[Finance] The cryptocurrency (Bitcoin etc) thread

[giveusfalmerplease]

My issue is I didn't adapt my strategy when we went full bull market in December. I kept dcaing but it was obvious really by February that there was no quick comeback. I also got caught selling everything at massive losses as the market went down in Feb but got suckered back in after a short lived 10% rebound, bought back in higher than I sold and have stubbornly HODL whilst my portfolio collapsed again. From 45k to 19k last year and the same portfolio just dipped below 5k!! And u only hold top coins Luna -say no more, SOL,ETH,BTC,MATIC, DOT,AVAX and small amount in XRP and ADA so all top 20 coins yet combined 90% down (probably 20% of that due to Luna directly and I guess another 10%+ indirectly as Luna collapse destabilise the whole market)

 

[DJ NOBO]

My issue is I didn't adapt my strategy when we went full bull market in December. I kept dcaing but it was obvious really by February that there was no quick comeback. I also got caught selling everything at massive losses as the market went down in Feb but got suckered back in after a short lived 10% rebound, bought back in higher than I sold and have stubbornly HODL whilst my portfolio collapsed again. From 45k to 19k last year and the same portfolio just dipped below 5k!! And u only hold top coins Luna -say no more, SOL,ETH,BTC,MATIC, DOT,AVAX and small amount in XRP and ADA so all top 20 coins yet combined 90% down (probably 20% of that due to Luna directly and I guess another 10%+ indirectly as Luna collapse destabilise the whole market)

You’re down 40k? I truly hope your luck turns for the better. And in the crazy world of crypto, it’s quite possible it will .
If it’s any consolation I’m down a lot too . Loads of people are . Despite this I feel the overwhelming urge to keep piling more money into it . “Only spend what you can afford to lose “. It’s a nice line , but easier said than done

 

[giveusfalmerplease]

You’re down 40k? I truly hope your luck turns for the better. And in the crazy world of crypto, it’s quite possible it will .
If it’s any consolation I’m down a lot too . Loads of people are . Despite this I feel the overwhelming urge to keep piling more money into it . “Only spend what you can afford to lose “. It’s a nice line , but easier said than done

Yeah at least half of that was due to disastrous day trading. I made 25% profit in my first small trade, started leverage trading and got mullered during the September and November crashes

 

[Dibdab]

Yeah at least half of that was due to disastrous day trading. I made 25% profit in my first small trade, started leverage trading and got mullered during the September and November crashes

Unless you are an experienced trader leverage is a very dumb idea.

 

[Neville's Breakfast]

You’re down 40k? I truly hope your luck turns for the better. And in the crazy world of crypto, it’s quite possible it will .
If it’s any consolation I’m down a lot too . Loads of people are . Despite this I feel the overwhelming urge to keep piling more money into it . “Only spend what you can afford to lose “. It’s a nice line , but easier said than done

Be careful. That urge could be addiction to position holding. I have been a professional trader for 35 years and the key is cold decision making based on strong fundamental views. The rest is gambling.

 

[pb21]

Markets in meltdown again, looks like a few defi ponzis and overly leveraged VC types have been holding the house up and they're having to liquidate. Things could get more nasty still too...

 

[bhafc99]

My issue is I didn't adapt my strategy when we went full bull market in December. I kept dcaing but it was obvious really by February that there was no quick comeback. I also got caught selling everything at massive losses as the market went down in Feb but got suckered back in after a short lived 10% rebound, bought back in higher than I sold and have stubbornly HODL whilst my portfolio collapsed again. From 45k to 19k last year and the same portfolio just dipped below 5k!! And u only hold top coins Luna -say no more, SOL,ETH,BTC,MATIC, DOT,AVAX and small amount in XRP and ADA so all top 20 coins yet combined 90% down (probably 20% of that due to Luna directly and I guess another 10%+ indirectly as Luna collapse destabilise the whole market)

Feel for your loss, but how about this as 'worse'.

The main newspaper here in Dubai has a financial advice column every Wednesday. It's usually simple questions, for example people wanting to know if they can carry paying off a loan here even if they go back to their home country, and so on.

Today's enquiry is from a guy who earns £1350 a month.
He borrowed £20k from friends and maxed-out his credit cards, and put it all into crypto.
His £20k is now worth about £1100. (In fact, probably less, as his letter would have been submitted before this week's market meltdown. So maybe more like £750 right now).
And basically he now has no way of repaying any of his debts.

Some of these stories are mind-blowing.

 

[Seagull58]

Feel for your loss, but how about this as 'worse'.

The main newspaper here in Dubai has a financial advice column every Wednesday. It's usually simple questions, for example people wanting to know if they can carry paying off a loan here even if they go back to their home country, and so on.

Today's enquiry is from a guy who earns £1350 a month.
He borrowed £20k from friends and maxed-out his credit cards, and put it all into crypto.
His £20k is now worth about £1100. (In fact, probably less, as his letter would have been submitted before this week's market meltdown. So maybe more like £750 right now).
And basically he now has no way of repaying any of his debts.

Some of these stories are mind-blowing.

Isn't bankruptcy a criminal offence in Dubai, leading to a jail sentence?

 

[bhafc99]

Isn't bankruptcy a criminal offence in Dubai, leading to a jail sentence?

Don't think so – bouncing a cheque used to be, potentially, but not any more. It was open to serious manipulation, and often the person supposedly 'at fault' was actually a victim themselves. I'd page [MENTION=325]hart's shirt[/MENTION] in here, but it's a sensitive topic!

 

[Tom Hark Preston Park]

Quite amazing that the definitive work on This Kind Of Thing was written by Charles Mackay in 1841.

WAY overdue a definitive update by some enterprising writer (Michael Lewis in an ideal world)

 

[A mex eyecan]

Quite amazing that the definitive work on This Kind Of Thing was written by Charles Mackay in 1841.

WAY overdue a definitive update by some enterprising writer (Michael Lewis in an ideal world)

View attachment 148860

have you got a copy i could borrow?

 

[Tom Hark Preston Park]

have you got a copy i could borrow?

Got Amazon Prime? Get it tomorrow

 

[Bold Seagull]

Quite amazing that the definitive work on This Kind Of Thing was written by Charles Mackay in 1841.

WAY overdue a definitive update by some enterprising writer (Michael Lewis in an ideal world)

Or, Crypto in 4mins...

 

[A mex eyecan]

always lived by two mantras ‘don’t get involved financially in things you don’t understand’ and ‘if something looks too good to be true then it most likely is’

I certainly have never understood Crypto’s or the associated gobbledegook terminologies. Many things i have read seem to have a fair proportion of contributors extolling how easy it is mining this, digging that and raking in the dosh ….

hence I’ve never bothered…. maybe a huge, huge mistake? but I reckon I’d sooner have my money invested in something tangible. But hey, I’m an older bloke and hold many dinosaurian views so I frequently told

 

[pocketseagull]

always lived by two mantras ‘don’t get involved financially in things you don’t understand’ and ‘if something looks too good to be true then it most likely is’

I certainly have never understood Crypto’s or the associated gobbledegook terminologies. Many things i have read seem to have a fair proportion of contributors extolling how easy it is mining this, digging that and raking in the dosh ….

hence I’ve never bothered…. maybe a huge, huge mistake? but I reckon I’d sooner have my money invested in something tangible. But hey, I’m an older bloke and hold many dinosaurian views so I frequently told

I used to post on a forum with an extremely early adopter of bitcoin when each coin was priced under a dollar. I'd say about 99% of the forum (including me) laughed at the ridiculousness of his predictions. The rest got rich enough to buy property before exiting. The original poster who at one point owned a double digit percentage of all available bitcoins eventually became a billionaire.

I don't really understand modern crypto, seems very ponzi, at least bitcoin /ethereum have (or had?) a real world function of facilitating the illicit drug trade.

 

[A mex eyecan]

I used to post on a forum with an extremely early adopter of bitcoin when each coin was priced under a dollar. I'd say about 99% of the forum (including me) laughed at the ridiculousness of his predictions. The rest got rich enough to buy property before exiting. The original poster who at one point owned a double digit percentage of all available bitcoins eventually became a billionaire.

I don't really understand modern crypto, seems very ponzi, at least bitcoin /ethereum have (or had?) a real world function of facilitating the illicit drug trade.

makes it sound like a fantastic pyramid scheme. the early ones make the money always being chased by other dreaming of investment returns of staggering proportions.
this leads to so many others throwing ever increasing sums of money at what to all intents are shares in ‘Emperors New Clothes Limited’. The dividends from which get siphoned off in some very iffy directions.

 

[dsr-burnley]

I don't really understand modern crypto, seems very ponzi, at least bitcoin /ethereum have (or had?) a real world function of facilitating the illicit drug trade.

Not really Ponzi, because Ponzi is where somebody is raking in money from new investors to pass on to the old ones to give the illusion of dividends.

In Crypto, someone is producing there essentially worthless bits of code and selling them to anyone who wants to pay for them. And because these bits of code are (in a sense, at least) limited, if more people want to buy than to sell, the price goes up. But if somehow it becomes widely believed that these bits of code are essentially worthless, then suddenly the price plummets because there are more sellers than buyers. That's a bubble. There's nothing criminal in the essential function of the people who write the bits of code, as long as they don't promise profits or dividends or make any other promise they can't keep.

 

[beorhthelm]

Not really Ponzi, because Ponzi is where somebody is raking in money from new investors to pass on to the old ones to give the illusion of dividends.

In Crypto, someone is producing there essentially worthless bits of code and selling them to anyone who wants to pay for them. And because these bits of code are (in a sense, at least) limited, if more people want to buy than to sell, the price goes up. But if somehow it becomes widely believed that these bits of code are essentially worthless, then suddenly the price plummets because there are more sellers than buyers. That's a bubble. There's nothing criminal in the essential function of the people who write the bits of code, as long as they don't promise profits or dividends or make any other promise they can't keep.

thats a very charitable description. some are pure ponzinomics, they rely on printing their token to give a return to holders/investors. its brilliant because you dont even need to take money from player a to give to player b. both players give you money, give them token x and player a sells to player c, who speculates the token will go up (player b hodl to 0). utility in all but a few is a myth. brilliant because its legal, done in plain sight yet everyone piles in time after time - i know i have. irony too, key objective of original BTC is to be non-inflationary when most tokens are very much inflating.

 

[Bry Nylon]

In Crypto, someone is producing essentially worthless bits of code and selling them to anyone who wants to pay for them.

If anyone wants to pay for useless bits of code, they are very welcome to buy my back catalogue of posts on here.

Buyer collects. No time wasters.

 

[RandyWanger]

I work in this space, here is our company stance on it for anyone who's interested.

Everyone has seen the headlines, so thought I'd share our macro POV on the consumer blockchain.

Along with the tech industry (and overall global financial market), the cryptocurrency asset class has seen significant volatility over the last few days. However, in the midst of volatility we see enterprises continue to build, activate and educate employees about Web3.

We are convicted on the lasting potential of Web3: blockchain, NFTs, and the metaverse. Enterprise-level interest and investment has grown tremendously this year, as has consumer adoption and engagement. The Web3 genie is out of the bottle.

Our chairman, has continued to advocate: "A lot of people talked about the internet being a fad. In reality, the internet was this game-changing revolution of technology but a lot of the early projects were just overpriced on the excitement. The ‘consumer blockchain’ will be the single biggest technological shift since the invention of the internet."

Recent news that illustrates increasing commitment by major players to Web3:
In the last week, we've seen major announcements from Mastercard, Salesforce, PayPal, Epic Games as compelling examples of growing infrastructure investments in the Web3 space.
Brands, properties & talent in the sport & entertainment industry also continue to build. Magic Johnson & Dominique Wilkins are each launching their first NFT, the NFL has partnered with Mythical Games to build an NFT video game, and the UFC partnered with DraftKings.

The Metaverse continues to be built out as Web2 becomes Web2.5. Established social media platforms like Meta, Spotify, Twitter announce and implement blockchain / NFT pilots while decentralized upstarts like Sandbox and Decentraland announce new brand partnerships (e.g. NYX, Acura, etc.)

Non-price metrics are overwhelmingly positive: Web3 developer talent continues to increase, leading VC firms set records in new fund growth, and consumer research continues to point towards increasing adoption in new digital spaces.

These technologies continue to enhance the way we connect and engage digitally.

Web3 enables new forms of incentive-aligned community-building and brand loyalty. For consumers, it offers more ownership, control, and pride in digital identities and activities.

For brands looking to build for the long-term, we recommend:
- Continued experimentation with the underlying technology: stay innovative; don’t just repeat what you’ve seen in the market
- Free-to-consumer entrances to build initial goodwill and engagement
-Commitment to transparency - Web3 consumers are naturally a bit skeptical about major brands entering this growing ecosystem. Surprise them with transparency and sincerity in your Web3 efforts - we’re all learning together.

From VNFT to V3 aka. V///
You may have seen the early signs pointing towards VNFT's rebrand to V3. More to come on this in July.

Thanks for reading!