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

[The Crypto Guy]

Thankfully I don't take my advice from people who mastered the art of make believe.

He should probably fire whoever gave him advice to write a book, it will be a complete flop after the first week of sales.

 

[Non Player Canadiens]

there goes doo-doo head John Oliver once again bagging on everyone's favorite scam investment opportunity

"in a financial system where the only real currency is confidence, scammers are going to thrive"

 

[S E P H]

John Oliver is probably one of the stupidest men on this Earth. I have some respect that he goes and finds bad stuff like a whistleblower, but most of it comes across as drivel because of crazy bias he is in his viewpoints.

 

[Tonneau]

John Oliver is probably one of the stupidest men on this Earth. I have some respect that he goes and finds bad stuff like a whistleblower, but most of it comes across as drivel because of crazy bias he is in his viewpoints.

You haven't refuted a single point made in the video. You're just whining.

 

[S E P H]

You haven't refuted a single point made in the video. You're just whining.

I am not watching that video because I don't care what he has to say. He lost me a long time ago with other political drivel from him. Also, I am not whining, I am stating my opinion why his opinion should never be brought up. John Oliver has gotten things absolutely right....but so has Alex Jones and I don't think anybody would consider that person a source of information or inspiration (except the deluded few).

 

[x Tame Impala]

Oliver lost it after the 1st season of his show IMO. He started off really strongly though

 

[Non Player Canadiens]

I am not watching that video because I don't care what he has to say.

how do you expect anyone to take you seriously

 

[ItsFineImFine]

Interesting test of the bitcon network coming up now. Around 500k unconfirmed transactions and rising due to this BRC-20 token crap.

Bitcoin has always shrugged off anything before let's see if it does the same now.

 

[Elliman]

bloodbath

 

[The Crypto Guy]

bloodbath

5% isn't a bloodbath.

But I guess those who hold garbage like Poly, SOL, ADA, those 20% are.

Bitcoin or Ether folks. That's it.

 

[Non Player Canadiens]

Their Crypto Company Collapsed. They Went to Bali. (Published 2023)

The implosion of Three Arrows Capital, a cryptocurrency hedge fund, devastated the industry. Its two founders spent the next year surfing, meditating and traveling the world.

www.nytimes.com

these guys seem nice

 

[PeteWorrell]

Their Crypto Company Collapsed. They Went to Bali. (Published 2023)

The implosion of Three Arrows Capital, a cryptocurrency hedge fund, devastated the industry. Its two founders spent the next year surfing, meditating and traveling the world.

www.nytimes.com

these guys seem nice

That is what people get for trusting uninsured and unregulated businesses with their money. Things start falling apart and the owners of a crypto exchange can just funnel money to some offshore account and bail.

 

[SuperScript29]

5% isn't a bloodbath.

But I guess those who hold garbage like Poly, SOL, ADA, those 20% are.

Bitcoin or Ether folks. That's it.

If you have a nice 10k you can gamble, sure, but if you want a higher return then Bitcon/Eth are not good investments. Granted none of these other ones you listed are good gambles either given their market caps, but that's the crypto game in general, it's nothing but gambling.

 

[The Crypto Guy]

If you have a nice 10k you can gamble, sure, but if you want a higher return then Bitcon/Eth are not good investments. Granted none of these other ones you listed are good gambles either given their market caps, but that's the crypto game in general, it's nothing but gambling.

Well any investment is gambling so I agree. The stock market is one big gambling ring too.

 

[SuperScript29]

Well any investment is gambling so I agree. The stock market is one big gambling ring too.

Yes, but with normal stock markets you have actual products and regulations. I'm not saying for people not to gamble on crypto, but there needs to be an understanding that there's little to no use for them.

 

[The Crypto Guy]

Yes, but with normal stock markets you have actual products and regulations. I'm not saying for people not to gamble on crypto, but there needs to be an understanding that there's little to no use for them.

That’s not true with all Cryptos.

 

[SuperScript29]

That’s not true with all Cryptos.

The concept of cryptocurrency is all lost when you need to purchase them on exchanges. The idea that started with Bitcoin was meant to replace the current financial system with a new one, whether a decentralized financial system would have been a better one or not is up to debate (I think not). But the point was never to buy/sell them for "real" money like how we see today. Heck, even if you want to operate on a decentralized exchange you still need to purchase the main coin for the blockchain that the exchange operates on, and on top of that, the idea of swapping random tokens is in itself a useless concept, because they're just a bunch of horses you're betting on, that do nothing for most part.

Comparing crypto to real stocks is a joke actually. Real money can be made in crypto, but as far as real world use, cryptocurrencies are useless.

 

[The Crypto Guy]

The concept of cryptocurrency is all lost when you need to purchase them on exchanges. The idea that started with Bitcoin was meant to replace the current financial system with a new one, whether a decentralized financial system would have been a better one or not is up to debate (I think not). But the point was never to buy/sell them for "real" money like how we see today. Heck, even if you want to operate on a decentralized exchange you still need to purchase the main coin for the blockchain that the exchange operates on, and on top of that, the idea of swapping random tokens is in itself a useless concept, because they're just a bunch of horses you're betting on, that do nothing for most part.

Comparing crypto to real stocks is a joke actually. Real money can be made in crypto, but as far as real world use, cryptocurrencies are useless.

Call it whatever you want, but the stock market is just as much gambling as Crypto and can (and is) manipulated on the regular.

 

[SuperScript29]

Call it whatever you want, but the stock market is just as much gambling as Crypto and can (and is) manipulated on the regular.

Of course it can be manipulated, but let's just say that I have more confidence holding on to a stock that actually has a physical value to offer. At least there's some metric we can go on. History doesn't lie, look up some of the big companies over the years, and you'll see how their stock performance sort of correlates to what the company put out over the years.

 

[The Crypto Guy]

Of course it can be manipulated, but let's just say that I have more confidence holding on to a stock that actually has a physical value to offer. At least there's some metric we can go on. History doesn't lie, look up some of the big companies over the years, and you'll see how their stock performance sort of correlates to what the company put out over the years.

I mean, that’s preference. I’ve personally made 100x more in crypto that I’ve made in the stock market.

 

[The Crypto Guy]

BlackRock's Game-Changing Bitcoin ETF: What Every Investor Needs to Know | The Motley Fool

BlackRock's ETF application could attract billions of dollars, potentially reshaping Bitcoin's future.

www.fool.com

HUGE

SEC finally realizes they can’t kill crypto and approved the ETF….after rejecting is 38 or so times over years. Great day for crypto holders!

 

[S E P H]

Get freakin' wrecked SEC and Coinbase, Judge files in favour of XRP not being a security and it is exploding.

 

[x Tame Impala]

Probably wasted a good 40 hours of my life listening to stupid Bitcoin/Ethereum/Cardano podcasts and another 40 hours reading through those crypto/stock forums over the pandemic.

Retail investing is a sucker's bet. Unless you're deeply entrenched at the ground level the information you're getting is late and IMHO manipulated so the few wealthy people capitalize on the mistakes of the ignorant masses. I'd be so much better off had I just saved my money instead of lighting it on fire with Robinhood and Coinbase.

Also that whole narrative spinning around that because of inflation it's worse to have your money in a saving's account instead of investing it was horseshit.

$5k lost at this point and a huge lesson learned.

 

[sigma six]

Everything's taking off, but for how long...

 

[The Crypto Guy]

Up up we go! Another huge victory for Crypto!