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Cryptocurrency mega-thread

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ash_1050 said:
I didn’t watch it, I want to hear your thoughts on it as I’m trying to promote active thinking and discussion rather than surface level interactions of posting videos to things you agree with. Watch it, put your thoughts into 2-3 paragraphs of what you agree or disagree with, or bits you don’t quite understand, and once I’ve got a baseline of your thoughts I’ll give it a watch and discuss it with you. Asking me to discuss it with you without providing any points of discussion is doing both of us a disservice.
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Yeah I don't really know enough about it to waste my time writing 3 paragraphs, hence why I thought the video was a good watch as Andre presents the facts and lets you make up your own mind. Watching the video gave me a better understanding about the cause of the subprime mortgage crisis and how big derivatives have become or why, without forcing an opinion on me.

I mean, that's why I posted it. I never actually asked you to discuss it, i merely posted something I thought you may find interesting on the same subject. Whether you choose to watch it is up to you but if you d happen to, then I hope you find some value in it.
 
bzparkes said:
Yeah I don't really know enough about it to waste my time writing 3 paragraphs, hence why I thought the video was a good watch as Andre presents the facts and lets you make up your own mind. Watching the video gave me a better understanding about the cause of the subprime mortgage crisis and how big derivatives have become or why, without forcing an opinion on me.

I mean, that's why I posted it. I never actually asked you to discuss it, i merely posted something I thought you may find interesting on the same subject. Whether you choose to watch it is up to you but if you d happen to, then I hope you find some value in it.
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So we've reached a bit of an impasse then as I'm happy to give it a watch if doing so is beneficial to the discussion in the thread, but I'm not interested in it enough to spend 17 minutes watching something that then can't be discussed with someone. Appreciate the link though, and happy to provide (and discuss) a few links of my own if you'd like to build your knowledge on the value of derivatives and the role they play in the wider financial space.
 
ash_1050 said:
So we've reached a bit of an impasse then as I'm happy to give it a watch if doing so is beneficial to the discussion in the thread, but I'm not interested in it enough to spend 17 minutes watching something that then can't be discussed with someone. Appreciate the link though, and happy to provide (and discuss) a few links of my own if you'd like to build your knowledge on the value of derivatives and the role they play in the wider financial space.
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Feel free to post, I'm always interested in stuff that builds knowledge. I've had a play at derivatives, actually it was my first time trading, which was fairly dumb in hindsight but I didn't know what I was doing so I'll give myself a pass. Didn't lose much anyway so I'll take it as a learning experience lol.
 

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bzparkes said:
Feel free to post, I'm always interested in stuff that builds knowledge. I've had a play at derivatives, actually it was my first time trading, which was fairly dumb in hindsight but I didn't know what I was doing so I'll give myself a pass. Didn't lose much anyway so I'll take it as a learning experience lol.
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Most things are a learning experience, so don’t beat yourself up too badly as you learn and gain the wisdom that comes with hindsight. I’ve had much the same experiences in life. Will send through some links tomorrow for stuff to check out which will enhance the knowledge around derivatives!
 
https://www.financemagnates.com/cry...-6b-bitcoin-fraud-as-africrypt-founders-flee/

Interesting. I know most crypto people don't want or like regulation but this is what happens without it...

Authorities have no jurisdiction over something that isn't a financial product. Given it's taxable it should be but there's the grey area I guess. Probably more of a reminder to store your own assets and avoid get rich quick schemes as much as anything
 
burge13 said:
https://www.financemagnates.com/cry...-6b-bitcoin-fraud-as-africrypt-founders-flee/

Interesting. I know most crypto people don't want or like regulation but this is what happens without it...

Authorities have no jurisdiction over something that isn't a financial product. Given it's taxable it should be but there's the grey area I guess. Probably more of a reminder to store your own assets and avoid get rich quick schemes as much as anything
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The majority of people in crypto do want regulation, any of the major influencers have been calling for it for quite a while. Not sure how what you posted above is any different to the many scams people fall for with fiat currency.
 
BACCS said:
The majority of people in crypto do want regulation, any of the major influencers have been calling for it for quite a while. Not sure how what you posted above is any different to the many scams people fall for with fiat currency.
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With fiat, those responsible for scams are punishable by law
You can get your money back through scams via insurance as well

There are 2 things for a start

People fall for scams with fiat, sure. Not really the point of the article though is it
 
burge13 said:
With fiat, those responsible for scams are punishable by law
You can get your money back through scams via insurance as well

There are 2 things for a start

People fall for scams with fiat, sure. Not really the point of the article though is it
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Haha, recovering money from a scam via insurance, have you seen the process for this and how many people end up not recovering their money? Who cares if scammers are caught when another 10 will pop up at the same time? If you're falling for crypto scams then you're the type of person to fall for fiat scams, what is exactly your point here?

I have not seen a person in crypto so far that doesn't want more regulation and it will come eventually.
 
BACCS said:
Haha, recovering money from a scam via insurance, have you seen the process for this and how many people end up not recovering their money? Who cares if scammers are caught when another 10 will pop up at the same time? If you're falling for crypto scams then you're the type of person to fall for fiat scams, what is exactly your point here?

I have not seen a person in crypto so far that doesn't want more regulation and it will come eventually.
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First of all i don't know why you take things so personally and feel the need to defend everything in crypto, it's very weird. You don't find it mildly interesting that $3B was stolen and there's no recourse?

The next step for crypto adoption is regulation. You are too far down the 'fiat is bad, government is bad, tax is bad' rabbit hole
 
burge13 said:
First of all i don't know why you take things so personally and feel the need to defend everything in crypto, it's very weird. You don't find it mildly interesting that $3B was stolen and there's no recourse?

The next step for crypto adoption is regulation. You are too far down the 'fiat is bad, government is bad, tax is bad' rabbit hole
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I don't take it personally, crypto is an investment and you need to take emotions out. I don't find it anymore interesting than the 1000s of other scams that occur each day. The two posts you responded to I have been saying that regulation for crypto will be good and is coming, so your last sentence doesn't even make sense.
 
ash_1050 said:
Most things are a learning experience, so don’t beat yourself up too badly as you learn and gain the wisdom that comes with hindsight. I’ve had much the same experiences in life. Will send through some links tomorrow for stuff to check out which will enhance the knowledge around derivatives!
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Derivates resources here, here, here and here, all presented by people who have at a minimum graduate degrees and industry experience in financial derivatives.
 

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burge13 said:
https://www.financemagnates.com/cry...-6b-bitcoin-fraud-as-africrypt-founders-flee/

Interesting. I know most crypto people don't want or like regulation but this is what happens without it...

Authorities have no jurisdiction over something that isn't a financial product. Given it's taxable it should be but there's the grey area I guess. Probably more of a reminder to store your own assets and avoid get rich quick schemes as much as anything
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What type of regulation do you propose? I think most people would be comfortable with regulation of exchanges, and cracking down on paid shillers and market manipulators like Elon.

I'd leave crypto if it became too heavily regulated.
 
Evolved1 said:
What type of regulation do you propose? I think most people would be comfortable with regulation of exchanges, and cracking down on paid shillers and market manipulators like Elon.

I'd leave crypto if it became too heavily regulated.
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I have no idea tbh but it also can't/won't reach heights people claim it will without it either

KYC seems hated (for reasons that make little sense) but it's needed
It probably should be a 'financial product' by now to give it more oversight and powers to authorities over scams. $3B stolen and nothing anyone can do? That isn't a 'normal scam' like overnight youtube experts claim. I think BTC/ETH will make up portions of peoples super before long but needs alot more regulation, laws, audits etc to be able to

Cracking down on paid shillers is an interesting one because the ASX has those laws and yet it does SFA!

By 'regulation of exchanges' what would you propose there? Proof of liquidity/assets? regular audits?

Tether and the like should 100% need to prove liquidity. I'd doubt they can, no way every $ is backed
 
burge13 said:
I have no idea tbh but it also can't/won't reach heights people claim it will without it either

KYC seems hated (for reasons that make little sense) but it's needed
It probably should be a 'financial product' by now to give it more oversight and powers to authorities over scams. $3B stolen and nothing anyone can do? That isn't a 'normal scam' like overnight youtube experts claim. I think BTC/ETH will make up portions of peoples super before long but needs alot more regulation, laws, audits etc to be able to

Cracking down on paid shillers is an interesting one because the ASX has those laws and yet it does SFA!

By 'regulation of exchanges' what would you propose there? Proof of liquidity/assets? regular audits?

Tether and the like should 100% need to prove liquidity. I'd doubt they can, no way every $ is backed
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These two here are the ones that I think everyone should be wary of. There is no way that Swyftx, Coinbase or other exchanges are liquid enough if there is a run on. Further, the USD cryptos are worthless - $65B in USD at tether. Where are the assets backing it? If everyone wants their money, I doubt more than $100m gets out before they collapse.
 

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A lot of coins are already near the 65-80% off ATH.

Will present a lot of opportunities for future returns of 2x-5x on various coins.

If you're happy with those returns and not a greedy mother trucker many gains could be made.
 
The Dice Man said:
Ghost Patrol is right BACCS. Whenever you post a tweet your type is half on the side and half below. It's quite disturbing and uncouth.
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I assume he’s posting on a phone, when I look in the browser it’s side by side, on the phone the text is below. Needs to add a line break.
 

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