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To me, what is far more interesting in all of this is, that when it comes to stock market, a few "financial analysts'" opinion can swing the stock prices, and when it comes to cryptocurrencies, someon

A few weeks ago, just before the now infamous Bill Maher "New Rules" segment that got the attention of Elon Musk, my waitress in a BKK restaurant told me she was putting her salary-after-expenses into

There were a number of ways I thought about replying to this, but I'll try and actually be helpful this time 😛.   So I have a pretty classic Wall Street background and was a crypto skeptic f

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Doesn't bother me. I don't hold Bitcoin or Dogecoin. Elon musk was only ever pumping for his own gain. The "Dogefather"? Ha Ha.

 

My small holdings are in Ethereum, Polkadot, Binance and Solana.

 

 

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these days you are better off holding listed shares in the crypto exchanges like Coinbase, at least they are making a ton of money from the gullible crowd 🙂

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54 minutes ago, ballpoint said:
59 minutes ago, GrandPapillon said:

what this means now is that Elton has to disclose, according to new SEC rules on ESG, the environment impact he has with his firm, and since Bitcoins had significant impact on the financial statements, he has to calculate accurately that impact.

Must be serious.  He changed his name.

maybe when he went to the John ?

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47 minutes ago, tomazbodner said:

To me, what is far more interesting in all of this is, that when it comes to stock market, a few "financial analysts'" opinion can swing the stock prices, and when it comes to cryptocurrencies, someone's tweet can move the needle to enormous proportions. When he has a good day, he tweets something totally irrelevant and gazillions are generated out of thin air. Then he has a bad day, tweets something else, and they all vanish.

 

It shows that most people are sheep, blindly following the shepherd, due to greed, not even realizing how much manipulating power some individuals have amassed through our ignorance. 

it's really like a church,

 

the crypto fans are nothing more than followers of a cult, takes a lot of faith to believe in the ultimate absolute power of cryptos

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Just now, GrandPapillon said:

it's really like a church,

 

the crypto fans are nothing more than followers of a cult, takes a lot of faith to believe in cryptos

are they "cryptoidiots"  ?

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1 hour ago, The Cipher said:

 

There were a number of ways I thought about replying to this, but I'll try and actually be helpful this time 😛.

 

So I have a pretty classic Wall Street background and was a crypto skeptic from 2016 until about half way through 2020. My skepticism was based on cryptocurrencies not fulfilling the three main conditions of money and also because the entire space seemed like a pump and dump ponzi carousel. Then, after the famous crash in 2017, I felt smug and vindicated.

 

I had numerous friends both on the tech side and the finance side that didn't lose faith in the technology post-crash and held, or added, to positions through to the start of the current bull market. And these are very smart folks. When the bull market took off, their cheaply acquired positions printed. One of my best friends - who also happens to be way smarter than me - turned an initial investment of $10k into $3M.

 

And, over the course of 2020, I watched a lot of people do multiples while I was happy with my 40%-50% gains from timing the market post Covid-crash. And they kept doing multiples and I kept doing incremental gains. And I like money too. So and during the Game Stop event I finally relented and figured I'd at least hold my nose ride the graph. Still didn't believe in the assets at that time but...money is money.

 

So I asked three friends who were deep into crypto how they were trading and each one of them was kind enough to sit down and spend hours with me explaining the tech and space. And...it was enough to make a believer out of me, because they were able to show me specifically why some of the coins are valuable. I bought my first crypto (Eth) in the fall of 2020.

 

This post has gotten pretty long, so I'll quickly wrap it by saying that a ton of stuff in the crypto space - the memecoins and such - are probably pump and dump scams. Which doesn't mean you can't make money off them, but their intrinsic value is probably zero in the long run.

 

But. When you filter out the garbage there are projects - like Ethereum - that have real value and the potential for sustainable exponential upside.

 

If you know anyone deep into crypto - especially on the tech/dev side, I suggest you buy them a coffee and ask them to explain it to you. You might have the same epiphany I did.

 

If the game has changed, kicking and screaming doesn't help. Better to learn the new rules so as not to get left behind.

---

Also, Elon's probably running game here re: Bitcoin. But even if he isn't, he doesn't actually swear off cryptocurrencies, he specifically says that he's not selling out of his Bitcoin and that Tesla is looking at other, more environmentally friendly cryptos in lieu of Bitcoin. Source article here.

Lordie, I always thought bitcoins have no value, except for what the next sucker wants to pay, because there is no there there. No product. No service. No nothing.

 

But this post just parted the clouds and let in the sun. Now I see. I believe. Yes. Yes.

 

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26 minutes ago, GrandPapillon said:

these days you are better off holding listed shares in the crypto exchanges like Coinbase, at least they are making a ton of money from the gullible crowd 🙂

Spot on...don't gamble, invest in gambling companies.

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8 minutes ago, Ventenio said:

 

last time i talked to a guy eating 20 baht noodle soup and he told me, "you want to know how to make 100 million?"

 

know that one, yeah you start with 1 billion 🤣

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I can explain crypto to you but this would involve fairly complex economic theory including that of dynamical quantum valuation based on hypergeometric calculus.

 

Now you can either wait to figure all this out and miss the bus in the process. Or get in now and put off reading till after you've made a couple of mil. Your choice.

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6 minutes ago, Why Me said:

I can explain crypto to you but this would involve fairly complex economic theory including that of dynamical quantum valuation based on hypergeometric calculus.

 

Now you can either wait to figure all this out and miss the bus in the process. Or get in now and put off reading till after you've made a couple of mil. Your choice.

 

It is easy to make money with crypto, as there is an infinite amount of suckers out there. 

 

One doesn't need complex economic theories, only some technical skills and a bit of seed cash. Dogecoin was created as a joke in no time.

 

https://en.bitcoinwiki.org/wiki/Creating_forks

 

Forks and forking of cryptocurrency

How does fork work? Bitcoin client is written in C++. To create a new cryptocurrency one has to have certain skills and abilities in programming. Changing a couple of lines of code will not get you anywhere. For example, co-founder of Dogecoin, a software engineer from Portland had to spend a few days of work to make a cryptocurrency not very different from Litecoin: the only significant changes were made to emission rate and the reward for a single block mined. Accordingly, cryptocurrencies that are significantly different from those already existing require much more time to program.

 

The co-founder of Dogecoin had to spend a few days of work to make new crypto currency 🙂

 

Here is a great deal - I can do a fork of Bitcoin and call it TVFcoin....anyone willing to exchange their life savings for a few coins? You'll be all millionaires in no time when TVFcoin takes off! 🤣

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2 hours ago, GrandPapillon said:

what this means now is that Elton has to disclose, according to new SEC rules on ESG, the environment impact he has with his firm, and since Bitcoins had significant impact on the financial statements, he has to calculate accurately that impact.

 

2 hours ago, GrandPapillon said:

other firms are going to follow, the ESG compliance risk is too high, and unless you know exactly what you are doing, and we all know nobody knows <deleted> all about bitcoins, then you are exposing yourself to future regulatory violations with Bitcoins.

 

 

And there lies the whole issue.

 

For the past 12 months or so, the crypto's had been rising from their deathbed, where they had ended up, on the news of one or another institutional had relocated 1% of their portfolio to crypto.

 

Musk is of course not an idiot and see the sign on the wall, because the environment issue that mining creates has been making headlines in the past few months, and more and more influencers have been jumping on that ship.

 

So what will happen to the value of crypto's when the news about firms adding crypto to their payment options reverses?

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Any investment where the person tries to convince me by either belittling me, using FOMO, extrapolating future performance from past returns or any kind of vague gobbledygook it something I want no part of.

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