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Replies: 22
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Oculus Spirit [97676]
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Crypto getting rocked tonight.
May 12, 2021, 8:40 PM
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Backed out just in time. But it seems the fear is a crackdown due to the pipeline thing. Seems only seedy crooks, drug dealers, and international hacking conglomerates are the main ones using crypto currencies. Then Musk decides Tesla won't accept Crypto anymore because of energy used in mining? Lol.
Anyway, I'm out for a while.
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All-In [30804]
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Here’s a question as it seems Bitcoin has peaked.
May 12, 2021, 9:04 PM
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Is it possible for crypto to split like stocks? Seems like that would be the only way people getting into Bitcoin now will see their investment grow. Litecoin for me has been my biggest mover lately
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Oculus Spirit [97676]
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I think bitcoin peaked and people fled to others
May 12, 2021, 9:25 PM
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I know I did. Etherium was great lately until Musk tweeted today. But everyone wants to get in on the ground floor of the next coin. But I have a feeling this pipeline Ransomware thing may come down on crypto. It's all a sham really. No one buys stuff with bitcoin or anything else. Only criminals because it's untraceable. It has this nice selling point to give it legitimacy but it's all a ponzi scheme at the core.
There's more money invested in crypto than is circulating in paper. And No One uses it for anything other than an investment. This first holders have all the wealth. They have 50,000% profits. But the later you invest the less you get.
I've made a couple hundred bucks but it's a zero sum game. It's kinda fun like gambling. But in general it's a bad sign. Broadly speaking. If things fall apart and you have to preserve value in gold or a crypto currency then its a no brainer. If Elon Musk can tweet and devalue billions,then Biden can end it citing national security so hackers know they can never get paid the ransom for their randomware attacks.
Message was edited by: Tiggity®
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All-In [30804]
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I feel the current form of crypto will die, much like the first .coms and first social media sites.
May 12, 2021, 9:33 PM
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But they have paved the way for some form of digital currency 2.0 to thrive. I’d consider Bitcoin to be equivalent to what MySpace was a few years down the road and we’ll just have to see what crypto turns to after that.
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Oculus Spirit [97676]
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Until it's used for something. Legit.....
May 12, 2021, 9:52 PM
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It's just a sham. It is used frequently among criminals. They traffic millions in it. But until little old ladies use it to buy craft stuff at Michael's, or gas, it's all a speculative pyramid/ponzi scheme.
Its value is based on dollars others have converted to crypto. But they were smart and created a finite and fixed number of bitcoins. As such the more people buy them the more valuable they have.
Imagine there was a fixed number of dollars, say 20 million. There is none but imagine if there was. A dollar may buy a car. A loaf of bread may be .000214 dollars. The fixed number is why it's not really a currency IMO. Stocks are structured the same way. There are x number of shares to be purchased.as suck as you invest the share price climbs. When it gets too high for people to. Invest in single shares, it splits. Shareholders shares halve in value but double in number. Then the universe of investors increases exponentially again. So more money flows in.
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Oculus Spirit [79400]
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That's why many are starting to push for it to be listed in
May 13, 2021, 9:56 AM
[ in reply to Here’s a question as it seems Bitcoin has peaked. ] |
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satoshi's instead of bitcoin. 100,000,000 satoshi's in a bitcoin. Doesn't really change anything, but helps the perception of buyers.
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Team Captain [487]
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Re: Crypto getting rocked tonight.
May 12, 2021, 9:11 PM
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Buy Silver, only commodity cheaper than it was in 1980. The manipulation will eventually end & the gold/silver ratio will return to normal. I’d bet on closer to 30/1 than 68/1 since silver is more solar panels, chips friendly alongside its status as money.
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All-In [30804]
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Waiting on it to get back under $20/oz
May 12, 2021, 9:22 PM
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I started buying 10oz with every paycheck I had starting when I was around 25. It’s been over that $20 threshold for a few years now.
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Team Captain [487]
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Re: Waiting on it to get back under $20/oz
May 12, 2021, 9:37 PM
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Fed currency printing & industrial demand mean silver should never see $20 again.
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Oculus Spirit [97676]
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I'd argue the opposite. Unlimited dollars chasing a finite
May 12, 2021, 10:06 PM
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Resource. More they print the more valuable it is at a steady supply. A 1964 quarter is worth $1. mint it's worth $35-40. And that isn't because it's worth a quarter. It's because of the silver.
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Heisman Winner [135674]
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Really? I’ve got a mason jar full of 1960-1964 quarters
May 12, 2021, 10:18 PM
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Wow
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Oculus Spirit [97676]
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Quaters were 90% silver until like 1965
May 13, 2021, 4:29 AM
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Heck a penny made before 1983 has almost $0.02 of copper in it. In 2006 they had to make a law making it illegal to melt them down so people wouldn't sell them for the copper value.
Today pennies are 97% zinc. Before 1983 they were 95% copper.
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Oculus Spirit [97676]
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All-TigerNet [11155]
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If Musk is dropping it because he was called out by Maher...
May 12, 2021, 9:21 PM
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Then that's LOL worthy. Whoever it was that posted the link to the Bill Maher diatribe on cryptocurrency, I can't remember, but one :thumbsup: to you.
Basically the computers guessing numbers use more energy to "mine" one bitcoin than some obscene amount of energy (compared to the entirety of NY State, I don't doubt that it's alot, but I find that hard to believe). Maher concludes that point by calling out Musk for his hypocrisy of claiming he's a "green" guy with the whole electric cars thing, then taking payment in the form of a currency that's the largest consumer of energy around.
I have no idea how much of Maher's rant is truth or how much is hyperbole. He made some funny jokes, so I LOL'ed.
https://www.youtube.com/watch?v=HaJpYjO136o
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All-In [30804]
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Unless your Tesla is powered by batteries fueled by solar power
May 12, 2021, 9:27 PM
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You aren’t green.
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Oculus Spirit [97676]
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He dropped it because he sees the writing on the wall
May 13, 2021, 8:44 AM
[ in reply to If Musk is dropping it because he was called out by Maher... ] |
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The hackers who hack everything, including the pipeline that caused the gas crisis, they ALL want to get paid in bitcoin. You can pay them and there is absolutely no way to trace the transaction.
As such, it's probably right now SQUARELY in the crosshairs of regulators. That is what Musk probably knows.
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Oculus Spirit [75682]
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Sometimes I'm sad I missed
May 12, 2021, 9:39 PM
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that stuff but most of the time I'm happy I don't know how to buy it.
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All-In [49149]
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I'm in the Warren Buffet camp. Don't invest in anything that
May 13, 2021, 7:36 AM
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you don't understand why it might go up in value.
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Orange Blooded [4699]
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I was reading an article about Musk and Tesla no longer
May 13, 2021, 9:27 AM
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accepting bitcoin because of the energy consumption and I was confused, so I investigated which led me down the path of learning how bitcoin is "mined" and long story short it takes a lot of energy for those dudes sitting in their parents basement to get it done.
My brain hurts after going down that rabbit hole. I'm feeling like a boomer.
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Heisman Winner [135674]
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I bought $20 worth on a lark awhile back
May 12, 2021, 10:16 PM
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When everyone was talking about it in here.
It’s worth $19.05 now - yippee
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Heisman Winner [135499]
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Shocking.
May 13, 2021, 7:45 AM
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I'm sure we all thought imaginary internet money backed by the full faith and credit of celebrity tweets would last forever.
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All-In [42023]
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I mean, I took a peek in my Monopoly game last night.
May 13, 2021, 8:02 AM
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All the money is still there.
So I'm still good on the play money front.
Anyone wanna buy some of these hotels off me? How about some of these railroads?
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Oculus Spirit [80998]
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Big surprise that I gotta pay taxes again, so I guess I'll
May 13, 2021, 9:10 AM
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cash out of BTC to get some money to pay that.
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