Crypto Currency - Believers Only

Gate closing for take off on AMC & GME final call folks.

RichM

Sadly most of my other horses in the race appear to have fallen at the first hurdle…

Bloodbath in the crypto and stock market today like - places getting margin called and the fed silently bailing places out apparently.

Wally do you have any evidence for this?

Hursty Did you mention earlier in the week that they have a launch of some kind later this year?

Hursty A mate living in the States had his Freewallet cleaned out, its a huge scam apparently, he only lost $500 dollars but still.

I own 44 Cardano thingmejigs right now. I’m settling in for the long haul

How secure is Binance to the lads in the know? When the time comes if I want to just cash in and withdraw - how easy is this to do?

The old adage of ’if it’s too good to be true, it usually is’ really springs to mind.

Amps
Whilst I’m sure this advice is earnest, a lack of slang/buzzwords, what you’ve just learned off Reddit, undermines your credibility

Mad_Cyril You’re not wrong!

I’m still not sure how everybody can make money.

‘A’ mines a coin for electricity cost $10
‘B’ buys the coin for $15 - $5 profit to A
‘C’ buys the coin for $20 - $5 profit to B
‘D’ buys the coin for $25 - $5 profit to C

‘D’ is now holding the coin and $25 out of pocket. The only way everybody can make money is if it keeps going up. Which it cannot. So eventually the price falls. All that profit made by A, B and C is just potential loss for D.

The difference with investing in stocks in a company is that you are buying into what the company produces. The output from it. When you buy a bitcoin you are not buying into the bitcoin crchitecture, which has just become a behemoth of GPUs wurring away solving arbitrary puzzles. Similarly with Gamestop. You are doing it as something that feels like free money. And enough people are doing it that some people are riding that wave, but it is tulips. Nothing more.

This is just a bunch of kids who have learned a few buzzwords. Its like a much more positive version of a conspiracy theory, all half baked and thinking you know more than the big guys. Talk of averaging out is just a polite way of saying you have lost money.

Sure I’m pissed off I didn’t buy a coin in 2013 when I was reading about it and thought that looked quite cool, but no way I’d be getting involved now. Gonna be a lot of coin Bros camping out on venice beach soon imo.

benson Here’s where I read it - but as usual more info has come to light since and it’s not quite as bad as it seems. Turns out the loans are a daily mechanism that has been in use for a while.

Pretty much how I view it too Benson - but I fucking love a gamble.

Wally That just looks like clickbait conspiracy theory crap.

I understand about 5% of the garbage in this whole thread. But I do understand the concept of a blockchain and I know that I know more than the average Joe. I also know that the only way to get rich from bitcoin is to sell it for dollars / pounds. So some people are gonna be left holding it when the music stops. Don’t be that person.

benson Yeah, it’s a punt, as much as many shares are a punt. Long term, as far as I can see, stock market will give you more interest than any bank account. I discovered at one point my HSBC ISA was giving me something like 0.01% interest. I went in and asked about it and they said yes, that was correct, no they couldn’t do anything about it, and yes, I should bank somewhere else

None of the above is financial advice, I know less about finance than I do about sport.

All of this is giving me a headache. Thank fuck I’ve got United Liverpool later to lose my money on in the good old fashioned sense