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Cryptocurrency mega-thread

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sobrave said:
Can't wait for this garbage to completely collapse in on itself. What a colossal waste for humanity. If gambling is your poison there's gotta be more fun ways of doing it than sitting hitting refresh on a tracker all day.
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Those who controlled it made their money and shitloads of it.
 
FRUMPY said:
Those who controlled it made their money and shitloads of it.
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Yes, it achieved it's goal and made a few rich. Also made it much easier for organised crime and corrupt governments to launder money and hide it from authorities. Offers little to no net benefit to society but was seen as a nice little get rich quick scheme. The current macroeconomic situation will probably kill it for good over the next 12-18 months.
 
ash_1050 said:
BTC down 20% over the last 7 days. Interesting times, and a great time to accumulate if you're a long term believer.
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Not sure in the current climate with inflation and rising rates it's a bright idea to punting on any junk and crypto is at the top of that pile.
 
Kram said:
Not sure in the current climate with inflation and rising rates it's a bright idea to punting on any junk and crypto is at the top of that pile.
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You could make a strong argument that inflation has peaked. The market will sniff an end to rate rises well before it happens.

This will be the final capitulation event for crypto in this bear market IMO. Once the dust settles it will be a generational buying opportunity, if you're prepared to hold long term.
 
First time caller here. I’ve never traded or invested in crypto but I find the whole space fascinating and have followed it semi-closely for some time.

To me, the events of the last few days might appear to be vindication for those saying that the whole thing is a scam/ponzi scheme but I’m not so sure. Any time an industry leader (or at least a major player) fails, there’s always going to be panicked sell-offs as people rush for the exits. That’s a phenomenon as old as time and it’s not at all unique to crypto. The winners tend to be the ones that take advantage of that panic and buy low.

If this were anything other than crypto (and yes I will concede there are factors that make crypto unique compared to more traditional investments) most would be saying what a golden opportunity this is to invest at a rock bottom price. I note there are some on here saying exactly that, despite a bunch of naysayers chiming in to say told you so.

Time will tell but I would be staggered if those that buy BTC below USD 16k (possibly considerably lower given it’s still in free fall) will end up regretting it.
 
Zevon said:
First time caller here. I’ve never traded or invested in crypto but I find the whole space fascinating and have followed it semi-closely for some time.

To me, the events of the last few days might appear to be vindication for those saying that the whole thing is a scam/ponzi scheme but I’m not so sure. Any time an industry leader (or at least a major player) fails, there’s always going to be panicked sell-offs as people rush for the exits. That’s a phenomenon as old as time and it’s not at all unique to crypto. The winners tend to be the ones that take advantage of that panic and buy low.

If this were anything other than crypto (and yes I will concede there are factors that make crypto unique compared to more traditional investments) most would be saying what a golden opportunity this is to invest at a rock bottom price. I note there are some on here saying exactly that, despite a bunch of naysayers chiming in to say told you so.

Time will tell but I would be staggered if those that buy BTC below USD 16k (possibly considerably lower given it’s still in free fall) will end up regretting it.
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I appreciate you are able to go beyond the scam/ponzi crap that is sprouted at these times, having not invested in the space. What has been your resistance to enter the market, given you have been following it somewhat closely for a while?
 

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BACCS said:
I appreciate you are able to go beyond the scam/ponzi crap that is sprouted at these times, having not invested in the space. What has been your resistance to enter the market, given you have been following it somewhat closely for a while?
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I tend to make poor decisions when I’m self-managing investments but I tend to think a lot more clearly when I’m a few steps back from everything. So that’s the main reason. Hence I’d rather let somebody else manage things for me - somebody whose job it is to keep across everything. As much as I find this space interesting I don’t always have the time to follow every single thing that’s going on. The same goes for more traditional investing as well. As much as I’d love to be at the coalface, I know what sort of person I am and know that I’ll do better if I’m one or two steps removed from the action.
 
lmao the crap has no utility whatsoever beyond being great for buying drugs and being untraceable for organised crime. the shills are too deep down the rabbithole to realise its worthlessness. society is not going to switch to buying things in bitcoin.

it should never have been an 'investment'. the vast majority who funnelled money into it, did it exactly because it was a ponzi scheme, not because they believed in the technology.
 
BACCS said:
I was wondering how long it would take for the 'crypto is a scam' 'crypto is gambling' people to join this thread, normally your response is quicker after a major event. I guess the news.com and HS articles started popping up in your feed this morning?
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i've been watching it shit itself for the last few months, it's great watching idiots lose their money.
 
can one of you cryptobros justify/explain the enormous waste of energy that went into "mining" imaginary tokens? the amount of power, most of which would have been fossil fuel generated, to run computing power spent on producing absolutely sweet **** all.
 
sobrave said:
lmao the crap has no utility whatsoever beyond being great for buying drugs and being untraceable for organised crime.
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That’s not really a determining factor in an asset’s price to be fair. Gold has far fewer practical uses than most other industrial metals these days. And when we invest in it we don’t even tend to physically own any of it, we just own paper stocks in it. Yet it’s seen as one of the safest investments going.

I’m far from a crypto fanboy - I find it an interesting space to follow but that doesn’t mean I have an opinion either way as to it’s long-term viability - but simply stating that something will prove to be worthless because it has no practical utility is incorrect.
 
Zevon said:
That’s not really a determining factor in an asset’s price to be fair. Gold has far fewer practical uses than most other industrial metals these days. And when we invest in it we don’t even tend to physically own any of it, we just own paper stocks in it. Yet it’s seen as one of the safest investments going.

I’m far from a crypto fanboy - I find it an interesting space to follow but that doesn’t mean I have an opinion either way as to it’s long-term viability - but simply stating that something will prove to be worthless because it has no practical utility is incorrect.
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you can't really compare a rare earth resource that physically exists and has been desired by humanity for virtually its entire existence to a token invented out of thin air a handful of years ago.
 

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sobrave said:
you can't really compare a rare earth resource that physically exists and has been desired by humanity for virtually its entire existence to a token invented out of thin air a handful of years ago.
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Fair, I’ll absolutely concede that point. Was merely using it as a demonstration that something with little utility (most of us don’t buy gold for its now-limited industrial uses) can still be an expensive asset class and seen by many as a safe investment.
 
Kram said:
Not sure in the current climate with inflation and rising rates it's a bright idea to punting on any junk and crypto is at the top of that pile.
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Forgot to add my disclaimer:
*I don’t currently hold any crypto and said $20k would be my re-entry point before I’d consider re-buying. That came and went and I’m still not inclined to put money in as I’m not interested in the long term investment aspect atm.
 
sobrave said:
can one of you cryptobros justify/explain the enormous waste of energy that went into "mining" imaginary tokens? the amount of power, most of which would have been fossil fuel generated, to run computing power spent on producing absolutely sweet * all.
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Taking pleasure in people losing money is a shit act even if you disagree with their investment. Turning it into a climate nonsense bullshit is just idiotic
 
burge13 said:
Taking pleasure in people losing money is a s**t act even if you disagree with their investment. Turning it into a climate nonsense bullshit is just idiotic
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Agree, I don't judge what others do with their money, because why does it matter? I only talk crypto with people that have a genuine interest and would never force it on anyone. I have done enough research over the last 18 months to understand my risk tolerance, such as steering well clear of trading and especially leverage. I only invest in what I truly believe in long term and are passionate about, which currently is MC and ETH.

The industry survived the only major exchange of the time dying in 2015 (Mt Gox), so it will survive FTX dying, but the recovery won't be quick. More regulations are good for the CEXs, so that consumers are more protected during times like this.
 
burge13 said:
Taking pleasure in people losing money is a s**t act even if you disagree with their investment. Turning it into a climate nonsense bullshit is just idiotic
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He (she, them , they it) is one of these guys
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