag (that you bought a week earlier for 1p a coin) will do several x, then cash out with their money and leave them holding the bag .

I don't bother with anything listed on CMC or Coingecko now. Only dabble in degen yield token ponzis. I don't care for use case, pointless intrinsic value arguments or any of that crap. It's gambling, pure and simple.

I did once take £12k in BTC as payment for my car as HSBC were being complete and utter aholes for 3 days requiring branch visits and appointments to prove various ID documents and wanted to know everything about what the money was for and where it had come from. Turned out the buyer was also into crypto so just fired up my PC, gave him my exchange BTC QR code to scan and the money was in my wallet 10 minutes later. We were quite pleased with ourselves at sticking a big fat middle finger up to the fiat banking system trying to dictate how and when we could spend our own money.

[Zoon]

dazmanultra said:

Tether (USDT) hasn't collapsed, the coin that collapsed was Luna Terra.

Tether is a whole other discussion. A stablecoin supposedly backed by ~$80bn in collateral; there are massive questions about what/where this collateral is. It's certainly not a bank deposit or cash. They say it's commercial paper backed - and one potential route is likely Chinese real estate, there were lots of rumours flying around about Evergrande debt. But potentially the scarier thing is if the collateral is actually loans to other crypto companies, which becomes a big systemic risk as their fortunes are entirely correlated.

Sorry UST not USDT - It's dead straight forward this crypto.

[moonigan]

Seventyseven7 said:

One issue Bitcoin has for it, is people say how awful it is, without taking a moment to even try and understand what it is or how it works.

One issue 'Crypto' has, is people will post/repost/retweet information that isn't correct without even checking it themselves. There isn't many industries where hundreds/thousands of people will repost inaccurate information like this and not get pulled up on it. But it happens in crypto all the time.

For reference, there has never been a token called MonkeyPoxInu that had 1 Million (Let alone 400 million) in liquidity ever.

Do you fact-check every single thing you read? I scrolled through that twitter post yesterday evening and didn't read anything that suggested it was untrue.

[Scootersp]

WY86 said:

moonigan said:

Greater fool theory strikes again. A token called MonkeyPoxInu has to be a scam doesn't it? Even so, millions of $ was pumped into it and then poof, just like that, it was all gone.

https://twitter.com/CryptoWhale/status/15288336989...

never heard of it, can't find any record of it even existing, it did not exist according to the comments

Ok but Squid coin then.........after all this was I think just an example of what can happen.

It becomes hard to tell the wheat from the chaff, why does the 'space' dump at the same time, why not a transfer from the dubious/speculative coins to the more established Bitcoin and Ether? I will say again no one anti Bitcoin can be to blame for the recent drop? So there has to be some concern on the price level, so those that have never bought will see no incentive to join right now and those in might continue to bail to a degree?

Tether, it's name suggesting it and it's promise to be linked to the dollar but now there are doubts.

Bitcoin will it half from here or double from here in the next year or so, who knows, but without attracting more players it can't go up can it? certainly not to the wild predictions of some?

[Zoon]

Scootersp said:

Bitcoin will it half from here or double from here in the next year or so, who knows, but without attracting more players it can't go up can it? certainly not to the wild predictions of some?

Nobody knows as it's not like a company that has made a shedload of profit and its share price goes up.
It's based on folks wasting electricity and money on graphics cards to mine a bunch of numbers and sticking a finger in the air.

[WY86]

Scootersp said:

Ok but Squid coin then.........after all this was I think just an example of what can happen.

It becomes hard to tell the wheat from the chaff, why does the 'space' dump at the same time, why not a transfer from the dubious/speculative coins to the more established Bitcoin and Ether? I will say again no one anti Bitcoin can be to blame for the recent drop? So there has to be some concern on the price level, so those that have never bought will see no incentive to join right now and those in might continue to bail to a degree?

Tether, it's name suggesting it and it's promise to be linked to the dollar but now there are doubts.

Bitcoin will it half from here or double from here in the next year or so, who knows, but without attracting more players it can't go up can it? certainly not to the wild predictions of some?

and fraud doesn't happen within Fiat then? a fool with their money is easily parted springs to mind, some people just do not have intelligence to work out if they are being finessed or not, who remembers the Nigerian princes emails claiming he had $50,000,000 in a bank and needed a safe place to put it as his country is worn torn...

Bitcoin will continue to go up long term as people see it as one of the safest places to invest into the crypto space, Ethereum as well will climb over time due to its functionality. the nice thing about Crypto is that when a bear market rolls around it shakes the tree and the weaker cryptos fall away.

the only reason i would enjoy seeing Bitcoin go to £1mill a coin is too see the meltdown it would cause in here.

[digger_R]

Condi said:

If the experts cannot agree amongst themselves how is anyone from outside going to learn. I've been asking for about 5 years what the use of Bitcoin et al is, and still nobody can answer the question in a sensible way which stands up to basic scrutiny! The best answer, and most honest answer, is from people who are just in it for the exposure and to make a buck. Anyone who tries to justify their interest with fundamental reasons can be quickly tied in knots with simple challenges.

It's an emerging technology - with 1000's of different facets. Everyone has different levels of understanding of the technology aspects, finance and trading. Competence of those and experience will create some level of expertise. Being an emerging tech, it's very easy for someone to attempt to appear smarter than they are - that's the same in any sphere - especially when large amounts of money are involved hubris is everywhere.

I don't have a finance background other than a few years of consulting - that doesn't stop me from being able to trade and turn a profit (so far) - ultimately in my view, trading exposes your technical analysis and in cyclical points in the market your approach to risk management. My view is, your not likely to be able to understand it all - simply pick a sector and learn to navigate that in the best way possible.

If you've been an investor in stocks over the last decade, where price only goes up then of course it looks extremely risky - I would say quite simply that stock trading profits are simply due to a trending market rather than any level of individual skill in that case - price can go down as well as up etc etc.

[Scootersp]

WY86 said:

and fraud doesn't happen within Fiat then? a fool with their money is easily parted springs to mind, some people just do not have intelligence to work out if they are being finessed or not, who remembers the Nigerian princes emails claiming he had $50,000,000 in a bank and needed a safe place to put it as his country is worn torn...

Bitcoin will continue to go up long term as people see it as one of the safest places to invest into the crypto space, Ethereum as well will climb over time due to its functionality. the nice thing about Crypto is that when a bear market rolls around it shakes the tree and the weaker cryptos fall away.

the only reason i would enjoy seeing Bitcoin go to 1mill a coin is too see the meltdown it would cause in here.

Fraud happens wherever humans are............and fraud often works well because of human greed.

Fiat is far from perfect but we all crave more of it, would a current 1 Bitcoin owner, want one Bitcoin worth 100K or to have 10 Bitcoin still worth 20K in 2025?

Most of these weaker crypto's you mention should arguably not be necessary, and also arguably harm the 'space' (all the negative stories around these scam coins have to suppress new take up?). Why did the person buying Doge etc not just buy Bitcoin/Ether, it has to be the chance of more multiples, the Elon factor, youtuber hype, I'm not sure?

It's an interesting mix of new tech, distrust of Fiat and the powers behind it all, perhaps a general disillusionment, with human fear, greed, opportunism, protectionism mixed in?

[g4ry13]

digger_R said:

Condi said:

If the experts cannot agree amongst themselves how is anyone from outside going to learn. I've been asking for about 5 years what the use of Bitcoin et al is, and still nobody can answer the question in a sensible way which stands up to basic scrutiny! The best answer, and most honest answer, is from people who are just in it for the exposure and to make a buck. Anyone who tries to justify their interest with fundamental reasons can be quickly tied in knots with simple challenges.

It's an emerging technology - with 1000's of different facets. Everyone has different levels of understanding of the technology aspects, finance and trading. Competence of those and experience will create some level of expertise. Being an emerging tech, it's very easy for someone to attempt to appear smarter than they are - that's the same in any sphere - especially when large amounts of money are involved hubris is everywhere.

It's similar to when the internet first went live. I am sure people did not fathom that it would be used for watching cat videos, buying goods and services and arguing with strangers on the internet (along with many other activities).

[Ari]

WY86 said:

Bitcoin will continue to go up long term as people see it as one of the safest places to invest into the crypto space, Ethereum as well will climb over time due to its functionality. the nice thing about Crypto is that when a bear market rolls around it shakes the tree and the weaker cryptos fall away.

the only reason i would enjoy seeing Bitcoin go to 1mill a coin is too see the meltdown it would cause in here.

Fascinating claims, do you do lottery numbers too?

WY86 said:

So many bitter people that are clearly annoyed that even in a bear market bitcoins value is still 50x compared to their share prices.

I'm still waiting to hear how 'bitcoins value is still 50x compared to their share prices', by the way...

[Ari]

Let's cut to the chase here.

People buy crypto currency because they have seen other people buy and sell it for big profits in the early days and believe they will be able to do the same and become rich with little effort.

There's no shame in that, but at least be honest about it.

Why else would you buy it?

[Seventyseven7]

moonigan said:

Seventyseven7 said:

One issue Bitcoin has for it, is people say how awful it is, without taking a moment to even try and understand what it is or how it works.

One issue 'Crypto' has, is people will post/repost/retweet information that isn't correct without even checking it themselves. There isn't many industries where hundreds/thousands of people will repost inaccurate information like this and not get pulled up on it. But it happens in crypto all the time.

For reference, there has never been a token called MonkeyPoxInu that had 1 Million (Let alone 400 million) in liquidity ever.

Do you fact-check every single thing you read? I scrolled through that twitter post yesterday evening and didn't read anything that suggested it was untrue.

Brilliant defence.

[WY86]

Ari said:

I'm still waiting to hear how 'bitcoins value is still 50x compared to their share prices', by the way...

So for 1 bitcoin its currently £23kish to buy, what company has a single share worth close to that ?

[r3g]

Ari said:

Let's cut to the chase here.

People buy crypto currency because they have seen other people buy and sell it for big profits in the early days and believe they will be able to do the same and become rich with little effort.

There's no shame in that, but at least be honest about it.

Why else would you buy it?

Go back half a dozen pages. The discussion was already had with RichTT where I said the same thing. Apparently people are buying BTC for its use case and store of value . They don't care about the price going up or down .