Bitcoin and other Crypto...

[Paulie Dangerously]

Precious metal is where it's at. 

[JagSquared]

20 minutes ago, Paulie Dangerously said:

Precious metal is where it's at. 

Ok Sméagol 

[Bob]

6 hours ago, Section_31 said:

Haven't read the thread but it's a total mugs game this, like the .com boom/bust and the fintech boom, shysters trying to hoodwink old money into giving them seed money then fucking off with the proceeds quicker than you can say 'my app cures cancer'.

 

Buy land, god isn't making any more of it.

But he’ll probably flood it within the next 30 years 

[Jack the Sipper]

I bought a few hundred quids worth of Bitcoin and Ethereum a couple of months back, and it's lost around 50% of its value already. I'm planning on buying at least another £300 of each in the next few months now that every cunts flapping and selling and pushing the price down further.

 

If I lose all that I've put in, meh, it's not a game-changer for me, but I do have confidence that the price of both coins will rise beyond the previous highs of last year.

 

I don't think this ponzi scheme's run its course yet.

[TD_LFC]

[Captain Willard]

Bitcoin has dropped 14% today. 14% in one day and the weekend as well ! Some exchanges are now refusing to pay out cash for transactions. Some poor fuckers are facing horrible losses tonight. 

[ZonkoVille77]

I bought a bit of Eth last night and I made 10% on it then sold it. Easy this stuff. 

[Red Phoenix]

[Barrington Womble]

On 18/06/2022 at 13:45, A Red said:

Maybe I don't know. I think people bought it to make money one way or another, otherwise why bother? 

Sure people trade currencies to make money. And the same approach should be used with crypto. Trading is designed to make money in the short term - maybe a day upto maybe a quarter (in fact maybe just a millisecond if we're talking electronic trading), base on changing conditions moving the price of something. Investing is a more long term process, normally over years where you're looking to benefit not just from a rise in the value of the investment, but get returns like dividends or interest. 

[Gooch]

Started with $500 in 2019 and got it up to $40K at one point. Got out in November/December with around $15K and haven't bought since so pretty happy, although If I had more conviction in some of my plays could have made it big.

It is a lot easier to play once you have been through a market cycle. I got hammered in 2018 bear market, but haven't made the same mistakes this time.

 

I'll be putting it back in when the time is right as well. This stuff is going nowhere, the same arguments about there being no one to buy were made in 2018 as well, there will always be someone willing to play the game. New narratives will form and "this time it will be different". Imagine that NFT's will have a major role to play in it as well.

[Red Shift]

Meanwhile the Wirex native token (WXT) has tripled its value over the last 3 months. Wirex is a payments eco-system that rewards payments with crypto (WXT) 

 

I regularly spend 95% of my budgeted payments on the attached Wirex Visa card, and have accumulated thousands of WXT over the last 12 months. In fact, Wirex paid out to me over 83,000 WXT since May 2021. Thats over 1200 bucks over 12 months, for spending hard earned money, that had to be spent anyway- just to stay alive - food, fuel, power, internet, vehicle maintainance, and any online or over the counter xtra spending. I’m just about to organise rates payments on the card too, so the rewards will increase over the next year. WXT used to trade at NZ$0.005, but has slowly risen to NZ$0.017 - its fluctuating a bit in the current storm but holding its 1.5 cent value. On top of the free WXT, Wirex pay out 6% interest per annum on all WXT holdings, or more if locked away in an *X-Account*

No bank can come close to being so generous.

 

Wirex now have over 4 & 1/2 million customers a year.

[polymerpunkah]

Pray for El Salvador.

 

 

[Lee909]

Still don't understand it, still don't want to. 

Just seems like some long play scam. Get rid of actual money and they'll all ha e even more control with this weird shit. NFT just look a even bigger scam than "buying" digital films and music 

[Red Phoenix]

I'm getting some BTC and LTC at the moment and trying to focus on those two mostly from here on out, no idea if things will get better any time soon though.

 

 

[Red Phoenix]

Quote

JPMorgan Says Ongoing Crypto Bear Market Will Soon Come to an End

Financial strategists from the investment banking company JPMorgan Chase & Co are confident that the ongoing bear market has reached an advanced stage and it will soon come to an end.

Bloomberg cited a note written by JPMorgan strategists, including Nikolaos Panigirtzoglou, stating that the downturn of the cryptocurrency market in the past months is a manifestation of a deleveraging process.

JPMorgan: Crypto Bailouts to Rescue the Situation

The good news is that JPMorgan strategists predict that the ongoing crypto deleveraging cycle may not last long following the growing amount of bailout funds given to companies largely affected by the market dip. 

“The current deleveraging cycle may not be very protracted since crypto entities with stronger balance sheets are currently stepping in to help contain the contagion,” the strategist said. 

According to JPMorgan strategists, venture-capital funding, which is an important source of capital for the crypto industry, has also continued at a healthy pace between May and June. 

For instance, FTX has been given credit to cryptocurrency companies and the exchange is also making moves to acquire some firms that are largely affected by the ongoing market crisis.

Crypto Market Woes

It is no longer news that cryptocurrency-related businesses have been largely affected by a series of events, forcing some companies to take very stringent actions such as staff layoffs and also liquidation. 

The crypto market was dealt a heavy blow in February and March following an invasion carried out by Russian forces against Ukraine and the Federal Reserve’s move to curtail rising inflation by increasing interest rates. 

While crypto companies tried to stay afloat amid these unfortunate events, Terra ecosystem tokens LUNA and UST crashed tremendously, an incident that rocked the entire crypto market. 

Terra’s collapse in May resulted in the failure of Three Arrow Capital (3AC), which had a significant investment in Terra and is now being faced with liquidation. 

Popular crypto lending platform Celsius Network was forced to halt users’ assets’ withdrawals, swaps, and transfers following the crypto market collapse. 

Furthermore, crypto companies like Coinbase, Crypto.com, and Gemini were forced to slash their number of employees to cope with the downturn in the market. 

JPMorgan strategists are of the opinion that the cryptocurrency market has gone beyond a good portion of the current bear market troubles, adding that it is only a matter of time before crypto prices will rally again.

 

 

JPMorgan Says Ongoing Crypto Bear Market Will Soon Come to an End - The Crypto Basic

 

[Anubis]

Makob is the newest bandwagon to jump on. From $11 a coin up to $20+ in just a couple of days.

[Gooch]

Not worth touching any of this until the macro situation improves and Saylor gets wiped out, which looks like it’s inevitable.

 

Didn’t expect $1K ETH to come this early, get the sense there’s more to drop. Looking at $600 ish area now and see how things look.

[Red Phoenix]

This could help crypto get out of the bear market sooner at some point : Coinbase’s BlackRock Pact Cements Crypto Status, Hits Shorts

[Red74]

Another shitcoin I’m stuck with 

 

 

[Captain Willard]

Bitcoin is now 50% down in the last 6 months. Some poor fuckers have been properly played. 

[Barrington Womble]

55 minutes ago, Captain Willard said:

Bitcoin is now 50% down in the last 6 months. Some poor fuckers have been properly played. 

Have they? It's a random gamble. Anyone who is throwing their money behind this needs to understand it's no more secure than sticking your money on a horse in the grand national. 

[ZonkoVille77]

2 hours ago, Barrington Womble said:

Have they? It's a random gamble. Anyone who is throwing their money behind this needs to understand it's no more secure than sticking your money on a horse in the grand national. 

 

Correct. If you got massively stung on this then you were too stupid to get involved in the first place.

Like all gambling it has to be done within your personal financial limits.

[TheHowieLama]

Everyone has retired then?

 

 

[Gnasher]

Gold has plunged same as Bitcoin. I've no skin in either but my very amateur opinion is both will bounce back in time.

[TheHowieLama]

16 minutes ago, Gnasher said:

Gold has plunged same as Bitcoin. 

With that insight it is a good thing you do not.

 

BTC was at 66k last October.