FabSwingers.com forum: Crypto chat

By *am_Rides OP Man
over a year ago

county

Anyone here in / Following the madness in the crypto market.

Reply privately

Reply in forum

Reply +quote

By *ivemeagosoMan
over a year ago

Tallaght/Naas

All I can say is

OUCH

Reply privately

Reply in forum

Reply +quote

By *unsoundMan
over a year ago

Ennis

Just don't sell and if you have spare money buy some

the world if going mad anyways with the USA, Ukraine, Russia conflict Europe but usually everything recovers so don't sell don't lose money and wait patiently one day you might be rich if you aren't already

Reply privately

Reply in forum

Reply +quote

By *ubal1Man
over a year ago

Newry Down

Frankly, it's much too complex for me to get to grips with; and there are repeated warnings from various poluce forces about scammers targeting the naive, like myself.

Ideally, if one could develop a crypto product now, that would come to fruition in 5-10 years, rather than being at the whim of others would be more satisfactory!

Reply privately

Reply in forum

Reply +quote

By *ilthyNightsCouple
over a year ago

East / North, Cork

I watch from a distance. I wouldn't be putting money into it

Reply privately

Reply in forum

Reply +quote

By *ursecretmischiefCouple
over a year ago

The West

It's amazing how ponzi scheme's keep working, generation after generation!

Reply privately

Reply in forum

Reply +quote

By *ilthyNightsCouple
over a year ago

East / North, Cork

Bitcoin isnt a ponzi scheme. Its a (crappy) currency and (questionable) investment vehicle.

It's possible that a bitcoin exchange can be a ponzi scheme, but so can a marketplace for any investment or currency.

Reply privately

Reply in forum

Reply +quote

By *ursecretmischiefCouple
over a year ago

The West

"Bitcoin isnt a ponzi scheme. Its a (crappy) currency and (questionable) investment vehicle.

It's possible that a bitcoin exchange can be a ponzi scheme, but so can a marketplace for any investment or currency.

When all these celebs and sports stars are getting paid to pump it by bad actors, you're getting into Ponzi territory.

It's also failing in all the areas it was pumped as being strong in.

Reply privately

Reply in forum

Reply +quote

By *ursecretmischiefCouple
over a year ago

The West

"Bitcoin isnt a ponzi scheme. Its a (crappy) currency and (questionable) investment vehicle.

It's possible that a bitcoin exchange can be a ponzi scheme, but so can a marketplace for any investment or currency.

Yes, the exchanges are without doubt ponzi scheme's. They in turn have driven the ridiculous price and are the ones dumping it now!

Reply privately

Reply in forum

Reply +quote

By *ubal1Man
over a year ago

Newry Down

The crypto-currencies are not Ponzi pyramid schemes, per se: they are each trying to establish themselves as legitimate alternative currencies, to conventional currencies such as the US dollar and £ sterling that are used to facilitate trade and commerce worldwide. There is confidence in these financial instruments.

A Ponzi scheme is a scam that is ultimately a fraud that is unsustainable because it requires the introduction of new investors by those already in the scam, such as the Madoff scam. New investors provide returns to those further up the pyramid.

The Ponzi scam was based on Italian postal coupons.

Bitcoin is already reasonably well accepted as a currency of value; its image has been badly tarnished because it is used to launder dirty money, especially money from smuggling, drugs and prostitution.

The Ponzi coupons were valueless ultimately because it was a pyramid scheme, that was bound to collapse when the government ended the difference in value of the coupons.

Bitcoin may fluctuate in value, but it is extremely unlikely to ever become valueless.

Other cryptocurrencies may falter because they will not become an accepted international instrument in which brokers can have confidence.

However, I would not be investing in any emerging cryptocurrency because I do not have sufficient expertise or clairvoyance to know which will ultimately succeed.

Reply privately

Reply in forum

Reply +quote

By *rakesterlingMan
over a year ago

Dublin

Just buy Rubles

Unless someone pulls Nuclear Fusion out of their arse real quick we're all going down the Mad Max and the Thunder dome route

Reply privately

Reply in forum

Reply +quote

By *am_Rides OP Man
over a year ago

county

Yup, Buy low Sell High.

A very basic rule

Reply privately

Reply in forum

Reply +quote

By *am_Rides OP Man
over a year ago

county

That's a debatable view. Crypto isn't exactly a ponzi scheme, rather a very dangerous machine of transferring wealth from the naive to the ones that knows what they're a doing in the market.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"Bitcoin isnt a ponzi scheme. Its a (crappy) currency and (questionable) investment vehicle.

It's possible that a bitcoin exchange can be a ponzi scheme, but so can a marketplace for any investment or currency.

I just don’t get it! Investment in what? At least with shares you are getting a portion of a company. With gold, it’s there! Currencies seem to be relative to each other, apart from banana republics! But Bitcoin!! I know it’s computer based and it’s created from nothing, is that right?

Even with the Tulip bubble you got a flower in spring!!

Reply privately

Reply in forum

Reply +quote

By *ilthyNightsCouple
over a year ago

East / North, Cork

"That's a debatable view. Crypto isn't exactly a ponzi scheme, rather a very dangerous machine of transferring wealth from the naive to the ones that knows what they're a doing in the market."

Nobody knows what they are doing in crypto. It's no better than gambling.

Reply privately

Reply in forum

Reply +quote

By *ilthyNightsCouple
over a year ago

East / North, Cork

"Bitcoin isnt a ponzi scheme. Its a (crappy) currency and (questionable) investment vehicle.

It's possible that a bitcoin exchange can be a ponzi scheme, but so can a marketplace for any investment or currency.

Even with the Tulip bubble you got a flower in spring!!"

Well yeah you've raised good points. The value is based on scarcity. Forgetting modern industrial uses for a sec, Gold has value because its scarce. Same with diamonds. Same with bitcoin. They are hard to mine and have an increasing level of difficulty, and will eventually run out. Supply and demand. Low supply and high demand = price increase

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"That's a debatable view. Crypto isn't exactly a ponzi scheme, rather a very dangerous machine of transferring wealth from the naive to the ones that knows what they're a doing in the market.

Nobody knows what they are doing in crypto. It's no better than gambling."

Hey, speak for yourself I'm learning every day and not doing too bad. Littles wins add up in the long run

Reply privately

Reply in forum

Reply +quote

By *aucyladMan
over a year ago

Dublin

Gambling in a form of disguise. Cloaked in mystery and shrowded in secrecy. It doesn't help that so plenty of laundering occurs via the mechanism that is crypto. In time it may become more established if it can work out a way of actively being used correctly but until then it's just another way of gambling your money.

Reply privately

Reply in forum

Reply +quote

By *ursecretmischiefCouple
over a year ago

The West

"That's a debatable view. Crypto isn't exactly a ponzi scheme, rather a very dangerous machine of transferring wealth from the naive to the ones that knows what they're a doing in the market."

Maybe not Ponzi in the true sense of the word. But the bad actors that surround crypto put it in the Ponzi department for me. It's a constant pump and dump!

Celebs and sports stars who know absolutley nothing about it, getting paid by large institutional investors and financial houses to pump it and drawn in naive investors at the bottom.

Reply privately

Reply in forum

Reply +quote

By *ubal1Man
over a year ago

Newry Down

Currency traders in the formal banking system have the expertise, experience and spare capital to speculate in cryptos;

The real winners are those who devise these new financial instruments, get backing to launch and establish them; and then exit at an opportune time.

By the time the small speculator learns of this so-called opportunity, the really cute hoods have moved on.

The key in Cryptos and other risky investments is avoidance of overexposure and having a balanced portfolio, in order that one can afford a hit without being wiped out.

Reply privately

Reply in forum

Reply +quote

By *hyeyesMan
over a year ago

meath

The Irish banks don't class crypto as an asset

They view it as a form of gambling

Says it all really ....

Reply privately

Reply in forum

Reply +quote

By *ubal1Man
over a year ago

Newry Down

"The Irish banks don't class crypto as an asset

They view it as a form of gambling

Says it all really ...."

Any established system in which the public has faith or confidence will deride criticise and undermine any potential competitor, especially an alternative system that is unregulated and is used by sinister elements in the black or grey economies to transfer their ill-gotten gains, especially from narcotics smuggling and retailing.

Reply privately

Reply in forum

Reply +quote

By *ilverfox74Man
over a year ago

dublin offaly

It’s after getting a battering alright. No point in selling now. It’s a long term investment. To the moon lol.

Some will jump quick and money can be made. Right place right time.

Most is for the long haul. IMO.

Like most don’t invest what you can’t afford to loose.

Reply privately

Reply in forum

Reply +quote

By *ilthyNightsCouple
over a year ago

East / North, Cork

"The Irish banks don't class crypto as an asset

They view it as a form of gambling

Says it all really ...."

They are correct. Those countries who have adopted it as a currency are fucking bonkers.

Reply privately

Reply in forum

Reply +quote

By *easingTimMan
over a year ago

Loughlinstown

"The Irish banks don't class crypto as an asset

They view it as a form of gambling

Says it all really ....

They are correct. Those countries who have adopted it as a currency are fucking bonkers."

------

All well and good saying that but when you work hard for your money and an extra trillion euros or dollars can be printed in a few seconds, which dilutes the purchasing power of that 10 euro in your pocket, your currency inevitably becomes worth less

or (in the case of Venezuela, Zimbabwe or Weimar Republic) completely worthless

A sound, transparent and decentralised money system with minimumal transactional fees is obviously not going to be liked by Irish Banks, centralised banking system or even Governments for that matter but if done properly, could be a step forward towards a fair exchange of value and a sound monetary system.

Interesting days ahead

Reply privately

Reply in forum

Reply +quote

By *ubal1Man
over a year ago

Newry Down

Eventually, a couple of crypto-currencies will be accepted as legitimate, stable and reliable: one will be Bitcoin, and one other.

The rest, small-fry in comparison with Bitcoin, will disappear without trace, bringing down a lot of small investors and users with them.

As Andrew Carnegie once famously said, "The first man gets the oyster, the second man gets the shell"

A principle that is universally applicable!

Reply privately

Reply in forum

Reply +quote

By *easingTimMan
over a year ago

Loughlinstown

"Eventually, a couple of crypto-currencies will be accepted as legitimate, stable and reliable: one will be Bitcoin, and one other.

The rest, small-fry in comparison with Bitcoin, will disappear without trace, bringing down a lot of small investors and users with them.

As Andrew Carnegie once famously said, "The first man gets the oyster, the second man gets the shell"

A principle that is universally applicable!"

--------

Agreed..

A digital currency is inevitable as let's face it, people are using cash less and less already so they've more or less adapted the principles of using a digitised crypto currency to exchange for goods and services

so only a matter of time before one or a few cryptos get acknowledged as a legitimate form of exchange...

Good Carnegie quote

Reply privately

Reply in forum

Reply +quote

By *ubal1Man
over a year ago

Newry Down

Both Dale Carnegie and Andrew Carnegie made some excellent quotes during their productive lives.

Reply privately

Reply in forum

Reply +quote

By *ilthyNightsCouple
over a year ago

East / North, Cork

"The Irish banks don't class crypto as an asset

They view it as a form of gambling

Says it all really ....

They are correct. Those countries who have adopted it as a currency are fucking bonkers.

------

or (in the case of Venezuela, Zimbabwe or Weimar Republic) completely worthless

Interesting days ahead

It's a scary thought. A tweet by Elon Musk could effect the price of a pint of milk from day to day... plus it takes a minimum of 10mins (and up to 6+ hours) to confirm that you actually paid for the milk. In business of everyday life, bitcoin is a nightmare to deal with for ordinary-people payments.

Reply privately

Reply in forum

Reply +quote

By *hyeyesMan
over a year ago

meath

Lol , Elon Musk says one good thing followed by 5 stupid things

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"The Irish banks don't class crypto as an asset

They view it as a form of gambling

Says it all really ...."

Pity the Irish banks didn’t consider themselves gamblers when they were at the property roulette….

Reply privately

Reply in forum

Reply +quote

By *picy2Couple
over a year ago

essex

I here anyone holding wluna on Coinbase are not getting anything

Reply privately

Reply in forum

Reply +quote

Post new Message to Thread