Cryptos are BULLSHIT... based upon nothing more than hope, greed, and stupidity

[schweiz]

Crypto is an alternative payment to debit card. It's cheaper, possibly faster, and in some cases anonymous.

Yes it is "anonymous". Steve Wozniak found that out too.

https://economictimes.indiatimes.co...-actually-got-stolen/articleshow/63075377.cms

The amount of crypto's stolen from hacking is massive.

Billions of $ lost in crypto's.

It is not faster then my creditcard. And if I dispute a payment with my creditcard I can recover my money. Your crypto's will be lost in that case. Ask Steve Wozniak.
My creditcard is accepted everywhere, crypto's not.
My money keeps value, crypto's go up and down resulting in paying but not knowing what you will exactly pay.

 

[carrer]

So..you're talking about "tethered" cryptos?

Is BTC that?

What percentage of cryptos are tethered?

Haven't there been some well publicized problem stories about "tethered"?

Even if you have a "tethered" crypto, isn't that effectively the same as a debit card?

And is the "real value issue" of cryptos, the tethered variety or the speculative variety? If the "world of crypto" were limited to tethereds, they would all be little different from debit cards. Is that what all the hubub is all about?

Yes, tethered crypto. And yes, it's effectively the same as debit card. But the advantage is it could be transacted into other cryptos which debit card couldn't. There are many advantages in using cryptos like, money laundering, tax evasion, dark market, hiding wealth, avoiding government scrutiny, and so on.

 

[carrer]

Yes it is "anonymous". Steve Wozniak find that out too.

https://economictimes.indiatimes.co...-actually-got-stolen/articleshow/63075377.cms

The amount of crypto's stolen from hacking is massive.

Billions of $ lost in crypto's.

View attachment 194493
It is not faster then my creditcard. And if I dispute a payment with my creditcard I can recover my money. Your crypto's will be lost in that case. Ask Steve Wozniak.
My creditcard is accepted everywhere, crypto's not.
My money keeps value, crypto's go up and down resulting in paying but not knowing what you will exactly pay.

Crypto is still in it's infancy stage. Give it some time for improvements. Hopefully it will gain more acceptance.

 

[Scataphagos]

Yes, tethered crypto. And yes, it's effectively the same as debit card. But the advantage is it could be transacted into other cryptos which debit card couldn't. There are many advantages in using cryptos like, money laundering, tax evasion, dark market, hiding wealth, avoiding government scrutiny, and so on.

Yes. That's the "value, worth and use" of cryptos at this time. We'll have to see whether or not it sticks... and if not, for how long.

 

[MrMuppet]

I agree in general with your posting, but this part is very incomplete, close to nonsense.

Companies can go public fo various reasons:

• because the founders can make more money from going public then from not going. He can take a big profit on the shares he sells and at the same time all the shares he still has are rated at the same price althought they were never sold.
  
• because there is no future growth possible, so going public at the optimal time when things look still very bright.
• because his growth cannot finance the investments needed to grow enough anymore.
  
• because they have to quickly take as much marketshare as possible before the competition arrives.

Equities have assets and liabilities, crypto's haven't, they only have thin air. Management can be taken to court, in crypto's there is nobody you can take to court.

There is a German company (Rocket internet, 33,000 employees) that had money and was scanning the market for startups. If there was a startup with an interesting idea, the Germans quickly started to build a similar company in other countries and sold it later with huge profits to the company taht coiuld not grow quickly enough to take the market. The Germans were specialized in webshops.
So growing quickly to take a strategic size in the market is very important, or somebody else could become rich from your idea.

PS: Rocket Internet. The company has been criticised for its "copycat" strategy of founding startups which replicate the business models of other established, successful companies.

If you read your own post, you'll notice that word "companies"
I'm not talking about companies, I'm talking about equities aka shares.

There are many companies out there that are pretty darn good but what about the "value" of their shares?
People always think that you can just calculate assets minus liabilities plus cashflow or use some different financial voodoo to figure out the value of a share.

But here is a fact: As long as you do not participate in the cash flow (aka dividends) the value of your shares equals the best bid in the market.

Good companies? Lots of them. Good companies with a good deal on their shares in the open market (cash flow participation+liquidity)? Probably just 5%.

The remaining 95% is just speculating and gambling and due to market infrastructure you're better of trading Cryptos than gambling in the stock market.

 

[themickey]

....The remaining 95% is just speculating and gambling and due to market infrastructure you're better of trading Cryptos than gambling in the stock market.

Please explain the logic of this. Me no comprehendo.

 

[schweiz]

The remaining 95% is just speculating and gambling and due to market infrastructure you're better of trading Cryptos than gambling in the stock market.

Nobody who bought bitcoins the last 12 months made money, they all lost. So 100% losers for all these buyers. I think stockmarkets looks better for the last year.

 

[rolando87]

My money keeps value, crypto's go up and down resulting in paying but not knowing what you will exactly pay.

Your money actually does not keep its value, it's value fluctuates daily small amount here and there. Take a look at USD index and tell me if the value stays the same.

Bitcoin will probably stabilize if it gets big enough as the volume exchanged in a single day in forex is still hundred or thousands of times more than what's exchangedein the crypto market.

Also we are currently thinking of btc in terms of usd, but if adoption becomes mainstream at some point in the future we may no longer think of the price in just usd but rather in btc. So you would say my networth is 1 btc rather than my networth is 6000 usd in btc.

 

[Illini Trader]

Ahhh, we all meet again --- friends in all the old familiar places (and arguments). It is matter of what statistics you want to quote. Go back 18 months or so and BTC is sitting on a 600% gain at the current price level.

Also there has been massive accumulation of BTC by institutions in the OTC market. Bitcoin ETFs are just around the corner and check out this recent Morgan Stanley report.

Bitcoin in not going away and it is not going to 6 cents, $6.00, $60.00 or $600.00. It is an asset gaining institutional acceptance so ya'all are just going to have to get over it. I am not talking about you @schweiz as I know you see BTC as something you can make some money on from time to time. I just see so much bashing from posters who give counsel without knowledge that ... well .... I found it too painful to pull my hair out so I just let it go.

 

[Baron]

No. Baron's primary thesis was/is that limited supply is the shit. And ignores that rhino turds {actual shit! }, which are in scarce supply seemingly everywhere except in Google Images , are simply sans market -- they are lacking. No demand -- no rational actor wants them at a price worthwhile to supply: Consumer Sovereignty 'reigns' again.

I'm not exactly sure why you keep misstating what I said in my prior post. I never said limited supply was the only factor. I never said that demand wasn't important. So once again, I'm going to repost what I said so you'll stop misquoting me:

"Limited supply is only one piece of the puzzle. A crypto must have an actual use in order the create the demand for the limited supply. Bitcoin's primary use is the buying and selling of drugs online. The reason why most of the other cryptos have failed to gain any traction is because they have no real-world use whatsoever."​

So your rhino turds example is comparable to a crypto with no use. There's no demand for either one. However, that is not the case for BTC, because IT DOES HAVE DEMAND. Demand alongside the limited supply is why it has gone from zero to the price it is today. So my point in this whole thread is that BTC is a cryptocurrency just like all the ones that aren't successful. So the thread starter shouldn't make a blanket statement saying ALL cryptos are worthless bullshit because it's just not true. We know that at least one of them has proven itself to be incredibly successful as a store of value, as a transferable currency, and as an investment.