The Crypto Warning

originally posted by: rounda

originally posted by: Vroomfondel
Years ago people were making a living playing MMO's and selling in-game articles for real world currency. The game world economy merged with the real world economy and many people made a good bit of money.

Now the metaverse is emerging and people are making money there too with crypto currency. Crypto, like any other currency, has exchange rates for other currencies. That is not unique nor is it a sign of weakness. It is simple common sense.

Some people struggle with the idea of buying something that doesn't physically exist. If that is how you feel, don't buy it. But also don't cry when you get left behind. There are a whole lot of millionaires out there who wouldn't be were it not for crypto. The fiat currency you use is just as unreal as crypto coin. US dollars are not backed by anything. Their value depends entirely on the belief that they will continue to be in demand in the future. That will eventually change.

Lol. We're not being "left behind."

We're just not stupid enough to waste money on things that don't exist.

Well, it kind of feels like you are.

The last crypto I bought was at $.97 and now its just over $5.00. Thats a pretty nice profit for just a few months. If that is stupid, then please let me stupid all the way to the bank time and time again.

originally posted by: Grenade
a reply to: rounda

1000% profit over the last 3 years just by holding crypto, how stupid of me to invest.

Congrats, you gambled and won.

Speculation doesn't make you smart, it makes you lucky.

Do I regret not buying bitcoin when it was less than a penny, like my buddy did?

Nope.

Because it has no real value. Only speculative value. It literally has no real world use case, as it continues to prove on a daily basis.

originally posted by: Vroomfondel

originally posted by: rounda

originally posted by: Vroomfondel
Years ago people were making a living playing MMO's and selling in-game articles for real world currency. The game world economy merged with the real world economy and many people made a good bit of money.

Now the metaverse is emerging and people are making money there too with crypto currency. Crypto, like any other currency, has exchange rates for other currencies. That is not unique nor is it a sign of weakness. It is simple common sense.

Some people struggle with the idea of buying something that doesn't physically exist. If that is how you feel, don't buy it. But also don't cry when you get left behind. There are a whole lot of millionaires out there who wouldn't be were it not for crypto. The fiat currency you use is just as unreal as crypto coin. US dollars are not backed by anything. Their value depends entirely on the belief that they will continue to be in demand in the future. That will eventually change.

Lol. We're not being "left behind."

We're just not stupid enough to waste money on things that don't exist.

Well, it kind of feels like you are.

The last crypto I bought was at $.97 and now its just over $5.00. Thats a pretty nice profit for just a few months. If that is stupid, then please let me stupid all the way to the bank time and time again.

I won $1000 dollars playing poker on a $250 buy-in.

It feels like your'e being left behind... You should get on my level. I must be a genius for gambling.

/sarcasm

Good for you, you gambled and won. Doesn't mean you're ahead of the curve.

If the dollar crashes, your crypto won't be worth a thing, because nobody will buy it from you... They'll be too busy trying to get food.

Why? Because there is no inherent value in "assets" that don't exist.

a reply to: rounda

Patently false.

originally posted by: JinMI
a reply to: rounda

Patently false.

The moon is made of cheese?

a reply to: rounda

Dunno. Never been to the moon.

However I have bought, sold, paid with and been paid in BTC.

As have many, many retailers.

a reply to: rounda

I'm sure some people are betting their entire nest egg on things like bitcoin but most investors aren't. You should always diversify and bitcoin et al is just another way to do that.

For example, when powerball gets to 500 million dollars, you should spend 2$ to get a ticket. It's low risk, high reward. Should you spend 500k on powerball tickets? No, that would be foolish.

You should always have DJIA index fund, NASDAQ index fund, SPY index fund, physical gold/silver, some kind of crypto and a little bit of cash stuffed in the serta.

a reply to: rounda

If the dollar crashes that $1000 you won playing poker is worthless too. I don't see your point at all.

And honestly, if the dollar crashes bitcoin will probably do alright. Bitcoin exists in multiple platforms and currencies. It isn't tied to one nation. The US dollar is a fragile thing, especially right now. It is entirely fiat, it has no value in and of itself. Its only value is the belief that it will continue to be in demand in the future. That can change at any time.

Edit: I re-read your last few posts. You really don't understand this subject at all. I am happy you are happy staying out of crypto. That changes nothing other than the fact that many people are making huge profits while you are not. If that pleases you, then go be happy. I will stick with the 5x profits every few months.

You want a real crypto warning?
Hackers are onto it and testing various methods some with great success already…
Just wait until they figure out how to wipe it all away…
You have been warned…

a reply to: 5StarOracle

How exactly?

Which blockchain?

Which protocol?

Which successes are you speaking?

a reply to: JinMI

There’s no real safety anyway you cut it…
If you don’t read the news in your own country let alone others you should start…

Aside from hacking there are numerous other things that could happen, which are not so far fetched in todays world…
In the blink of an eye you could be left in the dark powerless unable to do anything with a now obsolete virtual coin…

Here’s the real problem with hacking though if done properly (I won’t say how) but the way the laws surrounding it operate even if and when they know where it went and who has it nothing could be legally done about it…

a reply to: 5StarOracle

So you don't actually know?

I've been involved with blockchain for quite awhile now.

You said hackers so I'm curious as to how exactly.

a reply to: JinMI

I know you don’t know what I know…
So for you to say I don’t know is just you trying to reassure yourself I assume…

Although I could do it myself I have no interest in doing so…
The last individual I know of who did was a teenager who snagged himself almost 50 million…
He got caught by using it to buy virtual items for a video game…
So although he was smart enough to know how to steal it he wasn’t clever enough to know what to do with it once he had it….

As to the how…
There have been numerous methods used already it’s not just one door that’s wide open…

For those who follow the first rule of investing (never invest what you can’t afford to lose) it wouldn’t matter…
But those who go all in are truly putting themselves at extreme risk…

a reply to: 5StarOracle

Of course I don't know what you know, thus why I am asking for some proof to what you claim.

a reply to: JinMI

The proof is it’s been done numerous times already and is known…
It’s been done even more though and that isn’t known…
Because the ones that are getting away with it have fully eluded them…
And nothing can be done about it…
See above…

originally posted by: Vroomfondel
a reply to: rounda

If the dollar crashes that $1000 you won playing poker is worthless too. I don't see your point at all.

And honestly, if the dollar crashes bitcoin will probably do alright. Bitcoin exists in multiple platforms and currencies. It isn't tied to one nation. The US dollar is a fragile thing, especially right now. It is entirely fiat, it has no value in and of itself. Its only value is the belief that it will continue to be in demand in the future. That can change at any time.

Edit: I re-read your last few posts. You really don't understand this subject at all. I am happy you are happy staying out of crypto. That changes nothing other than the fact that many people are making huge profits while you are not. If that pleases you, then go be happy. I will stick with the 5x profits every few months.

Right, I don't know about crypto. Haha.

It's very clear I know more about it than you do.

And my point about gambling went over your head, too. What a surprise.

Why don't you explain the perceived benefits of crypto, and then explain what crypto does to actually implement those benefits.

Here's a hint: the exact opposite.

Why don't you explain the underlying technology that's "revolutionary," even though we in the tech sector have been doing distributed computing and storage for decades...

And why don't you explain how bitcoin encryption will be safe from quantum computers? Or are you content with your crypto being completely controlled by the government and big tech companies who are developing those quantum computers?

oops.

originally posted by: Alien Abduct
STEP 4: PAYMENT
Select your preferred Bitcoin payment option. If your digital wallet software is.

Installed on your computer, click the "Pay with Bitcoin" button
Stored on your smartphone, scan the QR code to process the payment
Hosted on the web, click "View Address" link to display digital wallet address, then send the respected Bitcoin amount due

Bro, the value is still first calculated in DOLLARS.

a reply to: rounda

If your knowledge was on par with your arrogance you might have something to go on, but it isn't.

Instead of trying to turn it back on me, why don't you explain exactly and precisely what your problem with crypto is? Why do you feel crypto is less safe and less dependable than fiat currency?

Money can be forged. Bank accounts can be stripped. Identities can be stolen. Credit can be hijacked. Fiat currency is meaningless the moment people stop believing in it. How secure are any of those compared to a bitcoin wallet stored offline on my own device?

You think quantum computers are a threat to crypto? Why don't you tell me why banks, credit cards, and identities are any better? Do you honestly think quantum computers cant be used to hack financial institutions? Are they more safe than a wallet stored offline on my own device?

Please explain, and try to do so with something other than "haha" and "we in the tech sector". You know, verifiable facts and other forms of proof you seem to avoid at all costs...

originally posted by: AugustusMasonicus

originally posted by: Alien Abduct
STEP 4: PAYMENT
Select your preferred Bitcoin payment option. If your digital wallet software is.

Installed on your computer, click the "Pay with Bitcoin" button
Stored on your smartphone, scan the QR code to process the payment
Hosted on the web, click "View Address" link to display digital wallet address, then send the respected Bitcoin amount due

Bro, the value is still first calculated in DOLLARS.

That's irrelevant, you can still pay in Bitcoin which was my point.

originally posted by: Alien Abduct
That's irrelevant, you can still pay in Bitcoin which was my point.

No, it's totally relevant because 'f the dollar 'collapsed' it's taking Bitcoin with it since it's pegged to the dollar as your website proves.