Is anyone else starting to become a bit worried? mod note in first post

TheAnalyst_ wrote: »

Alt-right crypto bros losing their arse? What's not to like?

when did crypto become alt-right? I better hand back my antifa membership.

makeorbrake wrote:

The little guy suffers in conventional markets also. Furthermore, don't think this is the end - this cycle will repeat itself.

The little guy even in a crash still holds stock that has assets. The assets still hold some tangible value

When people suggest that crypto is "like" a Pyramid scheme replying with "it's not a Pyramid scheme" isn't a good enough reply. Like a Pyramid scheme isn't saying that it is a pyramid scheme.

Many posters have explained in detail why it's "like" a Pyramid scheme yet I haven't seen any replies explaining why it's not "like" one.

I asked :

Sleeper12 wrote: »

Can you explain /show in practical ways how it's not like a Pyramid scheme? You do know that unlike most "investments" you don't get a dividend from crypto. Your only possible chance for profits or even your money back is what someone else might be willing to pay

Your reply was:

JJJJNR wrote: »

So whats your opinion on dark pools, or worse the caymen islands, thats all ok I guess.

There's really not much point continuing if that's the depth of your replies tbh

rapul wrote: »

Get off your high horse sleeper. Read back makeorbrake and grindle have definitely answered all your questions many times and far more detailed than any of you deserve, do your own study lads if you care so much to be posting about it lately

No one has replied detailing how this isn't like a pyramid scheme. Well apart from saying "it's not a pyramid scheme". That isn't the question put to them.

JohnnyFlash wrote: »

This is an excellent article about the paradox within Botcoin.

https://www.washingtonpost.com/business/2018/11/26/only-currency-worse-than-bitcoin-is-venezuelas/

I’m all for a reasonable arguments with the pros and cons of crypto, but that article seems very biased and makes a number of false claims

we still haven’t found one use for it

Wrong, I use my crypto on a weekly basis.

it was supposed to replace the U.S. dollar as the way people did business around the world.

No it wasn’t.

But why would people use their bitcoin when, as we just said, they think their prices are only going to go up?

No one is under any illusion that the price will just rise and rise. I think people generally agree that it’s fairly volatile and are not sure where it will go.

This won’t dissuade bitcoin’s biggest fans from being sure that it’s still on its way to displacing the dollar.

A very tiny minority of “fans” actually believe this. I mean you’d be hard pressed to find a single user on here that agrees with that statement.

TheAnalyst_ wrote: »

Alt-right crypto bros losing their arse? What's not to like?

This is without doubt the most nonsensical post in the whole thread. I don't even know where to start with this. Embarrassing stuff. :rolleyes:

Pintman Paddy Losty wrote: »

Excellent article. Very succinct.

I'd agree with most of it, it's a fair synopsis of Bitcoin nowadays.
Hardly "Excellent" though - I've stated most of those points and never gotten an "Excellent" or a "succinct" out of you. I'm well-jell.
If there's one bone to pick with the article I don't agree with it's the notion that nobody would spend it if it worked properly. It's not like you have to buy a set amount and stop buying, just spend and replace and the hoarded nest-egg remains untouched.
That's by-the-by because it doesn't work properly and if it was being used the fees would destroy it's utility. Maybe if Lightning ever works properly and doesn't require invoicing.

Sleeper12 wrote: »

No one has replied detailing how this isn't like a pyramid scheme. Well apart from saying "it's not a pyramid scheme". That isn't the question put to them.

Pyramid schemes operate in order for each level from the top down to profit from the next layer. Is somebody who bought Bitcoin in January doing better than somebody who buys today?
No? Cool. Not a pyramid scheme then. Just one person buying Bitcoin for a higher value vs somebody buying for a lower value. If neither needed nor wanted the Bitcoin they should not have bought the Bitcoin. Every scarce commodity that finds itself in demand is a pyramid scheme by your logic.

I get that both Bitcoin and pyramid schemes generally (i.e. when BTC isn't getting sold to the ground) share the single benefit of rewarding the earliest adopters and that that's an incentive for adoption.
Let's look at the possible end games for both:

Ending of every pyramid scheme: At the bottom? Somebody else has your money. Always. If you can't replace it with other people's money you are fúcked.

Ending 1 for Bitcoin: Some other crypto takes it's place due to advancement. Your choice if you should sell or not & maybe you make a terrible choice. Some win, some lose, might be guesswork, may not be. A raffle or an educated decision.

Ending 2 for Bitcoin - which I don't consider likely but could be proven wrong if the Core devs are actually trying to Trojan Horse via this awful Store of Value coin-hoard meme: Bitcoin is money. Either all the money or a large portion of it has become Bitcoin and if that's into the tens of trillions the volatility will be as tolerable and slow as gold or oil's current volatility relative to fiat. Nobody loses anything.

That was easy - you may now stop calling all commodities pyramid schemes. You are welcome, I've likely granted minutes of your life back you. No need to buy me an Xmas present.

Sleeper12 wrote: »

You do know that unlike most "investments" you don't get a dividend from crypto. Your only possible chance for profits or even your money back is what someone else might be willing to pay

Almost right - oh no, the "almost" there means you are in fact wrong. You do know that you are wrong of course because you wouldn't constantly spout horseshít about something you can't be bothered researching...w-w-would you? Anyway, you don't seem to realise dividend-paying cryptos are a thing - profit sharing based on the success of a business actually exists - it can even be programmed into the contract and your earnings can be automatically pushed to you.

It's probably one of the most interesting uses for crypto and most likely to make sense in the future - company shares can be sold and programmed to share profits at whatever interval the company or government wishes. Can't see any large stock exchanges or accountants and lawyers being too happy with this in the future tbh. That's not to say they'll be completely eradicated as every company is going to want some oversight but they'll be downsizing departments considerably once a multitude of secure smart contract templates are finalised and available with very little cost to publish to the platform.

TheAnalyst_ wrote: »

The two go hand in hand. Follow a few crypto bros on twitter and you'll see it for yourself.

I've met as many liberals as conservatives who like crypto, t'was quite a retarded statement to make. I know one stereotypical alt-right Trump-loving redpilling 4chan goblin pariah who loves Taylor Swift. Are all Taylor Swift fans now alt-right? Grow up.
Special star for you.

Typical, first time in a few months I sent money to Coinbase to buy some coins, it takes three days to complete. It lands today just as there is a 10% bump !!!

Grumpypants wrote: »

Typical, first time in a few months I sent money to Coinbase to buy some coins, it takes three days to complete. It lands today just as there is a 10% bump !!!

I wouldn't worry. There are always opportunities in crypto. There had to be some form of bounce given the dramatic drop. I'd imagine crypto will be bumping along the bottom for the next 3-6 months anyway. You should have plenty of opportunity to buy in.

hots wrote: »

I think you're confusing two groups of loud people on the internet with each other.

I think you're being very generous. To wish something bad on someone is never a positive human trait. You can believe it to be foolish to invest in crypto but to go beyond that is just spiteful and bitter. There are probably plenty of people that got badly burnt in the last few weeks. Anyone with any class would have said they were foolish but they certainly wouldn't wish them to be in a bad place.

On top of that, he's labelling people as belonging to some political leaning or other (in this case, 'alt-right'). Again, it's plain wrong. There are people interested in crypto from all strands of society.
This is a common theme amongst the zealous naysayers here - some deep seated hate of people of a certain societal/political viewpoint whom they associate with crypto - and hate as a consequence (rather than weigh up the positives and negatives of the technology itself).

Lastly, the nastiness of his posting was pointed out to him. The graceful thing to do would be to acknowledge it as an error - but he doubled down and tried to suggest it's justified because there's someone else out there (not on this thread....somewhere!) that's worse than him. Classy.