Crypto $$$

[XB GS 351 Coupe]

Originally Posted by Citroënbender

From a news article today:

Saw this on the news the other day, they raided some drug dealers house and the news reported that they confiscated Crypto currency.

Not sure how they can do that though, it's not like the coins/tokens are laying around his house. He must have somehow given them access to his crypto wallets, which I doubt. Even if he did what would they do with it? May be they just confiscated his computers thinking that's where it is.

I mean no one can access my crypto accounts (I have two) unless they have my log in and passwords. It's not like the money is even held in Australia.

Might just be more government propaganda.

[aussiblue]

I don't think he's wrong:

‘Not my job to be a crypto cheerleader’: ASIC boss warns on risky, volatile cryptocurrency investments

By Simone Fox Koob
August 23, 2022 — 4.00pm

The head of the corporate watchdog says his job is to protect consumers and not be a “crypto cheerleader” as he warns against investing in what he describes as highly volatile, inherently risky assets such as bitcoin.

A day after the federal government announced it would increase its regulatory focus on cryptocurrencies, Australian Securities and Investments Commission chair Joseph Longo said one of the regulator’s key priorities was to warn consumers about the risks involved with the crypto investment space.
ASIC chair Joseph Longo said cryptocurrency had captured the imagination particularly of young people.

ASIC chair Joseph Longo said cryptocurrency had captured the imagination particularly of young people.Credit:Tash Sorensen

“My job is to be frank with the Australian people,” he said. Cryptocurrency investment “is a highly risky and highly volatile activity and you should be really careful before you do it”, he told a Committee for Economic Development of Australia lunch in Melbourne on Tuesday. “Regulation is coming, and that will help.”

“It’s not my job to be a crypto cheerleader; my job is to protect consumers and administer the law,” Longo said. He noted there were lawful and beneficial uses of blockchain technology, but those should not be confused with bitcoin and other cryptocurrency investments.

ASIC research found that 44 per cent of investors they surveyed held cryptocurrencies. A quarter of participants said crypto was their only investment.

Longo said crypto had been a “financial innovation full of promise, celebrity status and volatility” which had skyrocketed in popularity with younger people due to promises of high returns and slick advertising. In recent months, he said, the value of crypto assets had dropped by about $US2 trillion ($2.9 trillion).

“I think crypto has captured the imagination, particularly for the younger generation who see crypto in almost ideological terms as a method of investing that’s away from authority and government control, and they see that as an attraction.”

On Monday, the federal government announced Australia would become the first country to chart the number, type and underlying code of available cryptocurrencies. It will “token map” the Australian crypto asset sector as a first step towards fresh regulation in the area, which the tax office estimates more than one million people have “interacted” with since 2018.

The industry has been calling on the government to introduce legislation to reduce the risk for investors and turn crypto into an established, safer asset class. The former Liberal government developed draft reforms last year which regulators and Treasury are assessing and implementing.

Longo said it would be very hard to regulate cryptocurrency due to its complexity.
Related Article
Australia will undertake the world’s first “token mapping” of the crypto sector, ahead of possible regulatory reforms of cryptocurrencies like Bitcoin and Dogecoin.
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How Australia plans to protect crypto investors from themselves

“I think we are a long way from having global consensus on what to do about crypto,” he said.

“We will have to design a framework that suits us, that works within our existing legal and regulatory arrangements.”

Longo’s comments came as ASIC outlined its priorities for the medium term. These include work around cryptocurrency, cracking down on scams, and grappling with issues around greenwashing and sustainable finance.

Longo said while ASIC aimed to disrupt scammers’ operations, it “feels like a game of cat and mouse to pursue scammers and try to get ahead of the increasingly sophisticated techniques they use”.

“They’ll always be with us. We’re always going to have fraud in our society, and awful people doing terrible things. What’s changed, I think, is what we call digitally enabled fraud,” he said.

“The technology has turbocharged this activity and it’s crossed borders now.”

There was no one solution, he said.

“It’s like a form of pollution. There’s no easy answer to it.”

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[ford71V8]

Netflix has a doco about Gerald Cotten which was a decent watch.

Its called Trust No One: The Hunt for the Crypto King.

[hayseed]

With Crypto Currency been a hot news item Lately.. !!

Just curious on Peoples views..??

[CyberWasp]

I still don't think the bottom is in yet, so still waiting on the side line.
When the bear market started it was said that many would crash and burn and only the best will survive. That is what we are seeing at the moment.

[zilo]

Originally Posted by hayseed

With Crypto Currency been a hot news item Lately.. !!

Just curious on Peoples views..??

sure..it is a Ponzi pyramid scheme...and it's toppling...

[XB GS 351 Coupe]

Originally Posted by hayseed

With Crypto Currency been a hot news item Lately.. !!

Just curious on Peoples views..??

Have not noticed it in the news.

My personal view is hold on to your coins and keep buying small amounts weekly. Crypto is currently on sale, you can get Solana for under A$20 at the moment. It will be up to $100-300 before too long once the market picks up again. Been buying some every week.

Most people make the mistake of buying when everything is running hot and selling when not, great way to lose your $$

Buy when cheap sell when high.

[zilo]

Originally Posted by XB GS 351 Coupe

Have not noticed it in the news.

Oh wow...just WOW...

[Citroënbender]

Twelve month return on Bitcoin remains quite good, stronger than gold.

[b0son]

Originally Posted by Citroënbender

Twelve month return on Bitcoin remains quite good, stronger than gold.

The 18mth return is a different story. Bitcoin looks either good or bad depending on what your preferred arbitrary timeframe is.

[Citroënbender]

Have just divested a small holding of Ripple, this made me 12.7% (after fees) over about 15 months. Price is going a bit silly for it right now, felt comfortable to sell rather than hang on and see it plunge. #hindsight

[CJR09]

Originally Posted by Citroënbender

Have just divested a small holding of Ripple, this made me 12.7% (after fees) over about 15 months. Price is going a bit silly for it right now, felt comfortable to sell rather than hang on and see it plunge. #hindsight

my hold needs to get to 2.4 to come good...





I see they have finally had some good news re the SEC inquiry - the banks may finally start using it...

[Citroënbender]

Commiserations, sounds like the position I’m in with Ethereum.

[Citroënbender]

Huge rally on Bitcoin at the present, I’m almost in the black on my less-well-chosen purchases.

[data_mine]

expect (much) more once the US SEC approves spot ETFs.

[prktkljokr]

Originally Posted by Citroënbender

Huge rally on Bitcoin at the present, I’m almost in the black on my less-well-chosen purchases.

My $hit coins are looking better, still under what they were before the last crash, still in front though.

Seems to be a long waiting game this time

[Citroënbender]

Barely two weeks since my comment below; have now cleared all net losses and modestly in the black. Still below equivalent bank interest for the holding period, though.

Originally Posted by Citroënbender

Huge rally on Bitcoin at the present, I’m almost in the black on my less-well-chosen purchases.

[Citroënbender]

Markets are really going off again. Looking to bail on Ethereum if this run makes it to $AUD4800 - my other poorly timed purchase after Ripple.

[data_mine]

US SEC just approved Bitcoin ETFs

so that's why.

[Jack91]

The logical part of me says ripple is the one to go for at the moment. But the last year of consistently being in the red says otherwise. I am close to putting more into it though. Dont know why, just feels like it has promise, whether they win or not.

[CJR09]

Originally Posted by Jack91

The logical part of me says ripple is the one to go for at the moment. But the last year of consistently being in the red says otherwise. I am close to putting more into it though. Dont know why, just feels like it has promise, whether they win or not.

It 'should' be the better choice out there as it serves the most practical purpose in a financial sense - the problem it has is the token is not tethered to the tech and the physical use of it - it is governed by the release of xrp stock much like a traditional fiat currency, the only difference being that there is supposedly a finite supply

either way will be interesting to see where it ends up - I have effectively written my holding off so will HODL till the bitter end if need be

[MITCHAY]

The SEC decision on ETFs will certainly help crypto along but I can't see that making it that much less volatile. Unless more people buy in the but I guess we will see.

[Citroënbender]

The market is approaching my original purchase price for the small amount of Ethereum I’m holding. Tempted to bail and cop a loss approximately equal to compounded term deposit interest over the period, of about 8,6%. A number of the more bullishly themed recent web articles on its price, seem to be projecting a whole lot against pretty vague scenarios.

[data_mine]

wall st. is on board with BTC, there's billions of $* inflowing into BTC, but the rest of the market swells with it.


* I haven't read the article, but the headline said something like $6B in the past day alone.

[XB GS 351 Coupe]

Originally Posted by Citroënbender

The market is approaching my original purchase price for the small amount of Ethereum I’m holding. Tempted to bail and cop a loss approximately equal to compounded term deposit interest over the period, of about 8,6%.

The run up is only just starting.

Already my bitcoin has more that doubled up around 110%

Lucky I bought into some Super Verse a few weeks ago up 850% on my original investment, wishing I bought a bit more now.

Lucky I got into Solana today up 900%

Not blowing my own horn but here was my prediction for Solana.

Originally Posted by XB GS 351 Coupe

Crypto is currently on sale, you can get Solana for under A$20 at the moment. It will be up to $100-300 before too long once the market picks up again. Been buying some every week.

Here is ponzi scheme expert Zilo's response.

Originally Posted by zilo

Oh wow...just WOW...

Solana A$179.82 today as I type this and it's only just getting started.

I bet old Zilo wished he bought some when I stocked up at $20 a coin a few months ago.

[XB GS 351 Coupe]

Originally Posted by Jack91

The logical part of me says ripple is the one to go for at the moment. But the last year of consistently being in the red says otherwise. I am close to putting more into it though. Dont know why, just feels like it has promise, whether they win or not.

Buy when low sell when high.

People who do their money generally buy when the hype is on, which can be very tempting, when everyone is talking about a coin and people are panic buying it's a great time to sell.

You have not lost any money or made any money till you sell and have locked in your loss or your profit.

[Citroënbender]

I’ve liquidated my Ethereum stake today, have done modestly better than bank interest on a large term deposit over the holding period, so no regrets. It appeared to be getting overbought the last few days and I expect a “reset” of it soon. Might buy back in, then.

[XB GS 351 Coupe]

Originally Posted by Citroënbender

I’ve liquidated my Ethereum stake today, have done modestly better than bank interest on a large term deposit over the holding period, so no regrets. It appeared to be getting overbought the last few days and I expect a “reset” of it soon. Might buy back in, then.

Not a bad time, should have probably waited a bit longer it's cooking at the moment.

I am thinking of selling some crypto tonight. Some is up well over 1000%,

Planning to sell about 20% of my holdings which would give me 100% profit on my total investment (double my money back) and I would still retain 80% of my portfolio.

Debating taking 30% for a 200% return on investment.

Will it keep going or will it reset?

I hate gambling, I bought bitcoin at 20K now up over 90K, and I am getting nervous.

I think take profits and then buy it all back when it resents and play with 'free' money.

[data_mine]

hey if you can take a profit and still have something left, you can't lose at any time in the future even if it all goes to zero you're still in front.

[Citroënbender]

Yes, I got out of Ethereum at about 10% below its present level. I’ve locked in profit, happy with that. Not buying more Bitcoin yet and too busy to play short term markets with necessary oversight. Only regret is not putting in a hundred times my stake.