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rxwine
rxwine
Joined: Feb 28, 2010
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November 25th, 2022 at 6:46:58 PM permalink
Quote: AxelWolf

Quote: DRich

Quote: rxwine

Bitcoin itself seems more like a wager than an investment.



^^^This^^^
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Aren't most investments a gamble/wager? Some are far less risky than others but less risk oftentimes equals less potential reward.

As far as I'm concerned, unless you can show me the +EV math, all investments are just gambling. Since no one can predict the future, even things that have past data showing decades of positive returns can suddenly crash.
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I'll asses the risk if I can ever find a cost for personal crypto insurance from long term well-established insurance companies. Every time I look up cost I get some price for a business. Not even sure if any of that is still accurate with recent failures. Or how much of assets it covers. What does it cost for 10k of crypto or 100k of crypto for theft in a personal account.
Fair is fair, if unprovable claims are insisted to be true, one should be able to use unprovable methods of debunking.
EvenBob
EvenBob
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November 25th, 2022 at 8:00:54 PM permalink
'There are now more than 12,000 cryptocurrencies, and what's truly astonishing is the growth rate. The number of cryptocurrencies more than doubled from 2021 to 2022. At the end of 2021, the market was adding about 1,000 new cryptocurrencies every month,' The Motley Fool

Why does this not seem to bother anybody. This shows you what a joke crypto is, 1000 new cryptos a month? It's a scheme, it's a con, it's a scam, but because Bitcoin was the first one people overlook that it's a scam and a con. First and foremost it's not a currency because the hallmark of every currency is stability. No crypto is stable, it only exists to go up in value and make money for people who bought low and hope to sell high. By definition that is not a currency. It's a collectible, it's a commodity, it's an investment. 1000 new cryptos a month, let that sink in.
"It's not enough to succeed, your friends must fail." Gore Vidal
JuliePA
JuliePA
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November 25th, 2022 at 8:40:57 PM permalink
But give credit where it is due. Just the name BIT COIN. Digital versus metal coin. And the people running the computer, why call them MINERS as in silver miners, gold miners, etc. And store the mathematical nonsense in WALLETS, like you put your paper money in. And as far as pump and dumb, call any crash a crypto WINTER. Surely to be followed by spring and a summer of wealth for the true believers. Oh, and the ones who sell at a loss, call them crypto TOURISTS. And boast about the speed of transfers. All I know is at Starbucks my latte is paid for before I can put my credit card back in my purse. And my what wonderful security with digital coins. Except for the millions or billions stolen from exchanges by hackers. But rest assured your bitcoins are perfectly safe. Of course they are.
As for those who got in on the con early, of course they profited. Just like anyone who is in on a ponzi at the beginning. 40 years of consistent returns from Bernie for example.
AZDuffman
AZDuffman
Joined: Nov 2, 2009
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November 26th, 2022 at 3:10:48 AM permalink
Quote: EvenBob

'There are now more than 12,000 cryptocurrencies, and what's truly astonishing is the growth rate. The number of cryptocurrencies more than doubled from 2021 to 2022. At the end of 2021, the market was adding about 1,000 new cryptocurrencies every month,' The Motley Fool

Why does this not seem to bother anybody. This shows you what a joke crypto is, 1000 new cryptos a month? It's a scheme, it's a con, it's a scam, but because Bitcoin was the first one people overlook that it's a scam and a con. First and foremost it's not a currency because the hallmark of every currency is stability. No crypto is stable, it only exists to go up in value and make money for people who bought low and hope to sell high. By definition that is not a currency. It's a collectible, it's a commodity, it's an investment. 1000 new cryptos a month, let that sink in.
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The USA auto industry lost somewhere around 95% of its companies between 1910 and 1920. They came and went. It was a new thing finding its way. The survivors did well.

All but about 10 cryptos, excluding stablecoins, will probably collapse. Utility is slowly hitting. Right now it is fringes taking it as payment. More and more will over time. It would make great sense for eBay to endorse one to use, saving many fees. What could Amazon save? Larger scale, imagine what you could save in international trade.
All animals are equal, but some are more equal than others
darkoz
darkoz
Joined: Dec 22, 2009
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November 26th, 2022 at 4:00:55 AM permalink
Quote: AZDuffman

Quote: EvenBob

'There are now more than 12,000 cryptocurrencies, and what's truly astonishing is the growth rate. The number of cryptocurrencies more than doubled from 2021 to 2022. At the end of 2021, the market was adding about 1,000 new cryptocurrencies every month,' The Motley Fool

Why does this not seem to bother anybody. This shows you what a joke crypto is, 1000 new cryptos a month? It's a scheme, it's a con, it's a scam, but because Bitcoin was the first one people overlook that it's a scam and a con. First and foremost it's not a currency because the hallmark of every currency is stability. No crypto is stable, it only exists to go up in value and make money for people who bought low and hope to sell high. By definition that is not a currency. It's a collectible, it's a commodity, it's an investment. 1000 new cryptos a month, let that sink in.
link to original post



The USA auto industry lost somewhere around 95% of its companies between 1910 and 1920. They came and went. It was a new thing finding its way. The survivors did well.

All but about 10 cryptos, excluding stablecoins, will probably collapse. Utility is slowly hitting. Right now it is fringes taking it as payment. More and more will over time. It would make great sense for eBay to endorse one to use, saving many fees. What could Amazon save? Larger scale, imagine what you could save in international trade.
link to original post



The same is true for video sharing websites. After the initial success of YouTube dozens of similar sites were launched. Most died a quick death.

YouTube established itself as king of video sharing websites. They didn't even monetize their website for a number of years such that people asked what value the company even had.

Google found a way to make it have a financial value.
For Whom the bus tolls; The bus tolls for thee
billryan
billryan
Joined: Nov 2, 2009
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November 26th, 2022 at 4:03:27 AM permalink
Okay, I'll bite. What can I save by using bitcoin for all my international trade? I've gathered up my international bills from last year- I spend $2700 on stuff from Russia., about the same from a shop on Ukraine that is still shipping despite the alleged war, and $237 from Ireland. . Altogether, a bit over $6,000. I'd imagine the average American does much less overseas but please tell me how bitcoin would save me money.
Let us pretend my business grows to the point where I'm importing $200,000 a year. What will bitcoin do for me, if it happens to be one of the 3% of CC that you think will survive?
The difference between fiction and reality is that fiction is supposed to make sense.
EvenBob
EvenBob
Joined: Jul 18, 2010
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November 26th, 2022 at 8:30:43 AM permalink
Quote: AZDuffman



All but about 10 cryptos, excluding stablecoins, will probably collapse. ]



Remember way back when the euro got started and what a big deal it was. That was a real currency, not a fake pretend currency like crypto. Remember when the euro dominated it was worth so much more than the US dollar. Where is it now. Some days it's worth less than the US dollar, some days worth a penny or two more. Everybody said it was going to be the savior of world currency. And it was backed by actual tangible assets, unlike crypto. How many crypto's will collapse? Eventually all of them, they were doomed from the start. Crypto is no different then the hucksters who created fake gold mine claim deeds in the 1850s and sold them to the unending stream of suckers that made it to California for the gold rush. That stream of suckers eventually ended just like the stream of suckers buying crypto will eventually end and the so-called currency will collapse. The fallout from FTX hasn't even hit yet and when it does it's going to have a devastating effect on the future of all crypto.
"It's not enough to succeed, your friends must fail." Gore Vidal
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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Thanks for this post from:
RogerKint
November 26th, 2022 at 5:55:29 PM permalink
Quote: EvenBob

How many crypto's will collapse? Eventually all of them,
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That statement is meaningless. Eventually, everything will fail. Some things sooner rather than later. Wasn't you're roulette SYSTEM a failure when actually put to the test?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
rainman
rainman
Joined: Mar 28, 2012
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November 26th, 2022 at 6:19:37 PM permalink
Quote: AxelWolf

Quote: EvenBob

How many crypto's will collapse? Eventually all of them,
link to original post

That statement is meaningless. Eventually, everything will fail. Some things sooner rather than later. Wasn't you're roulette SYSTEM a failure when actually put to the test?
link to original post



Right between the pockets!
darkoz
darkoz
Joined: Dec 22, 2009
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November 26th, 2022 at 6:38:20 PM permalink
Quote: AxelWolf

Quote: EvenBob

How many crypto's will collapse? Eventually all of them,
link to original post

That statement is meaningless. Eventually, everything will fail. Some things sooner rather than later. Wasn't you're roulette SYSTEM a failure when actually put to the test?
link to original post



EB acts like the US dollar has done nothing but rise in value lol.

Working hard for a $100 bill in 1970 or even just from 2000 and that bill would be considered a bad investment. It literally buys less today than it ever did.

But hey EB is a master at Roulette as well so not much to say.
For Whom the bus tolls; The bus tolls for thee

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