Official Cryptocurrency Thread

[revo]

Anyone buying crypto? Man, the Coinbase app/site is a total mess. Hard to believe they're the gold standard for crypto. I find it so difficult to compare the hundreds of cryptos they have on there, look at performance and charting info, etc. Too bad there's nothing else out there. Paypal/Venmo are shitty as well.

ETA - I just discovered "Coinbase Pro" which is a much more in-depth trading platform. Maybe this is more my speed.

[revo]

Bought "Shiba Inu" coin last week because I saw it shot up like 100% and then dropped 80%. Didn't realize it was the newest "meme" darling. Sold it yesterday for a 350% gain in 10 days.

[chancellor]

Bought "Shiba Inu" coin last week because I saw it shot up like 100% and then dropped 80%. Didn't realize it was the newest "meme" darling. Sold it yesterday for a 350% gain in 10 days.

Nice!

[revo]

I'm thinking the best strategy for crypto, besides throwing shit up against the wall to see if it sticks, is to just buy:
a) the meme darlings, try to get in before your grandmother starts talking to you about it, go for a nice ride, then jump off
b) any crypto that gets gut punched and loses 15%-30%, then buy, then watch it rise after a week or two, then jump off

[Gregg]

I'm thinking the best strategy for crypto, besides throwing shit up against the wall to see if it sticks, is to just buy:
a) the meme darlings, try to get in before your grandmother starts talking to you about it, go for a nice ride, then jump off
b) any crypto that gets gut punched and loses 15%-30%, then buy, then watch it rise after a week or two, then jump off

I haven't checked it recently. My friend told me told be about jumping on Bitcoin about 2-3 months ago. I believe it was 24-26K to buy one. He told me two weeks ago it was $78k.

He claims it should be up to $100k by Jan. and then take a hard hit. Depending on how hard it falls it might be a good time to jump in after significant drop off.

[revo]

I haven't checked it recently. My friend told me told be about jumping on Bitcoin about 2-3 months ago. I believe it was 24-26K to buy one. He told me two weeks ago it was $78k.

He claims it should be up to $100k by Jan. and then take a hard hit. Depending on how hard it falls it might be a good time to jump in after significant drop off.

It dropped to about $29k at its low, and rebounded to $64k.

Many crypto analysts do believe it's on its way to 6 figures, but when? who knows.

[madducks]

A New York couple has been arrested and charged with conspiring to launder $4.5 billion in stolen cryptocurrency funds. Law enforcement officials have seized $3.6 billion of those funds in what US Deputy Attorney General Lisa Monaco called "the department's largest financial seizure ever."

https://www.cnn.com/2022/02/08/inves...ing/index.html

[Sour Masher]

That is a story that keeps getting crazier. I'm glad they got caught and that some folks will be made whole.

So, did anyone ever jump in to any significant degree and make any money off of this stuff? There were many times early on that I almost did, but it was too much of a hassle, and I had moral reservations about bitcoin, because of its environmental impact. I just finally bought a tiny bit of the four cryptos paypal offers, simply because they make it so easy to do that in the smallest amounts--you can invest pennies if you want. I am currently up 19% on my super small investments. I feel like a hypocrite owning bitcoin. I bought Litecoin first, because its environmental impact is minuscule in comparison, so got a little buzzed and caved and bought a tiny bit of each based on the hunch that a bounce was coming. I feel dirty though, so will probably sell it all now and take my ill-gotten profits and buy a Switch game for my boys and call it a win, because I can say I came out ahead in the crypto market.

[Bene Futuis]

I mean, I assume by now we are all seeing that crypto is pretty much a pyramid/Ponzi scheme, right? The most recent rash of fraudulent crytpo schemes only further reinforces this, imo.

[Sour Masher]

I mean, I assume by now we are all seeing that crypto is pretty much a pyramid/Ponzi scheme, right? The most recent rash of fraudulent crytpo schemes only further reinforces this, imo.

To me, that has been obvious from the start, which kept me out of it until I got buzzed the other night and dipped a toe in briefly. But huge fortunes have been made while my ethics has kept me on the sidelines. Blockchain has real utility and I do think it will continue to evolve to be a game changer, but yeah, it is still very much in the shady phase. The most infuriating thing to me about bitcoin specifically is the needless environmental impact built into it. Other coins have much, much smaller footprints, so even though they are shady, I don't really care much. People can speculate on tulips as long as it doesn't melt Antarctica.

[umjewman]

I mean, I assume by now we are all seeing that crypto is pretty much a pyramid/Ponzi scheme, right? The most recent rash of fraudulent crytpo schemes only further reinforces this, imo.

Maybe, but SOME people get rich on pyramid/Ponzi schemes. And, I'M going to be one of them!

[Bene Futuis]

To me, that has been obvious from the start, which kept me out of it until I got buzzed the other night and dipped a toe in briefly. But huge fortunes have been made while my ethics has kept me on the sidelines. Blockchain has real utility and I do think it will continue to evolve to be a game changer, but yeah, it is still very much in the shady phase. The most infuriating thing to me about bitcoin specifically is the needless environmental impact built into it. Other coins have much, much smaller footprints, so even though they are shady, I don't really care much. People can speculate on tulips as long as it doesn't melt Antarctica.

It's actually not a Ponzi scheme, exactly. It's more like the era of "wildcat banking" in the 1800s. One guess how that turned out for the regular Joe.

[revo]

Sad!


The MAGA-themed “Let’s Go Brandon” Ethereum cryptocurrency has fallen on tough times.

So much so that the value of all 330 trillion coins totals just a few thousand dollars combined, according to the trading sites CoinMarketCap and Crypto, a far cry from the days of pro-Trump investors believing they could strike it rich in the ever-complex world of crypto.

That represents a 99.5 percent decline over the last 30 days, leaving a singular LGB coin effectively worthless.

https://www.thedailybeast.com/lets-go-brandon-crypto-coin-turns-into-total-dumpster-fire

[DMT]

Sad!


The MAGA-themed “Let’s Go Brandon” Ethereum cryptocurrency has fallen on tough times.

So much so that the value of all 330 trillion coins totals just a few thousand dollars combined, according to the trading sites CoinMarketCap and Crypto, a far cry from the days of pro-Trump investors believing they could strike it rich in the ever-complex world of crypto.

That represents a 99.5 percent decline over the last 30 days, leaving a singular LGB coin effectively worthless.
https://www.thedailybeast.com/lets-g...-dumpster-fire

Going broke to own the Libs.

[Bene Futuis]

Putin was attempting to use cryptocurrency to bypass sanctions but the US just shut down a bunch of crytpo networks he was using, according to FBI Chief. Elizabeth Warren just proposed a bill that would essentially force crytpo companies to choose between doing business with the US or with sanctioned companies and would impose secondary sanctions on foreign crytpo exchanges who deal with rogue nations like Russia. Other rogue countries like North Korea have been using crytpocurrency to sidestep sanctions for years now.

Winds of change a blowin' regarding the wild, wild west of crytpocurrency.