Can you post a link to that article?Originally Posted by JoeyTudor
Beats the last crypto article I read in the FT, which stated Bitcoin was only for rich people because it couldn’t be bought fractionally
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Someone who lies about the little things will lie about the big things too.
Interesting article thanks Raffe...disappointing the guy, the social psychologist-morality specialist, fell for the crypto fable putting over 1 per cent into it...his reasoning fomo...just shows folks can be qualified in a field but still as dumb-hackable as anyone else.
WAGMI, sounds lovely, if only.
Last edited by Passenger; 19th May 2022 at 09:30.
I wonder if any (micro)breweries over here might be watching this marketing pitch.
https://techcrunch.com/2022/05/18/us...zona-iced-tea/
PS Anyone remember the Long Island Iced Tea Corp?
Mr Saylor disagrees. It seems they have no worries until the BTC price drops below $3562. Which I imagine is extremely unlikely to happen before their loans mature.
https://twitter.com/saylor/status/15...Pydi712uGCNqBA
Which is bullshit as I have shown 2 weeks ago. The company will be long bankrupt before bitcoin hits $10,000.
Someone who lies about the little things will lie about the big things too.
It was a good while ago now but will try to dig it out when I have some spare time
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Yes please.
Someone who lies about the little things will lie about the big things too.
DeFi (read more) refers to a system in which software written in blockchain allows buyers, sellers, lenders, and borrowers to interact peer-to-peer or with an intermediary based strictly on the software rather than the company or institution facilitating the transaction.
Last edited by Derrils; 24th May 2022 at 07:37.
An interesting article & interview on crypto currencies & blockchains:
https://www.currentaffairs.org/2022/...die-in-a-fire/
Heres what I raise an eyebrow at, 9 years ago I used to get the trajn to London and whilst sitting in my pretentious 1st class carriage with several big finance money types who clearly knew how to make a bob or two they raved about how bitcoin and crypto was going to be lifechanging.
Having invested and watched it over the years it appears to be a rollercoaster reliant on new investors propping up a fragile beast and chasing rainbows (one of which might one day exist). Ive heard a few success stories but no more than the ones who brought the right shares at the right time.
The huge cheers as it rallys attract a crowd but the silent grumbles as it tanks doesn't seem to have any sound. I admire anyone who has the time and energy and intelligence to follow it passionately but do worry it can be a bit of a get rich quick dream for the vulnerable.
RIAC
Absolutely, its a classic Ponzi scheme, relying on new adopters to make money for the ones who came before, when the supply new adopters run out, or become sceptical, the early adopters pull their profit and the downward spiral begins. Its inevitable.
Cheers..
Jase
I am increasing my bitcoin short position here at $29,305.
Someone who lies about the little things will lie about the big things too.
After the initial IPO I don't quite see how the sale of shares (and increase of share price) helps the company at all - surely after that point it is all a Ponzi scheme really. The difference of course if companies have assets and make actual profits but the secondary share market doesn't benefit the company (apart from keeping the shareholders happy and not complaing about the executive pay).
Never trust Musk
https://www.reddit.com/r/CryptoCurre...tm_name=iossmf
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Nothing will go wrong
https://twitter.com/spectatorindex/s...x0x4jIXgw&s=19
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Alts getting killed, BTC holding up
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Give it time.
Someone who lies about the little things will lie about the big things too.
I've seen a few references over the last couple of days to a JPM strategists' note which suggests that bitcoin currently has 'a fair price of $38K'. Can anyone provide some insight, or a link into the analysis underlying this conclusion and particular figure? (I'm assuming the note itself is only available to their paying punters.)
Sold out of all of my ETH yesterday.
I am waiting for the day that you are telling us that you have bought or sold something before it makes a big move rather than after it happened.
Someone who lies about the little things will lie about the big things too.
😢
Follow this guy for all the scams in Crytpo
https://youtu.be/W4OdvcCfQlY
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Stepn running on empty
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Cool. Here's the transaction. Happy with my timing for onceI am waiting for the day that you are telling us that you have bought or sold something before it makes a big move rather than after it happened.
Those the ETH that you accumulated in the £2,500 range?
Someone who lies about the little things will lie about the big things too.
Not as high as that as an average cost per coin but yep recent events had taken the portfolio into a loss so I cashed out.
So LUNA2 launched yesterday, and after half a day it's down 80%.
Fool me twice...
Someone who lies about the little things will lie about the big things too.
It's just the victims of the previous scam that get new tokens "airdropped". To give an idea, a guy who lost 4K USD got ... 48 USD in new Luna tokens. So it's an insult/injury thing. There's nothing behind the new Luna, it will fail.
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Fun fact #1: The original LUNA, now called LUNA Classic, still has a market cap of >$500 million. Coinmarketcap.
Fun fact #2: When Terra airdropped the new LUNA tokens to holders of legacy tokens, they gave 2.1 million coins to the scammers who three weeks ago exploited a security flaw in the mirror protocol. Nice little reward, $30 million worth of fresh tokens on top of the $88 million that they stole at the time. Details here.
Can't wait until LUNA 3 is launched.
Someone who lies about the little things will lie about the big things too.
Good article in the Sunday Times about Crypto meltdown today.
https://www.thetimes.co.uk/article/5...bcebb6543fda8a
Probably pay wall but will try to paste later
Another interesting article, this one in the WSJ about the Terra UST collapse.
https://archive.ph/20220528033606/ht...ms-11653649201
Interestingly, all those people happily bought a digital currency that paid them 20% p.a. interest and thought, without doing any research, there was no risk. My sympathies are limited.
I refer all of them to Matt Levine:
(Source)
Someone who lies about the little things will lie about the big things too.
America’s biggest cryptocurrency exchange, Coinbase, began running a primetime television ad in the past fortnight featuring a single tweet: “Crypto is dead”.
The statement remained in the centre of the screen as the authors changed and the dates scrolled backward, from this month to March 2020 to September 2017, April 2013 and August 2012. Amid a $1.6 trillion (£1.2 trillion) collapse in the price of bitcoin, ether and thousands of other cryptocurrencies, the not-so-subtle message was clear: don’t panic, we have been here before.
The message was a bit ironic, of course — Coinbase investors are running for their lives. The company pulled off an epic $85 billion stock market float last April. But from its high of $357 a share in November, the stock has collapsed by 80 per cent. Losses have soared. Coinbase has shed more than two million active users, slowed hiring and implemented a cost-cutting plan to stem the bleeding.
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Dan Dolev, an analyst at Mizuho in New York, said the company, which earns money from trading fees, is “unsustainable”. He added: “It made me feel a little sorry that is what Coinbase has to do. To show this historical precedent as a predictor of the future, as if they know. Crypto is only fun when it goes up. It stops being fun as it starts coming down, and that’s what you are seeing now.”
A defining characteristic of cryptocurrencies since bitcoin came into being in 2009 is their volatility. What is different about the current market rout — the price of bitcoin has plunged 60 per cent since November from $69,000 to $29,800 — is that in the pandemic run-up, cryptocurrencies broke through.
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El Salvador became the first country last year to adopt bitcoin as legal tender. Cities such as Miami and New York created their own digital currencies. The number of people who owned cryptocurrency in America surged to 16 per cent, up from 1 per cent in 2015. In Britain, more than 2.3 million adults owned crypto assets by January 2021, a 15 per cent increase that took hold before prices really spiked. Even JP Morgan’s chief, Jamie Dimon, a bitcoin sceptic, gave in. It became the first big bank last year to allow customers to invest in bitcoin investment vehicles.
The result: while past price shocks hurt a small community of crypto believers, this time around a lot more have lost out, which could set back the industry by years. “There’s a lot more investors who have been burned,” Dolev said.
A look back at the past year is instructive. In January 2021, there were 7,812 cryptocurrencies. Today there are 10,043, says coinmarketcap.com. That means at least 139 new currencies have been minted every month — not counting those that disappeared — or roughly five a day, for a year and a half. Most have little to no utility. Scott Minerd, chief investment officer of Guggenheim Partners, told CNBC last week: “The majority of these things are garbage.”
The boom coincided with the pandemic. In March last year, when millions of Americans received $1,400 stimulus cheques from the federal government, there was a corresponding surge in Coinbase app downloads. Aided also by publicity around its float, by May Coinbase had surged to number one in the Apple App store ratings, beating TikTok, YouTube, Instagram and other apps.
Suddenly, everyone wanted to trade crypto. And why not? Around that time, bitcoin and ethereum, the top two cryptocurrencies that together account for more than half of the market’s total value, were hitting new highs. Interest rates were low. Asset prices were soaring, and cryptocurrencies were on the crest of the wave. By April 2021, ethereum had surged past $4,000, a twentyfold jump in a year, and Bitcoin went above $60,000, up by than 800 per cent in a year.
After a dip, the market peaked in November. Cryptocurrencies hit a combined value of $2.8 trillion. It has been downhill since as the acute phase of the pandemic faded, inflation soared, interest rates began to rise and war broke out in Ukraine. Suddenly life was more expensive and less certain. Crypto, risky in a world craving stability, has been battered. Its market value fell to $1.2 trillion — or a loss of $1.6 trillion in six months.
The highest profile disaster was Terra, a so-called stablecoin algorithmically linked to another cryptocurrency called Luna, which was supposed to confer stability. That proved illusory. The value of Luna crashed this month, taking Terra down with it, vaporising more than $40 billion in days.
It is worth remembering that cryptocurrencies, or Web3 as the sector has been rebranded, promise to remake not only the web itself, but countless other industries from art and music to banking. The technology is a reaction to the world today, in which a handful of giant companies — banks or Big Tech — act as middlemen, taking their pound of flesh from any transaction or interaction we have.
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Web3 promises the opposite: a decentralised world in which those middlemen are replaced by code that records everything on a public ledger called the blockchain, which no one controls. The lubricant of this new system is digital money.
Yet as the tide goes out, and prices plummet, the reality has been laid bare. Most cryptocurrencies, especially those minted in their thousands at the height of the boom, do not, and will not, serve a purpose. They were ill-conceived experiments or blatant money-grabs. Last year people were swindled out of at least $8 billion in scams or “rug-pulls”, where a person spins up a project, sells coins to fund it, then disappears with the money.
Indeed, even bitcoin, the progenitor of the Web3 movement, has failed to live up to its original purpose as a, “peer-to-peer electronic cash system”. Those who have bet big are feeling the pain. Nayib Bukele, president of El Salvador, was the first world leader last year to make bitcoin legal tender. As the price has plunged, he has “bought the dip”, excitedly tweeting about the latest purchase of the asset, with taxpayer money. Market experts reckon El Salvador, a poor country where a quarter of the population lives in poverty, has lost $40 million and counting.
Fitch, the credit agency, cited its bitcoin bet this year when downgrading its credit further into junk status. The International Monetary Fund has pleaded with him to stop spending the nation’s limited resources on the currency.
Bukele is unbowed. This month he tweeted mock-ups of “bitcoin city”, a crypto utopia he plans to fund with a bitcoin bond that has stalled with the price collapse. Yet for the believers, this is a culling that will drive out the scammers and let them get back to quietly building, “the next generation of the internet”.
Last week, venture capital firm Andreessen Horowitz announced a $4.5 billion fund — the world’s largest dedicated to crypto. Chris Dixon, Andreesen’s crypto chief, wrote: “Golden eras are when legendary teams are formed, big ideas are hatched, and great products get built. We think we are now entering the golden era of Web3.”
It may be, even if for most punters, it does not feel that way.
When does this go to the moon? Just asking for a Friend
RIAC
Bought 3k BTC, need it to pay pcp final payment in 3 years 15k absolutely nailed on
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5 x in three years? C'mon, that's not even ambitious. I hear that BTC will be trading $250,000 before this year is over. Just make sure your wife does her thing to contribute.
https://www.moneycontrol.com/news/bu...r-8605141.html
Someone who lies about the little things will lie about the big things too.
Upper my target to a Lambo
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Dom Kwo working on another stable coin lol
LunaSafeCumRocketShiba or something.
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I was wrong.
https://twitter.com/jameslavish/stat...20867960201216
Someone who lies about the little things will lie about the big things too.
Right I'm remortgaging gotta love pure math
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Put £500 into a random selection of sh1tcoins almost one year ago to the day. Just for a flutter.
After being down over 60%, I consolidated them to BTC and a few trades later saw my holding reach £475 a few weeks ago. If I’d have left them in sh1tcoins and not touched them I’m sure I’d have been at least 80% down.
Anyway, cashed out with £25 or 5% loss.
A fun ride, on money I could afford to lose, but I don’t have the cahunas to play in the crypto casino with serious money.
I managed to turn approximately £450 into nearly £3,000 over the last year with some fortunately timed purchases but that's stumbled back down to basically what I put into it in recent months. Ho hum. Sort of written that money off now so just going to leave it where it is and hope for some kind of rally again.
Same, oh well would have only burned it on drugs
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I’ve got some of the new LUNA from the airdrop, currently $8 on Binance. When you consider it was trading at $110 before the hack* and all the previous side projects apps have jumped back on board, it could be worth a flutter if you wanted some fun
I’ve staked my holding for 10% returns and gonna let it ride
* or whatever you wish to call it
A design flaw.
Someone who lies about the little things will lie about the big things too.
How did you do that? In order to recover from a 60% loss, you need 150% upside performance. Given that BTC is about 25% from its low of the last year, I am curious.
Someone who lies about the little things will lie about the big things too.
Solana halted. Probably nothing.
Someone who lies about the little things will lie about the big things too.
Well I’ll be darned. Amazing.
The B of E wants to make the UK a crypto hub and is offering to bail out stablecoins if necessary.
I had to check it wasn’t published on April 1st.
Same story is on many media outlets (if you hit a firewall)
https://www.ft.com/content/4c408bef-...0-08ab3393b860
Wut?
Have you read the article?
The UK Treasury is proposing an insolvency regime to manage the failure of major crypto stablecoins after the collapse of terra earlier this month sent shockwaves through the global crypto market." The Bank of England would take the lead in managing the collapse of a stablecoin that had systemic importance to the financial system under a plan the Treasury proposed in a consultation published on Tuesday.
Where does it say bail out?
This is in fact a major threat to USDT, as the BOE will enforce regulation:
“Events in cryptoasset markets have further highlighted the need for appropriate regulation to help mitigate consumer, market integrity and financial stability risks,” the Treasury said on Tuesday. The potential risks have also been magnified since most stablecoins operate without the type of oversight that would be standard, either among banks or other systemically important financial institutions. In the wake of the 2008 financial crisis, UK regulators began requiring banks deemed “too big to fail” to produce living wills, which provide a roadmap of how to safely wind down their businesses if they fall into a distressed situation. Lenders are also required to maintain certain levels of reserves and meet measures of balance sheet strength to prevent potentially catastrophic bank “runs”.
The moment tether has to provide transparency about their levels of reserve, it is game over.
Someone who lies about the little things will lie about the big things too.
On the bright side though, those locals of the Bishop Lacy in Chudleigh who are anxious to progress from old fashioned 'beer tokens' hopefully wouldn't be kept in limbo too much longer.
https://metro.co.uk/2022/06/03/pub-p...tors-16764904/
Well, this is unfortunate,
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