Crypto Crashes

[itsari]

6 minutes ago, GrandPapillon said:

disagree, cryptos produce hope for those millennials not looking for hard work ????

Hard work never hurt anybody.

Can not cope with hard work crawl away and shrivel.

We need be to produce .

Simple

[John Drake]

33 minutes ago, ThailandRyan said:

So it is just millennial and no other groups of investors....hmmm

 

Boomer here.

When I retired it wasn't to become a day trader with my eyes glued to the computer screen watching stocks go up and down all day long. Retirement usually implies a recognition of a limited number of years left to do things of value or that you've never had the opportunity to do before. That is how I imagine it. Not being obsessed by stocks, charts, money, and the latest utterance from Jay Powell. Of course, if you actually enjoy doing those things, take your fill. Personally, I couldn't think of a worse way to spend my years away from being tied to an employer or a business.

[JeffersLos]

1 hour ago, FritsSikkink said:

My grandkids will have 20 rai of land with 200 durian trees as of the moment, will probably be more in a couple of years. That revenue won't be diving by 99%.

Could be a 100% loss (unforeseen disease/disaster), could be a 75% loss due to market economics. Or a 100% loss due to the owner of the land losing it as part of Thai deal behind your back. It's not your land, is it.

 

So in reality, you own zero of nothing and the investment could collapse to zero. 

Edited May 15, 2022 by JeffersLos

[Lemsta69]

1 hour ago, FritsSikkink said:

Did you make a billion?

I've already mentioned above, and in other threads that no, I sleepwalked through the SHIB and DOGE pumps and therefore missed out on the opportunity of a lifetime. I'm not a superhero investor like some on here claim to be / have been. 

Edited May 15, 2022 by Lemsta69

[Lemsta69]

1 hour ago, FritsSikkink said:

Calling people who don't agree with you haters is pretty stupid

if the shoe fits, wear it.

 

ps. I don't think you really understand the phrase I used but I CBF explaining the nuances.

Edited May 15, 2022 by Lemsta69

[david555]

5 hours ago, BangkokHank said:

There's a difference between being able to know the precise value of gold and silver, and knowing if they have value at all. People have recognized the worth of gold and silver for thousands of years. They ARE money. So let me ask you a question: Between gold and silver, and Bitcoin, which one do you think has the greater probability of going to zero?

Even if Gold would go down to ..zero... you would still hold a solid weight of gold in hand ...while when Bit or any other "Coins" go zero  you would hold probably only a USB stick or similar in hand ????....

(Let's just have a laugh at it thinking Gold could come to zero  ...????)

 

Edited May 15, 2022 by david555

[In Full Agreement]

34 minutes ago, Lemsta69 said:

I'm not a superhero investor like some on here claim to be / have been. 

 

There's certainly no shortage of those types on this forum/thread.     ????  

 

 

[Hummin]

2 minutes ago, david555 said:

Even if Gold would go down to ..zero... you would still hold a weight of gold in hand ...while when Bit or any other "Coins" go zero  you would hold probably only a USB stick or similar in hand ????....

(Let's just have a laugh at it thinking Gold could come to zero  ...????)

 

Could this happen to gold? 
 

Man makes last-ditch effort to recover $280 million in bitcoin he accidentally threw out

https://www.cnbc.com/2021/01/15/uk-man-makes-last-ditch-effort-to-recover-lost-bitcoin-hard-drive.html

[JeffersLos]

4 minutes ago, david555 said:

Even if Gold would go down to ..zero... you would still hold a solid weight of gold in hand

 

 

And do what with it. Eat it? 

[ThailandRyan]

2 hours ago, GrandPapillon said:

semi-retired boomers who didn't make enough with real work, yeah them too ????

Semi Retired, nice try. 

[david555]

1 hour ago, Hummin said:

Could this happen to gold? 
 

Man makes last-ditch effort to recover $280 million in bitcoin he accidentally threw out

https://www.cnbc.com/2021/01/15/uk-man-makes-last-ditch-effort-to-recover-lost-bitcoin-hard-drive.html

In theory you could make Gold get lost too in such a move ...however the gold color only already would warn you .....it is in our brain embedded ....hd's however became  so common things ....????

 

Gold don't rust....nor they can't print Gold..... as paper €£¥$????

[david555]

1 hour ago, JeffersLos said:

 

 

And do what with it. Eat it? 

Just make jewels with it ???? ....same as the pre historic man did and the Azteks ...who did not knew the value Cortez and his conquistadors knew......????

Edited May 15, 2022 by david555

[Hummin]

10 minutes ago, david555 said:

In theory you could make Gold get lost too in such a move ...however the gold color only already would warn you .....it is in our brain embedded ....hd's however became  so common things ....????

 

Gold don't rust....nor they can't print Gold..... as paper €£¥$????

Trow away my  fire approved Franz Jager safe 122 Kg + assets ? ???? 

[Neeranam]

15 hours ago, Lemsta69 said:

haters gonna hate.

I'd love to know grand paps history, he has an irrational hate of those in crypto. 

Quite sad really. 

[ThailandRyan]

26 minutes ago, Neeranam said:

I'd love to know grand paps history, he has an irrational hate of those in crypto. 

Quite sad really. 

Many Traditional investors and people I know who worked for the Federal Reserve and IRS as well as those in the banking sector and then Portfolio managers detest crypto as it has added an unknown.  Additionally since the initial crypto Bitcoin only started in 2005 with Satoshi's white paper explaining the possibility of a digital currency, many still can not see how it actually works as they are tied to Fiat and Forex.  Many of their systems use the underlying blockchain concept now for tracking item/contracts/etc.... , but is their any value in the technology?  It is in the coins that were initially given for completing the complex equations which add another block onto the chain and to pay them for the use of the expended energy they used.  That is where the monetary value became assigned.  Creating the different chain technologies like Lite-coin which was split off from Bitcoin by a fork created groups of designers who needed to be paid and then the ICO's started to pop up much like an IPO for those designer groups or now companies.  One day people may start to understand that Crypto does have an intrinsic vale.  Just look at how the Fed and others are trying to force it into a security style of asset.  Why you might ask do they want that, well to give themselves more control and then have the ability to truly tax those gains made.  As of right now you do report your Crypto assets when you file taxes and I am sure those that have had losss will see that it assists their end of year tax return in either getting them money back or in reducing what they own.  Just my 2 cents worth on the subject.  Fiat will never go away but the underlying tracking of it will eventually move onto the blockchain for purposes many of us understand.

[JeffersLos]

1 hour ago, david555 said:

Just make jewels with it

Gold melts at over 1000 degrees Celsius.

 

 

Buy the furnace with bitcoin? 

[Neeranam]

3 hours ago, In Full Agreement said:

 

There's certainly no shortage of those types on this forum/thread.     ????  

 

 

I don't think anyone here claims to be a super investor, who did you have in mind? 

It's simple, buy top crypto assets and wait. 

[Neeranam]

8 hours ago, Walker88 said:

. Even a single btc transaction---supposedly the cutting edge of modern finance---

Says who? 

Did you read this somewhere 10 years ago? 

Keep with the times, bitcoin is old tech, they're are many newer, better cryptos, like EGLD. 

 

[Gecko123]

After watching a ton of U-tube videos on crypto currencies over the week-end,  I was struck by the cult-like dynamic in many of the videos, and equally struck by how often I have read these sames themes regurgitated on crypto threads on this forum.

 

The talk about potentially astronomical returns in the future as well as the intra-day price volatility appeal to  "get rich quick" fantasies. The talk about the crypto "community," how the community needs to "stick together" and "stay strong", the esoteric crypto jargon; the self-congratulatory self-perception that crypto investors are visionaries, and more intelligent than everyone else, and that there are outside forces trying to destroy the crypto-sphere all helps contribute to a cult-like sense of belonging, "being in the know", being "chosen." Ageism, and contempt for traditional investors, and anyone who expresses skepticism - all themes which I had previously heard from crypto promoters on this forum - also contribute to the sense of belonging to a special group.

 

Setting aside for a moment the issue of whether decentralized finance is viable over the long term, the promise of untold riches to be gained by investing in crypto currencies seems to be nothing short of a Ponzi scheme intended to bilk retail investors out of their life savings. It seems totally dependent on somebody willing to pay a higher price than the price you paid for something that has almost no inherent economic value, which, in my opinion, goes a long way towards explaining why some crypto investors are so evangelical about promoting crypto investments.

 

I was especially struck by Michael Saylor's Christ-like pontificating about how Bitcoin was the only viable way forward. It really did leave me with the feeling that I was being indoctrinated into a cult. The richly appointed interiors of his home, prominently featured in many of his Bitcoin videos, seemed to have been expressly chosen for the purposes of firing the imaginations of retail investors that they too could get rich quick.

 

Your money is your money. Do what you want, but I'm as skeptical as ever, and there's no way I would ever invest in crypto currencies.

Edited May 15, 2022 by Gecko123

[Adumbration]

1 hour ago, Gecko123 said:

After watching a ton of U-tube videos on crypto currencies over the week-end,  I was struck by the cult-like dynamic in many of the videos, and equally struck by how often I have read these sames themes regurgitated on crypto threads on this forum.

 

The talk about potentially astronomical returns in the future as well as the intra-day price volatility appeal to  "get rich quick" fantasies. The talk about the crypto "community," how the community needs to "stick together" and "stay strong", the esoteric crypto jargon; the self-congratulatory self-perception that crypto investors are visionaries, and more intelligent than everyone else, and that there are outside forces trying to destroy the crypto-sphere all helps contribute to a cult-like sense of belonging, "being in the know", being "chosen." Ageism, and contempt for traditional investors, and anyone who expresses skepticism - all themes which I had previously heard from crypto promoters on this forum - also contribute to the sense of belonging to a special group.

 

Setting aside for a moment the issue of whether decentralized finance is viable over the long term, the promise of untold riches to be gained by investing in crypto currencies seems to be nothing short of a Ponzi scheme intended to bilk retail investors out of their life savings. It seems totally dependent on somebody willing to pay a higher price than the price you paid for something that has almost no inherent economic value, which, in my opinion, goes a long way towards explaining why some crypto investors are so evangelical about promoting crypto investments.

 

I was especially struck by Michael Saylor's Christ-like pontificating about how Bitcoin was the only viable way forward. It really did leave me with the feeling that I was being indoctrinated into a cult. The richly appointed interiors of his home, prominently featured in many of his Bitcoin videos, seemed to have been expressly chosen for the purposes of firing the imaginations of retail investors that they too could get rich quick.

 

Your money is your money. Do what you want, but I'm as skeptical as ever, and there's no way I would ever invest in crypto currencies.

Lengthy rant.  The fundamental flaw or oversight in your arguement is that people are drawn to invest in crypto to get rich.

 

Numerous studies have shown over the years that there are both push and pull factors in any decision.  Take the decision to travel for example.  There are pull factors- such as I will bed a beautiful woman in Thailand.  And there are push factors- such as the women in my home country are old, fat and ugly.  Inordinate simplification I know, but you get the picture.

 

I am currently investigating the concept of unbanking entirely and moving heavily into the crypto space.  I am not drawn by the illusion of riches or yearning to join a cult.  But rather, I am absolutely sick and tired of banks not letting me properly manage my own money.

 

The failure of my banks to maintain their OTP systems and refusal to send me a token to Thailand, almost resulted in a nervous breakdown for me several months back.  If you read my previous post history you will get the full story.  The problems I outlined in my posts have still yet to be fixed, but I stepped away from them and focussed on simple quality of life here to bolster my physical and mental well being.

 

Yes.  There are lots of crooks and deception in the crypto space.  But established banks are just pure evil from top to bottom.  I will post my journey into the crypto space here so that you can observe and comment on my participation in a cult.

Edited May 15, 2022 by Adumbration

[bendejo]

7 hours ago, JeffersLos said:

Gold melts at over 1000 degrees Celsius.

 

 

Buy the furnace with bitcoin? 

or an NFT of a furnace?

 

 

[bendejo]

11 hours ago, Lemsta69 said:

if the shoe fits, wear it.

You certainly sound like one of those haters that you're obsessed with. 

 

 

[Lemsta69]

2 hours ago, bendejo said:

You certainly sound like one of those haters that you're obsessed with. 

 

 

nah mate, just calling out the bullies for what they are. kthxbye.

[Lemsta69]

8 hours ago, Adumbration said:

Lengthy rant.  The fundamental flaw or oversight in your arguement is that people are drawn to invest in crypto to get rich.

 

Numerous studies have shown over the years that there are both push and pull factors in any decision.  Take the decision to travel for example.  There are pull factors- such as I will bed a beautiful woman in Thailand.  And there are push factors- such as the women in my home country are old, fat and ugly.  Inordinate simplification I know, but you get the picture.

 

I am currently investigating the concept of unbanking entirely and moving heavily into the crypto space.  I am not drawn by the illusion of riches or yearning to join a cult.  But rather, I am absolutely sick and tired of banks not letting me properly manage my own money.

 

The failure of my banks to maintain their OTP systems and refusal to send me a token to Thailand, almost resulted in a nervous breakdown for me several months back.  If you read my previous post history you will get the full story.  The problems I outlined in my posts have still yet to be fixed, but I stepped away from them and focussed on simple quality of life here to bolster my physical and mental well being.

 

Yes.  There are lots of crooks and deception in the crypto space.  But established banks are just pure evil from top to bottom.  I will post my journey into the crypto space here so that you can observe and comment on my participation in a cult.

there was another user that suggested something similar and as you'd expect they were hit with a wall of FUD, so brace yourself for the nattering nabobs of negativity ????

 

I too am trying to unbank myself but it sure ain't easy. you still have to interact with TradFi at point some so it won't simply be a matter of rocking up to the 7-11 with your Ledger Nano and swapping a hundred sats for a tray of eggs. good luck and of course DYOR ????

[FritsSikkink]

15 hours ago, JeffersLos said:

Could be a 100% loss (unforeseen disease/disaster), could be a 75% loss due to market economics. Or a 100% loss due to the owner of the land losing it as part of Thai deal behind your back. It's not your land, is it.

 

So in reality, you own zero of nothing and the investment could collapse to zero. 

The land is owned by my wife, so my kids won't lose it, so it will never be a 100% loss. I don't need to own it as it will be for my kids.

Edited May 16, 2022 by FritsSikkink

[FritsSikkink]

15 hours ago, JeffersLos said:

 

 

And do what with it. Eat it? 

Make jewelry, is it that hard to think of?

[Neeranam]

On 5/14/2022 at 3:40 PM, Sparktrader said:

$20m painting

Makes no sense to me

I told my brother, who owns an art gallery in the UK, to buy NFTs when the pandemic started. He never listened and now obviously regrets it. 

To make money in emerging markets you must be early in. This takes a lot of research and time and I understand why older people like him getting ready for retirement can be bothered and would prefer to have their fiat decrease at 20% pa. 

[Neeranam]

2 hours ago, Lemsta69 said:

too am trying to unbank myself but it sure ain't easy. you still have to interact with TradFi at point some so it won't simply be a matter of rocking up to the 7-11 with your Ledger Nano and swapping a

Yesterday, I walked into tesco and bought eggs amongst other things. I paid with my crypto. Com card and got 3% crypto back. My salary is sent to krung thai bank and withdrawn almost immediately to dexes. At the weekend I also paid for 4 dtac bills, got a full tank of petrol and a game of golf, all paid in BTC I bought last Monday, pay day. 

[Neeranam]

18 hours ago, Hummin said:

Growing things is a different calculation, and very much alike stock marked, where you can have years with no return at all, as stock marked, bad idea to gamble only on one thing. 
 

 

Oh dear, he thinks buying land, which probably isn't even in his name is not risky. 

[Walker88]

No clearer example of the absurdity of the 'crypto revolution' than the demise of Luna. What a silly algo that was!

 

Because of the manner in which Luna was pegged to it's 'unstablecoin' sibling, the algo created 6.9 trillion Luna coins last week. Rare they are not. That's about enough to give every human on the planet 1000 Lunas.  Put another way, stand on Pattaya beach in front of the Hilton, and then look toward Bali Hai Pier. All of the grains of sand from Hilton to Bali Hai represent a Luna created last week. A bucket of beach sand has better long term value.

 

But fiat is the scam, right?

 

Yes, btc doesn't have the same sort of algo that Luna-crypt had, but btc has been pledged as collateral by funds borrowing to leverage positions in other coins whose value is tumbling. Since all of those collateral postings are private, holders of btc have no idea how exposed they are to the decline of any of the other 20,000 cryptos in existence. Maybe it's only a few million coins. Maybe it's like Synthetic CDO Squareds with CDS Yield Boosters like in 2008, where leverage was somewhere between 20:1 and 50:1. If it's the latter, btc might make Luna look like a value play.

 

I don't know, and neither do any of the btc fanboys.

 

MBSs and CDOs initially weren't too bad, as they had actual assets behind them (physical homes), with a middleman being the borrower. Then they began to get ugly as the borrower of choice became subprime, then subprime with an ARM. Still, a home owned by a subprime borrower with a miserable FICO score is still a physical entity whose value is above zero. Then it got worse when CDO Squareds entered the picture (aggregated portions of low-rated MBSs, which somehow got prime ratings). The killer was when synthetic entered the picture, which was leverage.

 

Cryptos, best exemplified by 'guru billionaire Michael Saylor', used btc to leverage positions in other coins. In other words, he jumped the shark to the worst of 2008's mistakes. What makes his play potentially a lot worse is that there isn't even a poorly constructed house behind his asset; all it is is air, or the Greater Fool. He is pledging a dream as collateral for a fantasy. Welcome to the world of virtual wealth!

 

Maybe it all ends well. Maybe not.