Cryptocurrency

None of this is a surprise to me. Crypto is a pyramid scheme. Buyer beware.

 

I don’t trust anyone with two last names.

 

I think its a " Trapezoid Scheme " . I have no Sympathy for those that lose all their money .

 

What I don't get is where did the real money put into the system to get bitcoin go? I understand the money spent on political donations, wages, and all that other stuff, but that doesn't total out the number of billions that just went *poof*. Somebody has that money, right?

 

Ha, never gambled on it…tried to warn some folks against it but oh no, they thought it was the way to go…if it sounds too good to be true,……you know the rest.

 

The markets go up and the markets go down. Right now my portfolio is down 100k from the peak. Know what’s not down? My real estate, specifically the commercial real estate. Rents are through the roof! I haven’t raised it on account of I have grade A tenants. Just my opinion but there is only so much land and demand isn’t gonna go down. I will never invest in crypto. Someone mentioned NFTs. Those where hot for a minute and people spent a fortune on that crap and now no one cares and it’s mostly worthless.
Cliff

 

I'm starting a new type of currency. I'm going to call it Buicurrency. PM me for investment information.

 

All I did was share what is on the main stream media brother.

 

I hear you, I’m not offended, we all know the truth.

 

It's interesting the FTX failure has little to do with Cryptocurrency per se, it's just a scam that blew up.

There is no reason they should be "holding" someones money. They weren't a bank.

People do not understand Crypto, so scammers are able to exploit them even MORE readily.

Crypt is real and not going away.

 

Tell you guys what: if you're tired of Crypto giving you the gears, here's something tangible; - I can sell you Nazi Reichsmarks, I've got a secret stash of them, only $10 for 1 RM, (a great deal! Try and get that on eBay!) and they'll only go up in value because the paper is disintegrating with time, and, if you gather up enough, you can get a Volkswagen Beetle if you buy the savings book from me for $20,000 and pay me back RM 5 a month until you've paid it up in full, to the tune of 1000 Reichsmarks!
(Hey, it worked once...)

Truth is, crypto is only worth something if you convert it to currency, it has no other value because it has no fungible value on it's own, it's just a lot of ones and zeros. Plus, your digital wallet has this nasty habit of disappearing when the power goes out or a backup goes haywire. Not to mention there's this whole thing about cloud computing, hackers, and so on. You forget your password, it's gone, irretrievable and out of circulation as in totally gone like never existed. Real currencies can't have that happen otherwise the value is gone. It's different when the value is a perception, and that leaves a lot higher volatility and risk. The other fact is, just about every major big crypto outfit has either blown up, been hacked, or its executives have mysteriously vanished with wallet keys rendering tons of it inaccessible. From nothing comes nothing, pull the plug out of the wall and it isn't there.

Anything that you need real money to buy into and have to convert back to real money get anything out of, is essentially either a collectible or a scam, take your pick.

I love hearing about all the Doomsday guys who figure they're going to have something when the whole world goes to pot, invariably it's all fueled by a bunch of half-baked stories with the odd fact thrown in, what these guys don't realize is all they are doing is making someone else rich in the here and now while impoverishing themselves. There's something with "A Fool and his money are soon parted..."

 

The way I see, crypto is in the embryonic stage. Too many wannabes and no clear winner. When all is said and done, it will be nothing more than a bookkeeping method for whatever asset is actually a store of value. The blockchain technology is the best part of crypto.

 

Same as fiat currencies, with the difference that unlike these, you can't create bitcoins out of thin air and dilute the currency.

 

This was a money laundering scam not much different than they usually do with most of our tax dollars. The difference with crypto is it will be much easier to uncover criminal enterprises. Block chain technology is a huge part of accountability, that will become the norm. Besides the money laundering aspect of this FTX the other goal of this was to scare people away from crypto. Look at the comments in here both of thier goals were attained.

 

Right now bitcoin is good for money laundering. It's all about privacy which can be good but the downside is criminals take advantage of that. Right now governments have a hard time regulating it. That means lots of shady stuff happens and the government is none the wiser. My understanding is the only time the government has an opportunity to see what happened is when people try to convert bitcoin to real money. Only at that point can law enforcement see if money laundering happened.

 

Well I hardly think it was a goal to scare people, that was a result. Individual acts of greed are just that. In an unregulated market, buyer beware. There’s no conspiracy here, this is economics 101.