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Breaky Bitcoin Blues

Slideways

I was having the porridge this morning with a few colleagues, and the chat came around to cryptocurrency. Turns out they all got roasted buying bitcoin, Ethereum and other coins during the bubble in November and December of last year. Two of the lads are going to sell their remaining coins this week, and put the whole thing down to getting greedy and falling for a classic pyramid scheme. One other lad (a hard-living Scot) was threatening to track down an ex-colleague of ours and ‘put the slipphery wee kunt in a grave’ for talking the group into buying these coins in the first place.

One of them was worth almost 900k Aussie dollars at the height of the bubble. He was boasting back in December about buying a yacht, moving to Puerto Rico, and shacking up with some local bird with his epic crypto gains. His investment is now worth less than 3k.That’s shocking stuff. You’d hear very little these days about the space in the papers, or on the telly. Did anyone here lose the arse of their trousers gambling on these coins, and did you learn a lesson? Has it any future at all? Was it greed, stupidity, or a mixture of both that caused young lads to throw their savings into this stuff? You’d have to stroke your chin and wonder what they were thinking.

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vargoo

kerplun k wrote: »

Poke

Fuking bullsh1t though.

No reason for it, if anything another $40 million getting stolen off Binance...price should be plummeting.

Whales must think enough time has passed since last pump to do it again.

Arrival

vargoo wrote: »

kerplun k wrote: »

Poke

Fuking bullsh1t though.

No reason for it, if anything another $40 million getting stolen off Binance...price should be plummeting.

Whales must think enough time has passed since last pump to do it again.

Do you own any cryptocurrencies?

Frozen Veg

Crypto has made a nice recovery with some 50% up this week alone.

Bitcoin has surpassed $8,000 having been as low as $3,500.

So those referred to in the OP may not be too badly off after all. Hopefully they held.

What the future holds who knows but certainly a fascinating investment option.

jobless

man all the people calling it a pyramid scheme, tulips etc....
longest pyramid scheme ever if thats the case!

jcorr

Is there anyone on here using arbitrage strategies with crypto currency exchanges?

How are you getting on with it? I would be curious to know as I am considering looking into it myself.

garyskeepers

Serves people right for buying crypto currency.. Useless numbers on a screen

[Deleted User]

seamus wrote: »

I'm afraid nox, with all due respect, this belief that a rally is more likely than a collapse reveals your ignorance about just what bitcoin is.

Sell now, get out while you have something. In a decade, bitcoin will be a piece of history and nothing more.

I hope no crypto investor reading the above paid it any heed, I know I certainly didn’t.

Since this bit of advice to “sell now” my portfolio has increased x4 and is approaching break even (which I have no intention of selling at either as I didn’t invest to break even and will ride it out to see where things go from there).

tuxy

We're all rich, congrats! Against all odds it worked out!

dotsman

jobless wrote: »

man all the people calling it a pyramid scheme, tulips etc....
longest pyramid scheme ever if thats the case!

Of course it's a pyramid scheme!

But I'm happy to make money on it. As long as there are people stupid enough to pile on for FOMO, I'll keep making a few quid. A fool and his money...

Ken.

Mod- There is a whole forum for cryptocurrency. It's located here. https://www.boards.ie/vbulletin/forumdisplay.php?f=1814
Not a forum I frequent myself so be sure to read the charter regarding posting before starting a thread.

Charter- https://www.boards.ie/vbulletin/showthread.php?t=2057793212

Ken.

Mod- Moved from AH to Cryptocurrency. See above post.

Arrival

dotsman wrote: »

jobless wrote: »

man all the people calling it a pyramid scheme, tulips etc....
longest pyramid scheme ever if thats the case!

Of course it's a pyramid scheme!

But I'm happy to make money on it. As long as there are people stupid enough to pile on for FOMO, I'll keep making a few quid. A fool and his money...

Such a ridiculous statement from someone who's actually divested FIAT into this, I would've thought people would do basic research before parting with their money which would get them past the dumb ass Ponzi and pyramid scheme ****, but here I am proven wrong lol. If you actually think it's a ponzi/pyramid scheme by the way not only are you dumb but you're a scumbag for jumping in trying to make money off of stupid people as you say, same way anyone involved in any pyramid scheme preying on stupid people is a scumbag.

Watch this in its entirety and come back to your post here. It's 40 minutes but very easy watching, you need to actually look at the video too not just play it half assedly in the background. It's a must watch for anyone who actually has an interest in the industry:

https://www.youtube.com/watch?v=V3VgbQ23E8k

jobless

dotsman wrote: »

Of course it's a pyramid scheme!

But I'm happy to make money on it. As long as there are people stupid enough to pile on for FOMO, I'll keep making a few quid. A fool and his money...

Do you actually know what a pyramid scheme is?...

Frozen Veg

Holy fiddlesticks.

grindle

Great mod decision. Thread will be much less cancerous and virtually useless for attracting ignorant shítposters now.
This could be a playpen for any self-avowed lowlife criminals unwilling to research on red days into the future.

stockshares

grindle wrote: »

Great mod decision. Thread will be much less cancerous and virtually useless for attracting ignorant shítposters now.
This could be a playpen for any self-avowed lowlife criminals unwilling to research on red days into the future.

What was the mod decision. Have posts been deleted?

thomas 123

Nice gains this morning! HODL

grindle

stockshares wrote: »

What was the mod decision. Have posts been deleted?

https://www.boards.ie/vbulletin/showpost.php?p=110531253&postcount=434

They moved this from After Hours to here. It benefits crypto discussion beacuse most are viewing it with a dim "heard about it on the radio" mindset but is objectively negative because even the mentally deficient should be allowed to voice their consistently invalidated viewpoints. Depends on how you feel about repetitive thread-spam and lengthy rebuttals.

stockshares

grindle wrote: »

https://www.boards.ie/vbulletin/showpost.php?p=110531253&postcount=434

They moved this from After Hours to here. It benefits crypto discussion beacuse most are viewing it with a dim "heard about it on the radio" mindset but is objectively negative because even the mentally deficient should be allowed to voice their consistently invalidated viewpoints. Depends on how you feel about repetitive thread-spam and lengthy rebuttals.

Thanks, I hadn't a clue what was going on there

JohnnyFlash

Aongus Von Bismarck wrote: »

A complete scam of course, and it just goes to shows what happens when large amounts of people who don't understand economics, the creation of wealth, and the systems behind it, attempt to 'get rich quick'.

That said, not everyone lost money. Over 90% of people did. I made some money off Bitcoin completely by chance. A number of us here at the bank in Frankfurt bought some of them a number of years back. We had intended to give them to one of C-Suite in the bank as a joke present - the 'future of money'. We didn't however, as he died of a massive heart attack before we had the opportunity to do so.

Anyway, we forgot about them, until last December, where we saw that each coin was valued at over 10k dollars a pop. We cashed them all in at 14700k a pop, which wasn't the height of the bubble, but no point getting greedy with this sort of thing, and ending up being a bag-holder/owner of worthless digital 'beany babies'.

I paid the required tax on the profits, and was able to purchase a small holiday home in West Cork with the proceeds. I also had enough left over to purchase a golf course membership down there, as well as a Paul Henry painting for the kitchen. So all-in-all, a pleasant experience.

Don't even bother reading about it these days. There's this idea that those of us who work in traditional banking are terrified of bitcoin. We aren't. It's silly libertarians playing silly games with silly virtual money.

Good man Aongus.

xckjoo

Any ideas on what's causing the upswing?

grindle

xckjoo wrote: »

Any ideas on what's causing the upswing?

The purest of hopium. General uptrend in the cycle, big money looking at the last cycle in regards to a BTC halvening and getting in ahead at lower prices in comparison to where they think it could be - nobody really knows but those are the most likely.

I was kind of sceptical wrt timeframe that we'd follow the exact same 4y cycle again, I thought it may take another year or two. Looks like it'll happen faster unless we have another year long bear market (also plausible).

JohnnyFlash

Tether printing 2 billion fake dollars caused it.

dotsman

Arrival wrote: »

Such a ridiculous statement from someone who's actually divested FIAT into this, I would've thought people would do basic research before parting with their money which would get them past the dumb ass Ponzi and pyramid scheme ****, but here I am proven wrong lol. If you actually think it's a ponzi/pyramid scheme by the way not only are you dumb but you're a scumbag for jumping in trying to make money off of stupid people as you say, same way anyone involved in any pyramid scheme preying on stupid people is a scumbag.

Watch this in its entirety and come back to your post here. It's 40 minutes but very easy watching, you need to actually look at the video too not just play it half assedly in the background. It's a must watch for anyone who actually has an interest in the industry:

https://www.youtube.com/watch?v=V3VgbQ23E8k

When one invests in shares, they are buying something that has an underlying value (a little piece of a company that owns assets) that is generating wealth (profits). Yes, there is a small element of speculation regarding price, but it is investing in something tangible.

Similarly, when investing in property, they are buying something that has an underlying value (land/building) that is generating wealth (rent). Yes, there is a small element of speculation regarding price, but it is investing in something tangible.

Hell, even if you trade in Gold/commodities, there is an underlying asset with value.

Bitcoin et al are currencies. And very bad ones at that. The main points that people use when expressing their love for crypto are also the reason why it can never work. A currency needs government backing -until it is legal tender, it is merely a sideshow. It needs strict regulation - right now, the land of cryptos is the financial wild west. It needs central bank interference - as long as it is fluctuating wildly, it is useless as a currency.

Ultimately, cryptos have no underlying value. The price they are been traded at reflects 100% speculation and nothing more. And, while not strictly a pyramid scheme in the traditional sense, that's the closest common term that people understand (it is more a series of pyramids). And if you can't see that, then you need to cash out immediately and stay away.

P.S. Calling people names because they know what they are doing is a little silly. "Bigging up" something that you are invested in, however, is a very scumbag thing to do and, in regulated environments, is illegal.

Pintman Paddy Losty

JohnnyFlash wrote: »

Tether printing 2 billion fake dollars caused it.

Correct and right Flashy... As they say a picture paints a thousand words.

Thankfully my model predicted this allowing me to buy a few coins at 3900. Close to cashing out soon. A tidy profit made.

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rapul

Give it a rest lads yous are just coming off as pathetic, get a life and stop trying to put people down, that's all you try to do, one up people thinking you know everything. Sham.

And paddy your model, don't make me laugh that's the funniest **** I've heard in a while!

Pintman Paddy Losty

rapul wrote: »

Give it a rest lads yous are just coming off as pathetic, get a life and stop trying to put people down, that's all you try to do, one up people thinking you know everything. Sham.

And paddy your model, don't make me laugh that's the funniest **** I've heard in a while!

Cool the jets rapul. People having a civilised debate here.

rapul

I'm calm as can be, expressing my opinion on a public forum isn't a crime

And to be fair nothing civilised about how you and your chum talk to people and have done for quite some time now, as I said forever trying to one up people, pathetic

grindle

rapul wrote: »

And paddy your model, don't make me laugh that's the funniest **** I've heard in a while!

His model allowed him to buy BTC <4k and magically guessed that Tether would print $2b more so he'd get gains despite his pure belief that it's all going to zero. Crazy model, but it must be true! Who on earth would lie? On the internet? Surely not.

q85dw7osi4lebg

Pub opens in 10 minutes pintman off with you