Crypto lounge thread

This is from a Chinese English online media called the South China Morning Post about chinese government crackdown on btc mining https://www.google.com/amp/s/amp.sc...na-escalates-crackdown-bitcoin-mining-trading

People living in Fukushima and Chernobyl were relocated by the government.

Almost a trillion dollars was wipe out during the recent crypto bear market, more is still going to be wiped out, lot of people will become more poorer, some are already losing their life savings and retirement benefits, some will be on sucide watch.

If they had invested in something not crypto, maybe in shares, Gold, bond or treasury bills, real estate even with the small profit, they would have been in a better position now.

You are cherry picking data. Bitcoin has made an average of 200%/returns over the last 10years. Gold has done 2%/yr over the same time period. That's a 100x difference. The S&P barely beat inflation while property and the NASDAQ did much better but Bitcoin still beat everything. The people that got "wiped" will be doing better than everyone else in 5-10 years as long as they don't sell. Nobody I know of has lost money if they held for a time horizon of 4-5 years, they made out with good profits.
 
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fireshark

Robin
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kurtybro

Woodpecker
I'd be more interested in hearing about peoples alt-coin entries during this little shake down. Any good opportunities?

DOT, 1inch, CAKE, LINK look decent.
 

bucky

Ostrich
Polygon and Cardano are my altcoin choices, also moved most of my portfolio to bitcoin and ethereum with smaller amounts of polygon and cardano ahead of their pending skyrocketing or so I expect.
One of the few times I've heard anyone say anything good about ADA here, but it's been pretty good to me since I bought in a few months ago. One of the only coins I didn't go underwater on today.
 

West_001

Sparrow
One of the few times I've heard anyone say anything good about ADA here, but it's been pretty good to me since I bought in a few months ago. One of the only coins I didn't go underwater on today.
My bullish Alts coins - Cardano, Polygon, Chainlink.
I’m gonna HODL to the moon.
 
Only safe altcoin pick I can recommend is Cardano. I think there's a smart contracts upgrade in mid August so my plan is to sell it as it goes up. I think it could go 6000-9000 sats. I hold XMR but I think this is just ahead of its time and won't be FOMO'ed into for several years. This is the bull run when new retail wets their beak with DOGE. Overall with ADA I'm getting 2017 XRP vibes.
 
Whether it is Bitcoin, property or land I don't think people can afford not caring about it investing in assets in 2021. You can feed your family today but if all you are doing is living hand-to-mouth and working harder to compete with robots and technology getting better you are walking on the path to serfdom. Even the guy making 150k+/year needs to leverage to buy a $1m property, otherwise the property will inflate in price and he will never be able to catch up. While your wage stagnates, assets climb every year in price thanks to inflation.

Every platform I know rewards early adopters, similar to a pyramid scheme (in tech they call it Network Effect). The people that started YouTube in the 2000's and remained on it are millionaires. The people starting out now can not compete and the reward is drastically reduced. Even if BTC is too expensive, you are still better off converting your cash flows into it rather than losing to constant yearly inflation. If you were living in Venezuela for the last 20 years, nothing you did mattered because the currency is trashed, everything is a waste of time. The only thing you could have done was convert your earnings/cashflow to USD or buy Bitcoin. That's what is basically happening to all countries now, in slow motion. The game is called "don't be caught holding fiat". Even if you can't get rich off $100 of Bitcoin the idea is not to be holding $100 of fiat because that will be worth $80 next year then $60 the next and so on.

There's nothing wrong with buying property. It's the same idea as buying art, Magic the Gathering cards or Bitcoin. I guess the difference is that the bank will be more likely to lend you money if you have collateral. The problem is, millennials and zoomers don't own property to begin with thanks to student loans and being priced out of the market to begin with. That's why people are running to crypto which they can afford to buy without loans. If you can afford property tax and have the capital to buy something expensive like property or land to begin with of course you should do it. People under 40 are very poor compared to previous generations, that's why they are ending up throwing their money at GME stock and DOGE coin.



Your dollars can fall to zero too, which is why we are all here to begin with. There's counter party risk everywhere, not just in crypto. If the land falls to zero, I think you still owe property tax which you still have to pay. You will have to sell your farm food for dollars to pay it I guess. Since you probably bought the land with leverage (like most people do in the West) you'll have to pay interest on your loan. With a land you need to pay interest + principle, tax, and maybe spend time maintaining it. With crypto I don't have to think about any of that. Just buy and store in hard or paper wallet or forget about it.
So you think a person that holds 100 dollars of bitcoin is better off than someone who is holding fiat? A person holding 100 dollars worth of bitcoin is basically worth almost 20 dollars at this moment while some are worth 0.Both holder of fiat and any crypto are in the same situation, they were both sent to poverty by volatility, market manipulation and inflation.

Everyone keep looking for the next big thing in crypto, anxiety and addiction comes in. A typical gambler emotions. The rat race begins, delusions and also depression sets in

In the history of land, the price of land has never fallen to zero but crypto has.

Most of the top crypto in 2013 are already worth zeros today, the same thing will happen to the present top cryptos, in the next 6 to 10 years, many will be worthless and the cycle continue, more people will be liquidated

I invest in crypto but i am very realistic, i understand what regulations can do to a market, i am not a fanatic that fails to see the big picture or think a coin will suddenly beat the global financial systems.

The reality is crypto will make people more poorer when volatility happens no wonder china had to come in to protect their citizens, they are trying to avoid panic and sucide when market falls.

I love physical asset and it gives me a true form of ownership.
 
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Coja Petrus Uscan

Hummingbird
Gold Member
I'd be more interested in hearing about peoples alt-coin entries during this little shake down. Any good opportunities?

DOT, 1inch, CAKE, LINK look decent.

Me, after having bought the dip and it kept dipping.

tenor.gif


I bought DeFi, which has been slaughtered - some in the region of 75% down. QUICK & MATIC up about 50% in 24 hours. 75% is too big not to bounce. There is one - BUNNY down 95% from ATH. Got slaughtered in a flash loan attack. Will probably pick some up. My buy strategy has been to list them buy highest 1w loss and pick the ones I like best.

Me, at least for the next few hours:

g1GszMo.gif


Still in the bull column for this year. 1d view on BTC is starting to turn back up. Waiting for the deep data dive...
 

ginsu

Woodpecker
So you think a person that holds 100 dollars of bitcoin is better off than someone who is holding fiat? A person holding 100 dollars worth of bitcoin is basically worth almost 20 dollars at this moment while some are worth 0.Both holder of fiat and any crypto are in the same situation, they were both sent to poverty by volatility, market manipulation and inflation.

Everyone keep looking for the next big thing in crypto, anxiety and addiction comes in. A typical gambler emotions. The rat race begins, delusions and also depression sets in

In the history of land, the price of land has never fallen to zero but crypto has.

Most of the top crypto in 2013 are already worth zeros today, the same thing will happen to the present top cryptos, in the next 6 to 10 years, many will be worthless and the cycle continue, more people will be liquidated

I invest in crypto but i am very realistic, i understand what regulations can do to a market, i am not a fanatic that fails to see the big picture or think a coin will suddenly beat the global financial systems.

The reality is crypto will make people more poorer when volatility happens no wonder china had to come in to protect their citizens, they are trying to avoid panic and sucide when market falls.

I love physical asset and it gives me a true form of ownership.
it seems you are just projecting your own experience with the crypto market onto everyone else, its a bit tiring. If you've had a rough time with this dip maybe take a step back and just forget about crypto for a while
 
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SlickyBoy

Hummingbird
This is from a Chinese English online media called the South China Morning Post about chinese government crackdown on btc mining https://www.google.com/amp/s/amp.sc...na-escalates-crackdown-bitcoin-mining-trading

People living in Fukushima and Chernobyl were relocated by the government.

Almost a trillion dollars was wipe out during the recent crypto bear market, more is still going to be wiped out, lot of people will become more poorer, some are already losing their life savings and retirement benefits, some will be on sucide watch.

If they had invested in something not crypto, maybe in shares, Gold, bond or treasury bills, real estate even with the small profit, they would have been in a better position now.
Yeah, you might want to consider that source:
"The SCMP, under its relatively new owner, China’s richest man Jack Ma, has decided to lend itself more than willingly to the propaganda efforts of the Chinese state as Beijing seeks a greater role in global affairs."

And I guess the risk of land value collapse is mitigated by the average Joe counting on Daddy government to save him? I think our government will be too preoccupied printing up more of those T bills to pump up the economy.

The people who got "wiped out" in crypto were skittish early adopters who sold the second the market got volatile. Meanwhile, old wallets didn't budge, and by the time you read this things are already different than just a couple of days ago. One thing that hasn't changed is the gradual decline of the USD purchasing power.
 

Stats

Woodpecker
Because we don't live in the Matrix. We live in the physical world, where we are forced to make economic exchanges on a regular basis in order to procure the necessary means of survival. And if the government bans Bitcoin conversion to fiat and bans companies from transacting in Bitcoin directly, then Bitcoin is essentially useless. Yes, it will still exist. Yes, it will be safe from government seizure. But it won't buy you anything, and few people will be willing to trade you anything of value for it, since they can't use it to buy anything, either.

This line about people being farmed as tax slaves and relocating to some Bitcoin-friendly paradise is pure delusion. Where, exactly, are people going to go? What country is going to willingly surrender control of its currency to the decentralized Bitcoin network? Seigniorage is the prerogative of governments and is an immense source of power and control. It is not something that will be surrendered willingly. It is not something that will be surrendered at all, in fact, to the degree that the entire system will be burned to the ground and the Earth salted before the powers that be would allow Bitcoin to take over as the de facto world reserve currency.

Your posts indicate that your thinking about Bitcoin is not grounded in reality. It is rather, as I pointed out earlier, a religious sentiment - irrational, hopeful, sentimental. You believe in Bitcoin because you want to believe in Bitcoin. You want all these things you've said about Bitcoin so badly to be true. But I'm simply saying, they are most likely not true. And anyone who believes they are true in spite of the clear evidence against them is setting themselves up to get wiped out, because Bitcoin's long term prospects are rather bleak.

I think you have some major missconceptions scorpion.
first yes its good advice to not put more in crypto then you are willing to loose. long term hodle is the way to go.

So you talk about crypto being shut down.. you could shut down etherium or alt coins yes.. but how do you shut down bitcoin.. Personally I am much more concerned of my bank account or stock porfolio being shut down. there is a long history of this happening in reality. if bitcoin could be shut down it would have happened a long time ago.

Also from what we have seen in reality is that any country trying to ban crypto is that it only leads to its increase in value and adoption.

and tell me why would any gov want to ban bitcoin over regulating it and reaping that sweat tax money from it... makes no sense in the real world.
 
Yeah, you might want to consider that source:


And I guess the risk of land value collapse is mitigated by the average Joe counting on Daddy government to save him? I think our government will be too preoccupied printing up more of those T bills to pump up the economy.

The people who got "wiped out" in crypto were skittish early adopters who sold the second the market got volatile. Meanwhile, old wallets didn't budge, and by the time you read this things are already different than just a couple of days ago. One thing that hasn't changed is the gradual decline of the USD purchasing power.
Are you trying to discredit a news that is also on american online media and bitcoin magazine all over the world.

I think you are still living in the fantasy that crypto is some kind of investment that will save you from the system when in reality it is part of the system that also follows the cycle of a market.
 
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