Bitcoin crash coming (2 Viewers)

Re: okku

the debate isn’t whether it’s useful and trying to explain why it is , is to not be looking at it correctly. The issue is price. And projecting price is a nightmare for people who have highly sophisticated tools, years of experience, and huge success trading.

It’s not an indictment of someone’s intelligence to say that you may have no useful insight into something that’s incredibly difficult to price where people who spend their lives studying these things who disagree on it to a massive degree.

And even the well researched bulls aren’t throwing all their discretionary money into it. Because it’s hilariously imprudent to have a large chunk of your net worth in something so volatile and speculative.
I bought at $200-500
I’m not selling

ETH too
I’m UP 6-10x still on ETH
Looks like that’s worthless Too damn I fkd up
 
“We can't call those that invest into crypto financially illiterate. There are millionaires/billionaires around the world that have bought crypto and continue to buy it.”

Multiple high profile billionaires invested 9 figures into theranos, not bothering to ask to see for proof of concept. Having a lot of money is a guarantee of nothing, it matters more how they made their money.
 
"41% of Brazilians own cryptocurrency. 45% of the people in this country say they plan to purchase crypto coins because their traditional currency has devalued against the U.S. Dollar."

"Indonesia ties with Brazil at 41% of its nation having cryptocurrency holdings."

"30% of the people of Singapore have crypto coins."

"About 20% of Americans own cryptocurrency. Approximately 40% of them perceive it as an inflation hedge"

"The UK owns 18% of the world’s cryptocurrencies. "

Do any of those quotes starting ringing a bell? I'm not sure if they will if you aren't on the side of crypto, but it just shows that countries where their economies have gone so far south are trying to get out with the help of crypto and a decentralized currency so everyone doesn't have to live without money

Maybe their economies are in trouble because they have so much invested in crypto


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I wouldn't call people buying crypto financially illiterate, but I feel like crypto has gotten a bad name because there are so many people jumping into it randomly. They are riding the wave and these "pump n dumps" or hype coins making quick money and then selling everything.

For those that are actually trying to understand it and how it works is completely different. I don't think countries around the world like El Salvador or Brazil and more would be buying crypto, especially Bitcoin, if they didn't think it was going to help out in someway and get them out of a horrendous hole that they are in now. There are countries out there that their economies are terrible, but there is a possibility to get back onto a level playing field if crypto was used.

"41% of Brazilians own cryptocurrency. 45% of the people in this country say they plan to purchase crypto coins because their traditional currency has devalued against the U.S. Dollar."

"Indonesia ties with Brazil at 41% of its nation having cryptocurrency holdings."

"30% of the people of Singapore have crypto coins."

"About 20% of Americans own cryptocurrency. Approximately 40% of them perceive it as an inflation hedge"

"The UK owns 18% of the world’s cryptocurrencies. "

Do any of those quotes starting ringing a bell? I'm not sure if they will if you aren't on the side of crypto, but it just shows that countries where their economies have gone so far south are trying to get out with the help of crypto and a decentralized currency so everyone doesn't have to live without money.
_________________________________________________________________________________________________________________________________________________________________________

I've bought tons of crypto and in the last year/two I basically threw every cent I could at it. Over the last few months I've only bought a few hundred because I've had to deal with school payments for this semester and then trying to save up for the next coming semesters.

Am I up on my crypto? Probably not...
Was there a point where I had seen more money in my accounts than I had ever imagined to have at the age of 21/22? Yes.
Do I believe that crypto is a Ponzi scheme? No.
Do I believe that there needs to be more transparency or regulations? I'm leaning more towards yes.
Are there people jumping into crypto thinking that they will "get rich quick"? 100%

That last question is the same thing as AMC and GME during Jan. 2021. People literally heard of something like AMC and GME, "We are going to make SO much money! Let's all get into it and all buy this until we all go to the moon!" The same thing with those that have no idea about crypto and are still trying to do the same thing in the stock market. How many of those original people that bought into AMC and GME are still around? I have no idea, but I have a feeling that a large number of them sold out with major losses or they made some money and just spent it all because its money that they didn't really need to work for. I made some money with AMC last year, not a whole lot, but a few hundred. I did not buy or trade GME. Was I in the markets before then? Yes. Am I still in the markets buying and trading everyday? Yes. I'm trying to learn how to get myself to the next level and if its possible to learn how to trade options and make a consistent side income that could turn into a full time thing then that would be amazing...

I have money locked in Celsius and Voyager. I don't have an FTX account and I'm hoping that no other exchanges have to freeze withdrawals because they can literally do it at any moment they want. It happened with Celsius and the same with Voyager. Had I known that this was going to happen I would've pulled everything offline onto my Ledger so I don't have to worry about anything. I know that there are people that have money that is life changing sitting in those accounts and they don't have access to them currently and have no idea if they will ever get it back.

We can't call those that invest into crypto financially illiterate. There are millionaires/billionaires around the world that have bought crypto and continue to buy it. I'm not sure if that has any meaning, but to me it feels like there are people around the world that still believe in it. With all this news coming out, does it mean that those in crypto need to take a step back and maybe look at some options on how to better protect themselves? Yes. If you have the funds and want to protect yourself while keeping your money safe, then invest in a Ledger or some type of cold storage wallet. It will literally change your life if any of these exchanges go under. You will not lose your money, only if you sell it... Same thing as stocks.

I'd like to think I am financially literate and doing pretty well for someone my age. I'm proud.

Serious and sincere question - how do you research cryptocurrency?

I’ve spent some time trying to learn about various cryptocurrencies, but what I glean from googling and reading coinmarketcap or the specific crypto’s website never goes deep enough for me to want to buy anything. Layer in the fact that I don’t have any programming experience and I’d have to operate on full trust that the crypto does what it says it’ll do, makes me quite reluctant.
 
I bought at $200-500
I’m not selling

ETH too
I’m UP 6-10x still on ETH
Looks like that’s worthless Too damn I fkd up

Obviously meant how you arrive at your estimate of price, not what actual price you bought it at. I wasn’t asking people to flash the equivalent of their winning parlay tickets.

People make successful investments for bad reasons all the time, i have no idea whether your reasons were good or bad.

In terms of poker, most crypto investors lifetime history would be the equivalent of a sample size of a few hundred hands. Better players are more likely to be up than bad players. but if someone tried to use their results from a couple of sessions to prove they’re good, It definitely says a lot more than they’d want it to.
 
The bottom line is everyone is just a trader and speculator in the crypto space. None of the popular crypto narratives or supposed use cases have come to fruition. There is no function of crypto besides speculation. 1000 narratives have come and gone. Where are the life changing applications and uses of crypto? How is it changing lives? There is absolutely zero critical mass in any use of crypto.
 
You see, there we are again. Reading all these posts in the last 30 min, who has said a single thing about omg I've been using BTC to change my life in this way and that way.

Everyone only sits there and talk about crytpo prices going up and down.
 
The bottom line is everyone is just a trader and speculator in the crypto space. None of the popular crypto narratives or supposed use cases have come to fruition. There is no function of crypto besides speculation. 1000 narratives have come and gone. Where are the life changing applications and uses of crypto? How is it changing lives? There is absolutely zero critical mass in any use of crypto.
You see, there we are again. Reading all these posts in the last 30 min, who has said a single thing about omg I've been using BTC to change my life in this way and that way.

Everyone only sits there and talk about crytpo prices going up and down.
Look at all the 3rd world people who are unbanked
It’s changed their lives
I’ve seen it in the Philippines

Right now the unbanked are the people that it’s helped massively
Or people like in Greece when their banking system was crashing and they were trying to save their nest eggs

If you needed it like places in the Philippines where I’ve used the coins.ph app many times for people with no bank it’s been a great tool

Like the people fleeing Venezuela and had no bank
They had a phone and crypto

The people with multiple bank accounts in a 1st world country write off crypto since that doesn’t effect them

What if all you had access to was your cell phone and banks didn’t help you like what happens in many 3rd world countries.
Or their money goes to zero
Like Zimbabwe or russia or Greece or Venezuela
Like countries money has gone to actual zero
When your money is worthless the value of BTC doesn’t matter
Then it’s bits for bites to survive
 
Serious and sincere question - how do you research cryptocurrency?

I’ve spent some time trying to learn about various cryptocurrencies, but what I glean from googling and reading coinmarketcap or the specific crypto’s website never goes deep enough for me to want to buy anything. Layer in the fact that I don’t have any programming experience and I’d have to operate on full trust that the crypto does what it says it’ll do, makes me quite reluctant.
I'm more of a vision and auditory learner so most of what I've learned is from this channel along with a few others.
https://www.youtube.com/c/CoinBureau

You can google stuff, but you really have to make sure that the sources are 100% and they have to know what they are talking about. Reading CoinMarketCap won't really do any good and I have no idea what they post on there. I go on there here and there to check what is up and down.

I can say that I don't know 100% of what I'm reading/listening to sometimes, but I do grasp a large portion of it.

& I'm not going to say that I know exactly what I'm reading, but I'm learning all the time.
 
I'm more of a vision and auditory learner so most of what I've learned is from this channel along with a few others.
https://www.youtube.com/c/CoinBureau

You can google stuff, but you really have to make sure that the sources are 100% and they have to know what they are talking about. Reading CoinMarketCap won't really do any good and I have no idea what they post on there. I go on there here and there to check what is up and down.

I can say that I don't know 100% of what I'm reading/listening to sometimes, but I do grasp a large portion of it.

& I'm not going to say that I know exactly what I'm reading, but I'm learning all the time.
Andreas Antonopoulos

https://youtube.com/c/aantonop

Hands down best bitcoin / crypto teacher around for new people in the space
 
Zero
Lol

I love the panic sellers

If you bought BTC two years ago at 4000 you are up 4x in two years NOW

If you sold at the peak more like 40x

This is the longest ponzi in history that isn’t a Ponzi at all
It’s small for sure and easily to manipulate

Wonder what it’s called when BTC is 10x again in 3-5 years
Side bets???

Not sure why you’d bother when you could just put that money into crypto since you’re confident it’ll be worth 10x it’s current price.

If you bought at lows and sold at peak you’d be doing well in … pretty much anything?


Like the people fleeing Venezuela and had no bank
They had a phone and crypto”

I’m having trouble imaging a scenario where people have the ability to put large sums into a crypto wallet but not put it in one of a long list of e-wallets.
 
I guess I am suffering from a failure of imagination.

I pretend I live in a third world nation. Somehow, I own a cell phone and have access to an internet connection yet can't access an internet bank.

I do have some cash, likely a very small amount of cash given my poverty-stricken country. And I somehow turn my cash into a crypto coin. Are there places like Doge R us when you walk in, hand over a bog of cash and get some digital coins.

Rural rubes actually trust this idea? Take all my liquid assists and buy an imaginary / intangible digital coin. Which almost no one in my nation will take in exchange for goods / services because they too don't have a serious way to handle crypto. Plenty of people in first world nations don't think intangible assets are prudent. Oh - - - let's not forget the coins are volatile as hell. That might also prove to be worrisome to the typical third world citizen.

And why don't I use the money changer to get US Dollars or some other haven currency? Or maybe buy gold / silver? You know, like much of the world did up until the last few decades.

Are we somehow thinking that the local government is going to come and take your gold or dollars but somehow leave you with the phone? That the secret police don't know about you going to doge R us and decide to torture you till you give up the password?

I appreciate contrived fictional accounts can be crafted where bitcoin was the only possible answer in a third world setting. And surely the first world criminal enterprises DO have a variety of uses for crypto coins that are hard to track/trace vs the regulated world of modern finance.

Just that for most things, I can find a solution using US dollars or gold coins and maybe an online bank or something similar.

And this is the business model supporting ~~12,000 different crypto coins holding ~$800,000,000,000 market capitalization?

You folks do as you like, HODL don't get scammed or lose your password or lose some critical bit of technology. Me? I'll stick with my stocks, bonds and real estate as I am old and ignorant, set in my ways. I'll be sure to eat a huge plate of crow if/when it comes to pass that fait currencies become obsolete in favor of crypto. For now though I think I fall into @Changster camp and suspect this is a lot closer to fairy tale than modern progress. -=- DrStrange

PS I can imagine a lot of prospective speculators in urban parts of third world nations. Places where stocks and bonds are risky as hell and likely corrupt. So long as the crypto kept going up and up and up, it looks pretty good as an investment. Likely not as good today. There are such people everyplace on Earth,
 
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It’s funny the crowd bashing crypto so hard loves the IRS new 600$ rule and fair shares
Didn’t see that coming
I’d bet you want a digital USD too

I don’t think the last two posts were bashing crypto as much as they were bashing your suggestion that people fleeing underdeveloped countries represents any meaningful piece of the market cap.

I don’t hate crypto. I use it. Just saying that the vast majority of market cap at peak was (and possible still is) purely speculation, not from people using it for its intended purposes or as an alternative to gold. To expect it to be worth 10x what it is today in a few years… I mean if you had some well thought out rationale I’d listen but the Venezuelan farmer thing… I mean do you even think that makes sense?

even if we imagined some bizarre reality where that happened they’re all instantly liquidating it as soon as they reach their destination. The price is propped up by people holding money in it, not from volumr of transactions. Where do you think this ten fold increase will come from in terms of how much money people want to hold of it? New speculation? Will those speculators also be speculating on more speculative money flowing in?
 
I guess I am suffering from a failure of imagination.

I pretend I live in a third world nation. Somehow, I own a cell phone and have access to an internet connection yet can't access an internet bank.

I do have some cash, likely a very small amount of cash given my poverty-stricken country. And I somehow turn my cash into a crypto coin. Are there places like Doge R us when you walk in, hand over a bog of cash and get some digital coins.

Rural rubes actually trust this idea? Take all my liquid assists and buy an imaginary / intangible digital coin. Which almost no one in my nation will take in exchange for goods / services because they too don't have a serious way to handle crypto. Plenty of people in first world nations don't think intangible assets are prudent. Oh - - - let's not forget the coins are volatile as hell. That might also prove to be worrisome to the typical third world citizen.

And why don't I use the money changer to get US Dollars or some other haven currency? Or maybe buy gold / silver? You know, like much of the world did up until the last few decades.

Are we somehow thinking that the local government is going to come and take your gold or dollars but somehow leave you with the phone? That the secret police don't know about you going to doge R us and decide to torture you till you give up the password?

I appreciate contrived fictional accounts can be crafted where bitcoin was the only possible answer in a third world setting. And surely the first world criminal enterprises DO have a variety of uses for crypto coins that are hard to track/trace vs the regulated world of modern finance.

Just that for most things, I can find a solution using US dollars or gold coins and maybe an online bank or something similar.

And this is the business model supporting ~~12,000 different crypto coins holding ~$800,000,000,000 market capitalization?

You folks do as you like, HODL don't get scammed or lose your password or lose some critical bit of technology. Me? I'll stick with my stocks, bonds and real estate as I am old and ignorant, set in my ways. I'll be sure to eat a huge plate of crow if/when it comes to pass that fait currencies become obsolete in favor of crypto. For now though I think I fall into @Changster camp and suspect this is a lot closer to fairy tale than modern progress. -=- DrStrange

PS I can imagine a lot of prospective speculators in urban parts of third world nations. Places where stocks and bonds are risky as hell and likely corrupt. So long as the crypto kept going up and up and up, it looks pretty good as an investment. Likely not as good today. There are such people everyplace on Earth,

El Salvador takes in 30% of its GDP in foreign remittances, western union takes roughly 20% of that.
Most of those folk are rural, with no banks.

El Salvador set up a government fund that allows everyone to use BTC and exchange it for USD in real time, (people don’t have to hold/save BTC if they don’t want to) but benefit from the +20% fee reduction.

Bitcoin allows peer to peer exchange of money, with no permission, no third party, no censorship.

In Ukraine recently, people fled the county to Germany to escape war. People take thier entire life savings with them, it can’t be stolen, confiscated, or lost if properly documented, not even by government officials. You don’t need to connect to a war torn bank to attempt to retrieve your money.

In Canada recently, trucker protesters had their bank accounts stolen by the stroke of a pen, for what was a peaceful and legal protest.

I cannot stress enough how utterly important bitcoin is to freedom and sovereignty in the changing world.

It is the purest and only true form of property rights humans have ever experienced.

Every other “Crypto” on the other hand, is nearly 100% ponzi, centralized trash.
 
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I guess I am suffering from a failure of imagination.

I pretend I live in a third world nation. Somehow, I own a cell phone and have access to an internet connection yet can't access an internet bank.

I do have some cash, likely a very small amount of cash given my poverty-stricken country. And I somehow turn my cash into a crypto coin. Are there places like Doge R us when you walk in, hand over a bog of cash and get some digital coins.

Rural rubes actually trust this idea? Take all my liquid assists and buy an imaginary / intangible digital coin. Which almost no one in my nation will take in exchange for goods / services because they too don't have a serious way to handle crypto. Plenty of people in first world nations don't think intangible assets are prudent. Oh - - - let's not forget the coins are volatile as hell. That might also prove to be worrisome to the typical third world citizen.

And why don't I use the money changer to get US Dollars or some other haven currency? Or maybe buy gold / silver? You know, like much of the world did up until the last few decades.

Are we somehow thinking that the local government is going to come and take your gold or dollars but somehow leave you with the phone? That the secret police don't know about you going to doge R us and decide to torture you till you give up the password?

I appreciate contrived fictional accounts can be crafted where bitcoin was the only possible answer in a third world setting. And surely the first world criminal enterprises DO have a variety of uses for crypto coins that are hard to track/trace vs the regulated world of modern finance.

Just that for most things, I can find a solution using US dollars or gold coins and maybe an online bank or something similar.

And this is the business model supporting ~~12,000 different crypto coins holding ~$800,000,000,000 market capitalization?

You folks do as you like, HODL don't get scammed or lose your password or lose some critical bit of technology. Me? I'll stick with my stocks, bonds and real estate as I am old and ignorant, set in my ways. I'll be sure to eat a huge plate of crow if/when it comes to pass that fait currencies become obsolete in favor of crypto. For now though I think I fall into @Changster camp and suspect this is a lot closer to fairy tale than modern progress. -=- DrStrange

PS I can imagine a lot of prospective speculators in urban parts of third world nations. Places where stocks and bonds are risky as hell and likely corrupt. So long as the crypto kept going up and up and up, it looks pretty good as an investment. Likely not as good today. There are such people everyplace on Earth,

All fiat state money is backed by guns, war and violence. All fiat state money has failed eventually, throughout time.

There never has been a completely incorruptible inflation-proof form of currency. There is now.

It’s just a matter of time, people will always hold their value in the “hardest” form of currency available. For many years that was gold, but it’s expensive to move, it’s expensive to protect. Bitcoin does everything that gold does, but it does it better, faster and cheaper.

It’s still in its infancy.

One day, nation-states, huge corporations, banks will do final settlements in bitcoin. This is the best use case for bitcoin. And I think this is where it’s going.

It may not seem that way now, but the old world order is crumbling, and we have two choices.

Bitcoin freedom, or China social credit score CBDC.

Bitcoin is the American way.
 
I sold last week. I hated to do it, but was kind of forced to. Here's why...

I am on coinbase. Super easy to use. But my phone got hacked a while back and they were working on getting in to my coinbase account, so I had everything locked down. Once I got resettled, I got my account restored but the hackers kept trying to get back in. I started getting emails about withdrawal requests that I didn't make, and I wasn't sure if it was coinbase sending them to me or a phony email with malicious links....so I moved my BTC to coinbase pro. Well, coinbase pro is merging back to coinbase for one easy site. Nope.

I was thinking about buying back in on a completely new site, but I just don't want to do the leg work. Got out at 21K, which was down from 38K when I got in.

The problem I see personally with BTC (I won't say anything about the others) is that it is designed to be a currency, however it's wild fluctuations make it an investment tool. But as an investment tool, it doesn't function as well as a currency.

I was using it as currency to buy in to online poker sites. I am no longer on bovada (and no way I'll play ACR), so I can just as easily buy in with zelle or venmo thru my affiliate.

I am happy to be off that train.
 
This is a not a short read, but it's very informative and helps explain the phenoninom regardless of your personal opinions about crypto.

https://www.bloomberg.com/features/2022-the-crypto-story/

Any of us who have complained about PayPal fees, getting banned for using the platform for poker, or have noticed how little their savings account pays compared to how much their credit card charges should recognize the potential of block chain to uniquely solve those problems.

When I buy crypto, which is less than 1% of my net worth, I am buying a belief that block chain technology is the future. My confidence in that is very high, even though my confidence in any particular token is much lower.

Block chain is a very disruptive technology that aims at our biggest financial institutions. Those institutions will not sit by quietly while their business models are disrupted. They will fight, softly at first, then with everything they have. Lobbiest will get PAID. As the fight intensifies their rhetoric will become more emotional and hyperbolic. They will eventually go down screaming.
 
I sold last week. I hated to do it, but was kind of forced to. Here's why...

I am on coinbase. Super easy to use. But my phone got hacked a while back and they were working on getting in to my coinbase account, so I had everything locked down. Once I got resettled, I got my account restored but the hackers kept trying to get back in. I started getting emails about withdrawal requests that I didn't make, and I wasn't sure if it was coinbase sending them to me or a phony email with malicious links....so I moved my BTC to coinbase pro. Well, coinbase pro is merging back to coinbase for one easy site. Nope.

I was thinking about buying back in on a completely new site, but I just don't want to do the leg work. Got out at 21K, which was down from 38K when I got in.

The problem I see personally with BTC (I won't say anything about the others) is that it is designed to be a currency, however it's wild fluctuations make it an investment tool. But as an investment tool, it doesn't function as well as a currency.

I was using it as currency to buy in to online poker sites. I am no longer on bovada (and no way I'll play ACR), so I can just as easily buy in with zelle or venmo thru my affiliate.

I am happy to be off that train.
Geeze dude a cold wallet solves all these problems. So easy to use too.
 
I sold last week. I hated to do it, but was kind of forced to. Here's why...

I am on coinbase. Super easy to use. But my phone got hacked a while back and they were working on getting in to my coinbase account, so I had everything locked down. Once I got resettled, I got my account restored but the hackers kept trying to get back in. I started getting emails about withdrawal requests that I didn't make, and I wasn't sure if it was coinbase sending them to me or a phony email with malicious links....so I moved my BTC to coinbase pro. Well, coinbase pro is merging back to coinbase for one easy site. Nope.

I was thinking about buying back in on a completely new site, but I just don't want to do the leg work. Got out at 21K, which was down from 38K when I got in.

The problem I see personally with BTC (I won't say anything about the others) is that it is designed to be a currency, however it's wild fluctuations make it an investment tool. But as an investment tool, it doesn't function as well as a currency.

I was using it as currency to buy in to online poker sites. I am no longer on bovada (and no way I'll play ACR), so I can just as easily buy in with zelle or venmo thru my affiliate.

I am happy to be off that train.

You need a hardware wallet
not your keys
not your crypto
 
Ok, I am sure you are right...everybody is always telling me something that I need for this.


wat?

wat wat?
exactly

your crypto resides on a cryptographic block chain
Public Key
Private key
If the exchange holds the keys.... not your crypto even if its in your "account"
Please see Mt Gox.


This is basic cryptography
 
Geeze dude a cold wallet solves all these problems. So easy to use too.
It does not solve the problem of the volatility. Since the money is just sitting there, but I needed to do something with it, I cashed it out. I guess I could buy it back (pretty great price right now, btw) but since I don't need to USE crypto at the moment, it would just be an investment. Obviously, I know fuckall about this stuff.
 
exactly

your crypto resides on a cryptographic block chain
Public Key
Private key
If the exchange holds the keys.... not your crypto even if its in your "account"
Please see Mt Gox.


This is basic cryptography
I am for crypto. Shit like this makes me less "for crypto". You are turning the choir away from the flock.
 

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