Cryptocurrency mega-thread

[BACCS]

Couldn't figure out for the life of me how the DeFi works, however I've moved my BTC out of cold storage and put it into BlockFi where it's apparently going to earn 8% pa interest, so that's something. Much appreciated for the posts that got me to that point!

Oh damn mate! I assume you took funds out of there a while ago? However, BlockFi is not DeFi, given that BlockFi is a centralised platform. There are DeFi options on-chain that offer returns, such as Maple Finance.

 

[Kram]

it matters because economic bubbles don't operate in isolation... the crypto bubble is relatively isolated from the real world at present, but the longer it goes on the more this will change

it's in most people's interests that crypto collapses before it is in a position to ripple out and impact mortgages, employment, financial institution liquidity, etc.

Yep the reality is it now has started to gather a broader relationship with markets and the economy.

When the music finally stops the scrambling for parachutes by the masses is going to be some sight.

 

[BACCS]

How Sam Bankman-Fried’s Crypto Empire Collapsed

Just wow, SBF with practically no remorse and a line 'it could be worse'

 

[BACCS]

Yep the reality is it now has started to gather a broader relationship with markets and the economy.

When the music finally stops the scrambling for parachutes by the masses is going to be some sight.

Can you please explain why it matters to you how people invest their money? I genuinely believe in some of the technologies being developed in the crypto space, that is why I invest.

 

[Caesar]

I genuinely believe in some of the technologies being developed in the crypto space

more fool you

 

[BACCS]

more fool you

I don't judge your beliefs or passions

 

[Kram]

Can you please explain why it matters to you how people invest their money? I genuinely believe in some of the technologies being developed in the crypto space, that is why I invest.

Because it's becoming big enough to be linked into things more broadly so of course it going to be of interest to anybody in markets, not sure how many times it needs to be said.

 

[Caesar]

I don't judge your beliefs or passions

if I was in a cult I definitely hope you would

 

[Caesar]

I honestly think there is less than a 1% chance that they go insolvent

stellar call

 

[BACCS]

Because it's becoming big enough to be linked into things more broadly so of course it going to be of interest to anybody in markets, not sure how many times it needs to be said.

That's fair enough. The issue I have is the moral judging of people for investing in the space as if we are not worthy of traditional society (not necessarily talking about you btw) and continually calling it all a scam/ponzi/cult after spending 5 seconds reading articles that pop up on the mainstream news websites.

 

[BACCS]

if I was in a cult I definitely hope you would

So now anyone in crypto is akin to joining a cult?

 

[Caesar]

So now anyone in crypto is akin to joining a cult?

nah, there are plenty of gamblers who know they are speculating on worthless assets in the hope of a greater fool

but the crypto true believers are very cultish

 

[ash_1050]

Oh damn mate! I assume you took funds out of there a while ago? However, BlockFi is not DeFi, given that BlockFi is a centralised platform. There are DeFi options on-chain that offer returns, such as Maple Finance.

Haven't held crypto since selling my last 0.5BTC it in March 2021. Not planning on acquiring more for some time yet, though still maintaining my >US$20k is the time to be buying assessment that I set 18 months ago.

 

[LongBombFromOutside50]

stellar call

Lol Dude. Guys like you and sobrave literally only posted in this thread for the first time less than one week ago. How long have you guys been lurking waiting to post something thinking that you've got the last laugh over all the "cryptobros"?

This is the best performing asset class in history and if you had the foresight to buy in prior to 2 years ago, you'd be rich. Blockchain is a legitimate space of innovation and its adoption is growing exponentially. It is here to stay and there will be more bull runs to come after this one.

 

[BACCS]

Haven't held crypto since selling my last 0.5BTC it in March 2021. Not planning on acquiring more for some time yet, though still maintaining my >US$20k is the time to be buying assessment that I set 18 months ago.

I have been holding out for a sub 1k ETH again like June this year, but even this FTX drama couldn't get it below 1.1k. Still a great spot for any investor to be accumulating if you have at least a 2-3 year horizon for holding.

 

[Bostonian]

nah, there are plenty of gamblers who know they are speculating on worthless assets in the hope of a greater fool

but the crypto true believers are very cultish

So you prefer your market manipulation in the stock market then?

 

[Caesar]

This is the best performing asset class in history and if you had the foresight to buy in prior to 2 years ago, you'd be rich. Blockchain is a legitimate space of innovation and its adoption is growing exponentially. It is here to stay and there will be more bull runs to come after this one.

the value proposition of blockchain has never added up, and it has no prospect of adding up at any time in the foreseeable future

personally I think gambling on worthless assets is a mug's game, but I understand that it presents a tempting path to riches for desperate and marginalised people with few other opportunities in life

I'd suggest doing it with your eyes open though - it will be the true believers who are left holding the bag of tulips

So you prefer your market manipulation in the stock market then?

have you stopped beating your wife

 

[LongBombFromOutside50]

the value proposition of blockchain has never added up, and it has no prospect of adding up at any time in the foreseeable future

personally I think gambling on worthless assets is a mug's game, but I understand that it presents a tempting path to riches for desperate and marginalised people with few other opportunities in life

I'd suggest doing it with your eyes open though - it will be the true believers who are left holding the bag of tulips

Appreciate your concern, but I'm all good.

I bought a worthless fake-money internet ponzi shitcoin at $4 in February 2021 and sold pretty much everything at above $200 (proof below). Converted around 70% back into fiat, and I don't think I did even close to the best out of everyone in here.


February 2021:

Think eth will continue to outperform btc.

Anyone bought $sol? I’ve already loaded up.


Sent from my iPhone using Tapatalk

December 2021:

Agreed that the way Alts are performing is very bullish. Still don't think bitcoin will make all time highs in the next 2 months though (definitely not in December). Bookmark this point and @ me if I'm wrong

I only sold my Sol because I went in hard and I'm 50x up on my initial investment, so I was lucky enough to make life changing money. Have to take profits at some point as who wants to be a bag holder. I'll definitely buy back into Sol if we dip again and I'm looking to buy big into a couple of protocols within the Sol ecosystem

 

[Del165198]

Blockchain is a legitimate space of innovation and its adoption is growing exponentially.

lol no it isnt. no one's adopting it because it's shit, unless you're the president of el salvador. it serves no purpose

 

[Del165198]

Appreciate your concern, but I'm all good.

I bought a worthless fake-money internet ponzi shitcoin at $4 in February 2021 and sold pretty much everything at above $200 (proof below). Converted around 70% back into fiat, and I don't think I did even close to the best out of everyone in here.


February 2021:


December 2021:

generating money from investing in some shitty scam that relies on someone getting ripped off at some part of the process isn't actually something to be proud of. lots of people made money on pyramid schemes too.

 

[LongBombFromOutside50]

lol no it isnt. no one's adopting it because it's s**t, unless you're the president of el salvador. it serves no purpose

Do you even know what a blockchain is?

 

[Caesar]

I bought a worthless fake-money internet ponzi shitcoin at $4 in February 2021 and sold pretty much everything at above $200 (proof below). Converted around 70% back into fiat, and I don't think I did even close to the best out of everyone in here.

kind of proving my point for me

 

[Bostonian]

the value proposition of blockchain has never added up, and it has no prospect of adding up at any time in the foreseeable future

personally I think gambling on worthless assets is a mug's game, but I understand that it presents a tempting path to riches for desperate and marginalised people with few other opportunities in life

I'd suggest doing it with your eyes open though - it will be the true believers who are left holding the bag of tulips

I haven't stopped laughing at GameStop yet.

have you stopped beating your wife

I think you have the wrong person. My wife could beat the shit out of you.

Easily.

 

[LongBombFromOutside50]

kind of proving my point for me

And that worthless shitcoin today is still up ~4x from when I bought it even after all the UST, 3AC and FTX drama. How are your stock market returns going for you?

 

[Caesar]

And that worthless shitcoin today is still up ~4x from when I bought it even after all the UST, 3AC and FTX drama. How are your stock market returns going for you?

only a fool justifies risk retrospectively