SURVEY: Cryptocurrencies -- wave of the future or disaster waiting to happen?

Surelynot · March 24, 2021

5 minutes ago, 2530Ubon said:

I wouldn't feel comfortable 'gambling' it

...and that is the key..........you are quite right, particularly with all your family responsibilities......if you can't cope with losing the whole lot overnight.....don't invest.

I would cry my eyes out if it collapsed, but financially I would be losing something I never really had.......

2530Ubon · March 24, 2021

1 minute ago, Surelynot said:

...and that is the key..........you are quite right, particularly with all your family responsibilities......if you can't cope with losing the whole lot overnight.....don't invest.

I would cry my eyes out if it collapsed, but financially I would be losing something I never really had.......

I thought as much. Only good if you already have wealth and can afford to lose it.

Do you constantly watch Bitcoin prices and could you cash out quickly if you needed to? I couldn't do it. Not rich enough!

Mr Meeseeks · March 24, 2021

1 hour ago, 2530Ubon said:

How is it everyone on this forum makes a fortune with crypto? Is there some sort of juice i'm supposed to drink, or lick the computer screen on the TVF homepage or something?

I have been in the crypto space since 2015 and I am obsessed with looking for small cap gems that can make multiples.

Not everyone can do it. It takes a lot of effort, research and trust in yourself to put your money where your mouth is.

This months successes have been $120k clear profit on $BSCPad from a $500 investment into their initial launch and another $100k profit on $CELL which I took a punt on at $0.60 and it is now $6.60 at time of posting this (up 1000% in three days).

Kwasaki · March 24, 2021

I have said before when bitcoin came out I was was very skeptical but if I had bought one I'd sell it now. ????

Surelynot · March 24, 2021

5 minutes ago, Mr Meeseeks said:

I have been in the crypto space since 2015 and I am obsessed with looking for small cap gems that can make multiples.

Not everyone can do it. It takes a lot of effort, research and trust in yourself to put your money where your mouth is.

This months successes have been $120k clear profit on $BSCPad from a $500 investment into their initial launch and another $100k profit on $CELL which I took a punt on at $0.60 and it is now $6.60 at time of posting this (up 1000% in three days).

I need to get off my arße

2530Ubon · March 24, 2021

14 minutes ago, Mr Meeseeks said:

I have been in the crypto space since 2015 and I am obsessed with looking for small cap gems that can make multiples.

Not everyone can do it. It takes a lot of effort, research and trust in yourself to put your money where your mouth is.

This months successes have been $120k clear profit on $BSCPad from a $500 investment into their initial launch and another $100k profit on $CELL which I took a punt on at $0.60 and it is now $6.60 at time of posting this (up 1000% in three days).

That's just crazy. 15,000THB and now you've got almost 7 million THB this month? That's unbeleivable. Literally. I don't believe it.

Mr Meeseeks · March 24, 2021

4 minutes ago, 2530Ubon said:

That's just crazy. 15,000THB and now you've got almost 7 million THB this month? That's unbeleivable. Literally. I don't believe it.

I have actually made about 8 million THB this month.

Investment was a bit higher than 15,000thb, more like $14k into the ones I mentioned before. $500 into BSCPad and $13,500 into CELL.

I got lucky on the BSCPad one as only about 1000 people got into the launch and I was one of them. But for every launch you get whitelisted for 99 others you don't.

Surelynot · March 24, 2021

5 minutes ago, Mr Meeseeks said:

I have actually made about 8 million THB this month.

Investment was a bit higher than 15,000thb, more like $14k into the ones I mentioned before. $500 into BSCPad and $13,500 into CELL.

I got lucky on the BSCPad one as only about 1000 people got into the launch and I was one of them. But for every launch you get whitelisted for 99 others you don't.

That has destroyed my day.

2530Ubon · March 24, 2021

4 minutes ago, Surelynot said:

That has destroyed my day.

My thoughts exactly. But then again, he did have to pump in 14K (almost 500k THB). And that's if you believe it.

Surelynot · March 24, 2021

5 minutes ago, 2530Ubon said:

My thoughts exactly. But then again, he did have to pump in 14K (almost 500k THB). And that's if you believe it.

He wins some......I lose every time??? How does that work?

Having said that I am currently (on paper) up 1.2 million baht on cryptos........but that is holding over something like 8 years.

Edited March 24, 2021 by Surelynot

2530Ubon · March 24, 2021

3 minutes ago, Surelynot said:

He wins some......I lose every time??? How does that work?

Having said that I am currently (on paper) up 1.2 million baht on cryptos........but that is holding over something like 8 years.

Perhaps he's going to tell us.. for a fee? or direct us to some dodgy website? 1000% returns in three days. Sure.

Edited March 24, 2021 by 2530Ubon

Mr Meeseeks · March 24, 2021

1 minute ago, Surelynot said:

He wins some......I lose every time??? How does that work?

Having said that I am currently (on paper) up 1.2 million baht on cryptos........but that is holding over something like 8 years.

As I said I take punts on low cap gems after doing research.

My biggest loss to date was 8 ETH (then worth $4k now about $13k) on a project that rugpulled liquidity and left investors stranded.

As a trial I will post my next investment on here and we will see how we go and how long it takes.

Should shut up the non-believers as well.

Surelynot · March 24, 2021

5 minutes ago, 2530Ubon said:

Perhaps he's going to tell us.. for a fee? or direct us to some dodgy website? 1000% returns in three days. Sure.

Up for that....5555

Mr Meeseeks · March 24, 2021

Just now, 2530Ubon said:

Perhaps he's going to tell us.. for a fee? or direct us to some dodgy website? 1000% returns in three days. Sure.

No mate, I have a respectable job as a company director.

You can follow the charts of the coins to actually verify the gains I claim on Coinmarketcap, Coingecko, Dextools etc. Easy if you are clever enough.

The tickers of the coins I have already posted, go to those website, enter the tickers and you will see the charts.

Surelynot · March 24, 2021

5 minutes ago, Mr Meeseeks said:

As I said I take punts on low cap gems after doing research.

My biggest loss to date was 8 ETH (then worth $4k now about $13k) on a project that rugpulled liquidity and left investors stranded.

As a trial I will post my next investment on here and we will see how we go and how long it takes.

Should shut up the non-believers as well.

Got my bank book out.......don't let me down.

Surelynot · March 24, 2021

1 minute ago, Mr Meeseeks said:

Easy if you are clever enough

....and there's the rub......

Mr Meeseeks · March 24, 2021

1 minute ago, Surelynot said:

....and there's the rub......

The projects I mentioned pose risk as they have already gone up, the trick is finding the ones that haven't yet, and getting in as early as possible.

I will post some here and we can follow how they perform. I will disclose how much I invest.

Susco · March 24, 2021

https://finance.yahoo.com/news/ray-dalio-on-bitcoin-and-probability-of-ban-130008375.html

Dalio sees 'good probability' bitcoin gets outlawed

Billionaire investor Ray Dalio, the founder of the $150 billion hedge fund Bridgewater Associates — the world’s largest — made a case that there’s a “good probability” bitcoin could be outlawed, similar to when the U.S. government made it illegal to privately own gold.

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control. So I think that it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed,”

lavezzi · March 24, 2021

1 hour ago, Susco said:

https://finance.yahoo.com/news/ray-dalio-on-bitcoin-and-probability-of-ban-130008375.html

Dalio sees 'good probability' bitcoin gets outlawed

Billionaire investor Ray Dalio, the founder of the $150 billion hedge fund Bridgewater Associates — the world’s largest — made a case that there’s a “good probability” bitcoin could be outlawed, similar to when the U.S. government made it illegal to privately own gold.

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control. So I think that it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed,”

And you belive it?

bitcoin is not a currency cause have limited cap so more cannot be printed from thin air, is an asset with fixed supply.

bitcoin is digital gold, a store of value.

bitcoin is being bought from big companies and banks, in short is being bought from powerfull people.

bitcoin is already banned in many countries.

lavezzi · March 24, 2021

12 hours ago, 2530Ubon said:

That's a very good response!

Unfortunately, whilst I earn enough for a very comfortable life here, I don't have money free to invest. Too many damn bills... new house, car, children at university. I wouldn't feel comfortable 'gambling' it when I also read about people who lose everything, and I have family to take care of here.

Just wondered why TVF members seem to always be pulling in 5/6/7 figures. You never hear of one member who has lost anything. Perhaps there's some secret initiation ritual? Or do these members already have wealth....

bitcoin starting price was 0$ now is 56000$.

How can you loose money on it? ah trading, because 200% avg return a year is not enough

Mr Meeseeks · March 25, 2021

9 hours ago, Susco said:

https://finance.yahoo.com/news/ray-dalio-on-bitcoin-and-probability-of-ban-130008375.html

Dalio sees 'good probability' bitcoin gets outlawed

Billionaire investor Ray Dalio, the founder of the $150 billion hedge fund Bridgewater Associates — the world’s largest — made a case that there’s a “good probability” bitcoin could be outlawed, similar to when the U.S. government made it illegal to privately own gold.

“Every country treasures its monopoly on controlling the supply and demand. They don’t want other monies to be operating or competing, because things can get out of control. So I think that it would be very likely that you will have it under a certain set of circumstances outlawed the way gold was outlawed,”

This is exactly why Bitcoin will succeed, it takes all the power away from these control freaks.

digibum · March 25, 2021

On 2/17/2021 at 8:56 AM, Mr Meeseeks said:

I made seven figures USD on Bitcoin and Ethereum in the last 12 months from a fairly modest investment. To those saying that it is a ponzi or a fad, or only backed by greed, I suggest you educate yourself very quickly, or you'll be left behind. You can start by reading or listening to The Bitcoin Standard by Safedean Ammous.

Microstrategy and Tesla have invested, Apple and Google will be next, and you are still sitting there without any Bitcoin? ????

Quoted in full above so people can see the context.

This is the problem with crypto right now:

Quote

I made seven figures USD on Bitcoin and Ethereum in the last 12 months from a fairly modest investment.

Volatility. The vast majority of people on this planet cannot handle volatility of this scale with their savings/income. Proudly touting how volatile it is, while also claiming that it's a suitable vehicle for most people, is contradictory.

Quote

To those saying that it is a ponzi or a fad, or only backed by greed, I suggest you educate yourself very quickly, or you'll be left behind.

How is this not FOMO (Fear of Missing Out)? Typical of scams. You better buy this car right now because I have a guy who just called me and wants to buy it!!

Quote

You can start by reading or listening to The Bitcoin Standard by Safedean Ammous.

Any system of currency or trade that requires people to educate themselves has a very steep curve of acceptance.

Quote

Microstrategy and Tesla have invested, Apple and Google will be next

Apple and Google investing is total speculation presented as inevitable fact. They might. They might not. You don't know. But that doesn't preclude you stating that it is a foregone conclusion.

Which is a problem in itself, many crypto currencies trade on pure speculation. People just say stuff and it gets pumped into the price and nobody ever stopped to question whether or not it's even true.

Because they don't care. At the moment, it's all driven by hype and FOMO. Everyone that is long cryptos has an incentive to get you to buy. The more buyers, the higher the valuation goes, and the more money they make.

This is especially true with cryptos like Bitcoin that have zero utility. At least with some of the other cryptos like ETH, having more users is like adding nodes to a network which means that it becomes more useful for everyone.

Quote

and you are still sitting there without any Bitcoin? ????

More FOMO. Hurry!! Get in now!!!

It might sound like I'm against crypto, but I'm not. I'm simply pointing out that for every 1 person that knows what they're talking about, there are 10,000 (maybe 100,000) people that just ramble off FOMO and hype and use enough jargon to make it sound like they know what they're talking about.

I actually spent many years working on traditional payment systems and it's so hard to find anyone that can have a serious conversation that isn't mostly hype.

There are things a currency has to do, and characteristics that a currency must have, before it can be used in commerce. Bitcoin fails in many areas but it's difficult to even get people to discuss these failures because to question Bitcoin is to be a heretic.

The cold hard fact remains that only around 5% (I think it's closer to 3% but I'm too lazy to find my previous spreadsheets) of the entire world has ever owned a crypto currency. And in most countries, with the exception of near-failed states with hyperinflation, market penetration seldom gets over 10%.

That's since 2009. It only took mobile phones 7 years to reach 50% market penetration. Even with all of the hype and the constant barrage of media stories, only about 5% - 10% of people are willing to buy into this.

If this really is the future, believe me, you have time before the other 90% - 95% of the world begins adopting it.

And if you're going to start your journey on this road, start with something like Etherium (ETH) which actually has utility. It actually does something.

Bitcoin is unlikely to ever be a currency as it was originally intended.

It also is unlikely to ever become a replacement for gold, which is the new mantra when they figured out Bitcoin can't scale to handle the transactions per second a currency would need (something I pointed out to early Bitcoin evangelists as early as 2011).

It was supposed to have an inverse relationship with the stock market, which it doesn't, so it's not a hedge against the market. And it doesn't follow the price movements in gold, so it's not a true hedge against inflation.

So, now it's simply a store of value. Whatever that's supposed to mean.

It might go to $100,000 per coin. It could also go to $1 a coin. There is no way for ANYONE to predict and anyone that says differently is outright lying.

Mr Meeseeks · March 25, 2021

Ok, there is a good one launching tonight. Convergence Finance.

You won't get into the IDO (Initial DEX Offering) as it is whitelisted addresses only and they have been already chosen so I will be buying off an exchange. I did not win the lottery for this one unfortunately.

Token price: $0.005 per token at IDO.

I think this will 10x on launch immediately and easily do 100x.

I will be purchasing when it hits exchanges and I will post my investment and purchase price here. My target is anything under $0.10 with a $10,000 investment minimum.

Let the games begin.

Mr Meeseeks · March 25, 2021

19 minutes ago, digibum said:

Any system of currency or trade that requires people to educate themselves has a very steep curve of acceptance.

The book (The Bitcoin Standard by Safedean Ammous) does not discuss the technical aspects of Bitcoin, merely the economics.

thanaka · March 25, 2021

@digibum spitting hard truths right there

Most people don't know anything about what they do and that's part of the problem. While the concept of cryptocurrencies is legit, don't fall for the hype because you are likely to burn your hands if you don't know what you do.

If money is everything that keeps you in the space, you most certainly will not be able to hold through another bear market and a potential 95% decrease in value because when value is everything that's holding you in there you are likely to sell when it drops.

Do not invest if you don't know what you are doing, despite the profits people are going to promise you. Don't forget for every buy the value of what you buy increases, people getting you in there have incentive to get you in there.

And if you are going to invest, do your own research. Understand what it is and what it does what you want to invest in and hold it because you are confident in the team and the project you invested in. And don't only look at the positive stuff. Research everything. Advantages, disadvantages and controversies around what you want to invest. If you are confident, make an investment and set thresholds on when you are going to take out profits. Don't yolo money away that you need. Invest with your gamble money because despite what everyone tells you that's what it is.

That being said, I am absolutely in favour of decentralisation and hold on to what I invested since 2017 and accumulated more during the bear market. We are now in a bullrun that, compared to the last one, lasts much longer already. No one knows how long it will continue just be careful if you are going to invest now because even if cryptos establish in the long run, there will be another bear market.

Edited March 25, 2021 by thanaka

digibum · March 25, 2021

1 hour ago, Mr Meeseeks said:

The book (The Bitcoin Standard by Safedean Ammous) does not discuss the technical aspects of Bitcoin, merely the economics.

My point still stands. First off, the economics of Bitcoin are not easily explained (I’ll get to why in a moment). Some of the world’s leading economists either didn’t understand it or still don’t understand it.

Thus, the economics are beyond the reach of the local noodle lady or any other average person. That makes adoption very difficult when you’re asking people to put their money into something that they don’t even conceptually understand.

Now, as to why most economists don’t understand it, is because Bitcoin has been constantly changing what it is whenever the last thing they said it was turns out not to be true.

Bitcoin was heralded as a currency to replace all fiat currencies.

But it will NEVER scale to be able to do that. NEVER!

This was true from Day One but Bitcoin hypesters wouldn’t admit it for many years.

I pointed this out after an hour reading through the technical docs back in 2011-ish.

I’ve designed payment systems that handle hundreds of millions of dollars in transactions daily and Bitcoin had zero chance of scaling to handle every transaction in the world.

To this day, the vast majority of Bitcoin transactions as a currency, have been to pay for illegal activities and money laundering (which moved to other cryptos once people figured out you can trace Bitcoin transactions).

Everyone else is simply speculating that the price will go up. Bitcoin as a currency has near-zero utility.

When they had to admit that it’s a horrible replacement for actual fiat currency transactions, both because of the above and the massive volatility, they claimed it was digital gold and a hedge against inflation like gold.

Except it has very little correlation with gold in terms of price movements.

When the Bitcoin community finally admitted that analogy didn’t fit either, they started calling it a “store of value” which means, what?

Almost anything can be called a store of value. Ironically, fiat currency is the most used store of value so ... aren’t we back at square one again?

Pravda · March 25, 2021

On 3/24/2021 at 1:03 PM, Mr Meeseeks said:

I have actually made about 8 million THB this month.

Investment was a bit higher than 15,000thb, more like $14k into the ones I mentioned before. $500 into BSCPad and $13,500 into CELL.

I got lucky on the BSCPad one as only about 1000 people got into the launch and I was one of them. But for every launch you get whitelisted for 99 others you don't.

Have you deposited any of this into the actial bank account? Will the bank raise a red flag as this being "gambling money"?

More importantly who will be chasing you for this regarding tax?

I'm concerned if I make trillions I won't be able to cash it out.

Mr Meeseeks · March 25, 2021

8 minutes ago, Pravda said:

Have you deposited any of this into the actial bank account? Will the bank raise a red flag as this being "gambling money"?

More importantly who will be chasing you for this regarding tax?

I'm concerned if I make trillions I won't be able to cash it out.

I have been cashing out profits regularly through Thai bank accounts with no issues so far. The Thai exchanges I use are all properly registered and regulated.

The tax situation, read here: https://pugnatorius.com/bitcoin-taxation/#:~:text=Thai withholding tax,to a 15% withholding tax.

Pravda · March 25, 2021

1 hour ago, Mr Meeseeks said:

I have been cashing out profits regularly through Thai bank accounts with no issues so far. The Thai exchanges I use are all properly registered and regulated.

The tax situation, read here: https://pugnatorius.com/bitcoin-taxation/#:~:text=Thai withholding tax,to a 15% withholding tax.

So you basically pay 15% even if it's a loss?

Mr Meeseeks · March 25, 2021

4 minutes ago, Pravda said:

So you basically pay 15% even if it's a loss?

As I understand it, a resident tax payer pays 15% WHT on crypto profits, then 35% income tax when earnings are declared, and the 15% WHT is rebated.

For non-tax payers you have to pay 15% WHT.

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SURVEY: Cryptocurrencies -- wave of the future or disaster waiting to happen?