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Rob_Ainscough

BitCoin crypto mania

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Bitcoin and other digital "currencies" are purely speculative plays.  If you want to consider them "investments" then that's fine, but know that their value is extremely volatile, and as such buying them is extremely risky.  They have nothing backing them.  Yes, you can be lucky and make a lot of money trading them.

The stock market is also risky, but the fact is that a stock is ownership in an actual business.  That business has capital and cash flows that are worth something.  Most stocks also pay dividends to their shareholders which is real money.

I believe that all govts. will eventually switch to digital currency because it is easier to track and manipulate than hard currency.  Most of our money is effectively already digital anyway.  What I mean is that there will be no more coins or bills and all payments will have to be done electronically.  If you by something at a yard sale then the only way to pay for it will be to electronically transfer the payment from your account.  Every purchase will then be subject to sales taxes, as well as financial transaction taxes.

Governments will never allow a private currency to replace the official currency.  Period.  It is only a matter of time before the USA, Europe, and other govts. intervene and heavily regulate or kill Bitcoin and any other competing currencies.  I'd hate to have a lot of money "invested" in those private currencies when that happens.

Dave

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Wise decision. It's getting out of hand.


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All cryptocurrencies are a Ponzi scheme that also happen to be catastrophic for the climate. (Less horrific, of course, but still word not allowed annoying: the catastrophe they're wrought in the GPU market.) I have yet to see a coherent argument for them that doesn't ultimately boil down to "it's profitable for me."

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Short selling of the current private cryptocurrencies might be a good bet? Probably just as risky as buying them though. 

It sometimes feels like a Brave New World. In Shanghai about 2 years ago I watched a guy buying a drink from a vending machine, not even using his phone. Swiping one's phone was at the time the normal payment method for most transactions. But the vending machine went a step further, all eye and face recognition, just talk to the machine and get your drink.

My uncle was recently telling me about the numerous times he's been the victim of pickpockets in Portugal and South America. He's old school, carries a big fat leather wallet in his breast pocket or his back pocket. Future thieves will have to become more sophisticated, hopefully not just dismembering their victims, eye, face, thumbrint....

I know a lot of supermarkets in the US have self checkout stands, but really there's no more need for that even. Just fill your cart with items at the grocery store, at the exit a robot will instantly scan your entire cart without having to remove each individual item, tell you the price, and if you're in agreement, off you go, maybe five seconds in total to check out.

I also think the methodology for paying will become more advanced, gradually replacing physical cash, but what currency one ultimately uses, regular old dollars, euros, pounds, will anyway be some form of crypto. It won't matter so much. I personally don't see the need for private currencies. But maybe they'll be similar to frequent flyer miles, or some kind of point system you accumulate when you get gas, also of value.

I could be wrong, just my two satoshis.

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On 5/13/2021 at 1:19 AM, martin-w said:

Looks like Elon has decided against accepting Bitcoin for a car.

It's a hussle, always has been ... so just be aware ... like others have pointed out, people can and do make money from a hussle.  Like I said, it's value is based on scarcity and not a countries gross national product and/or gross domestic product.

The Elon Hussle.

The "special version" of MSI Afterburner that steals your Crypto ... this happens rather frequently to miners.

Cheers, Rob.

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"Currency makes up just a small amount of the overall money supply, much of which exists as credit money or electronic entries in financial ledgers. While early currency derived its value from the content of precious metal inside of it, today's fiat money is backed entirely by social agreement and faith in the issuer."

Rob, I respect your opinions on many things, you're a lot more knowledgeable then me in many many topics but your opinions on crypto is very much influenced by propaganda. It shows in a big way.

People steal crypto, sure. Nobody ever robed a bank, right 😉 Also, conventional stocks and money never lost it's value overnight... financial crisis... anybody? 🙂

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It`s already consuming more electricity power than a the size of Italy.

 Bitcoin’s growing carbon footprint could crush its potential (msn.com)

At the present rate it could use more power and push up the cost of electricity for the user as the need for more power grows.


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On 5/14/2021 at 12:17 PM, Tomaz Drnovsek said:

many topics but your opinions on crypto is very much influenced by propaganda. It shows in a big way.

We can disagree ... no propaganda, I knew crypto would eventually fail after the first boom a few years ago long before any propaganda hit mainstream.  This is boom version 2.0 for crypto and it's once again starting to decline not because it's based on "value" but because of what Elon Musk said ... if one person can drop the value of Crypto by 23% in one month then that's not an "investment".  

Elon Musk made a lot of money using the crypto hussle ... and soon after Musk's reversal announcement, Tom Lee (Fundstrat) felt the need to increase his bitcoin price target to $125,000 by year end ... this is clearly a hussle ... the propaganda to increase or reduce the price of crypto.

Cheers, Rob.

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Failed? You must be kidding.

Prices of stocks also raised and fell countless times because someone said something. If one person can do that then by your own standards stocks are also not an investment. 

You're right, this is one of those agree to disagree situation.

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3 hours ago, Rob_Ainscough said:

We can disagree ... no propaganda, I knew crypto would eventually fail after the first boom a few years ago long before any propaganda hit mainstream.  This is boom version 2.0 for crypto and it's once again starting to decline not because it's based on "value" but because of what Elon Musk said ... if one person can drop the value of Crypto by 23% in one month then that's not an "investment".  

Elon Musk made a lot of money using the crypto hussle ... and soon after Musk's reversal announcement, Tom Lee (Fundstrat) felt the need to increase his bitcoin price target to $125,000 by year end ... this is clearly a hussle ... the propaganda to increase or reduce the price of crypto.

Cheers, Rob.

Hasn't failed, isn't actually declining at all, it's growing daily and you do of course realize people's comments, interest rates, large money funds, cough cough gamestop have been manipulating the market for as long as it's been around right?  Did you also magically predict Bernie Madoff while you were foreseeing the future and how one man wiped out millions of people's fortunes?   Nothing you've "said" has impacted the money others are making daily either oddly enough...  Funny how you keep "talking" about how much you know while others are literally paying off mortgages, buying houses and retiring from their day jobs because their "hussle" made them 8 figures or excess of 10M.  Go let them know how much you know LOL 


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1 hour ago, Tomaz Drnovsek said:

Prices of stocks also raised and fell countless times because someone said something. If one person can do that then by your own standards stocks are also not an investment. 

Sorry, but you are just wrong.  Stocks represent ownership of a business which has capital and produces either a good or service.  A stock only goes to zero if the company fails, which is why it is never wise to invest too much in a single stock. Yes, stock prices fluctuate, and sometimes they drop a lot, but they always go back up.  Moreover, most stocks pay dividends.

Cryptocurrencies have no intrinsic value.  Can I go to the grocery store and buy food with cryptocurrency? 

The cryptocurrency market is just a casino.  You can get lucky, but you more likely will lose money in the long run.  Add to this the fact that eventually governments will either heavily regulate or kill these private currencies altogether, and they are a losing bet.

Dave.

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Posted (edited)
16 minutes ago, dave2013 said:

Sorry, but you are just wrong.  Stocks represent ownership of a business which has capital and produces either a good or service.  A stock only goes to zero if the company fails, which is why it is never wise to invest too much in a single stock. Yes, stock prices fluctuate, and sometimes they drop a lot, but they always go back up.  Moreover, most stocks pay dividends.

Cryptocurrencies have no intrinsic value.  Can I go to the grocery store and buy food with cryptocurrency? 

The cryptocurrency market is just a casino.  You can get lucky, but you more likely will lose money in the long run.  Add to this the fact that eventually governments will either heavily regulate or kill these private currencies altogether, and they are a losing bet.

Dave.

Wow, then all those common stock shares worth hundreds of thousands that I had in startups that were subsequently acquired and common stock was underwater must be hiding in one of my bank accounts... If I can cash in my crypto for real currency that I can use to pay off a mortgage you are telling me it has no value?  The Stock Market is a casino too.  Again.  Madoff cough cough.


Go ahead, tell this guy his crypto has no value...  You guys realize you are literally telling people who are making money right now that their money is worthless.  Apparently the gov't doesn't think the returns had no value in my taxes.  Let me go show them these Avsim posts and get my money back

https://www.nbcnewyork.com/news/business/money-report/goldman-sachs-banker-quits-after-making-millions-on-cryptocurrency/3055657/

Edited by psolk
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No need for yet another non-sim related food fight in the AVSIM forums.  There are plenty of other places to argue about the intrinsic/virtual/imagined value of baseball cards, tulip bulbs, and virtual currency.

Locked.


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