Crypto $$$

[Citroënbender]

I’m wondering which will happen first - BTC goes to 4/5 of SFA or my Sparesbox order arrives.

[CyberWasp]

Has the dust settled yet......

[Citroënbender]

Surely this will push tangible assets up… It’s starting to “feel” like panic is overruling sense.

[zilo]

Ahhh...the pyramid is starting to wobble....

[Citroënbender]

For that matter - even privately held, undisplayed, artworks should sink to negligible value.

[fordomatic]

Originally Posted by zilo

Ahhh...the pyramid is starting to wobble....

Currently 30k for a Bitcoin, hardly a wobble. 2016 I bought them at $460AUD each, property has not even come close to those kind of returns in the last 6 years.

[CyberWasp]

[zilo]

Originally Posted by fordomatic

Currently 30k for a Bitcoin, hardly a wobble. 2016 I bought them at $460AUD each, property has not even come close to those kind of returns in the last 6 years.

So...bought at $460 and now at $30k.

Shouldn't you be on the Lamborghini forums instead of Ford Forums?

Everyone's a winner....

Where does the profit come from?

From new suckers who pay $30k for them...and an ever increasing number of new suckers needed to keep fuelling it.

Would love to hear from those that bought at $60k and now worth $30k..

[In Focus]

Feels a bit like Poseidon. There were some people who made a lot of money out of that, but there were also some who bought at the highest share price as well or held on too long...

https://www.managementstudyguide.com...ock-market.htm

Whatever you do, don't over-commit!

[sneaky]

Originally Posted by zilo

So...bought at $460 and now at $30k.

Shouldn't you be on the Lamborghini forums instead of Ford Forums?

Everyone's a winner....

Where does the profit come from?

From new suckers who pay $30k for them...and an ever increasing number of new suckers needed to keep fuelling it.

Would love to hear from those that bought at $60k and now worth $30k..

you called?

I jumped in when everything was near the peak and everyone had stories of being overnight millionaires.. but because I'm sensible or cheap I only threw in $300, took some small gains, and now my $300 is worth $50

meh, it was nice to dream but I was never going to be prepared to risk enough to gain big

[fordomatic]

Originally Posted by zilo

So...bought at $460 and now at $30k.

Shouldn't you be on the Lamborghini forums instead of Ford Forums?

Everyone's a winner....

Where does the profit come from?

From new suckers who pay $30k for them...and an ever increasing number of new suckers needed to keep fuelling it.

Would love to hear from those that bought at $60k and now worth $30k..

Well I like to think my P250 is a bit like a lambo and my G6E, that’s how I afforded them anyway.

My stories about Crypto are on this very thread if you care to read them. I sold most of mine 4 years ago and made a very tidy profit that I won’t go into.

My wife’s uncle bought 2500 when they were $1. He sold 90% of them when BTC hit $18,000. They paid a looooot of tax but they now own a 100 acre mansion on the beach in the mid north coast. They were middle income earners before this.

Crypto, like shares in my eyes is gambling. Put in what you can afford to lose. No one ever became rich without taking some sort of risk, how much risk is up to you.

Also, I’m not a huge Crypto die hard, it’s just one of my many investment strategies.

Originally Posted by sneaky

you called?

I jumped in when everything was near the peak and everyone had stories of being overnight millionaires.. but because I'm sensible or cheap I only threw in $300, took some small gains, and now my $300 is worth $50

meh, it was nice to dream but I was never going to be prepared to risk enough to gain big

It takes time, days of it happening overnight won’t happen. I waited 3 years for one of my coins to come back from a big fall of 97% of value. Cashed that coin out at 1400% profit. Swings and roundabouts.

Another coin i have a small amount in is down 96% on what I paid. I’ll just leave it there until it’s completely worthless.

Also, didn’t invest more than you could afford, if you lose that $300 you just chalk it up as experience.

[zilo]

How is bitcoin going now...



Bitcoin has now lost more than 70% of its value since reaching its peak. In 2021, Bitcoin peaked at more than $68,000.

Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble Saturday. Ethereum-backed ether is down 74%. Ether breached $1,000 and dropped almost 19% to $891, the lowest since January 2021. The two bellwethers of the crypto market are both down more than 70% from all-time highs set in early November.


Needs more new suckers..

[fordomatic]

Originally Posted by zilo

How is bitcoin going now...



Bitcoin has now lost more than 70% of its value since reaching its peak. In 2021, Bitcoin peaked at more than $68,000.

Ethereum, another widely followed cryptocurrency that has been sliding in recent weeks, took a similar tumble Saturday. Ethereum-backed ether is down 74%. Ether breached $1,000 and dropped almost 19% to $891, the lowest since January 2021. The two bellwethers of the crypto market are both down more than 70% from all-time highs set in early November.


Needs more new suckers..

Exactly the same value as when you posted the other day

[Polyal]

Originally Posted by fordomatic

Crypto, like shares in my eyes is gambling. Put in what you can afford to lose. No one ever became rich without taking some sort of risk, how much risk is up to you.

This, which IMO is the same as the greater share market.

Im dirty I didnt throw in some money to give it a go, but I didnt/dont have the time or care to make it happen so I cant begrudge those that have.

Its not different to going to the casino.

I have a strong distaste for crypto as its just not tangible, its like the trump of the finance world, and like any con it is propped up by speculation and hype. When poo hits the fan what have you got at the end? Perhaps its more the principle I dont like but if your goal is to make money with no boundaries then its hard to knock.

Meh

[Citroënbender]

Even the last two days, if you traded quickly there is good profit to be taken. Not sure the heavy falls have ceased but it’s definitely rebounded a little. Given popularity of Bitcoin on the darkweb, I think it will be around for a while…

[CyberWasp]

I fear the worst is still not over.
I think Bitcoin will end up somewhere around 13K at some point in the near future.
Even then i would still not be worried if I had of bought it at 60k.

The same cycle just keeps repeating over and over.
Guess where we are right now.

[DJR-351]

[zilo]

Originally Posted by CyberWasp

I fear the worst is still not over.
I think Bitcoin will end up somewhere around 13K at some point in the near future.

nah...I will go all in and say less than $1k

[hayseed]

Originally Posted by Citroënbender

Given popularity of Bitcoin on the darkweb, I think it will be around for a while…

Whilst I have no Dog in this Fight.. I'm inclined to agree!

Bitcoin will be the main (if not only) Crypto survivor. The rest are just true Ponzi Scams in My opinion..!

[Mulva]

Originally Posted by zilo

nah...I will go all in and say less than $1k

So short it then.

[CyberWasp]

Watching NRL or AFL all you see are the Crypto Exchanges advertising.
You no longer need a rocket science degree to buy and invest.
Yes it is a Bear Market and yes it will take a while to turn.
But when it does turn each cycle is bigger than the one before.
All of the rubbish / scam coins will be flushed away.
With the graphic I posted above we are probably not at the bottom of despair just yet, but that is where you want to be when buying.

[zilo]

It is an intangible currency, worse than FIAT, at least I can hold paper money even when it is worthless, not just a bunch of hexadecimal numbers.

I say again, it requires an ever increasing number of new entrants to increase or maintain it's value.
That is the pure definition of a Ponzi scheme.

[XB GS 351 Coupe]

Originally Posted by sneaky

you called?

I jumped in when everything was near the peak and everyone had stories of being overnight millionaires.. but because I'm sensible or cheap I only threw in $300, took some small gains, and now my $300 is worth $50

meh, it was nice to dream but I was never going to be prepared to risk enough to gain big

Just got to buy the right stuff, bough $100 worth of coins two days ago, worth over $1000 today, nice return for two clicks of the mouse literally.

Smart thing to do is hold on to what you have, prices are low now (let's call it a crypto sale ), buy $5 per day ($35 per week), I put in $100 a week instead of buying coffee or take away at work. Do some research, I made most money in the past few weeks where people lost most money.

I see so many buying high and selling low. I have a few I bought for $30 now worth $5, so I bought more at $5, and just sit back and wait, they are worth $10 now and I am even, if they go back to $30 (I am certain they will) I am up a fair bit.

USD dropped from $1 to $0.01, bought $100 worth as soon as it hit $0.01, jumped to 0.13 two days later instant $1300. Some luck and some good management.

[XB GS 351 Coupe]

Originally Posted by zilo

It is an intangible currency, worse than FIAT, at least I can hold paper money even when it is worthless, not just a bunch of hexadecimal numbers.

I say again, it requires an ever increasing number of new entrants to increase or maintain it's value.
That is the pure definition of a Ponzi scheme.

Unfortunately your FIAT currency has no inherent value, they are simply imaginary numbers on your banking app, much like crypto, the money does not actually exist.

If you buy a house, no money actually changes hands, it's simply numbers on your computer screen. if you go to the bank to draw out your money (assuming you have a reasonable amount in the bank) they will not actually be able to give you the money as they do not have it, it does. not exist. Try it, walk into your local branch and ask to withdraw $20,000 from your account.

The only value your money has is what we all agree it has and it gets worth less by the day. If you had 100K in the bank 12 month ago you could have bought 80,000 litres of petrol, today that money won't even buy you 50,000 litres, so your money is now worth less than it was 12 months ago, same scenario with your wages.

There is not enough money in Australia to pay out all the mortgages and outstanding loans ever.

Look at this scenarios, imagine there is $100 in the world, now I lend you $100, but I want $110 in return after interest. Where will the extra $10 come from that does not exist?? It's impossible to ever repay all debt unless we print more worthless money.

The reasons I have outlined above is why governments are pushing for a cashless society, makes it easier to deceive everyone and just write bigger numbers on ledgers as required.

[b0son]

Originally Posted by XB GS 351 Coupe

Look at this scenarios, imagine there is $100 in the world, now I lend you $100, but I want $110 in return after interest. Where will the extra $10 come from that does not exist?? It's impossible to ever repay all debt unless we print more worthless money.

Why shouldnt there be more money if there are more people and therefore more productive labour? If you didnt grow the money supply, eventually you'd be paying $50k for a Big Mac. Your savings would be getting decimated by inflation.

The reasons I have outlined above is why governments are pushing for a cashless society

Bring it on. Fed up with all the tradies not paying their way, go through life one cashie at a time.

[XB GS 351 Coupe]

Originally Posted by b0son

Why shouldnt there be more money if there are more people and therefore more productive labour? If you didnt grow the money supply, eventually you'd be paying $50k for a Big Mac. Your savings would be getting decimated by inflation.

Clearly you have never studied economics.

The exact opposite is true.

Why would a Big Mac cost 50K if there is only 20K on the planet? The only reason a Big Mac would increase in price is because more money is in circulation making money worth less.

Why do you think everything gets more and more expensive? Because we keep printing more money and the more money is in circulation the less it is worth and there for you have to hand over more of it to purchase the same thing.

More money in circulation is what drives inflation up.

If you have 10K in the bank and if the government creates more money your 10K is now worth less, which is exactly what is happening at the moment.

Labour government puts up wages for minimum wage workers, where does the extra money come from? As a result business owners have to put up prices to cover the extra wages (cup of coffee from $4.50 to $6) now is anyone actually better off?? Prices were driven up by increased wages, increased wages are now spend because everything costs more. Now that everything costs more your existing savings in the bank have less buying power than they did last week and we are back to square one. No one is actually better off, but some are worse off such as workers on fixed wages or businesses who need to absorb prices increases as their customers would leave if the prices went up more.

More money in circulation makes it less valuable, hence why rocks and dirt are cheap and gold and diamonds are expensive.

Originally Posted by b0son

Bring it on. Fed up with all the tradies not paying their way, go through life one cashie at a time.

So you would be happy not having cash?? So you don't mind not being able to pay for stuff when the internet or mobile service goes down?You are happy with the ability for government to turn off your money any time they feel like it (think Canadian truckers in the trucker protest who had their accounts frozen by their Government until they complied)? You are happy not being able to give your kids or grand kids some pocket money? etc etc the list is endless.

[GasoLane]

Can we now get back on topic and leave economics for another thread?

[b0son]

Originally Posted by XB GS 351 Coupe

Clearly you have never studied economics.

More a case of typing while on the phone to someone else and brain in lala land :P

Agree, its the opposite. But I'm curious what the benefit of a constantly deflating price is. At some point, we start paying fractions of a cent for things. At least with an increasing money supply, provided its tied to productivity, the prices of stuff stays relatively static. A deflating currency drives saving, it doesnt drive consumption. The latter is particularly bad for economies.

Stable value is one of the requirements of a currency. Its why crypto is purely of value to speculators, and has no real utility right now as a form of currency. How would the likes of Qantas negotiate aviation fuel contracts for the next 3 years if the currency was constantly changing?

So you would be happy not having cash??

I've used cash maybe 4-5 times in the last 3 years. You probably did the chicken little routine when they said they were phasing out fax machines too :P

Do you keep all your cash as cash? You wont go far on a few hundred if the government seize your accounts either.

[GasoLane]

Originally Posted by XB GS 351 Coupe

Just got to buy the right stuff, bough $100 worth of coins two days ago, worth over $1000 today, nice return for two clicks of the mouse literally.

Which one was that?

[XB GS 351 Coupe]

Originally Posted by GasoLane

Which one was that?

I you keep reading my post I tell you further down. USD.