|
Fiery
Sword of Fire


Registered: 12/24/12
Posts: 36,574
|
This crypto stuff is CRAZY- Perhaps even criminal
#27774523 - 05/12/22 07:29 PM (1 year, 8 months ago) |
|
|
If you don't know what's going on, it's pure mayhem and bloodshed in the crypto world. Major ones like BItcoin are down more than 50% from highs, and even one called LUNA is down 100% to catastrophic losses. I even heard mention of people harming themselves because they lost it all.
THIS IS MADNESS!
Someone needs to be held accountable for this. This has GONE TOO FAR!
I mean everyone knows stocks and crypto are risky... but THIS SEEMS CRIMINAL!
I get it- blame the investor right? they knew it was a risk? I don't think so in this case.
There is going to be a witchhunt I'm sure for whoever is behind this LUNA stunt.. but how can they catch them?
I just saw some good people lose a lot of money over this and it pains me, and is an injustice I feel.
And I don't feel it's OK in this case to blame the investor for taking a risk when they knew they could lose it, this LUNA thing seems to go much deeper than just "a risk that investors took"
|
Crazy_Horse
I’m Rick James, bitch!


Registered: 08/15/16
Posts: 13,283
Loc: Hampsterdam
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery] 5
#27774538 - 05/12/22 07:37 PM (1 year, 8 months ago) |
|
|
--------------------
|
Anonuser77
Stranger
Registered: 01/17/22
Posts: 106
Last seen: 5 months, 5 days
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Crazy_Horse]
#27774564 - 05/12/22 07:51 PM (1 year, 8 months ago) |
|
|
Dont have diamond hands? It sort of is your fault for holding, or not having a good advisor.
|
Fiery
Sword of Fire


Registered: 12/24/12
Posts: 36,574
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Anonuser77]
#27774573 - 05/12/22 07:54 PM (1 year, 8 months ago) |
|
|
Quote:
Anonuser77 said: It sort of is your fault for holding, or not having a good advisor.
I guarantee you if some major stock did this , this fast, there would be some type of criminal investigation going on with all the government trading regulations.
Something really fishy happened here I just don'[t know what.
|
christopera
Stranger


Registered: 10/13/17
Posts: 14,201
Last seen: 42 minutes, 34 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery] 1
#27774579 - 05/12/22 07:57 PM (1 year, 8 months ago) |
|
|
I've been telling people for years that crypto isn't an investment. The popcorn is going to be tasty when a ton of people lose their money. Classic crypto.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
|
Hartford
Lawful Good



Registered: 11/27/19
Posts: 1,106
Loc: Tennessee
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery] 2
#27774580 - 05/12/22 07:57 PM (1 year, 8 months ago) |
|
|
Play stupid games, win stupid prizes.
|
Fiery
Sword of Fire


Registered: 12/24/12
Posts: 36,574
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Hartford]
#27774587 - 05/12/22 07:59 PM (1 year, 8 months ago) |
|
|
I'm still waiting on someone who can see how something criminal most likely happened here.
I DO blame the investors partly, don't get me wrong.. But certainly on such a massive and rapid drop to zero? Something happened.
|
Hartford
Lawful Good



Registered: 11/27/19
Posts: 1,106
Loc: Tennessee
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery] 1
#27774610 - 05/12/22 08:14 PM (1 year, 8 months ago) |
|
|
Maybe someone convinced Musk and Gates that crypto processing was too energy intensive and they sold, for the good of the land.
Are they wrong?
|
twighead
mͯó



Registered: 08/27/08
Posts: 29,548
Loc: Glenn Gould's Fuck Windmill
Last seen: 6 hours, 34 minutes
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Hartford] 2
#27774640 - 05/12/22 08:34 PM (1 year, 8 months ago) |
|
|

To me it look like... graph go down, cheap cheap time to buy!
Cheap cheap chirp chirp go the econobirds
Then they all flock again, and create a big volume.
"it's time to eat!" they decide, and they sell, 
and graph goes down again.
|
Fiery
Sword of Fire


Registered: 12/24/12
Posts: 36,574
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: twighead]
#27774663 - 05/12/22 08:45 PM (1 year, 8 months ago) |
|
|
WOW!
Syncro in the FInance and money forum posted this.
CRAZY!
Quote:
syncro said: This thread talks about the theory of the attack, the attacker getting away with some $8+ million, causing ~$50 billion to be lost from the market I think I heard.
https://twitter.com/OnChainWizard/status/1524123935570382851
Makes for a good read and shows just how vulnerable crypto is with big players able to pull stuff like this off..
|
Anonuser77
Stranger
Registered: 01/17/22
Posts: 106
Last seen: 5 months, 5 days
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery]
#27774724 - 05/12/22 09:16 PM (1 year, 8 months ago) |
|
|
Quote:
christopera said: I've been telling people for years that crypto isn't an investment. The popcorn is going to be tasty when a ton of people lose their money. Classic crypto.
Quote:
christopera said: I've been telling people for years that crypto isn't an investment. The popcorn is going to be tasty when a ton of people lose their money. Classic crypto.
Quote:
Fiery said: I'm still waiting on someone who can see how something criminal most likely happened here.
I DO blame the investors partly, don't get me wrong.. But certainly on such a massive and rapid drop to zero? Something happened.
Dude what is criminal about there being winners and losers. Go get an advisor who's been making money, the money you're losing. Like the one I have.
|
Fiery
Sword of Fire


Registered: 12/24/12
Posts: 36,574
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Anonuser77] 2
#27774766 - 05/12/22 09:47 PM (1 year, 8 months ago) |
|
|
PLOT TWIST.... It's been Elon Mush all along, just fucking with the world for giggles because he got bored on the factory floor.
AND because he wanted to pocket a cool quick fitty bill on the down low.
You gotta watch out for those plot twist mah fukkas with cheese.
PS- like how I called him Elon MUSH? 
|
Anonuser77
Stranger
Registered: 01/17/22
Posts: 106
Last seen: 5 months, 5 days
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery]
#27774852 - 05/12/22 11:16 PM (1 year, 8 months ago) |
|
|
Im literally making money right now.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: twighead]
#27774876 - 05/12/22 11:55 PM (1 year, 8 months ago) |
|
|
Quote:
twighead said:

To me it look like... graph go down, cheap cheap time to buy!
Cheap cheap chirp chirp go the econobirds
Then they all flock again, and create a big volume.
"it's time to eat!" they decide, and they sell, 
and graph goes down again. 
Idk at some point this bursts.
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
nooneman


Registered: 04/24/09
Posts: 14,555
Loc: Utah
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery]
#27774915 - 05/13/22 12:57 AM (1 year, 8 months ago) |
|
|
I'm almost tempted to buy some luna
|
Northerner
splelling chceker


Registered: 07/29/12
Posts: 14,137
Loc: FNQ
Last seen: 5 hours, 2 minutes
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: nooneman] 2
#27774926 - 05/13/22 01:12 AM (1 year, 8 months ago) |
|
|
People seem to have forgotten that crypto by definition is not an "investment" but it is true speculation. The only thing people are buying when they get crypto is the option to sell it. They speculate that they will be able to sell it for more. That is it. There is no utilitarian use, there is no dividend, there is nothing that makes it worth anything except other people buying it.
Sure speculative investing is a thing, but that is done around real things, real companies, real commodities, real resources. But that's not what crypto is. It's not just based around billions of watts being burned making numbers that are unique.
--------------------
The nearest we ever come to knowing truth is when we are witness to paradox.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: nooneman]
#27774931 - 05/13/22 01:16 AM (1 year, 8 months ago) |
|
|
Quote:
nooneman said: I'm almost tempted to buy some luna

I think this Luna thing is going to bring the hammer down. I can’t see how the government can let this kind of activity continue. Start treating crypto like a security. They may not be able to regulate the trading, but they can certainly go after the people who make fraudulent and illegal coins.
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
The Blind Ass
Bodhi


Registered: 08/16/16
Posts: 26,657
Loc: The Primordial Mind
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Northerner] 1
#27774933 - 05/13/22 01:18 AM (1 year, 8 months ago) |
|
|
At least when the dollar goes kaput you can use it to wipe your ass, start a fire, ceiling insulation, etc etc…
But there’s not much you can do with a cryptocurrency after its shat the bed.
-------------------- Give me Liberty caps -or- give me Death caps
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: The Blind Ass]
#27774934 - 05/13/22 01:21 AM (1 year, 8 months ago) |
|
|
The dollar is trading at a 20 year high
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Northerner]
#27774945 - 05/13/22 01:38 AM (1 year, 8 months ago) |
|
|
Quote:
Northerner said: People seem to have forgotten that crypto by definition is not an "investment" but it is true speculation. The only thing people are buying when they get crypto is the option to sell it. They speculate that they will be able to sell it for more. That is it. There is no utilitarian use, there is no dividend, there is nothing that makes it worth anything except other people buying it.
Sure speculative investing is a thing, but that is done around real things, real companies, real commodities, real resources. But that's not what crypto is. It's not just based around billions of watts being burned making numbers that are unique.
There are cryptos that pay dividends though off them using your investment for loans.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
nooneman


Registered: 04/24/09
Posts: 14,555
Loc: Utah
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Northerner]
#27774946 - 05/13/22 01:38 AM (1 year, 8 months ago) |
|
|
Quote:
Northerner said: There is no utilitarian use
Oh but sir, I kindly beg to differ! Why, without crypto, how else would we buy LSD?

But yeah, you're right, it's only really good for buying drugs. But that's an important purpose! Still, it's lack of real use is why I didn't invest when it was at $30, that seemed like an enormous price relative to the dollar to me at the time, and I couldn't figure out why it could possibly be worth that much.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27774948 - 05/13/22 01:39 AM (1 year, 8 months ago) |
|
|
Quote:
koods said: The dollar is trading at a 20 year high
If it is then it is a shame I am seemingly able to buy less and less with a dollar.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: nooneman]
#27774949 - 05/13/22 01:40 AM (1 year, 8 months ago) |
|
|
Quote:
nooneman said:
Quote:
Northerner said: There is no utilitarian use
Oh but sir, I kindly beg to differ! Why, without crypto, how else would we buy LSD?

But yeah, you're right, it's only really good for buying drugs. But that's an important purpose! Still, it's lack of real use is why I didn't invest when it was at $30, that seemed like an enormous price relative to the dollar to me at the time, and I couldn't figure out why it could possibly be worth that much.
Russia and other countries, terrorists etc use it to skirt the US global controls. This creates core unstoppable value to it as moneys value comes from consensus.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
nooneman


Registered: 04/24/09
Posts: 14,555
Loc: Utah
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774952 - 05/13/22 01:42 AM (1 year, 8 months ago) |
|
|
That's a good point. Things are worth whatever people will pay for them. As long as the value is perceived to be a certain thing, it is that thing. Like you say, value comes from consensus.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774955 - 05/13/22 01:45 AM (1 year, 8 months ago) |
|
|
Those are the ones that are almost certainly fraud. Where is the income coming from to pay those dividends. How do coin operators earn 20%, for example? Loans that earn that much are probably high risk. When the market hits a rough patch and the borrowers default, the coin goes bankrupt. In reality, those coins are almost all Ponzi schemes where income is paid to coin holders though the sale of more coins
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774958 - 05/13/22 01:49 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said:
Quote:
koods said: The dollar is trading at a 20 year high
If it is then it is a shame I am seemingly able to buy less and less with a dollar.
That’s always the case. Currency should always lose some value over time compared to the goods you buy with it.
The reason the dollar is so strong is other currencies are losing value faster than the dollar.
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27774960 - 05/13/22 01:51 AM (1 year, 8 months ago) |
|
|
Quote:
koods said: Those are the ones that are almost certainly fraud. Where is the income coming from to pay those dividends. How do coin operators earn 20%, for example? Loans that earn that much are probably high risk. When the market hits a rough patch and the borrowers default, the coin goes bankrupt. In reality, those coins are almost all Ponzi schemes where income is paid to coin holders though the sale of more coins
The loans are used for leverage traders to take high risk very profitable short positions on DEFI
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774963 - 05/13/22 01:56 AM (1 year, 8 months ago) |
|
|
And then there is also yield farming,
Supporting the network with various forms of stakes
Shit there are over 10 ways to generate revenue just off the top of my head.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774964 - 05/13/22 01:57 AM (1 year, 8 months ago) |
|
|
Also banks make 14%-25% on average in general on their general capital, they pay normally around 1%, they're fucking you, because they can get away with it cause there is no real competition till now.
Companies like Celsius pay back to the customer about 80%.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 02:01 AM)
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774967 - 05/13/22 01:59 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: And then there is also yield farming,
Supporting the network with various forms of stakes
Shit there are over 10 ways to generate revenue just off the top of my head.
They’re all frauds dude
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27774968 - 05/13/22 02:02 AM (1 year, 8 months ago) |
|
|
It would seem you don't know what fraud even means.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774969 - 05/13/22 02:04 AM (1 year, 8 months ago) |
|
|
All those schemes will crash and burn. Don’t you have any common sense?
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
Northerner
splelling chceker


Registered: 07/29/12
Posts: 14,137
Loc: FNQ
Last seen: 5 hours, 2 minutes
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774970 - 05/13/22 02:04 AM (1 year, 8 months ago) |
|
|
That's all just leveraging fiat as a bank/investment pool for further speculation.
--------------------
The nearest we ever come to knowing truth is when we are witness to paradox.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Northerner]
#27774971 - 05/13/22 02:06 AM (1 year, 8 months ago) |
|
|
All cryptocurrencies combined accounted for about 7% of the world's money.
https://www.investopedia.com/tech/how-much-worlds-money-bitcoin/#:~:text=All cryptocurrencies combined accounted for about 7% of the world's money.
It doesn't matter what anyone thinks, this system has been growing and growing and growing and slowly becoming the new economy.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 02:06 AM)
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Northerner]
#27774972 - 05/13/22 02:07 AM (1 year, 8 months ago) |
|
|
Yeah in the end it’s only worth what you can get back in real money
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774974 - 05/13/22 02:07 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: All cryptocurrencies combined accounted for about 7% of the world's money.
https://www.investopedia.com/tech/how-much-worlds-money-bitcoin/#:~:text=All cryptocurrencies combined accounted for about 7% of the world's money.
It doesn't matter what anyone thinks, this system has been growing and growing and growing and slowly becoming the new economy.
And to believe that it is sustainable is magical thinking
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774977 - 05/13/22 02:10 AM (1 year, 8 months ago) |
|
|
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27774979 - 05/13/22 02:11 AM (1 year, 8 months ago) |
|
|
Quote:
koods said:
Quote:
budmanman said: All cryptocurrencies combined accounted for about 7% of the world's money.
https://www.investopedia.com/tech/how-much-worlds-money-bitcoin/#:~:text=All cryptocurrencies combined accounted for about 7% of the world's money.
It doesn't matter what anyone thinks, this system has been growing and growing and growing and slowly becoming the new economy.
And to believe that it is sustainable is magical thinking
Bwahahahhaaha and having a 30 Trillion dollar national debt compounding its interest is sustainable? If the US government killed every last American and took 100% of their money, They would still owe money bawhahhahahahaha
https://www.usdebtclock.org/
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 02:11 AM)
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774981 - 05/13/22 02:15 AM (1 year, 8 months ago) |
|
|
Fiat Currency is a broken system with a 100% failure rate, the USD has been one of the if not the longest running fiat currency and quite frankly its on its last legs because it is literally built in its math, to fail.
https://www.lietaer.com/2021/11/do-all-fiat-currencies-fail/
Do All Fiat Currencies Fail?
Since the beginning of time, fiat currency has dominated the world, but every fiat currency that has existed in history has failed. fiat currency study, 775 fiat currencies have an average life expectancy of 27 years, with some taking a month to crash and others surviving for centuries.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774984 - 05/13/22 02:17 AM (1 year, 8 months ago) |
|
|
Lol and if you lived with Bitcoin as your currency you’d be suffering with a 100% inflation rate right now.
Fortunately for Justin Bieber his house is denominated in dollars, not bitcoins.
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
Northerner
splelling chceker


Registered: 07/29/12
Posts: 14,137
Loc: FNQ
Last seen: 5 hours, 2 minutes
|
Re: This crypto stuff is CRAZY- Perhaps even criminal (moved) [Re: Fiery]
#27774985 - 05/13/22 02:20 AM (1 year, 8 months ago) |
|
|
This thread was moved from The Pub.
Reason: News part has dawdled quickly and now discussing the merits of crypto. Goes here.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods] 1
#27774986 - 05/13/22 02:20 AM (1 year, 8 months ago) |
|
|

Deflationary by its very nature an ever shrinking supply while the fiat is always guaranteed 100% to be dealing with the woes of inflation.
Now bitcoin is actually a shit digital currency but most people are stupid like you, which keeps it king of the market.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774987 - 05/13/22 02:20 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Fiat Currency is a broken system with a 100% failure rate, the USD has been one of the if not the longest running fiat currency and quite frankly its on its last legs because it is literally built in its math, to fail.
https://www.lietaer.com/2021/11/do-all-fiat-currencies-fail/
Do All Fiat Currencies Fail?
Since the beginning of time, fiat currency has dominated the world, but every fiat currency that has existed in history has failed. fiat currency study, 775 fiat currencies have an average life expectancy of 27 years, with some taking a month to crash and others surviving for centuries.
A Currency’s value is the value of all the things denominated in that currency. What is denominated in Bitcoin? Nothing. Crypto is the ultimate fiat currency because it has nothing of actual value supporting it
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774989 - 05/13/22 02:22 AM (1 year, 8 months ago) |
|
|
Nothing of value supports any money on the Earth except a couple countries that the united states hates.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
Asante
Mage


Registered: 02/06/02
Posts: 86,794
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery]
#27774992 - 05/13/22 02:23 AM (1 year, 8 months ago) |
|
|
Quote:
Fiery said: If you don't know what's going on, it's pure mayhem and bloodshed in the crypto world. Major ones like BItcoin are down more than 50% from highs, and even one called LUNA is down 100% to catastrophic losses. I even heard mention of people harming themselves because they lost it all.
Meanwhile, the PAXG that I recommended is doing completely fine amidst this mayhem because it's on the Gold Standard unlike crypto and fiat.
Are we learning yet?
Tokenized gold is still tokenized, but as long as its integrity is intact, its value represents actual gold in the Brinks vault in London.
-------------------- Omnicyclion.org higher knowledge starts here
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774993 - 05/13/22 02:24 AM (1 year, 8 months ago) |
|
|
John F Kennedy tried to get our money to be backed by something again and was assassinated and then his VP when he became president repealed it.
Anyone that has ever tried to get in the way of the federal reserve and their fiat system has died.
Oh who made bitcoin? oh no one knows cause hes dead.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Asante]
#27774994 - 05/13/22 02:25 AM (1 year, 8 months ago) |
|
|
Quote:
Asante said:
Quote:
Fiery said: If you don't know what's going on, it's pure mayhem and bloodshed in the crypto world. Major ones like BItcoin are down more than 50% from highs, and even one called LUNA is down 100% to catastrophic losses. I even heard mention of people harming themselves because they lost it all.
Meanwhile, the PAXG that I recommended is doing completely fine amidst this mayhem because it's on the Gold Standard unlike crypto and fiat.
Are we learning yet?
Tokenized gold is still tokenized, but as long as its integrity is intact, its value represents actual gold in the Brinks vault in London.
Koods will just tell you its Fraud and that the gold doesn't exist.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
Asante
Mage


Registered: 02/06/02
Posts: 86,794
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774995 - 05/13/22 02:25 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said:
 .
Right now, its not a grocery cart but an entry level Mercedes
-------------------- Omnicyclion.org higher knowledge starts here
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27774999 - 05/13/22 02:33 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Nothing of value supports any money on the Earth except a couple countries that the united states hates.
What?
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775000 - 05/13/22 02:34 AM (1 year, 8 months ago) |
|
|
In your mind, what backs the United States Dollar?
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775012 - 05/13/22 02:52 AM (1 year, 8 months ago) |
|
|
The value of all the things bought and sold in dollars. And don’t fool yourselfx when you buy drugs or whatever using crypto, you’re buying and selling those things with real money. Those products are denominated in real currency and the amount of crypto you pay depends on the value of that crypto in a real currency.
If Justin bebiers house was denominated in BTC then it would cost twice as much now as it did six months ago. The US dollar hasn’t seen that kind of inflation since the civil war
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
Edited by koods (05/13/22 02:56 AM)
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775021 - 05/13/22 03:08 AM (1 year, 8 months ago) |
|
|
Tesla stock just lost 50% of its value in 6 Months and its an established business.
Crypto is currently owned by about 1% of the world, its new, its volatile, its got a lot of haters despite that is on a freight train of success.
Bitcoins value is all the things bought and sold in bitcoin to the current tune of 7% of the world economy, with only 1% of the worlds human beings having it.
Are you catching on?
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775027 - 05/13/22 03:16 AM (1 year, 8 months ago) |
|
|

You see this little tiny blip there I got the arrow pointing at? That is the MT Gox Incident, at the time MT Gox was the largest exchange, based out of Japan and the owner well he basically stole all the money, he got caught he went to prison and to this day the situation has not been fully resolved.
Bitcoin lost 95% of its value, everyone said it was dead.
It went form 1450 dollars to 80 dollars in what 2 months? as the MT Gox incident unfolded.
Over the course of time as it gets more and more adopted it becomes more and more stable, each crash smaller than the last.
More and more companies are starting to accept it, though BTC is a shit currency, sure it is about 5000x faster than a bank but that is still to slow to be used as a real world day to day currency and if everyone was using it, it's network would clog and sure we could use the lightning network and other solutions but then it just becomes more and more centralized and less of the peoples money.
But BTC if people would accept a level of centralization which they probably would cause most people don't understand how it works at all, could become the new world currency.
I mean a limited supply currency actually has the potential to create a more fair and balanced economy because there is an actual reason to hold onto money because there isn't an authority that can create an infinite amount of it.
Also chase bank has been caught over 7 times lying about how much money they have and just typing it into their computers and nothing even happens to them so thats just how bad the system is currently.
It is all controlled over the potential for the fed to audit them and find out they're just typing shit into their computers without asking the fed first.
It is a bad system.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775029 - 05/13/22 03:21 AM (1 year, 8 months ago) |
|
|
Man its wild we just accrued like 2 Trump Southern border walls in interest since I posted the US debt clock a little while ago.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775030 - 05/13/22 03:28 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Tesla stock just lost 50% of its value in 6 Months and its an established business.
Crypto is currently owned by about 1% of the world, its new, its volatile, its got a lot of haters despite that is on a freight train of success.
Bitcoins value is all the things bought and sold in bitcoin to the current tune of 7% of the world economy, with only 1% of the worlds human beings having it.
Are you catching on?
And just like Tesla stock, cryptos are not currencies
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775033 - 05/13/22 03:32 AM (1 year, 8 months ago) |
|
|
Could have fooled me, Russia is skirting all our financial restrictions on them with Crypto.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775036 - 05/13/22 03:33 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Man its wild we just accrued like 2 Trump Southern border walls in interest since I posted the US debt clock a little while ago.
So what? Clearly the US can handle the current amount of debt. It doesn’t seem to have any effect on the economy. Nobody, especially conservatives, seem to have any interest in paying it down. And to be fair, most of the debt accrued in the past decade has been practically interest free.
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775037 - 05/13/22 03:34 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Could have fooled me, Russia is skirting all our financial restrictions on them with Crypto.
I certainly hope for Russia’s sake they don’t have a lot of their reserves in crypto because this would be a devastating week or two
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775039 - 05/13/22 03:36 AM (1 year, 8 months ago) |
|
|
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775041 - 05/13/22 03:38 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said:

You see this little tiny blip there I got the arrow pointing at? That is the MT Gox Incident, at the time MT Gox was the largest exchange, based out of Japan and the owner well he basically stole all the money, he got caught he went to prison and to this day the situation has not been fully resolved.
Bitcoin lost 95% of its value, everyone said it was dead.
It went form 1450 dollars to 80 dollars in what 2 months? as the MT Gox incident unfolded.
Over the course of time as it gets more and more adopted it becomes more and more stable, each crash smaller than the last.
More and more companies are starting to accept it, though BTC is a shit currency, sure it is about 5000x faster than a bank but that is still to slow to be used as a real world day to day currency and if everyone was using it, it's network would clog and sure we could use the lightning network and other solutions but then it just becomes more and more centralized and less of the peoples money.
But BTC if people would accept a level of centralization which they probably would cause most people don't understand how it works at all, could become the new world currency.
I mean a limited supply currency actually has the potential to create a more fair and balanced economy because there is an actual reason to hold onto money because there isn't an authority that can create an infinite amount of it.
Also chase bank has been caught over 7 times lying about how much money they have and just typing it into their computers and nothing even happens to them so thats just how bad the system is currently.
It is all controlled over the potential for the fed to audit them and find out they're just typing shit into their computers without asking the fed first.
It is a bad system.
Can you post that graph in log? That is a much better way to compare changes over many orders of magnitude. That 95% loss you mention will actually look significant in log
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775042 - 05/13/22 03:39 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Oh shit I can go see a movie in the movie theater with bitcoin.
https://www.theverge.com/2021/11/12/22779137/amc-theaters-movie-tickets-cryptocurrency-bitcoin-cash-ethereum-litecoin
Oh shit I can buy a new computer from newegg with bitcoin.
https://promotions.newegg.com/nepro/16-6277/index.html
I can go buy a tesla right now with Dogecoin
The funny dog meme money.
https://www.bbc.com/news/business-60001144#:~:text=Mr%20Musk%2C%20who%20also%20counts,only%20digital%20currency%20Tesla%20accepts.
As of 2021
15,174 businesses worldwide accept bitcoin.
https://www.fundera.com/resources/how-many-businesses-accept-bitcoin
That number was nearly 0 just a couple years ago.
How much does a ticket cost in bitcoins? How is the amount you pay on BTC determined?
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775043 - 05/13/22 03:39 AM (1 year, 8 months ago) |
|
|
Russia as a whole at its current price, has 100 billion dollars in bitcoin.
The USA has confiscated a lot of bitcoin, billions worth when it was just at 1000 dollars.
Had they not immediately sold it at auction as fast as possible, the USA would have Trillions worth, we're shit with money and as you are proving, resistant to change.
Which would explain the hate of Electric vehicles people just hate modernization and change they really really hate that shit.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775045 - 05/13/22 03:40 AM (1 year, 8 months ago) |
|
|
Quote:
koods said:
Quote:
budmanman said: Oh shit I can go see a movie in the movie theater with bitcoin.
https://www.theverge.com/2021/11/12/22779137/amc-theaters-movie-tickets-cryptocurrency-bitcoin-cash-ethereum-litecoin
Oh shit I can buy a new computer from newegg with bitcoin.
https://promotions.newegg.com/nepro/16-6277/index.html
I can go buy a tesla right now with Dogecoin
The funny dog meme money.
https://www.bbc.com/news/business-60001144#:~:text=Mr%20Musk%2C%20who%20also%20counts,only%20digital%20currency%20Tesla%20accepts.
As of 2021
15,174 businesses worldwide accept bitcoin.
https://www.fundera.com/resources/how-many-businesses-accept-bitcoin
That number was nearly 0 just a couple years ago.
How much does a ticket cost in bitcoins? How is the amount you pay on BTC determined?
The same way international prices are determined, through exchange rates, for fiat currencies it is called Forex.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775050 - 05/13/22 03:43 AM (1 year, 8 months ago) |
|
|
Bitcoin log chart.

You wouldn't even know where the mt gox crash was by just looking at it lol
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775051 - 05/13/22 03:43 AM (1 year, 8 months ago) |
|
|
Look I get that cryptos have a lot of utility, but they are never going to replace real currencies. There may be underground economies that operate only using crypto but in the end, the average consumer is going to end up converting their crypto to real money to live in the real world
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775053 - 05/13/22 03:45 AM (1 year, 8 months ago) |
|
|
Quote:
Russia as a whole at its current price, has 100 billion dollars in bitcoin.
So two weeks ago they had $150 billion in Bitcoin. $50 billion USD just evaporated from their reserves. Not a good strategy, especially for that to happen now
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775056 - 05/13/22 03:51 AM (1 year, 8 months ago) |
|
|
Well most of the bitcoin they have was accrued at over the last several years. They got it all at a really cheap price.
So basically for them its oh no the 5 billion that we invested is only worth 50 billion god damn we are so stupid for getting involved.
And this is why it grows,
Cause people say ahhahahaha bitcoin crashed from 60k to 30k wahahah good thing I listened to Warren Buffet and didn't buy into that shit show at 100 dollars.
You see everyone sits there knowing that had they just not listened to everyone, everyone being like you as most people think crypto is stupid, and most people are wrong about 99% of their thoughts, cause if they weren't they would all be more successful people in general but everyone alive is aware that had they just put 100 dollars on a bitcoin 6 years ago they would have 30,000 dollars right now.
These are people who most of which, can't save up even 1000 dollars cash for an emergency.
But they have all had 100 dollars before.
And thus leads to the slow, mass voluntary conversion to a new economic system.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775060 - 05/13/22 03:55 AM (1 year, 8 months ago) |
|
|
This is the first time in history where mass banking actually has competition, they're being forced to modernize to snuff this movement out.
Its 2022 and a digital card transaction still takes 3-5 days to clear lol.
For fast paced business this is way to slow, wayyy to slow. In fact its bitcoins speed that is causing a lot of corporations to use it and other cryptos.
A lot of AI services are so fast pace that it only works with cryptocurrency and bitcoins too slow even for them. Business and the world are changing, either banks modernize, which they're trying theyre making cryptos now lol
Or they get left in the dust.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 03:56 AM)
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775061 - 05/13/22 03:58 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Well most of the bitcoin they have was accrued at over the last several years. They got it all at a really cheap price.
So basically for them its oh no the 5 billion that we invested is only worth 50 billion god damn we are so stupid for getting involved.
And this is why it grows,
Cause people say ahhahahaha bitcoin crashed from 60k to 30k wahahah good thing I listened to Warren Buffet and didn't buy into that shit show at 100 dollars.
You see everyone sits there knowing that had they just not listened to everyone, everyone being like you as most people think crypto is stupid, and most people are wrong about 99% of their thoughts, cause if they weren't they would all be more successful people in general but everyone alive is aware that had they just put 100 dollars on a bitcoin 6 years ago they would have 30,000 dollars right now.
These are people who most of which, can't save up even 1000 dollars cash for an emergency.
But they have all had 100 dollars before.
And thus leads to the slow, mass voluntary conversion to a new economic system.
It’s still $50 billion lost in the past two weeks
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775070 - 05/13/22 04:11 AM (1 year, 8 months ago) |
|
|
And 1 Trillion dollars gained in the next 10 years.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman] 1
#27775071 - 05/13/22 04:14 AM (1 year, 8 months ago) |
|
|

This is what is happening.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775073 - 05/13/22 04:19 AM (1 year, 8 months ago) |
|
|
Everyone realizes their money is rapidly becoming not very useful for their day to day expenses.
I work at Boeing and workers here even when they first started use to be considered rich.
Now almost all my co workers live with their parents ever since the pandemic basically ended and we all got our jobs back.
Now even the max pay is like kinda eh but your still making more money than 90% of Americans at the max.
The money is shit people are getting over it.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 04:26 AM)
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775081 - 05/13/22 04:33 AM (1 year, 8 months ago) |
|
|
Is that graphic supposed to be shocking? That how all currencies behave.
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775082 - 05/13/22 04:36 AM (1 year, 8 months ago) |
|
|
It is how all Fiat currencies behave and why they fail with an average survival rate of 27 years. The USD has pushed the boundaries almost 4x the average survival rate, a black swan event is waiting just around the corner and a default on the national debt will catalyze horrors we as US citizens can't even fathom, of which is just regular daily life in most the world.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 04:38 AM)
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775087 - 05/13/22 04:40 AM (1 year, 8 months ago) |
|
|
Refer to the log scale to see how newly developed none government controlled currencies behave.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
koods
Ribbit



Registered: 05/26/11
Posts: 106,045
Loc: Maryland/DC Burbs
Last seen: 16 minutes, 29 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775092 - 05/13/22 04:49 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: It is how all Fiat currencies behave and why they fail with an average survival rate of 27 years. The USD has pushed the boundaries almost 4x the average survival rate, a black swan event is waiting just around the corner and a default on the national debt will catalyze horrors we as US citizens can't even fathom, of which is just regular daily life in most the world.
Since the 90s inflation has averaged around 2%, which is the sweet spot
--------------------
NotSheekle said “if I believed she was 16 I would become unattracted to her”
|
christopera
Stranger


Registered: 10/13/17
Posts: 14,201
Last seen: 42 minutes, 34 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775096 - 05/13/22 04:55 AM (1 year, 8 months ago) |
|
|
There are many issues with crypto, but there are a few main reasons why they won't be practical in the long run. The main reason being hash rate. Did you ever trade BTC when trades sometimes took days? You'd send $100 worth of BTC and it would cost you $20 and you had to wait 30 hours for it to send. That isn't going to work. Imagine pumping in 10,000% more users, the network would grind to a halt. Imagine a massive power outage and the network loses 5% hash rate. You know, because the network is propped on the back of amateurs and profiteers, not banking professionals with rules and regulations. Boom, the system is fucked. Modern banking systems have massive well organized systems for dealing with these types of things.
Who remembers MT Gox?
https://en.wikipedia.org/wiki/Mt._Gox
Quote:
Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan.[1] Launched in 2010, it was handling over 70% of all bitcoin (BTC) transactions worldwide by early 2014, when it abruptly ceased operations amid revelations of its involvement in the loss/theft of hundreds of thousands of bitcoins, then worth hundreds of millions in US dollars.[2][3][4][5][6][7]
In February 2014, Mt. Gox suspended trading, closed its website and exchange service, and filed for bankruptcy protection from creditors.[8][9] In April 2014, the company began liquidation proceedings.[10] Although 200,000 bitcoins have since been "found", the reasons for the disappearance—theft, fraud, mismanagement, or a combination of these—were initially unclear. New evidence presented in April 2015 by Tokyo security company WizSec led them to conclude that "most or all of the missing bitcoins were stolen straight out of the Mt. Gox hot cryptocurrency wallet over time, beginning in late 2011.
How about BitConnect?
https://www.justice.gov/opa/pr/bitconnect-founder-indicted-global-24-billion-cryptocurrency-scheme
Quote:
According to court documents, Satish Kumbhani, 36, of Hemal, India, the founder of BitConnect, misled investors about BitConnect’s “Lending Program.” Under this program, Kumbhani and his co-conspirators touted BitConnect’s purported proprietary technology, known as the “BitConnect Trading Bot” and “Volatility Software,” as being able to generate substantial profits and guaranteed returns by using investors’ money to trade on the volatility of cryptocurrency exchange markets. As alleged in the indictment, however, BitConnect operated as a Ponzi scheme by paying earlier BitConnect investors with money from later investors. In total, Kumbhani and his co-conspirators obtained approximately $2.4 billion from investors.
There's the BitFinex hack and a long list of other things. Society will not put up with this kind of shit on any scale, because when it does, you end up with a lack of confidence in the banking system and chaos ensues. There is a reason why banks are all insured, every single one of them.
I bought my first BTC in 2010 and was mining large scale by 2011. I believe in the technology, but I am also pretty honest about how shitty it is. I think in the long term it will get used for things more legitimate.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
|
Asante
Mage


Registered: 02/06/02
Posts: 86,794
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: koods]
#27775099 - 05/13/22 04:58 AM (1 year, 8 months ago) |
|
|
Quote:
koods said: Look I get that cryptos have a lot of utility, but they are never going to replace real currencies.
The one fact you're missing: "real" currencies are no longer real. They are backed by nothing and printed out the wazoo producing inflation bigger than our skewed measuring shows.
See this IRL "debit card" ?

The 20gr of gold encased in this card has gone up 8% annually on average for the past 50 years.
What happened 50 years ago?
DOLLARS WERE DECOUPLED FROM PRECIOUS METALS.
Since that 20gr still is 20,000mg - that average annual 8% likely reflects ACTUAL inflation.
-------------------- Omnicyclion.org higher knowledge starts here
|
christopera
Stranger


Registered: 10/13/17
Posts: 14,201
Last seen: 42 minutes, 34 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Asante]
#27775100 - 05/13/22 05:02 AM (1 year, 8 months ago) |
|
|
They are backed by consumer confidence and relative system stability. Something not present in the crypto world.
Gold is one of the biggest money schemes in recent history. Have a look at all the gold bonds people buy. You don't even get gold. You get paper.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
Edited by christopera (05/13/22 05:03 AM)
|
LotKid
Never.Trust.A.Prankster



Registered: 01/07/17
Posts: 8,169
Loc: Shakedown St.
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery]
#27775183 - 05/13/22 06:54 AM (1 year, 8 months ago) |
|
|
Quote:
Fiery said: If you don't know what's going on, it's pure mayhem and bloodshed in the crypto world. Major ones like BItcoin are down more than 50% from highs, and even one called LUNA is down 100% to catastrophic losses. I even heard mention of people harming themselves because they lost it all.
THIS IS MADNESS!
Someone needs to be held accountable for this. This has GONE TOO FAR!
I mean everyone knows stocks and crypto are risky... but THIS SEEMS CRIMINAL!
I get it- blame the investor right? they knew it was a risk? I don't think so in this case.
There is going to be a witchhunt I'm sure for whoever is behind this LUNA stunt.. but how can they catch them?
I just saw some good people lose a lot of money over this and it pains me, and is an injustice I feel.
And I don't feel it's OK in this case to blame the investor for taking a risk when they knew they could lose it, this LUNA thing seems to go much deeper than just "a risk that investors took"
You need to educate yourself more.
|
syncro
Registered: 01/14/15
Posts: 2,697
Last seen: 1 minute, 24 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Fiery]
#27775222 - 05/13/22 07:36 AM (1 year, 8 months ago) |
|
|
Algorithmic stablecoin was vulnerable to being killed, and smart, wealthy people included didn't see it coming. This was a unique kind of asset.
Maybe stablecoins should be regulated, what is allowed to be called stablecoin, etc., but then there is regulatory capture for special interests as we see rampant, where for example by fiat, winners and losers are chosen, why bitcoin was created, the too big to fail.
|
LotKid
Never.Trust.A.Prankster



Registered: 01/07/17
Posts: 8,169
Loc: Shakedown St.
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: syncro] 3
#27775235 - 05/13/22 07:41 AM (1 year, 8 months ago) |
|
|
Lets peg something that's supposed to be stable to something highly volatile....
|
Tulipslave
Homo sapiens sapiens, lol

Registered: 07/25/17
Posts: 11,109
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Crazy_Horse]
#27775477 - 05/13/22 11:34 AM (1 year, 8 months ago) |
|
|
Quote:
Crazy_Horse said:


Or the internet company craze of the mid-late 90s and early 00s!
Quote:
Fiery said: If you don't know what's going on, it's pure mayhem and bloodshed in the crypto world. Major ones like BItcoin are down more than 50% from highs, and even one called LUNA is down 100% to catastrophic losses. I even heard mention of people harming themselves because they lost it all.
I get it- blame the investor right? they knew it was a risk? I don't think so in this case.
The only person/people to blame is/are the investors., yes.
People need to be accountable and responsible for their own actions, especially in a situation like this. Recurring social-cultural themes.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Tulipslave]
#27775568 - 05/13/22 12:42 PM (1 year, 8 months ago) |
|
|
The current financial system rewards though who are irresponsible. Oh the banks were irresponsible? shit out and print out more money and give it to those banks.
Oh the governments being irresponsible? Shit out and print out more money.
Oh a bank wants to loan someone money? Shit out and print out more money right now so they can.
Something like that, at some point has to give.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
christopera
Stranger


Registered: 10/13/17
Posts: 14,201
Last seen: 42 minutes, 34 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775579 - 05/13/22 12:49 PM (1 year, 8 months ago) |
|
|
And still more stable than crypto.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: christopera]
#27775598 - 05/13/22 01:03 PM (1 year, 8 months ago) |
|
|
Tell that to people in Venezuela.
Or Lebanon.
Or any other country where their currency spontaneously lost 90%+ of its value.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 01:04 PM)
|
christopera
Stranger


Registered: 10/13/17
Posts: 14,201
Last seen: 42 minutes, 34 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman] 1
#27775762 - 05/13/22 03:40 PM (1 year, 8 months ago) |
|
|
Why would I do that? In Venezuela the US deliberately tanked their economy. In Lebanon they have decades worth of crisis.
Crypto has nothing to do with either and certainly isn't a force worth mentioning unless you are somehow invested in believing it is.
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: christopera]
#27775825 - 05/13/22 04:33 PM (1 year, 8 months ago) |
|
|
That's right the usa is indestructible for all eternity lol
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
christopera
Stranger


Registered: 10/13/17
Posts: 14,201
Last seen: 42 minutes, 34 seconds
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775844 - 05/13/22 04:43 PM (1 year, 8 months ago) |
|
|
Is that what you gained from my comment?
-------------------- Enjoy the process of your search without succumbing to the pressure of the result. A Dorito is pizza, change my mind. Bank and Union with The Shroomery at the Zuul on The internet - now with %'s and things I’m sorry it had to be me.
|
Tulipslave
Homo sapiens sapiens, lol

Registered: 07/25/17
Posts: 11,109
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27775923 - 05/13/22 05:43 PM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: The current financial system rewards though who are irresponsible. Oh the banks were irresponsible? shit out and print out more money and give it to those banks.
Oh the governments being irresponsible? Shit out and print out more money.
Oh a bank wants to loan someone money? Shit out and print out more money right now so they can.
Something like that, at some point has to give.
Not so much individuals, as in living, breathing persons, but rather those entities with status of personhood, i.e. corporations. Banks and nations are inclded in this category.
Some individual persons are rewarded, but they are often in the wealthy classes or know how to work the systems at play.
There is little actual "reward" for being financially responsible as a non-wealthy person.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Tulipslave]
#27775948 - 05/13/22 06:02 PM (1 year, 8 months ago) |
|
|
The irresponsible thing for people to do was buy a house with 0 down just a few years ago. Now anyone who didn't and tried saving up and being responsible before taking on a huge responsibility is being punished.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
Edited by budmanman (05/13/22 06:03 PM)
|
Tulipslave
Homo sapiens sapiens, lol

Registered: 07/25/17
Posts: 11,109
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27776121 - 05/13/22 09:02 PM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: The irresponsible thing for people to do was buy a house with 0 down just a few years ago. Now anyone who didn't and tried saving up and being responsible before taking on a huge responsibility is being punished.
I agree, but those people were only able to do that because banks/lenders enabled and encouraged them to do so.
Additionally, not all people were even eligible for those types of loans and agreements.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Tulipslave]
#27776128 - 05/13/22 09:06 PM (1 year, 8 months ago) |
|
|
Being eligible for a 0 down home loan 3 to 6 years ago was easier than renting an apartment in a city ghetto today.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
Tulipslave
Homo sapiens sapiens, lol

Registered: 07/25/17
Posts: 11,109
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman]
#27776250 - 05/13/22 10:59 PM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Being eligible for a 0 down home loan 3 to 6 years ago was easier than renting an apartment in a city ghetto today.
You don't seem to get it. Not all people were even elligible for those loans or agreements.
|
budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: Tulipslave]
#27776295 - 05/13/22 11:47 PM (1 year, 8 months ago) |
|
|
Those people are losers and paved a path of life long loser'ness.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
|
Tulipslave
Homo sapiens sapiens, lol

Registered: 07/25/17
Posts: 11,109
|
Re: This crypto stuff is CRAZY- Perhaps even criminal [Re: budmanman] 1
#27776540 - 05/14/22 06:37 AM (1 year, 8 months ago) |
|
|
Quote:
budmanman said: Those people are losers and paved a path of life long loser'ness.
Thanks for reconfirming your holier than thou attitude.
Hopefully people in money matters will see how much of a scumbag you are.
|
|