Cryptocurrency
- Thread starter Playboi Carti
- Start date
Yeah I readily admit that I don’t know a ton about it, but that is how I understand it too. And it seems like the perfect place to scam people. I feel like alot of people do not realize those banking regulations and safeguards are there for a reason, and most are there to protect customers. If it sounds too good to be true it usually is.
Might want to admit the y axis skews the visual just a tad haha
Its a log chart. Bitcoin price has historically followed the math of a logarithmic growth curve
I wonder what the new name will be within the next couple of years.
IMO Log charts are a deceiving for any large cap company. But not my concern. I’m not trying to dunk on crypto, but like anything the diehard believers are going to paint a rosier picture than others.
Hope it goes up. Others getting rich doesn't hurt me
Dang!!!!! Impressive. You must have been good!
How about rate? I did one refi on a 460 FICO with a 12% interest rate
Dang!!!!! Impressive. You must have been good!
How about rate? I did one refi on a 460 FICO with a 12% interest rate
Honestly I didn't underwrite them. I'm a pretty conservative person in general so I am not sure I could have stomached it.
We'd go up to 10% origination fees ("Points", they were called) and 125% LTV. WHAT COULD GO WRONG!
I never saw a rate over 10% but with 10% origination the rates aren't as important when you're just trying to get people to do it again in 2 years.
I was pretty young and impressionable at the time. I really believed the senior bank leaders who would tell us we were helping our customers. I didn't realize until later that they were just preying on the public and padding their bonus checks. After moving to foreclosure compliance and regulation I unfortunately had to see the fruits of our labor.
To tie it back to crypto. Based on my experience and the complete debacle that was 08 I no longer trust the government/banking system with my entire financial life. Therefore, I decided to take a small chunk and put it in the hands of immutable code, math, and an increasing number of global users.
Good read. But, just curious, how would you say this applies to bitcoin? I may be missing your intent here.
Mostly that everyone and their mom thought crypto was the new guaranteed 10x until recently and that is when you know it's over bought. A lot of new retail investors with stimulus checks dumped it all in crypto, need to test their patience and fleece them as much as possible just like any other boom sector. I know quite a few people that only invest in crypto that are new retail investors being mid-30's age. To a lesser extent this is similar to the energy sector right now...it's been on a tear but it'll come back.
I certainly agree that we need to flush out leverage and people lacking conviction. Interestingly, RSI is at a record low on the weekly. At the moment, we are at least short term oversold. Although, with the given macro situation TA is a little less meaningful.
Personally, I run into very few bitcoin bulls. I mostly get made fun of when the topic comes up. My point is I think the crypto faithful are loud, but they are still relatively few. The majority are still passionately bearish in my experience. When the .com bubble occurred the public was overwhelmingly bullish on tech. That is far from the case with bitcoin/crypto imo.
Just my 2 cents on the matter. Thanks for the chat!
Ok, Coinbase laid off 1,100 people. Why the heck does a crypto exchange have 1,100 employees? It's not like they are exchanging things by hand.
To add, the Coinbase CEO announced today that if they declare bankruptcy they may claim their customers’ BTC. Wow, if that happens BTC will halve again. And by “halve” I mean its price will drop by half, not some mathematical sleight of hand intended to inflate its perceived value.
Coinbase admits users may lose crypto if exchange goes bankrupt | Fortune
Coinbase reported declines in revenues, trading volume and monthly users in a first-quarter earnings report that came below estimates.
fortune.com
That is FUD. If you read the article, that is clear. They had to update terms because of the SEC. There isnt court precedence for corporate bk and crypto assets.
Unless you actually think a court wouldn't side with customers?
Also, again I say not your keys not your crypto. If self a custody wallet is to much for you then you have no business holding crypto. Stick to an ETF and derivatives.
