Bitcoin and other Crypto...

[Edward.]

Not sure if this is similar but someone wants to buy some artwork of me, she has mentioned something about an NFT marketplace, then I lost track of what she was talking about. Is it worth pursuing or am I going to get ripped off. She has offered To buy each piece of work for over $3000? 

[ZonkoVille77]

Ask her to send you a picture of her clunge and take it from there. 

[Captain Willard]

4 hours ago, Edward. said:

Not sure if this is similar but someone wants to buy some artwork of me, she has mentioned something about an NFT marketplace, then I lost track of what she was talking about. Is it worth pursuing or am I going to get ripped off. She has offered To buy each piece of work for over $3000? 

I bet at some point she needs your bank account details to make the payment. 

[A Red]

I'm so glad I put my money in ISA'S and proper investment schemes rather than volatile bitcoin releases... doh!

[Edward.]

37 minutes ago, Captain Willard said:

I bet at some point she needs your bank account details to make the payment. 

Well I haven’t got any money so she’s barking up the wrong tree.

[TheHowieLama]

Where are we at here lads?

[Captain Turdseye]

My four million Shiba Inu are now worth £40. 
 

Just got to play the waiting game. Once Musk starts pumping it again I’ll invite him to the mansion for tea. 

[Red Shift]

Last year I got over 64,000 WXT in rewards for using Wirex payment card. I cashed it all in at it’s high value of 1&1/2 cents each (NZ). The money I spent on the card, I literally had to spend anyway - food, fuel, other bills & big ticket necessities. Great free money!

 

Now they’ve got greedy. It’s costing me 1.5% to get dollars on the card (used to be free) and they’ve dropped the rewards percentage from 6% to 4%. On top of this they’ve stopped paying another 6% interest for holding WXT long term.

 

BASTARDS. 

[TheHowieLama]

Bankman-Fried is said to have lost 14 billion in the last couple days. @ 95% of his net worth.

 

[polymerpunkah]

My question has always been: if you have a currency without anyone with deep pockets to prop it up, how can it work?

 

So is this is an example of how they thought it could work?

 

That "they", collectively, would prop it up amongst themselves?

 

It just looks like a gigantic ponzi scheme.

 

 

[TheHowieLama]

Bankrupt.

[TD_LFC]

On 10/11/2022 at 15:48, TheHowieLama said:

Bankman-Fried is said to have lost 14 billion in the last couple days. @ 95% of his net worth.

 

[TD_LFC]

On 10/11/2022 at 17:02, polymerpunkah said:

It just looks like a gigantic ponzi scheme.

 

It's always been a giant ponzi scheme and people were told it's a ponzi scheme, what tended to happen is the minute you said anything negative about crypto you'd be descended on by Crypto Bro's speaking in code telling you how you just don't get it, or it's possible applications (like NFT's), because any significant build up of negativity around it impacted how much they'd make and the more easily influenced people they could convince to bet everything they had on it the richer those that got in early would become.

[Mudface]

On 10/11/2022 at 15:48, TheHowieLama said:

Bankman-Fried is said to have lost 14 billion in the last couple days. @ 95% of his net worth.

 

 

I liked the deadpan sentence in this Guardian article- https://www.theguardian.com/technology/2022/nov/11/cryptocurrency-exchange-ftx-files-for-bankruptcy-protection-in-us

 

As of Friday morning, Bloomberg terminals were reporting Bankman-Fried’s wealth as down “100%” from $16.2bn earlier this year, with his current net worth estimated at $3.

 

(Do quote tags etc not work anymore?)

[Jack the Sipper]

I've put around £700 in crypto since April, mostly in Bitcoin and Ethereum, with smaller amounts in other coins like Tether, Cardano and Solana. Obviously my stake is down right now, and if I cashed out I would've lost over a third of what I put in, which is a pretty shit return. Interestingly, though, Tether, tied as it is to the dollar, is actually up from what it was. Unfortunately, I've only put £20 into that.

 

I don't know the ins and outs of it, but I knew what I was getting into when I put into crypto, insofar that it was highly volatile, and for that reason I only gambled what I could afford to lose with no stress on me or my finances. I also knew that various coins had seen spectacular rises, with people making life-changing amounts from pocket change in the case of the more speculative coins as their value increases by literally millions of percent in weeks. Even Bitcoin and Ethereum, which I considered to be the stayers in the market, have seen big rises from big dips in the past. 

 

Look at the chart below, showing Bitcoin's progress from 2014 to now. I can remember the laughter, the depression, the cynicism from various quarters at the start of 2019 and mid-21. Yet, putting money in then would have reaped big returns if cashed in at the right time. I'm basically betting that, rather than a terminal decline, this is another dip in the cycle. Time will tell.

 

[TD_LFC]

49 minutes ago, Mudface said:

 

I liked the deadpan sentence in this Guardian article- https://www.theguardian.com/technology/2022/nov/11/cryptocurrency-exchange-ftx-files-for-bankruptcy-protection-in-us

 

As of Friday morning, Bloomberg terminals were reporting Bankman-Fried’s wealth as down “100%” from $16.2bn earlier this year, with his current net worth estimated at $3.

 

(Do quote tags etc not work anymore?)

 

So you're saying we can cross him off the list of potential buyers for a certain sports team?

[Mudface]

54 minutes ago, TD_LFC said:

 

So you're saying we can cross him off the list of potential buyers for a certain sports team?

Might still have enough for Everton. 

[dockers_strike]

On 10/11/2022 at 17:02, polymerpunkah said:

My question has always been: if you have a currency without anyone with deep pockets to prop it up, how can it work?

 

So is this is an example of how they thought it could work?

 

That "they", collectively, would prop it up amongst themselves?

 

It just looks like a gigantic ponzi scheme.

 

 

 

My thoughts too. I thought the idea of crypto especially Bitcoin, was that it was a limited supply and like all things with limited supply and increasing demand, the value goes up? But then other crypto currencies were 'made' so supply wasnt limited and values can fall accordingly?

 

Does just seem like giant pozni schemes built on shifting sands though.

[Mudface]

On 10/11/2022 at 17:02, polymerpunkah said:

My question has always been: if you have a currency without anyone with deep pockets to prop it up, how can it work?

 

So is this is an example of how they thought it could work?

 

That "they", collectively, would prop it up amongst themselves?

 

It just looks like a gigantic ponzi scheme.

 

It looks dodgy as fuck. The two paragraphs in this article are massive red flags- https://www.theguardian.com/technology/2022/nov/11/binance-ftx-collapse-cryptocurrency-exchange-changpeng-zhao

 

As Zhao spoke, the crypto news service CoinDesk published claims about the balance sheet of Alameda Research, a crypto hedge fund owned by the FTX founder, Sam Bankman-Fried. Alameda held billions of dollars worth of FTX’s own cryptocurrency, FTT, and had been using it as collateral in further loans. This meant a fall in FTT’s value would hurt both firms, given their shared ownership.

Friday 4 November

Following the CoinDesk report, a pseudonymous crypto researcher, Dirty Bubble Media, published further claims about Alameda on Substack, the newsletter platform. Its newsletter asked if the company was insolvent. Referring to the holding of a chunk of assets in FTT, it added: “It’s almost as if SBF [Sam Bankman-Fried] found a way to hack the financial system, printing billions of dollars out of thin air against which he was able to borrow massive sums from unknown counterparties.”

[cloggypop]

At least people can actually buy a graphics card now. 

[Red Phoenix]

There's a load of dodgy shit surrounding FTX, some covered here :

 

 

[Captain Turdseye]

On 12/11/2022 at 09:48, Jack the Sipper said:

I've put around £700 in crypto since April, mostly in Bitcoin and Ethereum, with smaller amounts in other coins like Tether, Cardano and Solana. Obviously my stake is down right now, and if I cashed out I would've lost over a third of what I put in, which is a pretty shit return. Interestingly, though, Tether, tied as it is to the dollar, is actually up from what it was. Unfortunately, I've only put £20 into that.

 

I don't know the ins and outs of it, but I knew what I was getting into when I put into crypto, insofar that it was highly volatile, and for that reason I only gambled what I could afford to lose with no stress on me or my finances. I also knew that various coins had seen spectacular rises, with people making life-changing amounts from pocket change in the case of the more speculative coins as their value increases by literally millions of percent in weeks. Even Bitcoin and Ethereum, which I considered to be the stayers in the market, have seen big rises from big dips in the past. 

 

Look at the chart below, showing Bitcoin's progress from 2014 to now. I can remember the laughter, the depression, the cynicism from various quarters at the start of 2019 and mid-21. Yet, putting money in then would have reaped big returns if cashed in at the right time. I'm basically betting that, rather than a terminal decline, this is another dip in the cycle. Time will tell.

 

 

I was already on Coinbase at the start of the pandemic and vividly remember seeing BTC crashing to £3,300 in March of that year. What a missed opportunity. Hindsight is a cunt. 

[Red Shift]

On 12/11/2022 at 23:58, dockers_strike said:

 

My thoughts too. I thought the idea of crypto especially Bitcoin, was that it was a limited supply and like all things with limited supply and increasing demand, the value goes up? But then other crypto currencies were 'made' so supply wasnt limited and values can fall accordingly?

 

Does just seem like giant pozni schemes built on shifting sands though.

As long as any currency can be bought and sold at profit (and dumped at a loss) said currency can never be ultimately stable in value. Add in the ever expanding supply to keep the whole shebang going (because money is actually debt and the interest is never created, but still has to be paid back) and you end up with what we have generally: most ‘stable’ currency has lost 90% of it’s value in the last 100 yrs.

 

In terms of crypto, ironically it’s the limited finite supply and promises of  a corruption free money out of the hands of central banks (such as BTC) that has created it’s own downfall. Day trader conglomerates make millions on the rise and fall of the value of crypto. Idealists get into crypto for their ideals. Speculators get into crypto for promises of quick profits and criminals get into crypto for its supposed anonymity.

 

Result? A massive market with endless ebb and flow.

 

 

[Spy Bee]

On 17/11/2022 at 07:54, Red Phoenix said:

There's a load of dodgy shit surrounding FTX, some covered here :

 

 

The whole FTX things stinks. I've not had chance to read into it fully, but it seems incredibly dodgy.

[Gooch]

The FTX stuff is quite unbelievable levels of greed. I actually lost a few quid on there which sucks but nothing fatal. They were essentially gambling with people’s funds and lost it all, despite playing in his own house with his own rules where he could see all the cards. Takes an incredible level of greed/recklessness to still lose it from that point.

 

SBF is a psychopathic piece of shit, and the way the New York Times and other liberal outlets have reported on the fallout of this has been some of the most disgraceful reporting I’ve seen in a long time. I guess that’s what happens when you are the second highest Democratic donor. Lost faith that he will face any punishment for what he has done. Still walking around now like nothing has happened. Cunt.