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Cryptocurrency mega-thread

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Seeds said:
The crypto mega thread isnt the place to criticise crypto? Really?
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Yes I would prefer we left it to the crypto people to discuss what they want to discuss.

Use the search function to find other threads.
 
Seeds said:
The crypto mega thread isnt the place to criticise crypto? Really?

where is that then? happy to start another thread on that. crypto is an immoral blight on modern society that will end up destroying hundreds of thousands of lives if not millions. If you allow the crypto progogandists freedom to post their propoganda like "stay strong", "true believes hold", "this downturn is just cleaning out the newbs" without openness to criticism even though educated experts know its a hoax then are we not partly complicit?

ps. If there was an anti vaxer thread on big footy would you not allow doctors to go on there and criticise it?
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I agree with you that criticism should be welcome in this thread.

I haven't seen any cult-like posts here with propaganda similar to your quotes. Have you?
 

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Chief said:
Trading based on chart patterns always seemed like astrology to me.
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Speaking of astrology, looks like July could be a turbulent month. HODL seems to be the astrological investing advice.

Mars enters Taurus/Mercury enters Cancer (July 5)

Conflicts around the home and family could heat up this July, with combative Mars in stubborn Taurus and communicative Mercury in sensitive Cancer. If there are issues on the home front, you might be up against some uphill battles and hurt feelings. Slow and steady wins the race right now.
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dustysnecktattoo said:
Going to below 10k usd possibly 3-5k usd… very sad
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Possibly, but the hopium has washed out and the fear and despair have set in. Now’s the time to start accumulating given it’s down more than 66% from the ATH. You don’t know where the bottom is until you’ve recovered from it, so trying to time one big purchase from here on in isn’t optimal. Aggressively DCA and be prepared to wait for it to recover, however long that might take.

The time to buy wasn’t when everyone was going through their ‘buy the dip, this is a bargain’ and ‘no ur wrong this time it’s different’ phase, of which there were plenty of people saying so. Same thing happened in 2018, same thing happened in 2016, same thing happened in 2013, and the same thing will happen again in the future if crypto recovers it a new ATH.
 
Evolved1 said:
I agree with you that criticism should be welcome in this thread.

I haven't seen any cult-like posts here with propaganda similar to your quotes. Have you?
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Agree the cult like posts arent as bad as on other forums. But there have been a number of posts on here fitting the narrative that holding on is virtue. Not necessarily saying those posts are by the propogandists themselves, more by people who have fallen for the propoganda lines themselves and then regurgitating it.
Evolved1 said:
The definition of 'asset' doesn't require production.

The market has decided that crypto has value, which is all that's necessary to meet the definition of an asset.

Bitcoin is over 10 years old now which gives reason to believe it's here to stay. Most altcoins have one cycle, then go back to irrelevancy. I believe in bitcoin long term and am actually happy to see it go down because I have cash ready to buy.
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You are right on the asset definition. It has to have value. Which was my point. what value does crypto have going foward?

If you cant even think of a reason for its value beyond other people think it has value then thats a massive red flag to get out now is it not? Cos that thinking is exactly what creates bubbles. People do think it has value today so it has value today. But making money is not about what the value today is. Its about guessing what the value in the future is. You dont know what people will value it in the future. You only know what they value it today. in order to guess its value in the future you should look at fundamentals in terms of what service it provides or at least if you cant do that, guess peoples perception of its value in the future. Why do you think people will value it more in the future then they do today?

as for why its lasted this long? Well thats because people thought it was going to have all the properties of money and it took a while for many to realise it wasnt. Then they thought it would at least have a store of value like gold that would protect against inflation. But thats turned out to be utterly false as well. this probably explains why its crashing.

note: even government provided currencies dont have value just because people say it has value. They have value because you need to pay the government taxes in it as they only accept taxes in specific currencies.
 
There may have been the signalling of the end of this when CBDC started to gain momentum. Given the herd nature of humans and the emotive and clinical signals to dive out while you have some value left, a wealthy group could spend some time accumulating, perhaps even creating a little bubble, and then when the time is right crash the asset value.
 

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Seeds said:
They have value because you need to pay the government taxes in it as they only accept taxes in specific currencies.
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When did Woolies start accepting ringgit?
 
Seeds said:
in an alternative timeline where it operates in malaysia And has to pay taxes to the malaysian government.
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Honestly it sounds very SovCit "the only reason we use Aussie dollars is taxes!"
 
Chief said:
Trading based on chart patterns always seemed like astrology to me.
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Some means of prediction are more accurate than others. The 200 week MA has marked the four previous bitcoin lows.

Current 200WMA is around $22,400. I'd be surprised if we cut through this level easily (on a weekly close).

 
Seeds said:
Agree the cult like posts arent as bad as on other forums. But there have been a number of posts on here fitting the narrative that holding on is virtue. Not necessarily saying those posts are by the propogandists themselves, more by people who have fallen for the propoganda lines themselves and then regurgitating it.

You are right on the asset definition. It has to have value. Which was my point. what value does crypto have going foward?

If you cant even think of a reason for its value beyond other people think it has value then thats a massive red flag to get out now is it not? Cos that thinking is exactly what creates bubbles. People do think it has value today so it has value today. But making money is not about what the value today is. Its about guessing what the value in the future is. You dont know what people will value it in the future. You only know what they value it today. in order to guess its value in the future you should look at fundamentals in terms of what service it provides or at least if you cant do that, guess peoples perception of its value in the future. Why do you think people will value it more in the future then they do today?

as for why its lasted this long? Well thats because people thought it was going to have all the properties of money and it took a while for many to realise it wasnt. Then they thought it would at least have a store of value like gold that would protect against inflation. But thats turned out to be utterly false as well. this probably explains why its crashing.

note: even government provided currencies dont have value just because people say it has value. They have value because you need to pay the government taxes in it as they only accept taxes in specific currencies.
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Bitcoin is more like digital gold than a currency. One way of determining bitcoins value is to tie it to the cost of production, which can be determined by price of electricity, block reward, mining difficulty and efficiency of miners.

That doesn't mean price can't go below production cost, but it's one way of assigning value.

The market has assigned a non-zero value to bitcoin, so there's buyers who are willing to pay money for them.

The halvening of rewards has generally acted to push price up as bitcoin becomes harder to mine and more scarce. That's the reason why crypto tends to have these bubbles every four years, and is why we're likely to have another bubble.

The naysayers have bee predicting a price of zero throughout the history of bitcoin, and have been wrong every time thus far. I see no reason why this time should be different.

Crypto hasn't been through a recession and period of high inflation before so I'm sure this will be a big test for price. Whether people have an appetite for magic internet beans when they can barely afford to put food on the table is a good question, but I think the current price will look like a bargain in a couple years time. Yes, I'm saying now is the time to hold and buy if you can. Dollar cost averaging now is a smarter play than selling here imo.

You are free to disagree. Time will tell who is right.
 

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Seeds said:
Well why dont we use us dollars? We are in a global society now. Employees coukd ask for payment in us dollars. Why dont we?
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It's your story.
 
Seeds said:
Agree the cult like posts arent as bad as on other forums. But there have been a number of posts on here fitting the narrative that holding on is virtue. Not necessarily saying those posts are by the propogandists themselves, more by people who have fallen for the propoganda lines themselves and then regurgitating it.
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You sound like a propogandist for the baby boomers and banks Gramps.

Centralised institution shills.
 

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