Crypto currency (IF banned from CA)

[collymcd]

And coins , including stablecoins (the crypto equivalent of USD etc), have been printing like crazy too over the past year so it seems a little bit of an inconsistent complaint. In theory of course all of the stable-coins are based on a one to one investment of fiat but rarely audited so who knows.

Exactly.

Take big daddy BTC. It's set up to be as decentralised and fair as it gets. Even that has been corrupted by power. Massive mining farms, funds and institutions control the supply/price of BTC by pumping and dumping the market.

True decentralisation of money supply is a fantasy.

 

[Death]

I've only really start digging deep and been aware of crypthology coin bits. Especially since this thread has been started. I come from a country that was under a dark period of catholic oppression and the sexcapades that went on.

We are on the other side of it. So I'm extremely wary of all this. My grandparents passed down some dark tales and even my parents suffered some of the era coming to an end.

I urge blues to boycott this and nip it in the bud. The hallmarks are too similar to ignore.

 

[Death]

Tbf there are a segment of the crypto world who genuinely do to believe that.

Just feel that among the idealists there are a disproportionate amount of hustlers, con artists and downright crooks.

If you could go ahead and cool it on the Lex Lutherisms, that'd greeaaat.

 

[Bishop Thumpety-Thump]

be my guest. its a complete waste of time talking to 95% of people here.

Or maybe the problem is the way you interact with people who disagree with you?

 

[Zatara]

And coins , including stablecoins (the crypto equivalent of USD etc), have been printing like crazy too over the past year so it seems a little bit of an inconsistent complaint. In theory of course all of the stable-coins are based on a one to one investment of fiat but rarely audited so who knows.

Ive seen a lot of copy/pasting/linking you've been doing on crypto...

For the quote above, why do you think USDT (in particular) has been "printing like crazy" ?

If you understand why then it would save you alot of time.

 

[YoboCopter]

Would anyone have a nark on if I lock this thread?

I would

good thread imo

op’s a legend

 

[nikom court]

Bitcoin offends the right people!

 

[mill]

Do people think it was a bad idea to print money during 2020 then?

What would they have preferred to happen?

 

[nikom court]

Do people think it was a bad idea to print money during 2020 then?

What would they have preferred to happen?

i like money printing because
the more they print the higher bitcoins price goes up and the richer i become!
i have only enough hyper inflated fiat to cover my bases,
its a great idea and long may it continue!

 

[The binman chronicles]

And that mentality is why I find it interesting from a trading aspect - seems to be lots of people who feel the same way (even if not in some of the altcoins at least for Bitcoin) so it will have a trading floor which will likely attract new/extra money.

There was some of that bid in the dotcom boom but it didn’t seem as resilient to large % drops.

Stanley Druckenmiller: “The greatest investors make large concentrated bets where they have a lot of conviction”

The investing legend tells us whether we are in another tech bubble, the appeal of Bitcoin, what makes a great investor and more

thehustle.co

Then the second thing that happened is I got a call [from billionaire hedge fund manager] Paul Jones and he says, “do you know that when Bitcoin went from $17,000 to $3000 that 86% of the people that owned it at $17,000, never sold it?” Well, this was huge in my mind. So here’s something with a finite supply and 86% of the owners are religious zealots. I mean, who the hell holds something through $17,000 to $3000? And it turns out none of them — the 86% — sold it. Add that to this new Central Bank craziness phenomenon.

[A few years pass] and it goes up to $6,000 in the middle of the last spring. I got to buying some just because these kids on the West Coast are already worth more than I am, and they’re going to be making a lot more money than me in the future. For some reason, they’re looking at this thing the way I’ve always looked at gold, which is a store of value if I don’t trust fiat currencies.

A lot of people are confident of the projections that bitcoin will go through the 100k mark within a few years, so why do they need to sell especially if they bought in at a lot lower prices. They may have even already cashed out on some that has offset the amount invested.

I could have cashed out at £1200 from an original £80 I put in but I only took out enough to cover costs (Including the £100 I lost from the last crash) and give me a head start with the amount I need to be able to buy back in should it drop. I kept a few LTC just in case it kept going up but am equally comfortable if they went all the way to the floor. Obviously I'm dealing in minute amounts but it isn't hard to scale that up. You'll Obviously get the traders that are buying and selling on every small drop continually making money but to me that is more risky.

 

[nsno-chris]

Does anyone wanna invest in a new coin; it’s called ChrisCoin. Send me £1500 of the real stuff and you can buy into this before it rockets

 

[collymcd]

Ive seen a lot of copy/pasting/linking you've been doing on crypto...

For the quote above, why do you think USDT (in particular) has been "printing like crazy" ?

If you understand why then it would save you alot of time.

It's well known within crypto that USDT is printed like crazy. New York state investigated them and found that it wasn't backed by assets like they claim.

 

[YoboCopter]

Does anyone wanna invest in a new coin; it’s called ChrisCoin. Send me £1500 of the real stuff and you can buy into this before it rockets

Sent

 

[DuuuncanHadaPigeon]

Crypto is the fastest growing asset class in history with the biggest price appreciation ever. BTC has been called a scam since day 1 and yet has done 6million x.

There are a lot of good points made by both sides of the argument here but lets face it, crypto currency is not going anywhere and is only going to appreciate more. Much more than the stock market, much more than your ISA and much more than any other financial product on the market.

Yes crypto is full of scams and bad actors but so is the FIAT world. Banks launder cartel drug money etc, the list on both sides could go on and on forever and I don't want to sound like I am deflecting by saying well look over here. Both sides are really bad for it.

Honestly though, if you invest in 'coins' that are called things like cumrocket and you lose your money, well i dont think you are going to get much sympathy. Much like people who give money to the nigerian prince. A fool and his money are easily parted

I personally like to take full responsibility of my money, which means self custody of my keys, which means not keeping money on corrupt exchanges. I see a lot of people in this thread who go on about how great crypto and decentralization is yet keep their money on exchanges which are just much worse versions of banks, the hypocrisy is terrible. At least with banks your money is insured up to a point.

I personally just see crypto as a speculative investment. BTC will never be used as a currency, the adoption is basically non existent and its hardly a store of value when it regularly dumps 85%. ETH is becoming unusable due to gas fees and corrupt miners who just dump on your head. LTC solves some of the problems BTC has their founder dumped millions of his own coin and there is basically no development on it. XRP actually has a use case but still very little adoption for cross border remittances. The list goes on, while a lot of them have nice ideas they very rarely get implemented.

They are highly speculative and risky, but you do have the chance to 'make it' as you will not see gains like in crypto anywhere else. I personally will take this chance over seeing 5% returns with an ISA. I am currently making 40% APY in a certain cryptocurrency and this is real money and real gains that I have actually cashed out.

 

[Spadge Vernacular]

It'll be interesting to see if the countries developing CBDCs as a workaround from US/EU sanctions are successful. If so it would be a game-changer geopolitically.