Bitcoin, will you join the pyramid scheme and get rich?

[Geelong Dynasty]

One smelly fart and Bitcoin could collapse along with all the unrealised paper profits people are gloating about

 

[A Cut Above]

Facebook had 27.6bn USD revenue last year
Uber 6.5bn USD
Alibaba 23.8bn USD
Airbnb 1bn USD last quarter

........and Bigfooty?

(Chief don't forget to subtract that $15 from Zeboyz's withdrawn Platinum Membership)

 

[hawkman]

It is a bit like a football club doping its players. It might look good for awhile but you won't end up in a good place

 

[Down at K Park]

You realise you can cash out yeah? Let’s say when bitcoin was at $100 its went up 100 percent and I cash out my $100. Now whatever happens is fake. The money I make from now on is bonus. Now the crypto game becomes fun. Imagine if it went up 1000 percent or more. It has.

Yeah no sheet. But it’s all based on paper money that can become worthless in minutes. Not saying it wasn’t a bad investment, it was brilliant for the people who got in early. Its the latecomer bandwagon jumpers that will end up getting burnt when the bubble bursts because they think they can’t lose.

 

[Hens Hall]

Yeah no sheet. But it’s all based on paper money that can become worthless in minutes. Not saying it wasn’t a bad investment, it was brilliant for the people who got in early. Its the latecomer bandwagon jumpers that will end up getting burnt when the bubble bursts because they think they can’t lose.

I have some rare Dutch Tulips you might be interested in

 

[Down at K Park]

I have some rare Dutch Tulips you might be interested in

I have heard about that one lol.

 

[the avoca drover]

They're probably the same ones who thought the internet was just a passing fad....

Love the avatar.
Just had the old Sansui cranked up listening to Detroit Rock City.
Get Down!

 

[maryjames]

Yeah no sheet. But it’s all based on paper money that can become worthless in minutes. Not saying it wasn’t a bad investment, it was brilliant for the people who got in early. Its the latecomer bandwagon jumpers that will end up getting burnt when the bubble bursts because they think they can’t lose.

There is 1300 plus coins all going up and down. What bubble? They said it was a bubble 3 years ago and it was too late to invest. Etc etc. I’ve heard it all before. Like I said a fella I know who just started trading 7 weeks ago from 750 now has over 50000. Not joking. It still is early days and trillions to flow. Its not going away in my time or yours.

For the “latecomers” if they invested in Gcoin today only $100 dollars it’s gone up 310 percent within 24 hours. Easiest few hundred you ever make. Lol. But it’s too late apparently...
Another example. Ripple if invested only a month ago. Let’s say 1000. It’s gone up 1000 percent since. That 10k.
I’m trying to help people on here. Just ****ing do it.

 

[KeilorUnder9s]

When it seems too good to be true it more than often is....

 

[maryjames]

When it seems too good to be true it more than often is....

How’s it too good to be true? Just look at the charts.. ffs

 

[craffles]

How’s it too good to be true? Just look at the charts.. ffs

I went to buy ripple at 25c but forgot. 2 weeks later it was a buck. I've got a small amount of XRP and a decent chunk in digibyte as an absolute spec punt. Tried to trade like u suggested when ripple hit 2 bucks and it has kept going up haha

 

[Bayer_]

There'll be a few who are both lucky and clever who get out before the music stops. There'll be a lot more numbskulls who don't understand how financial bubbles work that think what goes up won't come down.

 

[Chief]

And neither of them own any assets..... interesting

Uber is losing money isn’t it?


On iPhone using BigFooty.com mobile app

 

[Chief]

What I want to know is where this money is coming from? I’m reading a lot of it is out of China now they have cracked down on illegal banks.




On iPhone using BigFooty.com mobile app

 

[Bayer_]

Uber is losing money isn’t it?


On iPhone using BigFooty.com mobile app

Uber seems to be following the Amazon.com business model of gobbling up as much market share as it can. It's losing money hand over fist, but it is acquiring an intangible asset in the process. Bitcoin has zero underpinning it, and just running on hype/the belief that it's the future. Blockchain may be the future, but hard to see why it's going to be Bitcoin, simply because it was first.

 

[Brain Power]

What I want to know is where this money is coming from? I’m reading a lot of it is out of China now they have cracked down on illegal banks.

A good majority of the rise is probably due to a bunch of fake money ("Tether") being printed to fund margin lending on exchanges, yet nobody seems to care because it helps the price keep going up, so what's the problem? That worked so well in 2008...

Uber seems to be following the Amazon.com business model of gobbling up as much market share as it can. It's losing money hand over fist, but it is acquiring an intangible asset in the process. Bitcoin has zero underpinning it, and just running on hype/the belief that it's the future. Blockchain may be the future, but hard to see why it's going to be Bitcoin, simply because it was first.

Autonomous cars or a similar variation of that business model could well disrupt Uber before they ever get to turn a profit.

 

[The Dice Man]

Uber's value is in it's reputation as a Brand. The name and reputation is worth more than anything else.

 

[bontshow]

A better analogy is, they're the same ones who didn't get sucked into the DotCom bubble and invest in businesses with no revenue or assets to speak of.

Just like Uber. They own no cars. Imagine that. Airbnb.. don’t own any property. Wtf.. the world is changing fast. Catch up and don’t miss out I say. Dotcom has nothing on the rise of bitcoin. Bitcoin has gone up 6000 percent faster then Dotcom bubble.. wtf. This is a new ball game playing out right now.

So you mean businesses like Uber, airbnb, alibaba, facebook...?

Yeah because cryptocurrencies are businesses...

 

[Ok Boomer]

Ponzi

 

[DaveyRS]

There'll be a few who are both lucky and clever who get out before the music stops. There'll be a lot more numbskulls who don't understand how financial bubbles work that think what goes up won't come down.

Spoken like someone too scared to invest money outside a bank account

 

[maryjames]

Ponzi

Gotta love a good Ponzi scheme.

 

[maryjames]

Uber seems to be following the Amazon.com business model of gobbling up as much market share as it can. It's losing money hand over fist, but it is acquiring an intangible asset in the process. Bitcoin has zero underpinning it, and just running on hype/the belief that it's the future. Blockchain may be the future, but hard to see why it's going to be Bitcoin, simply because it was first.

So you have no money in crypto I see. Lol.

What do you think will happen the next 12 months with crypto?

 

[Bayer_]

So you have no money in crypto I see. Lol.

What do you think will happen the next 12 months with crypto?

This is uncharted territory. The only thing certain is that the gains happening across the sector will be wiped at one point or another. As I said, blockchain may have a future, but it may not be Bitcoin, and it's also more likely to be whichever solution governments approve of. The entire lack of underlying value (not backed by gold, nor by economic activity), means the gains not only won't continue forever, but they'll largely disappear.

 

[A Cut Above]

This is uncharted territory. The only thing certain is that the gains happening across the sector will be wiped at one point or another. As I said, blockchain may have a future, but it may not be Bitcoin, and it's also more likely to be whichever solution governments approve of. The entire lack of underlying value (not backed by gold, nor by economic activity), means the gains not only won't continue forever, but they'll largely disappear.

Hard to disagree, that makes lots of sense. Perhaps you should Report your theory to the Bigfooty Money board.

 

[Bayer_]

Hard to disagree, that makes lots of sense. Perhaps you should Report your theory to the Bigfooty Money board.

A good idea, but had to post here, as I'm all for equality, and knew you'd appreciate it.