Bitcoin and other crypto is fraud and illiquid on many exchanges so in reality the decreases in price in the crypto space are much worse than the numbers would indicate since the numbers are convertible to stablecoin and not USD. They are also taking on enormous risk being in the space since there are zero protections and the space is described as “Wild West” by the SEC and to be prepared to (possibly) lose everything so only invest what you can afford to lose. There’s no comparison here to investing in US stocks, which represent ownership interests in tangible companies regulated and traded publicly, with real earnings due to sale of actual value producing goods and services.
crypto bros do not know a whole lot about finance or economics and insiders in crypto and those who run the exchanges know this so they are take advantage of. They compare their returns to bank savings rates, rather than a 10 year return on S&P or US rental properties. They do not understand compounding, time value of money concepts, or US monetary policy. And It is hopeless trying to convince them otherwise, that they are victims of a scam and being tricked because they think they are the opposite - they think, based on price fluctuations since March 2020 or perhaps a few years earlier- that they are sticking it to the big man (eg the boomers, the big Banks, those who can afford homes etc.), when the reality is they’re being ripped off by insiders within their own space, guys like Michael Saylor and Justin, who control a very large proportion of the coin market share.
This 100% man Yes 🙌 👍
Anyone who thinks crypto is illiquid hasn’t familiarized themselves with the various systems. Same with those that thing all crypto is energetically wasteful. You guys read like one or two WSJ articles and make up your mind. Yawn.
Anyone who thinks crypto is illiquid hasn’t familiarized themselves with the various systems. Same with those that thing all crypto is energetically wasteful. You guys read like one or two WSJ articles and make up your mind. Yawn.
Since you hold positions in shtcoins, you have an incentive to tell us how great it is and how much better it is than traditional financial system. They’ve tried everything to find a use case and basically it’s all a dead end: NFTs, DeFi, blockchain, etc. next they’ll be some other grift. It’s basically “financial asbestos,” Which is best way to describe it. Crypto trading happens 24/7. exchanges go under for maintenance just as the prices crashes. If exchange doesn’t like your trade they can refuse. This kind of thing would be illegal and totally unheard of traditional finance markets. They go under because they lack liquidity. Tether, fraudulent stablecoin and others, is a huge part of it. The best way to bring in more liquidity is to try to find more suckers to buy into the Ponzi with USD. Fidelity recently announced that they were going to allow moronic clients to own crypto within their retirement account portfolios which is insane but they don’t care because they just want to make money (in USD).
I think in the year 2022 after all the Super Bowl ads and stupid sht, the average person thinks it’s a scam but only cares about “number go up,” and not being the sucker or left holding the bag.
Been out over a decade and no use case except: Ponzi and casino games, Securities fraud, Money laundering, collecting fees from stupid crypto bros on the centralized exchanges
Sure there are not globalized use cases yet but claiming that is proof of uselessness is dumb. Do you really want a system where centralized money handlers are required for the economy doesnt that seem wild inefficient? Would you support a non-blockchain solution that allowed basic finance without a middleman? Most new technology is dismissed by the intellectually entrenched though. see: Paul Krugman and the internet.
How many more years do we have to wait for this financial asbestos Ponzi game to end? Where’s the killer app? when bitcoin came out, the iPhone 4 had just come out. Crypto stuff is complete turds and does no good in society except shift money around with casino games. Now that NFTs have gone to sht, what’s the next grift?
How did the global economy function in the 19th century before all the banking regulations? You act like the way things are, are the way things have to be. I am not claiming all crypto is good or will work or will hold value or isn’t a scam. I believe there is value in decentralized economic frameworks. Just like I believe there is value in decentralized government (see: US federalism in the 18th and 19th centuries). What would you change to make crypto more tenable in your eyes?
How did the global economy function in the 19th century before all the banking regulations? You act like the way things are, are the way things have to be. I am not claiming all crypto is good or will work or will hold value or isn’t a scam. I believe there is value in decentralized economic frameworks. Just like I believe there is value in decentralized government (see: US federalism in the 18th and 19th centuries). What would you change to make crypto more tenable in your eyes?
A world of wire transfers where computer code is law and there is no middle person to reverse transaction? “Be your own bank” lol
Is there a way to predict or forecast a coin's success or failure in the same way we can predict or forecast a Company's success or failure?
Alan
The best way is to help a coin succeed and rip people off from it is to pay an influencer to promote it on Discord or Twitter and pump up the trading price, and then once you have all the suckers’ USD, you and the developer abandon the project. Influencer gets paid and a bunch of others who put their money in lose everything.
This is known as a “rug pull” or “pump and dump” and is ILLEGAL and punishable by jail time in the traditional financial system, but happens all the time in all things crypto. It happens so often the crypto guys brag about it and don’t even try to hide what they’re doing anymore. It happens too often for authorities to be able to do anything about it. But libertarian young persons feel that this is an OK risk to take because they are so mad at boomers, the banks, those who can afford to own homes, etc., that they want to participate in a cult and have a sense of identity because they’ve been left behind in the traditional financial system.
Nothing will succeed long-term in crypto because the technology does not do anything except to (hopefully) be sold to someone else. it’s as simple as that. Some particular shtcoin (and they are all shtcoins including Bitcoin and eth)can temporarily trade at a high-price due to hype but without a long-term sustainable business, shtcoins are doomed as they have to provide value in some way and all of crypto fails to do this.
Is there a way to predict or forecast a coin's success or failure in the same way we can predict or forecast a Company's success or failure?
Alan
Another way is to say you’re a developer working in the web3 space, and to take a VC company’s money. And to basically suck at your job because web3 is BS and not happening and hope you still have one in a year or two.
Is there a way to predict or forecast a coin's success or failure in the same way we can predict or forecast a Company's success or failure?
Alan
1) individual stock picking has been shown time and time again to be impossible. No individual can beat the market.
2) of course these metrics to assess the quality of projects… read white papers, look at fundamentals compared to other projects, listen to forward looking statements from the developers and stake holders.
again these will not actually provide leverageable information on a project to project basis, just like you cannot pick individual stocks better than a monkey.
Is there a way to predict or forecast a coin's success or failure in the same way we can predict or forecast a Company's success or failure?
Alan
The best way is to help a coin succeed and rip people off from it is to pay an influencer to promote it on Discord or Twitter and pump up the trading price, and then once you have all the suckers’ USD, you and the developer abandon the project. Influencer gets paid and a bunch of others who put their money in lose everything.
This is known as a “rug pull” or “pump and dump” and is ILLEGAL and punishable by jail time in the traditional financial system, but happens all the time in all things crypto. It happens so often the crypto guys brag about it and don’t even try to hide what they’re doing anymore. It happens too often for authorities to be able to do anything about it. But libertarian young persons feel that this is an OK risk to take because they are so mad at boomers, the banks, those who can afford to own homes, etc., that they want to participate in a cult and have a sense of identity because they’ve been left behind in the traditional financial system.
Nothing will succeed long-term in crypto because the technology does not do anything except to (hopefully) be sold to someone else. it’s as simple as that. Some particular shtcoin (and they are all shtcoins including Bitcoin and eth)can temporarily trade at a high-price due to hype but without a long-term sustainable business, shtcoins are doomed as they have to provide value in some way and all of crypto fails to do this.
Strange argument considering the highest market cap coins have been around for years and are clearly not developer rug pulls. I’m glad you have faith in the SEC and Justice dept to stop insider trading and corporate fraud (billions of dollars a year)… evidence is not on your side.
Imagine being a biotech investor, where your outcome in entirely controlled by a small FDA panel, being front run by hundreds of insiders, and thinking that’s a more actionable system.
People should put money in index funds. Betting on American innovation and growth is the surest thing long term. To act like individual stocks are more/less actionable than crypto is… questionable.
I was explaining the bitcoin dip. They're inevitable. So the person tells me, "what do you think, it's monopoly money or something," while referring to my exorbitant investment. I said the only time money is monopoly money is when I'm at the strip club in the past. But I couldn't care less if I lost my entire bitcoin investment. That's not the plan anyhow. I'm willing to exhibit patience.
The best way is to help a coin succeed and rip people off from it is to pay an influencer to promote it on Discord or Twitter and pump up the trading price, and then once you have all the suckers’ USD, you and the developer abandon the project. Influencer gets paid and a bunch of others who put their money in lose everything.
This is known as a “rug pull” or “pump and dump” and is ILLEGAL and punishable by jail time in the traditional financial system, but happens all the time in all things crypto. It happens so often the crypto guys brag about it and don’t even try to hide what they’re doing anymore. It happens too often for authorities to be able to do anything about it. But libertarian young persons feel that this is an OK risk to take because they are so mad at boomers, the banks, those who can afford to own homes, etc., that they want to participate in a cult and have a sense of identity because they’ve been left behind in the traditional financial system.
Nothing will succeed long-term in crypto because the technology does not do anything except to (hopefully) be sold to someone else. it’s as simple as that. Some particular shtcoin (and they are all shtcoins including Bitcoin and eth)can temporarily trade at a high-price due to hype but without a long-term sustainable business, shtcoins are doomed as they have to provide value in some way and all of crypto fails to do this.
Strange argument considering the highest market cap coins have been around for years and are clearly not developer rug pulls. I’m glad you have faith in the SEC and Justice dept to stop insider trading and corporate fraud (billions of dollars a year)… evidence is not on your side.
I have a lot of faith in justice dept yes. Martha Stewart and others get busted for insider trading and go to jail.& SEC is still investigating Elon Musk and his brother
Strange argument considering the highest market cap coins have been around for years and are clearly not developer rug pulls. I’m glad you have faith in the SEC and Justice dept to stop insider trading and corporate fraud (billions of dollars a year)… evidence is not on your side.
I have a lot of faith in justice dept yes. Martha Stewart and others get busted for insider trading and go to jail.& SEC is still investigating Elon Musk and his brother
Lol recent estimates suspect roughly 15% of insider trading is caught.
This Crypto meme video is about Wojak who tries to pull the Dollar cost averaging strategy on Shiba Inu $SHIB. He fails to do so because of the price drops w...
I was explaining the bitcoin dip. They're inevitable. So the person tells me, "what do you think, it's monopoly money or something," while referring to my exorbitant investment. I said the only time money is monopoly money is when I'm at the strip club in the past. But I couldn't care less if I lost my entire bitcoin investment. That's not the plan anyhow. I'm willing to exhibit patience.
man this is not so good. And now that Fidelity wants to offer crypto as an option within an IRA or a Roth IRA (in response to client demand), it doesn’t make any sense as the basis would be higher than the value in the account
People should put money in index funds. Betting on American innovation and growth is the surest thing long term.
Agreed 👍✅
these guys below need liquidity for bitcoin since GBTC Grayscale bitcoin trust is trading below the NAV net asset value, so they are trying to get a spot ETF approved even though SEC has rejected 🙅♂️ it numerous times already
“Computer scientist David Rosenthal, who gave a popular lecture at Stanford warning about the hazards of crypto, says all of the reasons the SEC had for rejecting previous bitcoin spot ETFs — and there have been close to a dozen of them — are still valid. “The constant pressure to approve a spot Bitcoin ETF exists because Bitcoin is a negative-sum game. Bitcoin whales need to increase the flow of dollars in so as to have dollars to withdraw. The SEC should not pander to them.” [SEC Comment]”
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