Hi All,
I see massive losses in the last month and wonder if it's the end of golden crypto era?
Would love to hear your thoughts.
5 million from Deltec?! What correspondent bank was used?
Silver gate. I think the steps deltec in Bahamas to silvergate. That took 4 days. And then silvergate to the uk bank took 5. We were settling for a client. It’s come back to me. It was right in the middle of the first few days of the ftx and alameda collapse. Our client was worried sick that his assets were gone the same way even though he knew it was in fiat.
A lack of an authority means it stands outside of the law and I’ve never seen anyone claim that the industry should stand outside of the law, theft is still theft, it can be argued that the features that are decentralised in crypto are the transaction and storage of the currency, that’s what is meant by decentralisation, that something can exist without a governing body, not outside of laws.
Not looking good for huobi. https://twitter.com/Cryptadamist/status/1611129612217778176?s=20&t=XLxq3H1-G9geRrpFeSjztg
Justin Sun is a complete conman. I hope it’s true.
So no Lambo? I feel cheated.
Don't mind Patsy, he's been watching too many clickbait youtube videos, just load up pal and pick your colour
"Don't mind anyone describing this as a ponzi, just pick one and buy more of it"
....
Ok then, lets ask chatgpt:
is cryptocurrency a ponzi scheme?
"Cryptocurrency is not a Ponzi scheme. A Ponzi scheme is a fraudulent investment scheme where returns are paid to earlier investors using the investments of more recent investors, rather than from profits earned. Cryptocurrency is a digital asset that uses cryptography for secure financial transactions. Some people may use cryptocurrency to try to defraud others, but the technology itself is not a fraud."
So there we have it, an independent intelligent source
You buy Ethereum classic or Doge or Bitcoin cash or whatever. It doesn't do anything or produce anything. You only make money if other people buy it. And they are only buying it in the belief some other chump will buy it. You encourage others to buy it because you want the price of your holdings to rise.
That's the scheme. The greater fool theory.
"Pick one and buy more of it".
I was talking to a relative at the weekend who had a friend that passed away a few years back. This friend was constantly telling this guy that he had to get into bitcoin. Now my relative doesn't know for certain that he purchased some but he suspects strongly that he did.
He's being trying in vain to access the bitcoin for his family. Sad but, do any of you Crypto fans ever give consideration to what happens your investment when you die?
Yes, of course, same for cash buried in the backyard, or a sneaky bank account, if the details are not shared with family, or in a will then they are lost.
I see one of the Winkelvii has accused Barry Silbert of fraud. This is the “respectable” end of crypto. Can only imagine the murkiness happening over the Justin Sun, Binance, Tether end.
Clown.
I don’t think everyone does. Most people who keep banging that drum have very little knowledge or understanding of the sector or the different players in it.
Price goes down... "Crypto era is over thread gets busy"
Price goes up... "Is anyone getting excited thread gets busy
I was a sceptic until I came in around May 21. I have lost money, but I've learned how crypto works and I'm looking forward to making a **** tonne if money over the next few years.
Sign me up. Can I just get your IBAN so I can transfer you the money? To the moon baby.........
I have perfectly rational intelligent friends and colleagues who turn into utter morons when they see repeated green (and red) in crypto. The stuff itself is garbage, but as long as there are waves of emotional and clueless buyers to pile in, then the market itself will continue.
Is there anything that would cause you to reevaluate your investment strategy?
Ye really need to do some research on these articles Cork, the reality is much less dramatic than the headlines
On a side note, AI tokens are on fire lads, up 150-200% since we last spoke, only in for buttons meself but still nice to see one of the speculatives look promising, if we actually do hit a bull market this could get really interesting
Read the twitter, you can see the boring facts, affects .01% of users, is not binance us, is only $ wire transfers and .com users can still withdraw native currencies
2/10 pal
You're a real misery guts, DohnJoe. Why don't you sell all your remaining crypto and find something more fulfilling to do with your time?
This is fulfilling.
And I will sell, you want to buy my Eth for 5k? I bought the last batch at around 100, I know that's a big mark-up, but I really feel it's worth 5k, because I know that's what some poor schmuck will pay me during a frenzy. One who's been nicely pumped up by crypto-bro's and told he's "getting in early", and that it will "be worth 100k" in the future.
If someone has patience, it's (so far been) a great scheme for making real money.
Buying during a proper bear has been like getting into a ponzi early ;)
Very quiet around here, Is it too early to start looking at lambo colours?
Yes. I don't see this rally lasting unfortunately.
.............
The bottom is behind us pal, in the great and wise words of Yazz, the only way is up
The bottom may be in, but I see us retesting it over the next few months.
Maybe, but currently we seem to be retesting new highs, the worse of inflation might just be behind us, if mr putin gets his ass out of Ukraine now and energy prices decline then that’s me picking lambo colours for sure
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