Do You BitCoin?

[Augie]

On 5/16/2022 at 8:28 AM, BuffaloBill said:

If the returns are too good to be true….

 

A crypto Ponzi scheme which included absolutely unreal weekly gains based on “robo trading.” To me crypto was only a mechanism for fascination in the scheme.

 

Is that descriptive or redundant?   I guess both.

 

 

 

 

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Edited June 13, 2022 by Augie

[DrDawkinstein]

1 hour ago, aristocrat said:

Everyone alive?

 

Along for the ride down to 20. Wonder if we can hit single digit this year... I'd scoop up a whole BTC for $5k.

[BuffaloBill]

On 6/13/2022 at 2:54 PM, aristocrat said:

Everyone alive?

 

 

Markets have been brutal this year for just about every asset class other than real estate.  It’s interesting to see that crypto is not the safe anti-inflationary option it was thought to be.  However, I think it was wayyyyyy to propped up by the incredible amount of money the Fed government and Fed dumped into the economy when pandemic hit.

[Augie]

20 minutes ago, BuffaloBill said:

 

 

Markets have Ben brutal this year for just about every asset class other than real estate.  It’s interesting to see that crypto is not the safe anti-inflationary option it was thought to be.  However, I think it was wayyyyyy to propped up by the incredible amount of money the Fed government and Fed dumped into the economy when pandemic hit.

 

 

…..and now there will be the great reckoning. We bought a house about 6 months ago and got a 30 year fixed rate at 2.75%. Today that would be closer to 5.75%…..in just 6 months, and they are just getting started. This prolonged period of extremely low interest rates was unprecedented, and it had to come to an end with all that extra money out there. 

 

https://www.macrotrends.net/2015/fed-funds-rate-historical-chart

 

For the record, I started in banking in 1982 (see chart), and I did not have a full grasp of  just how unprecedented and extreme that was. It’s sometimes hard to see the big picture clearly in the moment. 

 

 

EDIT: Full disclosure, I just remembered our mortgage converts to an ARM in 15 or 20 years, but we will be long gone by then or just pay it off. We would have gone without the mortgage, but we KNEW that it wouldn’t be long before we could do MUCH better using that money in other ways. 

 

 

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Edited June 13, 2022 by Augie

[Mike in Horseheads]

On 5/13/2022 at 11:45 AM, aristocrat said:

 

You literally told me about this coin last year and how you were going to get rich off it lol   

I believe his quote in the Shout Box was ya can't lose

[DrW]

I wonder how

@Poleshifter is doing. In another thread about cryptocurrency he was very gung-ho about his financial outlook. He wrote:

 

"I expect to have millions of dollars by the end of the year. I had never expected to be rich, but then I happened into XRP and then XLM. I have about 40-45% of my net worth in crypto, and a similar % in precious metals too. I am just waiting for the big event to cash in some of it, keep most of it long-term."

 

Well, both XRP and XLM did a nosedive. Since last summer/fall, they lost 70% of their value. Silver (he referred to silver in another post) also lost 25% value in the last year.

Edited June 13, 2022 by DrW

[aristocrat]

13 hours ago, Mike in Horseheads said:

I believe his quote in the Shout Box was ya can't lose

 

it was .02 per coin then and now its .0002.  I'm no accountant but the zeroes should be going the other way to be cool right?

[DrDawkinstein]

In Poleshifter's defense, everything is down bigly right now. Heck, Disney stock is HALF of where it was 8-9 months ago.

 

No matter what you are investing in, we're in for a long road ahead. Luckily, I wasnt planning on retiring any time soon.

[Jauronimo]

2 minutes ago, DrDawkinstein said:

In Poleshifter's defense, everything is down bigly right now. Heck, Disney stock is HALF of where it was 8-9 months ago.

 

No matter what you are investing in, we're in for a long road ahead. Luckily, I wasnt planning on retiring any time soon.

Well Disney isn't ISO2022 compliant so of course its down.

[Jauronimo]

18 hours ago, DrW said:

I wonder how

@Poleshifter is doing. In another thread about cryptocurrency he was very gung-ho about his financial outlook. He wrote:

 

"I expect to have millions of dollars by the end of the year. I had never expected to be rich, but then I happened into XRP and then XLM. I have about 40-45% of my net worth in crypto, and a similar % in precious metals too. I am just waiting for the big event to cash in some of it, keep most of it long-term."

 

Well, both XRP and XLM did a nosedive. Since last summer/fall, they lost 70% of their value. Silver (he referred to silver in another post) also lost 25% value in the last year.

Honestly, its pretty sad reading about how he bet his marriage on crypto currency in addition to half his net-worth.

 

 

[DrDawkinstein]

33 minutes ago, Jauronimo said:

Honestly, its pretty sad reading about how he bet his marriage on crypto currency in addition to half his net-worth.

 

 

 

I've always assumed he was mostly trolling and purposely playing up the "crypto bro" character. If that is all real/true... yikes. I hope he's ok.

[Poleshifter]

21 hours ago, DrW said:

I wonder how

@Poleshifter is doing. In another thread about cryptocurrency he was very gung-ho about his financial outlook. He wrote:

 

"I expect to have millions of dollars by the end of the year. I had never expected to be rich, but then I happened into XRP and then XLM. I have about 40-45% of my net worth in crypto, and a similar % in precious metals too. I am just waiting for the big event to cash in some of it, keep most of it long-term."

 

Well, both XRP and XLM did a nosedive. Since last summer/fall, they lost 70% of their value. Silver (he referred to silver in another post) also lost 25% value in the last year.

Hey @DrW thanks for thinking of me! I am doing well, riding the crypto roller coaster. 

 

I am periodically buying more XLM and swapping it for various tokens in the Stellar Network, which will be the new stock market. Soon the NYSE will be toast, and I have gathered millions of shares in hundreds of international companies.

 

I'm buying the dip, getting XLM for 11 cents today. I have traded some XLM into XRP as well. XRP @ 31 cents today is an amazing bargain.

 

Silver and gold are still hovering where they were 2 years ago, more or less. Once the QFS kicks in, they will skyrocket in value because the new "rainbow" currency will be backed by precious metals.

 

Some of you skeptics might want to take a shot - open a Coinbase account, spend $50 or $100 on XLM (aka Stellar Lumens). Open a Lobstr account and send the XLM to it. Trade some XLM for XRP and just see what happens. Or you can just taunt from the sidelines. Hey batta batta batta!

 

These are historic times we are living through right now.

 

 

[TheCockSportif]

43 minutes ago, Poleshifter said:

Or you can just taunt from the sidelines.

From my end of things, I'm not taunting you when I say that I have a lot of disbelief.  This can also be said of electric cars, solar panel savings, and many other things.

 

While I wish you well (and I mean this!), at some point, given the electric cars and solar panel savings, it comes down to gain vs loss, so in that light -- I always want people to show me the baby.  Would be great if you keep us posted, because should your theory about QFS be true, nobody here will lose out should Wall Street be replaced by crypto; there will be enough investments to go around, right?

[Poleshifter]

18 minutes ago, TheCockSportif said:

From my end of things, I'm not taunting you when I say that I have a lot of disbelief.  This can also be said of electric cars, solar panel savings, and many other things.

 

While I wish you well (and I mean this!), at some point, given the electric cars and solar panel savings, it comes down to gain vs loss, so in that light -- I always want people to show me the baby.  Would be great if you keep us posted, because should your theory about QFS be true, nobody here will lose out should Wall Street be replaced by crypto; there will be enough investments to go around, right?

I was not thinking of you as one of the taunters.

 

If you are currently invested in the stock market, you may well lose out. NYSE goes away. The new stock market will be a different entity.

 

I will keep you all posted as things develop.

 

I understand what you mean about disbelief. All my friends and family are disbelievers.

[TheCockSportif]

2 hours ago, Poleshifter said:

I was not thinking of you as one of the taunters.

 

If you are currently invested in the stock market, you may well lose out. NYSE goes away. The new stock market will be a different entity.

 

I will keep you all posted as things develop.

 

I understand what you mean about disbelief. All my friends and family are disbelievers.

Glad that my previous narrative was not misunderstood / taken the wrong way (as taunting).  Like I wrote earlier in 2022, I swore off arguing on the internet as a resolution, and I'm sticking with that.  It makes my headspace all that much more clear.

 

I am 50, and plan to retire at 60.  I've done all of the squirreling away via 401k, as has been the norm, for many, many years.  Simply put, I've had conventional employment, and (hopefully) have made all of the right moves -- so that I can retire in peace (early'ish), then start my own business and consult / do whatnot / totally realize my inner curmudgeon -- until they wheel me out feet first someday.  How can crypto help in this regard?  Is it incremental gains (and losses) like Wall Street?  Or is it home run hitting?  That's the part of the game that I don't understand.  I say this as one who's just about done, and who is pretty much risk averse at this point in life.

[Poleshifter]

16 minutes ago, TheCockSportif said:

Glad that my previous narrative was not misunderstood / taken the wrong way (as taunting).  Like I wrote earlier in 2022, I swore off arguing on the internet as a resolution, and I'm sticking with that.  It makes my headspace all that much more clear.

 

I am 50, and plan to retire at 60.  I've done all of the squirreling away via 401k, as has been the norm, for many, many years.  Simply put, I've had conventional employment, and (hopefully) have made all of the right moves -- so that I can retire in peace (early'ish), then start my own business and consult / do whatnot / totally realize my inner curmudgeon -- until they wheel me out feet first someday.  How can crypto help in this regard?  Is it incremental gains (and losses) like Wall Street?  Or is it home run hitting?  That's the part of the game that I don't understand.  I say this as one who's just about done, and who is pretty much risk averse at this point in life.

I have tried to warn a few people about the coming collapse of the stock market. But I am not a financial advisor or economist, just a retired software engineer, so nobody listens. Bitcoin, Ethereum, and Tether are doomed along with most other crypto. The only survivors will be those "coins" to be used in the quantum financial system, where ISO20022 certification is required.

 

There is a "***** hits the fan" event coming soon, perhaps this Thursday June 16 when Evergrande is removed from the stock market. When this happens, cryptos will take a quantum leap, in one direction or the other. Once things settle down, crypto trading should then be more of an incremental thing.

 

In your position, I would cash in a chunk of stock and buy XLM and XRP. Being risk averse, this is likely not an option.

 

Time will tell the rest of the story.

[Augie]

I remember back around 2008 when Citi was selling at about 50 cents/share. I absolutely KNEW that was a buy, even with the risk they might be one to fail. I checked recently, and every $10k put into Citi then was over a million now. I KNEW IT!  

 

While I knew there was great risk, at least it was something real. It was a business that hired people and provided services to people and companies. Crypto is fairy dust investing, IMO. I’ll gamble with real stuff that provides a product or service. But hey, that’s just me. 

[aristocrat]

11 hours ago, Poleshifter said:

I have tried to warn a few people about the coming collapse of the stock market. But I am not a financial advisor or economist, just a retired software engineer, so nobody listens. Bitcoin, Ethereum, and Tether are doomed along with most other crypto. The only survivors will be those "coins" to be used in the quantum financial system, where ISO20022 certification is required.

 

There is a "***** hits the fan" event coming soon, perhaps this Thursday June 16 when Evergrande is removed from the stock market. When this happens, cryptos will take a quantum leap, in one direction or the other. Once things settle down, crypto trading should then be more of an incremental thing.

 

In your position, I would cash in a chunk of stock and buy XLM and XRP. Being risk averse, this is likely not an option.

 

Time will tell the rest of the story.

 

So essentially you're gambling that the the US stock market which is worth somewhere around 50 trillion dollars is going to collapse and you're going to get rich?  You do realize that in this scenario it would mean the world would be ending and your coins would also be worthless? 

[May Day 10]

there is a youtube video that says it

[TheCockSportif]

13 hours ago, Poleshifter said:

The only survivors will be those "coins" to be used in the quantum financial system, where ISO20022 certification is required.

 

There is a "***** hits the fan" event coming soon, perhaps this Thursday June 16 when Evergrande is removed from the stock market.

If a certification is required, but we have a total system failure, why would anybody put their faith in a certification?  And would there even be a governing body to manage the certification process, should the system fail?

 

Regarding the impacts of Evergrande, I admit that I am skeptical.  Any time I hear of an earthquake of an event, I wonder why a single event would lead to total chaos on the stock market.

 

FWIW, I have a computer science degree (UB), and did devops for a living before I moved to being a sales engineer 8 years ago.  I understand the tech behind "coins", and therefore find myself somewhat conflicted about the aims of crypto overall.  Plus there's a Q vibe to this whole thing, and naive thinking around what will actually happen should Wall Street collapse.

2 hours ago, aristocrat said:

 

So essentially you're gambling that the the US stock market which is worth somewhere around 50 trillion dollars is going to collapse and you're going to get rich?  You do realize that in this scenario it would mean the world would be ending and your coins would also be worthless? 

100% correct analysis, and if Wall Street dies, we'll all be in a world of hurt -- before WS is replaced with a crypto model.