I just bought $200,000 of Bitcoin

[Neeranam]

4 minutes ago, aldriglikvid said:

https://www.bloomberg.com/news/articles/2022-11-10/el-salvador-s-bitcoin-holdings-devalue-60-amid-crypto-selloff

 

 

Crypto-era is over buddy. You could've made a lot better money in productive assets. So sad to see this. 

I made MUCH more in crypto that in other assets, what are you talking about?

 

 

[Neeranam]

@aldriglikvid

 

I'll ask again, when did you first hear of BTC and take a disliking to it? 

Edited November 12, 2022 by Neeranam

[tomazbodner]

On 2/15/2022 at 4:07 PM, Pravda said:

Good luck to me.

Yes, you bought at $44,544.86 and it's now worth $16,895.27. You needed good luck but unless you already sold it, that good luck didn't really find you.

 

On the plus side.. your $200k is still worth $76k. Though it might be worth even far less if another crypto exchange goes bust.

 

 

[aldriglikvid]

1 minute ago, Neeranam said:

I made MUCH more in crypto that in other assets, what are you talking about?

 

 

You guys keep pointing to completely unverifiable claims of successful trades, to legitimate a "currency" that has fallen -70% in 12 months. Do you see an issue with that? 

 

 

[Neeranam]

Just now, aldriglikvid said:

You guys keep pointing to completely unverifiable claims of successful trades, to legitimate a "currency" that has fallen -70% in 12 months. Do you see an issue with that? 

 

 

So you first heard of BTC 1 year ago and think it's only been around since then?

[tomazbodner]

Just now, Neeranam said:

So you first heard of BTC 1 year ago and think it's only been around since then?

BTC has been around many years and early adopters might have made a lot on it. That first pizza place that accepted it, for instance.

 

But the crazy growth of the past is now just that... in the past. Will it grow again? There are some people who still believe in it and will think that this is just a temporary setback, so surely it will. Will it drop again? Most likely it will, when yet another exchange gets hacked or exposed for dubious practices and possibly goes broke, wiping customers' entire crypto holdings.

 

Unlike physical assets, or actual earnings from companies that trade stocks, crypto valuations are in large portion valued based on trust and mood. So if trust vanishes, they are worth nothing.

 

In the not so distant past, there was a lot of trust in crypto as a whole, based on strong growth and greed. But series of setbacks and scandals have seriously damaged it, and drop in value eroded it further.

 

While I see blockchain technology infiltrating more and more processes, I just can not see current crypto currencies going anywhere near the historic heights.

[Neeranam]

5 minutes ago, tomazbodner said:

BTC has been around many years and early adopters might have made a lot on it. That first pizza place that accepted it, for instance.

I know. The guy @aldriglikvid refuses to answer the question as to when he first started hating BTC. I suspect he missed the boat and is very angry. 

[Walker88]

The Daisy Chain story.........BlockFi was on the verge of collapse, but was bought by.....FTX

 

The remaining assets of dead Voyager Digital were picked up by......FTX

 

FTX loaned money to (dead) Celsius Network, which used the funds to ramp CEL coin (after Celsius had illegally used customer assets to support its CEL token).

 

Now FTX blows up because it loaned money (and also tapped customer assets) so that Alameda (owned by FTX) could buy FTT (a coin created by FTX)

 

Anybody see a pattern emerging between 'exchanges' and 'coins'?

 

Anybody still remember Terra/Luna?

 

This is not an 'exchange' problem; it is laying bare the entire crypto bubble.

 

Hey, but it's unregulated ! Isn't that a plus?

 

Might be a good time to look at the underlying 'assets' of Michael Saylor's MicroStrategy, and also dig deep into his liabilities. I suspect we would find he's levered for btc purchases and pledged his btc holdings as collateral for his loans.

 

It was copycats who conjured new coins, after seeing the 'success' of btc. It seems copycats also created 'exchanges' to be used to ramp what the exchange creators owned. Step aside, Charles Ponzi; there's a new scheme in town.

 

Coinbase even notes in some of its disclosures that in the event of bankruptcy, any assets anyone keeps there are dead until the bankruptcy is resolved, which would be years.

 

Ah.....But you don't use an exchange; you have your own wallet!  That's great, except the coins you hold have been manipulated by levered large holders. Their rise or 'stability' wasn't a result of new money, but leverage by large holders. When they and their exchanges fall---as FTX and SBF have---so goes all the coins they manipulated.

 

If anything truly depended on the confidence of holders, it is crypto. No coin has any underlying value save for what the Greater Fool is willing to pay. Each of these bankruptcies shakes confidence in the entire field, and confidence is all any coin ever had.. Terra/Luna, Three Arrows Capital. Voyager Digital. Celsius Networks. Now FTX. DeFi?  DEAD. It seems regulation might actually have some merits, as does credit analysis.

 

Even supposedly savvy market players did not really understand the nature of what they were buying. Most merely jumped in so as not to miss out, Their confidence is now shaken, which means the confidence needed to keep even mainstream tokens like btc and eth is being shaken. Also, one can now expect much more demand for regulation, which will additionally keep people out of the space. Funds and banks who stepped into the crypto space---just in case it became something from which they could profit---are already reassessing. Maybe, just maybe, they can let others play the crypto game. Exchange failures and coin collapses are coming now at an accelerated pace. There's no longer any excuse shareholders would accept if a major fund got caught in another FTX. Burn me once, shame on you; burn me twice, shame on me.

 

The Daisy Chain is imploding. Stay tuned. The show is just beginning.

 

Edited November 12, 2022 by Walker88

[Sparktrader]

35 minutes ago, Neeranam said:

So you first heard of BTC 1 year ago and think it's only been around since then?

Yes they only attack after it goes down 555

 

Ignoring all bull runs

Ignoring all daily rises

 

Up 10% no comment

Down 10% look its a ponzi 555

[Sparktrader]

38 minutes ago, aldriglikvid said:

unverifiable claims of successful trades

Show me your bank statements please. I also want your pin and any passwords.

 

 

[Sparktrader]

16 minutes ago, Walker88 said:

The Daisy Chain story.........BlockFi was on the verge of collapse, but was bought by.....FTX

 

The remaining assets of dead Voyager Digital were picked up by......FTX

 

FTX loaned money to (dead) Celsius Network, which used the funds to ramp CEL coin (after Celsius had illegally used customer assets to support its CEL token).

 

Now FTX blows up because it loaned money (and also tapped customer assets) so that Alameda (owned by FTX) could buy FTT (a coin created by FTX)

 

Anybody see a pattern emerging between 'exchanges' and 'coins'?

 

Anybody still remember Terra/Luna?

 

This is not an 'exchange' problem; it is laying bare the entire crypto bubble.

 

Hey, but it's unregulated ! Isn't that a plus?

 

Might be a good time to look at the underlying 'assets' of Michael Saylor's MicroStrategy, and also dig deep into his liabilities. I suspect we would find he's levered for btc purchases and pledged his btc holdings as collateral for his loans.

 

It was copycats who conjured new coins, after seeing the 'success' of btc. It seems copycats also created 'exchanges' to be used to ramp what the exchange creators owned. Step aside, Charles Ponzi; there's a new scheme in town.

 

Coinbase even notes in some of its disclosures that in the event of bankruptcy, any assets anyone keeps there are dead until the bankruptcy is resolved, which would be years.

 

Ah.....But you don't use an exchange; you have your own wallet!  That's great, except the coins you hold have been manipulated by levered large holders. Their rise or 'stability' wasn't a result of new money, but leverage by large holders. When they and their exchanges fall---as FTX and SBF have---so goes all the coins they manipulated.

 

If anything truly depended on the confidence of holders, it is crypto. No coin has any underlying value save for what the Greater Fool is willing to pay. Each of these bankruptcies shakes confidence in the entire field, and confidence is all any coin ever had.. Terra/Luna, Three Arrows Capital. Voyager Digital. Celsius Networks. Now FTX. DeFi?  DEAD. It seems regulation might actually have some merits, as does credit analysis.

 

Even supposedly savvy market players did not really understand the nature of what they were buying. Most merely jumped in so as not to miss out, Their confidence is now shaken, which means the confidence needed to keep even mainstream tokens like btc and eth is being shaken. Also, one can now expect much more demand for regulation, which will additionally keep people out of the space. Funds and banks who stepped into the crypto space---just in case it became something from which they could profit---are already reassessing. Maybe, just maybe, they can let others play the crypto game. Exchange failures and coin collapses are coming now at an accelerated pace. There's no longer any excuse shareholders would accept if a major fund got caught in another FTX. Burn me once, shame on you; burn me twice, shame on me.

 

The Daisy Chain is imploding. Stay tuned. The show is just beginning.

 

No its $17,000. Crashed 6 times before. 3.4x higher than than not long ago.

 

Anyone in under 10k is miles in front.

[Sametboy2019]

12 hours ago, aldriglikvid said:

Are you guys still investing in made-up internet-money such as Bitcoin and the other Ponzi's? If you can't spot the fraud a mile away, I don't know what to tell you. 

So, 9 if the largest exchanges worldwide have either ben outright criminal frauds, hacked clean or ponzi's. But not yours, right? ???? Chasing that legit 17% APY. 

True but you dont think banks do the same thing? Remember the 2008 crisis?  People in Lebanon now robbing their own banks to get their own money. 

Imo this crypto purge is to destroy the exchanges and hand the technology over to government custodians. 

[Sparktrader]

1 hour ago, Sametboy2019 said:

True but you dont think banks do the same thing? Remember the 2008 crisis?  People in Lebanon now robbing their own banks to get their own money. 

Imo this crypto purge is to destroy the exchanges and hand the technology over to government custodians. 

Lebanon yes. Cash isnt safe. Nothing is. Thats why you spread the risk. Having ETH would  be good for them.

 

 

Argentine Peso also a disaster. ETH or Peso? Pay me in ETH if I was living there.

[Walker88]

2 hours ago, aldriglikvid said:

You guys keep pointing to completely unverifiable claims of successful trades, to legitimate a "currency" that has fallen -70% in 12 months. Do you see an issue with that? 

 

 

Some people fall back on the amateur excuses;

 

One is: "You haven't lost if you haven't sold"  (which is relevant ONLY to the amateur and the tax man; the market is under no obligation to ever go back to where they bought)

 

Another is: "But I'm still ahead" (which is silly, because even if they bought at 1 penny, at current prices they have left roughly $52000 per coin on the table, or 225% more than it's now worth)

 

Let it be. That is how amateurs salve their wounds.

1 hour ago, Sparktrader said:

No its $17,000. Crashed 6 times before. 3.4x higher than than not long ago.

 

Anyone in under 10k is miles in front.

Any professional trader who tries to salve his ego by saying "I'm still ahead", when he's left on the table upwards of $52000, would be sent packing in an instant. That's a pure amateur rationalization.

 

Besides, this crash is different, because it has exposed the entire fraud that was suggested (or readily apparent) to traders for a long time:  Large holders both ramped, and now try to support, their own position. There's no new money helping them anymore, because the buzz is gone and retail has been burnt enough. Large holders like SBF, Three Arrows, Celsius and Saylor had had to rely on debt, and often from loans from an 'exchange' they created. They've doubled the danger by pledging their coins as collateral (to themselves or their own exchange or company or a foolish bank).

 

As each exchange collapses, the collateral backing the loans tumbles, as it's forced liquidation.  The list of zero'd out coins and bankrupt exchanges increases by the day, and there is no sign of let up. Binance, who was going to buy FTX, quickly realized FTX had done what Binance itself has done, which is loan to itself to buy coins, which they pledge as collateral for more loans.

 

Odds are there are many more failures to come. Many more.

[Sametboy2019]

22 minutes ago, Sparktrader said:

Lebanon yes. Cash isnt safe. Nothing is. Thats why you spread the risk. Having ETH would  be good for them.

 

 

Argentine Peso also a disaster. ETH or Peso? Pay me in ETH if I was living there.

No thanks. ETH gas fees are a joke. Thankfully there are a new gen of crypto that has solved all BTC and ETH shortcomings!

[Sparktrader]

24 minutes ago, Walker88 said:

Any professional trader who tries to salve his ego by saying "I'm still ahead", when he's left on the table upwards of $52000, would be sent packing in an instant. That's a pure amateur rationalization.

No pros bought at 69,000. Why would you?

 

Your rants are irrational

[Sparktrader]

Just fallen back to lt moving averages.

 

 

[Sparktrader]

This cartoon sums up the madness

[SenorTashi]

On 2/15/2022 at 4:16 PM, Don Chance said:

Crypto is not a real currency.

What baffles me about crypto is people saying 'it's worth x amount of dollars' 

If it's an alternative to cash, why do we need to know it's worth in dollars and if cash 

gets wiped out, what will crypto be worth then, a bag of potatoes?

[Sparktrader]

11 minutes ago, SenorTashi said:

What baffles me about crypto is people saying 'it's worth x amount of dollars' 

If it's an alternative to cash, why do we need to know it's worth in dollars and if cash 

gets wiped out, what will crypto be worth then, a bag of potatoes?

Baht is alternative to dollars. We know the value.

[aldriglikvid]

8 minutes ago, Sparktrader said:

Baht is alternative to dollars. We know the value.

What's the value, then? It is down the toilet YTD -72%. But, you know that before it happened - right? 

[aldriglikvid]

Most made-up internet-money, I'm sorry "Coins", have lost in one week what the general stock market declined in a total of 1,5 years during the GFC. 

 

Bitcoin has lost -3% since we began this discussion yesterday. 

 

Embrace it's a ponzi and instead look for productive assets. I'm just trying to help you here. 

 

 

[Sparktrader]

41 minutes ago, aldriglikvid said:

What's the value, then? It is down the toilet YTD -72%. But, you know that before it happened - right? 

Baht is worthless compared to btc.

 

No btc is up about 10,000%.

[Sparktrader]

1 US Dollar = 0.0000593 Bitcoin (BTC)

 

Btc far stronger than usd.

 

 

[Sparktrader]

35 minutes ago, aldriglikvid said:

Most made-up internet-money, I'm sorry "Coins", have lost in one week what the general stock market declined in a total of 1,5 years during the GFC. 

 

Bitcoin has lost -3% since we began this discussion yesterday. 

 

Embrace it's a ponzi and instead look for productive assets. I'm just trying to help you here. 

 

 

You dont have any idea. Btc is worth $17,000 per coin. It used to be 3c.

[Sparktrader]

1 hour ago, SenorTashi said:

What baffles me about crypto is people saying 'it's worth x amount of dollars' 

If it's an alternative to cash, why do we need to know it's worth in dollars and if cash 

gets wiped out, what will crypto be worth then, a bag of potatoes?

1 US Dollar = 0.0000593 Bitcoin (BTC)

[Sparktrader]

1 Bitcoin = 617141 Thai Baht (THB)

[aldriglikvid]

Just now, Sparktrader said:

1 Bitcoin = 617141 Thai Baht (THB)

And yesterday?

[Sparktrader]

Just now, aldriglikvid said:

And yesterday?

617000 baht?

 

5555

[aldriglikvid]

6 minutes ago, Sparktrader said:

Baht is worthless compared to btc.

 

No btc is up about 10,000%.

Now you're swinging untruths again, mate. Bitcoin is down -70% YTD.