Viewing a single comment thread. View all comments

lcbomber t1_j6et1e1 wrote

Reply to comment by ForgetTheWords in TIFU by buying too much crypto by Colinian18

You answered your own question. Markets go up and down, best time to sell is when it’s high, best to buy is when it’s low. A.k.a. now.

12

vrythngvrywhr t1_j6ewd9q wrote

You're 100%. Markets bounce.

Scams... Not so much.

43

copyboy1 t1_j6fdiae wrote

Pyramid schemes don’t tend to rebound.

16

VolkClawtooth t1_j6gnki9 wrote

More like Ponzi schemes ..cryptocurrency is hinged on new buyers spending big and tanks every time someone wanders off with a big selliff

19

lcbomber t1_j6ex3pw wrote

I don’t have time to explain math to your dense skull. Go do some research, learn about it, then see if you still think it’s a scam.

−39

vrythngvrywhr t1_j6exibg wrote

I understand math. The block chain is an incredible invention without a current use. That's being picked up by every scam and con artist this side of a shit coin.

Trying to pick the one that's going to be worth something is like trying to find the Amazon in a sea of Pets.com.

Encouraging people who are so idiotic they'd dump everything into SaveTheKids going into fees and a negative bank account so they can #MOON is tantamount to theft.

14

dreadpiratew t1_j6f70bp wrote

Stocks are as much a pyramid scheme as crypto. It’s all just a popularity contest. Profits don’t matter unless they make you more popular. Losses don’t matter unless they make you less popular.

−9

vrythngvrywhr t1_j6f7af4 wrote

Actual partial ownership of a company with assets, and profit recognized by law vs actual partial recognition of ownership of numerical bits of a mathematical chain serving no purpose.

Sure thing buckaroo.

12

dreadpiratew t1_j6f7jjz wrote

Your “ownership” means nothing unless you are buying a significant portion and voting, contributing to company decisions. It’s really no different than crypto, seriously think about it.

−14

aussie_nub t1_j6f8o8y wrote

If the company is liquidated, it has actual assets to sell. Bitcoin does not. You're 100% guaranteed a return of $0 when they tank but a company sells up all their assets and then pays out creditors in a particular order. Shares are usually last, but at least there's a reasonable chance you'll get something in return, even if it's only a fraction.

11

dreadpiratew t1_j6f9hgu wrote

It’s still just a popularity contest - stocks and Bitcoin. If they are popular, they go up. Your “share” in a company is really no different than your fraction of Bitcoin. It’s just some mystical thing.

And technically, If you look at history, it’s more likely that your stock will go to $0 than Bitcoin.

−9

aussie_nub t1_j6f9ys3 wrote

>And technically, If you look at history

Companies have been around for hundreds of years, bitcoin is just over a single decade.

3

vrythngvrywhr t1_j6f80io wrote

You're right. If the company goes tits up I'm like seventh in line to be paid.

If crypto goes tits up there isn't a line to get money back.

6

magnificentmemer t1_j6gkmsd wrote

Ownership means nothing unless you're directly registered. If you own shares in a brokerage, you don't have true ownership of the company.

Fun fact of the day.

Overall I agree with your point though.

3

lcbomber t1_j6ey6bv wrote

Lol, one that’s going to be worth something? You’re saying that as they all become “worth something” right now. Bitcoin, ETH, Matic, BNB, so many more, all up 10’s, 100’s of percent from inception. Because people are using them.

−15

vrythngvrywhr t1_j6eyi06 wrote

Enron was worth billions and regarded as the best investment because they couldn't lose money.

Until that whole bankruptcy and prison thing.

Pets.com was worth money before the bubble burst.

Good luck and good day bud. Hopefully you don't wind up homeless working behind the dumpster at your local Wendy's.

14

lcbomber t1_j6ez6t8 wrote

Your pessimism and closed-mindedness are laughable. Stay happy out there fam 🙏🏻

−13

SignedTheMonolith t1_j6f322x wrote

Crypto won’t work because government needs tangible wealth to tax, not some block chain priority.

8

lcbomber t1_j6f3mej wrote

Not sure I follow, because Colorado already started accepting Bitcoin for tax payments, so that’s gotta be possible. Plus the blockchain ledger can tell them exactly what’s happened in someone’s account, more transparent than cash. Gov could collect and hodl the bitcoin or sell it off when it’s sent to them.

0

stormdelta t1_j6jh6ya wrote

As someone who lives in Colorado, no they didn't.

They made a partnership with PayPal where you give PayPal a % fee to exchange your cryptocurrency for actual USD, which PayPal then gives to the government. At no point is the government actually accepting Bitcoin as part of that process.

> Plus the blockchain ledger can tell them exactly what’s happened in someone’s account, more transparent than cash.

Complete lack of privacy isn't a positive for most people.

1

lcbomber t1_j6jyawy wrote

Good info, thank you for that, kind local!

And on your point of privacy, I do agree, and so do others, which is why more privacy focused blockchains like Monero exist. Just some food for thought, not trying to shill XMR, I’ve honestly never had any or tried to get any yet. But it’s out there.

1

magnificentmemer t1_j6gkv14 wrote

I hope one of these morons down voting you remembers your comment, one day.

−5

lcbomber t1_j6gpvrr wrote

I feel bad for most people with such a closed mind, but a lot of people make it hard to feel bad for them at the same time :/

1

AnotherDempsey t1_j6fodte wrote

If they're all up so much, how are you only breaking even? 🧐

6

Popatteri t1_j6hvayb wrote

I did my research and crypto is greater fool theory.

4

deco19 t1_j6hba5b wrote

No, the scam is up. Government crackdown on this medium for psychopathic conmen to extract money off people who don't know better is on. The last pillars holding this scam up are under criminal investigation. It's only a matter of time in this evil manipulated market.

Do not take financial advice from this NFT flashing gambling addict.

15

Chasethemac t1_j6huujm wrote

Who hurt you lol

−6

deco19 t1_j6ii2tv wrote

No one. I hate scammers. Seems like a normal thing to hate, no?

3

Chasethemac t1_j6ims83 wrote

The government is the biggest scammer I'm aware of.

0

deco19 t1_j6koy6p wrote

Ah yes, let's replace government with psychopaths that have unfettered control and access to the most lucrative scams with little effort to have ever existed. Even if government was what you say it is, it is nothing in comparison to the widespread daily rug pull of someone's life savings in useless crypto coins. You have to be delusional to believe otherwise.

3

Chasethemac t1_j6kr2al wrote

Squidcoin get you did it?

1

deco19 t1_j6ks19w wrote

What jibberish is this. There is no "value" in crypto. The perceived "rush to value" over things like Bitcoin is a desperate last attempt after other crypto was revealed to be a full blown scam.

2

Chasethemac t1_j6kxt1y wrote

Bitcoin working as intended for over a decade has nothing to do with its "value", I'm sure.

1

deco19 t1_j6kztef wrote

"working as intended" yeh... I mean it's totally failed as a currency, store of value, etc. Attempts in large scale to adopt it failed. It is technically hindered by a terrible transaction speed.

The goalposts just keep moving with people like you.

2

Chasethemac t1_j6lg760 wrote

You're just speaking so many opinions you've heard and projecting them onto me while emotionally shitting yourself over here.

Bitcoin, the network, has been running as intended for a decade.

What you don't like is human nature and technological progress. I'm sure in our short time as a civilization, we nailed it. The global monetary system couldn't possibly be improved.

The internet is just a fad.

1

deco19 t1_j6lo71t wrote

Ah yes verifiable on chain stuff, "working as intended", is an opinion. Lol. Human nature is the inevitability to nullify any supposed pros like decentralisation, lack of manipulation, etc. Technological advancement is what I'm primarily invested in, and blockchain ain't it.

If I told you 40 years ago we could use immutable public databases to solve the same problems you'd call me insane, and rightly so. This is just that with extra steps.

The global monetary system is being constantly iterated on. It's not perfect, but it sure as hell isn't being as manipulated for excessive greed as much as crypto or bitcoin has been. Tether is your life blood, full of scammers and backed by trash. What a sorry state to be in. Even sorrier considering you think your idea here is the answer.

And there we go, the link to the internet. The internet was giving average people value however. Allowing them to send instant messages. Now your average person naively gets into crypto with promises of great riches, loses their hard wallet and recovery key and their life savings in the process. What a great innovation and something we clearly need right now. Lmao. Get help for gambling.

2

Chasethemac t1_j6mj13s wrote

Working as intended is not an opinion.

You think the crypto space has more scams and influence of greed than traditional finance markets. Get real.

You've got it all figured out. Peak Brain. Congratulations.

1

lcbomber t1_j6j95ky wrote

Apparently my colorful profile pic? I gambled a whole 0 dollars and my reddit profile on it so

1

ForgetTheWords t1_j6ethjc wrote

I think the best time to buy is when it's low but you expect it to get high again.

4

lcbomber t1_j6eubf8 wrote

Understandable. So it’s already low, you must just not be expecting it to come back up, which is fair. I, however, do for a variety of reasons :) and I’m willing to wait and see what happens.

I’m young, I’ve got time to be wrong. But if I’m right, I’ll have time to golf.

−4

barsoapguy t1_j6igldt wrote

Ah so sad ,you’ll waste so much money in your life being sold on “the next big thing” in the hopes of a jackpot.

5

iCeColdCash t1_j6k4a0o wrote

Crypto isn't real. It's only purpose is to create ponzi schemes.

1