Cryptocurrency (23 Viewers)

[campionesidd]

Do you guys think crypto is a good investment compared to stocks? Being a commodity, you can only make a profit if the price goes up and you sell at the right time, where as with equities you don’t even need to bother to time your investment- wait long enough and your portfolio is going to grow as long as it is diversified.
Personally, I don’t think they are sound, especially right now. But at the same time I am weighed down by FOMO.

 

Buy on AliExpress.com

[pavelnel]

But there's always something driving it, it's based entirely on hype. Now that no one trusts Musk anymore combined with the blow from the Chinese government, it's going to take a lot to bring it back imo.

The cryptosexuals are a demented bunch so you can't rationalise they behaviour. The crypto fantasy will grow more before the inevitable implosion.
We need at least 21 000 "unique" and with "limited" supply crypto "currencies" . The now existing more than 7000 Bitcoin forks are just not enough to devour the money of the hundreds of millions morons with IQ of 70 and lower. LOL.

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[duranfj]

You think it hit 55k just from random people on the street throwing in $50 here and there rather than people like Musk, Cuban, or Dorsey spending millions on it and giving interviews/tweeting to add publicity and drive hype? I certainly don't. It's something that can be legally manipulated, and so it is. Free money for people like that.

Whoever say different, it's on denial or stupid.... good thing about hype, don't require much nowadays

 

[AFL_ITALIA]

Do you guys think crypto is a good investment compared to stocks? Being a commodity, you can only make a profit if the price goes up and you sell at the right time, where as with equities you don’t even need to bother to time your investment- wait long enough and your portfolio is going to grow as long as it is diversified.
Personally, I don’t think they are sound, especially right now. But at the same time I am weighed down by FOMO.

I don't consider it an investment, I consider it gambling on a highly speculative asset. Let me put it this way, had there not been a pandemic with millions of people in the developed world stuck at home while bored and with extra money to spend, I don't even think we'd be having this conversation. I also don't think now is a good time at all, but I mean what do I really know anyway?

The cryptosexuals are a demented bunch so you can't rationalise they behaviour. The crypto fantasy will grow more before the inevitable implosion.
We need at least 21 000 "unique" and with "limited" supply crypto "currencies" . The now existing more than 7000 Bitcoin forks are just not enough to devour the money of the hundreds of millions morons with IQ of 70 and lower. LOL.

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Some people take it way too far. Although I've lost money on them when I bought in 2018 and sold last April after the pandemic market dip. I thought MAYBE they could be a hedge against inflation, but this past week showed us absolutely not. Beyond that, I'm not sure where people are seeing value with them. How could you have a "currency" where your purchasing power can halve/double by the time you take your loaf of bread from the shelf to the register?

Then again though, here I am watching my Tesla shares slide into oblivion while I can't bring myself to sell at like 500+ p/e.

 

[campionesidd]

Same was said when btc was 3k. Then 5k, then 10, 20, 30, 50. Literally.

One big difference though. At 3k, an increase to 30k would get you back 10x your original investment. At a price of 45k, that number is 450k.

 

[AFL_ITALIA]

Whoever say different, it's on denial or stupid.... good thing about hype, don't require much nowadays

Money makes people irrational sometimes, I'm not immune either.

Weird though how it seems cults develop around them now. Current GME for example.

 

[lgorTudor]

But there's always something driving it, it's based entirely on hype. Now that no one trusts Musk anymore combined with the blow from the Chinese government, it's going to take a lot to bring it back imo.

A statement I strongly disagree with, since there is immense value in BTC + Ethereum ecosystem. I can only advise everybody to accumulate BTC/ETH on every dip from every paycheck.That's all.

 

[AFL_ITALIA]

A statement I strongly disagree with, since there is immense value in BTC + Ethereum ecosystem. I can only advise everybody to accumulate BTC/ETH on every dip from every paycheck.That's all.

Where do you see future application potential? Do you have a price target? All I have around me are "OLOL TO THE MOON!11!!"s so I don't think I've ever heard or read a genuine bull case for these.

 

[pavelnel]

I don't consider it an investment, I consider it gambling on a highly speculative asset. Let me put it this way, had there not been a pandemic with millions of people in the developed world stuck at home while bored and with extra money to spend, I don't even think we'd be having this conversation. I also don't think now is a good time at all, but I mean what do I really know anyway?


Some people take it way too far. Although I've lost money on them when I bought in 2018 and sold last April after the pandemic market dip. I thought MAYBE they could be a hedge against inflation, but this past week showed us absolutely not. Beyond that, I'm not sure where people are seeing value with them. How could you have a "currency" where your purchasing power can halve/double by the time you take your loaf of bread from the shelf to the register?

Then again though, here I am watching my Tesla shares slide into oblivion while I can't bring myself to sell at like 500+ p/e.

I am not a big fan of Tesla, but it is at least a green tech company that makes real, tangible products that are better - more efficient, durable, environmentally friendly - than the product they replace - the internal combustion engine. In that sense Tesla is advancing society.
Bitcoin and crypto in general are backward tech - inefficient, resources and energy wasteful with not many useful applications - and most of them can be performed by more efficient systems.

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[campionesidd]

I am not a big fan of Tesla, but it is at least a green tech company that makes real, tangible products that are better - more efficient, durable, environmentally friendly - than the product they replace - the internal combustion engine. In that sense Tesla is advancing society.
Bitcoin and crypto in general are backward tech - inefficient, resources and energy wasteful with not many useful applications - and most of them can be performed by more efficient systems.

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Be that as it may, it’s pretty ridiculous how the market cap of Tesla is higher than Toyota despite selling just a tiny fraction of their cars and barely being profitable. Tesla investors think that Tesla will eat up the entire ICE market, but I don’t see how that can happen given how they have a laughable production and supply chain. Not to mention, most people can’t afford a Tesla and those who can, can just as easily buy an electric Beemer or Porsche.

 

[AFL_ITALIA]

I am not a big fan of Tesla, but it is at least a green tech company that makes real, tangible products that are better - more efficient, durable, environmentally friendly - than the product they replace - the internal combustion engine. In that sense Tesla is advancing society.
Bitcoin and crypto in general are backward tech - inefficient, resources and energy wasteful with not many useful applications - and most of them can be performed by more efficient systems.

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Whenever they come up all I can think of is my former coworker sitting on 112 Ethereum, has been buying since like 2017 or so. He is in his 40s, renting an apartment with multiple roommates, making entry-level finance wages. Selling at $4,000 would've changed his entire life for the better, but he's holding because he expects the price to be $20,000 in September, no idea why. Back when he first was buying, he showed me an Excel spreadsheet he made. All he did was put in his initial investment, and added 2% per month to the total value, proclaiming that he would be a millionaire by x date. I didn't know what to say to him.

I have no idea how he can sit there and watch $150,000+ completely evaporate into nothing over the span of a week.

- - - Updated - - -

Be that as it may, it’s pretty ridiculous how the market cap of Tesla is higher than Toyota despite selling just a tiny fraction of their cars and barely being profitable. Tesla investors think that Tesla will eat up the entire ICE market, but I don’t see how that can happen given how they have a laughable production and supply chain. Not to mention, most people can’t afford a Tesla and those who can, can just as easily buy an electric Beemer or Porsche.

I agree, but the 400% I'm up on it doesn't

 

[pavelnel]

Whenever they come up all I can think of is my former coworker sitting on 112 Ethereum, has been buying since like 2017 or so. He is in his 40s, renting an apartment with multiple roommates, making entry-level finance wages. Selling at $4,000 would've changed his entire life for the better, but he's holding because he expects the price to be $20,000 in September, no idea why. Back when he first was buying, he showed me an Excel spreadsheet he made. All he did was put in his initial investment, and added 2% per month to the total value, proclaiming that he would be a millionaire by x date. I didn't know what to say to him.

I have no idea how he can sit there and watch $150,000+ completely evaporate into nothing over the span of a week.

- - - Updated - - -


I agree, but the 400% I'm up on it doesn't

I have worked with hundreds of crypto "investors" and have been following this economic niche for years. I can honestly say without any exaggeration that the biggest zealots among them were some of the stupidest people I have ever worked or communicated with. Always slackers on the job, always with the worst performance, untrainable like Bentancur to perform even the easiest tasks .. Their personal and financial life always a mess and they were always looking for shortcuts to make money and mostly becoming victims of scams...
I gave up long time ago to try to help such people...

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[campionesidd]

I have worked with hundreds of crypto "investors" and have been following this economic niche for years. I can honestly say without any exaggeration that the biggest zealots among them were some of the stupidest people I have ever worked or communicated with. Always slackers on the job, always with the worst performance, untrainable like Bentancur to perform even the easiest tasks .. Their personal and financial life always a mess and they were always looking for shortcuts to make money and mostly becoming victims of scams...
I gave up long time ago to try to help such people...

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Do most of them reply ‘you just don’t understand blockchain, bro.’

 

[Bjerknes]

I think of it this way. Even though central banks can endlessly print money, people still only have an finite amount of money to blow on a certain time scale. Just like every other boom/bust cycle, capital floods into risk assets when it's available and there's a ton of liquidity. If you have new coins being created every week and risk is on, sure, you can see some of these coins going higher over time, just like we have recently. I'm sure a lot of people have used their stimulus checks to buy crypto. But eventually we'll reach the point where the crypto market is saturated and we enter another deflationary spiral, which at that point all crypto sells off hard, and then only the outperformers like Bitcoin remain, just like other sorts of risk assets. But then you also have to worry about regulatory impacts and traders being leveraged out the ass on FTX which is basically just another leveraged derivatives market. So looks like a bunch of people lost everything today, which isn't surprising. Even my local news continues to report on what crypto is doing this week. Local news that I can't remember ever talking about stawks.

I first heard about Bitcoin from Max Keiser in like 2010, and I'm 100% a retard for not listening and buying it back then with my limited money. But now it's just become like any other speculative market where you need to have risk tolerance and not take out a 30,000 personal loan to buy Dogecoin. Some people probably did that and made money, but 99% of people don't know when to pull profits and eventually just lose it all in the long run, because that's what markets do.

 

[pavelnel]

Do most of them reply ‘you just don’t understand blockchain, bro.’

Yes, and many of them are not only financially illiterate but also technically and proud of it... The last one is one girl who made 30 000 Euros in crypto but has never opened an economic book in her life and thought Bitcoin is more efficient payment system than Visa, the global monetary people is run by lizard people, who drink the blood of children etc. Yes, big fan of Trump and Qanon.

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[.zero]

Scientology >>>>>> cryptocurrency

 

[Dostoevsky]

You think it hit 55k just from random people on the street throwing in $50 here and there rather than people like Musk, Cuban, or Dorsey spending millions on it and giving interviews/tweeting to add publicity and drive hype? I certainly don't. It's something that can be legally manipulated, and so it is. Free money for people like that.

You think whole cryptocurrency is based on hype and we'll just have to disagree because our views are here entirely different.

 

[pavelnel]

You think whole cryptocurrency is based on hype and we'll just have to disagree because our views are here entirely different.

You have some Ethereum, don't you? Judging by how you spoke about it and how you expected the price to increase are further proof that crypto's value is based mostly on hype and the bigger fool's theory.
As far I am concerned, the cryptosexuals have tried to reshape the wheel, reached to the quadrat shape and called it's perfect. Now they are telling you it may look just like a quadrat but it is actually a unicorn that shits golden bricks and cures cancer.
Let's face it: there is nothing more that the cryptoimpotents love than to measure their value of digital farts in fiat money. Without these euros, dollars and francs, cryptos are just worthless records in an Excell spreadsheet which can't even be shoved up their asses to give them some satisfaction.

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[Dostoevsky]

You have some Ethereum, don't you? Judging by how you spoke about it and how you expected the price to increase are further proof that crypto's value is based mostly on hype and the bigger fool's theory.
As far I am concerned, the cryptosexuals have tried to reshape the wheel, reached to the quadrat shape and called it's perfect. Now they are telling you it may look just like a quadrat but it is actually a unicorn that shits golden bricks and cures cancer.
Let's face it: there is nothing more that the cryptoimpotents love than to measure their value of digital farts in fiat money. Without these euros, dollars and francs, cryptos are just worthless records in an Excell spreadsheet which can't even be shoved up their asses to give them some satisfaction.

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Just because somebody expects price to rise doesn't mean it's hype. Same can be said about any stock or player on the market.

Oh and please, don't preach about fiat money that's being printed like a worthless piece of paper based on thin air.

 

[GordoDeCentral]

You think whole cryptocurrency is based on hype and we'll just have to disagree because our views are here entirely different.

It's built on internet lore, which can easily be infiltrated and hijacked. Also what good is it if you pay taxes on it and it can be traced (you only allowed to trade after providing tax id). I think the crypto idea at first was good, internet was also a much freer environment back then. Right now i think it's just a way for betas to stick it to the system, except this will only make them money if it gets hijacked by the system, case in point doge.