Anyone here day trade Cryptocurrency?

smorgdonkey said:
Nothing factually inaccurate there but what makes 'normal' currency worth anything? They no longer back it with gold. They print it by the billion. The people who normally say things like that are the ones who lose their power by the widespread acceptance of crypto currency or anything else that isn't controlled by the investments banks & firms.

When people put their money in regular investments they also can lose it. Or they can just put it in a bond or bank account and be outpaced by inflation while the bankers and fund managers get rich.
Click to expand...

Might as well reply to the Nigerian Prince's email while you are at it. Seems as legit.

https://www.sec.gov/files/ia_virtualcurrencies.pdf
 
335clone said:
Might as well reply to the Nigerian Prince's email while you are at it. Seems as legit.

https://www.sec.gov/files/ia_virtualcurrencies.pdf
Click to expand...

Well, according to the document at your link:

"A Ponzi scheme is an investment scam that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk."

Bitcoin didn't start as an investment. It started as a decentralized financial solution. A way that people could be paid directly and securely.

There never had to be solicitation. Its characteristics made it attractive to people and the value has grown because people want it, not because anyone promised to invest and/or promised high returns. The value has climbed simply because it has characteristics that people are attracted to.

That's not to say that there aren't scams in the crypto space but to imply that the entire sector is based on a Ponzi scheme is completely false since Bitcoin was the first and much is modeled after Bitcoin.

So, yeah...many people feel like investing their money over their entire lives and getting nothing for it is damn hopeless...and those people are the ones who answer the Prince's email. The people who have decided not to waste those decades buy crypto.
 
Problem is, it's value it based on nothing tangible. People that buy bitcoin certainly do not waste decades to get nothing for it, it's only worth what people believe it is worth, and it is not considered legal tender. Nobody is required to accept bitcoin as payment for anything.
 
335clone said:
Problem is, it's value it based on nothing tangible. People that buy bitcoin certainly do not waste decades to get nothing for it, it's only worth what people believe it is worth, and it is not considered legal tender. Nobody is required to accept bitcoin as payment for anything.
Click to expand...

True but the value of most fiat currencies aren't based upon anything tangible either (aside from the legal tender aspect). You are correct that nobody is required to accept bitcoin as payment for anything. That is indicative of how much more valuable it will be in the future, than it is today, because all kinds of companies and businesses are going to adopt cryptocurrencies.

Can you correlate that? To simplify: It's worth close to $60G and nobody accepts it. Imagine what it will be worth when it is broadly adopted.
 
smorgdonkey said:
I invested $7000 in Bitcoin and turned it into $30 000.

But zucchini is good too.
Click to expand...
That's less than an 8 fold increase. I'll get more that eight ENTIRE ZUCCHINI from a single seed, each one containing a hundred or more seeds, each one viable to increase itself a thousand fold. But your 8-to-1 is nice too.
 
Chicken Man said:
That's less than an 8 fold increase. I'll get more that eight ENTIRE ZUCCHINI from a single seed, each one containing a hundred or more seeds, each one viable to increase itself a thousand fold. But your 8-to-1 is nice too.
Click to expand...


You definitely got me there and I may be rounding up...my 30G is actually more like 25G so it's likely more like 4X so...

...the zuchs are looking better and better.
 
Hopefully the DOGErs didn't get rekt too badly. Many signs pointed to it climbing to $1 or so. It dumped down before SNL started and never bounced back up. Elon didn't pump DOGE and there were several negative things directed at it though he did state in one skit that it was just like the American currency that one of the cast members put in front of the camera.

One interesting thing to me was that Elon spoke briefly of his condition, stating that he was the first person with Asperger's to host the show. This makes sense to me as I have never thought that he was all there so to speak. Not in a derogatory way, just that there was something not quite right.
 
smorgdonkey said:
One interesting thing to me was that Elon spoke briefly of his condition, stating that he was the first person with Asperger's to host the show. This makes sense to me as I have never thought that he was all there so to speak. Not in a derogatory way, just that there was something not quite right.
Click to expand...

Dan Ackroyd has Asperger's. There are probably a lot of other undiagnosed (or not public with their diagnosis) people who have hosted. It's just another of Musk's "born on third, thinking he hit a triple" mindset.

For future reference, phrases like "not all there" and "not quite right" when talking about people on the spectrum probably aren't helpful to the discourse, and reflect poorly on the speaker.
 
Chicken Man said:
Dan Ackroyd has Asperger's. There are probably a lot of other undiagnosed (or not public with their diagnosis) people who have hosted. It's just another of Musk's "born on third, thinking he hit a triple" mindset.

For future reference, phrases like "not all there" and "not quite right" when talking about people on the spectrum probably aren't helpful to the discourse, and reflect poorly on the speaker.
Click to expand...

To Musk's credit, he did say 'that he knew of' or something along those lines.

To my discredit, I knew that I was stating my take on my perception of him clumsily but left it as it was. Perhaps just saying "something different about him" or "awkward" would have been more accurate and may be more due to his intellect & upbringing more than his condition. Like Prince...geniuses don't often seem like regular people. Anyway, yeah that was poor on my part to word that in that way.
 
smorgdonkey said:
To Musk's credit, he did say 'that he knew of' or something along those lines.

To my discredit, I knew that I was stating my take on my perception of him clumsily but left it as it was. Perhaps just saying "something different about him" or "awkward" would have been more accurate and may be more due to his intellect & upbringing more than his condition. Like Prince...geniuses don't often seem like regular people. Anyway, yeah that was poor on my part to word that in that way.
Click to expand...
"Different" is, to my understanding of a rapidly evolving community, the preferred phrasing.
 
smorgdonkey said:
Hopefully the DOGErs didn't get rekt too badly. Many signs pointed to it climbing to $1 or so. It dumped down before SNL started and never bounced back up. Elon didn't pump DOGE and there were several negative things directed at it though he did state in one skit that it was just like the American currency that one of the cast members put in front of the camera.

One interesting thing to me was that Elon spoke briefly of his condition, stating that he was the first person with Asperger's to host the show. This makes sense to me as I have never thought that he was all there so to speak. Not in a derogatory way, just that there was something not quite right.
Click to expand...

The fact that doge tumbled after some stupid skit on a comedy show highlights the dangers of investing in these 'currencies'. I prefer something a bit less flighty.
 
335clone said:
The fact that doge tumbled after some stupid skit on a comedy show highlights the dangers of investing in these 'currencies'. I prefer something a bit less flighty.
Click to expand...

lumping legit crypto currencies with DOGE is a stretch. if it's not for you, it's not for you, but DOGE isn't representative of anything but one to avoid..
 
Elon Tweets that Tesla is suspending sales using Bitcoin because it has a large environmental footprint.
Bitcoin drops over $10G

There are theories that the Tweet is the result of him having his account hacked.
 
Interesting. It definitely took a nose dive today, but it has taken similar and worse dives this month. It'll pop back up like it always does. Great time to buy! I jumped out of my position before it tanked too badly. I've been playing Ethereum as it climbs back out of its own hole and recouped what I lost with BTC today. Definitely didn't do that at work. Shhhhh
 
You must log in or register to reply here.
Back
Top