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Original poster

To think a huge crypto bitcoin bloodbath is on the cards.

181 replies

Viviennemary · 10/01/2022 14:47

I have thought this for quite a while. But surely it's any day now. How this crypto market is sustainable is a mystery. A lot of it is backed up by Tether a so called stable coin meant to be worth 1$ but it is suspected Tether isnt backed by anything. Its just printed tokens backed by nothing.

OP posts:
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AnotherChildFreeCatLady · 26/11/2024 18:25

MorningStarling · 10/01/2022 16:02

I don't think it will necessarily be happening imminently but crypto-currencies will crash eventually simply because they have no intrinsic value and are not backed up or guaranteed by government.

Things like gold have intrinsic value because they are scarce and have practical uses. Gold might fall in price but will never be wiped out entirely because people will always want it and there will always be uses for it.

Traditional currencies might crash from time to time but rarely do so when a reputable government has the power to stabilise them by borrowing to shore things up.

Crypto-currencies are not worth anything themselves and no major government will bail them out if they fail.

Gold isn't however backed by anything just like crypto and your reasoning for why gold has intrinsic value can also be applied to crypto. Plus there are use cases for it, now and in the future. Remittance coins for example, they can be a convenient way to send money, bypass traditional financial institutions, and the immutability and transparency of the block chain means those transactions are much more secure.

I wouldn't discount it just yet.

fromdownwest · 26/11/2024 12:36

I was mocked, ridiculed, called a crypto Bro, tulips etc when I mentioned passing that I had purchased BTC and ETH.

I was an early adopted in 2019 at about £4k BTC and Eth about £200.

I am now looking at a portfolio, that hopefully, in a few years will pay off my mortgage.

I have an out of - mortgage balance, age 60 or bust!

This is my exit strategy.

Of course I appreciate that it may all be worth Zero in a few years, however, as a calculated risk, it is one I am willing to take, ride it out, and hopefully reap the rewards.

Good luck all those that stayed invested.

Don't worry, I won't be including a hyper link to my 'guaranteed 10x return portfolio lol!'

mildlysweaty · 14/11/2024 22:21

Interested in how people think this thread has aged?! I wish I'd taken more notice when my brother got into this years ago.

BelleWilson12 · 21/08/2023 13:23

This reply has been deleted

This has been deleted by MNHQ for breaking our Talk Guidelines.

Original poster
Viviennemary · 18/06/2022 21:38

This is the worst crash for a while. I read some exchanges have suspended withdrawals. Some coins have gone to nothing. How people can risk losing their hard earned cash in this almighty scam beats me.

OP posts:
winningatfoodprep · 13/06/2022 17:59

instagram.com/girlsthatcrypto?igshid=YmMyMTA2M2Y=

The link to the instagram page!

winningatfoodprep · 13/06/2022 17:58

So many people make judgements on crypto based on minimal knowledge or experience!

I recommend learning about it properly as when you understand the cycles, you don't fret about the dips! I follow a page on Instagram called @girlsthatcrypto and she breaks crypto down well! Think she has a course too but I haven't done that!

LemonSwan · 13/06/2022 15:53

Beautiful! Thanks OP 😊

Time to do a bit of dollar cost averaging 🥳🥳🥳

Silverswirl · 13/06/2022 14:47

Viviennemary · 21/01/2022 22:03

I see there has been a sharp drop. I take an interest in Bitcoin because I hate seeing people being conned in this way. How can bitcoin possibly be worth tens of thousands of pounds. It doesnt even exist.

The lack of fundamental understanding on this thread is quite shocking. If you don’t know it works - don’t comment or at least do some backing research to find out how it works! It’s not a con. It’s just extreme high risk and no one credible would say otherwise!

SleeplessInEngland · 13/06/2022 12:48

The problem is that crypto-bros are such bullshitters that when I see a 'we bought at a hundred and cashed in at 50k' I just find it very hard to believe.

Yeah, there are some success stories. But there are in casinos too.

Original poster
Viviennemary · 13/06/2022 12:42

I resurrected this thread because I see Bitcoin has fallen quite substantially in only one day Is this the end of unregulated Crypto. If it is it's not before time. Such a great big con IMHO. One exchange I read isn't accepting withdrawals.

OP posts:
fromdownwest · 22/01/2022 13:13

@Viviennemary

Not sure but it seems the puzzles are set by the system. I think the lot will come crashing down like a house of cards. Surprised it's not happened before now.
Your anti BTC concern is very kind, I assume that you show the same level of concern for people investing in AIM stocks, junk bonds, low yield property, sun inflation cash accounts, falling shares etc

I don’t know why you are on this thread?

I have 25 years in the economic and tech sector and I see long term value in the basis of non fiat currency.

Yes there will be teething issues, and yes there will be drops and lots of smaller coins will fail.

But long term as part of a balanced portfolio the charts show value.

Also, if you took an interest in it you would know about Satoshi Nakamoto code

Original poster
Viviennemary · 22/01/2022 11:22

Not sure but it seems the puzzles are set by the system. I think the lot will come crashing down like a house of cards. Surprised it's not happened before now.

OP posts:
L0stinCyberspace · 21/01/2022 22:24

Who sets the equations to be solved?

Original poster
Viviennemary · 21/01/2022 22:03

I see there has been a sharp drop. I take an interest in Bitcoin because I hate seeing people being conned in this way. How can bitcoin possibly be worth tens of thousands of pounds. It doesnt even exist.

OP posts:
JanuaryBluehoo · 11/01/2022 22:20

I must admit I did buy a teeny bit of a bitcoin ages ago.. I panicked when everyone said coin base was down and cashed it in. It took me ages but I did get something back eg it spent around 75 and received 300.

It's not something I would properly invest in, it would be like a flutter on the horses if I did it again!!

TheLeadbetterLife · 11/01/2022 22:03

@DGRossetti

A lot of the power of the state comes from it's control of the money supply. That and people with guns, with the former facilitating the latter. Once you accept that a decentralised infrastructure can remove the state from your plans you can see ways forward.

This is true, but it also sounds like the idealistic things people said about the World Wide Web and the internet - look how that turned out. Libertarianism never works in practice.

ArblemarchTFruitbat · 11/01/2022 19:30

@DGRossetti

Is he related to the people I meet who "had Covid in 2019" by any chance ?
Grin
DGRossetti · 11/01/2022 19:13

Is he related to the people I meet who "had Covid in 2019" by any chance ?

ArblemarchTFruitbat · 11/01/2022 18:39

Slightly off-topic but has anyone come across a certain type of man who always claims to have millions of £ worth of Bitcoin on a defunct computer that he can't get at?

I seem to meet one approximately once every six months.

Porfre · 11/01/2022 18:20

@Viviennemary

That is a myth for a start. Tether for one is not backed by the US dollar. The whole thing is an absolute con.
Theres other coins that are backed. I agree tether is a con, but there are alternatives.
Coronawireless · 11/01/2022 17:08

@MorningStarling

Ok. Thicko alert here ... how is crypto "mined"? Sad

Each transaction requires computer power to process securely. People provide the processing power and are rewarded with "mined" crypto-currency.

Generally its a very power-intensive process. Highly-spec'd machines are needed to compete and the rewards are low. And you've got a massive energy bill to consider too.

This doesn’t even remotely answer the question.
Zilla1 · 11/01/2022 16:58

And when the price rises, people make money. When the price drops, that doesn't involve real people losing money because. And I increased my investment by 100x this year even though the price hasn't changed enough to realise that multiple without a derivative, leverage or a synthetic being involved which I probably didn't use. All good.

Zilla1 · 11/01/2022 16:38

@MrsTerryPratchett Steady on. I have a lot of money invested in scratchcards/the casino/MLM/Ponzi/the next big thing and I don't want some sceptic causing any doubt in the minds of the queue of bigger fools ready to pump up the bubble. I'll have you know I invested £1 in a McDonalds saver mayo chicken ten years ago and it's grown to the size of 40,000 mayo chickens now.

Parsley1234 · 11/01/2022 16:36

@MrsTerryPratchett I agree but if you don’t like it don’t invest if you do you - will horses for courses I am on the fence I hope I make money accept I might lose it see what happens 🤷‍♀️