Remove this Banner Ad

Cryptocurrency mega-thread

🥰 Love BigFooty? Join now for free.

I believe that crypto is a huge scam.
Why? Because people believe it's real money when it's actually not real money. You can get yourself into a lot of trouble with this sort of thing because you cannot transfer it over to real money.
 
pokingthebear said:
I believe that crypto is a huge scam.
Why? Because people believe it's real money when it's actually not real money. You can get yourself into a lot of trouble with this sort of thing because you cannot transfer it over to real money.
Click to expand...

Real money isn't real money. Ask the Russians lining up to get their Rubles out even though they are worth next to nothing compared to a week ago...
 

Log in to remove this Banner Ad

pokingthebear said:
I believe that crypto is a huge scam.
Why? Because people believe it's real money when it's actually not real money. You can get yourself into a lot of trouble with this sort of thing because you cannot transfer it over to real money.
Click to expand...
Thanks Suz... Oh wait
 
pokingthebear said:
I believe that crypto is a huge scam.
Why? Because people believe it's real money when it's actually not real money. You can get yourself into a lot of trouble with this sort of thing because you cannot transfer it over to real money.
Click to expand...
What if I told ya I’ve bought property cash from crypto lol 😂
 
Evolved1 said:
This is why bitcoin is necessary. Any thoughts beez and others.

www.abc.net.au

Mastercard and Visa suspending operations in Russia

In the latest blow to Russia's financial system after its invasion of Ukraine, Mastercard and Visa are suspending their operations in Russia, saying they feel compelled to act.
www.abc.net.au www.abc.net.au
Click to expand...
So I'll caveat my comments with the fact that I don't agree with VISA and Mastercard's position. Nor do I agree with most of these private organisations choosing to discontinue operations within Russia. Responses that actively hurt the daily actions of ordinary citizens do nothing to help the situation. In fact, if VISA/Mastercard offered to waive merchant fees and interest accrued from customers in this war period, I think that would be a better course of action.

However, I do believe that governments have a right to sanction in myriad circumstances. As a generality, I have no problem with Western governments sanctioning Russian banks. I have no problem with political pressure being used across the globe to hurt Putin. I have no problem with halting trade and copping a 30% increase in petrol prices for the foreseeable future. As a Chelsea fan who has mostly looked the other way as Abramovich bought trophy after trophy with blood money, I am glad he is being forced to sell the club. I think most things Chelsea do for the people of Ukraine going forward will be rather hollow. Including any words from me.

I do note that the Coinbase CEO has come out and said that he would comply with US regulatory orders. As someone with 100% of their crypto investments on exchanges (Binance and Swyftx) and 0% in a cold wallet, maybe it'll bite me on the arse in the coming months. But I wonder, given how many people want crypto to be under regulatory authority to induce more corporate investors, how this sits with them? Do punters want to forego the billions and trillions from Blackrock etc if cold wallet storage was the only way? Would the average Bitcoin holder be happy if the price hit $100k by June knowing a lot of the inflow was from Russian oligarchs? As an aside, it would be interesting to find out how what percentage of crypto investments sit on exchanges compared to cold wallets. For me, a lot of crypto people want to have their cake and eat it too: they want decentralisation and regulation; something that is very difficult to achieve.

I certainly understand your position. And any response along the lines of "The ordinary Russian is having their entire livelihoods ripped from them in a matter of weeks" is, while a tad hyperbolic, true for a large enough percentage of the population. But as a pro big government, pro higher-taxes, pro some form of universal basic income individual, I am content with where I stand.
 

Remove this Banner Ad

beez said:
So I'll caveat my comments with the fact that I don't agree with VISA and Mastercard's position. Nor do I agree with most of these private organisations choosing to discontinue operations within Russia. Responses that actively hurt the daily actions of ordinary citizens do nothing to help the situation. In fact, if VISA/Mastercard offered to waive merchant fees and interest accrued from customers in this war period, I think that would be a better course of action.

However, I do believe that governments have a right to sanction in myriad circumstances. As a generality, I have no problem with Western governments sanctioning Russian banks. I have no problem with political pressure being used across the globe to hurt Putin. I have no problem with halting trade and copping a 30% increase in petrol prices for the foreseeable future. As a Chelsea fan who has mostly looked the other way as Abramovich bought trophy after trophy with blood money, I am glad he is being forced to sell the club. I think most things Chelsea do for the people of Ukraine going forward will be rather hollow. Including any words from me.

I do note that the Coinbase CEO has come out and said that he would comply with US regulatory orders. As someone with 100% of their crypto investments on exchanges (Binance and Swyftx) and 0% in a cold wallet, maybe it'll bite me on the arse in the coming months. But I wonder, given how many people want crypto to be under regulatory authority to induce more corporate investors, how this sits with them? Do punters want to forego the billions and trillions from Blackrock etc if cold wallet storage was the only way? Would the average Bitcoin holder be happy if the price hit $100k by June knowing a lot of the inflow was from Russian oligarchs? As an aside, it would be interesting to find out how what percentage of crypto investments sit on exchanges compared to cold wallets. For me, a lot of crypto people want to have their cake and eat it too: they want decentralisation and regulation; something that is very difficult to achieve.

I certainly understand your position. And any response along the lines of "The ordinary Russian is having their entire livelihoods ripped from them in a matter of weeks" is, while a tad hyperbolic, true for a large enough percentage of the population. But as a pro big government, pro higher-taxes, pro some form of universal basic income individual, I am content with where I stand.
Click to expand...
Some good points, mate.
 
Just paid 11 bucks for an ETH transaction in the middle of a normal working week; would usually struggle to get below 50 bucks at this time of day. Even earlier today it was about 20 bucks approaching the daily close, when normally it would be peaking at 100-150 at that time of day. Retail are properly gone now, it is just us degens left :devil:
 
BACCS said:
Just paid 11 bucks for an ETH transaction in the middle of a normal working week; would usually struggle to get below 50 bucks at this time of day. Even earlier today it was about 20 bucks approaching the daily close, when normally it would be peaking at 100-150 at that time of day. Retail are properly gone now, it is just us degens left :devil:
Click to expand...
On the other hand FTM transactions over the weekend, specifically sunday were a levels never seen before. Thanks Andre.
 
BACCS said:
Just paid 11 bucks for an ETH transaction in the middle of a normal working week; would usually struggle to get below 50 bucks at this time of day. Even earlier today it was about 20 bucks approaching the daily close, when normally it would be peaking at 100-150 at that time of day. Retail are properly gone now, it is just us degens left :devil:
Click to expand...

11 bucks for a transaction when it's normally 50, no wonder it's not taking over the world like everyone says it will.
 
ash_1050 said:
11 bucks for a transaction when it's normally 50, no wonder it's not taking over the world like everyone says it will.
Click to expand...
Eh, once the layer 2 solutions can handle more traffic, gas issues will be a thing of the past. Vitalik has spoken about this really well on a few podcasts and blogs recently.
 

🥰 Love BigFooty? Join now for free.

BACCS said:
What happened?
Click to expand...
Andre Conje basically picked up his bat and ball and quit Defi, and using his words, 'terminating projects'... meaning the recently launch Solidly crashed and most of the FTM ecosystem saw huge dumps... All at the same time BTC was having it's sunday shit.

All leaving the network completely congested where a transaction would normally cost between 0,02 - 0,2-3 FTM, if you were wanting it to go through you would be upping gas to around 8 or 9 FTM.

BUt it's provided great opportunities to buy.
 
BACCS said:
Eh, once the layer 2 solutions can handle more traffic, gas issues will be a thing of the past. Vitalik has spoken about this really well on a few podcasts and blogs recently.
Click to expand...

Much like the stock market, crypto is full of 'well now it's not great, but once X happens it will be amazing'. ETH is 8 years old at this point, it's made an absolute mint for node holders while everyone else tries to get rich while paying gas every step of the way.
 
ash_1050 said:
Much like the stock market, crypto is full of 'well now it's not great, but once X happens it will be amazing'. ETH is 8 years old at this point, it's made an absolute mint for node holders while everyone else tries to get rich while paying gas every step of the way.
Click to expand...
Ok. I'm not trying to 'get rich' by holding ETH, but there are a lot of great gaming and NFT projects launching on there that I enjoy being apart of. Ethereum might be 8 years old, but it's not like the internet suddenly went to lightning speeds after 8 years, technology of this scale takes time to evolve and will always continually improve over time.
 
People who love crypto are most likely people that will fall for scams.
 

Remove this Banner Ad

Remove this Banner Ad

🥰 Love BigFooty? Join now for free.

Back
Top Bottom