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

[Viviennemary]

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.

@SofiaSoFar it's actually another coin (not Bitcoin) but crypto

[quote Zilla1]@MrsTerryPratchett Indeed though one change I've noticed since my youth is that the ice cream van locally now drives round with chimes selling ice creams at 5pm - 6pm in the dark in the middle of Winter. They seem to sell more ice creams in the Summer.[/quote]
For some reason I've always thought they were selling drugs ....

@SofiaSoFar @MrsTerryPratchett my sons dad bought one Bitcoin for £300 cashed it in at £40000 last summer some people have made amazing profits

@Remmy123

I invested 250 in the summer and just cashed in at 10k 👍

That’s impressive tbh

Do many people get this return?

I can see why people do it if you get this back

But the money we use isn't backed the same way it used to be. All twoddle

[quote Parsley1234]**@SofiaSoFar* @MrsTerryPratchett* my sons dad bought one Bitcoin for £300 cashed it in at £40000 last summer some people have made amazing profits[/quote]
Everyone keeps repeating that. But we are agreeing. YES people have made huge profits. Some people do at casinos, MLM, Ponzi schemes and pyramid selling. Someone is always making money.

I've made money overall at scratchcards. I genuinely have. Just lucky. Doesn't mean they're a sensible investment strategy!

@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 🤷‍♀️

@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.

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.

@MorningStarling

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

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.

@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.

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.

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

@DGRossetti

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

@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.

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!!

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.

Who sets the equations to be solved?

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.

@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

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.

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.

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!

Beautiful! Thanks OP 😊

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

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!