OT: Lets talk about stocks (Part 3)

[Non Player Canadiens]

left HF to go do something else and found a NYT article about crypto-based scams literally 2 mins later.

The Crypto Ponzi Scheme Avenger (Published 2022)

From his home in New Zealand, the YouTuber Danny de Hek assails what he calls a dangerous and deceptive scheme, one rant at a time.

www.nytimes.com

 

[waffledave]

are you not familiar with rug pulls?

Crypto-sceptic Molly White could be the new JK Galbraith… just much tougher | John Naughton

This remarkable young woman is the sharpest critic of crypto on the web - and predictably, the trolls are after her

www.theguardian.com

Worldwide crypto & NFT rug pulls and scams tracker - Comparitech

The crypto world is reported to be worth over $3 trillion with over 300 million people worldwide owning some form of crypto. But as our cryptocurrency and NFT heist trackers have found, crypto is a lucrative business for hackers. These trackers don’t account for insider jobs and scams (e.g...

www.comparitech.com

c'mon man I'm sure you are. and now you've got the latest meltdown from the guy who was perceived as the brightest mind in crypto, engaging in shady practices just like everyone else, causing another wipeout in the order of billions.

big and small, they're all scams.

You are naming specific cases and saying everything is a scam.

There are many stock market scams, and there will continue to be. Are all stocks scams?

 

[HuGort]

After crypto, Twitter could be next mess

 

[calder candidate]

You are naming specific cases and saying everything is a scam.

There are many stock market scams, and there will continue to be. Are all stocks scams?

99.9%maybe even all of these coin don’t have any proprietary technology, the real value is in the network of miner but has those have centralized into large farm they could switch coin at anytime, if the point is that it is decentralized why create all these scam exchange and coin. if everyone is in just holding their coin because the value might go up how is that how is it supposed to ever become mainstream currency, not to mention the power consumption or ability to make all this transaction… There are scam in the stock market but it isn’t 99% of the market or value than was created out of tin air… block chain technology might have bright future some applications but I don’t see that it being the base for currency especially with quantum computing around the corner all current blockchain encryption will be useless.

 

[montreal]

I don't have any direct crypto but I do have 2 stocks, SI and MSTR. I got a great price on SI and trimmed it on the run up so not worried about that one at all. Only bought 5 or 7 shares of MSTR but it's way down. I'm thinking of buying a few shares to lower by cost basis, maybe get to 15 or 20 shares. What do you think happens in the short term to Bitcoin and ETH (as if I do buy crypto directly again, which I'm considering, it would be ETH most likely that I buy)

 

[Matthew McConaughay]

You guys, should make a Let's Talk About Crypto thread.

 

[Non Player Canadiens]

uh oh.

golden child SBF not only ruined his company and crippled the legitimacy of crypto (yet again), looks like 1-2B in funds from investors has gone missing...

Between $1 billion and $2 billion of FTX customer funds have disappeared, SBF had a secret 'back door' to transfer billions: Report

You are naming specific cases and saying everything is a scam.

There are many stock market scams, and there will continue to be. Are all stocks scams?

i am saying pretty much everywhere you dig in crypto, there's some kind of shady scam going on. the history of crypto is basically a clown's parade of crashes, scams, rug pulls and hype where a tiny minority take the money and run while the average joe is left holding the bag (see the links i provided yesterday).

the fact that white collar crime is rampant in the traditional stock market is certainly not a great argument in favor of crypto, is it? it's the same old wolf of wall street garbage, same Jordan Belfort dudebros trying to get rich quick, except this time it's even more deregulated and couched in in a veneer technical opacity that somehow is supposed to make it seem more legit. what?

and here's the kicker. at least in the traditional stock market, you're investing in a real company that produces a real product or service. you're becoming a part owner and helping them grow. with crypto? what are you even investing in? hype? thin air? it's just pure speculation for its own sake. hope to get rich quick without actually producing anything of value

 

[Lafleurs Guy]

Crypto scares me. It’s practical use is money laundering, ransomware, non-transparency…

It’s shady as f***. I know many have made loads of cash but man…

Having said that, I’ve gotten burned on stock scams too so it’s not like you can’t get shafted there too.

 

[the paisanos guy]

You are naming specific cases and saying everything is a scam.

There are many stock market scams, and there will continue to be. Are all stocks scams?

It's all a scam because its use-case is one that no one actually cares about except for libertarian edgelords. We're all part of a society and trust within a society is prerequisite. Having a trustless payment system/currency is just not something people actually need or want.

Crypto's meteoric rise wasn't due to some sudden paradigm shift in how people view society, it was due to people wanting to be rich so badly they decided to forego all logic. A story as old as time

 

[JeffreyLFC]

Crypto scares me. It’s practical use is money laundering, ransomware, non-transparency…

It’s shady as f***. I know many have made loads of cash but man…

Having said that, I’ve gotten burned on stock scams too so it’s not like you can’t get shafted there too.

Bingo.

I can understand the libertarian appeal but the main concept behind it is helping scammer make tons of money and use a ponzi like scheme to make other people invest in it with the fear of missing out.

If you invest in crypto it's because you believe in the concept and not because you want to make quick gains.

 

[BehindTheTimes]

Hearing Crypto.com could be in trouble and next exchange to go tits up.

 

[HuGort]

Bingo.

I can understand the libertarian appeal but the main concept behind it is helping scammer make tons of money and use a ponzi like scheme to make other people invest in it with the fear of missing out.

If you invest in crypto it's because you believe in the concept and not because you want to make quick gains.

Warren Buffett always said it you don't totally understand something don't invest in it. Looks like he will end up being right about crypto

 

[QuebecPride]

I just hope nobody on HFhabs got trounced in that FTX drama. I'm glad I only invested a small % of my PF and in ETFs in crypto lol.

 

[All Star John Scott]

Can't remember which one of you it was but thanks for that ASTA recommendation months back, made myself a fat bag today.

 

[pepperMonkey]

I don't have any direct crypto but I do have 2 stocks, SI and MSTR. I got a great price on SI and trimmed it on the run up so not worried about that one at all. Only bought 5 or 7 shares of MSTR but it's way down. I'm thinking of buying a few shares to lower by cost basis, maybe get to 15 or 20 shares. What do you think happens in the short term to Bitcoin and ETH (as if I do buy crypto directly again, which I'm considering, it would be ETH most likely that I buy)

Unless you trade, I would only consider Bitcoin or ETH from an investment point of view... Everything else is just too risky... And those two are already risky enough.
With that said... If you are holding MSTR... You are already rather concentrate into crypto...I would consider getting some exposure to more diverse and safe stocks. Like say...COST will probably do well even during these bad economic times. Even bonds or commodities, albeit I don't know much about those.

 

[Habs]

Can't remember which one of you it was but thanks for that ASTA recommendation months back, made myself a fat bag today.

that's good, I bought someones recommendation here, Lion Electric and its down about 90% lol. Good times

 

[montreal]

Unless you trade, I would only consider Bitcoin or ETH from an investment point of view... Everything else is just too risky... And those two are already risky enough.
With that said... If you are holding MSTR... You are already rather concentrate into crypto...I would consider getting some exposure to more diverse and safe stocks. Like say...COST will probably do well even during these bad economic times. Even bonds or commodities, albeit I don't know much about those.

I don't know crypto much but I have almost 30 years experience in trading just about every major financial instrument. I have a degree in Finance, worked for the biggest banks, mutual fund companies like JP Morgan, The Vanguard Group, Citibank, had offers to work on wall street when I first got out of college in the '90's.

 

[pepperMonkey]

I don't know crypto much but I have almost 30 years experience in trading just about every major financial instrument. I have a degree in Finance, worked for the biggest banks, mutual fund companies like JP Morgan, The Vanguard Group, Citibank, had offers to work on wall street when I first got out of college in the '90's.

Hey, that's awesome. I have no trading experience and don't understand TA. Pretty much a newb with surface knowledge in reading balance sheets, 10K's, etc. Good to know who understands this stuff if I get stuck With that said, I hope you didn't take what I said the wrong way. I was just worried that you were already beholden to the whims of crypto with your MSTR holdings and because you might be considering getting crypto. I'm actually very bullish on crypto and have a good chunk of my portfolio in BTC (and a trickle of Solana...which is now worth even less than a trickle...). Still, it is very high risk, so unless you are good with such volatility...

 

[HuGort]

I don't know crypto much but I have almost 30 years experience in trading just about every major financial instrument. I have a degree in Finance, worked for the biggest banks, mutual fund companies like JP Morgan, The Vanguard Group, Citibank, had offers to work on wall street when I first got out of college in the '90's.

You certainly well qualified

 

[montreal]

Hey, that's awesome. I have no trading experience and don't understand TA. Pretty much a newb with surface knowledge in reading balance sheets, 10K's, etc. Good to know who understands this stuff if I get stuck With that said, I hope you didn't take what I said the wrong way. I was just worried that you were already beholden to the whims of crypto with your MSTR holdings and because you might be considering getting crypto. I'm actually very bullish on crypto and have a good chunk of my portfolio in BTC (and a trickle of Solana...which is now worth even less than a trickle...). Still, it is very high risk, so unless you are good with such volatility...

The positions are held for others but is less then .5% of their portfolios so really small positions but I am thinking of adding some more. I did really well with SI as i believe I got it at 30 bucks and trimmed a good bit before it topped out and crashed. Kept a small amount, I think 75 shares.

 

[LeHab]

Unless you trade, I would only consider Bitcoin or ETH from an investment point of view... Everything else is just too risky... And those two are already risky enough.
With that said... If you are holding MSTR... You are already rather concentrate into crypto...I would consider getting some exposure to more diverse and safe stocks. Like say...COST will probably do well even during these bad economic times. Even bonds or commodities, albeit I don't know much about those.

99.9%maybe even all of these coin don’t have any proprietary technology, the real value is in the network of miner but has those have centralized into large farm they could switch coin at anytime, if the point is that it is decentralized why create all these scam exchange and coin. if everyone is in just holding their coin because the value might go up how is that how is it supposed to ever become mainstream currency, not to mention the power consumption or ability to make all this transaction… There are scam in the stock market but it isn’t 99% of the market or value than was created out of tin air… block chain technology might have bright future some applications but I don’t see that it being the base for currency especially with quantum computing around the corner all current blockchain encryption will be useless.

I don't know crypto much but I have almost 30 years experience in trading just about every major financial instrument. I have a degree in Finance, worked for the biggest banks, mutual fund companies like JP Morgan, The Vanguard Group, Citibank, had offers to work on wall street when I first got out of college in the '90's.

Real life is getting in the way for the past few weeks so have not kept much up to date with latest on financial side.

Saw some of the Crypto exchanges troubles but the problem seems to be with the exchange part rather than crypto itself. At the same there has been a lot of drama around twitter. In all the frenzy the idea of featuring Payments on Twitter got my attention however cant find any more detailed intentions.

Musk has a track history with innovation within financial sector with Paypal. Any ideas what may become of Twitter as a potential payment platform? Something maybe around decentralized/P2P payment platform as a complementary option to regular payment system. Natural way would be to include crypto currency there. Curious how this is being discussed within financial sector.

 

[JohnTheBaptist]

Hearing Crypto.com could be in trouble and next exchange to go tits up.

Good, they stole 5k from me they should be shut down permanently. Serious question, who has my money and everyone else's money that they lost? Who gained from our losses? Can someone explain?

 

[Kaladin]

Good, they stole 5k from me they should be shut down permanently. Serious question, who has my money and everyone else's money that they lost? Who gained from our losses? Can someone explain?

How did they steal it?

 

[JohnTheBaptist]

How did they steal it?

You tell me.. it all disappeared, where did it go? Who has it now? Seems like nobody knows. My coins went from 0.60$ to about 0.065$ now. Where did the money go? I don't understand it and it seems like nobody can explain it to me, does anyone understand? I bought the CRO coins from Crypto.com

 

[DailyKaizen]

Warren Buffett always said it you don't totally understand something don't invest in it. Looks like he will end up being right about crypto

The entire crypto craze is an excellent example of Orwellian Groupthink and doublespeak.