[Finance] The cryptocurrency (Bitcoin etc) thread

[Marshy]

It's just a pump and dump coin now imo.

i agree, but i suspect money could still be made on it... not that i would spend any of mine on it.

 

[Seagull58]

i agree, but i suspect money could still be made on it... not that i would spend any of mine on it.

Money can be made on any magic beans. There are always mugs willing to lose money.

 

[Tom Hark Preston Park]

It's just a pump and dump coin now imo.

Just like every other flavour of crypto magic bean then

 

[Marshy]

Just like every other flavour of crypto magic bean then

THPP still on his Crypto is the devil rant i see lol

 

[chickens]

THPP still on his Crypto is the devil rant i see lol

I’m not far behind him TBH. Everything I can see points me toward the POV that blockchain technology is valid and has potential practical applications in the wider economy.

Cryptocurrencies however, are shady unregulated mechanisms by which money can be laundered and mug punters fleeced. I suspect that those who did well out of Bitcoin first time around are the only people who genuinely “won” at cryptocurrency.

The rest feels to me like people chasing that dream and getting defrauded at every point.

 

[Marshy]

I’m not far behind him TBH. Everything I can see points me toward the POV that blockchain technology is valid and has potential practical applications in the wider economy.

Cryptocurrencies however, are shady unregulated mechanisms by which money can be laundered and mug punters fleeced. I suspect that those who did well out of Bitcoin first time around are the only people who genuinely “won” at cryptocurrency.

The rest feels to me like people chasing that dream and getting defrauded at every point.

They are far more regulated than you think. But of course there are scams like in any market class.

More regulation is coming, when that regulation hits, the big financial institution money will fly in, then the chance for huge gains will be reduced dramatically i suspect.

Currently there is still massive opportunity for huge gains, its up to people to decide if they want to properly research what they are investing in.

 

[Seagull58]

I’m not far behind him TBH. Everything I can see points me toward the POV that blockchain technology is valid and has potential practical applications in the wider economy.

Cryptocurrencies however, are shady unregulated mechanisms by which money can be laundered and mug punters fleeced. I suspect that those who did well out of Bitcoin first time around are the only people who genuinely “won” at cryptocurrency.

The rest feels to me like people chasing that dream and getting defrauded at every point.

That's what it looks like to me also. Blockchain technology (possibly/probably) becoming mainstream while the coins are invaluable to criminal enterprises and market manipulators.

 

[Tom Hark Preston Park]

THPP still on his Crypto is the devil rant i see lol

Just doing my bit to try to stop fools being so easily parted from their money

Did I mention all your magic beans are going to zero? You just don't know it yet

 

[CheeseRolls]

The crypto markets do not seem to be able to differentiate beween innovation and novelty, as summed up in the image below, so everyone should be cynical. If you want to write off the entire market, your loss.

Hedera passed 20 Billiion transactions yesterday. Visa started offering stable coin settlements via Solana.

https://fortune.com/crypto/2023/09/05/visa-stablecoin-usdc-solana-worldpay-nuvei-merchants-payments/
https://coinjournal.net/news/hedera-hbar-hits-major-milestone-with-20-billion-transactions/

 

[Marshy]

Just doing my bit to try to stop fools being so easily parted from their money

Did I mention all your magic beans are going to zero? You just don't know it yet

Well we can't say we were not warned, and you likewise ;-)

 

[carlzeiss]

Was wondering if this was ever going to happen

Sam Bankman-Fried’s Parents Sued by FTX

The lawyers overseeing the bankrupt cryptocurrency exchange accused Joe Bankman and Barbara Fried of enriching themselves with money their son stole from customers.

www.nytimes.com

 

[dsr-burnley]

They are far more regulated than you think. But of course there are scams like in any market class.

More regulation is coming, when that regulation hits, the big financial institution money will fly in, then the chance for huge gains will be reduced dramatically i suspect.

Currently there is still massive opportunity for huge gains, its up to people to decide if they want to properly research what they are investing in.

How do you do that research? Is there a government regulator that you can ask? Where is the balance sheet of bitcoin that shows the coins issued and the underlying assets backing them up? Who are the individuals on the board of bitcoin that are ultimately responsible for the performance of the company? Who owns bitcoin?

 

[beorhthelm]

any other OP holders got unregulated airdrop yesturday?

 

[Tyrone Biggums]

I’m not far behind him TBH. Everything I can see points me toward the POV that blockchain technology is valid and has potential practical applications in the wider economy.

Cryptocurrencies however, are shady unregulated mechanisms by which money can be laundered and mug punters fleeced. I suspect that those who did well out of Bitcoin first time around are the only people who genuinely “won” at cryptocurrency.

The rest feels to me like people chasing that dream and getting defrauded at every point.

I bet you use a bank.

A bank that rips far more people off yearly than any crypto project does.

Anything that is centralised is far easier to be corrupted and controlled. Agreed?

The idea of the crypto space is to herald in a decentralised option to counter the corrupt controlled systems that exist now.

If you can't see what's happening now with Governments and the Banks that are trying to remove cash and replace it with CBDCs then you're destined to be controlled your whole life.

 

[Tyrone Biggums]

How do you do that research? Is there a government regulator that you can ask? Where is the balance sheet of bitcoin that shows the coins issued and the underlying assets backing them up? Who are the individuals on the board of bitcoin that are ultimately responsible for the performance of the company? Who owns bitcoin?

Nobody "owns" Bitcoin.

That's the whole point of it.

Decentralised from Government interference.

 

[CheeseRolls]

any other OP holders got unregulated airdrop yesturday?

Not me. Layer-2 blockchains not something I am really interested in. Why was the airdrop unregulated?

 

[beorhthelm]

Not me. Layer-2 blockchains not something I am really interested in. Why was the airdrop unregulated?

was having poke at the previous posts on regulation. these silly unregulated operations are passing out assets to people, giving them a stake in the crypto future for nothing more than cost of a few transactions. something everyone in the space should be interested in.

 

[chickens]

I bet you use a bank.

A bank that rips far more people off yearly than any crypto project does.

Anything that is centralised is far easier to be corrupted and controlled. Agreed?

The idea of the crypto space is to herald in a decentralised option to counter the corrupt controlled systems that exist now.

If you can't see what's happening now with Governments and the Banks that are trying to remove cash and replace it with CBDCs then you're destined to be controlled your whole life.

It all sounds dangerously close to tin foil hat territory to me. An uncontrolled by central bank token is fine by me, but the real world has to buy into it willingly.

There are absolutely dangers in becoming cashless as a society, it effectively means your money is always under somebody else’s control, whereas, as a last resort, you can keep cash under your mattress or in the safe behind your original Monet.

But in fact the government controls cash anyway, because every few years government changes the physical design of bank notes and forces them all to be handed in and exchanged for new notes for them to remain legal tender. You could invest in gold or art, but again these need to be housed and/or protected.

What you describe as control, many others see as security. The security of a regulated, legally backed framework to prevent shysters simply draining your wallet and walking away.

In a bank, If I keep under the regulatory maximum amount of cash in my account, and I am defrauded through no fault of my own or the bank fails, I am reimbursed. If that happens in crypto world, that’s my tough luck, I was pwned, it’s a libertarian shyster’s wet dream.

Regulation and defined responsibility are not bad things in the real world. Crypto kids come across as spoiled teenagers who “just don’t wanna follow rules.”

When there is regulation and legal responsibility I’ll look at it again. Until then it’s just a shortcut to getting robbed with zero comeback.

 

[Tyrone Biggums]

It all sounds dangerously close to tin foil hat territory to me. An uncontrolled by central bank token is fine by me, but the real world has to buy into it willingly.

How is it tin foil hat when Governments are already speaking of CBDCs?

They want to control how you spend your money.

There are absolutely dangers in becoming cashless as a society, it effectively means your money is always under somebody else’s control, whereas, as a last resort, you can keep cash under your mattress or in the safe behind your original Monet.

There's already businesses not accepting cash.

But in fact the government controls cash anyway, because every few years government changes the physical design of bank notes and forces them all to be handed in and exchanged for new notes for them to remain legal tender. You could invest in gold or art, but again these need to be housed and/or protected.

What you describe as control, many others see as security. The security of a regulated, legally backed framework to prevent shysters simply draining your wallet and walking away.

In a bank, If I keep under the regulatory maximum amount of cash in my account, and I am defrauded through no fault of my own or the bank fails, I am reimbursed. If that happens in crypto world, that’s my tough luck, I was pwned, it’s a libertarian shyster’s wet dream.

Regulation and defined responsibility are not bad things in the real world. Crypto kids come across as spoiled teenagers who “just don’t wanna follow rules.”

When there is regulation and legal responsibility I’ll look at it again. Until then it’s just a shortcut to getting robbed with zero comeback.

The thing about rules is they are made up by biased, corrupt, self serving politicians and policy makers.

It's understandable why many people do not trust or respect many of these rules.

In the real world Government's steal money from the people and call it "tax". Theft is perfectly fine by most of the people who cry about crypto.

 

[pb21]

How do you do that research? Is there a government regulator that you can ask? Where is the balance sheet of bitcoin that shows the coins issued and the underlying assets backing them up? Who are the individuals on the board of bitcoin that are ultimately responsible for the performance of the company? Who owns bitcoin?

This is the balance sheet, simple code.

There is no underlying asset back it up.

There is no company or board, similarly no one owns the bitcoin company or brand etc. Arguably people who run nodes are responsible for the performance, requiring consensus for proposed changes. Anyone can run a node.

Also, bitcoin ≠ crypto more broadly, although there are obviously mainly similarities.