BITCOIN

cheapskate1983

Scottex99 said:

cheapskate1983 said:

Scottex99 said:

This is going to get interesting now but see other thread. 

Calls Tether a scam but openly holds XRP. 

Oh and $250k doesn't make you a whale, FYI

Nah thats my trade bag that I use on Bitrue. 

Don't see the point of using a 3rd Tier exchange myself but each to their own

Mainly pair liquidity since Bitrue has a lot of XRP pairs. 

I can understand the hatred from a lot of crypto investors against XRP, Ripple and the actual investors but I don't owe anyone any appology.

I am fully aware what XRP is and I fully support the financial centralized slavery system it will produce. My only interest in this world is making money. Sod the public interest. (Ayn Rand). 

Scottex99

Malthusian said:

By "nothing much will happen" I mean there won't be a big influx of money into other cryptos. The disappeared money won't do anything, it will already be gone. It will certainly cause shockwaves but mostly in the closed circle of the crypto world, it'll be doing well if it makes the first page of the business news.

Everyone said "it's been around for years" the day before the bottom fell out of every single bubble in history. All it takes is for people to no longer be willing to hand over 1 real dollar for 1 Tether. As to when that might happen, nobody knows. It is random, same as wars, fashions and every other mass social movement.

The entire raison d'etre of Tether is that it has 1 real dollar in the bank for every digital dollar in circulation, which rapidly became "1 dollar's worth of a bunch of investments nobody's allowed to audit", but that reverse ferret only took place after people had already handed over loads of real dollars. At which point nobody wanted to test Tether's promise because they wanted to be able to get 1 real dollar back when they sold their digital dollars.

If it turns out that Tether only has enough money to hand over, say, 3 cents per Tether, nobody has any reason to hand over more than 3c for a Tether, other than the hope of selling it for more later. "Arbitrage" isn't going to magically make a crypto worth $1. Buying a failed stablecoin for 95c in the hope of selling it for $1, when there isn't already someone with an open buy order for $1, is speculation, not arbitrage.

I have never owned any cryptocurrency. I have a lifelong interest in zero sum money games that goes all the way back to my father telling me "you would be a great bookmaker if it wasn't for your asthma" (this was pre the smoking ban). Other milestones on that journey include the launch of the National Lottery, an economics degree and a semi-pro poker playing housemate who would be flashing his cash one week and living on baked beans the rest of the month. I find the combination of mathematics and random, often bizarre human behaviour inherently compelling.

Might make page 2 tbh, won't be long until there is crypto news at the forefront of every business section, imo.

True about ponzi's but I don't think there was such consistent fud around Madoff or whatever else pre-collapse, not to the extent there has been for Tether and specifically the asset backing.

Yeah of course there is no arb at 3c, that goes without saying. I mean at 90c+. That already happens in the Terra ecosystem with LUNA and UST, something that I think people will try to replicate a lot. Algorithmic based stablecoins pegged in a decentralised way with some arbitrage minting/burning underpinning the whole lot....

You're not semi pro if you don't have bankroll management in place. I know because i didn't and would sit playing 2/4 with about $1200 to my name. And actually that's something I say quite a lot to noobs going into crypto too. You can't make rational trading decisions if you're buying £50 a week of BTC and ETH and that's 90% of your available fund. First sign of a dip and your paper handing that to a loss straight away. Now if you have £1k a week free, 50 quid is not really to be sniffed at and you can build your positions and forget about them for a year or two, quite happily.

On the subject of degrees, I've got one too although its a 3rd in general studies, probably the lowest level you could actually claim to have "qualified with". It didn't help me "make it" in either the traditional or crypto world but it did just remind me of a line I heard recently which I can't remember exactly but was something like: Regardless how skeptical you may be, when people that you deem to be smarter than yourself, start showing interest in certain things, it would be wise to have a look. I'm not saying that all parts of staking/yield farming are sustainable or even legit, but it is the future of finance. All the best talent is going there, the TVL of most projects is skyrocketing and the speed of development and creation various protocols has never been higher. For me it's not zero sum at all 

Scottex99

Mainly pair liquidity since Bitrue has a lot of XRP pairs. 

I can understand the hatred from a lot of crypto investors against XRP, Ripple and the actual investors but I don't owe anyone any appology.

I am fully aware what XRP is and I fully support the financial centralized slavery system it will produce. My only interest in this world is making money. Sod the public interest. (Ayn Rand). 

I don't hate XRP, I just don't think it'll be relevant as an asset ever again.

Ironic quote given that holding big bags of ripple this year would be massively -EV against almost anything DeFi and all the play to earn tokens etc

Malthusian

True about ponzi's but I don't think there was such consistent fud around Madoff or whatever else pre-collapse, not to the extent there has been for Tether and specifically the asset backing.

There was no general public interest in Madoff's fund until it collapsed. It was strictly for high rollers. A large part of the reason it holds the world record for the longest lived Ponzi scheme is that almost none of the suckers tried to take their money out because they were all loaded and didn't need it.

With crypto Ponzis and their fiat HYIP forerunners, there a constant pressure on the outflow pipe; you only have to look at the mugs saying "just keep withdrawing until you've got your original capital and then everything after that is free money" to see why it is impossible for a penny-ante scam to last as long as Madoff's.

Pointing out that nobody knows whether Tether has enough money to back its promise to pay out 1 real dollar for every digital dollar isn't "FUD". FUD is something like "what if Bitcoin collapses to zero tomorrow" or "what if Bitcoin was actually invented by the FBI and there's a backdoor that can transfer your money to Uncle Sam at the click of a button, like the Colonial Pipeline haul". I.e. unfalsifiable what-if statements. It is a fact that Tether refuses to be subjected to a full audit with an independent third-party valuations of its assets.  It is also a fact that this means only a complete cretin would take Tether's claim to be "100% backed" on trust, and therefore that the ability to sell Tether for something close to a dollar relies solely on someone being willing to pay you ~$1 in the future.

Regardless how skeptical you may be, when people that you deem to be smarter than yourself, start showing interest in certain things, it would be wise to have a look. I'm not saying that all parts of staking/yield farming are sustainable or even legit, but it is the future of finance. All the best talent is going there, the TVL of most projects is skyrocketing and the speed of development and creation various protocols has never been higher. For me it's not zero sum at all 

The mention of my economics degree wasn't an appeal to authority, FAOD, just an illustration of why I didn't suddenly wake up and decide I was vicariously fascinated by crypto punters even though I had no intention of joining them.

It is zero sum for as long as punters' money in == punters' money out and there is no value added entering the system. "Zero sum" isn't a value judgement, just a mathematical fact. And no, "transaction fees" aren't value added.

Cryptocurrency has been around for ten years and there is no sign of any interest in distributing profits from real businesses via it, only a bunch of solutions looking for problems and "you can get 10% per year risk free" cargo cult nonsense. People claiming that crypto is the future of finance because you can get low-risk returns of 10%pa plus and simultaneously claiming crypto is the future of finance because you can just press a button and borrow money, providing you're willing to pay interest way above what a bank would charge you. You don't need to be a superbrain like Warren Buffet or MATT DAMON to join the dots.

Scottex99

Yep fine for USDT, I'm saying fud on auto-pilot basically without thinking. It's pretty grey but it keeps the cogs turning in the crypto world. Not sure where the money would flow in the event of it blowing up, probably into other stables and maybe into BTC depending on the general state of the world and markets etc.

It's not zero some because there is value. The value or perceived value of the tech of any blockchain for a start, whether that's in the use/progression of DeFi, Supply Chain, Record Keeping, Art, Gaming etc etc. The tech is being built to change the world and democratise many things. Right now it's all pointed at finance but it wont always be.

A bit off topic and crazy long but this is cool: https://medium.com/coinmonks/nfts-101-why-nfts-are-a-generational-innovation-4626ae803e3b

What do you mean by "distributing profits from real businesses via it"? Coinbase went Public, Moonpay just did the biggest Series A ever. FTX bought that Stadium in Miami, Crypto dot com bought the Stables centre. There's mega amounts of money being generated in the industry and being raised from VCs, that's not because it's a fad.

Oh and I did press that button and borrow some stablecoins the other day, interest on the loan is 1%  

Scottex99

https://open.spotify.com/episode/5QXcfQVQjdZzjXuhapb0JL?si=38f8389160474807

This is a good listen.

And ironic in that must people that have been in crypto for a couple years would very rarely use Coinbase. They might use CB Pro to get some fiat in

Zola.

I dislike Brian Armstong, primarily as he is unashamedly in the business of shilling as many sh*tcoins as he possibly can, knowing full well most are outright scams for the vast majority and most of his customers will lose a lot of money in the process (more fool them for not knowing what they are doing).

He also tried to get involved with some greedy Bitcoin miners back in 2016 and sided with some who wanted to change the Bitcoin protocol to make blocks bigger, which could have been detrimental to Bitcoin, which can be seen by the subsequently failed Bitcoin forks. 

HCIMbtw

cheapskate1983 said:

Pearce7630 said:

Is investing in Bitcoin really worth it or is it all just a scam ? 

As someone who has made well over 6 figures in Bitcoin and other cryptocurrencies in the last 2 years I can tell you that the vast majority of the cryptocurrency market is a scam. Proof is in the picture below: Not bragging, just being up front and genuine..

1 of my many portfolios. 

The question you should ask yourself is are you willing to research the market and find out which cryptocurrencies are genuine stores of value?

There are a lot of snake oil salesmen in the crypto-market. Everything from signal groups to exit liquidity pumpers. 

I've been in the market since Feb 2019, after I had to write a huge essay for my Open University Comp Sci degree.

I've became friends with a lot of great influential people including the legendary twitter bear 'Cryptowhale'. Proof below. Big picture.



To put it bluntly the whole cryptocurrency market is propped up by a stabelcoin called Tether and IT IS NOT BACKED 1 for 1 against the Dollar. Tether cash reserves are about 3% and currently they are scrambling to create Bonds with El Salvador to try and fix their phony balance sheets. 

Bitcoin is a bad investment choice right now. Especially at the current price. 

From July 2021 to the current day the volume against the USD and GBP was terrible low but volume in Tether is high. 
Tether have been printing non stop to keep the Bitcoin price up. 

The Bitcoin metrics which you can view on the website Coinmetrics dot io show the real truth of the Bitcoin market and the future price of the network in the coming months. Big wallets have been dumping on retail investors since 2018!!


 
Ethereum is also in a similar position as Bitcoin to April 2020 so please don't invest in that. You will get rug pulled and rekt. 

I'm in the top 0.2% of XRP wallets and I've been through a lot of hard market plays. I can tell you that every person in crypto will try and shill you the coins that they hold. Im not tell anyone on here what to buy because YOU NEED TO DO YOUR OWN RESEARCH.

Being a free thinker and literally learning about the cryptocurrency market is the best weapon you have in making money in this market. 

An easy method to make money in Bitcoin is buy when there is extreme fear and sell when there is moderate greed. 
Red line = greed
Green line = fear.



Hope this is helpful. 

The only part of this I can agree with is - Most crypto is a scam & big wallets have been dumping on retail investors since 2018.. 

XRP is basically a centralised currency, huge % ownership across the management team of ripple, huge amount (circa 40%) held in escrow to be released at the management teams discretion... Its a really polarising crypto, but firmly in the trash tier for me and I just see that people are gambling on the SEC case... sure has upside potential but far greater chance of rug pull/whale dumping/price manipulation with this. 

All your talk about tether just sounds delusional to me.. 'The whole crypto market is held up by tether' you are trying to argue a currency with 73bn market cap is the only thing holding the crypto market, e.g. BTC and ETH prices? their respective market caps are more like $1.4tn.. I mean its just obvious how little sense that makes 

buying btc/eth right now.. Eth is in a funny place, a victim of its own success, gas fee's going to hurt it, but so much locked up and still demand for the float... SOL is far better placed to see mid term growth in my opinion. I don't think current prices for BTC or ETH are bad though, I'm still DCA'ing in.. In 8 months time I expect to be down big, but in 5 years time I expect to be far more up.. im less trader, more hodler though, so demands on your objectives

Both BTC and ETH are seeing big gains in interest from institutional investment, there is a chance a rocket goes off anytime which is why i'd rather DCA and have some skin in the game 

Scottex99

Yeah gas fees are insane and pricing out most retail people but I also like the argument that that's the price you pay to be on the best chain, so its not all bad. ETH 2 (whenever that actually happens) should fix some of it, maybe.

XRP, I agree. I personally know people that say their ODL is actually very cool for cross border/settlements etc but for me proof is in the pudding. My desk does c.20m of stablecoin volume every single week, whether against fiat or other crypto... And i've never done an XRP OTC trade.

Still stacking BTC and ETH here too, despite the prices, could see a 4-5x for both still

Zola.

https://www.bitchute.com/video/rUiqtHqvlwiF/

If this interview doesn't make you curious/bullish on Bitcoin as a hedge, nothing will.