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ContagiousInspiration
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PostPosted: Sun Jan 16, 2022 9:46 am    Post subject:

https://www.theguardian.com/technology/2022/jan/16/panic-as-kosovo-pulls-the-plug-on-its-energy-guzzling-bitcoin-miners

Panic as Kosovo pulls the plug on its energy-guzzling bitcoin miners

Speculators rush to sell off their kit as Balkan state announces a crypto clampdown to ease electricity crisis
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Omar Little
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PostPosted: Sun Jan 16, 2022 4:18 pm    Post subject:

I am open to the fact that I could be wrong, but something intangible and functionally worthless other than the fact that the next guy is willing to pay more for it (and even that is open to manipulation) feels an awful lot like a Ponzi scheme much like the 08 housing/derivative bubble.
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PostPosted: Sun Jan 16, 2022 4:30 pm    Post subject:

Omar Little wrote:
I am open to the fact that I could be wrong, but something intangible and functionally worthless other than the fact that the next guy is willing to pay more for it (and even that is open to manipulation) feels an awful lot like a Ponzi scheme much like the 08 housing/derivative bubble.


You're not wrong.
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leor_77
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PostPosted: Sat Jan 22, 2022 3:29 pm    Post subject:

Crashing the last few days - I'm not in Crypto at all, but I worry that Crypto margin calls, liquidations, etc. from these kinds of crashes will leak into the general stock market (I suspect that part of the market action last Friday was affected by it).
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LakerLanny
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PostPosted: Sat Jan 22, 2022 4:54 pm    Post subject:

Omar Little wrote:
I am open to the fact that I could be wrong, but something intangible and functionally worthless other than the fact that the next guy is willing to pay more for it (and even that is open to manipulation) feels an awful lot like a Ponzi scheme much like the 08 housing/derivative bubble.


As I have said before, it doesn't feel like a currency...more like a high risk investment with lots of deviation either way.

The odd thing to me is of course the business of these things is supposedly being a currency. But right now it is akin to gas mine speculation and other such "investments" from the past.
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tlim
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PostPosted: Mon Jan 24, 2022 7:14 pm    Post subject:

LakerLanny wrote:

As I have said before, it doesn't feel like a currency...more like a high risk investment with lots of deviation either way.

The odd thing to me is of course the business of these things is supposedly being a currency. But right now it is akin to gas mine speculation and other such "investments" from the past.


There's some value in attestations that are sharable in hashed secrets.
For bitcoin, the "commodity" and mining wanes as mining coins dry up. So trading of that bitcoin has to be injected, and to be believable. There has to be belief that the currency will always be usable (look at Brazil and how it changed currency to fix the hyperinflation problem). It's beginning to take hold especially from last year.

What do I see? Bitcoin, Ethereum, etc. has a lot of speculation and currency manipulation. This is what countries want to stop. The countries also want to enforce financial embargoes that happens now. The tooling isn't quite the same, and because of that, there are concerns about currency. There will be regulation around this, and people could either make a ton of money or lose their shirts once countries get fully involved to _centralize_ it.

What does that mean? KYC for account holders, contracts (ala Ethereum style) that can reverse transactions as well as nack them. At the same time, looking to ban usage of bitcoin from usage within their countries. (If they can force GDPR, they can enforce almost usage of acceptable coins unless the entity doesn't take in any fiat from any country. That would be really hard to do though.)

To me, all coins currently would be unacceptable until all that tooling is in place, and that know and can control who gets what money. Otherwise, Putin, Kim, and everyone else can affect monetary policy and fully ignore sanctions as they are basically invisible, except for physical goods, which would still be hard to track.

So a few things that are great for business, but really hard to replace fiat in general and tbh, it's really a ponzi scheme where energy usage exceeds that of many countries to mine, and to get consensus on each of the nodes.
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PostPosted: Wed Jan 26, 2022 9:01 pm    Post subject: Re: Cryptocurrency Thread

Ogrounder wrote:
buduan wrote:
iam wrote:
I am not a financial advisor. I'm a one-year old crypto baby. Anyone else in the crypto market?

First discussion topic: I've been in software industry for over 20+ years and investing in 3rd gen utility PoS blockchains feels a lot like investing in a programming language.

For example, ETH & ADA are comparable to the likes of .NET & Node.js

They each invented their own ecosystem and idioms for communities to develop with. Each crypto coin has its own vision; the coins with the communities that have the greatest amount of trust in the proposed visions go the furthest.

For mainstream use, consider how many programming languages are used everyday and at the end of the day they all just compile down to 1s and 0s. Java, C, C#, JavaScript, PHP, Python, GoLang. Imagine if you could monetize and invest in any one of these languages you'd be rich today. Doesn't even matter which one you pick, they were all used and were all successful and are all still successful.

Thoughts?


I just started buying into crypto in March of this year. I now hold:

BTC
ETH
AVX
Matic
Sandbox
Enjin
Solana
Chainlink
Polkadot
Decentraland

This is the most money I've made in a calendar year investing. Even more than the wild 2000-2001.

I'm addicted now. Hoping that Plan B is right with his stock to flow model. Though I think hitting $98k at the end of the month is looking pretty bleak.

What do you think about stock to flow model now when all the predictions made earlier failed? Your crypto portfolio seems great


When he nailed it 3 times in a row I was starting to get on board with it. Now? I don't know. Maybe his timing was off? Maybe FUD and manipulation killed it. Or the leveraged longs screwed it up. Or it could have just run its course. Maybe a combination of all of the above.

Your guess is as good as mine.

I'm still DCA'ing into all of these projects. I think the future is blockchain and there is no way around it. Get on board or get left behind.

Even with the recent plunge I am still in the green because I didn't FOMO into anything. I bought each of those coins early and added in weekly. Some great discounts out there right now.
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PostPosted: Thu May 12, 2022 2:05 pm    Post subject:

Hows everyone doing?
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LakerLanny
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PostPosted: Thu May 12, 2022 4:50 pm    Post subject:

If you have any funds in CoinBase, I would advise getting it out of there.
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Omar Little
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PostPosted: Thu May 12, 2022 6:23 pm    Post subject:

Fundamentally, something cannot be a volatile, non tangible investment vehicle AND a currency.
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PostPosted: Thu May 12, 2022 6:24 pm    Post subject:

LakerLanny wrote:
If you have any funds in CoinBase, I would advise getting it out of there.


Good advice. It’s deja vu, I escaped Mt. Gox back in 2014 by getting funds out to Coinbase just before Gox stopped all transfers and went under. Coinbase was one of the earliest exchanges that allowed conversion to fiat — I got out of crypto that year, converted 198 BTCs but saved one last BTC in case this crypto thing ever took off. Never got back in.

Not surprised that Coinbase could also go by way of Mt Gox. The more things change, the more they stay the same.
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PostPosted: Mon Jun 13, 2022 3:51 pm    Post subject:

What happens to the arena name if Crypto.com can't pay?
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leor_77
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PostPosted: Mon Jun 13, 2022 7:31 pm    Post subject:

Aphex Twin wrote:
What happens to the arena name if Crypto.com can't pay?


Yeah - All these crypto sponsorships - Stadiums, teams, etc. When Staples got the new name, the first thing I wondered was what would happen if BTC crashed from $60,000 to $3,000.
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paymonM
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PostPosted: Sat Jun 18, 2022 12:44 pm    Post subject:

if you have to get your stock tips from the likes of Kim Kardashian and NBA players, you have no business to be in the market, and you deserve to lose all your money.

https://www.yahoo.com/finance/news/t...110016650.html
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lakersken80
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PostPosted: Sat Jun 18, 2022 12:58 pm    Post subject:

leor_77 wrote:
Aphex Twin wrote:
What happens to the arena name if Crypto.com can't pay?


Yeah - All these crypto sponsorships - Stadiums, teams, etc. When Staples got the new name, the first thing I wondered was what would happen if BTC crashed from $60,000 to $3,000.


Guessing they will just call it LA Arena before a new company buys the naming rights?
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Omar Little
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PostPosted: Sat Jun 18, 2022 2:12 pm    Post subject:

I just hope they didn’t get paid in crypto
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paymonM
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PostPosted: Sat Jun 18, 2022 7:25 pm    Post subject:

another example of this FO's short sightedness
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32
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PostPosted: Sat Jun 18, 2022 8:24 pm    Post subject:

paymonM wrote:
another example of this FO's short sightedness


I don't think the Lakers have any say in naming rights. The building is owned by AEG.
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PostPosted: Sat Jun 18, 2022 10:07 pm    Post subject:

32 wrote:
paymonM wrote:
another example of this FO's short sightedness


I don't think the Lakers have any say in naming rights. The building is owned by AEG.


I'd think they'd want the Lakers approval since they are the main tenants.

For instance, I don't think the Lakers would want to play at pornhub.com Arena.
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lakersken80
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PostPosted: Sat Jun 18, 2022 10:19 pm    Post subject:

LongBeachPoly wrote:
32 wrote:
paymonM wrote:
another example of this FO's short sightedness


I don't think the Lakers have any say in naming rights. The building is owned by AEG.


I'd think they'd want the Lakers approval since they are the main tenants.

For instance, I don't think the Lakers would want to play at pornhub.com Arena.


If I remember the NBA has a say in it as well. Remember BangBros proposed to sponsor the Miami Heat Arena a while back and the NBA said no.
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PostPosted: Sun Aug 28, 2022 12:13 pm    Post subject:

leor_77 wrote:
Aphex Twin wrote:
What happens to the arena name if Crypto.com can't pay?


Yeah - All these crypto sponsorships - Stadiums, teams, etc. When Staples got the new name, the first thing I wondered was what would happen if BTC crashed from $60,000 to $3,000 while I stake Sol at P2P.

I guess these companies have accumulated tons of cash during the previous bullrun.
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PostPosted: Thu Sep 01, 2022 10:57 am    Post subject:

https://cointelegraph.com/news/crypto-com-backs-out-of-495m-sponsorship-deal-with-uefa-champions-league-report
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PostPosted: Wed Nov 09, 2022 9:49 am    Post subject:

Crypto.com going to be Crypto.com for long?
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lakersken80
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PostPosted: Wed Nov 09, 2022 9:57 am    Post subject:

Aphex Twin wrote:
Crypto.com going to be Crypto.com for long?


You talking about this news?
https://coingape.com/crypto-com-suspends-withdrawals-deposits-on-solana-chain/

I suspect crypto is going to be in trouble if the economy keeps going this way.
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PostPosted: Wed Nov 09, 2022 10:18 am    Post subject:

I've put so much into learning and getting used to calling it Crypto.com that I don't want to have to get used to a new arena name so quickly again.
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