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Rockb
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 Could crypto be a scam?
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Posted on 05-13-22 4:14 AM     Reply [Subscribe]
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Crypto currency! I really want to learn what’s your take in this!
- Rare companies do transactions with it
- greatest ponzi scheme
- Assumption it will go higher
-It only has value if people think other people will buy it for a higher price
- people would rather hold it than use for purchase so it never be widespread
- it’s very volatile
- thousands of crypto in market that can’t even peg with dollars
- central govt is always immune so it’s little people who lose money or go bankrupt
- when dollar get weaker crypto goes weaker when it should be other way around
Last edited: 13-May-22 04:24 AM

 
Posted on 05-13-22 11:20 AM     [Snapshot: 78]     Reply [Subscribe]
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Crypto could very well be a scam. They have scammed a lot of people out of their savings. Some people will get to profit but most of the profit goes to the whales who buy and sell in the manupulated market. You could potentially make some money as long as you get out and get in quickly. Do not stay for the long haul because you never know. Specially with all the crazy developments in the world such as the war.
 
Posted on 05-13-22 11:35 AM     [Snapshot: 90]     Reply [Subscribe]
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Crypto is not a scam but it is a genius technology. It's still new compared to $$ and there will be bound of have scammers. Eventually it will be settled. Everything that is new is volatile but eventually settles down.
 
Posted on 05-13-22 3:40 PM     [Snapshot: 145]     Reply [Subscribe]
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First of, here is an analogy for inference purpose : 
Number of US carmakers (20th century)                                -   3,000 
Number of US carmakers (today)                                           -          3 
Number of cryptocurrencies (today as per CoinMarketCap)  - 19,000+ 
Number of cryptocurrencies (today+10 years)                       -  ????? 
Number of US Dollar-issuer                                                   -          1

Unfettered inflation rising out of Fed behaving irresponsibly and the covid-quarantined populace, with a watch full of time on one hand and stimulus-checks in the other, formed a perfect storm for the projectile-like rise of the cryptos.
Though cryptos are not practical legal-tenders as of yet, they are still attractive for traders who have figured out effective trading-strategies (- more power to them). For other purveyors, top cryptos like Bitcoin, Ethereum etc. are the new store of value like traditional gold vis-a-vis devaluation-prone US dollar. But lately, cryptos have been mirroring the NASDAQ's performance which is a noteworthy let-down.

From the knowable knowns to the unknowable unknowns in mind, which option do you think will maintain yours and your counterparties' "TRUST" :
decentralized cryptos (crypto-currencies) that have bucked delisting so far
OR
the US Dollar backed by the full faith and credit (along with its unchallenged, military or otherwise, might) of the US Government?



Last edited: 13-May-22 03:48 PM

 
Posted on 05-13-22 10:07 PM     [Snapshot: 227]     Reply [Subscribe]
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Thank you for your all replies. I really appreciate it. Let's look at LUNA or some other so-called stable coins that are currently worth ZERO. All these algorithms and technology we were promised were lies and we could find even more flaws in Bitcoins and Etherum as time passed by. And I’m not supporting Stocks either whales such as Warren buffet and SoftBank are a always playing gimmicks. I like the idea of decentarelaized, but where do I file the case if the creater ? They are not regulated by the SEC. Stocks are at least subject to some sort of regulation. Cryptocurrencies, too, have numerous entry and exit points. The majority of people who entered Crypto were around 50k ish in the hopes that it would be sound 100K, holding the bag when the whales left. Many could not afford to go this low. The crypto market could make these people homeless because these people invested their life savings into it. Worst I heard was, majority of Nepalese have invested in Bitcoin from Nepal in the range of 15-20K through friends and some companies.
 
Posted on 05-13-22 10:36 PM     [Snapshot: 239]     Reply [Subscribe]
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"There were reports on Thursday that El Salvador, which has accepted bitcoin as legal tender, had lost $40 million US — enough for the cash-strapped Central American country to cover its next bond payment — and credit rating agencies warn of an increased risk of default."


 
Posted on 05-13-22 10:42 PM     [Snapshot: 242]     Reply [Subscribe]
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@Rockb, first of all your understanding of crypto is completely wrong! You don't invest in crypto and you have to acknowledge it is a volatile asset. There are lot of cryptos in the market and one of them will survive in the future. Those who invest their life saving in crypto are fools. Crypto is another way to transact. Think of it as an another form currency. Yes you can buy that currency from $ but that currency can fluctuate as per the demand.

You don't buy crypto to become multimillionaire overnight. You buy Bitcoin because you believe in Bitcoin. Sadly, many people are taking it as another form of stock and that is where people press the panic button when it goes down 50%.
 
Posted on 05-14-22 1:26 PM     [Snapshot: 345]     Reply [Subscribe]
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@Sajamitra Thanks for your response. I do own some Bitcoins so I am not totally against it, but with the things happening right now, it needs some serious discussion. Well Bitcoin itself acting like it’s another stock? It follows the market pattern as well. And also we don’t have that many crash in the stock market to see it’s response to economy, inflation and interest rates. I would still encourage people to be cautious, watch and let it slide more so buy little bit a time. Who knows it could well go below 20K!!
 


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