Crypto and digital currency discussion.

rockstar232007

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I have a friend who is fanaticak about crypto currency.

I finally broke down and bought $200 worth of Shiba Inu. It has jumped to over $400 (nice). It's worth $287 if I sold it right now which I won't do.

I'm doing far better than I would at the bank. A couple hundred is all I want to do right now but like I said, my $200 would fetch me $287 right now and it's been three weeks. My friend sure is enthused. Shiba is all she wants to talk about and listens to crypto pods casts. She's crazy about it.
"Crazy" being the opporative word.

A lot of hearts are going to get broken, when people realize that all of this (meme-crypto) is a huge house of cards, that's going to eventually fall. And, when the gov. gets involved, it's going to fall really hard.

If the feds don't like one thing, it's competition.
 

DADGAD

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"Crazy" being the opporative word.

A lot of hearts are going to get broken, when people realize that all of this (meme-crypto) is a huge house of cards, that's going to eventually fall. And, when the gov. gets involved, it's going to fall really hard.

If the feds don't like one thing, it's competition.
The meme crypto’s were fairly abundant before but when SHIB exploded in late Sept, it’s run opened the world’s eyes to crypto. Now many may not differentiate the meme coins from those with utility, but the sheer number of meme coins that popped up in Shiba’s wake is staggering. Many pouring money in looking for 10,000x returns. A few were such obvious rug pulls and many less obvious. Here is one that I saw go from 5 cents to $3 in one day. A week later it was hundreds of dollars and then poof. It was gone like Keyser Soze.
 

Brek

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Still waiting on my Safemoon to go to the moon. Bitcoin and Ethereum dropped big today I guess because of some China crackdown?
I noticed that, i don't know cause, I wonder if its something to do with the futures markets that are now an option? I was going to sell my weeks mining profits yesterday, but missed the boat. so will hold till it goes up again. allowing shorting to me is the worst possible thing, if the price instability was an issue before it will just get much worse, people are taking positions by leveraging ffs. read a reddit post last night from some guy who lost all his savings on a leveraged trade and got zero'd.
 

Brek

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end grain has traits of mahogany, on phone at mo, so image not best quality. when looking at the face grain not so sure what it is. will have a look later on my desktop.
 

DADGAD

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1C802BFD-7243-40F8-89D2-E2AF301C50FB.png
 

fett

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Everything took a hit. Monday will be interesting. NO CRUISE FOR YOU!!!!!
 

Brek

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Everything took a hit. Monday will be interesting. NO CRUISE FOR YOU!!!!!
yeah, i'm in hodl mode for now with mining earnings. i have some doge i could have sold at 10% profit. but didn't. doh.

I wonder if there been a mass chinese sell order? a lot of the exchanges are closing accounts of Chinese mainland customers. I imagine the are going be selling while they can before its all shut down to them.

The joys of living in a dictator state. Not sure they can even use VPN or proxy servers as the net of Government is so all enclosing.
 
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fett

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The Chinese Effect may be a Red Herring. Pun :applause: That's old news. If this new variant has legs, there might be another rush to the exits no matter what you hold. When in Doubt, Bail Out.
 

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Crypto isn't going away any time, soon. That said, it is highly speculative and poorly understood. So, it is a gamble based upon "The Greater Fool Theory." That theory is quite simply: "In the future a greater fool than I will pay me more for this thing." Sometimes it works and sometimes it doesn't.

I haven't invested in crypto, yet, because I don't understand the metrics of its actual value. It is unlikely that I will believe in the intrinsic value of crypto (in the foreseeable future). However, I do think that there is an opportunity to make some money, here. So, I look at it more like gambling than investing (which is a form of gambling, too). I'll put some funny money on 10+ crypto ops and see what happens. I won't be putting the milk money into them.
 

PeteK

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Crypto isn't going away any time, soon. That said, it is highly speculative and poorly understood. So, it is a gamble based upon "The Greater Fool Theory." That theory is quite simply: "In the future a greater fool than I will pay me more for this thing." Sometimes it works and sometimes it doesn't.

I haven't invested in crypto, yet, because I don't understand the metrics of its actual value. It is unlikely that I will believe in the intrinsic value of crypto (in the foreseeable future). However, I do think that there is an opportunity to make some money, here. So, I look at it more like gambling than investing (which is a form of gambling, too). I'll put some funny money on 10+ crypto ops and see what happens. I won't be putting the milk money into them.
I don't think there is any understanding the metrics of it's value because it makes absolutely no sense whatsoever. People still pretend these are currencies even though nearly zero people buy things with them. Almost everyone buys it like an investment hoping for it to go up in value. No one is out there buying groceries with Bitcoin.
 

fett

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Crypto is touted as an alternative to the norm. There is only one problem. It acts like any other asset class that is the norm. Crytpo hasn't cut the cord.
 

Tone deaf

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I think that as governments start to realize the risk cryptos represent to their fiat currencies, they will start to turn against them. This will make them more popular and certain countries will embrace them (probably most tax havens) and they will probably flourish.
 

Brek

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Yeah, there are no metrics for value as used for most commodities in my limited understanding of crypto, bitcoin as the first seems to have the most going for it in terms of acceptance, but its value is depending on what? I seems at points to be a huge ponzi scheme (over simplified i know) as there are a core who have been buying it to increase the price. But isn't everyone now buying for that reason?

So what is it as a value store? Limited supply means price will go up if more people buy it. If however, the price doesn't reflect real world demand for it, it loses that most important element, trust.

All the other coins that have utility are being speculated on by guesswork, literally.

The selling point of crypto is the no trusted third party needed idea. Via direct peer to peer transactions. So the cost of these transactions reduces, but, it appears non of these currencies are being used like that, except in small scale schemes in developing countries.

Which in itself I find interesting, as if that takes off the world bank will lose out on the 'conditions attached' lending possibly in the future.

Governments and the established banking systems response will be interesting to follow in the coming years. which at the moment I find an amusing concept. Politicians understand politics and very little else. The bankers? I imagine they are starting to roll their sleeves up for some bare knuckle brawling to defend their slice of the pie.

Fun times.
 

ehb

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Shiba is interesting in that a LOT has been burned and there is blackhole wallet that individuals can use to burn Shiba....

Burning is dumping into a pit never to be seen again to take the total # down....... Coffee company burning with every cup sold. Somebody else is regularly burning too....

The gaming angle of Shiba I find interesting too.... Theaters soon to accept Shiba..... Interesting stuff with this one.....
 

rockstar232007

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Yeah, there are no metrics for value as used for most commodities in my limited understanding of crypto, bitcoin as the first seems to have the most going for it in terms of acceptance, but its value is depending on what? I seems at points to be a huge ponzi scheme (over simplified i know) as there are a core who have been buying it to increase the price. But isn't everyone now buying for that reason?

So what is it as a value store? Limited supply means price will go up if more people buy it. If however, the price doesn't reflect real world demand for it, it loses that most important element, trust.

All the other coins that have utility are being speculated on by guesswork, literally.

The selling point of crypto is the no trusted third party needed idea. Via direct peer to peer transactions. So the cost of these transactions reduces, but, it appears non of these currencies are being used like that, except in small scale schemes in developing countries.

Which in itself I find interesting, as if that takes off the world bank will lose out on the 'conditions attached' lending possibly in the future.

Governments and the established banking systems response will be interesting to follow in the coming years. which at the moment I find an amusing concept. Politicians understand politics and very little else. The bankers? I imagine they are starting to roll their sleeves up for some bare knuckle brawling to defend their slice of the pie.

Fun times.
Crypto-currency value is based on scarcity, and speculation.

Think of it in vintage guitar terms - a '59 LP isn't really worth a half a million bucks. Their current market value is base on the notion that they are extremely rare, and a few people over the years were willing to shell out a lot of money for them.

The long and the short of it is, just like the vintage guitar market - if a few key people start talking shit about how " worthless" things are, it's popularity wanes, and thus it loses it's [percieved] value.

Not the same with cash, but that's a whole, other ball of worms.
 
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