Community Stories

Are members invested in Bitcoin/crypto?

T
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I wouldn’t gamble a penny on Bitcoin. It is nothing but thin air and once everyone realizes that and gets over the FOMO, it will be worthless.
 
Walrus
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T Tx3double
I wouldn’t gamble a penny on Bitcoin. It is nothing but thin air and once everyone realizes that and gets over the FOMO, it will be worthless.
Shoot sounds like your describing The US greenback we just push a button and the printer goes brrrrrrrrrrrrrr yet everyone wants it.
 
Observer
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T Tx3double
I wouldn’t gamble a penny on Bitcoin. It is nothing but thin air and once everyone realizes that and gets over the FOMO, it will be worthless.
Someone should have told every major financial institution. They clearly didn't get the word.
 
Traveler
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There are just two ‘legitimate’ uses for crypto in general - 1) illicit payments / money laundering, 2) gambling on whether the number goes up or down. It is only a matter of time before the ‘stable coin’ Tether crumbles, being as it is a flagrant Ponzi scheme. If you are happy to support criminality, and / or just want to have a punt on a number, by all means ‘invest’ in Bitcoin. But watch out when the run starts. There is $100+ bn worth of fake ‘safe’ assets out there in stable coins, and when everyone tries to convert to the dreaded ‘fiat’, watch out below. If you want another example of how idiotic this sector has become, google ‘CryptoPunks’…
 
Traveler
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Observer Observer
Someone should have told every major financial institution. They clearly didn't get the word.
Their attitude is ‘it’s idiotic, but we don’t tell customers what to do …” - this will also come back to bite them in the a$$
 
Walrus
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Traveler Traveler
There are just two ‘legitimate’ uses for crypto in general - 1) illicit payments / money laundering, 2) gambling on whether the number goes up or down. It is only a matter of time before the ‘stable coin’ Tether crumbles, being as it is a flagrant Ponzi scheme. If you are happy to support criminality, and / or just want to have a punt on a number, by all means ‘invest’ in Bitcoin. But watch out when the run starts. There is $100+ bn worth of fake ‘safe’ assets out there in stable coins, and when everyone tries to convert to the dreaded ‘fiat’, watch out below. If you want another example of how idiotic this sector has become, google ‘CryptoPunks’…
You should read a recent FBI study on the use of crypto for illicit purposes. It’s much lower than many suspect. These ransomware certainly aren’t helping but nothing beats good old cash for criminal activity. I’ve been HODL 8 years I have no clue how to buy crap off the dark net, never gambled with it and don’t even know how to or why I’d need to launder money. I hang out with many who are into crypto at least to a degree and they are the same as me. With Bitcoin regularly gaining 100% it just doesn’t seem smart to but illicit things with it. JP Morgan and most of the big investment houses are giving their clients access to crypto. Crimes are certainly committed with it, as is anything of value. But this isn’t the dark net days anymore. Walmart is now looking to hire a crypto expert to see how they can utilize it in the future. I’m not a crypto teacher or apologist just an interested party who enjoys it. It’s probably more speculating than investing to me but I’ve been fascinated since I read the Bitcoin white paper. I never suggest anyone enter the space. A buddy at work went into doge coin as he was asking me about it but at the time it was like .70 cents. I said straight out “dude I’d really think twice about purchasing it now it’s had too much of a run.” As soon as i left the office he bought it and of course it had a major correction. I waited till the correction to get in again.
It’s all good though. People got their minds made up on things in many cases. On an investment forum people called me an idiot for getting into Tesla at 80 bucks presplit saying it was over valued and I was going to lose big. They were convinced. Well they were wrong. Damn if only I had real money to do this stuff. Oh well we do what we can. Bitcoin has been declared dead 6,987 times since I got it long ago, probably got a few more deaths to face I’m sure.
 
T
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Traveler Traveler
There are just two ‘legitimate’ uses for crypto in general - 1) illicit payments / money laundering, 2) gambling on whether the number goes up or down. It is only a matter of time before the ‘stable coin’ Tether crumbles, being as it is a flagrant Ponzi scheme. If you are happy to support criminality, and / or just want to have a punt on a number, by all means ‘invest’ in Bitcoin. But watch out when the run starts. There is $100+ bn worth of fake ‘safe’ assets out there in stable coins, and when everyone tries to convert to the dreaded ‘fiat’, watch out below. If you want another example of how idiotic this sector has become, google ‘CryptoPunks’…

well stated- look out below! This will cause mass carnage when it breaks.
 
Walrus
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T Tx3double
well stated- look out below! This will cause mass carnage when it breaks.
Crashes from under a penny to 40k.
 
Observer
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Traveler Traveler
Their attitude is ‘it’s idiotic, but we don’t tell customers what to do …” - this will also come back to bite them in the a$$
That’s an interesting interpretation considering all the billions of their own money they’re sinking into btc and eth.
 
Observer
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Traveler Traveler
There are just two ‘legitimate’ uses for crypto in general - 1) illicit payments / money laundering, 2) gambling on whether the number goes up or down. It is only a matter of time before the ‘stable coin’ Tether crumbles, being as it is a flagrant Ponzi scheme. If you are happy to support criminality, and / or just want to have a punt on a number, by all means ‘invest’ in Bitcoin. But watch out when the run starts. There is $100+ bn worth of fake ‘safe’ assets out there in stable coins, and when everyone tries to convert to the dreaded ‘fiat’, watch out below. If you want another example of how idiotic this sector has become, google ‘CryptoPunks’…
Blockchain transactions are transparent and very public. You can’t get away with anything there. The vast majority of financial crime is committed using the US dollar and second place isn’t even close.
 
Bizcut1
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Bought a new Rolex with some BT Cash profits in April

Eretheum is next. Will pop.
 
Walrus
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T Tx3double
well stated- look out below! This will cause mass carnage when it breaks.
Crashes from under a penny to 40k.
Traveler Traveler
https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin

A long read but a good summary. For the short version, just watch the interview with the two clowns from Tether, and ask yourself if they seem like they are the kind of people that you would be happy with looking after your $60bn ….
Didn’t get to read the article yet but FYI even the most ardent crypto supporters have been calling BS on tether for years and an audit not that long ago lead credence to that concern. But that’s nothing new it’s been disliked for years and the possibilities of it doing some damage to the space are real but in reality actually a couple of Bitcoin deaths, when it went from 15k to 9k and others I have forgot were linked to tether news. Not a fan of tether here but that was years ago all that came to light. Damn you reminding me how resilient btc really is, cause a few years back that was one of the many “oh yeah bitcoins dead now for sure stories but here we are.
 
Walrus
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kev1976t kev1976t
and Btc back to $50k today......
So that puts its market cap back to almost a trillion, I think like 940 billion and the entire crypto market at 2.6 trillion. When the hec did cardano become #3 or 4 I missed that. I have some Cardano I don’t even know how much. Someone I know sold all their eth and btc and put it in that solanos which makes some spectacular claims. They suggested I get into it. I looked saw it up 60% I figured well i don’t know much about it and looks like I missed the run so i wished them well. They are up well over 100% since they told me that. Ha ha I guess I’m a conservative crypto guy I just can’t chase all the hype I can’t keep up with it, I know this is more speculation than investing anyway but the gains I see people chasing the “hot projects” can be quite crazy. Fascinating but I’m close enough to crazy, I did that crypto trading for a while back in the day and I think it aged me 10 years in a few months. I’m just locked in with what i got and in a few years I will see where things end up. Even my wife called me dumb years back for getting into it, now she asks why i didn’t get more? We are never happy it seems.
 
Walrus
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I got this thing every morning I watch some news. I don’t imagine that’s odd or unusual but be it Bloomberg, FBN or CNBC they all spend at least a few minutes talking crypto every morning. That really is a significant change from even a year and a half ago. Often they have panels on debating the pros and cons, including the major players like JPM, darn what a difference a few years makes

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T
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I was shocked 5 years ago when this became a hot topic on CNBC and they starting displaying a ticker and then the CME fomo on this joke of a non asset and created a futures contract. Truly insane because no one has the visibility to understand how manipulated Bitcoin is.
 
Walrus
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T Tx3double
I was shocked 5 years ago when this became a hot topic on CNBC and they starting displaying a ticker and then the CME fomo on this joke of a non asset and created a futures contract. Truly insane because no one has the visibility to understand how manipulated Bitcoin is.
And yet it’s so transparent how the stock market is manipulated by the federal reserve, Congress, hedge funds, countries and individuals yet it remains the best game in town. It’s funny how all this works, well it’s not but it is. At least the federal reserve pulled back on their plans to stop propping up the stock market so the party can continue another couple years.
 
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