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

Magnatu wrote: »

All I see is tulips with no value. And the only thing that matters is price.

But the bitcoiners on this thread are evangelical. They do believe they have insights about possibilities and innovations that will change the world that the rest of us either can't see or are too stupid to understand.

But I have made an effort and it still makes absolutely no sense to me. And I don't accept that this is just because i am too stupid to understand it.

It is a mirage. An illusion, A delusion. The emperor has no clothes.
The only thing that matters is the price that goes up or down.

No one says you are and the people who believe on crypto don't call people names or look down on people who don't get it. The look down on people who aren't willing to even try and understand or debate in a rational way. It gets infuriating when blocked headed people drop in for a few uninformed comments about ponzis and then high risk it out.

It's been admitted dozens of times in this thread there are issues, big ones with some coins and the market overall, however there are good ones too and have positive futures ahead of them.

We are happy to talk crypto, good and bad points but if people aren't willing to be rational and see all sides then there's no point

dickface wrote: »

I heard this one coin had a really solid looking github repo...
I read this white paper, sounds really promising...
Institutional money is just waiting to invest...
the infrastructure is just being put in place...
etc...

I heard the American government is in shut down....
The stock market had the worst December in 70 years...
House prices are rising because there's not enough to meet demand,it's another bubble don't buy.

You can spin that shít with anything mate,what is the purpose of your dickface here?

sexmag wrote: »

I heard the American government is in shut down....
The stock market had the worst December in 70 years...
House prices are rising because there's not enough to meet demand,it's another bubble don't buy.

You can spin that shít with anything mate,what is the purpose of your dickface here?

The fiat money cartel facade will fall apart any day now, people will be begging for crypto
😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁😁
adoption just around the corner
😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆😆

Gerald Obedient Manicurist wrote: »

Emojis coming out, Heuston we have a 14 year old.

says the MAN posting screenshots of people's post history
🤣😂😁😆😃😎😎😎😎😎😎😎😎😎

lsjmhar wrote: »

Paper/coin money does have inherent value afforded by central banks.

It's a piece of paper. To suggest it's 'backed' by central banks is nonsense. Ask the people of Venezuela about that. Ask the people of Argentina, of Zimbabwe (how long have you got...they take turns, every year there's a batch).
See this. Venezuelans are selling artwork and purses made out of paper money as a curiosity just across the border.

There is one thing that FIAT is backed with - and that's physical force. I'll concede that. Whether that's physical force that acts in the interests of all of its citizens is another story.

lsjmhar wrote: »

When crashes occur central banks regulate the market by buying debt and allowing the economy to continue.

They buy it with what? They turn on the printing presses and print out more paper. Furthermore, the upside of QE does not benefit citizens equally - it favours those with the deepest of pockets. We have as yet not seen the full hangover from QE - and its a place we have not been before.

lsjmhar wrote: »

Because governments have not endorsed BTC and central banks will not 'buy the losses in crypto, BTC has no value.

A couple of things...
1. I have not heard anyone in the crypto space look for a government agency to buy their losses. Please point me to where this has happened. Taking that a step further, nobody in crypto would want that policy going forward.
2. If they were to do it, I guess central banks would turn on the printing presses then? This is the very important difference. There are 21 million Bitcoin and that's where it stops. That's also one characteristic that gives Bitcoin value.
3. This buying up debt you talked of. They socialised debt! For years, financial institutions made money hand over fist and when it suited them, socialism was ok for a change! We're all saddled with that debt.

lsjmhar wrote: »

Since the 'invention' of money the governing authorities have endorsed the currency (usually by putting the King/Queen's head on the coin.

Indeed they have - it's back to what I referred to above. It's there purely by FORCE. Have you ever stopped to think WHY there should be a monopoly?

lsjmhar wrote: »

The result of this is the wild swings in the market as governments/central banks do not 'regulate ' this process.

I don't agree. Where was the 'regulation' you speak of in Argentina, Iran, Russia, Turkey and Venezuela this year? Those are just off the top of my head - I'm sure there are more examples.
As regards volatility in crypto, crypto is young. The market cap. of crypto is but a drop in the ocean. Whilst we are in price discovery mode, it will remain that way. Whilst the market is as small as it is - it will remain so. The other thing is that Bitcoin has been much more volatile in the past.

lsjmhar wrote: »

This is the fundamental reason why BTC cannot work - there is no central authority to protect the 'crypto economy.'

I don't agree. This speculative phase is exactly that - a phase. There will always be a level of speculation (just like we have the FOREX markets) but over time, this level of speculation will dissipate.

lsjmhar wrote: »

This is also the fundamental flaw in decentralization. When the market goes belly no single entity/group can stabilise it.

You mean tinker with it. See above re. QE. And you're also missing something. You know what the maximum no. of bitcoin there can be is. You never know with fiat. You never know what they're going to print and what interest rates they're going to apply.

lsjmhar wrote: »

This is the core process of how economics works - trust in a system that democratises the process. While there are flaws in this system, it is more transparent for the participants.

Transparent? It's not transparent at all! Take the Federal Reserve in the U.S. It's a privately owned entity. Who are these strangers that make decisions that affect so many?

lsjmhar wrote: »

Not unless governments take over.

They can try to suppress by force A LA China - but they're not taking over anything. Decentralised systems remain decentralised.

lsjmhar wrote: »

U cannot trust any of the scammers in this made up ponzi scheme. Bernie Madoff Coin ($BMC). Its a winner!

There's a certain irony there. The whole idea behind cryptocurrency is an assumption of a LACK of trust. The same with blockchain solutions. Now, there are badly and ill conceived projects - no doubt. But with that statement you're hacking down the lot. Therefore, tell me what scammers do you refer to with regard to Bitcoin and Ethereum?

lsjmhar wrote: »

Bernie Madoff Coin ($BMC). Its a winner!

I hope on reflection you see the irony! Bernie Madoff is from that conventional world. Where was your regulation then? Remember, Madoff came to light the same time as Bitcoin was conceived.

Magnatu wrote: »

All I see is tulips with no value. And the only thing that matters is price.

That's fine. Perhaps you will be right. When will it hit zero then? If you have full confidence in this point of view, why won't you short the market and empty my crypto filled pockets?

Magnatu wrote: »

But the Bitcoiners on this thread are evangelical.

There are plenty of places where you will find evangelicals re. crypto. I would say that this isn't one of those places. Ask a few of the most active posters on this thread to link to criticisms or shortcomings of cryptocurrency that they have identified. Then ask the naysayers who have posted here to link to positive aspects of crypto that they have acknowledged. There'll be next to nothing listed in that second group.

Magnatu wrote: »

But I have made an effort and it still makes absolutely no sense to me. And I don't accept that this is just because i am too stupid to understand it.

I'm not going to insult you and suggest you're stupid. A person can lack an understanding of something without being stupid. However, you have already acknowledged that you don't understand - see your last post and my response to it.

If there are aspects of it that don't make sense to you and you want to understand them, why not go through them here one by one? This is what this thread (and sub-forum) is supposed to be about - not after hours retarded jibes.

Magnatu wrote: »

It is a mirage. An illusion, A delusion. The emperor has no clothes.The only thing that matters is the price that goes up or down.

There are people quietly working away on this technology that have no time for the speculative end of things. As regards speculation/greed, sure it's excessive - because greed is part of the human condition.
Like I said before, if you firmly believe that it's no more than that and that it is a mirage/illusion/delusion, why not put your money where your mouth is and short it today?

I think people here need to calm down. Pretty emotive responses yesterday. If we didn’t know everyone around here was so successful with their investments then you’d imagine we were entering the anger phase of the market bust cycle.


https://goo.gl/images/QLyhYy

JohnnyFlash wrote: »

I think people here need to calm down. Pretty emotive responses yesterday. If we didn’t know everyone around here was so successful with their investments then you’d imagine we were entering the anger phase of the market bust cycle.


https://goo.gl/images/QLyhYy

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.

The fella who wrote the article and his description of himself, why people need to know he passed the exams first try is beyond me.

[Deleted User] wrote: »

Ah, the exams in finance are generally considered a big deal..the same blurb for half the crypto articles would be 'has a beard and a YouTube channel. Crypto enthusiast..'

What does someone's appearance have to with crypto? Not a very nice generalization

Tinder Surprise wrote: »

Stealthy scummy posts are scummy

Stay classy there fella.

What are you on about? This place is getting bizarre. There’s a number of different components of any classic market bust. Anger is one of the later stages of the cycle.

Look, crypto has lost over 90% of its value since the giddy days of late 2017 and early 2018. All those massive valuations based on dodgy teams and copy-paste whitepapers have collapsed. Those roadmaps promising products in 2018 were lies - usage of crypto is dropping. Ethereum still haven’t delivered their POS implementation, mining is unprofitable, McKinsey are saying the finance industry is moving on from the blockchain fad, top 20 coins have ceased active development. It was a con, a swindle, a squeeze, a condfidencw trick. Some people made a chunk of money, but the vast vast majority of people who bought magic bean crypto coins with real money have lost a huge proportion of their investment. That’s not gloating. That’s taking off the crypto sunglasses of delusion, and taking a good long look at the harsh light of reality.

Grumpypants wrote: »

You should never ever buy something that has crashed that much, sure sign it is dead in the water.

Remember when Netflix said it was introducing streaming and their stock crashed from 300 to 65.

Or when Amazon crashed from 100 to 10. Or in 1997 when Apple crashed to under $5.

Never heard of them ever again.

They produced something people wanted. Huge difference. There’s not a single iota of evidence people want to use crypto - it’s slow, complicated, crowded marketplace, being your own bank sucks in reality. It’s just not a compelling sell.

JohnnyFlash wrote: »

They produced something people wanted. Huge difference. There’s not a single iota of evidence people want to use crypto - it’s slow, complicated, crowded marketplace, being your own bank sucks in reality. It’s just not a compelling sell.

Circle CEO said there was $24 BILLION of institutional money invested in 2018, in the middle of the demise of crypto. Sounds like someone is still interested.