Cryptocurrencies Part III - We ran as if to meet the Moon

[beowulf]

Lmao. China banned Cypto years ago. And they "re-ban" it every few months. It's comical at this point.

There has been a ban on trading since 2019 but people still did it on foreign markets. This year they have seriously started to crack down and now it's outright illegal and is much wider in scope covering pretty much anything crypto related.

Bloomberg - Are you a robot?

hina banned on all crypto transactions and vowed to root out mining of digital assets, delivering the toughest blow yet to the industry.
Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated.

 

[The Crypto Guy]

There has been a ban on trading since 2019 but people still did it on foreign markets. This year they have seriously started to crack down and now it's outright illegal and is much wider in scope covering pretty much anything crypto related.

Bloomberg - Are you a robot?

hina banned on all crypto transactions and vowed to root out mining of digital assets, delivering the toughest blow yet to the industry.
Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated.

Yawn. Like i said, they do this all the time. Market dips from it for a bit then it goes back up like normal. Nothing to see here, just more China FUD.

 

[The Crypto Guy]

China MOCKED On Twitter For Announcing They're Banning Crypto... For The 7th Time Since 2013! | Live Cryptocurrency News | Global Crypto Press | Live Bitcoin News

 

[SuperScript29]

If any of you guys holding that SHIB, maybe a good time to dump it and get some profits back

 

[x Tame Impala]

If any of you guys holding that SHIB, maybe a good time to dump it and get some profits back

I cannot believe Coinbase let’s people buy that and other shitcoins like it.

 

[SuperScript29]

I cannot believe Coinbase let’s people buy that and other shitcoins like it.

They're all shit, if you keep looking down on coins like this all you're gonna do is lose on chances for profit.

 

[x Tame Impala]

They're all shit, if you keep looking down on coins like this all you're gonna do is lose on chances for profit.

They’re not all shit. I checked last night, putting in $1000 will give me 29 million coins which is crazy. It’s a junk coin used for exploiting people who don’t know much of anything about crypto or investing.

 

[SuperScript29]

They’re not all shit. I checked last night, putting in $1000 will give me 29 million coins which is crazy. It’s a junk coin used for exploiting people who don’t know much of anything about crypto or investing.

I hear ya, but judging by your Cardano logo I would say the same thing could have been said about it when the price was a few cents, that's also exploiting. While I'm not here to defend SHIB or any token for that matter, the point is a noob is going to get wrecked if they go in there blindly regardless of the coin they invest in.

At the end of the day all of this is gambling to me, but someone who understands things like market cap, circulation supply, etc will at least understand that investing in a coin like SHIB today is not going to make you rich unless you're willing to be super risky about it and spend lots of money. The same exact thing goes for Cardano and pretty much most of the top coins. Your best chance of making serious money is you find projects in their early stages where the coin is not listed on many major exchanges and the market cap is very small, but then you're gambling with a lot of scams if you're looking for those. Take Cardano as an example, if you threw $1k at it last year, your investment today would be around $25k-$30k if you held it, but if you throw $1k at it today, do you honestly see the same kind of profit a year from now? Very highly unlikely and I would say that is a super pipe dream.

 

[x Tame Impala]

I hear ya, but judging by your Cardano logo I would say the same thing could have been said about it when the price was a few cents, that's also exploiting. While I'm not here to defend SHIB or any token for that matter, the point is a noob is going to get wrecked if they go in there blindly regardless of the coin they invest in.

At the end of the day all of this is gambling to me, but someone who understands things like market cap, circulation supply, etc will at least understand that investing in a coin like SHIB today is not going to make you rich unless you're willing to be super risky about it and spend lots of money. The same exact thing goes for Cardano and pretty much most of the top coins. Your best chance of making serious money is you find projects in their early stages where the coin is not listed on many major exchanges and the market cap is very small, but then you're gambling with a lot of scams if you're looking for those. Take Cardano as an example, if you threw $1k at it last year, your investment today would be around $25k-$30k if you held it, but if you throw $1k at it today, do you honestly see the same kind of profit a year from now? Very highly unlikely and I would say that is a super pipe dream.

I've been considering changing my avatar actually, for the same reason i never have had a Blackhawks-related avatar. I think it makes it harder to have a genuinely objective conversation. Like if you and i were going back and forth on the main boards about something like Jonathan Toews HoF status (please for the love of god let's not do that), it would be a lot more difficult for me to take your points objectively...since you're a degenerate Wings fan and know nothing .

I agree for the most part and have found most of my investing this year to essentially be gambling. Personally i've read into Cardano to the point where I'm comfortable making a long term investment in them, as well as Ethereum. I think the problem with this Shiba coin is that it's preying on that exact mentality. "Man if i put $5000 into Shiba and it hits $1 i'll be set for life!", and even if you're not able to make investments of that size it's still bad because you have a bunch of lower-middle class people essentially throwing out a couple hundred dollars that they should be either saving or investing more safely.

SHIBA INU's price right now is $.00002586. Come on man. That's a money trap and you know it. It's counting on a bunch of people who know nothing about Crypto seeing the next Doge coin that's extra cheap that they can get in early on. It's shit, it's designed to take the money from shitheads.

 

[SuperScript29]

Tinyman dex is alive, it's the first dex on the Algochain (Think Uniswap for the ETH network). This could be huge for the Algorand ecosystem and all those coins that get on it early. Probably a good idea to fill my bags with Algorand and Yieldly for the time being.

I've been considering changing my avatar actually, for the same reason i never have had a Blackhawks-related avatar. I think it makes it harder to have a genuinely objective conversation. Like if you and i were going back and forth on the main boards about something like Jonathan Toews HoF status (please for the love of god let's not do that), it would be a lot more difficult for me to take your points objectively...since you're a degenerate Wings fan and know nothing .

I agree for the most part and have found most of my investing this year to essentially be gambling. Personally i've read into Cardano to the point where I'm comfortable making a long term investment in them, as well as Ethereum. I think the problem with this Shiba coin is that it's preying on that exact mentality. "Man if i put $5000 into Shiba and it hits $1 i'll be set for life!", and even if you're not able to make investments of that size it's still bad because you have a bunch of lower-middle class people essentially throwing out a couple hundred dollars that they should be either saving or investing more safely.

SHIBA INU's price right now is $.00002586. Come on man. That's a money trap and you know it. It's counting on a bunch of people who know nothing about Crypto seeing the next Doge coin that's extra cheap that they can get in early on. It's shit, it's designed to take the money from shitheads.

Money trap or not, crypto is a game of whales and they'll miniplate any coin they want. Anyhow, thanks for the reminder, been meaning to change my avatar for sometime now lol.

 

[Gardner McKay]

They’re not all shit. I checked last night, putting in $1000 will give me 29 million coins which is crazy. It’s a junk coin used for exploiting people who don’t know much of anything about crypto or investing.

Shiba?

Shiba is not a junk/shit coin. While its name is certainly memeish, it is being developed into one of the most complete ecosystems in crypto.

Respectfully, your posts regarding Shiba are completely inaccurate.

For the record, I hold no SHIB.

 

[x Tame Impala]

Shiba?

Shiba is not a junk/shit coin. While its name is certainly memeish, it is being developed into one of the most complete ecosystems in crypto.

Respectfully, your posts regarding Shiba are completely inaccurate.

For the record, I hold no SHIB.

I’ll look into that then. Thank you.

 

[Gardner McKay]

I’ll look into that then. Thank you.

Yeah no worries. I know most people think it is like another Doge, which really is an absolute shitcoin with no utility.

But, Shib already has their own exchange with around 250m in liquidity and are creating something quite remarkable. Falcon 9 will soon be part of the Shib ecosystem and will be a launchpad for IDO's.

Shibaswap
https://www.f9launch.com/spacepaper

 

[Gardner McKay]

If you are into gaming and are looking for a project with Axie like potential, I'd check out UFO.

Building a full metaverse with multiple games and are incorporating NFT's into the gaming ecosystem. The token will become deflationary once the game is launched as it is used for a number of things in game. Team seems to be pretty on point.

DYOR but cool project I thought I'd share.

UFO Gaming price today, UFO to USD live, marketcap and chart | CoinMarketCap

 

[SuperScript29]

Yeah no worries. I know most people think it is like another Doge, which really is an absolute shitcoin with no utility.

But, Shib already has their own exchange with around 250m in liquidity and are creating something quite remarkable. Falcon 9 will soon be part of the Shib ecosystem and will be a launchpad for IDO's.

Shibaswap
https://www.f9launch.com/spacepaper

While I understand that Shiba doesn't exactly deserve the bad reputation it gets, let's not make it like a big deal either. I mean it's nice that they have a swap and all but it's no different than a lot of the other cryptos out there, it's just a tool (stock) that people buy to make money with. This last pump has been a good example of this, whales taking advantage of the market and jacking up the price then dumping. I still think the price of Shiba can go up and perhaps even higher than the ATH, but you're not gonna make a lot of money with it unless you throw huge amounts at it. A lot of new comers don't understand this, they see the price and say "I'll just throw $100 at it, maybe it reaches a penny one day", this is where a coin like this can manipulate a lot of new comers.

 

[Gardner McKay]

While I understand that Shiba doesn't exactly deserve the bad reputation it gets, let's not make it like a big deal either. I mean it's nice that they have a swap and all but it's no different than a lot of the other cryptos out there, it's just a tool (stock) that people buy to make money with. This last pump has been a good example of this, whales taking advantage of the market and jacking up the price then dumping. I still think the price of Shiba can go up and perhaps even higher than the ATH, but you're not gonna make a lot of money with it unless you throw huge amounts at it. A lot of new comers don't understand this, they see the price and say "I'll just throw $100 at it, maybe it reaches a penny one day", this is where a coin like this can manipulate a lot of new comers.

With all due respect, who are you to tell people what to make a big deal out of or not? I think a token that started out as a meme, that saw exponential growth, that gave some very poor people life changing amounts of wealth off a $200 investment, that a built a functioning DEX, with a staking portal, is integrating F9 as a launchpad for IDO's (which can be massive), and all done by a small dev team with a great community behind it, is exactly what we should make a big deal out of.

Whales do what whales do. They can't afford to manipulate a coin like Shiba very easily these days with the astronomical amount of liquidity on Uniswap. Therefore, they have turned their attention to meme tokens and pump and dump anime tokens like Goku or Luffy. That doesn't mean they aren't buying in with 50-100 eth at a clip. But they can't completley control the price like they used to.

People throwing $100 at it hoping it hits a penny... what is wrong with this exactly? It is their money.

Crypto is as caveat emptor as it gets. If you don't understand what you are buying, what the potential is, the tokenomics, deflationary/inflationary token metrics, staking, yield farming, etc. then odds are your initial buys may not go well. But that isn't anyone's fault, certainly not the token and community behind said token.

I don't own Shiba. I don't plan to. I'm making a killing in Metaverse tokens right now. But that doesn't mean it isn't really cool what has been built with a good dev team and a super passionate community.

 

[SuperScript29]

Ohh boy, where do I start?

With all due respect, who are you to tell people what to make a big deal out of or not? I think a token that started out as a meme, that saw exponential growth, that gave some very poor people life changing amounts of wealth off a $200 investment, that a built a functioning DEX, with a staking portal, is integrating F9 as a launchpad for IDO's (which can be massive), and all done by a small dev team with a great community behind it, is exactly what we should make a big deal out of.

How many poor people got a life changing amount of wealth? Did you meet any yourself? Sure some folks got lucky, but that same luck can be struck with any coin out there, which is what I said exactly. Shiba is not unique, there are other coins that gave people that "life changing amount of wealth" that you speak of, and among them is the one you just shit on by saying " I know most people think it is like another Doge, which really is an absolute shitcoin with no utility.", so excuse me sir, but who are you to tell others that Doge is shit? I'm sure plenty of very poor people got an amount of wealth with that.

Whales do what whales do. They can't afford to manipulate a coin like Shiba very easily these days with the astronomical amount of liquidity on Uniswap. Therefore, they have turned their attention to meme tokens and pump and dump anime tokens like Goku or Luffy. That doesn't mean they aren't buying in with 50-100 eth at a clip. But they can't completley control the price like they used to.

While I agree that whales cannot destroy a coin like Shiba, they can certainly manipulate the market and change the price. It may seem hard to comprehend, but yes they exist, there are people out there wiping their butts with money rather than toilet papers.

People throwing $100 at it hoping it hits a penny... what is wrong with this exactly? It is their money.

Crypto is as caveat emptor as it gets. If you don't understand what you are buying, what the potential is, the tokenomics, deflationary/inflationary token metrics, staking, yield farming, etc. then odds are your initial buys may not go well. But that isn't anyone's fault, certainly not the token and community behind said token.

Nothing wrong with that and you're right, it's their money to burn. But if your sibling is new to crypto and they just purchased $100 worth asking you if Shiba would ever hit a penny, would you tell them yes with a straight face? If so, then that's no different than a scam artist selling pipe dreams. Not saying you would do that and I would sure hope you'd explain it better, but there are people out there doing this and plenty of them are hanging around in that "wonderful" community at the Shibarmy subreddit.

I don't own Shiba. I don't plan to. I'm making a killing in Metaverse tokens right now. But that doesn't mean it isn't really cool what has been built with a good dev team and a super passionate community.

With all the defending you did, you have me convinced that you're a premium shill in that community.

 

[ScottishCanuck]

Anyone else been taking advantage of NFT mania?

 

[Gardner McKay]

Ohh boy, where do I start?



How many poor people got a life changing amount of wealth? Did you meet any yourself? Sure some folks got lucky, but that same luck can be struck with any coin out there, which is what I said exactly. Shiba is not unique, there are other coins that gave people that "life changing amount of wealth" that you speak of, and among them is the one you just shit on by saying " I know most people think it is like another Doge, which really is an absolute shitcoin with no utility.", so excuse me sir, but who are you to tell others that Doge is shit? I'm sure plenty of very poor people got an amount of wealth with that.



While I agree that whales cannot destroy a coin like Shiba, they can certainly manipulate the market and change the price. It may seem hard to comprehend, but yes they exist, there are people out there wiping their butts with money rather than toilet papers.



Nothing wrong with that and you're right, it's their money to burn. But if your sibling is new to crypto and they just purchased $100 worth asking you if Shiba would ever hit a penny, would you tell them yes with a straight face? If so, then that's no different than a scam artist selling pipe dreams. Not saying you would do that and I would sure hope you'd explain it better, but there are people out there doing this and plenty of them are hanging around in that "wonderful" community at the Shibarmy subreddit.



With all the defending you did, you have me convinced that you're a premium shill in that community.

Many. Some from people from different trading groups I am in did very well, one friend of mine alone cashed in over $100k off of a couple hundred bucks.

Having worked on a crypto team from December - June and having been in the space for 4.5 years, I know a good project from a bad one. It has nothing to do with being a "shill". I can say doge is shit because it has no utility. While you can certainly debate the quality of Shiba as an investment, it doesn't change the fact that they have actual products. They have an exchange. They are working on NFT's. They are creating their own blockchain called Shibarium. They are not a shit project. They are doing more than most projects in the space.

To your comment about who am I to tell others doge is shit, with all due respect I am probably one of the most qualified people on this forum when it comes to understanding crypto currency and the legitimacy of projects.

 

[Gardner McKay]

Anyone else been taking advantage of NFT mania?

Somewhat. I tried to get in on the Mekaverse NFT drop but there was just no way. 100k+ all vying for like 8,000 spots. Bought a much of Soldiers of the Metaverse as I know the founder of the project from one of my whale groups. Holding out hope they are able to get their NFT's into somekind of metaverse project.

Also, metaverse tokens are doing really well at the moment. As are a lot of the meme/anime tokens. Kuma straight up printed money for a lot of my groups. To give up the returns I am seeing in those to make a bigger splash for NFT's... Dunno. If you know what you are doing with NFT's, which admittedly isn't my favorite part of the crypto space, you can make a significant amount of coin just flipping them.

I am however, trying to get my hands on some of the UFO gaming NFT's as they begin to drop. That is one most intriguing projects in all of crypto right now IMO. The NFT's will have a major functionality in the games they are releasing and we have seen the level of success Axie has achieved, if UFO can deliver on their promises (and so far I see no reason they won't), they could be bigger than Axie.

 

[SuperScript29]

Many. Some from people from different trading groups I am in did very well, one friend of mine alone cashed in over $100k off of a couple hundred bucks.

You could throw a few hundreds on a bunch of new projects and maybe you'll get lucky. I understand the SHIB team delivered (Nowhere did I say they're a scam), just saying that this can be done with other coins too. The people you speak of must have invested before April/2021 for them to make that much off of a few hundreds. There was no ShibaSwap around then, just a basic website from an anonymous team saying that they wanna build such and such, so it was a gamble that payed off and Shiba was at the right place at the right time because it was meme coin season + bull run + the whole Elon/Doge thing which Shiba benefited from due to the same dog on the token. It also helps that the price looks superficially cheap so a lot of new comers jumped in.

I have a simple question for you, if I'm a new comer to crypto and asked you what's the best possible way that I can gamble to turn my $500 to $50k-$100k, would you steer me toward Shiba? If yes, then please explain, and if no, then case closed.

Having worked on a crypto team from December - June and having been in the space for 4.5 years, I know a good project from a bad one. It has nothing to do with being a "shill". I can say doge is shit because it has no utility. While you can certainly debate the quality of Shiba as an investment, it doesn't change the fact that they have actual products. They have an exchange. They are working on NFT's. They are creating their own blockchain called Shibarium. They are not a shit project. They are doing more than most projects in the space.

To your comment about who am I to tell others doge is shit, with all due respect I am probably one of the most qualified people on this forum when it comes to understanding crypto currency and the legitimacy of projects.

That's nice, but you working on a crypto team or whatever doesn't mean your investment advice means anything more than the next person that has been investing for a while. Unless you're a whale that miniplates the market or you have some serious insiders, your opinion is simply an opinion. That's besides the fact that you're not realizing that I don't think Shiba anymore or less shit than Bitcoin, I think it's safe to say they're not a scam, that's the important part for investors when they're considering buying crypto.

 

[x Tame Impala]

I have 7 million SHIBA

I’ll see you Bros in 2040 when I’m a billionaire

 

[SuperScript29]

Anyone tried Tinyman dex yet? It's amazing, I really hope more coins come out on the Algorand blockchain, it's so damn fast and cheap compared to the ones on the Ethereum network such as Uniswap or Sushiswap.

I have 7 million SHIBA

I’ll see you Bros in 2040 when I’m a billionaire

I had like a 100 million, would've been worth 3k today but I did what any good investor does, buy at an all time high and sell at an all time low

 

[ScottishCanuck]

Why so much focus on the supply? Whether you can buy 100k or 7 million with $1000 is largely irrelevant. Market cap is the figure that matters.

People put far too much stock into the individual token price.

 

[Gardner McKay]

Why so much focus on the supply? Whether you can buy 100k or 7 million with $1000 is largely irrelevant. Market cap is the figure that matters.

People put far too much stock into the individual token price.

Correct. Market cap and tokenomics.