Bitcoin and other Crypto...

[Rico1304]

I read somewhere that 80% of investors in crypto have lost money. 

[Captain Turdseye]

I put £100 in, and took £100. Big bucks. 
 

What was renaming in there was at one point up to £280. Now it’s worth *checks Coinbase* exactly £29.50. 

[Captain Willard]

Bitcoin has lost 62% in a year, 20% this month alone. It was always a Ponzi scheme. 

[Red Phoenix]

19 hours ago, Rico1304 said:

I read somewhere that 80% of investors in crypto have lost money. 

 

Might be normal across some types of trading/investing, especially this year. This is from last year but there's plenty of other examples of large percentages of traders losing money.

 

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The Numbers: In a recent blog post, A Wealth of Common Sense's Ben Carlson highlighted several large studies that paint a very bleak picture of day trading as a whole:

• One study of Brazilian futures traders found 97% of day traders lost money over a period of 300 days.
• Another study of day traders in Taiwan between 1995 and 2006 found only 5% of day traders to be profitable.
• A study by the U.S. Securities and Exchange Commission of forex traders found 70% of traders lose money every quarter on average, and traders typically lose 100% of their money within 12 months.
• A study of eToro day traders found nearly 80% of them had lost money over a 12-month period, and the median loss was 36%.

 

If You're Day Trading, You Will Probably Lose Money: Here's Why

 

The FCA on CFD (contract for difference) trading 6 years ago :

 

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The FCA’s analysis of a representative sample of client accounts for CFD firms found that 82% of clients lose money on CFD products. Similar levels of poor client performance have also been observed in other European jurisdictions.

 

FCA proposes stricter rules for contract for difference products

[Red Phoenix]

The NASDAQ doesn't look good over the last year either, probably a large percentage of people that have lost money here : https://www.nasdaq.com/market-activity/index/comp

 

[Duff Man]

This interview with Sam Bankman-Fried is absolutely mind-blowing.

 

https://www.ft.com/content/eac0e56c-f30b-4591-b603-f971e60dc58b

[Gooch]

Would be nice to see the cunt behind bars rather than on a world tour explaining his predatory practices.

[Duff Man]

His appearance at Crypto Bahamas was my personal favourite.

 

[Section_31]

I haven't read the thread but am astounded anyone went anywhere near it. .com boom and bust, apps, fintech and all the rest of it, absolutely rife with chancers trying to blind people with science.

[ZonkoVille77]

I blame the era of low interest rates. The greedy cunts needed something to put their money into. Now that interest rates are back around 5-6% for savings the greedy cunts will go back to more stable forms of making money. 

[Red74]

I’m still a few grand up on dogecoin if that helps 

 

 

[TheHowieLama]

Lads:

 

3 minute readDecember 13, 20222:45 PM ESTLast Updated 4 hours ago

Binance withdrawals hit $1.9 bln in 24 hours, data firm says

By Tom Wilson

 and Elizabeth Howcroft

 

LONDON, Dec 13 (Reuters) - Binance has registered $1.9 billion of withdrawals in the past 24 hours, blockchain data firm Nansen said on Tuesday, as the world's biggest crypto exchange said it had "temporarily paused" withdrawals of the USDC stablecoin.

[Captain Willard]

On 05/12/2022 at 19:57, Gooch said:

Would be nice to see the cunt behind bars rather than on a world tour explaining his predatory practices.

I think you are about to see your wish come true. He’s looking at a 50 year sentence in the US plus a lot of his inmates will have lost money on crypto. Nothing good in his future. 

[TheHowieLama]

Prison inmates went big on Crypto??

[Captain Willard]

13 minutes ago, TheHowieLama said:

Prison inmates went big on Crypto??

I’m guessing the low impulse control, greed and high risk taking attitude of crypto investors are also personality features in a lot of inmates so I suspect there’s some overlap.  It’s only a theory though. 

[Mudface]

https://www.reuters.com/technology/crypto-exchange-huobi-lay-off-20-staff-justin-sun-2023-01-06/

 

The Ponzi scheme continues to unravel. I like this quote from the article-

Quote

 

Cryptocurrency firm Genesis just cut 30% of its workforce in a second round of layoffs in less than six months, while crypto-focused bank Silvergate Capital Corp (SI.N) reported a sharp drop in its fourth-quarter crypto-related deposits.

"All these companies are resorting to cost cutting measures ... Instead of plotting the ship through turbulent times, these executives have simply cut people losses," said Joshua Chu, group chief risk officer at blockchain technology firms XBE, Coinllectibles and Marvion.

"Cutting people will not help these tech companies with solving the inherent problem in that they need to make products with underlying value."

 

 

Er yeah, that really is a problem.

[Red Phoenix]

I'm sure the bitcoin hating politicians, bankers, environmentalists and energy companies are going to love this :

 

 

[Karl_b]

I've read about this and initially it seems a good idea but given that Cryptocurrency is a fucking scam and doesn't need to exist in the first place it's not as clever as it thinks. It may recover 96% of the heat, in turn heating domestic hot water, but the embodied carbon and energy needed to power the hardware would be better used to heat actual heat pumps and renewable technology, designed for that purpose. The claims that this is a "heat pump" first seem spurious at best from an industry that is dodgy and volatile as hell and doesn't seem to have given much of a shit about it's carbon impact so far (mining for crypto has a greater carbon output than Argentina per year). So yeah, it's making something shit less shit but it doesn't need to exist in the first place and is only offsetting some of the damage the industry it causes.

 

It feels like greenwashing to me, in the same way that airlines feel better about themselves by letting you choose to plant a tree. We could just not do this damaging shit to start with.

[Red Phoenix]

7 minutes ago, Karl_b said:

I've read about this and initially it seems a good idea but given that Cryptocurrency is a fucking scam and doesn't need to exist in the first place it's not as clever as it thinks. It may recover 96% of the heat, in turn heating domestic hot water, but the embodied carbon and energy needed to power the hardware would be better used to heat actual heat pumps and renewable technology, designed for that purpose. The claims that this is a "heat pump" first seem spurious at best from an industry that is dodgy and volatile as hell and doesn't seem to have given much of a shit about it's carbon impact so far (mining for crypto has a greater carbon output than Argentina per year). So yeah, it's making something shit less shit but it doesn't need to exist in the first place and is only offsetting some of the damage the industry it causes.

 

It feels like greenwashing to me, in the same way that airlines feel better about themselves by letting you choose to plant a tree. We could just not do this damaging shit to start with.

 

Well if you think crypto is a fucking scam then there's probably no point arguing. Strange how so many other industries don't have to justify energy needs like crypto does though. The gaming industry for example, I don't see politicians freaking out about energy usage there, but that doesn't threaten their control over the money supply does it? If crypto is a scam the way our current money works can also be called a scam on several levels, and the energy usage there should be called into question too.

 

Bitcoin is a threat to central bankers so a reasoned argument isn't going to happen so easily, we have fraud politicians coming out with whatever sound bites work best for their banker friends instead.

[Karl_b]

Whataboutery, excellent. But, but, but...

[Red Phoenix]

16 minutes ago, Karl_b said:

Whataboutery, excellent. But, but, but...

 

 

Ok. Looking forward to every industry facing the same questioning on energy usage that bitcoin does any time soon. If govs tried helping crypto and other industries switch to better energy usage more it might be better than whining about it so often and trying to regulate the crap out of them. Like I said, I think crypto is a threat to their money control and most arguments stem from that.

 

Govs and bankers have supported oil and gas for a long time, having a go at crypto seems off when they could've had us in a completely different situation with cleaner energy now if it wasn't for their greed. There's a lot of people in crypto taking energy sources seriously though and if that's encouraged and developed well enough things might not look so bad in the future.

[Karl_b]

We're not talking about every other industry, we're specifically talking about cryptocurrency, which you brought up. But, as always with one of your pet projects/interests, you go in to defensive, know-it-all mode.

 

I stand by the last sentence in my original post, it's greenwashing; it's offsetting some of the damage caused by a damaging industry. I think it's very naive to think crypto ultimately won't be as corrupted and with centralised power and control as the current system. I'm still yet to hear a crypto fan/user explain it's real world applications as anything other than another method of gambling. 

 

Do you want me to criticise every industry's carbon emissions or shall I wait for you to raise specific points I can respond to?

[Red Phoenix]

2 minutes ago, Karl_b said:

We're not talking about every other industry, we're specifically talking about cryptocurrency, which you brought up. But, as always with one of your pet projects/interests, you go in to defensive, know-it-all mode.

 

I stand by the last sentence in my original post, it's greenwashing; it's offsetting some of the damage caused by a damaging industry. I think it's very naive to think crypto ultimately won't be as corrupted and with centralised power and control as the current system. I'm still yet to hear a crypto fan/user explain it's real world applications as anything other than another method of gambling. 

 

Do you want me to criticise every industry's carbon emissions or shall I wait for you to raise specific points I can respond to?

 

You're baised against crypto so there's no point. Going on about whataboutery and know-it-all-mode when I'm fine with admitting that there's tons about crypto that I don't understand fully.

 

I wasn't trying to do whataboutery either, I think you can learn a lot about politicians (and some of the media, corporate figures, think tanks, etc.) by seeing what standards they apply to some things but not to others.

 

 

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I'm still yet to hear a crypto fan/user explain it's real world applications

 

 

I'm sure you could find some if you searched around a little, you are on the internet after all.

 

If you do and you're still going to make out like you can't find a single one then that's kind of telling. You seem more bothered about being stuck in the mindset of crypto is bad but I'm the defensive, know it all one apparently.

[Karl_b]

I've read plenty about it, thanks - I've just not seen anything that convinces me it's anything other than an investment/gambling scheme for people in the know. Am I biased - I'd suggest skeptical - against it, absolutely. 

 

Similarly, I have plenty of context and views on other subjects but we [you] were talking specifically about cryptocurrency. My job is, literally, to help bring down the carbon emissions of one of our biggest industries (albeit a small part but I make a difference). I see all sorts of new fangled tech that is supposedly going to save the planet. We could start by not creating shit we have to offset. 

[Red Phoenix]

1 minute ago, Karl_b said:

My job is, literally, to help bring down the carbon emissions of one of our biggest industries (albeit a small part but I make a difference). I see all sorts of new fangled tech that is supposedly going to save the planet. We could start by not creating shit we have to offset. 

 

That's great and hope it goes well. As for not creating shit we have to offset, that's just part of us being Human and creative I think. The best solution is surely going to be focusing on transforming our energy sources so that those creations are using better energy from the off instead of us trying not to be as creative and limiting energy usage.