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Cryptocurrency - Bitcoin & others..

MWard said:
Biggest problem with crypto I’ve seen is how brutally it can be manipulated, and anyone with common sense can see when it’s happening.

China to make crypto illegal, bam. Fire sale. Guess who is just sitting there waiting for the bottom to buy even more? Oh wait.. China 🙄🙄🙄🙄
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When alt coins are worth fractions of a cent, it's very susceptible to pump and dump because one big player can buy billions of coins with very little investment, by their standards. Couple tweets or reddit posts to bait the crowd, then poof, they cash out on your dime.
 
Tywithay said:
When alt coins are worth fractions of a cent, it's very susceptible to pump and dump because one big player can buy billions of coins with very little investment, by their standards. Couple tweets or reddit posts to bait the crowd, then poof, they cash out on your dime.
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I agree with that, I was pointing to even Bitcoin being a victim of that. Nothing like being in the 60k’s and China just says yeah let’s buy this at discount just to wreck the crypto market. Been downhill since. At least we have a lovely crypto winter to help as the stock market is burning to ash.
 
MtlJeff said:
Doesn't the blockchain element of it require more power than the country of Argentina though? Or is there a scaled down blockchain recipe that doesn't need massive server farms?
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It’s all the size of the block chain. That is the problem with virtual currency. This is not the case with say raw ingredient tracking from the raw material’s raw materials, through the POS at the pharmacy.
 
wubears71 said:
It’s all the size of the block chain. That is the problem with virtual currency. This is not the case with say raw ingredient tracking from the raw material’s raw materials, through the POS at the pharmacy.
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POS systems and other sorts of payment processing still uses the cloud as a backbone of all of this info, so it does use a lot of power, just not as much as say Bitcoin.
 
I have thought about throwing 10K in Crypto as a long term see where it goes thing. There should be a Chef23 contra fund though. Historically when I buy a stock it goes down so I have stayed away from it and follow what my advisor’s put me in.
 
MWard said:
Biggest problem with crypto I’ve seen is how brutally it can be manipulated, and anyone with common sense can see when it’s happening.

China to make crypto illegal, bam. Fire sale. Guess who is just sitting there waiting for the bottom to buy even more? Oh wait.. China 🙄🙄🙄🙄
Click to expand...

I'm curious as to how you believe it is "brutally manipulated". What do you consider "manipulation" exactly? In my opinion it is manipulated FAR less than fiat currency is. Especially the dollar. Just look at today's CPI print for example. If you don't believe the fed and the gov't aren't manipulating the CPI data you're just not paying attention. The data on the bitcoin blockchain is there for everyone to see and significantly more transparent than any other currency and 100% decentralized which cannot be said about any other cryptocurrency, altcoin or fiat.

I always have to chuckle at the excessive energy use narrative as well. There is a great deal of ignorance about bitcoin and the underlying blockchain network. There is ,for instance, many times more waste in the federal dollar currency system than in the bitcoin system. Not to mention the wasted electricity from christmas lights or clothes dryers every year far exceeds that used by the bitcoin network. Anyway, hope everybody has a good day. Cheers
 
jbb2388 said:
I'm curious as to how you believe it is "brutally manipulated". What do you consider "manipulation" exactly? In my opinion it is manipulated FAR less than fiat currency is. Especially the dollar. Just look at today's CPI print for example. If you don't believe the fed and the gov't aren't manipulating the CPI data you're just not paying attention. The data on the bitcoin blockchain is there for everyone to see and significantly more transparent than any other currency and 100% decentralized which cannot be said about any other cryptocurrency, altcoin or fiat.

I always have to chuckle at the excessive energy use narrative as well. There is a great deal of ignorance about bitcoin and the underlying blockchain network. There is ,for instance, many times more waste in the federal dollar currency system than in the bitcoin system. Not to mention the wasted electricity from christmas lights or clothes dryers every year far exceeds that used by the bitcoin network. Anyway, hope everybody has a good day. Cheers
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Manipulated in that China sells, then just says crypto is illegal, price plummets, they buy back at a lower price. That’s pretty manipulative…
 
MWard said:
Manipulated in that China sells, then just says crypto is illegal, price plummets, they buy back at a lower price. That’s pretty manipulative…
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That is China acknowledging that the Central bank system is unsustainable.

They are hedging their bets and buying crypto, gold, and silver for a reason.
 
Chef23 said:
I have thought about throwing 10K in Crypto as a long term see where it goes thing. There should be a Chef23 contra fund though. Historically when I buy a stock it goes down so I have stayed away from it and follow what my advisor’s put me in.
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Please let me know if you plan on investing into a certain coin, so I can pull my money out first.. 😂😂😂 jk jk
 
Slowmo said:
guess it was something else along those lines. I remember something being available as a new form of currency my first year on the job (97) that started going for 50cents when introduced and was like 500$ a year later.
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Bowie Bucks/Bonds came out around 97. That dude was way ahead of his time. Likely the first real world implementation of some sort of digital currency although I admittedly am not a crypto expert.
 
This whole ftx debacle is crazy to watch.
 
pumbaa said:
This whole ftx debacle is crazy to watch.
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Just a s**tshow. I’m totally shocked that an exchange would overleverage and not have the equity to settle. The fact that CZ was like hahahaha NOPE! says it all.
 
I keep buying the dip but the dip bowl keeps getting deeper and deeper
 
I think a lot people who have bought crypto in the last couple years bought it mostly because because they thought the guy in line behind them was going to pay more for it. That’s never been part of my investment theory. I have a buddy who loves investing in crypto but I’m no smart enough to understand Bitcoin/crypto to invest more than a $1000 in it. To me it does make more sense than lottery tickets, but not much more. :)

“Never invest in a business you can’t understand.” Warren Buffet.
 
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MWard said:
Just a s**tshow. I’m totally shocked that an exchange would overleverage and not have the equity to settle. The fact that CZ was like hahahaha NOPE! says it all.
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Ceo went from like 60bn to 1 dollar in a day. They literally folded the whole crypto market right now. I saw one of the us dollar pegged coins now is behind the dollar. I don't know enough about crypto and stayed out of it because of things like this just seem to happen too often.
 
pumbaa said:
Ceo went from like 60bn to 1 dollar in a day. They literally folded the whole crypto market right now. I saw one of the us dollar pegged coins now is behind the dollar. I don't know enough about crypto and stayed out of it because of things like this just seem to happen too often.
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The recent FTX debacle will draw increasing scrutiny from regulators/congress. IMO this is a big hit and the move to incorporate Crypto into mainstream finance/banking will slow dramatically.



time.com

Crypto Is Crashing. This Time, Blame FTX and Sam Bankman-Fried

A major crypto deal is falling apart, and it's affecting the rest of the industry
time.com time.com
 
pumbaa said:
Ceo went from like 60bn to 1 dollar in a day. They literally folded the whole crypto market right now. I saw one of the us dollar pegged coins now is behind the dollar. I don't know enough about crypto and stayed out of it because of things like this just seem to happen too often.
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He essentially wrote more checks than he could cash, and one of his biggest holders, Binance no less, said I’m out and cashed. Took down the entire exchange by doing so.

Was a filthy move if you want to take out your competitor or buy them. Kinda got two birds with one stone there. Yeah, wrecked the market by doing so, but it’ll bounce back. Buy at a sale (that CZ caused no less) and then watch it increase back to ATH’s in the next few years.
 
the one year snapshot of bitcoin

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tahoebum said:
I think a lot people who have bought crypto in the last couple years bought it mostly because because they thought the guy in line behind them was going to pay more for it. That’s never been part of my investment theory. I have a buddy who loves investing in crypto but I’m no smart enough to understand Bitcoin/crypto to invest more than a $1000 in it. To me it does make more sense than lottery tickets, but not much more. :)

“Never invest in a business you can’t understand.” Warren Buffet.
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This and be skeptical when people are trying so hard to convince you to invest in something.
 
We've seen this before, we'll see it again. This is my second cycle as a bitcoiner. The first one scared me, this one was/is boring. Looking forward to seeing what happens during the next halving in 2024.

Screen Shot 2022-11-10 at 12.04.24 PM.png
 
I made a few grand on NBA Top Shot last year but stopped buying any of the packs a few months ago because nothing was selling. Bought fractions of a BTC and own a few ETH that I've had for a few years. Wish I would have sold awhile ago but hindsight is 20/20
 
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