Bitcoin and other Crypto
 

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I think Bitcoin and other Crypto is hear to stay
I'm guessing many on this forum disagree - no problem

the reason I believe it's here to stay is not because it is a sound investment
but because it's a gambling game that people are loving to play

they are thrilled to hurl themselves into the middle of a gigantic Ponzi scheme

the biggest Crypto exchange - Coinbase - is trying to launch an IPO

if they succeed in getting it launched it's going to be gigantic

I bought some Bitcoin and some other Crypto not because I had any idea at all of what I was doing but because of FOMO (fear of missing out)

I suffer from FOMO - it's a killer

I held (hodled) my Bitcoin and other Crypto and it's gone way up - not trying to take any credit for being a wise trader - just dumb luck



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NFT is now the next step for crypto's. to me the problem comes in to this whole mess when central banks throughout the world are unable to tax the profits on them. no doubt, i wish i had bought crypto instead of gold. but when you need it, i believe the gold you own will be around, while the crypto's will be somewhere in cyberland.. don't go by me, i really don't know much about this and i know there are plenty of smarter people than myself touting it like Elon Musk and Marc Cuban.. the rush into crypto has hurt the value of gold now, but i will stick with the gold and silver for now..

https://www.creativebloq.com/feature...non%2Dfungible).

by the way, you always give great posts here

India is closing it down and taking things


https://www.newsweek.com/india-looks...assets-1576611

thanks - does lambo stand for Lamborghini?
you try to keep it under 200........?..............................:)
was it the Lambo that has 2 gears for reverse?




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i drove a red 1968 Miura about 45 years ago one summer! i had to get rid of it, if i didn't either the speeding tickets would have bankrupted me, or i would have killed myself by a tree standing in my way!

those dang trees can move so fast


I heard someone describe cryptos as ponzi schemes ... why are they wrong?

economy is tanking in idia and lebanon - thieves are stealing iron covers from streets to sell for scrap -- it spreading thruout the world the great reset by the central bankers

Imagine:

Actually not fast enough to get out of the way of fast moving car. :D

My favorite topic these days.

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great story about how a trader got screwed and lost everything on Binance - the biggest crypto exchange

he shorted something and the market fell and he was way up

tried to get out and take his profits but couldn't - the app wasn't responding - he had 2 backup computers where the app didn't work also

then the market went against him and he lost everything

similar stuff has happened to other traders and they're forming some kind of group to try to get their money back

Binance has offered some tiny compensation to some - but it's not enough

Binance is totally unregulated - plenty of chance for disasters to happen to traders there


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https://www.washingtonpost.com/outlo...id=hp_opinions


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It's a scam that allows shady rich people to launder money off of the backs of rubes.

Of course it's not going anywhere.

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the price of bitcoin jumped as it looks like btc moved closer to being allowed to trade on the U.S. stock market as an ETF


from the article:


"The value of crypto assets surged Tuesday after a US court cleared a path for the nation’s first bitcoin exchange-traded fund.

The ruling is a breakthrough moment for crypto investors and a setback for the Securities and Exchange Commission, which has been trying to rein in the digital asset industry.

The three-judge panel for the DC Court of Appeals overruled an SEC decision denying Grayscale Invesments permission to launch a bitcoin-focused ETF. The panel said the regulator had failed to adequately explain why it rejected the firm’s application.

The ruling opens the door to an investment product that investors have been demanding for years.

"This is a historic milestone for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper,” Grayscale CEO Michael Sonnenshein said in a statement. “It’s incredibly exciting that we are one step closer to making a US spot Bitcoin ETF a reality.”


https://www.cnn.com/2023/08/29/inves...set%20industry.

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The only proof one needs to see that cyber currencies have no value is the proliferation of currencies. There are now hundreds of cyber currencies available. Nothing prevents an enterprising individual from creating a new one. As long as some people are willing to trade cash for a phantom currency, it becomes a cash equivalent. The initial claim that cyber currency is needed because we cannot trust govts to keep from flooding the markets with printed cash has been replaced by cyber currency creators flooding the market with new currencies and diluting the value of the existing currencies.