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Thread: Cryptocurrency

  1. #21
    Not a huge Bill Maher guy but this is pretty funny.

    https://www.youtube.com/watch?v=HaJpYjO136o

  2. #22
    Hall of Famer xu82's Avatar
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    Quote Originally Posted by chico View Post
    Not a huge Bill Maher guy but this is pretty funny.

    https://www.youtube.com/watch?v=HaJpYjO136o
    Very funny. I don’t like things I don’t understand. Not our style, but I know it’s being taken seriously out of necessity by some of the biggest banks.

  3. #23
    Supporting Member GIMMFD's Avatar
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    I relentlessly made fun of my brother in law for buying a "meme" coin Dogecoin, and well, $50k in profit later, I think he's the one that gets the last laugh. *Sigh*

  4. #24
    Hall of Famer xu82's Avatar
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    Quote Originally Posted by GIMMFD View Post
    I relentlessly made fun of my brother in law for buying a "meme" coin Dogecoin, and well, $50k in profit later, I think he's the one that gets the last laugh. *Sigh*
    If he still owns it, you still stand a chance. It could go POOF at any moment.

    If he took the money and walked away....I hope he doesn’t rub it in TOO bad!

  5. #25
    Supporting Member GoMuskies's Avatar
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    Dogecoin to the moon!

  6. #26
    Supporting Member GIMMFD's Avatar
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    Quote Originally Posted by xu82 View Post
    If he still owns it, you still stand a chance. It could go POOF at any moment.

    If he took the money and walked away....I hope he doesn’t rub it in TOO bad!
    Lol this is $50k profit he's made by selling a portion, and keeping another significant amount until Elon Musk's SNL appearance... He won this round

  7. #27
    Supporting Member GoMuskies's Avatar
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    Trevor Lawrence has money problems.

  8. #28
    Administrator Muskie's Avatar
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    I finally have my modest holdings all on one platform now. Currently doing some cost averaged buying and plan to hold for 3 years.
    "He's a little bit ball-dominant, he needs to have the ball in his hands, and he's not a good shooter." Ball-dominant … isn't that a nice way of calling someone a ball hog? Where is my Jay Bilas Thesaurus?

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  9. #29
    Bumping this one back up...

    Since November 2021 (shortly after this thread went cold):
    - Bitcoin is down almost 70% (from $68K to now around $21K)
    - The entire crypto market went from $3 trillion market cap to under $1 trillion
    - Coins marketed as "stable coins" were depegged and have essentially been wiped out
    - Coins marketed as "high yield" (was never sure how that's even possible, but I digress) have all been wiped out
    - China (2nd largest economy in the world) banned the use of cryptos
    - Crypto exchanges have had to halt trading due to illiquidity
    - Coinbase laid off 18% of its workforce. BlockFi laid off 20% of its workforce.

    As my previous posts suggest, I have never been a fan of crypto because it doesn't meet my definition of an investment. But I am not here to gloat (my personal investments have certainly taken a hit recently).

    For the sake of dusting this thread off again at some point in the future... What do people think of crypto now? Still believe in it? Will it ever get back to its 4Q21 valuation? If so, how long will it take? Is it tulip mania or a weeding of the herd that will make the survivors stronger like we saw with Google & Amazon after the dot.com bubble?
    "It's like X wasn't given enough to do, so they had to promise it more. Okay, you don't start a lot of words, but we'll give you a co-starring role in tic-tac-toe. And you will be associated with hugs and kisses. And you will mark the spot. And you will make writing Christmas easier." -Mitch Hedberg

  10. #30
    Supporting Member GIMMFD's Avatar
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    Quote Originally Posted by Blue Blooded-05 View Post
    Bumping this one back up...

    Since November 2021 (shortly after this thread went cold):
    - Bitcoin is down almost 70% (from $68K to now around $21K)
    - The entire crypto market went from $3 trillion market cap to under $1 trillion
    - Coins marketed as "stable coins" were depegged and have essentially been wiped out
    - Coins marketed as "high yield" (was never sure how that's even possible, but I digress) have all been wiped out
    - China (2nd largest economy in the world) banned the use of cryptos
    - Crypto exchanges have had to halt trading due to illiquidity
    - Coinbase laid off 18% of its workforce. BlockFi laid off 20% of its workforce.

    As my previous posts suggest, I have never been a fan of crypto because it doesn't meet my definition of an investment. But I am not here to gloat (my personal investments have certainly taken a hit recently).

    For the sake of dusting this thread off again at some point in the future... What do people think of crypto now? Still believe in it? Will it ever get back to its 4Q21 valuation? If so, how long will it take? Is it tulip mania or a weeding of the herd that will make the survivors stronger like we saw with Google & Amazon after the dot.com bubble?
    Meh, let's be honest, anybody that's "all about the tech" is mostly full of shit, I'd say majority of people (myself included) are in it because you can make good money off of it. I don't care about decentralization, it's uses, blah blah blah. Is it a good asset to have for "diversifying" is more of the question in my books. I think yes, because it's kind of a niche little area if you invest smartly (ie majority into BTC and ETH, and maybe some into some projects you think are interesting like BAT, Cardano, etc. etc.)...

    The crypto market also largely moves with Bitcoin even though it's volatile as hell, there will be another run up a few years down the line when the next "halving" occurs (if you follow Bitcoin's chart, you'll see it shoots up a bit after every halving cycle, which last time it was around $8k and I was telling people to sink in money into it and it would pay-off, which I did myself as well though not as much as I wanted to as being in school at the time *sigh*) and it will probably hit some new high like $80k or some shit, and settle back down. I've only thrown in "play" money for my crypto investments, nothing that I'm looking to have in a retirement portfolio, so I have honestly no reason to tell, I secured all my initial investment when it hit $40k and then some, so now it's all house money I'm letting ride. I do think it'll have another bull run eventually though. All of the BTC and ETH are sitting in a wallet, while some other alt coins I'm collecting some APY around 4-5% on, albeit nothing significant invested into that and couple that with everything has went down so much that the APY returns are much smaller now, but I don't plan on moving it or selling so just gonna let it sit there. I'll probably accumulate more BTC and ETH by DCA'ing over the course of the next couple years, and maybe throw a dart or two at an alt coin for shits and giggles.

    The crypto's to be weary about are all the "shitcoins", I think something like 70% of alt-coins during the last Bitcoin bear market went under, and with these scam artists like the Luna dude running around without regulations and being able to pull off that type of BS, it could only get worse. But again, that's why you invest majority into BTC and ETH and just a minority into other coins. I think there are still some "stable" coins though, I know Gemini offers you staking at 5-6% APY and they guarantee they are 100% tied to the US dollar but I haven't looked into it any because I didn't use Gemini as an exchange.

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