Over to you crypto fanboys

[Susco]

Don't hear much from the fanboys who bought in the last 3 weeks.

 

Stupid me, they of course all loaded up on ONTX

 

Edited May 19, 2021 by Susco

[Heng]

4 hours ago, Pravda said:

China just banned all the crypto transactions. Expect a massacre after a few dead cat bounces to lure in suckers. 

 

Usually I'd buy when hearing such news, but I think I'm just going hold this time and see what happens.   Definitely a trial by fire event... can a superpower turn off crypto?   If yes, then it's been a great ride.  If not, then it's likely it can't be killed.      

[Pravda]

37 minutes ago, Heng said:

 

Usually I'd buy when hearing such news, but I think I'm just going hold this time and see what happens.   Definitely a trial by fire event... can a superpower turn off crypto?   If yes, then it's been a great ride.  If not, then it's likely it can't be killed.      

 

What do you think of Internet Computer? I hate Amazon with passion and would like to for project to succeed. This is about the only coin project I am interested in buying and it is trading at substantial discount since opening.

[Logosone]

On 5/15/2021 at 1:03 PM, fdsa said:

great idea, except that it is impossible to mine bitcoins on usual computer since circa 2012.

 

 You can still mine bitcoins. Obviously hardware set up ist required, but it's still very possible.

[Logosone]

1 hour ago, Heng said:

 

Usually I'd buy when hearing such news, but I think I'm just going hold this time and see what happens.   Definitely a trial by fire event... can a superpower turn off crypto?   If yes, then it's been a great ride.  If not, then it's likely it can't be killed.      

 

It can be an even bigger ride. Since you can trade bitcoin on a forex account you can short it. If the bubble is really going to burst it would be the mother of all price falls.

 

Another advantage to trading bitcoin in forex over actually holding bitcoin, you can win both if bitcoin goes up and if it falls.

[Heng]

25 minutes ago, Pravda said:

 

What do you think of Internet Computer? I hate Amazon with passion and would like to for project to succeed. This is about the only coin project I am interested in buying and it is trading at substantial discount since opening.

 

Hmm... well, right now I'm about $358 in the red per coin, so I'm not exactly loving it.   LOL, so.... long hold.   ????

[Heng]

3 minutes ago, Logosone said:

 

It can be an even bigger ride. Since you can trade bitcoin on a forex account you can short it. If the bubble is really going to burst it would be the mother of all price falls.

 

Another advantage to trading bitcoin in forex over actually holding bitcoin, you can win both if bitcoin goes up and if it falls.

 

Unfortunately I have a zero debt policy that prevents me from playing any market in the opposite direction.   But for those who have a greater risk tolerance for leverage, more power to them.  

 

In this particular downturn, my main BTC tranche is untouched.... it just doesn't feel like the end is coming this week or this month.     

[fdsa]

If someone is willing to sell their ADA for 0.95 USD / 30 THB - ping me :)

[gearbox]

6 hours ago, Susco said:

Don't hear much from the fanboys who bought in the last 3 weeks.

 

Stupid me, they of course all loaded up on ONTX

 

'Your table is too old...they are dropping like a stone now.

 

The problem is when in the Ponzi schemes the last investors are wiped out,  they start organizing petitions and demonstrations against the governments which "didn't protect them".

 

[The Cipher]

Can anyone recommend a nice bridge to live under? I don't need much, just a flat concrete surface to lie on and maybe 75% shelter from the rain. Maybe the Asok walkway by Terminal 21? F

[Heng]

36 minutes ago, The Cipher said:

Can anyone recommend a nice bridge to live under? I don't need much, just a flat concrete surface to lie on and maybe 75% shelter from the rain. Maybe the Asok walkway by Terminal 21? F

 

1788 Phetburi Rd. is nice, especially during Covid, supermarket and restaurants on site, no need to go anywhere.  Around 20 BTC right now for a 2BR/2BA at 9pm.   Will probably cost more tomorrow.   ????     

[Patong2021]

4 hours ago, Heng said:

 

Usually I'd buy when hearing such news, but I think I'm just going hold this time and see what happens.   Definitely a trial by fire event... can a superpower turn off crypto?   If yes, then it's been a great ride.  If not, then it's likely it can't be killed.      

If they can control the internet, then yes they can. Bitcoin does not exist without internet access. Block chain inventory and ledger management cannot function without mass access. redundant and backup systems are not an option if a sovereign state blocks or disrupts the flow of information.  

 

[Susco]

3 hours ago, Heng said:

 

Hmm... well, right now I'm about $358 in the red per coin, so I'm not exactly loving it.   LOL, so.... long hold.   ????

 

Kudos for being sincere about your transactions. I'm missing a certain group of posters here lately, but I guess they have all sold their holding right before it started, so they have no horse in the race any more

[Heng]

8 minutes ago, Patong2021 said:

If they can control the internet, then yes they can. Bitcoin does not exist without internet access. Block chain inventory and ledger management cannot function without mass access. redundant and backup systems are not an option if a sovereign state blocks or disrupts the flow of information.  

 

 

It's debatable how much they've (China) been able to control the internet up to this point.   Keeping out Google, Facebook, and Youtube isn't the same as actually blocking the internet (which is all blockchain needs to connect).   

[Susco]

1 minute ago, Heng said:

 

It's debatable how much they've (China) been able to control the internet up to this point.   Keeping out Google, Facebook, and Youtube isn't the same as actually blocking the internet (which is all blockchain needs to connect).   

 

I think for blockchain you need fast internet, and they don't have that in China.

 

I have suppliers in China, big companies, and when they upload a file of a few 100 Mb for me, it takes probably an hour.

 

On their private internet, they most of the time aren't able to send a picture

[Heng]

1 minute ago, Susco said:

 

I think for blockchain you need fast internet, and they don't have that in China.

 

I have suppliers in China, big companies, and when they upload a file of a few 100 Mb for me, it takes probably an hour.

 

On their private internet, they most of the time aren't able to send a picture

 

IME where it's fast, it's as fast as anywhere on the planet, and much of the crypto world now is actually East Asia centric, China included, so it does 'run' as is.  Where it's slow, yeah, it's slow.  In general though, I don't think generalisations involving China age well.      

[The Cipher]

14 minutes ago, Susco said:

I think for blockchain you need fast internet, and they don't have that in China.

 

Wat

[Susco]

1 hour ago, Heng said:

 

IME where it's fast, it's as fast as anywhere on the planet, and much of the crypto world now is actually East Asia centric, China included, so it does 'run' as is.  Where it's slow, yeah, it's slow.  In general though, I don't think generalisations involving China age well.      

 

The companies I'm dealing with are all located in Shenzen, which is the main industrial area in China, and their internet is as slow as a turtle.

 

I believe that the miners in China are all professional companies, who have special leased lines for that purpose.

 

If China want to block them, they will have not the slightest issue with that.

 

They can block VPN's, that mean they can block whatever they want

[DrDave]

10 hours ago, gearbox said:

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.

Exactly!  Much like Ponzi scheme investors, crypto investors are trying to lure in the unsuspecting so that the price stabilizes or possibly increases a bit in the near term so they can get out before the wheels inevitably fall off the whole thing.

[ozimoron]

6 hours ago, Pravda said:

 

What do you think of Internet Computer? I hate Amazon with passion and would like to for project to succeed. This is about the only coin project I am interested in buying and it is trading at substantial discount since opening.

 

This is my favorite as well, for the same reasons as you.

 

5 hours ago, Heng said:

 

Hmm... well, right now I'm about $358 in the red per coin, so I'm not exactly loving it.   LOL, so.... long hold.   ????

 

I'm afraid to look. I didn't have much in it, just for sentiment.

[fdsa]

The local internet in China is blazing fast however the international connections are slow as hell, it costs something like $100/month for 1mbps connection to the "outside" world.

Do not mistake the mainland China with normal countries such as Hong Kong.

[Susco]

6 hours ago, fdsa said:

The local internet in China is blazing fast however the international connections are slow as hell, it costs something like $100/month for 1mbps connection to the "outside" world.

Do not mistake the mainland China with normal countries such as Hong Kong.

 

That's what I mean. For mining I assume you need international speed.

 

Hong Kong is by the way is degenerating quickly lately.

[ThailandRyan]

On 5/13/2021 at 4:48 PM, 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 the ultimate absolute power of cryptos

Keep believing yourself 

[The Cipher]

14 hours ago, Pravda said:

What do you think of Internet Computer?

 

Not financial advice, but I wouldn't do it. Project seems to have no near-term catalysts to gain traction, and I have seen it mocked by bigger names in the crypto space.

 

9 hours ago, DrDave said:

Exactly!  Much like Ponzi scheme investors, crypto investors are trying to lure in the unsuspecting so that the price stabilizes or possibly increases a bit in the near term so they can get out before the wheels inevitably fall off the whole thing.

 

This is false. Unless the unsuspecting that you're referring to are BlackRock, the CIC, and those like them. Truth is, the life savings of a handful of Joe Averages are immaterial and don't move the needle.

[Lacessit]

On 5/13/2021 at 5:46 PM, The Cipher said:

 

 I actually do not believe that high volatility, high risk assets are suitable for most retirees in Thailand trying to make their nest eggs last.

 

 

 

 

Exactly. Cryptocurrencies are for younger people who have the time to recoup losses if any investment goes pear-shaped.

One straw in the wind, apart from Elon/Elton/Eton, is the news China is banning bitcoins to settle transactions, and developing a digital yuan. That might not bode well for cryptocurrency values.

 

[Walker88]

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 Bitcoin. That reminded me of the (perhaps apocryphal) tale of a shoeshine boy giving Joe Kennedy stock market tips in September 1929. Boom!

 

Now I'm no expert on Bitcoin or Dreamwealth or any other crypto fantasy, but I am a retired hedge fund manager. I kind of know markets. I retired young, so I was either dumb lucky or I had some sort of market understanding (which means both financial knowledge and understanding of human psychology).

 

Something with zero underlying value, save for what the Greater Fool is willing to pay for it, tends to be a dead man (investment) walking. It's musical chairs with a dying battery in the record player and social distancing demanded of chair sitters. Yes, cryptos will retain some 'value' (i.e., fools) in the arena of anti-govt types or terrorists or criminal gangs, but otherwise (IMO) they're a fad. (Maybe cryptos work slightly better than GIA Diamond certs for moving/laundering money across borders.) That doesn't mean money cannot be made playing the game, but one needs to be nimble and not be greedy. If one guy can issue a Tweet or make a comment and cut the market value in half in a few days, one is not dealing with a an asset with real value, but rather a Blockchain Beanie Baby wrapped in a Ponzi Scheme siting on top of a Pyramid dipped in an elaborate Crowd Funding appeal and baked into a Pie-in-the-Sky.

 

Some try to argue that 'cryptos will replace banks'.  No way. Never.  Banks schtick is lending money. Who wants to borrow an instrument that is a speculative instrument whose value can change by 15% in a day? Remember what happened to Thailand in 1997 when it borrowed in dollars? The dollar soared against them, they couldn't repay, and the Asian Crisis was upon us.  Borrow Bitcoin a month ago and maybe someone is a hero, as payback costs about half what it did last month. Borrow it before a hyped-up rise and the borrower suffers. Thus, bankers can sleep well, knowing they retain the right to print money from thin air.

 

I find it humorous that some crypto fans argue that 'fiat money is fake'. "Faker" than Bitcoin? Fiat depends on collective suspension of disbelief, but it has 200 examples in existence and 200 govts behind it to give it credence. Bitcoin has geeks and dreamers backing it....and the ultimate power behind it remains unknown.

 

In all asset classes, even computer-generated ones, rising prices create demand. That goes against microeconomic theory, but reality sometimes stomps on theory. Folks bought houses up until 2008 because 'the train was leaving the station, so better get on board'. Same with Dot-Com stocks up until April 2000. Remember Pets.com? It has been reborn as Bitcoin, except with less underlying value.

 

The current 'market guru' (always a moniker with an expiration date), Kathi Woods, just pulled a number out of where the sun doesn't shine and claimed "Bitcoin is going to $500,000'. Okay, Kathi, based on what? Hate to think you're just talking your underwater book.

 

One of the maxims of the financial industry is that eventually the market embarrasses anyone who overstays his/her welcome. So much of investing is luck....being an investor during a long term bull market, picking a bottom or top, getting swept up in a wave of euphoria, getting out at the right time....and crypto will be no different. Play the game, have fun, make some dosh....but don't be greedy.

 

After the 1929 crash, it wasn't until 1954 until the market reached the 1929 highs, and even that was deceptive because bankrupt companies had been replaced in the indices. Japan peaked in 1989 and hasn't come close again to that high in 32 years---again, despite replacing failed companies in the indices. When bubbles burst, they often stay burst for decades, even forever.

 

Anybody want to pay $10,000 for a very special Beanie Baby? How about a $2 billion house in Tokyo (the US Ambassador's residence, valued at $2 billion in early 1990)?

[Heng]

4 hours ago, Susco said:

 

That's what I mean. For mining I assume you need international speed.

 

Hong Kong is by the way is degenerating quickly lately.

 

Yeah, I only know from vacations and not using it for commercial purposes, but it felt fast-ish wherever I went, with the only inconvenience the handful of apps and websites that were blocked.   

[fdsa]

another billion of USDT printed, so the bottom is over for us crypto fanboys and we're going back to $50k for 1 BTC

 

 

[Susco]

8 minutes ago, fdsa said:

another billion of USDT printed, so the bottom is over for us crypto fanboys and we're going back to $50k for 1 BTC

 

 

 

 

Your crypto boys didn't get the news yet

 

[ukrules]

2 minutes ago, Susco said:

 

 

Your crypto boys didn't get the news yet

 

 

What happens on the last Friday of each month?