Crypto predictions, dead or not.

Would you buy any crypto

  • Yes

    Votes: 9 26.5%
  • No

    Votes: 17 50.0%
  • Go back to south Australia

    Votes: 8 23.5%

  • Total voters
    34

Squidfayce

Eats Squid
How many more of these warnings do people need to avoid crypto? https://www.abc.net.au/news/2022-11-11/ftx-crypto-collapse-sam-bankman-fried/101641992

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The level of crazy failures in the crypto space is mind boggling, but while there's money to be made, people will continue to take the gamble. Lots of people get hooked on the consta t volatility. And volatility is a great opportunity to make money. The problem with crypto from my perspective is not so much that it has zero intrinsic value, but that it's so easy to pull of scams at every level. Key loggers in links on YouTube videos, forums, influencers touting scam crypto (Kim kardashian got caught up in it), 10k finfluencers all with a vested interest for you to buy some obscure coin etc.

For many, crypto is the first time they've gotten engaged in investing. It's a prettty deep and rich landscape full of scams, big gains, big losses and full of wierdos that have no right managing billions of dollars of capital (lol safe moon ceo went from living in an RV to being a billionaire to being broke inside of a year).

People don't need warnings. They need education. What seems like common sense in the normal world, doesn't always translate to this space.
 

SummitFever

Eats Squid
The level of crazy failures in the crypto space is mind boggling, but while there's money to be made, people will continue to take the gamble. Lots of people get hooked on the consta t volatility. And volatility is a great opportunity to make money. The problem with crypto from my perspective is not so much that it has zero intrinsic value, but that it's so easy to pull of scams at every level. Key loggers in links on YouTube videos, forums, influencers touting scam crypto (Kim kardashian got caught up in it), 10k finfluencers all with a vested interest for you to buy some obscure coin etc.

For many, crypto is the first time they've gotten engaged in investing. It's a prettty deep and rich landscape full of scams, big gains, big losses and full of wierdos that have no right managing billions of dollars of capital (lol safe moon ceo went from living in an RV to being a billionaire to being broke inside of a year).

People don't need warnings. They need education. What seems like common sense in the normal world, doesn't always translate to this space.
Yeah but it's the "zero intrinsic value" that allows most (if not all) of these shenanigans. It's also what makes crypto gambling and not investing.
 

Squidfayce

Eats Squid
Yeah but it's the "zero intrinsic value" that allows most (if not all) of these shenanigans. It's also what makes crypto gambling and not investing.
In reality no different that getting in on the ground floor of a new unproven technology, which is what all crypto effectively is. The tokens represent some stake in the value of whatever the crypto project purports to be attempting - ie a gaming ecosystem that uses the tokens as currency for onchain/in game goods, or in a governance system where the tokens represents voting rights etc. These things have a "value", but only as far as the belief in the technology they represent.

Obviously this is a very simplified view, as many of the technologies they purport to represent are in development with varied degrees of progress, innovation and commitment from the people behind it. Many are still only conceptual years later.

The problem most people who get into this have is that they don't understand that and they just treat it like shares. They know nothing about what the token is meant to relate to or how it works just that like shares they can go up or down, bit don't realise that like probably more than 90% will die.

Truth is, you can Jimmy up a generic ERC20 based crypto token in under an hour, but how you create liquidity and demand for it is where the magic, and often scams happen.

Many people take what the CEOs of these companies say at face value, because they are great con artists, but if people just did a little more googling, they might find that they really don't want to invest in a token that's being sold by a billion dollar crypto CEO whose last job was a shoe salesman. That shit should be red flags for days. Or being spruiked by a kardashian, or a return of 30% (too good to be true).

Then there's meme coins, which is just a fucking mind bogglingly crazy concept. THOSE are genuinely worthless, but people still make money. Go figure.

I'd only call it gambling if you're genuinely clueless or buying meme coins in the hope that something crazy happens...
 

Oddjob

Can hench anywhere any time
In reality no different that getting in on the ground floor of a new unproven technology, which is what all crypto effectively is. The tokens represent some stake in the value of whatever the crypto project purports to be attempting - ie a gaming ecosystem that uses the tokens as currency for onchain/in game goods, or in a governance system where the tokens represents voting rights etc. These things have a "value", but only as far as the belief in the technology they represent.

Obviously this is a very simplified view, as many of the technologies they purport to represent are in development with varied degrees of progress, innovation and commitment from the people behind it. Many are still only conceptual years later.

The problem most people who get into this have is that they don't understand that and they just treat it like shares. They know nothing about what the token is meant to relate to or how it works just that like shares they can go up or down, bit don't realise that like probably more than 90% will die.

Truth is, you can Jimmy up a generic ERC20 based crypto token in under an hour, but how you create liquidity and demand for it is where the magic, and often scams happen.

Many people take what the CEOs of these companies say at face value, because they are great con artists, but if people just did a little more googling, they might find that they really don't want to invest in a token that's being sold by a billion dollar crypto CEO whose last job was a shoe salesman. That shit should be red flags for days. Or being spruiked by a kardashian, or a return of 30% (too good to be true).

Then there's meme coins, which is just a fucking mind bogglingly crazy concept. THOSE are genuinely worthless, but people still make money. Go figure.

I'd only call it gambling if you're genuinely clueless or buying meme coins in the hope that something crazy happens...
At least with gambling the odds and the track record are more certain. Crypto is just this ridiculous and opaque giant multi faceted Ponzi scheme.

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SummitFever

Eats Squid
It's
In reality no different that getting in on the ground floor of a new unproven technology, which is what all crypto effectively is...
At this point it's not really new or unproven technology.

The blockchain is a cool idea but in it's application has very much been a solution in search of a problem. Applied to money it's great promise was the ability to conduct a trusted transaction in the middle of no where without using hard cash. This can theoretically be done but both parties need their own copies of an impractically large part of the blockchain and the enormous computing power to do the calcs. The computational overhead associated with maintaining and verifying the block chain also makes impractical for cost effective micro payments.

TL;DR It's a wank.
 

Squidfayce

Eats Squid
At least with gambling the odds and the track record are more certain. Crypto is just this ridiculous and opaque giant multi faceted Ponzi scheme.

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Yeah a lot of it is ponzi schemes, but it's hard to argue that eth or btc are ponzi schemes.
It's
At this point it's not really new or unproven technology.

The blockchain is a cool idea but in it's application has very much been a solution in search of a problem. Applied to money it's great promise was the ability to conduct a trusted transaction in the middle of no where without using hard cash. This can theoretically be done but both parties need their own copies of an impractically large part of the blockchain and the enormous computing power to do the calcs. The computational overhead associated with maintaining and verifying the block chain also makes impractical for cost effective micro payments.

TL;DR It's a wank.
Not all blockchains are the same in what they what they are used for. Some new tech im talking about for example is, untill reletively recently, blockchain interoperability wasnt possible. Some cunts worked it out and backing tokens related to those groups funds further development in this space. Thats not insignificant. But this is a beta max vs vhs scenario. Except there are 200 different formats to take a punt on
 

jrewing

Likes Bikes and Dirt
I bought 5.5M LUNC right at the bottom for 200 bucks for a laugh. It's ~2k now. Been up to 4.4k when it hit one of its highs a couple weeks ago. But I've resolved to hold it and enjoy the same feeling holding a lottery ticket for a huge jackpot gives me lol.
dang 5.5m you are going to bank on that! Good buy
 

SummitFever

Eats Squid
Yeah a lot of it is ponzi schemes, but it's hard to argue that eth or btc are ponzi schemes.

Not all blockchains are the same in what they what they are used for. Some new tech im talking about for example is, untill reletively recently, blockchain interoperability wasnt possible. Some cunts worked it out and backing tokens related to those groups funds further development in this space. Thats not insignificant. But this is a beta max vs vhs scenario. Except there are 200 different formats to take a punt on
Different formats, interoperability etc. have no effect on the lack of fundamentals.

That's not too say there isn't good money to be made. I've implemented solutions in the block chain space and I've also advised a good number of clients in why the block chain is not what they need despite what they heard at last week's Gartner conference.

Crypto though. That's total shite.
 

safreek

Del *.*
At least with gambling the odds and the track record are more certain. Crypto is just this ridiculous and opaque giant multi faceted Ponzi scheme.

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Heh, bit like buying expensive bikes really, most lose a third of value almost immediately, crypto takes a bit longer to lose that value.
All the money I have put into it is from selling bike parts, money I saved not buying loads of weed so it was money that would of been gone anyway. Yeah I could of just saved it as cash but then I would of spent it on holidays and stuff. Either way it was gone so no biggy if crypto collapses. Hint, it won't.

All shareholders face the same risk, if coca cola went broke, how much of your share money do you think you would get back, probably very little if not none.
Companies go broke all the time, investors lose money all the time so not much difference.
Yes companies have assets that are worth money but shareholders will be last in line to get that. Just the facts

 

Oddjob

Can hench anywhere any time
All shareholders face the same risk, if coca cola went broke, how much of your share money do you think you would get back, probably very little if not none.
Companies go broke all the time, investors lose money all the time so not much difference.
Yes companies have assets that are worth money but shareholders will be last in line to get that. Just the facts

That is a really shitty straw man. It's a bit like saying that people are dying all the time, let's stop spending money on public health.

Publicly traded companies are heavily regulated and there are clear rules around disclosure and accounting. It's usually pretty straightforward to figure out how they are generating value and profit. Crypto on the other hand just seems to be a giant Ponzi scheme that is designed to seperate over confident lemmings from their money.

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safreek

Del *.*
That is a really shitty straw man. It's a bit like saying that people are dying all the time, let's stop spending money on public health.

Publicly traded companies are heavily regulated and there are clear rules around disclosure and accounting. It's usually pretty straightforward to figure out how they are generating value and profit. Crypto on the other hand just seems to be a giant Ponzi scheme that is designed to seperate over confident lemmings from their money.

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Maybe so, but it still seems like listed companies have a bad strike rate when new.

Don't get me wrong, if you invest in reputable ones you have a good chance of victory.

But take afterpay for instance, I 8xed my investment in it through covid, it has never made a profit, never given a dividend.
It's was as close to gambling on the horses as possible. Will it ever make a profit, probably not because once you can't pay them you are so fucked you might as well call bankruptcy instead of paying endless fees.
Just one example.
 

Squidfayce

Eats Squid
Publicly traded companies are heavily regulated and there are clear rules around disclosure and accounting.
Except the big 4 these companies use for their yearly audits, regulatory reporting and consulting are increasingly at the center various frauds, creative accounting and tax evasion for these very companies. Much scrutiny around them as of late.

Obviously defining and proving the value of coca cola or BHP is easier than that of something like Celsius or FTX, I don't think publicly listed companies are as safe bet as they used to be. The companies that audit them and report forth em have a vested interest in doing what they're told.
 

indica

can sometimes count all the way up to 3
Friend has just lost 100k (uk) on FTX exchange.... fucking ouch
well, not lost "it's still there, I just can't withdraw"
 

safreek

Del *.*
Friend has just lost 100k (uk) on FTX exchange.... fucking ouch
well, not lost "it's still there, I just can't withdraw"
That's pretty fucked, can he transfer it to a ledger.
Not being a smartarse but it shows the old saying is correct about keeping your crypto off the exchanges
 

Oddjob

Can hench anywhere any time
Except the big 4 these companies use for their yearly audits, regulatory reporting and consulting are increasingly at the center various frauds, creative accounting and tax evasion for these very companies. Much scrutiny around them as of late.

Obviously defining and proving the value of coca cola or BHP is easier than that of something like Celsius or FTX, I don't think publicly listed companies are as safe bet as they used to be. The companies that audit them and report forth em have a vested interest in doing what they're told.
Nothing is without risk. But investing without a clear view of what the asset does is a proven losing strategy, especially for retail investors. See other great markets for fleecing uninformed investors like derivatives, insurance, and (god help me) art.

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indica

can sometimes count all the way up to 3
can he transfer it to a ledger.
No, it is all blocked.
$6bn was taken and they ran out of money.


I'd consider nexo if I was trading, they appear to be more bank like with actual reserves kept.
 
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