Crypto Crashes

[Adumbration]

3 hours ago, Gecko123 said:

They're doing it out of genuine skepticism.

Skepticize all you want with your own money.

 

Let us not confuse skepticism with ego fueled didacticism.

[Neeranam]

1 hour ago, ThailandRyan said:

You'll never get the concept.

lol, I'd forgotten why I'd blocked that guy! 

[lkn]

34 minutes ago, Adumbration said:

Let us not confuse skepticism with ego fueled didacticism.

Talk about the pot calling the kettle black.

 

Over the last year, countless threads were created in the business section, the narrative always seemed to be the same: invest in crypto because of rising inflation, investment in the ecosystem by major banks, buy-in from TV celebrities, Thailand being crypto paradise, etc.

 

I.e. invest now, otherwise you will miss out, basic appeal to FOMO.

 

Skepticism was meet with “have fun staying poor, boomer!” or “you are just bitter because you missed the boat”.

 

Yet here we are, crypto is at a 1+ year low, it has not disrupted anything, no-one is using it for anything but ponzi schemes.

 

But still, when crypto proponents are faced with critical questions, like what are the fundamentals that give it value, we are just spreading “doom and gloom”.

 

Make a proper case for crypto <removed>

[ThailandRyan]

23 minutes ago, lkn said:

Talk about the pot calling the kettle black.

 

Over the last year, countless threads were created in the business section, the narrative always seemed to be the same: invest in crypto because of rising inflation, investment in the ecosystem by major banks, buy-in from TV celebrities, Thailand being crypto paradise, etc.

 

I.e. invest now, otherwise you will miss out, basic appeal to FOMO.

 

Skepticism was meet with “have fun staying poor, boomer!” or “you are just bitter because you missed the boat”.

 

Yet here we are, crypto is at a 1+ year low, it has not disrupted anything, no-one is using it for anything but ponzi schemes.

 

But still, when crypto proponents are faced with critical questions, like what are the fundamentals that give it value, we are just spreading “doom and gloom”.

 

Make a proper case for crypto <removed>

Stocks are also at a low, can you not even see your own disconnect.  It is a global issue and not just Crypto.......give it a rest.  Many in the stock market who just started investing in the past two years are completely devastated as well. 

https://www.fool.com/investing/2022/05/15/1-investment-im-stocking-up-on-if-the-market-crash/,

 

While this downturn could signal that a full-blown crash is coming, nobody knows for certain what the future holds for the market. Even the experts cannot predict exactly how the market will perform in the near term, and whether we'll see a crash is anyone's guess.

 

Just like Crypto investors

https://nypost.com/2022/05/13/bitcoin-cryptocurrencies-rebound-after-brutal-crypto-crash/

Edited May 16, 2022 by ThailandRyan

[Neeranam]

47 minutes ago, lkn said:

Yet here we are, crypto is at a 1+ year low, it has not disrupted anything, no-one is using it for anything but ponzi schemes.

Capitulation was necessary and we are happy that it has happened(well some of us) as the real growth will now happen. 

The stock market has not capitulated yet.

 

Saying crypto is used for only used for Ponzi schemes is just showing your ignorance.

[GrandPapillon]

10 hours ago, ThailandRyan said:

You must detest Cathie Wood then.....

indeed, she is over-rated, and an intellectual fraud ????

 

[GrandPapillon]

10 hours ago, lkn said:

tell us how you can determine if the current price is fair, or what it is based on!

I can tell you how it is determined, the number of suckers falling for it ????

[GrandPapillon]

4 hours ago, Neeranam said:

we are happy that it has happened(well some of us) as the real growth will now happen. 

priceless indeed ????

[lkn]

4 hours ago, ThailandRyan said:

Stocks are also at a low, can you not even see your own disconnect

Once again, stocks are ownership in companies: Netflix is losing subscribers, Apple warned about 8bn less in revenue next quarter because of supply constraints, Coinbase had a loss last quarter because of less trading, companies in Europe are paying 2-3 times as much for energy and are seeing supply constraints, etc.

 

All this affect company profit, so many stocks are down because a company that has lower earnings is worth less.

 

Tell me, why is crypto down? Most other assets are up, like weed, oil, gas, steel, gold, etc.

[Pmbkk]

 

Collapse of the Terra crypto - May 16th:

 

   https://www.theguardian.com/technology/2022/may/16/qa-the-collapse-of-terra-and-what-it-could-mean-beyond-crypto

[lkn]

5 hours ago, ThailandRyan said:

Many in the stock market who just started investing in the past two years are completely devastated as well

And how many threads were started on this forum telling people they should invest in stocks? How many people were belittled when they said that stocks was not a guaranteed way to make money?

 

And people who started “last two years”  are “devasted”? Really? The correction started January this year. And very very few people mortgage their house to go all in on stocks, but plenty seems to do this with crypto. Also, with e.g. Luna and UST, we are talking about a 100% loss, that is why they are suicidal.

Edited May 16, 2022 by lkn

[fdsa]

6 hours ago, Neeranam said:

lol, I'd forgotten why I'd blocked that guy! 

you've blocked me because I've found and quoted your old message "I've never bought Bitcoin" straight after you wrote that you've bought Bitcoin.

Or vice-versa, can't recall for sure.

[1FinickyOne]

16 hours ago, BritManToo said:

I'd prefer to buy lottery tickets ....... if I were desperate for money.

The blind elephant stands on 2 legs for 45 seconds... 

[Stygge]

7 hours ago, Neeranam said:

Capitulation was necessary and we are happy that it has happened(well some of us) as the real growth will now happen. 

The stock market has not capitulated yet.

 

Saying crypto is used for only used for Ponzi schemes is just showing your ignorance.

No, of course not. It´s also used for dark net shady affairs and by criminals washing stolen real money white. So there will always be a demand for crypto.

[Stygge]

A guy tried to explain crypto currencies with an example.
There is a village in India with lots of monkeys living around.
A stranger comes to the village and bids 10 $ for every monkey brought to him.

The villagers eagerly delivered lot´s of monkeys and got duly paid.
Soon the monkeys got scarce and the stranger rised his bid to 20 $ a monkey.
The villagers searched harder and delivered some more.
The strangers now raised the bid to 50 $ but said he had to go to the neighbor city and get more money from the bank. He would leave his associate to attend to the monkeys.
When the associate was alone with the villagers he said, "I don´t like that guy so here is what we can do. You buy all these monkeys from me for 35 $ and when he comes back you can sell them back to him for 50 $ and make a nice profit."
The villagers jumped at the chance and bought every single monkey back and waited with anticipation for the stranger to come back.
The associate disappeared.
The stranger never returned.

[sezze]

2 hours ago, Stygge said:

No, of course not. It´s also used for dark net shady affairs and by criminals washing stolen real money white. So there will always be a demand for crypto.

being used/demand for it is not the same like a valuable thing . Yes , there will certainly always be a demand for it , especially in "dark money" . It is something different then investing in it for the general public . Charts do not mean anything , since there is basically nothing at all backing it . There is nothing more then a digital number . I always said it and i will keep saying it . Will some people get rich from it , yes , but again that is something else then investing for the general public . 

[ThailandRyan]

23 minutes ago, sezze said:

being used/demand for it is not the same like a valuable thing . Yes , there will certainly always be a demand for it , especially in "dark money" . It is something different then investing in it for the general public . Charts do not mean anything , since there is basically nothing at all backing it . There is nothing more then a digital number . I always said it and i will keep saying it . Will some people get rich from it , yes , but again that is something else then investing for the general public . 

Former Fed Chairman Bernake does not like BTC, but he has said it will always be around as a speculative asset.  Give that a thought for a minute.  The same goes for other assets in this world, many are speculative. Just look at Art, and antiques, also speculative assets.  Sure someone will come along and say but it is a tangible object, but yet they are still speculative and bears what the market will take for it.  Why is a Picasso worth Millions while a Stevenson is only a few dollars, speculation, now if Stevenson were to die the price would go up....just like pawning your own items you feel have value, they may have to someone else but then they may not believe that it does, ergo the Non-Crypto believers.  In the end it is an asset class.......

[sezze]

1 hour ago, ThailandRyan said:

Former Fed Chairman Bernake does not like BTC, but he has said it will always be around as a speculative asset.  Give that a thought for a minute.  The same goes for other assets in this world, many are speculative. Just look at Art, and antiques, also speculative assets.  Sure someone will come along and say but it is a tangible object, but yet they are still speculative and bears what the market will take for it.  Why is a Picasso worth Millions while a Stevenson is only a few dollars, speculation, now if Stevenson were to die the price would go up....just like pawning your own items you feel have value, they may have to someone else but then they may not believe that it does, ergo the Non-Crypto believers.  In the end it is an asset class.......

Yes , you are right. But with a Picasso you do got a painting , which you are supposed to like if you buy it . Even if nobody else likes it , you can watch it hanging on your wall . Same with any other piece of art or wine or something else . You do got something in your hand . In fact i own a few watches and according to the 2nd hand prices right now i can sell them with nice profit . Saying that laos leads me to the next point , i wear them and maybe i do sell them at 1 point or not but otherwise i wear them , like i did when i bought them in the 1st place .

You might take your bitcoin or any other digital current in a offline wallet and get that HDD in your pocket anywhere , but then it is still just a HDD .

In case of stocks , yes also speculative , but also there , you are supposed to think this company will do good , and continue to grow . Would you invest in a company which do not make anything ? The HDD company where the BTC is stored , yes might be , the data on the HDD , naaahh not interested .

[ozimoron]

1 minute ago, sezze said:

Yes , you are right. But with a Picasso you do got a painting , which you are supposed to like if you buy it . Even if nobody else likes it , you can watch it hanging on your wall . Same with any other piece of art or wine or something else . You do got something in your hand . In fact i own a few watches and according to the 2nd hand prices right now i can sell them with nice profit . Saying that laos leads me to the next point , i wear them and maybe i do sell them at 1 point or not but otherwise i wear them , like i did when i bought them in the 1st place .

You might take your bitcoin or any other digital current in a offline wallet and get that HDD in your pocket anywhere , but then it is still just a HDD .

In case of stocks , yes also speculative , but also there , you are supposed to think this company will do good , and continue to grow . Would you invest in a company which do not make anything ? The HDD company where the BTC is stored , yes might be , the data on the HDD , naaahh not interested .

Google, Amazon and a host of other companies would have been a fantastic buy when they were not making anything and burning capital. All you are doing here is presenting the old canard "if I can't touch it then it doesn't exist and can't be worth anything".

[sezze]

6 minutes ago, ozimoron said:

Google, Amazon and a host of other companies would have been a fantastic buy when they were not making anything and burning capital. All you are doing here is presenting the old canard "if I can't touch it then it doesn't exist and can't be worth anything".

I did not say it , if you read my previous post , you will see that BTC or any other will always be around . But in case of general public investment , no it isn't. It is nothing but air  , a digital unique number  but with nothing behind it . Would you like to buy my fart in a bag ? I can assure you it is absolutely unique , given that there is a market for it ? If so , would you recommend it to everybody to do the same ? Because that is what it is , Like i said , some people will make lots of money on it , even becoming very rich . But that doesn't mean it is a good investment for everybody , which they make you believe that crypto's are .

[Neeranam]

4 hours ago, Stygge said:

No, of course not. It´s also used for dark net shady affairs and by criminals washing stolen real money white. So there will always be a demand for crypto.

Oh dear, another luddite. 

 

[ozimoron]

4 minutes ago, sezze said:

I did not say it , if you read my previous post , you will see that BTC or any other will always be around . But in case of general public investment , no it isn't. It is nothing but air  , a digital unique number  but with nothing behind it . Would you like to buy my fart in a bag ? I can assure you it is absolutely unique , given that there is a market for it ? If so , would you recommend it to everybody to do the same ? Because that is what it is , Like i said , some people will make lots of money on it , even becoming very rich . But that doesn't mean it is a good investment for everybody , which they make you believe that crypto's are .

The difference is that your fart in a bag can be destroyed but a bitcoin can't. Not ever, that's the reason for it having value. I'm not suggesting that bitcoin can't go back to 4k and I actually think it will but it will always have value and be a good investment at some point, whether now or in the future.

[ThailandRyan]

23 minutes ago, sezze said:

I did not say it , if you read my previous post , you will see that BTC or any other will always be around . But in case of general public investment , no it isn't. It is nothing but air  , a digital unique number  but with nothing behind it . Would you like to buy my fart in a bag ? I can assure you it is absolutely unique , given that there is a market for it ? If so , would you recommend it to everybody to do the same ? Because that is what it is , Like i said , some people will make lots of money on it , even becoming very rich . But that doesn't mean it is a good investment for everybody , which they make you believe that crypto's are .

At the end of the day it is a personal choice for one to make, and if it suits their interests then who are you to try and dissuade someone or say they are acting foolish, as that is your opinion and opinions are like...everyone has one.  If folks are being prudent in their speculative assets, are not in it purely for the greed factor and hoping they make a quick buck by betting the farm as some have (very foolish to me that gamble is) and hoping like winning the lottery, it is no business of yours to act the way you and the others do in knocking the asset class now is it?

[FritsSikkink]

15 hours ago, ThailandRyan said:

You'll never get the concept.

If he paid with Bitcoin isn't he lowering his BTC investment total every the time he uses it?

[ozimoron]

3 minutes ago, FritsSikkink said:

If he paid with Bitcoin isn't he lowering his BTC investment total every the time he uses it?

If he perceived the price of bitcoin to be high, paying with bitcoin is just like paying with gold when it's high. Investments are like roller coasters but they shouldn't be ridden to the top and down again. Paying with bitcoin is no different to selling bitcoin.

[FritsSikkink]

5 minutes ago, ozimoron said:

If he perceived the price of bitcoin to be high, paying with bitcoin is just like paying with gold when it's high. Investments are like roller coasters but they shouldn't be ridden to the top and down again. Paying with bitcoin is no different to selling bitcoin.

Then it baffles me why he is selling while he is expecting that it will raise in value again.

[ThailandRyan]

14 minutes ago, FritsSikkink said:

If he paid with Bitcoin isn't he lowering his BTC investment total every the time he uses it?

In essence he is using a portion of that BTC which was then converted to the currency paid to the seller.  He was then given a different amount in a different coin back as a reward according to his card user agreement.  At the end of the day the amount spent could have come from a profit made on the BTC, and then as BTC drops that amount reinvested to buy more BTC.  Sure it could end up being a loosing proposition like when one uses a card that charges 21% interest and then it is not paid off and the interest now becomes part of the amount due, causing a loss to the actual user when they pay the borrowed amount plus the interest.  The same can be said for selling a stock with a value of $1 dollar more then when purchased depending on the amount of stock sold and the amount needed to be paid to the broker the final amount might be more than used to purchase or might be less than used ergo, a loss.  However, at the end of the day it is up to the individual using a credit card to know the in's and out's and how it will affect them.

[ThailandRyan]

9 minutes ago, FritsSikkink said:

Then it baffles me why he is selling while he is expecting that it will raise in value again.

Because in turn he may be buying more at the lower value which will increase as time goes on.....does that make sense now or not.

[NativeBob]

13 hours ago, Neeranam said:

lol, I'd forgotten why I'd blocked that guy! 

How do you block those annoying trolls? I mean it's quite tiresome to scroll their "my thoughts my opinion" mega-smarts trash?

[Neeranam]

Just now, NativeBob said:

How do you block those annoying trolls? I mean it's quite tiresome to scroll their "my thoughts my opinion" mega-smarts trash?

Just hover your mouse over their name, an 'ignore' option appears.  This then shows the list of ignored users.