Cryptos Crashing

[Mr_Mark]

unfortunately, we dont educate our young on finance. Savings, budgeting, investing. It's not part of a high school curriculum .Religion is tho? LOL.

and with stupid rising costs for education, housing (major urban centres) has led to the game dramatically changing. Kids are graduating with ridiculous debt . How can we make money quickly? cryptos ....folks pouring money into this speculative asset. Pays no dividend. Not even a company, staffed with people producing a product. THINK ABOUT IT-- its sad , mindboggling ........man repeats the same shit over and over again.

 

[Ricboff]

haha, that too . Crazy crazy crazy

 

[tanner12oz]

I still cant wrap my head around this stuff..what it does or why its necessary. It just seems like a game of hot potato or musical chairs.

 

[DoublePlayBall]

I still cant wrap my head around this stuff..what it does or why its necessary. It just seems like a game of hot potato or musical chairs.

All that plus the "tooth fairy"

 

[Doug]

I still cant wrap my head around this stuff..what it does or why its necessary. It just seems like a game of hot potato or musical chairs.

My take is that is the currency of choice for those engaging in downright illegal, illicit activities like drug deals, possibly gambling, hiring a Hitman, those types of nefarious activities

It's not really mainstream like using it at Walmart, or paying the electric company

I don't use it, but call it the virtual, digital equivalent of cash when attempting to hide your activities, it's somewhat, dirty, IMO.

I don't see how you can assign w value of 10,000

20,000

8,000

2,000

462

Or $ 3, to BTC

Why Bitcoin anyway when other cryptocurrencies could overtake the original ?

With some things the original is the best by far

Anything made by Rubbermaid is better than any imitation for example, many other imitators in other areas present a product equal to the original.

 

[tanner12oz]

Agree with the above 100% I can get the desire as an exchange of funds but without being pegged to anything and swinging thousands of dollars a day it doesn't exactly work as an exchange. I also dont get the this is a coin for that and this is a coin for that. What is the actual difference of any of these if anything?

 

[PatsFan1283]

What are your thoughts on this? Are you in on this bs or out? Any particular ones you like?

Just saw this so sorry for the late reply.

I think the alt coins are nearly all worthless. Maybe a few will have long-term utility but tough to say which. Nothing any of them do seems proprietary.

I think BTC is probably worthless long-term but it is going to take a while to get there and I think it has a few parabolic runs in it before we get to that point. The idea of a borderless, digital storage of value to guard against currency devaluation obviously makes a ton of sense. But why would it be BTC and why would it be worth 200 billion today? Little harder to make that case. Maybe it wins out and becomes a digital version of gold.

Don't really have that much of an opinon on XRP or LTC.

I also thought BTC was worthless when it was $400 instead of 10k though, full disclaimer.

 

[Ricboff]

it's gonna go up again when stock indices fall.

really? do you have historical data to share of this inverse correlation? or you just taking of recent anecdotal observation/opinion

 

[raiders72]

There are a lot more posts when bitcoin is on a downturn than upturn. We are gamblers here and the smart money is on bitcoin. All futures should be with bitcoin books.

 

[The Greatest One]

There are a lot more posts when bitcoin is on a downturn than upturn. We are gamblers here and the smart money is on bitcoin. All futures should be with bitcoin books.

I put some $$ in it. I am perfectly wlling to sit on it for a year. Eventually it will go up. It's a bubble. How do you know something is a Bubble??? Because everyone brags about how easy it is to make $$ with it. Like the stock market in 1999, buy a stock. Any stuck. It went up. This stuff will drop then go up. The multi millionaires are hoping it keeps dropping so they will buy more

 

[raiders72]

I put some $$ in it. I am perfectly wlling to sit on it for a year. Eventually it will go up. It's a bubble. How do you know something is a Bubble??? Because everyone brags about how easy it is to make $$ with it. Like the stock market in 1999, buy a stock. Any stuck. It went up. This stuff will drop then go up. The multi millionaires are hoping it keeps dropping so they will buy more

There's been 4 bubbles since 2010 but bitcoin always bounces back.

 

[Ricboff]

There are a lot more posts when bitcoin is on a downturn than upturn. We are gamblers here and the smart money is on bitcoin. All futures should be with bitcoin books.

what smart money? The US president expressed a concern, kinda seemed desperate . It does appear that Iran, venezuela, China, n Korea, Russia are looking for alternatives to the USD so as to have plan B in case US sanctions occur/shit hits the fan-- kinda like, fuck usa, we have plan B............. Is THAT what you are talking about?

https://www.ccn.com/news/russia-china-iran-weaponize-crypto/2019/07/13/

It’s no secret that foes of the United States – including Venezuela, Iran, Russia, and China – are experimenting with cryptocurrency technology as they seek to render their economies immune to crippling US sanctions.
However, a new study from the Foundation for Defense of Democracies (FDD) exposes the lengths to which these rogue nations are willing to go to make this a reality.

 

[PatsFan1283]

I doubt the feds give a shit about BTC, but Libra does seem problematic for them if it was allowed to go through. If they pegged it to a basket of currencies and people could just buy it while on FB, then they're effectively trading USD for other currencies and since the entire country is on that thing, it could get pretty dicey if citizens were opting out of the dollar for libra as a safe haven. The most currency swapping people normally do is on vacation.

Obviously being concerned about crime or illegal activity isn't an issue, that's always the excuse statists use.

 

[raiders72]

what smart money? The US president expressed a concern, kinda seemed desperate . It does appear that Iran, venezuela, China, n Korea, Russia are looking for alternatives to the USD so as to have plan B in case US sanctions occur/shit hits the fan-- kinda like, fuck usa, we have plan B............. Is THAT what you are talking about?

https://www.ccn.com/news/russia-china-iran-weaponize-crypto/2019/07/13/

It’s no secret that foes of the United States – including Venezuela, Iran, Russia, and China – are experimenting with cryptocurrency technology as they seek to render their economies immune to crippling US sanctions.
However, a new study from the Foundation for Defense of Democracies (FDD) exposes the lengths to which these rogue nations are willing to go to make this a reality.

You are talking about blockchain technology rather than bitcoin. Whenever there is a financial crisis people turn to bitcoin.

Bitcoin Trading Activity Goes Ballistic in Venezuela as Rule of Law Erodes

https://www.ccn.com/crypto/bitcoin-trading-volume-venezuela/2019/07/08/

 

[raiders72]

I doubt the feds give a shit about BTC, but Libra does seem problematic for them if it was allowed to go through. If they pegged it to a basket of currencies and people could just buy it while on FB, then they're effectively trading USD for other currencies and since the entire country is on that thing, it could get pretty dicey if citizens were opting out of the dollar for libra as a safe haven. The most currency swapping people normally do is on vacation.

Obviously being concerned about crime or illegal activity isn't an issue, that's always the excuse statists use.

I agree since Libra is a stablecoin.

 

[PatsFan1283]

Not sure why Zuckerberg and his tech oligarch buddies would want to put pressure on USD since most of their massive wealth is in dollars, but they probably figure if any big tech is going to do this then it may as well be them.

 

[Ricboff]

You are talking about blockchain technology rather than bitcoin. Whenever there is a financial crisis people turn to bitcoin.

https://www.ccn.com/crypto/bitcoin-trading-volume-venezuela/2019/07/08/

so, if shit hits the fan ("whenever there is a crisis') , then bitcoin may be useful? so have some just in case USA becomes Venezuela?....damn i'd take guns/ammo over bitcoin if that happens.

(useful trading vehicle ,for some)

 

[PatsFan1283]

If the main use of btc is to be a digital store of value then why couldn’t it be backed by a stablecoin?

BTC mkt cap is 200b. Why not take 800b worth of gold and create a crypto out of it?

I buy the digital store of value part, that’s pretty much the only bullish case I buy. But I don’t really get why it can’t be done better.

And fwiw I own btc as I think it can go much higher while all of this is getting sorted out. Don’t own any other coins.

 

[raiders72]

so, if shit hits the fan ("whenever there is a crisis') , then bitcoin may be useful? so have some just in case USA becomes Venezuela?....damn i'd take guns/ammo over bitcoin if that happens.



(useful trading vehicle ,for some)

Bitcoin doesn't need a crisis to be useful, it already is useful. When there was a banking crisis in Greece, people turned to bitcoin. In Venezuela they turned to bitcoin. When China devalued the yuan, many turned to bitcoin.

Get a Bitpay debit card and make all your purchases through the use of bitcoin.

 

[Ricboff]

k, then i misunderstood. You had mentioned people move to it when's there's a crisis. Got the impression its a 'value storage', kinda like gold. A 'just in case' asset. I see it can be used as a currency?

for me? its use is as a trading vehicle......i dont trade it tho.

funny, whne the US stock market crashed in Dec, BTC wasnt exactly moving the other way. Not sure there is a predictable correlation with the equity markets