Cryptocurrency mega-thread

[juss]

It wont be an easy next 18 months, and that goes for shares and property too. The US Fed isn't projecting any rate cuts until 2024.

I agree. Which is why I'll spend the next couple of years buying within my risk/affordability profile. I am doing the same with ASX shares and ETFs.

 

[Evolved1]

Back on topic....this bear ate my lambo!

 

[Kanga Commando]

I can't really comment without seeing your other posts here.

There are a lot of scams in this space, but you lose me when you say the entirety of the cryptosphere is a scam. It speaks of ignorance.

And I will leave you to your faith based belief systems....

 

[Evolved1]

And I will leave you to your faith based belief systems....

Bye Felicia

 

[Seeds]

And how do you see all crypto falling?

Did Polkadot fall when LUNA did?

The same way it grew. Just in reverse. People simply stop believing in it.

 

[Evolved1]

The same way it grew. Just in reverse. People simply stop believing in it.

If a religion that sells three persons as one has made it 2000 years, surely crypto can do at least 100!

 

[Ghost Patrol]

The same way it grew. Just in reverse. People simply stop believing in it.

How long ago did you stop believing in Santa?

 

[Chief]

Gold is historically a terrible investment

Wha... ?

Depends when you buy and when you sell. My mate is driving around in a kick ass car and spending weekends in his holiday house up the coast because of gold.

 

[Evolved1]

Wha... ?

Depends when you buy and when you sell. My mate is driving around in a kick ass car and spending weekends in his holiday house up the coast because of gold.

If you bought gold at the peak of 2011, you're still in loss. Feel free to check the peak of bitcoin in 2011.

 

[Chief]

If you bought gold at the peak of 2011, you're still in loss. Feel free to check the peak of bitcoin in 2011.

If you bought gold mines in Victoria at the right time your wife is in a Beamer and your kids are at private school.

 

[William Wonka]

Gold is historically a terrible investment. You'd be far better off leaving your money in the stockmarket or bitcoin in any longer timeframe. Looking pretty isn't a precursor to being a good investment, wouldn't you agree?

This drop is fairly typical of crypto cycles in the past, so there's no more reason to think it's going to zero than any time in the past. If anything, I'd say there's more reason to be confident in the future of BTC because of institutional adoption and nations adopting bitcoin.

There are other cryptos that function better as currencies.

It's usefulness as a store of value is based on it having a known finite number, whereas new gold is often found. Uganda has just found 31 million tonnes of gold ore which equates to $13 trillion USD.

Firstly its 31 million tonnes of gold ore that they guess MAY be in the ground not gold itself (and its spread across the whole country btw).
They then further estimate that this MIGHT yield as much as 1% by weight.
So all yu need to do is head to a war torn shithole in the middle of the jungle and dig up the entire nation.

Of course this is if you believe the back of the flour sack calculations made by Idi Amins second cousin.


What they are actually doing announcing this is begging for investors.

I guess they figure that if there are people willing to swap real $ for crypto then they will swallow any old garbage.

 

[Evolved1]

If you bought gold mines in Victoria at the right time your wife is in a Beamer and your kids are at private school.

If my Aunt had balls, she'd be my Uncle.

 

[Evolved1]

Firstly the 31 million tonnes is gold ore that they guess MAY be in the ground, not gold itself.
They then further estimate that this MIGHT yield as much as 1% by weight.

So all yu need to do is head to a war torn shithole in the middle of the jungle and dig up the entire nation

Buy BTC in April 2024.

That may be the best advice you'll ever get on bigfooty.

 

[William Wonka]

If my Aunt had balls, she'd be my Uncle.

Then again they may well not have balls and still identify as your Uncle or possibly have balls and still identify as your Aunt.

The correct way to say this now is as follows:
If the nonbinary sibling of your parent had balls they may or may not choose to identify with traditional cisgendered terminology.

 

[Evolved1]

Then again they may well not have balls and still identify as your Uncle or possibly have balls and still identify as your Aunt.

The correct way to say this now is as follows:
If the nonbinary sibling of your parent had balls they may or may not choose to identify with traditional cisgendered terminology.

Touche.

 

[William Wonka]

Touche.

Not without appropriate written consent!

 

[Evolved1]

Here's some simple TA based on 12/25EMA crosses.

Don't tell me it doesn't work.

 

[ash_1050]

See this point on stock markets isnt correct. Numerous stock markets, let alone just individual stocks, have completely collapsed over the past 100 years never to return.

not once in this post have you described why crypto has value. I just see meaningless buzz words like faith.

Thanks for taking over the title of ‘most pessimistic’ and ‘most bearish’ from me, it’s nice to concede them after 12 months.

What first world stock markets have completely collapsed, never to return?

Also I’m not saying crypto in its current form has value, so I agree with you on that one. A lot of coins are a solution looking for a problem, and a lot of coins will be rendered obsolete if they haven’t already. I feel the next generation of crypto is where the real value is, so having a broad exposure rather than single coins is probably the best strategy.

 

[ash_1050]

Also interesting to see a lot of the hyper bulls that were up and about in this thread have completely vacated. Not taking the bad with the good it seems.

 

[Scotland]

What is that belief based on?

Fiat money - Wikipedia

en.wikipedia.org

Fiat money (from Latin: fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver, and typically declared by a decree from the government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally established by government regulation.

Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account – or, in the case of currency, a medium of exchange – agree on its value. They trust that it will be accepted by merchants and other people.

It's good that we have crypto that people believe has value as an alternative that awful fiat money that people only believe has value.

 

[Kram]

Also interesting to see a lot of the hyper bulls that were up and about in this thread have completely vacated. Not taking the bad with the good it seems.

Probaby looking for their shirts.

 

[ash_1050]

Probaby looking for their shirts.

Suspect the Luna supernova event did a lot of people in, as a lot of people got sucked in by the 20% APR. would be interesting to put together a composition of posts from the last 12 months, but it wouldn’t achieve a lot. These things are generally learned from experience unfortunately.

 

[beez]

Also interesting to see a lot of the hyper bulls that were up and about in this thread have completely vacated. Not taking the bad with the good it seems.

Working long hours at Macca's I think.

 

[Chief]

It's good that we have crypto that people believe has value as an alternative that awful fiat money that people only believe has value.

You can USE money. It has weaknesses, but you can use it. To store value (inflation hurts that), as a medium of exchange you can pay for things with little to no transaction costs. It is backed by the economy. By real assets. By laws. It's not just a handshake deal. It's legal tender.

Reserve Bank Act 1959, s.36(1)
Currency Act 1965

 

[Evolved1]

Also interesting to see a lot of the hyper bulls that were up and about in this thread have completely vacated. Not taking the bad with the good it seems.

On the other hand, I haven't seen this level of trolling here since the bottom in March 2020. I'm fairly sure one who recently posted here hasn't had any input since then.

If not for wider economic conditions, the posts here would make me think we might have already bottomed.