Crypto discussion

Ploeperpengel

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Jun 17, 2018
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The stock market is by it's nature a big pyramid scheme. 'Insiders' IPO a company, drive up the price, then cash out at the top. Legitimate companies can be driven to bankruptcy by naked shorting and market manipulation. Even 'Blue Chip' stocks are based off the promise that some one else will take it off your hands in the future. Other than the odd dividend, it's value is based on what others are willing to pay for it. There are of thousands of companies that list on a stock market every year. Many of them are duds, ponzi schemes, and worthless penny stocks. Some of them, however, are diamonds in the rough. Just like one should do their due diligence and research their stocks, one should also do the same for Cryptocurrency.

There are plenty of 'Shitcoins' out there (Initial Coin Offerings are open to abuse) but there are also legitimate projects.

That's why I'm really annoyed with someone like Elon Musk. Instead of promoting a Crypto project that has real world uses (read up the real world applications of a blockchain like Ethereum) he trumps up a Crypto that has no real world application AND has an infinite supply.

I can forgive people for thinking that Crypto is all a big scam when the most talked about one right now is DOGE. Until that nonsense stops, there will always be a veneer of illegitimacy of the whole business.

On a parting note, you need to realize that Crypto doesn't replace Fiat national currencies. Eventually you still need to convert back to your national currency of choice to do anything. Your precious dollar isn't getting replaced and people need to realize that. Think of Crypto as yet another form of Securities (But shh...not really, don't tell the SEC!).
While I agree somewhat with what you say about stock markets I'd say the problems you describe derive from an inadequate regulation. Especially short positions need to be made more transparent i.e.. But ultimatly, if you select your stocks carefully you at least hold a share of something that represents a real value, that either provides a material use, a service people really need - something that provides jobs for people that need to make a living.

Whatever limited use crypto might have in the future just doesn't justify the incredible amount of ressources that get wasted by that stuff right now. I might be able to make my peace with ethereum once it's migrated to version 2.0 - maybe.

Anyway, I see you strongly distrust government and everyone should. But what you suggest is to put your faith in something that's even less reliable and accountable. People like Musk control this stuff and if it's not him it's Vitalik Buterin or some other dude with a big wallet and that won't change.

You basically said it yourself in another post. The whole crypto hype is driven by fear. Be it fear of inflation or fear of missing out. That's no healthy economy...
 

BUTUZ

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She told me she was into deep exploration..........

.............I told her I sold my Carrack and invested it into Doge because Elon said so.


1621461382859.jpg


(She'll be back in 2 years when I sell all my doge and pull up in a bengal)
 

Grimbli

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I'm currently mining and just going to hold my BTC until the next rise. Kinda sucks I have so much money tied up, but if I cash out now I'll "lose" a lot of money. Although it's not actual money I'm losing, it's future possible profits, so it's weird.
 

Montoya

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Well, about crypto-market detachment from Musk or other big market players.

You probably were not aware of this during recording...

But this is what stopped the bitcoin from dropping any further:
Nope.

Tweeting diamond hands did not stop the sell off, thats ridiculous.

The sell off eased off when the liquidations stopped. Everybody hates Elon now, his tweets are worthless.

See that big green bar?

1621524141771.png

Thats what ends the sell off, not a tweet.

That is long positions being unwound and sold into the market. Once that sell pressure is off, the bottom was in.
 

BUTUZ

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Personally I just think elon wanted to buy another billion dollars worth of more bitcoin so he decided to use twitter to drop the price by 25k.

Once Elon finished buying and the arsehole falls out of the bottom of doge, BTC it should go back up I recon.
 

NaffNaffBobFace

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Personally I just think elon wanted to buy another billion dollars worth of more bitcoin so he decided to use twitter to drop the price by 25k.

Once Elon finished buying and the arsehole falls out of the bottom of doge, BTC it should go back up I recon.
Especially if Tesla looks at the data provided and deems Bitcoin green enough after all, and accepts it for payments again but with some kind of transaction time limiter or whatever to get around the issue as highlighted by the Glorious Leader. EZmunnie.
 

Sirus7264

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Which is why the future of Crypto will move from Prove of Work to Prove of Stake. Ethereum 2.0, Cardano, Stellar Lumens, Nano, etc. will do well.

Bitcoin will still have a place but eventually it will be 'mined' out.
i think once bitcoin is minned out value is going to jump up honestly because you can't mine to get anymore.
 

Montoya

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While I agree with you that it is ridicolous I still doubt the Elon-effect is over. He'll surely tweet again. Then we'll know for sure.
He lost his tweet power, it was not going to last forever.

At first, every mention of DOGE would get huge spikes, but how long can that continue to happen?

Today he tweets a laptop with DOGE dollar on top of it... less and less effect.
 

Ploeperpengel

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Jun 17, 2018
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He lost his tweet power, it was not going to last forever.

At first, every mention of DOGE would get huge spikes, but how long can that continue to happen?

Today he tweets a laptop with DOGE dollar on top of it... less and less effect.
True that's a pityful spike compared to what happened before. So your not wrong. He finally gambled away his charm it seems. But Doge was allways only a private spleen of him. Him saying what Tesla does with crypto will keep an inpact regardless - until they sell it all. Funny he mentioned Diamond hands as Tesla already sold part of their bitcoin wallet a couple of weeks ago to brighten income result reports. I wouldn't shed a tear if Tesla finally gets shortened to hell btw. but that's probably going to take a while yet. That company is after recent losses in my opininion still overpriced in a ridiculous way same as bitcoin.

Musk never has been the only problem though. Even if we were to assume it wasn't the message of Tesla's Diamond hands that started the bitcoin price recovery (though it was Tesla no longer accepting bitcoin as currency + china that startet the decline) I find it equally problematic how much attention other holders of big bitcoin wallets get over this. Wallet holders who rushed to sing the "hodler" tune publicly after the "bloodbath" (after they used the dip to enlarge that wallets and I don't remember their names right now). It's very likely many poeple lost significant amounts of their retirement funds during said "bloodbath" because literally every peace of financial shit media contantly posts about how much more growth potential bitcoin still has as some crypto popstar or other Anal-lyst thinks. Fantasy seems to be unlimited.

For small players the crypto market very likely will turn out as a casino + a game that's easily rigged. I really don't think this is going to go well for many poeple that tend to go all-in if they don't see an alternative.

For my part I considered to go in strongly in January but decided against it because I preferred stocks I can support and feel good about. I really don't see much substantial stuff in crypto that I can feel good about supporting. I feel we need better regulation of world finance not less regulation. And by better I mean simpler rules with less loopholes not more burocracy that suffocates us - anyway that a whole new topic. Ultimatly my way of thinking might not be the most effective way towards money multiplication but it does give a good conscience and peace of mind - and doesn't make me poor ...yet again.
 
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