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DRich
DRich
Joined: Jul 6, 2012
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July 1st, 2022 at 5:14:50 AM permalink
Quote: AlanMendelson



You are describing a zero sum game but cryptocurrency is not a zero sum game.

With crypto everyone can lose everything.
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Can you explain this as it doesn't make sense to me?
Order from chaos
rxwine
rxwine
Joined: Feb 28, 2010
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July 1st, 2022 at 6:29:31 PM permalink
FBI offering $100,000 if you turn her in. Mastermind of 4 billion coin scam

The Hall of Unverified Claims is a vast place with many shelves.
Wizard
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Wizard
Joined: Oct 14, 2009
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July 1st, 2022 at 6:47:19 PM permalink
Quote: DRich

Can you explain this as it doesn't make sense to me?
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I second that. Please explain any scenario where that is possible.
It's not whether you win or lose; it's whether or not you had a good bet.
Ace2
Ace2
Joined: Oct 2, 2017
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RayFinkle
July 1st, 2022 at 8:02:30 PM permalink
Quote: PokerGrinder

I bought more just now at 19,012.89

Fire sale 🔥 🔥🔥
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With an expected loss of about 21%, youd be much better off putting your hard-earned cash on the Fire Bet 🔥.

Or even the lottery
Its all about making that GTA
AZDuffman
AZDuffman
Joined: Nov 2, 2009
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July 2nd, 2022 at 3:19:33 AM permalink
Quote: Wizard

Bitcoin down another $1,000 today.

Question for the BTC faithful -- At what price will your faith start to crack?
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I have seen at least 2 80% or so drops. The week all the virus stuff hit BTC was down IIRC to a little below $5,000 from a previous high of about $19,000. Now you are at $19,000 from a high of about $67,000. Next halving is in about 700 days, which has historically meant a huge run. You should be dollar cost averaging in now to cash out then. IOW, i am hanging on. Dropping $40 per month on SHIB until I have 100MM of them, I figure that is a better chance and buy than lottery tickets.

Quote:

BTC may have been a good start, but I think a new generation of cryptocurrency will come along that will cost under a penny per transaction, take under a second, and be based on something real. When that happens, BTC will be a relic that we will laugh at the way we laugh at the Beanie Baby craze of the 90's.
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What are you meaning there? The USD in your wallet is not based on anything real. Well, you can get gold for it as soon as the temporary closure of the gold window ends. 51 years next month since it was closed so the "temporary" closure has to be near over.

No currency is based on anything more than the government saying it is good. The difference is the fed cannot print up BTC to keep the game going.
All animals are equal, but some are more equal than others
UP84
UP84
Joined: May 22, 2012
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July 2nd, 2022 at 4:37:54 AM permalink
Quote: DRich

So is the U.S. Dollar. No fiat currency has ever not eventually failed.
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What the **** are you talking about? Don't even try to equate crypto fiat currencies with national fiat currencies.

National currencies function within a robust financial system and national treasuries, and under the auspices of central banks that can utilize open market operations to provide stability. Crypto currencies have absolutely no stabilizing tools at their disposal. None. Nil. Nada. In the post Bretton Woods era the world has had nothing but fiat national currency and during that time not one national currency has even come close to failure,..the closest call might have been the Venezuelan Bolivar during 2016, but even that wasn't very close.
Wizard
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Wizard
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UP84
July 2nd, 2022 at 4:46:00 AM permalink
Quote: AZDuffman

The USD in your wallet is not based on anything real.
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The USD is the official currency of the United States. As long as the country means something, so does it's currency.
It's not whether you win or lose; it's whether or not you had a good bet.
Dieter
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Dieter
Joined: Jul 23, 2014
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July 2nd, 2022 at 5:11:55 AM permalink
Quote: UP84

In the post Bretton Woods era the world has had nothing but fiat national currency and during that time not one national currency has even come close to failure,..the closest call might have been the Venezuelan Bolivar during 2016, but even that wasn't very close.
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When it takes 11 zeroes to buy an egg and the currency comes with an expiration date printed on it, I consider it "failed".
As I recall, the paper was worth more before it went into the printing press.
I understand that these are subjective criteria for failure, and you're welcome to your own.
May the cards fall in your favor.
UP84
UP84
Joined: May 22, 2012
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July 2nd, 2022 at 5:26:50 AM permalink
Quote: Dieter

Quote: UP84

In the post Bretton Woods era the world has had nothing but fiat national currency and during that time not one national currency has even come close to failure,..the closest call might have been the Venezuelan Bolivar during 2016, but even that wasn't very close.
link to original post




When it takes 11 zeroes to buy an egg and the currency comes with an expiration date printed on it, I consider it "failed".
As I recall, the paper was worth more before it went into the printing press.
I understand that these are subjective criteria for failure, and you're welcome to your own.
link to original post

Yup, forgot that one. I'd consider that a failure. But I stand by my point, which was in response to the statement that "No fiat currency has eventually not failed."
Last edited by: UP84 on Jul 2, 2022
darkoz
darkoz
Joined: Dec 22, 2009
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July 2nd, 2022 at 6:55:37 AM permalink
Quote: UP84

Quote: Dieter

Quote: UP84

In the post Bretton Woods era the world has had nothing but fiat national currency and during that time not one national currency has even come close to failure,..the closest call might have been the Venezuelan Bolivar during 2016, but even that wasn't very close.
link to original post




When it takes 11 zeroes to buy an egg and the currency comes with an expiration date printed on it, I consider it "failed".
As I recall, the paper was worth more before it went into the printing press.
I understand that these are subjective criteria for failure, and you're welcome to your own.
link to original post

Yup, forgot that one. I'd consider that a failure. But I stand by my point, which was in response to the statement that "No fiat currency has eventually not failed."
link to original post



You are forgetting German Marks after reparations for WWI
For Whom the bus tolls; The bus tolls for thee

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