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Posted: 5/13/2022 3:38:02 PM EDT
[#1]
Investing all you have in such an unknown and volatile quantity pretty much means you're an idiot and deserve it. This is for a spare $5K-10K or so, not much more than 1% of net worth.
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Posted: 5/13/2022 3:42:31 PM EDT
[#2]
I think it’s fair to say that I’m a crypto “true believer”. I’ve own Bitcoin since 2011, and I’ve been buying more than I’ve sold since ~2016. I’ve given away substantial amounts of Bitcoin here on Arfcom in the past just to get people interested. I don’t know off the top of my head, but I’d guess it’s in the tens of thousands of dollars in today’s money. I’d have to dig through my old wallet files to say for sure, but I know I’ve given away more >10 BTC over the years. There was a time when I would regularly say “If you set up a wallet, I’ll send you a Bitcoin”, just to get people interested. At the time the price was <$20, but still.
It is phenomenally stupid to put more than you’re willing to see disappear into crypto. The same statement applies to any investment, but it applies to crypto even moreso. If I’m saying this, having benefited from it as much as I have… how monumentally stupid do you need to be to put your “life savings” into crypto? FWIW, I’m still buying a little bit every paycheck, but I’ve got more USD sitting in an account waiting for the right moment to buy in bulk. That’s going to be when USDT - Tether - finally collapses. I’ve been around this shit long enough to know that no one can reliably time the bottoms or tops, but Tether has all the hallmarks of a Ponzi scheme, and its volume is so large that it has driven the price of BTC (and all the altcoins, major and minor) for years. I don’t see a future where Tether lives forever, or one where Tether is replaced by something else without major disruption. My advice - invest 10% of your net income. 0.5% should be in Bitcoin, as the largest and most stable of the blockchains around. 0.5% should be in altcoins, with most of that in Ethereum. 1% should be kept in cash to take advantage of opportunities. 8% should be in a traditional 401k or other tax-advantaged, “traditional” investment account. |
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Posted: 5/13/2022 3:42:56 PM EDT
[#3]
Quote HistoryQuoted: [. Yes fucking kill yourself you stupid greedy fuck. . Dude! I would not party with you. People fuck up, it happens, everybody does - don't say shit like that to them. |
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Posted: 5/13/2022 3:47:57 PM EDT
[#4]
Quote HistoryQuoted: Alarmist bullcrap. People are going to lose their homes because Bitcoin and Etherium are down? Say what? I'm sure there are people with their life savings in crypto currencies. People are stupid. I know people who've had anywhere from a couple thousand to tens of thousands in crypto. It wasn't money they couldn't afford to lose, though. I limit it to dicking around with a few hundred at most. Shit is way too volatile for me and I have better things to blow a thousand dollars on. I have made some money on bitcoin the last few days. Enough to buy lunch. |
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Posted: 5/13/2022 3:49:25 PM EDT
[#5]
Quote HistoryQuoted: Buying crypto was (and is) like buying a lottery ticket. There is nothing better than hearing about a humble person winning the lottery. You just feel great for them. It brings a smile to your face. But watching an entitled person win the lottery doesn’t give the same feeling. The person who claims they picked their numbers because of their skillzzz and brilliance, rather than just got lucky. Unfortunately I think the balance was weighted to the latter type of person in the last few years. They even started calling themselves “investors” and saying they were “invested” in crypto. And it drew in weaker willed, more impressionable people looking to strike it rich. I feel bad for those people. Yes, they were driven by greed and hopes of money for nothing. But I still feel bad for them. And for their sake, I hope the price does recover. Well said, especially the last part. It's valuable, because enough buzz was created to make people think it was valuable, and that's where the very money flow making it valuable came from. It's why I take a pause at anybody promotion their genius bitcoin windfall. Because that windfall is a product of convincing other people into thinking it's valuable; the people who are actually providing the money. Those are the ones i feel bad for, and hopefully they are able to time the next pump and dump to liquidat duting the pump. Every bitcoin value graphic is based on how many US dollar you can convert bitcoin into. You tell me which one is the currency. A bummer for those guys who were sold a line that made up internet money's actually valuable. This isn't to talk shit. Lots of dudes here have made windfall and the poster above me is very cool. Just a general statement. |
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Posted: 5/13/2022 3:49:38 PM EDT
[#6]
Quote HistoryQuoted: If I’m saying this, having benefited from it as much as I have… how monumentally stupid do you need to be to put your “life savings” into crypto? Greed. It silences the voices that say don't invest what you aren't willing to lose. When you have people surrounding you telling you that it only goes up and proposed gains being pushed on you are in the triple digit percentages.. people get stupid real fast. Look at how many people in this forum alone fall for obvious scam websites because the prices are too good to be true. Now take that line of thinking to a proposal of investing the worth of your house into a coin that's totally going to 10x according to not financial advisors giving not financial advice. It's dumb, it's greedy, and we've seen it so many times already. |
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Posted: 5/13/2022 3:51:04 PM EDT
[#7]
If your whole life savings was in Crypto, you are in fact retarded.
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Posted: 5/13/2022 3:53:05 PM EDT
[#8]
Quote HistoryQuoted: Investing all you have in such an unknown and volatile quantity pretty much means you're an idiot and deserve it. This is for a spare $5K-10K or so, not much more than 1% of net worth. Exactly. I heard on the radio people were "on the verge of losing their homes" due to the crypto crash. C'mon - you mortgaged your house to buy more crypto (or any investment, really)? Maybe I'm the schmuck. I guess the risk takers make big $ when the going is good and just declare bankruptcy when it falls apart and repeat the process? |
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Posted: 5/13/2022 4:00:41 PM EDT
[#9]
Quote HistoryQuoted: Exactly. I heard on the radio people were "on the verge of losing their homes" due to the crypto crash. C'mon - you mortgaged your house to buy more crypto (or any investment, really)? Maybe I'm the schmuck. I guess the risk takers make big $ when the going is good and just declare bankruptcy when it falls apart and repeat the process? Quote HistoryQuoted: Quoted: Investing all you have in such an unknown and volatile quantity pretty much means you're an idiot and deserve it. This is for a spare $5K-10K or so, not much more than 1% of net worth. Exactly. I heard on the radio people were "on the verge of losing their homes" due to the crypto crash. C'mon - you mortgaged your house to buy more crypto (or any investment, really)? Maybe I'm the schmuck. I guess the risk takers make big $ when the going is good and just declare bankruptcy when it falls apart and repeat the process? Our lord and savior Donald trump? |
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Posted: 5/13/2022 4:07:07 PM EDT
[#10]
Quote HistoryQuoted: Greed. It silences the voices that say don't invest what you aren't willing to lose. When you have people surrounding you telling you that it only goes up and proposed gains being pushed on you are in the triple digit percentages.. people get stupid real fast. Look at how many people in this forum alone fall for obvious scam websites because the prices are too good to be true. Now take that line of thinking to a proposal of investing the worth of your house into a coin that's totally going to 10x according to not financial advisors giving not financial advice. It's dumb, it's greedy, and we've seen it so many times already. Quote HistoryQuoted: Quoted: If I’m saying this, having benefited from it as much as I have… how monumentally stupid do you need to be to put your “life savings” into crypto? Greed. It silences the voices that say don't invest what you aren't willing to lose. When you have people surrounding you telling you that it only goes up and proposed gains being pushed on you are in the triple digit percentages.. people get stupid real fast. Look at how many people in this forum alone fall for obvious scam websites because the prices are too good to be true. Now take that line of thinking to a proposal of investing the worth of your house into a coin that's totally going to 10x according to not financial advisors giving not financial advice. It's dumb, it's greedy, and we've seen it so many times already. I guess I just can’t empathize. The way I see it, the more you think it’s going to gain the less you need to invest to get a life-changing result. If you $1k investment turns into $10m, who gives a shit if you could have invested $10k in the beginning? $10m is plenty to grow through other means. As net worth grows, the marginal utility of each dollar you add to it falls. That means you should be very, very careful investing if you have little and that you should invest more heavily - and in more things - the more you have. The above requires some amount of financial literacy, granted - but it takes none at all to see that the price falls, too. |
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Posted: 5/13/2022 4:10:24 PM EDT
[#11]
Quote HistoryQuoted: I was more talking about the other 87k "stablecoins" , did coinbase get sued and probably go bankrupt any of the last times things went down? Quote HistoryQuoted: Quoted: Last time it was accused of being tulips, we had crashed to $3500. The time before that we had crashed to $160. The time before that we had crashed $2. If we keep crashing like that boys, we are doomed! Doomed I tell you!  Gotta love it when Bitcoin "crashes" down to a level that is higher than even the nose bleed peak of just a few years ago and people still come out of the wood work to call it tulips. Back in 2017, $20,000 was a full retard cocaine fueled max fomo hysteria price. Now that we are approaching that level again people are talking like the whole thing is unraveling.  I don't think people who are new to this have any idea how entertaining the banter is in to those of us who have been in crypto for the past 10 years. It's like ground hog day every 4 years or so. I was more talking about the other 87k "stablecoins" , did coinbase get sued and probably go bankrupt any of the last times things went down? I missed that sorry. I'm not following the Coinbase bankruptcy comment though. I know there are articles making great hay about what COULD happen during a bankruptcy because of some nuances of how customer coins are held but not that they were actually at risk of going bankrupt. |
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Posted: 5/13/2022 4:12:49 PM EDT
[#12]
Quoted: I am unable to determine if this news is fabrication by the media ====== "Cryptocurrency bubble bursts wiping out people's life savings overnight" https://www.msn.com/en-us/money/markets/cryptocurrency-bubble-bursts-wiping-out-people-s-life-savings-overnight/ar-AAXcRIK Metro Cryptocurrency bubble bursts wiping out people's life savings overnight James Hockaday 44 mins ago Investors have been sent into a panic after a massive crypto crash (Picture: Metro.co.uk)© Provided by Metro Investors have been sent into a panic after a massive crypto crash (Picture: Metro.co.uk) People who put their life savings into cryptocurrencies face losing their homes after a massive and sudden crash in their value. More than $200billion has been wiped off the cryptocurrency market today alone, as investors are sent into a panic. Ethereum, the world’s second largest digital currency plummeted by 20% in the space of 24 hours. Bitcoin, the original cryptocurrency started in 2009, dropped by 9%, but overall it is down 50% since its all time high in November. Chaos on the market has seen other currencies such as Shiba Inu and Dogecoin losing 30% and 25%, respectively. Meanwhile Terra Luna, which was among the top 10 most valuable cryptocurrencies had 98% of its value wiped out overnight, falling to below one dollar per coin. Its Reddit page had a suicide hotline pinned to it, as users of the site shared their devastating losses. One member wrote: ‘I lost all my life savings. Had bought Luna at $85, not sure what to do.’ Dogecoin lost around 30% of its value overnight as the market was sent into chaos (Picture: MailOnline)© Provided by Metro Dogecoin lost around 30% of its value overnight as the market was sent into chaos (Picture: MailOnline) Another said they’d lost $15,000 (£12,3000) after failing to sell their holdings when Terra Luna was trading above $100 last month. They wrote: ‘I should’ve cashed out when it was $100, then I would have been up $25,000. ‘But I got greedy hoping to get more money so I can at least afford a downpayment for a house for my family. I guess no house and savings then.’ Another member of the r/terraluna subreddit wrote: ‘I lost over $450,000, I cannot pay the bank. I will lose my home soon. I’ll become homeless.’ At one point, leading crypto exchange Binance temporarily suspended withdrawals on the currency, preventing people from selling. The Cayman Islands-based exchange said this was due to ‘high volume of pending withdrawal transactions… caused by network slowness and congestion’. Meanwhile Coinbase, another widely used trading platform, issued a warning that customers could lose all their money if the exchange goes bankrupt. Ethereum, the second biggest cryptocurrency, lost around 20% of its value in 24 hours (Picture: Metro.co.uk)© Provided by Metro Ethereum, the second biggest cryptocurrency, lost around 20% of its value in 24 hours (Picture: Metro.co.uk) The website, which has more than 98million verified users, has already seen its value drop by 27% since the recent crypto crash. In an attempt to calm investors, Coinbase CEO Brian Armstrong tweeted: ‘Your funds are safe at Coinbase, just as they’ve always been.’ But in a US Securities and Exchange Commission filing, the company said customers are considered ‘unsecured creditors’ in the event the firm collapsed. This means their crypto assets would be considered the property of Coinbase by bankruptcy administrators, MailOnline reports. More than $200billion has been wiped off the cryptocurrency market today alone, and some fear this could be a sign of wider stock market crash. Amazon stocks have plunged by 30% within a month, while a number of other US tech firms are suffering. Big US tech firms including Amazon and Tesla have suffered heavy losses, leading to fears of another dotcom bubble burst (Picture: Metro.co.uk)© Provided by Metro Big US tech firms including Amazon and Tesla have suffered heavy losses, leading to fears of another dotcom bubble burst (Picture: Metro.co.uk) Elon Musk’s Tesla has fallen by 36% in the past month as the CEO attempts to buy Twitter. The entrepreneur has heavily influenced prices with his comments on Bitcoin and Dogecoin with his comments on the currencies. At point point, he said Tesla would accept Bitcoin as a method of payment before cancelling the plans. The FTSE 100 was down 2.5% this morning after official figures showed the UK economy growing slower than expected in the first quarter. Fears are growing that we could be heading towards a repeat of the ‘dotcom bubble burst’ of the early 2000s. As more and more people had access to computers and the internet in the late 1990s, there was a flurry of speculative trading in tech companies. Companies with a ‘.com’ suffix ended up being valued very highly as a result of the boom. But after the US Federal Reserve increased interest rates, trading dipped and caused the bubble to burst, sending stock prices crashing. |
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Posted: 5/13/2022 4:21:14 PM EDT
[#13]
Quote HistoryQuoted: Exactly. I heard on the radio people were "on the verge of losing their homes" due to the crypto crash. C'mon - you mortgaged your house to buy more crypto (or any investment, really)? Maybe I'm the schmuck. I guess the risk takers make big $ when the going is good and just declare bankruptcy when it falls apart and repeat the process? Quote HistoryQuoted: Quoted: Investing all you have in such an unknown and volatile quantity pretty much means you're an idiot and deserve it. This is for a spare $5K-10K or so, not much more than 1% of net worth. Exactly. I heard on the radio people were "on the verge of losing their homes" due to the crypto crash. C'mon - you mortgaged your house to buy more crypto (or any investment, really)? Maybe I'm the schmuck. I guess the risk takers make big $ when the going is good and just declare bankruptcy when it falls apart and repeat the process? It's even nuttier. People spent their life savings on btc, made a shit ton of money, then took a margin loan against the crypto, and financed a house. Now crypto is dropping, margin calls are coming through, but all the money is tied up in a house that has also lost value since the top. People can be monumentally stupid. |
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Posted: 5/13/2022 4:22:08 PM EDT
[#14]
Cyber Digits = Air?
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Posted: 5/13/2022 4:56:07 PM EDT
[#15]
Quote HistoryQuoted: So you think the market will turn tomorrow? Wouldn't it make sense to sell and buy again at the bottom? Quote HistoryQuoted: Quoted: Nope So you think the market will turn tomorrow? Wouldn't it make sense to sell and buy again at the bottom? I don't want to deal with the tax hassle of day trading. For me, BTC and ETH are on sale. Time to buy more. I don't see BTC dipping below $20k. |
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Posted: 5/13/2022 5:02:47 PM EDT
[#16]
Quote HistoryQuoted: Cyber Digits = Air? Just like US$. |
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Posted: 5/13/2022 5:18:24 PM EDT
[#17]
Quote HistoryQuoted: Just like US$. That value might just be that it can be used for toilet paper or fire tinder but that is some value. Crypto not so much. 
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Posted: 5/13/2022 5:20:16 PM EDT
[#18]
Is it still possible to buy LUNA? at .000069... if it recovers to even a fraction of what it was previously worth... well... its worth the risk I'd put in it which won't be much.
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Posted: 5/13/2022 5:22:32 PM EDT
[#19]
Leveraged idiots and scam owners got fucked.
I'm down but not out. Don't buy VC-hyped ponzi-schemes. Luna, LMAO FUCKING REKT |
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Posted: 5/13/2022 5:24:37 PM EDT
[#20]
Quote HistoryQuoted: Is it still possible to buy LUNA? at .000069... if it recovers to even a fraction of what it was previously worth... well... its worth the risk I'd put in it which won't be much. It's a roulette wheel at this point. Don't cry if you lose your ass. Luna is gone. Bitconnect 2.0 |
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Posted: 5/13/2022 5:34:09 PM EDT
[#21]
Quote HistoryQuoted: No the USD I can hold on my hand and it will always have some value. That value might just be that it can be used for toilet paper or fire tinder but that is some value. Crypto not so much. Not really, most US$ are just as intangible as bitcoin. Both are backed by the same thing, nothing. |
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Posted: 5/13/2022 5:49:38 PM EDT
[#22]
Quote HistoryQuoted: I put $100 in crypto in like January just to learn a bit about it, with an array of Bitcoin, Solana, Ethereum. It’s all worth $36 now, lol. I'm going to buy 100.00 of something while it's this low  Never invest more than your willing to lose. Kinda like gambling. |
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Posted: 5/13/2022 5:56:25 PM EDT
[#23]
Quote HistoryQuoted: That's a pretty big gamble. Even if they are putting down 1.5Gh, he's looking at about 4.6 ETH per month. ETH would need to moon for that to pay off. Ballsy or foolish? Not sure which. Each machine is mining different cryptocurrencies. He’s got Doge, Etherium and Bitcoin, and some others I’ve never even heard of. If this doesn’t work out, I don’t even know if he can recoup much of his investment by selling the machines. Who would want them? I just don’t have that much tolerance for risk myself. |
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Posted: 5/13/2022 6:19:00 PM EDT
[#24]
Quote HistoryQuoted: Each machine is mining different cryptocurrencies. He’s got Doge, Etherium and Bitcoin, and some others I’ve never even heard of. If this doesn’t work out, I don’t even know if he can recoup much of his investment by selling the machines. Who would want them? I just don’t have that much tolerance for risk myself. Quote HistoryQuoted: Quoted: That's a pretty big gamble. Even if they are putting down 1.5Gh, he's looking at about 4.6 ETH per month. ETH would need to moon for that to pay off. Ballsy or foolish? Not sure which. Each machine is mining different cryptocurrencies. He’s got Doge, Etherium and Bitcoin, and some others I’ve never even heard of. If this doesn’t work out, I don’t even know if he can recoup much of his investment by selling the machines. Who would want them? I just don’t have that much tolerance for risk myself. The thing about leveraging machines is that he can likely/hopefully generate enough to service the debt. Maybe not make money, but service the debt. I would be very nervous owning crypto on margin, because crypto does not generate income. It does not throw off any cash flow. But owning hardware is a different story. As long as it can cover the interest, you just buckle up and hang on for the ride. |
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Posted: 5/13/2022 6:32:24 PM EDT
[#25]
Quote HistoryQuoted: The thing about leveraging machines is that he can likely/hopefully generate enough to service the debt. Maybe not make money, but service the debt. I would be very nervous owning crypto on margin, because crypto does not generate income. It does not throw off any cash flow. But owning hardware is a different story. As long as it can cover the interest, you just buckle up and hang on for the ride. Quote HistoryQuoted: Quoted: Quoted: That's a pretty big gamble. Even if they are putting down 1.5Gh, he's looking at about 4.6 ETH per month. ETH would need to moon for that to pay off. Ballsy or foolish? Not sure which. Each machine is mining different cryptocurrencies. He’s got Doge, Etherium and Bitcoin, and some others I’ve never even heard of. If this doesn’t work out, I don’t even know if he can recoup much of his investment by selling the machines. Who would want them? I just don’t have that much tolerance for risk myself. The thing about leveraging machines is that he can likely/hopefully generate enough to service the debt. Maybe not make money, but service the debt. I would be very nervous owning crypto on margin, because crypto does not generate income. It does not throw off any cash flow. But owning hardware is a different story. As long as it can cover the interest, you just buckle up and hang on for the ride. On stuff like this, I feel like cloud hosted mining services are a safe option without locking yourself into hardware. This thread and the current crypto crash have me considering renting server space to mine and validate. I could get the initial stake at a discount and start a node on the cheap. I'm just spitballing here. |
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Posted: 5/13/2022 6:39:01 PM EDT
[#26]
Quote HistoryQuoted: Exactly. I heard on the radio people were "on the verge of losing their homes" due to the crypto crash. C'mon - you mortgaged your house to buy more crypto (or any investment, really)? Maybe I'm the schmuck. I guess the risk takers make big $ when the going is good and just declare bankruptcy when it falls apart and repeat the process? Quote HistoryQuoted: Quoted: Investing all you have in such an unknown and volatile quantity pretty much means you're an idiot and deserve it. This is for a spare $5K-10K or so, not much more than 1% of net worth. Exactly. I heard on the radio people were "on the verge of losing their homes" due to the crypto crash. C'mon - you mortgaged your house to buy more crypto (or any investment, really)? Maybe I'm the schmuck. I guess the risk takers make big $ when the going is good and just declare bankruptcy when it falls apart and repeat the process? I still don’t understand. Were people planning on selling crypto every month to make their mortgage payment? |
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Posted: 5/13/2022 6:42:21 PM EDT
[#27]
Quote HistoryQuoted: I missed that sorry. I'm not following the Coinbase bankruptcy comment though. I know there are articles making great hay about what COULD happen during a bankruptcy because of some nuances of how customer coins are held but not that they were actually at risk of going bankrupt. Quote HistoryQuoted: Quoted: Quoted: Last time it was accused of being tulips, we had crashed to $3500. The time before that we had crashed to $160. The time before that we had crashed $2. If we keep crashing like that boys, we are doomed! Doomed I tell you! Gotta love it when Bitcoin "crashes" down to a level that is higher than even the nose bleed peak of just a few years ago and people still come out of the wood work to call it tulips. Back in 2017, $20,000 was a full retard cocaine fueled max fomo hysteria price. Now that we are approaching that level again people are talking like the whole thing is unraveling. I don't think people who are new to this have any idea how entertaining the banter is in to those of us who have been in crypto for the past 10 years. It's like ground hog day every 4 years or so. I was more talking about the other 87k "stablecoins" , did coinbase get sued and probably go bankrupt any of the last times things went down? I missed that sorry. I'm not following the Coinbase bankruptcy comment though. I know there are articles making great hay about what COULD happen during a bankruptcy because of some nuances of how customer coins are held but not that they were actually at risk of going bankrupt. Coinbase added a disclosure to their financials that warned people what could happen if they went bankrupt. It was just a CYA that got overblown. |
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Posted: 5/13/2022 6:42:39 PM EDT
[#28]
Quote HistoryQuoted: On stuff like this, I feel like cloud hosted mining services are a safe option without locking yourself into hardware. This thread and the current crypto crash have me considering renting server space to mine and validate. I could get the initial stake at a discount and start a node on the cheap. I'm just spitballing here. I wonder if he knew that was even an option. He was saying he planned to have all the machines paid off in four years using proceeds from mining. But four years is a hell of a long time, and a lot can happen. |
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Posted: 5/13/2022 6:42:43 PM EDT
[#29]
Quote HistoryQuoted: I still don’t understand. Were people planning on selling crypto every month to make their mortgage payment? Quote HistoryQuoted: Quoted: Quoted: Investing all you have in such an unknown and volatile quantity pretty much means you're an idiot and deserve it. This is for a spare $5K-10K or so, not much more than 1% of net worth. Exactly. I heard on the radio people were "on the verge of losing their homes" due to the crypto crash. C'mon - you mortgaged your house to buy more crypto (or any investment, really)? Maybe I'm the schmuck. I guess the risk takers make big $ when the going is good and just declare bankruptcy when it falls apart and repeat the process? I still don’t understand. Were people planning on selling crypto every month to make their mortgage payment? Sure, or they borrowed against their crypto. That was one of the selling points for some people. You can use it as collateral for a loan. |
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Posted: 5/13/2022 6:51:56 PM EDT
[#30]
Quote HistoryQuoted: I wonder if he knew that was even an option. He was saying he planned to have all the machines paid off in four years using proceeds from mining. But four years is a hell of a long time, and a lot can happen. Quote HistoryQuoted: Quoted: On stuff like this, I feel like cloud hosted mining services are a safe option without locking yourself into hardware. This thread and the current crypto crash have me considering renting server space to mine and validate. I could get the initial stake at a discount and start a node on the cheap. I'm just spitballing here. I wonder if he knew that was even an option. He was saying he planned to have all the machines paid off in four years using proceeds from mining. But four years is a hell of a long time, and a lot can happen. Maybe let him know about services like allnodes. The Boxmining YouTube channel has a walk through on setting up a validator node for Eth 2.0. |
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Posted: 5/13/2022 6:58:47 PM EDT
[#31]
The crypto game reveals the players' attitudes.
Each player fancies themselves to be smarter than those "other" dumb fools. Each player believes they can profit from someone else's loss. Each player believes they can get something for nothing. |
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Posted: 5/13/2022 7:07:19 PM EDT
[#32]
Quote HistoryQuoted: The crypto game reveals the players' attitudes. Each player fancies themselves to be smarter than those "other" dumb fools. Each player believes they can profit from someone else's loss. Each player believes they can get something for nothing. I never considered myself to be smarter, and I never considered other crypto speculators to be dumb fools. My profits never depended upon any one’s loss. I had to pay to get my bitcoin, so I never thought that I was getting something for nothing. |
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Posted: 5/13/2022 7:56:33 PM EDT
[#33]
Quote HistoryQuoted: No the USD I can hold on my hand and it will always have some value. That value might just be that it can be used for toilet paper or fire tinder but that is some value. Crypto not so much. US taxes have to be paid in USD which gives them some intrinsic value as long as the US government can send armed men to do bad things to you if you don't pay your taxes. |
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Posted: 5/13/2022 8:13:38 PM EDT
[#34]
If USD and other 'fiat' currencies are so dumb, why do crypto coins compare how much their coins are worth in USD? If the USD is that uninteresting why do they need the USD as a measure of their profit / gains?
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Posted: 5/13/2022 8:25:08 PM EDT
[#35]
I feel for the crypto people.
The crypto that crashed 98% in a day, I was looking at their reddit page and it was full of suicide talk. Some of them lost hundreds of thousands. |
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Posted: 5/13/2022 8:31:37 PM EDT
[#36]
Quote HistoryQuoted: If USD and other 'fiat' currencies are so dumb, why do crypto coins compare how much their coins are worth in USD? If the USD is that uninteresting why do they need the USD as a measure of their profit / gains? What's a Euro "worth"? What is FOREX trading? |
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Posted: 5/13/2022 8:34:47 PM EDT
[#37]
Quote HistoryQuoted: If USD and other 'fiat' currencies are so dumb, why do crypto coins compare how much their coins are worth in USD? If the USD is that uninteresting why do they need the USD as a measure of their profit / gains? Ever heard of exchange rates? |
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Posted: 5/13/2022 8:37:06 PM EDT
[#38]
Been through 3 crashes in my short life. Nobody ever learns. Rinse and repeat. It amazes me how so many of the same people never learn. I have family members that lost a lot over this and it’s not their first rodeo. In their defense they are addicted to gambling.
My younger brother (he is in his early 20s) invested in Bitcoin years ago. He was bragging to me a year ago that he had 7 figures worth in Bitcoin. I laughed and told him he didn’t look like a million heir to me. I’ll believe it when he show me a nice house. Told him if it was true to cash out half asap. Well he hasn’t shown me shit and has not mentioned it lately. If he moves back to my parent’s then I know what’s up. |
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Posted: 5/13/2022 8:38:36 PM EDT
[#39]
Quote HistoryQuoted: If USD and other 'fiat' currencies are so dumb, why do crypto coins compare how much their coins are worth in USD? If the USD is that uninteresting why do they need the USD as a measure of their profit / gains? American speculators use the US $, out of convenience, not necessity. UK, European,Japanese speculators use the Pound, Euro and Yen. Again, for convenience, not necessity. |
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Posted: 5/13/2022 8:41:41 PM EDT
[#40]
Quote HistoryQuoted: Been through 3 crashes in my short life. Nobody ever learns. Rinse and repeat. It amazes me how so many of the same people never learn. I have family members that lost a lot over this and it’s not their first rodeo. In their defense they are addicted to gambling. My younger brother (he is in his early 20s) invested in Bitcoin years ago. He was bragging to me a year ago that he had 7 figures worth in Bitcoin. I laughed and told him he didn’t look like a million heir to me. I’ll believe it when he show me a nice house. Told him if it was true to cash out half asap. Well he hasn’t shown me shit and has not mentioned it lately. If he moves back to my parent’s then I know what’s up. Even if true, 7 figures turns to 6 when you go to use it, because…. Taxes. 40% to Biden. |
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Posted: 5/13/2022 8:48:50 PM EDT
[#41]
Quote HistoryQuoted: Well said, especially the last part. It's valuable, because enough buzz was created to make people think it was valuable, and that's where the very money flow making it valuable came from. It's why I take a pause at anybody promotion their genius bitcoin windfall. Because that windfall is a product of convincing other people into thinking it's valuable; the people who are actually providing the money. Those are the ones i feel bad for, and hopefully they are able to time the next pump and dump to liquidat duting the pump. Every bitcoin value graphic is based on how many US dollar you can convert bitcoin into. You tell me which one is the currency. A bummer for those guys who were sold a line that made up internet money's actually valuable. This isn't to talk shit. Lots of dudes here have made windfall and the poster above me is very cool. Just a general statement. You just have it all backwards because of your choice in calculators |
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Posted: 5/14/2022 9:31:19 AM EDT
[#42]
Quote HistoryQuoted: Down 99% in 24 hours lol Sucks for anyone holding on to that turd Quote HistoryQuoted: Quoted: Quoted: Quoted: Opportunity to buy Terra Luna at under a buck? Under a buck? Lol. Try under a nickel. Last Friday it was $79 now its $0.02  Down 99% in 24 hours lol Sucks for anyone holding on to that turd  Fortunately I only held with 50% of the profits I had made for the year . Still hurts. |
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Posted: 5/14/2022 12:45:18 PM EDT
[#43]
Quote HistoryQuoted: Why do people continue to mock technologies that are inherently profreedom and censorship resistant? Because software is never going to change government as long as guns and prisons exist. |
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Posted: 5/14/2022 1:20:23 PM EDT
[#44]
My crypto portfolio is down 2/3rds. I don't invest in meme coins only coins that have a purpose and someone trying to create a real use for them. What am I doing during this drop, I'm buying more at a discount.
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Posted: 5/14/2022 1:34:52 PM EDT
[#45]
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Posted: 5/14/2022 2:42:35 PM EDT
[#46]
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Posted: 5/16/2022 11:10:22 PM EDT
[#47]
Quote HistoryQuoted: Coinbase added a disclosure to their financials that warned people what could happen if they went bankrupt. It was just a CYA that got overblown. Quote HistoryQuoted: Quoted: Quoted: Quoted: Last time it was accused of being tulips, we had crashed to $3500. The time before that we had crashed to $160. The time before that we had crashed $2. If we keep crashing like that boys, we are doomed! Doomed I tell you! Gotta love it when Bitcoin "crashes" down to a level that is higher than even the nose bleed peak of just a few years ago and people still come out of the wood work to call it tulips. Back in 2017, $20,000 was a full retard cocaine fueled max fomo hysteria price. Now that we are approaching that level again people are talking like the whole thing is unraveling. I don't think people who are new to this have any idea how entertaining the banter is in to those of us who have been in crypto for the past 10 years. It's like ground hog day every 4 years or so. I was more talking about the other 87k "stablecoins" , did coinbase get sued and probably go bankrupt any of the last times things went down? I missed that sorry. I'm not following the Coinbase bankruptcy comment though. I know there are articles making great hay about what COULD happen during a bankruptcy because of some nuances of how customer coins are held but not that they were actually at risk of going bankrupt. Coinbase added a disclosure to their financials that warned people what could happen if they went bankrupt. It was just a CYA that got overblown. Just a CYA????? Pffftt…….. FirstTime.gif…… Dude, that’s a monumentally big deal. Becoming an unsecured creditor to coinbase….. that’s a kind of a big deal. It means that it’s not your crypto, and you’ll be lucky to get pennies on the dollar. How the fuck would they even put together restructuring plan? There’s not even any assets to seize or liquidate….It’d only be funny if the trustee held a shit pile of crypto also….. I guess at some point in the future we’ll see a Coinbase thread here with a metric shit pile of people who don’t understand how bankruptcy works. They didn’t just casually slip that one in there. The presence of that clause plainly states how they view the arrangement. Wait till the precedence gets set. It’s like that south park episode about apple and who reads the terms. Gonna be some people get rekt when them boys pull that one out. Might be the most glorious chapter out of all time. Not a lawyer by the way. Just a dumb redneck that tries to pay attention and has seen some solid horse fuckings come out of bankruptcies and “chapter zero” |
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Posted: 5/16/2022 11:22:55 PM EDT
[#48]
Quote HistoryQuoted: Because software is never going to change government as long as guns and prisons exist. Quote HistoryQuoted: Quoted: Why do people continue to mock technologies that are inherently profreedom and censorship resistant? Because software is never going to change government as long as guns and prisons exist. I dont think you understand how bitcoin works.you can take your bitcoin to prison or to the grave. |
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Posted: 5/17/2022 3:24:17 AM EDT
[#49]
Quote HistoryQuoted: Yes Members here have posted they know people that put everything in crypto, then lost it all. Is it the majority? Don't know, but bet it's more than a few. Quote HistoryQuoted: Quoted: Alarmist bullcrap. People are going to lose their homes because Bitcoin and Etherium are down? Say what? Yes Members here have posted they know people that put everything in crypto, then lost it all. Is it the majority? Don't know, but bet it's more than a few. I haven't seen shit about news on a crash (or lack thereof), but I know metric fuckton of people in the office who have a lot of money in crypto. Most of those with almost all their savings in it are usually under 30. Can't really blame them, a lot of people decided during the last couple of years that the only way to get ahead was to speculate. Quoted: Not really, most US$ are just as intangible as bitcoin. Both are backed by the same thing, nothing. What is generally regarded as the preeminent military power in the world won't hunt you down and kill you for failing to pay debts to them denominated in Bitcoin. There is a difference - even if BTC may even be a superior currency in a lot of ways, by design. |
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Posted: 5/17/2022 9:16:45 AM EDT
[#50]
Quote HistoryQuoted: I dont think you understand how bitcoin works.you can take your bitcoin to prison or to the grave. how many bitcoin is a carton of newports |
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