Crypto predictions, dead or not.

Would you buy any crypto

  • Yes

    Votes: 9 26.5%

  • No

    Votes: 17 50.0%

  • Go back to south Australia

    Votes: 8 23.5%
  • Total voters
    34
Squidfayce

Squidfayce

Eats Squid
safreek said:
Yeah, bloody exchanges ruining it for all. I know nothing about ftx but presume they allowed leveraged buying
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All the major exchanges offer crypto on margin. My limited understanding of the issue (I've not been following it) is they have a liquidity issue. That happens for a number of reasons, including possible dodgy ones (think ponzi scheme), but also Binance did a number on them by refusing to sell their ftx holdings (ftt token) off market to avoid moving the market and dumped it all on market, which saw its price crash. With everyone wanting to avoid huge losses they all stared dumptig it too, making the liquidity issue even worse.. so I think lending on margin had little to do with it. In normal share trading, such moves are generally regulated and no stock broker would risk making a single market shifting trade like binance did. Crypto is still very much the wild west
 
safreek

safreek

Blocked
Dales Cannon said:
FTW is the go. Zoooooooooooom.
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Well I was thinking Shiba inu for the bulk of my portfolio and some lunc for a backup moon plan ;)
do your research and realise don't buy the shit I mentioned.

On a good note I sold half my Matic at 50% profit around a week ago and can now buy back at bargain prices, that's a win in a shitty market.
I agree, FTW
 
Squidfayce

Squidfayce

Eats Squid
safreek said:
Well I was thinking Shiba inu for the bulk of my portfolio and some lunc for a backup moon plan ;)
do your research and don't buy the shit I mentioned.
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I bought 5.5M LUNC right at the bottom for 200 bucks for a laugh. It's ~2k now. Been up to 4.4k when it hit one of its highs a couple weeks ago. But I've resolved to hold it and enjoy the same feeling holding a lottery ticket for a huge jackpot gives me lol.
 
Squidfayce

Squidfayce

Eats Squid
Oddjob said:
How many more of these warnings do people need to avoid crypto? https://www.abc.net.au/news/2022-11-11/ftx-crypto-collapse-sam-bankman-fried/101641992

Sent from my M2012K11AG using Tapatalk
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The level of crazy failures in the crypto space is mind boggling, but while there's money to be made, people will continue to take the gamble. Lots of people get hooked on the consta t volatility. And volatility is a great opportunity to make money. The problem with crypto from my perspective is not so much that it has zero intrinsic value, but that it's so easy to pull of scams at every level. Key loggers in links on YouTube videos, forums, influencers touting scam crypto (Kim kardashian got caught up in it), 10k finfluencers all with a vested interest for you to buy some obscure coin etc.

For many, crypto is the first time they've gotten engaged in investing. It's a prettty deep and rich landscape full of scams, big gains, big losses and full of wierdos that have no right managing billions of dollars of capital (lol safe moon ceo went from living in an RV to being a billionaire to being broke inside of a year).

People don't need warnings. They need education. What seems like common sense in the normal world, doesn't always translate to this space.
 
S

SummitFever

Eats Squid
Squidfayce said:
The level of crazy failures in the crypto space is mind boggling, but while there's money to be made, people will continue to take the gamble. Lots of people get hooked on the consta t volatility. And volatility is a great opportunity to make money. The problem with crypto from my perspective is not so much that it has zero intrinsic value, but that it's so easy to pull of scams at every level. Key loggers in links on YouTube videos, forums, influencers touting scam crypto (Kim kardashian got caught up in it), 10k finfluencers all with a vested interest for you to buy some obscure coin etc.

For many, crypto is the first time they've gotten engaged in investing. It's a prettty deep and rich landscape full of scams, big gains, big losses and full of wierdos that have no right managing billions of dollars of capital (lol safe moon ceo went from living in an RV to being a billionaire to being broke inside of a year).

People don't need warnings. They need education. What seems like common sense in the normal world, doesn't always translate to this space.
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Yeah but it's the "zero intrinsic value" that allows most (if not all) of these shenanigans. It's also what makes crypto gambling and not investing.
 
Squidfayce

Squidfayce

Eats Squid
SummitFever said:
Yeah but it's the "zero intrinsic value" that allows most (if not all) of these shenanigans. It's also what makes crypto gambling and not investing.
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In reality no different that getting in on the ground floor of a new unproven technology, which is what all crypto effectively is. The tokens represent some stake in the value of whatever the crypto project purports to be attempting - ie a gaming ecosystem that uses the tokens as currency for onchain/in game goods, or in a governance system where the tokens represents voting rights etc. These things have a "value", but only as far as the belief in the technology they represent.

Obviously this is a very simplified view, as many of the technologies they purport to represent are in development with varied degrees of progress, innovation and commitment from the people behind it. Many are still only conceptual years later.

The problem most people who get into this have is that they don't understand that and they just treat it like shares. They know nothing about what the token is meant to relate to or how it works just that like shares they can go up or down, bit don't realise that like probably more than 90% will die.

Truth is, you can Jimmy up a generic ERC20 based crypto token in under an hour, but how you create liquidity and demand for it is where the magic, and often scams happen.

Many people take what the CEOs of these companies say at face value, because they are great con artists, but if people just did a little more googling, they might find that they really don't want to invest in a token that's being sold by a billion dollar crypto CEO whose last job was a shoe salesman. That shit should be red flags for days. Or being spruiked by a kardashian, or a return of 30% (too good to be true).

Then there's meme coins, which is just a fucking mind bogglingly crazy concept. THOSE are genuinely worthless, but people still make money. Go figure.

I'd only call it gambling if you're genuinely clueless or buying meme coins in the hope that something crazy happens...
 
Oddjob

Oddjob

Merry fucking Xmas to you assholes
Squidfayce said:
In reality no different that getting in on the ground floor of a new unproven technology, which is what all crypto effectively is. The tokens represent some stake in the value of whatever the crypto project purports to be attempting - ie a gaming ecosystem that uses the tokens as currency for onchain/in game goods, or in a governance system where the tokens represents voting rights etc. These things have a "value", but only as far as the belief in the technology they represent.

Obviously this is a very simplified view, as many of the technologies they purport to represent are in development with varied degrees of progress, innovation and commitment from the people behind it. Many are still only conceptual years later.

The problem most people who get into this have is that they don't understand that and they just treat it like shares. They know nothing about what the token is meant to relate to or how it works just that like shares they can go up or down, bit don't realise that like probably more than 90% will die.

Truth is, you can Jimmy up a generic ERC20 based crypto token in under an hour, but how you create liquidity and demand for it is where the magic, and often scams happen.

Many people take what the CEOs of these companies say at face value, because they are great con artists, but if people just did a little more googling, they might find that they really don't want to invest in a token that's being sold by a billion dollar crypto CEO whose last job was a shoe salesman. That shit should be red flags for days. Or being spruiked by a kardashian, or a return of 30% (too good to be true).

Then there's meme coins, which is just a fucking mind bogglingly crazy concept. THOSE are genuinely worthless, but people still make money. Go figure.

I'd only call it gambling if you're genuinely clueless or buying meme coins in the hope that something crazy happens...
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At least with gambling the odds and the track record are more certain. Crypto is just this ridiculous and opaque giant multi faceted Ponzi scheme.

Sent from my M2012K11AG using Tapatalk
 
S

SummitFever

Eats Squid
It's
Squidfayce said:
In reality no different that getting in on the ground floor of a new unproven technology, which is what all crypto effectively is...
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At this point it's not really new or unproven technology.

The blockchain is a cool idea but in it's application has very much been a solution in search of a problem. Applied to money it's great promise was the ability to conduct a trusted transaction in the middle of no where without using hard cash. This can theoretically be done but both parties need their own copies of an impractically large part of the blockchain and the enormous computing power to do the calcs. The computational overhead associated with maintaining and verifying the block chain also makes impractical for cost effective micro payments.

TL;DR It's a wank.
 
Squidfayce

Squidfayce

Eats Squid
Oddjob said:
At least with gambling the odds and the track record are more certain. Crypto is just this ridiculous and opaque giant multi faceted Ponzi scheme.

Sent from my M2012K11AG using Tapatalk
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Yeah a lot of it is ponzi schemes, but it's hard to argue that eth or btc are ponzi schemes.
SummitFever said:
It's
At this point it's not really new or unproven technology.

The blockchain is a cool idea but in it's application has very much been a solution in search of a problem. Applied to money it's great promise was the ability to conduct a trusted transaction in the middle of no where without using hard cash. This can theoretically be done but both parties need their own copies of an impractically large part of the blockchain and the enormous computing power to do the calcs. The computational overhead associated with maintaining and verifying the block chain also makes impractical for cost effective micro payments.

TL;DR It's a wank.
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Not all blockchains are the same in what they what they are used for. Some new tech im talking about for example is, untill reletively recently, blockchain interoperability wasnt possible. Some cunts worked it out and backing tokens related to those groups funds further development in this space. Thats not insignificant. But this is a beta max vs vhs scenario. Except there are 200 different formats to take a punt on
 
jrewing

jrewing

Eats Squid
Squidfayce said:
I bought 5.5M LUNC right at the bottom for 200 bucks for a laugh. It's ~2k now. Been up to 4.4k when it hit one of its highs a couple weeks ago. But I've resolved to hold it and enjoy the same feeling holding a lottery ticket for a huge jackpot gives me lol.
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dang 5.5m you are going to bank on that! Good buy
 
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