Author Topic: The Cryptocurrencies Thread  (Read 22412 times)

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Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #245 on: January 31, 2022, 10:49:45 AM »
Any here into NFTs at all? I'm doing pretty well on Veve flipping NFTs. Turned $60 into $1000* over the last few months. I wish I had the time to dig into it more on other platforms as I know people are making a killing.

*You can't actually withdraw your money from Veve yet, so that $1000 comes with a huge asterisk. They claim it's coming, but until then I view this as $60 worth of entertainment.

Offline ReaPsTA

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Re: The Cryptocurrencies Thread
« Reply #246 on: January 31, 2022, 11:07:35 AM »
Oooooh Veve. Bought a bunch of OMI at the wrong time. Not selling one day I know they will come back!

I have a few NFTs. The ones I bought to flip didn't work out. The ones I bought because they're actually good I'm very happy with. I have no touch for trading I suppose.

Glad you got some value. Hopefully you can get the USD return.
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Offline XJDenton

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Re: The Cryptocurrencies Thread
« Reply #247 on: January 31, 2022, 11:44:11 AM »
NFTs are a bigger fools game. If you win its because you screwed somebody else down the line.
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Offline ReaPsTA

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Re: The Cryptocurrencies Thread
« Reply #248 on: January 31, 2022, 12:10:38 PM »
NFTs are a bigger fools game. If you win its because you screwed somebody else down the line.

Wait what? How?
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Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #249 on: January 31, 2022, 12:35:55 PM »
Oooooh Veve. Bought a bunch of OMI at the wrong time. Not selling one day I know they will come back!

I have a few NFTs. The ones I bought to flip didn't work out. The ones I bought because they're actually good I'm very happy with. I have no touch for trading I suppose.

Glad you got some value. Hopefully you can get the USD return.
I've only made money on the ones I've managed to get when it dropped on Veve. Anything I bought in the marketplace I've lost money on. I could be up a ton more if I had been patient and held for even a few days or weeks. But honestly, I'm in it just to make a quick buck. I get lucky and get one on the drop and sell a few hours later. I did really well on a couple Disney ones. The fees are kinda killer on Veve though. 8.5% really sucks.

NFTs are a bigger fools game. If you win its because you screwed somebody else down the line.
You as the seller are not screwing anyone over. You can argue the buyer is overpaying for the NFT, but it's their choice to pay what they think is a reasonable price for it. It's no different than buying anything else at one price and selling it at a higher price later. It's just that the appreciation seems to happen sure quick with NFTs and it's clearly a new fad that will likely fade with time.

Offline XJDenton

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Re: The Cryptocurrencies Thread
« Reply #250 on: January 31, 2022, 01:03:52 PM »
Do yourself a favour and actually watch this.

a real deep dive into this stuff. 

https://youtu.be/YQ_xWvX1n9g
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Offline ReaPsTA

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Re: The Cryptocurrencies Thread
« Reply #251 on: January 31, 2022, 01:42:37 PM »
Do yourself a favour and actually watch this.

a real deep dive into this stuff. 

https://youtu.be/YQ_xWvX1n9g

I watched like the first 20 or 30 minutes of it when it was originally posted. On one hand credit should be given where it's due. It looks like he actually did some research. But the way he builds up his argument is... bad. It's basically like:

 - The 2008 financial crash was bad and build on derivative products where the underlying asset was thinner than what it was marketed as. Sure I agree
 - Bitcoin was created as a trustless monetary system to eliminate that corrupt banking system. Yep
 - A lot of rich people have flooded into crypto and own most of it. Sure and it sucks but that's always how real life works
 - Bitcoin's consensus mechanism has inherent flaws. Sure but anything does
 - And VISA can settle a transaction in seconds whereas Bitcoin takes hours. Not really technically true but okay... (ignores L2 networks or some of the nuance in how settlements/wire payments work)
 - So now that we know Bitcoin sucks let's talk about Ethereum. Um sure okay....
 - Ethereum wanted to be a virtual machine in the cloud but it sucks and is slow and expensive. Well okay sure but Ethereum isn't even a decade old. Computers and the internet were useless to the average person in the beginning

I scrolled around various other portions of his video and I can see the outline of how his argument keeps building on bad assumptions until the whole thing is a Jenga tower one turn from collapsing. There's a segment where he talks about how ugly NFT art is. While I can't claim to be the biggest fan of NFT aesthetics as a whole, it's obviously a modern version of punk art, which is designed to be not traditionally aesthetically pleasing. The things he talks about in terms of privacy/centralization I think are very legitimate, but then these are questions of technological improvement. Build more privacy protections into the chain like Monero and zCash do. Look for more advanced chains to put programs on (ETH has multiple competitors with different approaches to this.)

(And, by the way, this is why harsh crypto regulations are so dangerous. Bitcoin and Ethereum will be grandfathered into any regulation scheme because so many rich people own them. But if developing new crypto technologies is difficult due to regulation, then it's harder to get to the technologies that fix these issues).

I also see a decent amount of time spent on rugs in this video. Rugs are not some thing unique to crypto. Scams are a part of all aspects of life, especially when something is new. I was around for the earlier days of the internet. Viruses were everywhere.

NFTs are like art collecting or trading cards. People pay to own pieces with social cachet, aesthetic appeal, and some kind of rarity. I don't see how anyone necessarily has to lose in order to do that.
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Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #252 on: January 31, 2022, 02:04:38 PM »
NFTs are like art collecting or trading cards. People pay to own pieces with social cachet, aesthetic appeal, and some kind of rarity. I don't see how anyone necessarily has to lose in order to do that.
I agree that no one is losing, but I do think right now a significant portion of NFT collectors are simply trying to make a buck and care nothing about the art or whatever the NFT is. Heck, that's what I'm doing. Sooner or later there's going to be a big crash in value and some people will be hung out to dry. But that's the risk you take when you invest in anything. I personally flip my NFTs in less than a day, so it's not going to be me taking a huge hit. But once the dust settles, I think you'll see some real utility behind NFTs and it will hopefully then become more about true collecting rather than just trying to make a quick buck. The metaverse will help that once you can digitally display you NFT art, or skin, or whatever it happens to be. In the mean time, if I can make a few bucks, I'm gonna do it. :)

Offline ReaPsTA

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Re: The Cryptocurrencies Thread
« Reply #253 on: January 31, 2022, 03:27:22 PM »
NFTs are like art collecting or trading cards. People pay to own pieces with social cachet, aesthetic appeal, and some kind of rarity. I don't see how anyone necessarily has to lose in order to do that.
I agree that no one is losing, but I do think right now a significant portion of NFT collectors are simply trying to make a buck and care nothing about the art or whatever the NFT is. Heck, that's what I'm doing. Sooner or later there's going to be a big crash in value and some people will be hung out to dry. But that's the risk you take when you invest in anything. I personally flip my NFTs in less than a day, so it's not going to be me taking a huge hit. But once the dust settles, I think you'll see some real utility behind NFTs and it will hopefully then become more about true collecting rather than just trying to make a quick buck. The metaverse will help that once you can digitally display you NFT art, or skin, or whatever it happens to be. In the mean time, if I can make a few bucks, I'm gonna do it. :)

Agree on all counts. I'm idealistic about crypto long term but right now it's a lot of people doing exactly what you're saying.

It does create sort of a dark gray area. There are completely legitimate NFT projects, complete scams (due to rigged tokenomics or malicious code). Somewhere in the middle (but leaning strongly toward bad) you have the projects that aren't technically bad, but are some group of insiders trying to leverage an information asymmetry to either pump and dump or get in early on a project before it becomes publicly known and the price goes up.

Ironically, for small projects, if you're looking for a long term investments, the advice of "look for honest/good dev teams" is actually good.
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Offline cramx3

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Re: The Cryptocurrencies Thread
« Reply #254 on: February 02, 2022, 11:11:33 AM »
NFTs are a bigger fools game. If you win its because you screwed somebody else down the line.

I kind of agree with this (being a fools game), but I don't think it's all about screwing people.  I just think NFTs, at the moment, are completely worthless and people are over paying.  It's their decision so I'm not sure if people making the decision themselves are being screwed.  They know the risks.  Having said that, there are certainly scams happening and legit screw jobs happening.  The space is very unlikeable IMO.  The people spamming it are annoying, the costs are ridiculous, and the art is mostly unappealing.  Even worse is the musicians I like that are starting to get into it (cough Jordan Rudess cough).  But to each their own, I will just stay out of it and try to block the people spamming it on social media. 

As for those of you making money flipping them, I think that just proves the point of it being a fools game.  Don't take that personally because I do admire if you can make money legally, that's great, I just think if you can flip things so easily then it's clearly not valued correctly and someone along the line is going to take the hit on that, hence the fools game.

Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #255 on: February 24, 2022, 09:06:13 PM »
So about this time last year I put an amount I am ashamed to share in to various digital currencies. While I am a huge amount down from the heights they reached over the summer, I am still over 100% ahead where I was when I bought in. And since the tax refund was greater than I anticipated, I am now the proud owner of a few hundred thousand Shiba Inu. To the moon!
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Offline lonestar

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Re: The Cryptocurrencies Thread
« Reply #256 on: February 24, 2022, 09:14:42 PM »
So about this time last year I put an amount I am ashamed to share in to various digital currencies. While I am a huge amount down from the heights they reached over the summer, I am still over 100% ahead where I was when I bought in. And since the tax refund was greater than I anticipated, I am now the proud owner of a few hundred thousand Shiba Inu. To the moon!


Im sitting on a fat 3 million shib myself.

Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #257 on: February 25, 2022, 06:36:01 AM »
So about this time last year I put an amount I am ashamed to share in to various digital currencies. While I am a huge amount down from the heights they reached over the summer, I am still over 100% ahead where I was when I bought in. And since the tax refund was greater than I anticipated, I am now the proud owner of a few hundred thousand Shiba Inu. To the moon!


Im sitting on a fat 3 million shib myself.
Me too. And that's after taking $500 or so in profits from Shiba the last time it spiked.

Offline MinistroRaven

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Re: The Cryptocurrencies Thread
« Reply #258 on: February 25, 2022, 06:36:32 AM »

Offline axeman90210

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Re: The Cryptocurrencies Thread
« Reply #259 on: February 25, 2022, 06:55:53 AM »
Perfection
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Offline Phoenix87x

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Re: The Cryptocurrencies Thread
« Reply #260 on: May 12, 2022, 09:20:48 AM »
Bitcoin is down. How low do you guys think it will get to before a rebound?

Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #261 on: May 12, 2022, 09:37:39 AM »
Bitcoin is down. How low do you guys think it will get to before a rebound?
I think it comes close to brushing $20k. And I don't see an abrupt rebound. I think it's will flounder a bit during the upcoming (or current?) recession. Now's the time to keep buying. I don't think we see a big spike again until people start using leverage to buy Bitcoin again.

Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #262 on: May 12, 2022, 09:39:48 AM »
Anyone lose much with the LUNA and UST collapse yesterday? I had $100 or so worth of LUNA which is now worth a few bucks.

That all shook my faith in exchanges. I am moving everything into a software wallet and stopped using USDC for my savings. I'm going to miss getting 9% interest on my savings, but it's just not worth the risk anymore.

Offline cramx3

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Re: The Cryptocurrencies Thread
« Reply #263 on: May 12, 2022, 09:44:53 AM »
The entire market is tanking right now, I just need to not look and keep holding for the long game.

Offline ReaperKK

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Re: The Cryptocurrencies Thread
« Reply #264 on: May 12, 2022, 12:10:02 PM »
Yup looking pretty red there, i'm going to use this time to buy more BTC and ETH.

Offline XJDenton

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Re: The Cryptocurrencies Thread
« Reply #265 on: May 12, 2022, 12:11:29 PM »
https://www.independent.co.uk/tech/terra-luna-ust-crypto-price-crash-b2076655.html

Always a good sign when crypto forums are having to put up a number for suicide hotlines.
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Offline cramx3

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Re: The Cryptocurrencies Thread
« Reply #266 on: May 12, 2022, 12:13:31 PM »
uh

Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #267 on: May 12, 2022, 12:24:49 PM »
https://www.independent.co.uk/tech/terra-luna-ust-crypto-price-crash-b2076655.html

Always a good sign when crypto forums are having to put up a number for suicide hotlines.

Lots of people lost their life savings yesterday. I was always a little tempted to chase the 20% returns you could get in UST, but thankfully never did.

Offline XJDenton

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Re: The Cryptocurrencies Thread
« Reply #268 on: May 12, 2022, 12:26:31 PM »
If it sounds too good to be true, it probably is.
"For a successful technology, reality must take precedence over public relations, for nature cannot be fooled." - Richard Feynman

Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #269 on: May 12, 2022, 12:34:22 PM »
If it sounds too good to be true, it probably is.
Yup. That's pretty prevalent in the crypto world though. It's hard to know what's real and what's not.

Offline Ben_Jamin

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Re: The Cryptocurrencies Thread
« Reply #270 on: May 12, 2022, 12:35:06 PM »
 :corn :corn :corn
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Offline Chino

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Re: The Cryptocurrencies Thread
« Reply #271 on: May 12, 2022, 12:49:29 PM »
Putting anything into crypto that you can't afford to lose seems like such an irresponsible decision. You might has well have gone to a casino and played slots. 

Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #272 on: May 12, 2022, 12:56:06 PM »
Putting anything in to anything you can't afford to lose is an irresponsible decision.
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Offline Phoenix87x

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Re: The Cryptocurrencies Thread
« Reply #273 on: June 13, 2022, 11:46:55 AM »
Bitcoin Went down to like $22,700 this morning.

Offline lordxizor

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Re: The Cryptocurrencies Thread
« Reply #274 on: June 13, 2022, 12:49:42 PM »
Celsius and Binance are both not allowing you to withdraw your crypto at the moment. Time to get your crypto out of the exchanges. Things aren't looking good. Good time to buy though. I wish I had more free cash.

Offline cramx3

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Re: The Cryptocurrencies Thread
« Reply #275 on: June 13, 2022, 12:51:24 PM »
Good time to buy, right, but my money won't be going into crypto right now.  The stock market generally is shitting the bed, good time to buy there.  I'm going to hold my cryptos, but I lack the faith in them to invest more at the moment. 

Offline Cool Chris

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Re: The Cryptocurrencies Thread
« Reply #276 on: June 13, 2022, 08:46:34 PM »
I haven't looked at my crypto accounts in months. Or any of my investments, for that matter. Fortunately most of this is set aside for many years down the road, so hopefully the rebound, whenever it comes, will be strong.
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Offline ErHaO

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Re: The Cryptocurrencies Thread
« Reply #277 on: June 14, 2022, 04:13:00 AM »
I was planning to buy crypto eventually, but I decided I will invest in stocks instead. My faith in the whole crypto movement has been damaged. People told me it is seperate from banks and decentralised and all, but what are these crypto platforms freezing crypto assets? Most people I know at least are using some form of company that stores/exchanges their assets. And if one of these companies tumbles, what will happen to your money? It isn't protected like traditional currencies, right? I also looked at the articles about stable coins being the future over the last years and how many experts backed that with all kinds of arguments. Now look what happened to them this year.

Furthermore there is/was the whole NFT stuff. I am by no means an expert, but to me it seems like a solution looking for a problem. The vast majority of the expensive jpegs is not even on the blockchain, the link to it is. Who owns the servers to your thousand dollar picture? How long will the server last?

I am willing to be convinced, but none of the crypto fans I know are convincing me, their argument seems so boil down to "it is the future". Almost all sources on the internet are very clearly biased, as most of these article writers are the resident crypto expert that likely has a fat crypto wallet themselves. For (really) rich people and companies the less regulations, the better. I am skeptical of how much that will benefit the average consumer.

For the record, I am not saying crytpo will crash (further) or will not become huge. But to me that seems more based on faith in it's value for investment purposes, rather than actual use cases. There are probably some really promising coins out there in terms of tech, but are those ever getting near the brand of Bitcoin?

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Re: The Cryptocurrencies Thread
« Reply #278 on: June 14, 2022, 06:32:50 AM »
I was planning to buy crypto eventually, but I decided I will invest in stocks instead. My faith in the whole crypto movement has been damaged. People told me it is seperate from banks and decentralised and all, but what are these crypto platforms freezing crypto assets? Most people I know at least are using some form of company that stores/exchanges their assets. And if one of these companies tumbles, what will happen to your money? It isn't protected like traditional currencies, right? I also looked at the articles about stable coins being the future over the last years and how many experts backed that with all kinds of arguments. Now look what happened to them this year.

Furthermore there is/was the whole NFT stuff. I am by no means an expert, but to me it seems like a solution looking for a problem. The vast majority of the expensive jpegs is not even on the blockchain, the link to it is. Who owns the servers to your thousand dollar picture? How long will the server last?

I am willing to be convinced, but none of the crypto fans I know are convincing me, their argument seems so boil down to "it is the future". Almost all sources on the internet are very clearly biased, as most of these article writers are the resident crypto expert that likely has a fat crypto wallet themselves. For (really) rich people and companies the less regulations, the better. I am skeptical of how much that will benefit the average consumer.

For the record, I am not saying crytpo will crash (further) or will not become huge. But to me that seems more based on faith in it's value for investment purposes, rather than actual use cases. There are probably some really promising coins out there in terms of tech, but are those ever getting near the brand of Bitcoin?


Crypto = dutch tulip bulbs and NFTs = digital Beanie Babies
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Offline ReaperKK

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Re: The Cryptocurrencies Thread
« Reply #279 on: June 14, 2022, 07:05:57 AM »
:lol