Where are all the crypto experts today. Not trying to be a smart ass ( well maybe I am) but how is it different than any other failed unpacked investment.
Crypto
- Thread starter dafarmer
- Start date
Crypto exchanges are the issue. If you take your crypto off the exchange and into a cold wallet. You are gucci
currencies are only worth what other people are willing to pay for them.
Depends when you got in. Wife had a friend trying to get people to get into Ethereum around the holidays if 2020. She made good money, but by a few months after, it would be flat line at best.
A clever product, with a niche market. Turned into a tulip-bulb market mania because 95% of people didn't understand what it really was, and thought they were getting left behind (greed).
Inevitably, the market mania has crashed. I hope none of our crypto promoters here got caught holding the bag. Tons of people got rich, buying low and selling high. But an equal number of people also bought high and are selling low. They are gonna want heads on pikes somehow. Will be interesting to see what the authorities do wrt SEC type investigations.
Probably now crypto will finally just be what it is, and serve it's small niche uses. Oh, and it's LARGE niche use for international money laundering.
Inevitably, the market mania has crashed. I hope none of our crypto promoters here got caught holding the bag. Tons of people got rich, buying low and selling high. But an equal number of people also bought high and are selling low. They are gonna want heads on pikes somehow. Will be interesting to see what the authorities do wrt SEC type investigations.
Probably now crypto will finally just be what it is, and serve it's small niche uses. Oh, and it's LARGE niche use for international money laundering.
So is it time for me to sell my crypto investments and reinvest in Beanie Babies?
Butt plugs are the new beanie babies.
Cyclonepride
Thought Police
I think that investment in the vast majority of smaller coins is essentially gambling. The more established coins are probably the better bets (IMO), but the greatest long term risk in those (also IMO) is the threat they pose to central banks.
12 or 13 years later and there is still no clear value proposition for cryptocurrency. The advocates frequently say it’s early, but it’s not. BTC became well known in 2017 and the other cryptos followed. All kinds of infrastructure was built worldwide over the last 5 years yet there isn’t a person out there who can make a compelling case for the long term value of cryptocurrency — store of value? inflation hedge? medium of exchange? Even the ethereum network’s other supposed values like smart contracts are hard to quantify. ETH is down 25% since the much hyped 2.0 release.
I’ve worked in financial technology my whole career (30 years) and we have a network protocol, it’s called TCP/IP, and it carries trillions of dollars of financial transactions daily. On top of TCP/IP there are application protocols like FIX, ITCH and OUCH. I’ve yet to hear anyone mention moving to ethereum. But if one of the knowledgeable crypto people can explain this article I’d like to educate myself. The fact that it was published 6 years ago probably says a lot.
I’ve worked in financial technology my whole career (30 years) and we have a network protocol, it’s called TCP/IP, and it carries trillions of dollars of financial transactions daily. On top of TCP/IP there are application protocols like FIX, ITCH and OUCH. I’ve yet to hear anyone mention moving to ethereum. But if one of the knowledgeable crypto people can explain this article I’d like to educate myself. The fact that it was published 6 years ago probably says a lot.
The real value prop is people who want to remain anonymous and outside the formal financial system. So dictators, criminal syndicates, and wackos.
They were trying to sell it as a value store, as an option to gold and commodities, but eventually people figured out that at least with gold there is a limit to how much more can be got.
They were trying to sell it as a value store, as an option to gold and commodities, but eventually people figured out that at least with gold there is a limit to how much more can be got.
Used to be the snake-oil salesman had to go out and find the suckers...now the suckers come looking for them.
Cyclonepride
Thought Police
Bitcoin also has a limit, which is why it is the only one I would consider. Remaining outside the formal financial system (also full of criminals) is not "wacko".
Yeah that is fair. But you have to be pretty committed to confidentiality to go to the trouble. But I would imagine there are more tinfoil hat types than measured libertarian types. (and I am one of the measured libertarian types)
The Onion continues to show why it is the Finest News Source
Onion Crypto = Bank
I haven't kept up on this crap. Please tell me NFTs are crashing too.
edit: I had to look it up, and lol.
edit: I had to look it up, and lol.
