Crypto Currency Mining a Giant Pyramid Scheme?

[Sanwizard]

I'm looking for a much bigger drop but I don't see it coming anytime soon.

Unless oil hits $100+ ; I think that could send the market down 10% , maybe more

Oh it will come. Printed money is floating this economy. Once the printing stops, then its a race to the lifeboats. Please put in stop loss orders on all your stocks to lock in any profits.

 

[BMcL]

Oh it will come. Printed money is floating this economy. Once the printing stops, then its a race to the lifeboats. Please put in stop loss orders on all your stocks to lock in any profits.

I sold NAIL at $123 about 10 days ago. I'm 100% in cash, just watchin' and lookin' for the next thing.
You know why so many people don't have money until they get fairly old ? It takes a lot of failures to learn how to get it right.
I've made most of mine in the last 3 years. I stay out of the market most of the time, and usually only buy when there's been a selloff.
And not being greedy; selling is important. You never have a profit until you sell and it's in the bank.

 

[chrisski]

They cannot print more Bitcoin, and DeFi is moving fast.

What is crypto mining if not printing more money?

 

[Sanwizard]

What is crypto mining if not printing more money?

There will only ever be 21 million Bitcoins. Its built that way on purpose. Mining gets twice as hard every few years also. So if digital currency becomes the next gold, consider how much Gold would be worth if only 21 tons are available on earth.
Etherium is the currency of DeFi, and Cardano will be the currency of NFT.
Digital currency is where the internet was in 1980.

 

[BMcL]

There will only ever be 21 million Bitcoins. Its built that way on purpose. Mining gets twice as hard every few years also. So if digital currency becomes the next gold, consider how much Gold would be worth if only 21 tons are available on earth.
Etherium is the currency of DeFi, and Cardano will be the currency of NFT.
Digital currency is where the internet was in 1980.

The biggest plus I see in crypto is it's portable as long as you don't lose your encryption key.
Let's say Taiwan is invaded and thousands of wealthy Taiwanese flee. The only way you can move a lot of money is crypto.
A similar situation happened in the early 80's when Russia invaded Afghanistan.
People in the middle east were very scared and drove up the price of gold over 100% in a few days.

 

[Sanwizard]

The biggest plus I see in crypto is it's portable as long as you don't lose your encryption key.
Let's say Taiwan is invaded and thousands of wealthy Taiwanese flee. The only way you can move a lot of money is crypto.
A similar situation happened in the early 80's when Russia invaded Afghanistan.
People in the middle east were very scared and drove up the price of gold over 100% in a few days.

Same in south America. Its one of the only investments that cannot be controlled by agent states or the world bank(yet), but just lime Gold and Silver, it is already manipulated by whales, so not for the faint hearted. The dollar is loosing over 7% per year in inflation, so you need at least that to just stay even. There are not many liquid investments that can do that, but so far, crypto has been a superior asset in the portfolio.

 

[BMcL]

The economy is going to take a downturn, maybe soon. Self-inflicted

 

[BMcL]

Bitcoin Jumps On News Google Is Entering Crypto Space​

Zerohedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[Sanwizard]

Bitcoin Jumps On News Google Is Entering Crypto Space​

Zerohedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

Yeah. I know that some major hedge funds are also getting into decentralized Finance (DeFi) in a big way. Example is Pyth.network
As I said earlier, Crypto is in the 1980's version of the internet at this point. Its a wild west startup. There are billions to be made and lost. An example is Solana. That went from nothing to $130. Very fast. My kid just made 300k in a day with NFT's. Weird world we are living in.

 

[BMcL]

Yeah. I know that some major hedge funds are also getting into decentralized Finance (DeFi) in a big way. Example is Pyth.network
As I said earlier, Crypto is in the 1980's version of the internet at this point. Its a wild west startup. There are billions to be made and lost. An example is Solana. That went from nothing to $130. Very fast. My kid just made 300k in a day with NFT's. Weird world we are living in.

You should hand that kid 50k to manage for you. Sounds like he's smart as a whip LOL

 

[Sanwizard]

You should hand that kid 50k to manage for you. Sounds like he's smart as a whip LOL

Thanks. He is. Me, not so much.

 

[BMcL]

Biden Administration To Regulate Bitcoin As A Matter Of National Security: Report​

https://www.nasdaq.com/articles/biden-administration-to-regulate-bitcoin-as-a-matter-of-national-security%3A-report

 

[stienman]

Oh good. Another executive order to be used as a political football.

 

[Sanwizard]

Oh good. Another executive order to be used as a political football.

In other words, they dont want crypto to be an alternative to their own digital currency.

 

[stankaprogram]

Mining is the extraction of digital currency using special equipment. In the language of blockchain engineers, mining is the attachment of blocks in which information about transactions is stored. As a result, they form a continuous and consistent chain - the blockchain. In a way, it is a pyramid of information, if that's what you mean. This whole system is easier to understand when you read technical information. So if you want to understand it, https://fbs.com/trading/platforms/meta-trader-5 can help you. A couple of years ago, I didn't understand these aspects either. Still, after researching the literature, I understand how it all works.

 

[Sanwizard]

It seems to me that this is a pyramid scheme, which looks just like a fine-tuned mechanism rather than some kind of scam to make money. Although I could be wrong, it is better to know the opinions of professionals.

The real scheme is paper fiat currency, which under this admin is now losing value at 10%. Not sure if thats per month or per year yet. Once we took the dollar off the gold standard, its just paper.
They cannot print Bitcoin.

 

[NwCali]

The real scheme is paper fiat currency, which under this admin is now losing value at 10%. Not sure if thats per month or per year yet. Once we took the dollar off the gold standard, its just paper.
They cannot print Bitcoin.

While I agree it is just paper the "gold standard" was also flawed. Those who owned gold mines were then super rich.

I always thought it needed replacing with something else, say a gallon of water that meets a certain standard (drinking standard would work). If you could have always bought that gallon for say $.50 then everything else would fall in line. The problem (because of politicians) with that is 1/3 of the US lives in water poor areas (namely the West half). Water will ALWAYS have value, and I live in a place that gets 90"inches of rain in California's driest years on record.

The greatest social injustice was taking us off the Gold standard and not putting something with moral value in its place.

I have no sympathy for anyone loosing bitcoin value, was a ponzi scheme day one.

 

[Sanwizard]

While I agree it is just paper the "gold standard" was also flawed. Those who owned gold mines were then super rich.

I always thought it needed replacing with something else, say a gallon of water that meets a certain standard (drinking standard would work). If you could have always bought that gallon for say $.50 then everything else would fall in line. The problem (because of politicians) with that is 1/3 of the US lives in water poor areas (namely the West half). Water will ALWAYS have value, and I live in a place that gets 90"inches of rain in California's driest years on record.

The greatest social injustice was taking us off the Gold standard and not putting something with moral value in its place.

I have no sympathy for anyone loosing bitcoin value, was a ponzi scheme day one.

Wait. Its an early technology, and smart contracts will be automating most transactions via blockchain soon. Bitcoin will become the new digital gold. There is currently no other investment where you can make 10-50% on you money in one day. I am still up about 900%, even though it has dropped 80%. I bought a house with Ethereum. I agree crypto is manipulated though, but so is Silver, Gold, real estate, stocks, and currencies. Soros is one of the masters of currency manipulation.

 

[NwCali]

Wait. Its an early technology, and smart contracts will be automating most transactions via blockchain soon. Bitcoin will become the new digital gold. There is currently no other investment where you can make 10-50% on you money in one day. I am still up about 900%, even though it has dropped 80%. I bought a house with Ethereum. I agree crypto is manipulated though, but so is Silver, Gold, real estate, stocks, and currencies. Soros is one of the masters of currency manipulation.

Other than skipping over using my view of using a real world valued obtainable resource (water) as the "gold" standard your post just say "give me money for nothing" all over it.

Congrats on getting others to give you "money" for the perception of real value, we've been doing it a awhile now. As it said, that was, is, the real social injustice.

Money is the belief your time is worth xxxx amounts of time from another human being. Let that sink in.

 

[Sanwizard]

Other than skipping over using my view of using a real world valued obtainable resource (water) as the "gold" standard your post just say "give me money for nothing" all over it.

Congrats on getting others to give you "money" for the perception of real value, we've been doing it a awhile now. As it said, that was, is, the real social injustice.

Money is the belief your time is worth xxxx amounts of time from another human being. Let that sink in.

Yup, if it all collapses, food, water, shelter, ammo, and skills will be the new money.