Heng Posted May 13, 2021 Share Posted May 13, 2021 Like any other market, ride the gains up, weather it going down. Link to comment Share on other sites More sharing options...
GrandPapillon Posted May 13, 2021 Share Posted May 13, 2021 2 minutes ago, Airalee said: 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. yep, definitely the signature of scams the FOMO is definitely the big frigging red flag, but hey, when you are in a cult, red flags don't matter ???? 1 Link to comment Share on other sites More sharing options...
Popular Post The Cipher Posted May 13, 2021 Popular Post Share Posted May 13, 2021 1 hour ago, Susco said: 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? Darn. Sounds like you've got it figured out. Are you gonna be shorting coins for easy gains then? 1 2 Link to comment Share on other sites More sharing options...
Popular Post Pravda Posted May 13, 2021 Popular Post Share Posted May 13, 2021 Binance under federal investigation for money laundering. This is gonna be fun to watch https://www.barrons.com/articles/binance-is-under-federal-investigation-bitcoin-coinbase-and-the-crypto-world-are-reeling-51620940200 2 2 Link to comment Share on other sites More sharing options...
Heng Posted May 14, 2021 Share Posted May 14, 2021 5 hours ago, Pravda said: Binance under federal investigation for money laundering. This is gonna be fun to watch https://www.barrons.com/articles/binance-is-under-federal-investigation-bitcoin-coinbase-and-the-crypto-world-are-reeling-51620940200 Hopefully it'll be as "robust" as their investigations of Ripple and Tether. That said, always good to lock in your profits periodically in a fluid environment like this. Link to comment Share on other sites More sharing options...
Popular Post Susco Posted May 14, 2021 Author Popular Post Share Posted May 14, 2021 16 hours ago, The Cipher said: Darn. Sounds like you've got it figured out. Are you gonna be shorting coins for easy gains then? I don't get involved with anything that has no intrinsic value, and which price is determined by what one or another influencer tweets on any given day 2 1 Link to comment Share on other sites More sharing options...
userabcd Posted May 14, 2021 Share Posted May 14, 2021 Probably the US govt and treasury had a private word with Musk in a meeting informing him of his big potential exposure to money laundering. Link to comment Share on other sites More sharing options...
The Cipher Posted May 14, 2021 Share Posted May 14, 2021 There is a subtle hilarity to (figuratively) the career welder from Blackpool, the warehouse manager from Darwin, and the goat herder from Waikato coming onto Thai Visa, confidently airing their takes on the direction of financial innovation, and then congratulating each other for it lmao. Crypto is likely still in its infancy. Yes, there are a ton of scams out there and yes it does have a cult-like following in some corners of the internet. But its recognition as a burgeoning institutional asset class is growing, as is the development of use-cases for the assets. Crypto-ETFs have been tradable on stock exchanges for some time now, banks like Goldman Sachs are working on bond issuances on the Ethereum blockchain, and Central Banks like those in China and the UK are working on creating their own digital currencies. If you don't feel comfortable buying crypto, don't buy it. In fact, if you're a retiree and you do feel comfortable, at least hesitate before establishing a (risk-controlled) position and make sure you know what you're buying and why. But if you've always been a random bloke with absolutely no track record of outperformance, and you think you're trolling folks with crypto positions, maybe at least consider that there might be more out there to learn. Because honestly, you're just coming on here and playing yourselves. 1 1 Link to comment Share on other sites More sharing options...
Exploring Thailand Posted May 14, 2021 Share Posted May 14, 2021 19 hours ago, gearbox said: To create a new cryptocurrency one has to have certain skills and abilities in programming. If you don't mind paying a few hundred dollars, there are sites that will create a you a coin in a couple of minutes. 1 Link to comment Share on other sites More sharing options...
fdsa Posted May 14, 2021 Share Posted May 14, 2021 1 hour ago, Heng said: Hopefully it'll be as "robust" as their investigations of Ripple and Tether. I don't know the history of Ripple (never bothered to read about them actually because they appeared as a "government-regulated crypto" already when I was playing with free (as in freedom) BTC and LTC) but the history of Tether excited me: 1) steal $850 millions of clients' money 2) pay $18 millions fine and continue operations 3) $832 millions clean profit - that's how big boys make money 1 Link to comment Share on other sites More sharing options...
Pravda Posted May 14, 2021 Share Posted May 14, 2021 33 minutes ago, The Cipher said: There is a subtle hilarity to (figuratively) the career welder from Blackpool, the warehouse manager from Darwin, and the goat herder from Waikato coming onto Thai Visa, confidently airing their takes on the direction of financial innovation, and then congratulating each other for it lmao. Crypto is likely still in its infancy. Yes, there are a ton of scams out there and yes it does have a cult-like following in some corners of the internet. But its recognition as a burgeoning institutional asset class is growing, as is the development of use-cases for the assets. Crypto-ETFs have been tradable on stock exchanges for some time now, banks like Goldman Sachs are working on bond issuances on the Ethereum blockchain, and Central Banks like those in China and the UK are working on creating their own digital currencies. If you don't feel comfortable buying crypto, don't buy it. In fact, if you're a retiree and you do feel comfortable, at least hesitate before establishing a (risk-controlled) position and make sure you know what you're buying and why. But if you've always been a random bloke with absolutely no track record of outperformance, and you think you're trolling folks with crypto positions, maybe at least consider that there might be more out there to learn. Because honestly, you're just coming on here and playing yourselves. Still not getting any value for my coffee. Link to comment Share on other sites More sharing options...
The Cipher Posted May 14, 2021 Share Posted May 14, 2021 2 minutes ago, Pravda said: Still not getting any value for my coffee. Not even entertainment value? ???? I've found this thread pretty entertaining lol. Coffee's just average tho. Link to comment Share on other sites More sharing options...
coops Posted May 14, 2021 Share Posted May 14, 2021 3 hours ago, Susco said: I don't get involved with anything that has no intrinsic value, and which price is determined by what one or another influencer tweets on any given day Fiat currency (your US dollars, Pounds Sterling, Euro, Swiss Franc etc ect) also has NO intrinsic value. They do have the backing of their respective Governments - which is of little comfort to those in Zimbabwe, or Turkey.... (and notoriously Germans in the past https://keripeardon.wordpress.com/2013/06/01/wheelbarrows-of-money-and-the-weimar-republic/) This is a good little book to help give some understanding of ' money', Crypto assets and blockchainshttps://www.amazon.com/Basics-Bitcoins-Blockchains-Introduction-Cryptocurrencies-ebook/dp/B07BWK82DC/ref=sr_1_1?dchild=1&keywords=bitcoin+lewis&qid=1620964681&sr=8-1 1 Link to comment Share on other sites More sharing options...
Heng Posted May 14, 2021 Share Posted May 14, 2021 I doubt anyone here believes they will be changing anyone else's mind. It's just all in fun poking back and forth. It's like having a burgers and beer BBQ next to a vegan protest about something or other... 1 Link to comment Share on other sites More sharing options...
Peter Denis Posted May 14, 2021 Share Posted May 14, 2021 15 minutes ago, coops said: Fiat currency (your US dollars, Pounds Sterling, Euro, Swiss Franc etc ect) also has NO intrinsic value. ... Fiat money is legally enforceable debt, so it DOES have intrinsic value. Unfortunately this value is being eroded when governments are printing money to finance their projects, but that does not alter the fact that fiat money does have intrinsic value. Crypto-currencies on the other hand are created out of thin air, and their value at any given time is determined purely by supply/demand (hence their volatility and the ongoing need for new 'investors' willing to exchange their fiat money for cryptos). The attached short - and illuminating - article explains in layman's terms the difference between fiat and crypto money. Cryptocurrencies are Digital Version of Children's Play Paper Money.pdf 1 1 Link to comment Share on other sites More sharing options...
gearbox Posted May 14, 2021 Share Posted May 14, 2021 3 hours ago, The Cipher said: There is a subtle hilarity to (figuratively) the career welder from Blackpool, the warehouse manager from Darwin, and the goat herder from Waikato coming onto Thai Visa, confidently airing their takes on the direction of financial innovation, and then congratulating each other for it lmao. Crypto is likely still in its infancy. Yes, there are a ton of scams out there and yes it does have a cult-like following in some corners of the internet. But its recognition as a burgeoning institutional asset class is growing, as is the development of use-cases for the assets. Crypto-ETFs have been tradable on stock exchanges for some time now, banks like Goldman Sachs are working on bond issuances on the Ethereum blockchain, and Central Banks like those in China and the UK are working on creating their own digital currencies. If you don't feel comfortable buying crypto, don't buy it. In fact, if you're a retiree and you do feel comfortable, at least hesitate before establishing a (risk-controlled) position and make sure you know what you're buying and why. But if you've always been a random bloke with absolutely no track record of outperformance, and you think you're trolling folks with crypto positions, maybe at least consider that there might be more out there to learn. Because honestly, you're just coming on here and playing yourselves. You are mixing in your post things like blockchain technologies and cryptocurrencies as a store of value. The blockchain technologies have a bright future, but they are just a technology, a medium to execute smart contracts, and can be built as private blockchains by entities like governments and large private financial institutions. The crypto currency when issued by a regulated government backed entity like the Chinese digital yuan is an innovative smart currency with a value similar to the paper yuan and same volatility. Same thing for the EIB issued CBDC currency. On the other end you have the "store of value" arbitrary crypto currency blockchains, with backing of no one, just "buy because the supply is finite" stuff. All the crypto peddlers trade there, and they require a continuous supply of new suckers with the promise of multiplying the initial investment XX times. So far this seems to be working. These "store of value" crypto currencies do have their use, mainly by more sophisticated criminals, due to limited traceability and features to avoid the money laundering and law enforcement agencies. Just look at this news article...you cant make this up: https://finance.yahoo.com/news/binance-indian-crypto-exchange-lists-171431638.html SHIB token? They must be kidding. If the crypto "enlightened" people here show me how to make X times profit if I buy digital Yuan or Pound, I'm all in. 2 Link to comment Share on other sites More sharing options...
Sametboy2019 Posted May 14, 2021 Share Posted May 14, 2021 Contrary to what some believe some cyrptos do have utility. Sure you can get rich of some meme coins if you time buying in and selling off at the right time. I would rather buy something that has a utility and will grow over time. Link to comment Share on other sites More sharing options...
The Cipher Posted May 14, 2021 Share Posted May 14, 2021 (edited) 54 minutes ago, Heng said: I doubt anyone here believes they will be changing anyone else's mind. It's just all in fun poking back and forth. It's like having a burgers and beer BBQ next to a vegan protest about something or other... Right? Lol. Nobody here is trying to hustle folks into a scam. At this point it is institutional adoption that will determine the future of many of the more famous assets in the space, not the savings of a handful of expats. Plus, as probable retirees (based on the Thai Visa demo), high vol potentially long-horizon assets probably aren't appropriate for most of the portfolios here. The funniest thing to me is that I might actually indirectly manage the pension funds of some of these folks. So uhh, you better hope I'm not a garbage investor who has no idea what he's doing...???? (before anyone freaks out, I have no authority to deploy pension funds to cryptoassets). Edited May 14, 2021 by The Cipher 1 Link to comment Share on other sites More sharing options...
Logosone Posted May 14, 2021 Share Posted May 14, 2021 You don't actually have to hold any bitcoins to make money off bitcoin. All you need is to open a Forex trading account and you'll be able to trade Bitcoin currencies without the hassle and risk of holding bitcoin. You're welcome. 1 Link to comment Share on other sites More sharing options...
bkk6060 Posted May 14, 2021 Share Posted May 14, 2021 On 5/13/2021 at 3:30 PM, ukrules said: He's not really relevant in the grand scheme of things. Could not disagree more. When Musk makes comments about Crypto it can immediately move the markets up or down. Very relevant via his comments from what I have seen so far. 2 Link to comment Share on other sites More sharing options...
Leffe Posted May 14, 2021 Share Posted May 14, 2021 Why use an appreciating asset to purchase a depreciating asset. Far better off buy your Tesla with USD. 2 Link to comment Share on other sites More sharing options...
ukrules Posted May 14, 2021 Share Posted May 14, 2021 2 hours ago, bkk6060 said: Could not disagree more. When Musk makes comments about Crypto it can immediately move the markets up or down. Very relevant via his comments from what I have seen so far. Just a blip, I wouldn't worry about it. Link to comment Share on other sites More sharing options...
bkk6060 Posted May 15, 2021 Share Posted May 15, 2021 16 hours ago, ukrules said: Just a blip, I wouldn't worry about it. Dogecoin soared Friday after a tweet from supporter Elon Musk, and as Coinbase said it would list the meme-inspired cryptocurrency. As of 10:30 a.m., dogecoin was up 39.4% at 54 cents per coin And...just another blip. Link to comment Share on other sites More sharing options...
Heng Posted May 15, 2021 Share Posted May 15, 2021 (edited) Doge perplexes me. You'd think that at least some of their 'base' supporters would start looking at other coins that have a supply cap or actually have use cases... yet it keeps creeping up. Have traded it a few times for gains, but the couple of times I had to hold overnight, I woke up 2-3 times to check that it hadn't dropped by half... no more, thanks. Edited May 15, 2021 by Heng Link to comment Share on other sites More sharing options...
Logosone Posted May 15, 2021 Share Posted May 15, 2021 I am thinking of setting up a few computers to mine bitcoins. It brings 8 to 10 Euro a day, so 300 Euro per machine. Four computers up and running and your rent is paid every month. Link to comment Share on other sites More sharing options...
fdsa Posted May 15, 2021 Share Posted May 15, 2021 1 hour ago, Logosone said: I am thinking of setting up a few computers to mine bitcoins. It brings 8 to 10 Euro a day, so 300 Euro per machine. Four computers up and running and your rent is paid every month. great idea, except that it is impossible to mine bitcoins on usual computer since circa 2012. 1 Link to comment Share on other sites More sharing options...
Popular Post The Cipher Posted May 17, 2021 Popular Post Share Posted May 17, 2021 Well, I just went shopping. Picked up some Eth, Sushi, and Btc. Let's see if this post ages well or if I go to zero. ????♂️ 3 Link to comment Share on other sites More sharing options...
Pravda Posted May 19, 2021 Share Posted May 19, 2021 China just banned all the crypto transactions. Expect a massacre after a few dead cat bounces to lure in suckers. 1 1 Link to comment Share on other sites More sharing options...
fdsa Posted May 19, 2021 Share Posted May 19, 2021 a new billion USD "stable" shítcoins printed: what will be pumped now with these fake USDs? ???? Link to comment Share on other sites More sharing options...
Popular Post gearbox Posted May 19, 2021 Popular Post Share Posted May 19, 2021 More on the crypto by afr.com (behind a paywall, but sometimes accessible outside Australia): https://www.afr.com/chanticleer/ponzi-ponzi-ponzi-crypto-s-dumb-joke-says-plenty-20210518-p57sun Down in the bowels of the crypto world where sh.tcoins exist, there’s a Wild West feel that is frightening. It’s hard not to believe that many of these coins are being created very quickly, with no purpose other than pushing their price up so the first few in the door make money. But the comparison isn’t quite right. Yes, the last investors to buy these sh.tcoins will be the ultimate losers when the music stops – just like in a Ponzi scheme. But where Ponzi scheme promoters tend to keep this a secret, the sh-tcoin phenomenon seems based on the very idea of getting in, pumping the price and then getting out. That is, everyone knows it’s a Ponzi scheme – and is prepared to invest anyway because the big potential returns on offer make it worth it. The skill for investors is picking the crypto coin that’s going to get hot and then jumping to the next one at the right time. 4 1 1 Link to comment Share on other sites More sharing options...
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