Crypto Currency Thread (Vol.2)
Discussion
Is that really the case though? From my experience of talking to people involved with/invested in crypto, maybe 10% of them actually believe it will be revolutionary.
Most just use it as a high risk strategy to try and make some money. I'd say of those that I know who have invested, easily three quarters of them are well aware of the risks.
Most just use it as a high risk strategy to try and make some money. I'd say of those that I know who have invested, easily three quarters of them are well aware of the risks.
DonkeyApple said:
Only in developed nations though. Few people around the world have anywhere close to the banking protections that we have. In many developing nations the banking system is no more legitimate than an offshore crypto exchange founded by a convicted fraudster. 
Even in the EU there have been bail-in events in living memory.
Imagine if U.K. banks offered money storage services via a crypto to the billions of tiny investors across the planet who don't trust their domestic banks or governments to keep their money safe? The BoE or FED could even issue debt through such a mechanism.
If you lived under an unstable currency, unstable banks or unstable government then being able to store vital wealth in a stable currency under a regulated environment may have value. The real stumbling block may be AML?
Thinking of (say) Indonesia. HSBC and Citibank have large operations there, including ability to have multi-currency accounts. Transferwise exists. There's no need for crypto for money storage services. Even in the EU there have been bail-in events in living memory.
Imagine if U.K. banks offered money storage services via a crypto to the billions of tiny investors across the planet who don't trust their domestic banks or governments to keep their money safe? The BoE or FED could even issue debt through such a mechanism.
If you lived under an unstable currency, unstable banks or unstable government then being able to store vital wealth in a stable currency under a regulated environment may have value. The real stumbling block may be AML?
And,mobile phone banking is taking off for cheap money transfers (cheaper & safer than cash) - again, doesn't need crypto.
There actually aren't that many developing countries with banking systems "no more legitimate than an offshore crypto exchange founded by a convicted fraudster" - and certainly not ones with a population & income base that would make it an attractive market for OECD banks, especially as their regulators are going to take a dim view of the money laundering/ tax evasion aspect. You are basically looking at failed states.
jammy-git said:
Is that really the case though? From my experience of talking to people involved with/invested in crypto, maybe 10% of them actually believe it will be revolutionary.
Most just use it as a high risk strategy to try and make some money. I'd say of those that I know who have invested, easily three quarters of them are well aware of the risks.
I agree with the first part, although I'd say more like 1%, easily 99% are in it because they think it will make them money. Most just use it as a high risk strategy to try and make some money. I'd say of those that I know who have invested, easily three quarters of them are well aware of the risks.
And just to say, there's absolutely nothing wrong with making money at all. The problem is, crypto has NO mechanism for actually doing it (beyond selling it on to someone else for more money who is only buying it because they believe that they can sell it on... etc etc. Which is clearly an unsustainable situation).
Second part, I doubt many really believed that it would do what it has just done.
Seventyseven7 said:
Man who has become one of the leading proponents of Bitcoin buys more Bitcoin, is this news? He's looking at $1.4bn mark to market losses on his current holding and Microstrategy made just under $100m profit for the quater, somewhat pales into insignificance against the M2M losses on Bitcoin. Not only that, the companies share price is down 70% year on year and in March they borrowed $200m to buy Bitcoin. Owch, I bet that hurts if the bought back then! If he is the shepherd, I don't fancy the chances for the sheep!
Hoofy said:
Robert Kiyosaki has been telling people to keep buying.
The problem with something without intrinsic value is that the only value it has is what people will pay for it. Everyone with a big portfolio needs to keep pumping it higher, or the alternative is what...?? Especially if they have been borrowing to buy bitcoin and leveraging the bitcoin they have, the bigger the losses the bigger the margin calls and the more likely people are to call in their loans. Ari said:
I'm a little surprised that our crypto fans in this thread haven't been comparing how much they're investing in buying the dip.
That's what these smart investors do isn't it, buy the dip?
Unless they think that it's not a dip?
The chat is mostly in the telegram group main group and the various little ones that have come from it. That's what these smart investors do isn't it, buy the dip?
Unless they think that it's not a dip?
I bought 1.1 BTC at 17.5 US and I bought 18 QNT at 55. I had a small short on ETH at 1,200 but have closed it. I will probably open a longer short on ETH in the near future.
What trading have you been doing?
Condi said:
The problem with something without intrinsic value is that the only value it has is what people will pay for it. Everyone with a big portfolio needs to keep pumping it higher, or the alternative is what...?? Especially if they have been borrowing to buy bitcoin and leveraging the bitcoin they have, the bigger the losses the bigger the margin calls and the more likely people are to call in their loans.
Yup. No different to when a penny stock goes pop. The big long and wrongs take to social media hard to try and pump it and many normal punters just keep buying all the way down as it can't get any cheaper. Once they run out of cash they switch to margin and then that gets called and closed along with a load of their physical to settle the account. We've been getting a lot of calls recently re lending to retail and some get very angry when it's explained that only those with liquid assets of half a bar can apply.
Sadly, as always with punter's markets when the bubble bursts few sell, many buy and more than a few borrow.
The only positive is that while there is probably more to come off, there's a good chance of some form of recovery for the more blue chip coins compared to the chances for penny shares to recover.
Condi said:
Hoofy said:
Robert Kiyosaki has been telling people to keep buying.
The problem with something without intrinsic value is that the only value it has is what people will pay for it. Everyone with a big portfolio needs to keep pumping it higher, or the alternative is what...?? Especially if they have been borrowing to buy bitcoin and leveraging the bitcoin they have, the bigger the losses the bigger the margin calls and the more likely people are to call in their loans. 
Ari said:
I'm a little surprised that our crypto fans in this thread haven't been comparing how much they're investing in buying the dip.
That's what these smart investors do isn't it, buy the dip?
Unless they think that it's not a dip?
I said a few days ago that I bought more BTC and something for staking (kusama).That's what these smart investors do isn't it, buy the dip?
Unless they think that it's not a dip?
Throwing out how much I've invested recently is not something I have an urge to disclose. Much as I don't generally mention how much I invest in stocks.
Seventyseven7 said:
The chat is mostly in the telegram group main group and the various little ones that have come from it.
It's quite sad that you're so averse to discussion and critical analysis of crypto that you've set up a telegram chat only for people "pro" crypto, essentially so you don't have to hear negative opinions. Honestly, I find that a real shame, what is the point in a forum for chat if all you want it to be is an echo chamber of people pumping it higher? But no matter, I have Telegram too.
Condi said:
Seventyseven7 said:
The chat is mostly in the telegram group main group and the various little ones that have come from it.
It's quite sad that you're so averse to discussion and critical analysis of crypto that you've set up a telegram chat only for people "pro" crypto, essentially so you don't have to hear negative opinions. Honestly, I find that a real shame, what is the point in a forum for chat if all you want it to be is an echo chamber of people pumping it higher? But no matter, I have Telegram too.
Hoofy said:
It does feel like people are doubling down and then doubling down some more. Robert Kiyosaki has been telling people to keep buying. (Is he going to get in trouble for giving financial advice like this?)
Still, makes for some light entertainment.
In 3yrs it might be £50,000/btc and these will have been cheap buy-ins.Still, makes for some light entertainment.
Who knows?
It’s like saying people were idiots buying at £5k on its way down from £15k, before it finally got to £2.5k.
Lost 50pc! Then two years later you were up 10x.
You can’t judge any ‘investment’ until you’re selling.
Also I’m sure some savvy types might realise the loss, buy back in a month later, and then offset future (potential) gains against them.
Btc still has opportunity beyond a pyramid scheme.
The more these booms/busts flatten out (which they seem to be), the better it’s stability.
And if it can finally decouple from fiat, which it might do this economic cycle, then it could be really good in protecting your money from rampant negative real rates in fiat land cash, and without the high risk of using fiat valued asset markets to find yield.
Hmmm
Condi said:
Seventyseven7 said:
The chat is mostly in the telegram group main group and the various little ones that have come from it.
It's quite sad that you're so averse to discussion and critical analysis of crypto that you've set up a telegram chat only for people "pro" crypto, essentially so you don't have to hear negative opinions. Honestly, I find that a real shame, what is the point in a forum for chat if all you want it to be is an echo chamber of people pumping it higher? But no matter, I have Telegram too.
The TG is open to everyone and you’re welcome to join.
Though don’t start calling people sad for no reason and making up silly scenarios to support this opinion that everyone in here is ‘up only’. If you read the same post you took your little snippet post from, you’ll see I said I short ETH. Assume you understand that.
Seventyseven7 said:
Ari said:
I'm a little surprised that our crypto fans in this thread haven't been comparing how much they're investing in buying the dip.
That's what these smart investors do isn't it, buy the dip?
Unless they think that it's not a dip?
The chat is mostly in the telegram group main group and the various little ones that have come from it. That's what these smart investors do isn't it, buy the dip?
Unless they think that it's not a dip?
I bought 1.1 BTC at 17.5 US and I bought 18 QNT at 55. I had a small short on ETH at 1,200 but have closed it. I will probably open a longer short on ETH in the near future.
What trading have you been doing?
Very boring, I know, but it seems to work for me.
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