|
new gf she a gamer posted:gently caress u The Wolf of Blockchain
|
#
?
Jan 12, 2018 17:55
|
|
|
|
| # ? May 28, 2024 12:25 |
|
|
french lies posted:Institutional support, not industry support (though a case could certainly be made for that as well). What I’m talking about is funds investing in crypto, the creation of ETFs etc. This is absolutely a real thing that is happening though whether it can sustain momentum and surpass regulatory hurdles over time is anyone’s guess. Mine is that it will. ETFs must own the underlying asset. With oil ETFs that's no big deal - you own a tanker full of oil that sits in the gulf, whatever. With crypto there's no foolproof way of securing the underlying asset - someone could gently caress up and lose the key or the key could get stolen making the value of the ETF literally 0. Unless you know of any insurance companies willing to insure against crypto theft or unless you're referring to a crypto currency that has reversals it will never be regulated.
|
|
#
?
Jan 12, 2018 17:56
|
|
|
Inept posted:look at crypto's relatively short history and find other coins such as peercoin and namecoin that were said to be superior alternatives years ago that "were seen as good choices for a long time prior to their rise due to community interest, development progress and token/coin economics" and never went anywhere after a short hype ramp up. all you're describing is successful pump and dumps, and ignoring all of the failed ones.
|
|
#
?
Jan 12, 2018 17:57
|
|
|
Institutional support as in investment firms is even funnier. Everyone know that there is nothing behind the curtain, and everyone knows that there is (hopefully) going to be a big run-up and than an even bigger crash. It's like the world is discovering its first public pyramid scheme, and it's glorious And to be clear, I'm not angry or spiteful or anything. I bought a coin at 30 a long time ago and sold it at 100. I touched the poop on a lark, then I washed my hands. Round 1 was just an enormous laugh riot with mycrimes.txt, but round 2 is still just as funny in a dry humor sort of way Think of it like playing poker, if you have a gutshot to a straight flush, but I show you that I flopped quads, it's still a dumb idea for you to go all in even if you end up hitting your card on the river
|
|
#
?
Jan 12, 2018 18:01
|
|
|
Andy Dufresne posted:ETFs must own the underlying asset. With oil ETFs that's no big deal - you own a tanker full of oil that sits in the gulf, whatever. With crypto there's no foolproof way of securing the underlying asset - someone could gently caress up and lose the key or the key could get stolen making the value of the ETF literally 0. Unless you know of any insurance companies willing to insure against crypto theft or unless you're referring to a crypto currency that has reversals it will never be regulated. I’m willing to bet against you - I believe it will be regulated and that we will see more and more financial products built on top of crypto ecosystems (you can already buy ADA and BTC futures). The penetration among investors, even if you don’t want to call them that, is high enough at this point in many countries for there to be popular demand for it and resistance to outright bans.
|
|
#
?
Jan 12, 2018 18:07
|
|
|
french lies posted:If the tanker capsizes the worth of the ETF is zero too, isn’t it? None of these are insurmountable hurdles. If there is enough demand for crypto insurance some insurance company will eventually come up with it, with the actuarial tables and processes (and sky-high premiums) to support it. The tanker is insured. Find me a company that insures against bitcoin losses. And FYI investing in it on Ameritrade if it ever is insured isn't the same thing as "investing" in it right now uninsured on a shady site. There's absolutely nothing in common between the two scenarios.
|
|
#
?
Jan 12, 2018 18:14
|
|
|
It’s like I said when I entered the thread; when you guys start buying in I’m cashing out. That’s when you know the bubble has reached the peak and the last money has started piling on. The arguments levied against crypto here are straight out of 2012, the perception hasn’t been updated to match the shift that has taken place both in the space and in society at large. Long-term, crypto is probably going to be a niche asset class for decentralized applications and hedging purposes. You’ll have funds and poo poo. People will be paid to analyze network values and make price targets for tokens. And before all that happens we’re going to have a glorious, world-crashing burst of the bubble.
|
|
#
?
Jan 12, 2018 18:17
|
|
|
Andy Dufresne posted:The tanker is insured. Find me a company that insures against bitcoin losses. Edit: forgot that insurance is already available for certain exchanges, certainly not a stretch to think it will be a reality for etfs or other financial products as well. https://bravenewcoin.com/news/insurance-polic-now-available-for-bitcoin-exchanges/ french lies fucked around with this message at 18:27 on Jan 12, 2018 |
|
#
?
Jan 12, 2018 18:20
|
|
|
french lies posted:It’s like I said when I entered the thread; when you guys start buying in I’m cashing out. That’s when you know the bubble has reached the peak and the last money has started piling on. The arguments levied against crypto here are straight out of 2012, the perception hasn’t been updated to match the shift that has taken place both in the space and in society at large. So your "investment" plan is sell when random strangers on a dying internet comedy forum starts buying. lol (Please never give anyone financial advice)
|
|
#
?
Jan 12, 2018 18:24
|
|
|
not knowing the BTC would go to 19k (+?) isn't a good basis for ridicule IMO
|
|
#
?
Jan 12, 2018 18:27
|
|
|
french lies posted:Yes, that was my point. If there is enough demand for the insurance product it will be created. In fact knowing the current state of the industry I’m willing to bet products are being drafted right now to get at those sweet sweet premiums. Oh yes these new crypto insurance companies will be run out of a basement in Ukraine and will definitely pay out the millions owed when necessary, and not just disappear. The larger point crypto shills here are missing is that I don't think anyone disagrees that crypto as a technology won't stay around or doesn't have uses. It's just not going to be any of the current coins. They're all garbage. When a bank will want something they'll make their own. ChasePay? ChaseCoin in 10 years, sure. They're not gonna loving invest into anything else. There is no long term growth in any current assets, there is no first mover advantage and no competitive advantage. Enjoy the ride if you want, and try to get money out of other stupid people on peaks and valleys, but stop with the laughable bullshit of bitcoin being an investment class for financial institutions in the future. That's loving stupid. Rad Russian fucked around with this message at 18:34 on Jan 12, 2018 |
|
#
?
Jan 12, 2018 18:28
|
|
|
lol apparently Coinbase is breaking the entire Bitcoin network which is why they're constantly having downtime https://twitter.com/ziggamon/status/951696967419113472
|
|
#
?
Jan 12, 2018 18:29
|
|
|
Wassbix posted:So your "investment" plan is sell when random strangers on a dying internet comedy forum starts buying.
|
|
#
?
Jan 12, 2018 18:30
|
|
|
french lies posted:when [not if] you guys start buying in I'm weak-willed, so you must all be! That's like the same logic as an in-denial evangelist saying that sexual orientation is a choice
|
|
#
?
Jan 12, 2018 18:30
|
|
|
Rad Russian posted:Oh yes these new crypto insurance companies will be run out of a basement in Ukraine and will definitely pay out the millions owed when necessary, and not just disappear.
|
|
#
?
Jan 12, 2018 18:33
|
|
|
french lies posted:I’ve made plenty off of traditional investments. If I’m wrong in making this call then I can certainly live with that. You and literally anyone with a pulse that held stocks the last 10 years have. Honestly, buying into a bubble willingly does not make you George Soros, it makes you into a degen gambler. The last crash was literally 10 years ago, do you really think people that got burned then were all stupid true believers and not people with the same mindset you are currently holding?
|
|
#
?
Jan 12, 2018 18:34
|
|
|
Sentient Data posted:I'm weak-willed, so you must all be! So far this thread and the naysayers here have been consistently wrong. I don’t feel bad betting against it and the underlying sentiment towards crypto (and have made quite a bit already doing so).
|
|
#
?
Jan 12, 2018 18:38
|
|
|
french lies posted:There is already at least one instance of a major Japanese insurance company underwriting a policy covering a crypto exchange. See the link I posted above. True, however that's still quite different from insuring the underlying asset of an ETF that has no physical presence and is not regulated by any laws. "Look! There's an insurance company that insured the store on the corner that sells the shovels! Therefore, next they'll definitely insure that there are trillions tons of gold under this mountain here!"
|
|
#
?
Jan 12, 2018 18:40
|
|
|
So congrats on making some money. Just remember that we (out at least I, I can't speak for the rest) aren't laughing at you as an individual, but rather the class of people you represent. Having true believers and investment gurus here saves us from most of the trouble of needing to hunt down quotes from reddit
|
|
#
?
Jan 12, 2018 18:42
|
|
|
We also don't know what that policy covers. I'm going to bet that it doesn't cover loss of bitcoin due to theft of the private key.
|
|
#
?
Jan 12, 2018 18:43
|
|
|
Wassbix posted:You and literally anyone with a pulse that held stocks the last 10 years have.
|
|
#
?
Jan 12, 2018 18:44
|
|
|
Andy Dufresne posted:We also don't know what that policy covers. I'm going to bet that it doesn't cover loss of bitcoin due to theft of the private key. at least one bitcoin exchange was hacked and was insured against theft, but the policy was for physical theft and they didn't get a dime from the insurance company
|
|
#
?
Jan 12, 2018 18:44
|
|
|
french lies posted:With the stock market at sky-high valuations as is I don’t think making investments into index funds for this small a portion of what I own is what I really want to do. I truly believe there is an underlying trend that will manifest itself in a great bull run throughout 2018, and I’m willing to put my money where my mouth is and go long on that belief. How about we both post proof of our investment gains from Jan 1 2017 to Jan 1 2018 and whoever's is lower in pure dollars doesn't post in this thread anymore. I've invested in nothing but index funds.
|
|
#
?
Jan 12, 2018 18:45
|
|
|
Andy Dufresne posted:How about we both post proof of our investment gains from Jan 1 2017 to Jan 1 2018 and whoever's is lower in pure dollars doesn't post in this thread anymore.
|
|
#
?
Jan 12, 2018 18:47
|
|
|
nocoiners make me laugh 
|
|
#
?
Jan 12, 2018 18:48
|
|
|
Ham Sandwiches posted:you see 2FA stands for 2 factor authentication but instead the shoeshine boy (this burn is coming to you from the 80s) thought it was a tip on a cryptocurrency / ICO and wanted to buy it  man I went the other way with it. I thought XRP was a security protocol
|
|
#
?
Jan 12, 2018 18:51
|
|
|
exploded mummy posted:at least one bitcoin exchange was hacked and was insured against theft, but the policy was for physical theft and they didn't get a dime from the insurance company
|
|
#
?
Jan 12, 2018 18:51
|
|
|
Dudes stop with the money dick measuring and post more stuff like thisexploded mummy posted:at least one bitcoin exchange was hacked and was insured against theft, but the policy was for physical theft and they didn't get a dime from the insurance company
|
|
#
?
Jan 12, 2018 18:52
|
|
|
My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrongquote:When I jokingly tweeted about “investing in Dogecoin” in late 2013, I never imagined that the tongue-in-cheek cryptocurrency I had just brought into the world would still be around in the year 2018, let alone hit a $2 billion market cap like it just did over the weekend. Technical improvements driving value here! Andy Dufresne fucked around with this message at 18:59 on Jan 12, 2018 |
|
#
?
Jan 12, 2018 18:56
|
|
|
Sentient Data posted:Dudes stop with the money dick measuring and post more stuff like this lol fdic? more like fass
|
|
#
?
Jan 12, 2018 19:00
|
|
|
Excellent reinforcement as to why and hold. We need to keep our eyes out for the *big prize*. I believe this is a lifetime opportunity, and those of us who missed getting in early with bitcoin, have another chance. Imagine how much tenacity it took for holders of bitcoin to get through to this place where the rewards have been so tremendous. Crypto is the new ticket. Small dollars downside risk, thousands to the upside reward. This could be the opportunity to set your self up for the rest of your life. Forget the lottery. Crypto is the ticket to buy.
|
|
#
?
Jan 12, 2018 19:01
|
|
|
french lies posted:I have the vast majority of what I own in real-estate, and regional and global index funds.
|
|
#
?
Jan 12, 2018 19:04
|
|
|
Andy Dufresne posted:My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong For what it’s worth: I’ll show up for the roast if I’m wrong. I truly believe in this and it will be valuable for me to examine the reasons my prediction failed if it does turn out to fail.
|
|
#
?
Jan 12, 2018 19:06
|
|
|
Actually I'm surprised there's no Princess Diana Memorial Coin, backed by the value of those memorial plates Unless there was one and it already crashed
|
|
#
?
Jan 12, 2018 19:10
|
|
|
Comfy Fleece Sweater posted:Excellent reinforcement as to why and hold. We need to keep our eyes out for the *big prize*. I believe this is a lifetime opportunity, and those of us who missed getting in early with bitcoin, have another chance. source your quotes
|
|
#
?
Jan 12, 2018 19:14
|
|
|
french lies posted:There are bad/worthless cryptos as there are bad/worthless stocks. In a crazy bull market like this everything goes up, good or bad. With others like the aforementioned Raiblocks there is real technological improvement going on that drives interest (and hopefully also adoption but that’s far off). How is this different than any other mania led by "technology"? Dotcom in the 90s, biotech stocks in the 80s, electronics stocks in the 60s, etc? There may be some underlying use to a couple of these technologies in the long run, but good luck finding it among all of the bullshit in this giant bubble. It's easy to point to something increasing value after the fact and coming up with reasons why, but almost all of these are going to pop horribly and people will be left with nothing. It happens over and over throughout modern history.
|
|
#
?
Jan 12, 2018 19:33
|
|
|
Inept posted:How is this different than any other mania led by "technology"? Dotcom in the 90s, biotech stocks in the 80s, electronics stocks in the 60s, etc? There may be some underlying use to a couple of these technologies in the long run, but good luck finding it among all of the bullshit in this giant bubble. It's easy to point to something increasing value after the fact and coming up with reasons why, but almost all of these are going to pop horribly and people will be left with nothing. It happens over and over throughout modern history. Stop spreading FUD. Unlike other bubbles these coins have huge ramifications for the future and real world uses. Bitcoin itself has been around for 8 years and look at the adoption! You can now use Bitcoin virtually anywhere. Just a small transaction fee of $50 and a EDIT: sorry it's 196 minutes today on 1/12/18, per blockchain info Rad Russian fucked around with this message at 19:43 on Jan 12, 2018 |
|
#
?
Jan 12, 2018 19:40
|
|
|
lmao if the second great depression is triggered by loving bitcoin
|
|
#
?
Jan 12, 2018 19:44
|
|
|
jimmyjams posted:lmao if the second great depression is triggered by loving bitcoin I mean the reason Korea is taking such drastic measures soon is that PEOPLE ARE REALLY REALLY DUMB. And all of Korea investing their savings and retirement funds into a ponzi will eventually crash the economy. Libertarians can scream all the want that they're taking their freedoms or whatever but sometimes people need to be protected form themselves. If I'm a taxpayer smartly avoiding all this garbage, I'll be really pissed when majority of my tax money ends up going to bail out dumbasses who threw everything into bitcoin. That's why governments need to stop it ahead of time. I don't think outright bans will happen in the USA though, since we like our bailouts and MLMs are completely still legal throughout the country. They would have to classify crypto as actual ponzi which will be hard given that's it's not controlled by a single person/institution that FTC can investigate. Also percentage of population investing here is not anywhere near Korea levels anyway yet so no big alarm. Will be interesting to see what happens. Rad Russian fucked around with this message at 19:52 on Jan 12, 2018 |
|
#
?
Jan 12, 2018 19:48
|
|
|
|
| # ? May 28, 2024 12:25 |
|
|
jimmyjams posted:lmao if the second great depression is triggered by loving bitcoin  here's to hellworld
|
|
#
?
Jan 12, 2018 20:05
|
|