Let's talk about Cryptocurrencies

[Wormius]

Originally Posted by dino7c

"Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened"

"Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall."

If she put 90K into bitcoin last October it would be worth quite a bit MORE than 90k right now...yet they call the article "after the bitcoin boom"

Alt coins killed her

The article didn't say she put 90k into alt coins or that she bought in October. You might be confusing 2 different people from that article.

[dino7c]

I was just saying "fall" was a little misleading....she obviously bought in at the peak of the hype. Investing your life savings in something you don't understand is never a good idea.

To be all smug about BTC now is pretty silly though... especially if you posted similar things 15 months ago when it was worth 1.5K

[4X4]

Originally Posted by chemgear

Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened.

“I got too caught up in the fear of missing out and trying to make a quick buck,” he said last week. “The losses have pretty much left me financially ruined.”

Well, it's Friday, and this is the stupidest thing I've read all week. If $23,000 is such a sum of money to you, that losing $19,000 of it is "financial ruin", you should have kept it stuffed in that mattress. This basically sounds like someone dropping the title to their house on a roulette table.

Should I be concerned about the sympathy police coming to bitch slap me?

[nik-]

Making side bets on it, sure. Taking out loans and cashing in insurance policies to buy in?!

Jesus christ people.

[afc wimbledon]

Originally Posted by jammies

So, now that the bubble is bursting, can Fuzz and I say "I told you so!"? Billions of dollars lost to hacks, hundreds of billions in dollar value evaporated, and we've not hit bottom yet. Some currencies are now effectively worth zero - zero in stodgy old fiat US dollars, that is.

It might sound like I'm gloating, but it makes me more sad than glad - the resources wasted on the 21st century tulip craze could've gone just about anywhere and been more useful. There are people out there who moved all-in on the bubble and are now facing ruin, and you can only hope that this time the lesson sticks for more than a decade or so. Though it won't.

They are all worth effectively zero, just because you can persuade a few morons to pay more than that doesn't mean the imaginary invisible make believe money you cant buy a tank of gas with is actually worth anything

[afc wimbledon]

Originally Posted by Wormius

Hopefully the hardware can be reutilized and wasn’t single purpose.

Hopefully the cost of video cards will go down to a reasonable level

[dino7c]

You can cash out a bitcoin right now and have over 8k canadian after all fees in your bank account within an hour via e-transfer

Not bad for fake money you can't buy anything with

[Wormius]

But did it only cost $8000 to acquire that? Can I possibly buy $8000 in crypto and sell it right away for the same?

[dino7c]

Originally Posted by Wormius

But did it only cost $8000 to acquire that? Can I possibly buy $8000 in crypto and sell it right away for the same?

BTC is 8,937.65 Canadian right now...so you could have made some money since I posted that.

Like any other stock if you are actually wanting to make money you have to hold it...buying and selling instantly will always be at a loss (fees ect.) I have been buying and selling BTC for two years and believe me I am up overall despite the fall from all time highs last December. You could buy BTC for 1.5k 15 months ago. Check the thread I was telling people to buy and some of the people here gloating now thought that price was too high.

$1500-$9000 in 15 months is a pretty good run IMO

Anyway the point of my statement was contrary to popular belief on CP it is not hard at all to turn a bitcoin into fiat.

[Fuzz]

Most of the "popular belief" here isn't that you can't make money on it, it's that the entire design of Bitcoin is poorly thought out. It's not easy to use as a currency(for the average person), it's not cheap to perform a transaction, it isn't energy efficient, it really does nothing better than our current options, and does a few things significantly worse. It's a failure by design, which is why we are celebrating it's fall. It's bad and should go away.


That isn't to say the idea of crypto-currency is wrong, just that this particular implementation is a failure. It's probably done a lot more harm than good for public perception around the industry as better designed currencies get lumped in with Bitcoin.



Good for you for gambling and making money, most people aren't willing to take the risk. But looking in the mirror and pointing out how well you did, when it went wrong for so many others doesn't really illustrate how good of a thing Bitcoin is, or that it has any real value.

[jammies]

Originally Posted by dino7c

You can cash out a bitcoin right now and have over 8k canadian after all fees in your bank account within an hour via e-transfer

Not bad for fake money you can't buy anything with

Converting bitcoin to Canadian dollars so that you can buy something is acknowledging it is indeed "fake money". The point of real money is that you can directly exchange it for goods and services.

Bitcoin in particular will never be useful currency due to its inherently flawed implementation that makes using it as such wildly inefficient. It works well enough as an analogue to a stock, but stocks give you partial ownership of a company and potential dividends, whereas Bitcoin gives you ownership of... bits. Bits that are ostensibly suitable for a purpose, though that purpose is currently well out of the technology's reach, with a glacial pace of the widespread adoption necessary to enable its usefulness.

If I recall correctly, earlier in this thread I mentioned how the deflationary model of Bitcoin - leaving aside its technical deficiencies - was entirely unsuitable as currency for a modern economy. The response was, again by my recollection, that other blockchain currencies would solve the deflationary problem - except only Bitcoin seems to be merely declining in value rather than precipitously declining. Ok, so much for that then.

No one has addressed the huge crypto thefts which show the suitability of the "anonymous cash" model for... organized crime. The sole argument for crypto seems to be "I've made a lot of money on it, so therefore it must be a good investment". Well, if you bought Bre-X when it was low and sold it high, that made you lots of money, but that never made it a good investment. You were always - just like Bitcoin - buying and selling on a perceived future value that was never going to materialize.

[afc wimbledon]

Originally Posted by dino7c

You can cash out a bitcoin right now and have over 8k canadian after all fees in your bank account within an hour via e-transfer

Not bad for fake money you can't buy anything with

If I wanted to wait an hour to drive somewhere I would have bought a crappy electric car instead of a crappy currency.

[karl262]

Originally Posted by afc wimbledon

If I wanted to wait an hour to drive somewhere I would have bought a crappy electric car instead of a crappy currency.

How long does it take to see funds in your bank account after cashing in stocks?

Also, does the fact that you can buy physical precious metals from reputable sources online using a variety of cryptocurrencies give internet money some legitimacy in your opinion?

Sent from my SM-G950W using Tapatalk

[photon]

The fact that almost one percent of the planet's energy consumption goes towards bitcoin is astounding.

That's more than it takes to power the entire state of New York

That seems dumb.

[chedder]

Originally Posted by photon

The fact that almost one percent of the planet's energy consumption goes towards bitcoin is astounding.

That's more than it takes to power the entire state of New York

That seems dumb.

Where are all those BC protesting idiots marching on this!? Gotta have a bigger carbon footprint than a measly pipeline...

[afc wimbledon]

Originally Posted by karl262

How long does it take to see funds in your bank account after cashing in stocks?

Also, does the fact that you can buy physical precious metals from reputable sources online using a variety of cryptocurrencies give internet money some legitimacy in your opinion?

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No, as a currency isn't a stock even if people do bet on currency going up or down.

The only use of crypto currency as of now is drugs, guns and presumably hookers, no one else needs it, by all means gamble on it, and good luck with that, but as a currency it is imaginary and pointless.

[karl262]

Originally Posted by afc wimbledon

No, as a currency isn't a stock even if people do bet on currency going up or down.

The only use of crypto currency as of now is drugs, guns and presumably hookers, no one else needs it, by all means gamble on it, and good luck with that, but as a currency it is imaginary and pointless.

I think you know that you can buy much more than just guns/drugs/hookers with crypto.
Why be so derogatory? Serious question.

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[dino7c]

Originally Posted by karl262

I think you know that you can buy much more than just guns/drugs/hookers with crypto.
Why be so derogatory? Serious question.

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don't bother these guys just like to pat each other on the back and be smug...most of them were doing it since bitcoin was 1.5k (evidence is in this thread) IF they were half as smart as they think they are they would have made a fortune.

[afc wimbledon]

Originally Posted by karl262

I think you know that you can buy much more than just guns/drugs/hookers with crypto.
Why be so derogatory? Serious question.

Sent from my SM-G950W using Tapatalk

All crypto currancies have to be converted into some other form of currency to be used, even if the end user converts them for you after you've made a purchase, as in 'US currency accepted here'.


What is the point of any crypto currency other than criminal activity? the point of the pound is to buy things in the UK, it works in some other places, you can speculate on it in the FX market and convert it into Canadian but its purpose is to buy crap in Britain, crypt has no other purpose but drugs and guns.

[afc wimbledon]

Originally Posted by dino7c

don't bother these guys just like to pat each other on the back and be smug...most of them were doing it since bitcoin was 1.5k (evidence is in this thread) IF they were half as smart as they think they are they would have made a fortune.

If I was half as smart as I thought I was I'd have made a fortune on BreX, Herballife or that weird magnet blanket my mate was tying to get me to sell, Nikkan I think it was called.