Crypto Crash
- Thread starter Darts
- Start date
So you missed an opportunity to make a 5x-10x return between 2018-2022. Sounds like your the one giving out bad advice.
1) You would have made nothing but "vapor" unless you unloaded your crypto coin portfolio of "vapor" onto some other fool and converted your gains it into hard currency. See "vapor" is "vapor" unless filled with something tangible and utile.
2) Bitcoin traded in a range of between $5K - $15K, but mostly around 10K for a few years until - it soared from Sept '20 to March '22 - which coincided so neatly with a) A huge influx of free money from federal governments due to the pandemic to the great unwashed, dimwitted, foolish and greed driven masses b) A huge influx of free, loose and easy money provided by central banks that could be borrowed by the great unwashed masses and so called "new age techie firms" to finance their great, get rich quick schemes, and 3) the great Bitcoin grift and scam perpetrated by a whole host of characters who would profit on the fees they made by convincing foolish and unwitting yet wholly driven by greed traders to buy, buy ,buy!
3) Think, think, think ...... what sound, sensible and ultimately "we want to remain a viable business" would transact in a 'currency' whose value fluctuates as violently as crypo currencies?
4) This is what I see - Bitcoin will drop to it's historical trading range before the great pandemic excess cash bubble infused society. Froth my friends eventually blows off and what you are left with is whatever content there actually was to begin with. The content is not crypto currency, the underlying content, utility and added value is the blockchain technology.
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I'm not sorry at all. Just like many people that fall for ponzi schemes, there will be a few that cash in, but many who get burned. I'm part of the group that didn't fall for the FOMO factor and didn't get burned.
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exactly what everyone said after every major dump [1]. if bitcoin were to go to zero, it would have a long time ago. as someone mentioned, some people will always want it, and i'd argue that some is continually getting bigger.
just FYI, it thought this was a good watch (O'Learly talking about crypto, but I'll note of course positively since he's invested it)
[1]https://ca.news.yahoo.com/7-biggest-bitcoin-crashes-history-180038282.html
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You know stocks are priced largely based on emotion and psychology, too, unless you believe Netflix was appropriately priced at $700 a share then dropped 70 percent (there are many other examples, Roblox being another whose peak was like $140 and now trading less than $30).
Money is made or lost in either market; whether your left holding the bag/being left alone on the island is based on your greed.
And, yes, bitcoin is trash; it has changed its narrative many times, and finally the store of value is working out for it (so far). Blockchain is the utility/value-add which is why Ethereum will likely take over Bitcoin. I view this as akin to the dot-com bubble; which chains are going to survive? A handful, if fewer.
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It doesn't bring any. People think it does because it traces your virtual coin, but they still can't wrap their heads around the fact your virtual coin is only worth what the next sucker will pay for it.
People usually make other arguments for it, as well, though.
I'm curious which ones sprite09 endorses.
i actually used the example in another thread and it's the same one that Kevin olearly stated in the video (not surprised cause it's the most obvious one when you enter the space )
I can send a stablecoin to someone across the world (or an account I hold in another country) almost instantly and that costs almost nothing, then use a service in that country ro convert to fiat with very little or no fees.
if someone sent me $1000 usdc (equivalent to $1000 usd) , I could use an exchange like Newton or virgocx and it would be "free" to withdraw in Canadian dollars (I can withdraw via e transfer )...I say put free in quotes because certainly the exchange would make at least a small spread on the fx conversion, which actually isn't much different than what a bank would charge....all this can be done in a matter of minutes.
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hmm kinda like how lots of stocks behaved (esp tech) during the bull run ...or beyond meat was trading for over $200 at one point
and now at $20 lol
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1. What does that have to do with blockchain? What about blockchain do you think makes that possible?
2. If that was really true, why aren't Western Union and other companies all running blockchain to reduce fees and pocketing the difference?
Practically speaking they will lose 50% of their value. It's just a matter of time.
This is not an endorsement of crypto currencies. It's more an endorsement of physical assets.
One USD or one CAD will always be worth one USD or one CAD. The question then is what is the spending power of that one USD/CAD?
Example: What was the value of your house 30 years ago versus what is its value to-day?
Anyone with a statistics background would tell you that the green chart is a subtle misrepresentation. A chart with proper scale would give people more understanding, but then we would clearly see the bubble that formed during COVID.
I've heard college-educated young people compare bitcoin to stocks repeatedly. Do our universities fail them so badly that they can't understand a stock is more than a piece of paper. It is an ownership claim on physical assets and intellectual property that generally produce income or have the potential to produce income.
