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Thread: The Crypto Crash

  1. #1
    Member Kingspoint's Avatar
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    The Crypto Crash

    “If you said … for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. ”[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.” --- Warren Buffet, April 30th, 2022.


    The online betting community where people are encouraged and demanded to use cryptocurrency is going to take a huge fall.

    Many will lose a ton of money they weren't already losing through gambling.

    But, then, it's nothing but greed that inspired crypto investment,...people who think they are smart, throwing money at something they don't understand, something that is made up like an invisible pink unicorn.
    "One problem with people who have no vices is that they're pretty sure to have some annoying virtues."

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    Chip R (11-14-2022),RedTeamGo! (11-11-2022)


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    Re: The Crypto Crash

    I used my credit card to fund my online gambling account. I wish I'd have figured out how to get a wallet and buy some bitcoin to fund it. The online account started hyping funding the account via bitcoin 7 or 8 years ago when a bitcoin was like 500 bucks. I wish I'd have been dumb enough to buy some bitcoin to fund the gambling account and maybe leave one or two in the wallet. It would be a bummer to ONLY have $16k per bitcoin today.

    I never got into bitcoin precisely because I didn't (and still don't) really understand it. But while you're dancing on its grave, I'd point out that bitcoin is currently at essentially the exact same price it was at two years ago.

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    Daffy Duck RedTeamGo!'s Avatar
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    Re: The Crypto Crash

    It’s a scam. Been saying it for years. Glad some folks that bought in early made some money, but it was made off the backs of a lot of people who are going to lose a ton of money.
    What would you say.....ya do here?

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    Chip R (11-14-2022),Kingspoint (11-11-2022)

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    Member Kingspoint's Avatar
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    Re: The Crypto Crash

    Quote Originally Posted by Boston Red View Post
    I used my credit card to fund my online gambling account. I wish I'd have figured out how to get a wallet and buy some bitcoin to fund it. The online account started hyping funding the account via bitcoin 7 or 8 years ago when a bitcoin was like 500 bucks. I wish I'd have been dumb enough to buy some bitcoin to fund the gambling account and maybe leave one or two in the wallet. It would be a bummer to ONLY have $16k per bitcoin today.

    I never got into bitcoin precisely because I didn't (and still don't) really understand it. But while you're dancing on its grave, I'd point out that bitcoin is currently at essentially the exact same price it was at two years ago.
    I opened a coinbase account so I could use bitcoin to fund online gambling, but I never let the money sit in coinbase under cash or bitcoin (or anything else) other than $500 or less (then when the impending crash happens, and it will to them all, I'm only out that much). Now, I have pending bets with the online betting accounts, and they only want to pay in bitcoin, I believe. They may offer something different now, even if it's a check that takes multiple weeks. They'll need to adjust, even though, as you say, bitcoin is still operable, but it is wobbly at this point. I could still move my winnings quickly to the coinbase account via bitcoin and then transfer them to my bank. Perhaps this is what's keeping coinbase still afloat, the number of gambling transactions across the world. It will be interesting to see how the gambling houses change their money transactions.

    Nothing's changed. It's still all a scam that has quicksand as it's base of support.

    - - - Updated - - -

    Quote Originally Posted by RedTeamGo! View Post
    It’s a scam. Been saying it for years. Glad some folks that bought in early made some money, but it was made off the backs of a lot of people who are going to lose a ton of money.
    That's how scams work. They play upon the greed of the common person, and uncommon ones, too. Every currency has to have something to back it up. Trust doesn't come from a magic fairy. It comes from something tangible (like China and Japan having U.S. Treasury Bonds to back their countries economies). Cryptocurrency has nothing tangible to back it up. They can't even support themselves, as they loan money out to others, who loam it out to others, who loan it out to others.

    As one analyst said on Blomberg, we'll be waiting to see where all the dead bodies are buried.
    Last edited by Kingspoint; 11-11-2022 at 08:52 PM.
    "One problem with people who have no vices is that they're pretty sure to have some annoying virtues."

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    Member marcshoe's Avatar
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    Re: The Crypto Crash

    Wait, are you saying that the thing that had no intrinsic value is no worthless?
    It is on the whole probable that we continually dream, but that consciousness makes such a noise that we do not hear it. Carl Jung.

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    Member Kingspoint's Avatar
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    Re: The Crypto Crash

    Quote Originally Posted by marcshoe View Post
    Wait, are you saying that the thing that had no intrinsic value is no worthless?



    Btw, marc, I thought it might be you for a moment when I watched a 2-1/2 hour lecture from Marc Shaw. He's a lawyer who knew Melvin Beligh (sp?) (mob attorney of both Mickey Cohn and Jack Ruby) and spent 30 years trying to respect the life of Dorothy Kilgallen, who was murdered by the FBI and the Mafia when she was about to reveal the evidence she had on who murdered JFK and why. He wrote four books on the subject, and as I mentioned, is still preaching on the subject. I'm going to get all four for my Sister for Christmas as she has always liked Kilgallen. [Also, I noticed your new icon....I have an "Edgar Allen Poe, Prose and Poetry" by Moscow Raduga Publishers, 1983 that my brother picked up while he was in the Black Sea. The introduction (22 pages) is all Russian (my brother was pretty good speaking and writing having worked with Russians on oil ships and rigs for decades...he was a navigator, mechanic,...you do everything at some point, but eventually had to leave from chronic injuries that working on ships for decades gives you), and the content was English.]
    Last edited by Kingspoint; 11-11-2022 at 09:41 PM.
    "One problem with people who have no vices is that they're pretty sure to have some annoying virtues."

  11. #7
    Member marcshoe's Avatar
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    Re: The Crypto Crash

    Nope, not me.

    btw, the Poe photo is one I took when I was in Philly a few years back. It's a mural on the side of a house next to the Poe house, which I thought was great, but gets a lot of dings online for being too understated.
    It is on the whole probable that we continually dream, but that consciousness makes such a noise that we do not hear it. Carl Jung.

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    Be the ball Roy Tucker's Avatar
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    Re: The Crypto Crash

    I know some people that made some serious cash in it. But they got in and then sold at a good profit. They would have made even more, but they (like me and many here) didn’t really understand it and didn’t trust it and got out pretty fast.
    She used to wake me up with coffee ever morning

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    Re: The Crypto Crash

    Quote Originally Posted by Boston Red View Post
    I used my credit card to fund my online gambling account. I wish I'd have figured out how to get a wallet and buy some bitcoin to fund it. The online account started hyping funding the account via bitcoin 7 or 8 years ago when a bitcoin was like 500 bucks. I wish I'd have been dumb enough to buy some bitcoin to fund the gambling account and maybe leave one or two in the wallet. It would be a bummer to ONLY have $16k per bitcoin today.

    I never got into bitcoin precisely because I didn't (and still don't) really understand it. But while you're dancing on its grave, I'd point out that bitcoin is currently at essentially the exact same price it was at two years ago.
    So you wished you had made a better bet on which currency to use to make your sports bets? J/K

    You are correct that anyone who got into it early around 8-10K, is doing fine, as long as they can sell now. The guy who ran FTX which just had to file for bankruptcy, lost most of his fortune, so he is now only worth $900M.

    The people who have been crushed are the ones who bought into it last year at $35K, saw it go up to $60K, and kept it thinking it would hit $100K. They’ll be lucky to get half their money back.
    Hoping to change my username to 75769023

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    Member Redsfaithful's Avatar
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    Re: The Crypto Crash

    A funny thing I learned recently

    North of the border, the technocracy movement was taken so seriously that it was banned by the Canadian authorities, fearing it planned to overthrow the government. The party’s disillusioned leader, the adventurer Joshua Haldeman, later abandoned Canada and moved to South Africa. One small, but intriguing, footnote in the history of the technocracy movement, though, may have particular resonance today. One of Haldeman’s grandsons is Elon Musk
    The technocracy movement:

    At the core of Scott's vision was "an energy theory of value". Since the basic measure common to the production of all goods and services was energy, he reasoned "that the sole scientific foundation for the monetary system was also energy", and that by using an energy metric instead of a monetary metric (energy certificates or 'energy accounting') a more efficient design of society could be made
    That's bitcoin - it's a longtime libertarian project to move the world to hard currency. They failed really miserably with gold (Ron Paul was the last gasp of that) and have since gone all-in on crypto. It's why it'll never completely die, because there will always be enough of those nuts to keep it going.

    There's also enough actually valid use cases for ethereum that it'll be around forever as well (or something like it.) Money that can run code is too good of an idea to go away. Once ethereum is down into low three digits or two digits it'll be a good buy.

    Closer to this board's topic I believe some sports NFTs will have value long term too, but not the really mainstream stuff like Top Shot.

    Most of everything in the space is going to go to 0 in the next few months and everyone will forget about crypto again for a few years, probably until someone like DeSantis is president. I agree with the thread that most people were pretty foolish to get involved, but I made about $150k in the last 18 months and learned a hell of a lot about bull markets and bubbles so I'm glad I got into it.
    Last edited by Redsfaithful; 11-12-2022 at 02:55 AM.
    Turning and turning in the widening gyre
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  17. #11
    Member Redsfaithful's Avatar
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    Re: The Crypto Crash

    Quote Originally Posted by RedTeamGo! View Post
    but it was made off the backs of a lot of people who are going to lose a ton of money.
    I have felt badly about this, but

    1) Lot of them are libertarians with really toxic world views

    2) It's really no different from selling someone a stock that goes down in value. Or, to make it even more of a 1:1 comparison, a precious metal or collectible that goes down in value. What can you do, that's how the world works.
    Turning and turning in the widening gyre
    The falcon cannot hear the falconer;

  18. #12
    Eight bosses? Bob Sheed's Avatar
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    Re: The Crypto Crash

    Exactly. Bitcoin is backed by absolutely nothing. It's only worth whatever everyone collectively agrees its worth is.

    Hopefully everyone realizes that now, and comes back home to the US Dollar.

    (lol)
    "Lemonade requires a significant amount of sugar. Otherwise, you've just made lemon juice."


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