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The Crypto Market has aggregated an amazing amount of con artists...

HoustonHuskyHoustonHusky Member Posts: 5,954
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in Tug Tavern
Probably 2nd only to government now.


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    Bob_CBob_C Member, Swaye's Wigwam Posts: 8,898
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    Hearing that there are no leveraged positions in the crypto market. None.
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    creepycougcreepycoug Member Posts: 22,741
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    Yeah, I just can't see it. It's basically entirely Vegas as far as I'm concerned.

    I'll say this: as it continues to drop, it may be worth dropping a few $$ at the roulette wheel for a quick sell if it comes back.
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    WestlinnDuckWestlinnDuck Member Posts: 13,879
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    creepycoug said:

    Yeah, I just can't see it. It's basically entirely Vegas NYC three card Monte as far as I'm concerned.

    I'll say this: as it continues to drop, it may be worth dropping a few $$ at the roulette wheel for a quick sell if it comes back.

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    greenbloodgreenblood Member Posts: 14,278
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    Bitcoin is about the only long term hold in the crypto industry. Even that has it's problems
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    CuntWaffleCuntWaffle Member Posts: 22,493
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    Bitcoin or bust boys. Maybe in the next bull market we will get another casino period. Even Bitcoin is looking like shit though and pretty much every big reason the maxis lean on have been tossed out the window (inflation hedge, not correlated with the stock market etc.). I still think it is a good long play but I am not nearly as confident as I was before.
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 59,964
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    greenblood said:

    Bitcoin is about the only long term hold in the crypto industry. Even that has it's problems

    It's going to take some regulation (approval of spot ETFs) and education so people understand the difference between BTC and all the rest
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    WestlinnDuckWestlinnDuck Member Posts: 13,879
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    DerekJohnson said:

    greenblood said:

    Bitcoin is about the only long term hold in the crypto industry. Even that has it's problems

    It's going to take some regulation (approval of spot ETFs) and education so people understand the difference between BTC and all the rest
    It's still all intangibles supported only by trust that the rules won't be broken or the real money stolen. When Bitcoin can go from $66,000 to $16,000 the difference between Bitcoin and Dutch tulip bulbs is?
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 59,964
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    WestlinnDuck said:

    DerekJohnson said:

    greenblood said:

    Bitcoin is about the only long term hold in the crypto industry. Even that has it's problems

    It's going to take some regulation (approval of spot ETFs) and education so people understand the difference between BTC and all the rest
    It's still all intangibles supported only by trust that the rules won't be broken or the real money stolen. When Bitcoin can go from $66,000 to $16,000 the difference between Bitcoin and Dutch tulip bulbs is?
    Who is doing the stealing? It's people who don't know the difference between BTC and crypto and think its intangibles that are delaying its progress. It is what it is. And BTC went from 69k to 17k largely because as soon as the markets started to fall, people liquidated first what they perceived to be the most vulnerable -- BTC. Which is to be expected given the fact this asset class is only 13 years old.
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    greenbloodgreenblood Member Posts: 14,278
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    edited June 2022
    If you buy, and you're not using your own wallet, then you have no business being in the asset. With what's happened with Celsius, and the concerns now if brokerages like Coinbase and Robinhood ever go under and people being locked out of their crypto, it's no wonder retail has vanished. The concern I also have is the lost in trust in the entire crypto market. With crypto not being FDIC insured, trust is paramount. This latest bull run was retail driven, and I don't think you'll see a retail rush back into crypto for a long time if ever. That means lower volume and even higher volatility than what we have now. People are worried about rug pulls now, I think these pulls will now be even more violent.
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    WestlinnDuckWestlinnDuck Member Posts: 13,879
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    DerekJohnson said:

    WestlinnDuck said:

    DerekJohnson said:

    greenblood said:

    Bitcoin is about the only long term hold in the crypto industry. Even that has it's problems

    It's going to take some regulation (approval of spot ETFs) and education so people understand the difference between BTC and all the rest
    It's still all intangibles supported only by trust that the rules won't be broken or the real money stolen. When Bitcoin can go from $66,000 to $16,000 the difference between Bitcoin and Dutch tulip bulbs is?
    Who is doing the stealing? It's people who don't know the difference between BTC and crypto and think its intangibles that are delaying its progress. It is what it is. And BTC went from 69k to 17k largely because as soon as the markets started to fall, people liquidated first what they perceived to be the most vulnerable -- BTC. Which is to be expected given the fact this asset class is only 13 years old.
    How many people run the Bitcoin control system? If someone builds a new supercomputer and starts mining bitcoin like a boss, then what? Aluminum used to be more expensive than gold, then came a manufacturing breakthrough and now it isn't. The US government can shut down Bitcoin if it wants to. The enviros hate it. The Dalles here in Oregon has an investor with a big server farm using cheap electricity and is mining as we speak.
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    SledogSledog Member Posts: 30,709
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    If I can't hold it and spend it it is worthless. Silver and gold prices are being depressed by the cabal. I like silver as it would be more spendable than gold because if shit hits the fan there values will skyrocket. Harder to spend an ounce gold coin.
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    SwayeSwaye Moderator, Swaye's Wigwam Posts: 41,062
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    I have no idea if the info presented here is true or not, but it made enough sense to me to make me not invest when I was considering it previously:

    https://jacobin.com/2022/01/cryptocurrency-scam-blockchain-bitcoin-economy-decentralization

    At a bare minimum it raises some very interesting (and troubling) issues wrt crypto and the market around it.
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    RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 101,258
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    I just figured that something invented to buy drugs on the dark web would never be legit or it would be co opted by governments

    I don't understand it to this day but I bet I'm right
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    Pitchfork51Pitchfork51 Member Posts: 26,583
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    edited June 2022
    I'm a pretty techy dude but I never got into it. Never had the time to really understand it.

    Was turned off by the crypto bros.


    Usually when dumbasses think they've stumbled on a gold mine they are wrong so I avoided.
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    UW_Doog_BotUW_Doog_Bot Member, Swaye's Wigwam Posts: 14,206
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    RaceBannon said:

    I just figured that something invented to buy drugs on the dark web would never be legit or it would be co opted by governments

    I don't understand it to this day but I bet I'm right

    It's precisely that drug dealers use it that you know it's case proven.

    Low trust environment.

    Anyway, first major adoption bubble. It's the internet in 1998. I remember thinking I wouldn't even touch Amazon stock back then...
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