BitCoin
My question is not an attempt to challenge your or anyone else’s opinion. I’m trying to understand BC from the perspective of those who understand it better than I do. I get the short-term benefits to those who have bought and sold at the right times. I’m more curious about its viability long term. What does the fact that governments around the world are buying in? Do they see it as more than just a short-term investment? How important is it to consider which countries are interested?
You know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile it went from around 100 to 100k.Quote: EvenBobYou know it's a scam when the person trying to sell you an investment wants you to mortgage your house to pay for it. Run, do not walk, away from him.
link to original post
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
Quote: AxelWolfYou know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile it went from around 100 to 100k.Quote: EvenBobYou know it's a scam when the person trying to sell you an investment wants you to mortgage your house to pay for it. Run, do not walk, away from him.
link to original post
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
link to original post
You know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile, it went from around 100 to 100k.
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
Quote: AxelWolfQuote: AxelWolfYou know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile it went from around 100 to 100k.Quote: EvenBobYou know it's a scam when the person trying to sell you an investment wants you to mortgage your house to pay for it. Run, do not walk, away from him.
link to original post
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
link to original post
You know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile, it went from around 100 to 100k.
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
link to original post
Beanie babies were a great investment, until they weren't.
"Bitcoin is a Ponzi scheme on a grand scale. It gives a very unfair advantage to those who entered the pyramid at an early stage - they have to do absolutely nothing at all to see their share balloon as more and more users pile on at the lower tiers. This Ponzi scheme is definitely something for rent-seekers, freeloaders and speculators."
Quote: EvenBobQuote: AxelWolfQuote: AxelWolfYou know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile it went from around 100 to 100k.Quote: EvenBobYou know it's a scam when the person trying to sell you an investment wants you to mortgage your house to pay for it. Run, do not walk, away from him.
link to original post
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
link to original post
You know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile, it went from around 100 to 100k.
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
link to original post
Beanie babies were a great investment, until they weren't.
link to original post
So we're Sears Roebuck and Blockbuster video.
Quote: camaplFor those of us who don’t understand BC, would you please elaborate on “everyone benefits”? At first reading, I took that to mean nobody loses money on BC. I doubt that is what you mean…
My question is not an attempt to challenge your or anyone else’s opinion. I’m trying to understand BC from the perspective of those who understand it better than I do. I get the short-term benefits to those who have bought and sold at the right times. I’m more curious about its viability long term. What does the fact that governments around the world are buying in? Do they see it as more than just a short-term investment? How important is it to consider which countries are interested?
link to original post
https://youtu.be/v1jGaSvBzKs?t=1587
Listen from 26:27 to 32:45 to help you understand. It's difficult to understand because you see things from the system you currently live in.
Example of benefitting from joining a network - telephone network vs. telegram.
1 telephone was useless when everyone else used telegram
1000 telephones allowed you to call your grandma (benefit)
8 billion telephones is a world wide communications network (benefit)
Bitcoin network vs. fiat
1 person with bitcoin is useless when everyone else uses fiat
1000 persons with bitcoin is a small group you can trade with (benefit)
8 billion persons using bitcoin is a world wide financial network (benefit)
Bitcoin is the first soul-backed currency. Unlike the government fiat currencies, which are on the lead standard, backed by the will of governments that will send men with guns to kill you to enforce their laws, Bitcoin is supported by nothing but the desire of those just like me to have Bitcoin, those who have been endowed with free will and a soul by God. It is pure information, thus if a black hole were to absorb the solar system, all gold will be collapsed into the singularity but the Bitcoin blockchain will remain on the event horizon, as information can never be truly lost. Bitcoin is the money of eternity, of infinity, of God.
I used to be crazy. But at the current price of Bitcoin, I am now eccentric.
Quote: EvenBob
"Bitcoin is a Ponzi scheme on a grand scale. It gives a very unfair advantage to those who entered the pyramid at an early stage - they have to do absolutely nothing at all to see their share balloon as more and more users pile on at the lower tiers. This Ponzi scheme is definitely something for rent-seekers, freeloaders and speculators."
link to original post
See, the big flaw in your argument is that the "early bitcoiners" want to go back to the fiat monetary system of counterparty theft and extraction of labor. Why in the hell would we go back to that system? That's backwards thinking. Bitcoin was created for everyone to leave that system. The faster you leave, the faster you benefit.
1 BTC = 1 BTC that saying is for the time where there is no fiat value because Nash cooperation and benefit from Bitcoin has destroyed it.
https://www.msn.com/en-us/money/other/the-myths-of-ayn-rand-pose-real-threats-to-democracy/ar-AA1wvQQo?ocid=BingNewsSerp
the gist of it quote "Engaged investors and governance experts like me generally loathe dual-class shares "
Quote: EvenBobBeanie babies were a great investment, until they weren't.
"Bitcoin is a Ponzi scheme on a grand scale. It gives a very unfair advantage to those who entered the pyramid at an early stage - they have to do absolutely nothing at all to see their share balloon as more and more users pile on at the lower tiers. This Ponzi scheme is definitely something for rent-seekers, freeloaders and speculators."
link to original post
We don't agree often, but on this I think you're absolutely right. Couldn't have said it better myself.
Quote: darkozQuote: EvenBobQuote: AxelWolfQuote: AxelWolfYou know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile it went from around 100 to 100k.Quote: EvenBobYou know it's a scam when the person trying to sell you an investment wants you to mortgage your house to pay for it. Run, do not walk, away from him.
link to original post
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
link to original post
You know it's a sham when the person trying to tell you an investment sucks and he's been wrong every day for over 10 years meanwhile, it went from around 100 to 100k.
Run, do not walk, away from his advice.
I hope you had a Merry Kitty Christmas Bob.
link to original post
Beanie babies were a great investment, until they weren't.
link to original post
So we're Sears Roebuck and Blockbuster video.
link to original post
Fortunes were built off of Sears Robuck stocks, and its dividends supported hundreds of thousands of families from the 1930s through the 1980s. Bitcoin doesn't even produce dividends so your comparison is garbage.
Quote: billryan
Fortunes were built off of Sears Robuck stocks, and its dividends supported hundreds of thousands of families from the 1930s through the 1980s. Bitcoin doesn't even produce dividends so your comparison is garbage.
link to original post
Fortunes were made from stocks that don't pay dividends too.
I don't understand the animus against it. It's a currency. Almost all of the government currencies can be traded. What's wrong with a non-government currency?
Bitcoin has a market cap of over $1.6T right now, which is larger than the economies of many small countries and it is used by more people than the population of some small countries. What makes it inferior to the currency printed by a monster in a palace? I could trade Venezuelan currency, Iranian currency, currency from any other ridiculous despotism and people might say that's not wise investing but no one would say "Ponzi." Meanwhile Bitcoin is managed and used by peaceful people all over the world, united only by a common vision of financial freedom, and there are those who call it a scam. I'm stumped.
Quote: AutomaticMonkey
I don't understand the animus against it. It's a currency. Almost all of the government currencies can be traded. What's wrong with a non-government currency?
To some, that is what is wrong with it. The modern system is built around the USD and western controlled international banking system. Remember when we locked Russia out of that over Ukraine? If Putin wanted to trade a tanker of oil for 1,000 bitcon, who could stop him? He wants to then trade that bitcoin for say steel, who could stop him?
Smaller scale, the IRS freezes you out of banking. You deal in crypto. They cannot stop you.
Unless a nation goes North Korea and seals itself off from everything, this cannot be stopped.
And that is what scares governments to death.
Quote: AZDuffmanQuote: AutomaticMonkey
I don't understand the animus against it. It's a currency. Almost all of the government currencies can be traded. What's wrong with a non-government currency?
To some, that is what is wrong with it. The modern system is built around the USD and western controlled international banking system. Remember when we locked Russia out of that over Ukraine? If Putin wanted to trade a tanker of oil for 1,000 bitcon, who could stop him? He wants to then trade that bitcoin for say steel, who could stop him?
Smaller scale, the IRS freezes you out of banking. You deal in crypto. They cannot stop you.
Unless a nation goes North Korea and seals itself off from everything, this cannot be stopped.
And that is what scares governments to death.
link to original post
Bitcoin isn’t so anonymous though. US couldn’t stop it but could know who took the 1,000 bitcoins and apply sanctions to them.
I like a lot of things about Bitcoin, but I also believe that the thing that makes it so secure (energy intensive to lock in blockchain) will end up limiting its usefulness (unless we find cheap, unlimited energy).
Quote: unJonQuote: AZDuffmanQuote: AutomaticMonkey
I don't understand the animus against it. It's a currency. Almost all of the government currencies can be traded. What's wrong with a non-government currency?
To some, that is what is wrong with it. The modern system is built around the USD and western controlled international banking system. Remember when we locked Russia out of that over Ukraine? If Putin wanted to trade a tanker of oil for 1,000 bitcon, who could stop him? He wants to then trade that bitcoin for say steel, who could stop him?
Smaller scale, the IRS freezes you out of banking. You deal in crypto. They cannot stop you.
Unless a nation goes North Korea and seals itself off from everything, this cannot be stopped.
And that is what scares governments to death.
link to original post
Bitcoin isn’t so anonymous though. US couldn’t stop it but could know who took the 1,000 bitcoins and apply sanctions to them.
I like a lot of things about Bitcoin, but I also believe that the thing that makes it so secure (energy intensive to lock in blockchain) will end up limiting its usefulness (unless we find cheap, unlimited energy).
link to original post
True enough, but it makes it far easier. And it is not as though Russia has to have their name on the accounts. Easy to launder things. The energy thing is overstated. We use energy to move regular money.
Quote: unJonQuote: AZDuffmanQuote: AutomaticMonkey
I don't understand the animus against it. It's a currency. Almost all of the government currencies can be traded. What's wrong with a non-government currency?
To some, that is what is wrong with it. The modern system is built around the USD and western controlled international banking system. Remember when we locked Russia out of that over Ukraine? If Putin wanted to trade a tanker of oil for 1,000 bitcon, who could stop him? He wants to then trade that bitcoin for say steel, who could stop him?
Smaller scale, the IRS freezes you out of banking. You deal in crypto. They cannot stop you.
Unless a nation goes North Korea and seals itself off from everything, this cannot be stopped.
And that is what scares governments to death.
link to original post
Bitcoin isn’t so anonymous though. US couldn’t stop it but could know who took the 1,000 bitcoins and apply sanctions to them.
I like a lot of things about Bitcoin, but I also believe that the thing that makes it so secure (energy intensive to lock in blockchain) will end up limiting its usefulness (unless we find cheap, unlimited energy).
link to original post
It depends on what laws are made around it eventually. Because (like a FISA warrant) people don't have the same protections, privacy, they think they have once the government makes an action criminal. You'll be watched, your stuff will be searched, they'll know what's in your refrigerator.
Rinse and repeat.
Quote: billryanA new study estimates that over 75% of Bitcoin investors lose money. The problem is they buy when the media is pushing its rise and near the market's height. Bc inevitably cools off, and the value decreases. These new investors see their "investment" decline 10-20% and decide this isn't for them. A few months later, it starts to rise, the media picks up on it, and a whole new herd of investors buys. Much, if not most of the BC sold this week is new owners who bought in the 90s and now fear it falling to the 80s.
Rinse and repeat.
link to original post
But absolutely no one who bought a year or more ago and still holds has lost money.
Quote: AutomaticMonkeyQuote: billryanA new study estimates that over 75% of Bitcoin investors lose money. The problem is they buy when the media is pushing its rise and near the market's height. Bc inevitably cools off, and the value decreases. These new investors see their "investment" decline 10-20% and decide this isn't for them. A few months later, it starts to rise, the media picks up on it, and a whole new herd of investors buys. Much, if not most of the BC sold this week is new owners who bought in the 90s and now fear it falling to the 80s.
Rinse and repeat.
link to original post
But absolutely no one who bought a year or more ago and still holds has lost money.
link to original post
You are not making the point that you think you're making. It's like saying big bad Jake killed eight people in The last 5 years but he hasn't killed anybody in the last month so it's okay that he killed eight people.
Quote: EvenBob
You are not making the point that you think you're making. It's like saying big bad Jake killed eight people in The last 5 years but he hasn't killed anybody in the last month so it's okay that he killed eight people.
Was Jake in an active military conflict? Did a posse break into Jake's house and he killed them under the "Stand your ground" statutes? Were they morons? Any other justifiable reasons he may have killed them?
Quote: EvenBobQuote: AutomaticMonkeyQuote: billryanA new study estimates that over 75% of Bitcoin investors lose money. The problem is they buy when the media is pushing its rise and near the market's height. Bc inevitably cools off, and the value decreases. These new investors see their "investment" decline 10-20% and decide this isn't for them. A few months later, it starts to rise, the media picks up on it, and a whole new herd of investors buys. Much, if not most of the BC sold this week is new owners who bought in the 90s and now fear it falling to the 80s.
Rinse and repeat.
link to original post
But absolutely no one who bought a year or more ago and still holds has lost money.
link to original post
You are not making the point that you think you're making. It's like saying big bad Jake killed eight people in The last 5 years but he hasn't killed anybody in the last month so it's okay that he killed eight people.
link to original post
"Almost everyone who bought stock 2 weeks ago has lost money. Stock is a scam!"
Linking the performance of any investment to an arbitrary timeline leads to absurd conclusions.
Quote: AutomaticMonkeyQuote: EvenBobQuote: AutomaticMonkeyQuote: billryanA new study estimates that over 75% of Bitcoin investors lose money. The problem is they buy when the media is pushing its rise and near the market's height. Bc inevitably cools off, and the value decreases. These new investors see their "investment" decline 10-20% and decide this isn't for them. A few months later, it starts to rise, the media picks up on it, and a whole new herd of investors buys. Much, if not most of the BC sold this week is new owners who bought in the 90s and now fear it falling to the 80s.
Rinse and repeat.
link to original post
But absolutely no one who bought a year or more ago and still holds has lost money.
link to original post
You are not making the point that you think you're making. It's like saying big bad Jake killed eight people in The last 5 years but he hasn't killed anybody in the last month so it's okay that he killed eight people.
link to original post
"Almost everyone who bought stock 2 weeks ago has lost money. Stock is a scam!"
Linking the performance of any investment to an arbitrary timeline leads to absurd conclusions.
link to original post
That is incorrect. You don't lose money on a stock when it goes down unless you sell it. If someone bought a stock two weeks ago and sold it today, they most likely lost money.
When the Dow hits 40,000, there is no talk of it going to 100,000, but every time Bitcoin gets hot, people give outrageous numbers, and a new bunch of " investors" rush in. Often these investors fuel the upswing with their small multi-hundred-dollar buys but then bail in a few months when they aren't rich.
Quote: billryanQuote: AutomaticMonkeyQuote: EvenBobQuote: AutomaticMonkeyQuote: billryanA new study estimates that over 75% of Bitcoin investors lose money. The problem is they buy when the media is pushing its rise and near the market's height. Bc inevitably cools off, and the value decreases. These new investors see their "investment" decline 10-20% and decide this isn't for them. A few months later, it starts to rise, the media picks up on it, and a whole new herd of investors buys. Much, if not most of the BC sold this week is new owners who bought in the 90s and now fear it falling to the 80s.
Rinse and repeat.
link to original post
But absolutely no one who bought a year or more ago and still holds has lost money.
link to original post
You are not making the point that you think you're making. It's like saying big bad Jake killed eight people in The last 5 years but he hasn't killed anybody in the last month so it's okay that he killed eight people.
link to original post
"Almost everyone who bought stock 2 weeks ago has lost money. Stock is a scam!"
Linking the performance of any investment to an arbitrary timeline leads to absurd conclusions.
link to original post
That is incorrect. You don't lose money on a stock when it goes down unless you sell it. If someone bought a stock two weeks ago and sold it today, they most likely lost money.
When the Dow hits 40,000, there is no talk of it going to 100,000, but every time Bitcoin gets hot, people give outrageous numbers, and a new bunch of " investors" rush in. Often these investors fuel the upswing with their small multi-hundred-dollar buys but then bail in a few months when they aren't rich.
link to original post
OK, you say "75% of Bitcoin investors lose money" and also "You don't lose money on a stock when it goes down unless you sell it." Seemingly contradictory.
How do you know if the Bitcoin investors sold it?
In theory, roughly 50% of Bitcoin is held long-term and isn't affected by market conditions.
The typical first-time Bitcoin buyer buys near the height of the market, holds for under a year, and is the first to bail when things go south.
If someone buys stocks near their peak and sells at the first bump in the road, they will also lose money. That isn't a typical stock buyers profile.
Quote: billryanThere's no contradiction.
In theory, roughly 50% of Bitcoin is held long-term and isn't affected by market conditions.
The typical first-time Bitcoin buyer buys near the height of the market, holds for under a year, and is the first to bail when things go south.
If someone buys stocks near their peak and sells at the first bump in the road, they will also lose money. That isn't a typical stock buyers profile.
link to original post
But that doesn't sound like a problem with Bitcoin. It sounds like a problem with people.
Quote: billryanYou are right. If we eliminate people. Bitcoin might hit 200K.
link to original post
If you say so
Shocking, EB strikes again with ignorance. I can retire right now because of BC and never work another day in my life (I'm not old...), but it doesn't work guys. Just cuz he doesn't understand it, it must be bad! lol.Quote: EvenBobYou know it's a scam when the person trying to sell you an investment wants you to mortgage your house to pay for it. Run, do not walk, away from him.
link to original post
Okay boomer... if it's a Ponzie scheme, BET ME. Let's take the current price of BTC ($82,350 as of literally right now) and I'll bet the long, and you take the short. How much do you want to do this for? Min 5 figures please. I'm thinking we can make a 1 year, 2 year, etc, contract and at the end we settle up with whatever we owe one another???
If you don't put your money behind your beliefs, then stfu... you don't have any beliefs to stand on and you're literally just shitposting in this thread.
Quote: RomesShocking, EB strikes again with ignorance. I can retire right now because of BC and never work another day in my life (I'm not old...), but it doesn't work guys. Just cuz he doesn't understand it, it must be bad! lol.Quote: EvenBobYou know it's a scam when the person trying to sell you an investment wants you to mortgage your house to pay for it. Run, do not walk, away from him.
link to original post
Okay boomer... if it's a Ponzie scheme, BET ME. Let's take the current price of BTC ($82,350 as of literally right now) and I'll bet the long, and you take the short. How much do you want to do this for? Min 5 figures please. I'm thinking we can make a 1 year, 2 year, etc, contract and at the end we settle up with whatever we owe one another???
If you don't put your money behind your beliefs, then stfu... you don't have any beliefs to stand on and you're literally just shitposting in this thread.
link to original post
Why get so testy if you actually have any BTC and are ahead? I sold enough to be a bitcoin millionaire already and have plenty more behind and don’t care what naysayers say.
It may well be something that someday drops to zero if enough people sell at once but that’s a risk very long term hodlers like me have taken.
Who on this forum has been saying for years now that BTC will get to 100K and did not sell any before it reached that point? Me.
Quote: camaplI have a couple of questions that aren’t rhetorical… How susceptible to manipulation is Bitcoin (or any other Crypto) by those with extremely deep pockets? What regulations, if any, are in place to prevent funny business, and whom would the governing body/ies be?
link to original post
It's as susceptible to manipulation as any other fiat currency. (Yes Bitcoin is fiat, technically, because it is not backed by a hard asset such as metal.) Market cap is drifting between $1.5T and $2T. That should give an idea of the scale necessary to manipulate it. That is greater than all but 16 national currencies. So you could manipulate the Swiss franc or Russian ruble with less funding than necessary for Bitcoin.
A lot of guys are eager to see it become a legal tender, but I think its lack of legal tender status is an advantage. The fact that there are people who must accept USD or EUR or whatever provides an attack surface for manipulation. Bitcoin as it is now is regulated to some degree as far as exchange to national fiat currencies, but its valuation is strictly a matter of the desire of Bitcoin bros to have Bitcoin. So governments (who are the really bad currency manipulators rather than individuals) have nothing to do with it.
https://www.fiatmarketcap.com/Country
Quote: Romes[/q
Okay boomer... if it's a Ponzie scheme, BET ME.]
"Crypto is Still a Ponzi Scheme, Despite Trump’s Reserve Plan"
Here's the article. https://ktla.com/news/nationworld/trump-crypto-reserve-plan-opinion/
"Jamie Dimon calls bitcoin a 'fraud' and a 'Ponzi scheme' — and says the crypto is hopeless as a currency"
Article. https://www.businessinsider.com/jamie-dimon-bitcoin-crypto-ponzi-scheme-fraud-currency-blockchain-jpmorgan-2024-4
Quote: camaplI have a couple of questions that aren’t rhetorical… How susceptible to manipulation is Bitcoin (or any other Crypto) by those with extremely deep pockets? What regulations, if any, are in place to prevent funny business, and whom would the governing body/ies be?
link to original post
None, and it is almost completely unregulated It's backed by the full faith and credit of no one, but if you hold it long enough and don't need income, some people think it is a great investment.
Quote: EvenBobQuote: Romes[/q
Okay boomer... if it's a Ponzie scheme, BET ME.]
"Crypto is Still a Ponzi Scheme, Despite Trump’s Reserve Plan"
Here's the article. https://ktla.com/news/nationworld/trump-crypto-reserve-plan-opinion/
"Jamie Dimon calls bitcoin a 'fraud' and a 'Ponzi scheme' — and says the crypto is hopeless as a currency"
Article. https://www.businessinsider.com/jamie-dimon-bitcoin-crypto-ponzi-scheme-fraud-currency-blockchain-jpmorgan-2024-4
link to original post
A bit of a logical/moral contradiction in the KTLA piece: "One idea is that the government can create a stockpile of any cryptocurrencies seized from drug traffickers, terrorists or other criminals who have crypto in their possession. Typically now, when the government seizes them, they sell them off."
Wait a minute! When the government seizes crypto, they SELL it? To whom? I thought it was a Ponzi scheme, what is the government doing selling a Ponzi scheme? I thought politicians were a bunch of saints, and it is their blessing of the US Dollar that makes the dollar a real currency and not a Ponzi scheme.
The fact that when they arrest a drug dealer with cash, crypto, and drugs, they destroy the drugs, they keep the cash, and they sell the crypto for more cash that they keep demonstrates how they feel about each asset. When they confiscate guns, usually the guns are destroyed but sometimes they are kept as department property for use by the officers. The same can be done with the crypto, once they figure out how to use and secure it.
Quote: camaplI have a couple of questions that aren’t rhetorical… How susceptible to manipulation is Bitcoin (or any other Crypto) by those with extremely deep pockets? What regulations, if any, are in place to prevent funny business, and whom would the governing body/ies be?
link to original post
Can you give an example of what kind of manipulations that you are thinking of? I would think it is a lot less likely to be manipulated than a stock, Bitcoin is basically a commodity. On stocks the books and finances can be manipulated but I don't know how one would manipulate Bitcoin. Bitcoin is simply supply and demand, nothing else.
BTW, I do not own any crypto and would never consider it an investment. To me Bitcoin is just a gamble, it will go up and it will go down.
Quote: billryanAs of last summer, approximately. 90% of Bitcoin was owned by 2% of the owners. Any market so tightly controlled by such a small minority is prone to manipulation. Think about diamonds and the monopoly that makes them so expensive.
link to original post
What type of manipulation? I really don't know what is possible. To me, buying, holding or selling is not manipulation.
Quote: billryanAs of last summer, approximately. 90% of Bitcoin was owned by 2% of the owners....
link to original post
Which distinguishes it from the typical national currency... how?
Definition of a Fad:Quote: EvenBobBottom line is some really smart people think it's one thing and other really smart people think it's something else. Point being nobody really knows what it is which in the long run makes it nothing at all. It's a fad. It's commodity, it's a collectible. It's whatever you want it to be.
link to original post
A fad is a temporary trend that gains popularity quickly and fades away just as fast.
Short Lifespan:
Fads are characterized by their brevity, often lasting only a few months or a season.
If you want to call it a trend, that might be a better description.
Is the US dollar a pyramid scheme?
Quote: EvenBobBottom line is some really smart people think it's one thing and other really smart people think it's something else. Point being nobody really knows what it is which in the long run makes it nothing at all. It's a fad. It's commodity, it's a collectible. It's whatever you want it to be.
link to original post
The way bitcoin is treated in the West is pretty much that, though I take the point about definitions. Bitcoin is just something rich westerners trade in like NFT's which they see no intrinsic value in.
In the developing world and any state where financial transactions have broken down (eg Ukraine) it is very different. If you don't access to financial services bitcoin is a much better option than nothing. Two people anywhere can send bitcoin with each other without needing approval from an intermediary. This is very interesting as it creates a minimum level financial service for everyone everywhere. Much of the world has no proper financial system.
There has been a lot of focus on the former and almost zero awareness of the latter.
Sounds scary when you don't give a breakdown. Would that (the owners) include all the customers holdings of all the exchanges?Quote: billryanAs of last summer, approximately. 90% of Bitcoin was owned by 2% of the owners. Any market so tightly controlled by such a small minority is prone to manipulation. Think about diamonds and the monopoly that makes them so expensive.
link to original post
Vandelay Industries( named after the scam company George invented on Sienfeld) was supposed to take advantage of the owner's deep knowledge and connections to the crypto world to frontrun on big CC trades. Instead, the owner used the funds for expensive vacations, fancy cars, paid escorts, and about half the money simply vanished.
This scumbag targeted his family and his closest friends. Some of the victims were from his Little League team from 45 years ago, and his siblings are among the biggest victims.
Quote: DRichQuote: billryanAs of last summer, approximately. 90% of Bitcoin was owned by 2% of the owners. Any market so tightly controlled by such a small minority is prone to manipulation. Think about diamonds and the monopoly that makes them so expensive.
link to original post
What type of manipulation? I really don't know what is possible. To me, buying, holding or selling is not manipulation.
link to original post
Frontrunning is the most obvious, but my knowledge of manipulating things is limited. I once spent a ride from NY to Foxwoods discussing how people manipulate stocks with a guy who worked for Finra, and 95% of what he said went straight over my head. I learned that plenty of rogue traders test the system, and agencies like FINRA work incredibly hard to protect against these scammers. No one is doing this with cryptocurrency, so that is where the scammers gravitated to.
The SEC and FINRA, and others, study all stock and financial transactions and look for patterns. If the patterns begin to get into " Red Flag " territory, brokers or traders might receive a warning or even a suspension. Repeat Red Flag violations will get your license revoked. These are the protections consumers get when they deal with registered brokers and securities. I'm not aware that crypto currencies have any of these protections.
She meets the scammers at 12:00
"An easy sixty million"
https://www.youtube.com/watch?v=NcrgQSfu_Gk
New coins are dropping every day
https://coinmarketcap.com/new/
