Digital CryptoCurrency

[F32Fleet]

Originally Posted by dmk08

There are people who have made lots of money in crypto so it cant be said to be a scam per say. I mean look at all the BTC millionaires blowing all the profits on cars in Dubai.

I think crypto technologies definitely have a future. Not sure about BTC even tho I own some. Also own ETH and XRP. Never because I thought it was viable or would go mainstream but just because people keep pumping money into it and if you're higher up on the pyramid you make money.

As someone who has worked in security for a long time BTC will eventually get compromised unless it is offline. Bet on that.

BTC has essentially zero utility as money or as a money substitute because for one thing essentially every transaction triggers a capital gains calculation. Market manipulators are another issue.

People are investing in BTC in order to make money off other people who are investing in BTC. That's the scam. FOMO is what drives BTC and market manipulators are adding some juice. Yes, just like the lottery some people will make millions in BTC.

Another oddity about BTC is that it's estimated that around 20 percent of BTC is "lost".

[Noneya]

Would bitcoin have value if it couldn't be used for buying/selling goods? I ask because ostensibly that's its purpose, but from what I can tell that's a miniscule portion of bitcoin transactions (about 1% in 2019).

[F32Fleet]

Originally Posted by Noneya

Would bitcoin have value if it couldn't be used for buying/selling goods? I ask because ostensibly that's its purpose, but from what I can tell that's a miniscule portion of bitcoin transactions (about 1% in 2019).

Blockchain technology surely valuable. As for the coins themselves? Who knows. BTC trades like gold but gold has other uses besides serving as a store of value and it's essentially indestructible. BTC obviously is different.

BTC was erroneously sold as currency which is free of sovereign interference. That was never the case because users still had to convert it into fiat and the ledger is public.

[JPSurratt2005]

Originally Posted by F32Fleet

Don't forget your password. The BTC market is possibly the biggest scam in history.

https://www.bbc.com/news/technology-55645408

This situation is solely an issue with the wallet he chose to use to store those coins. It has a 10 password limit, and not all wallets work in that way.

[F32Fleet]

Originally Posted by JPSurratt2005

This situation is solely an issue with the wallet he chose to use to store those coins. It has a 10 password limit, and not all wallets work in that way.

If I were him, I'd offer the NSA 1/2 if they can crack it.

[Mingwan]

Buy high, freak out on the drop and sell low. This is the way

[JPSurratt2005]

Originally Posted by Mingwan

Buy high, freak out on the drop and sell low. This is the way

The best time to buy bitcoin is when the subreddit has the suicide helpline pinned at the top.

[David70]

Reminds me a lot of the dot-com bubble in the late 90's. People created websites to sell things, friends of mine would ask everyone to visit the site as it helped them get other people to invest in the "business", yet when you actually talked to these people about the business, what they were selling and how they planned to make money the details were scarce. They would tell you it didn't matter as the money was flooding into these businesses and everyone new internet sales were going to be the next big thing.

Then, just like today there were people that made money as money came in and it didn't matter and they pointed out the people that made a fortune on buying early. A friend of a friend created a site where you could buy a wide variety of dog foods and have it shipped to your house. He and his investors thought it was a great idea as there was a huge demand for dog food and everyone would buy it from them.

Then the crash happened, still you almost only heard about the winners and the rest just went away, similar to lottery or gambling winners, the ones that came out on top speak up the others disappear.

[jmg]

Originally Posted by David70

Reminds me a lot of the dot-com bubble in the late 90's. People created websites to sell things, friends of mine would ask everyone to visit the site as it helped them get other people to invest in the "business", yet when you actually talked to these people about the business, what they were selling and how they planned to make money the details were scarce. They would tell you it didn't matter as the money was flooding into these businesses and everyone new internet sales were going to be the next big thing.

Then, just like today there were people that made money as money came in and it didn't matter and they pointed out the people that made a fortune on buying early. A friend of a friend created a site where you could buy a wide variety of dog foods and have it shipped to your house. He and his investors thought it was a great idea as there was a huge demand for dog food and everyone would buy it from them.

Then the crash happened, still you almost only heard about the winners and the rest just went away, similar to lottery or gambling winners, the ones that came out on top speak up the others disappear.

Lol the real money was in domain names.

[Mingwan]

This is an actual reality for many people

[TboneS54]

Hilarious

[KennyFSU]

I just bought some for the hell of it using Robinhood and Coinbase lol.

[P1]

Lol

[JasonDot]

Ethereum smiles upon us this week.

[Grip Addict]

Originally Posted by JasonDot

Ethereum smiles upon us this week.

Yeah I bought some of that for fun this week. Made me $20 in like 2 days.

[Fischer Torres]

Thank's for this informations

[JaneKing]

Of course, cryptocurrency is a very interesting way to invest some money. It is quite volatile and more risky than stocks. Therefore, you must know how to take waves.