- Jun 14, 2013
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Cryptocurrency mega-thread
- Thread starter DapperJong
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- Jun 14, 2013
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Of course I will, though I personally don't think we'll get as low as $5000. If we do, I'll be liquidating my entire share portfolio to buy more crypto.
I was buying at $5000 after the covid crash when we had a similar level of shitposting and negativity in this thread. 1200% gains isn't bad.
Can you explain how bitcoin is a ponzi.
- Jun 14, 2013
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I'm still here. I'm buying up and am loving watching the BTC price fall further. Speak for yourself.
- Jun 14, 2013
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- Jun 14, 2013
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You should thread ban yourself for posting such tripe, mate.
If you bought just before the first 90ish percent drop, you bought bitcoin at $0.30
If you bought just before the second 90ish percent drop, you bought bitcoin at $30
If you bought just before the third 90ish percent drop, you bought bitcoin at $200
If you bought just before the fourth 90ish percent drop, you bought bitcoin at $1300
If you bought just before the fifth 90ish percent drop, you bought bitcoin at $19,500
If you bought just before the sixth 90ish percent drop, you bought bitcoin at $69,000
- Jun 14, 2013
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Bitcoin hasn't been tested by a recession until now. As a risk-on asset, there's every reason to believe it will go through difficulties in the next 1-2 years, as will property and shares. Crypto will probably lose more due to its higher volatility.
When the economy turns for the better, there's every reason to believe bitcoin (and crypto) will outperform other asset classes again.
- Jun 14, 2013
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Which you've done many times in this thread. If you post funny s**t, I'll laugh at you.
I didn't attack your character.
What question did I dodge?
Keep digging.
Get better at this. Please. It's painful to watch.
Chief
~ Shmalpha ~
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And yet it has taken huge plunges, wild swings.
How many other crypto products were mature in 2017? Bitcoin itself has how much more competition?
This is now old technology. It fails at everything it is trying to be, except a Ponzi scheme.
And if people are buying it thinking they are going to corner the market and ride high, they are doing that on the hope that they can reduce the standard of living for future generations who have to pay more and more to buy tokens to take part in the economy.
If it does what it's boosters want it to do, it'll be a catastrophe for the majority of people in future.
Ownership of these tokens is concentrated in few hands.
Why would crypto follow ANY other path than the rest of the economy in asset concentration - at a much higher rate than any other asset?
1% of the US population own 32% of the wealth. What brain-fever has caused anyone to think it would be any different in crypto?
"But I got in early" - they will figure out a way to take it from you.
And people complain about boomers and housing affordability. What crypto bros are cheering on would be far worse.
It's strange how some people spend so much time talking about something they don't believe in. It would be like me entering threads about God, who I don't believe in and wasting my time trying to tell people that there is no god. I wouldn't waste my time. I guess some people just have far too much time on their hands.
Maybe a sports car would help with the mid-life situation.
Maybe a sports car would help with the mid-life situation.
- May 5, 2006
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The lowest BTC has been since it hit USD20k a few years ago is about 3-3.5k. It's since gone 60k, 18k, 70k, 19k in rough numbers of peaks and troughs. ETH has gone done from 5000 to 1000 after going from 10 to 1400 in about a year once upon a time.
If you are talking 2-3-4:1 ups and downs then it's not dissimilar to blue chip shares. You could've bought NAB shares for $40 that dropped to $15 then went back up to $35... but that's not exciting.
Anecdotally, the people I know that are into crypto are attracted to the volatility. I know one guy that was in about $10k and had $60k on paper (so a good return but not like he won lotto), and given by how infrequently he now wants to talk about it in social settings I'd be surprised if he was even back where he started. People don't really want it to be worth 60 or 70k, they want it to be worth 5k and then 70k. It's the sharp gains that attract interest. If it was 20k today and steadily went up to 30k over a few years no one would give a s**t. Throwing a few hundred or thousand into a potential 1000%+ return appeals to people, bigger outlays and smaller returns do not. People like him are once bitten twice shy.
There are still a few fundies out there who think crypto is going to take over (decentralised fixed supply > govt fiat etc, all that nonsense) but really all they want is for whatever token they have to go up 10000% in value and then suddenly be stable and widely accepted and easily traded so they are rich and everyone else is poor.
If you are talking 2-3-4:1 ups and downs then it's not dissimilar to blue chip shares. You could've bought NAB shares for $40 that dropped to $15 then went back up to $35... but that's not exciting.
Anecdotally, the people I know that are into crypto are attracted to the volatility. I know one guy that was in about $10k and had $60k on paper (so a good return but not like he won lotto), and given by how infrequently he now wants to talk about it in social settings I'd be surprised if he was even back where he started. People don't really want it to be worth 60 or 70k, they want it to be worth 5k and then 70k. It's the sharp gains that attract interest. If it was 20k today and steadily went up to 30k over a few years no one would give a s**t. Throwing a few hundred or thousand into a potential 1000%+ return appeals to people, bigger outlays and smaller returns do not. People like him are once bitten twice shy.
There are still a few fundies out there who think crypto is going to take over (decentralised fixed supply > govt fiat etc, all that nonsense) but really all they want is for whatever token they have to go up 10000% in value and then suddenly be stable and widely accepted and easily traded so they are rich and everyone else is poor.
- May 5, 2006
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There's a difference between having an interest in a topic and sharing the same viewpoint on a topic.
The original concept of a cryptocurrency is interesting. But most discussion is a long way removed from that. A volatile currency, decentralised or otherwise is useless as a currency. A stable currency, decentralised or otherwise is a pretty useless as a get rich quick scheme. And around that all goes in circles.
Definitely some parallels between crypto and organised religion.
Yeah and this is the Mega-Thread so I guess any comment on the subject is allowed, despite the last few years where it was generally used by people who were involved in trading, investing or speculating.
Now that BTC is down and ALTs rekt, you get a lot of 'Told you so's' coming in to sink the boot.
I wonder if those will be around when it rises again.
Chief
~ Shmalpha ~
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The problem with this is people are looking for a pattern and assuming that it will always follow the same pattern. This is a human weakness.
Trading is easy, but not strictly intuitive. People who learn the lingo and get some success assume they have some special insight.
If this pattern was guaranteed then every institution and bank and hedge fund would be all in. Guaranteed 10x gain? Why wouldn't you put all your investors money in?
Who here picked this crash in advance? If not, why not? If you're in tune with the fluctuations how is a crash not predictable?
I've never said people can't make money at this. But it is a brittle Ponzi scheme. Not a doubt in the world that every penny in it is completely at risk of evaporating instantly. It has no true or logical price but what the next guy will pay.
dustysnecktattoo
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- May 15, 2019
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Everything is still up though even useless alts
Btc to 250,000 end of this year or even 100k was the crypto community everyone is an expert prediction that was being brainwashed into newbies
It’s ok, they’re just getting rid of the paper hands down to 13k, or maybe 3k btc, stay strong diamond hands, 250k soon
Buy my ugly childish drawing for 1,000 eth too k thanks bye
Btc to 250,000 end of this year or even 100k was the crypto community everyone is an expert prediction that was being brainwashed into newbies
It’s ok, they’re just getting rid of the paper hands down to 13k, or maybe 3k btc, stay strong diamond hands, 250k soon
Buy my ugly childish drawing for 1,000 eth too k thanks bye
I have no interest in shares so funnily enough, I don't post in threads about shares! Of course the monetary gains in crypto are attractive, but there are plenty of people that genuinely enjoy and are excited about the future of some of the technologies developed in crypto. I also enjoy discussions in the Merit Circle community that I am a part of and I've learned a lot from people in this community about more than just crypto.
dustysnecktattoo
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Do enlighten us on what it has to offer, NFT’s are genuinely s**t, what else has it brought to the table that hasn’t already existed?
What's an NFT?
Clearly I won’t change your mind given your condescending tone towards my post, so why should I bother providing an explanation? You’re free to enjoy whatever you like in life, so why s**t on people that enjoy discussing a topic you don’t believe in? I don’t come on the Richmond board and hate on everyone because I don’t support them. I don’t believe in religion but I have plenty of mates that do and respect their beliefs.
I’ve given my thoughts on crypto and NFTs many times on this forum, you’re free to search my posting history if you’re actually interested in my thoughts. I don’t force crypto onto anyone, it’s a free market and I respect that people can form their own opinions and decide whether they want to invest or not.
dustysnecktattoo
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If that is what you consider condescending I feel sorry for you
Sensitive over reaction if I ever saw one
