The hilarity that is the Crypto.com payout

[Law of One]

When Robinhood started putting out ads targeting millennials and making crypto look like an easy way to make money, the writing was on the wall. Bitcoin may never hit those marks again, but you’re not any safer with the stock market. We’re probably all fucked.

 

[GrantB13]

When Robinhood started putting out ads targeting millennials and making crypto look like an easy way to make money, the writing was on the wall. Bitcoin may never hit those marks again, but you’re not any safer with the stock market. We’re probably all fucked.

No guarantees on anything, but the stock market has decades of track record. Investing in indexes is probably the safest "guaranteed" way of building wealth because they aren't depending on one asset to determine price. Bitcoin is more akin to an individual stock as there's no broad crypto index to invest in (and they almost all just follow Bitcoin anyway). Something like stock market investing isn't going to get most people driving Ferrari's when they're 25. For every rich 25 year old there is on investments there are a 100,000 who aren't. The problem is that the grindset hustle mentality basically focuses on that kind of outcome. There's a reason there's a lot of old people driving the nice cars the young kids want. It's because they put in the years of work and financial intelligence to get to the point where they can do those things.

 

[LostMyBlackBelt]

This is the shit people paid over $100k each for NFTs of, people are idiots. You can pump and dump almost anything these days.

 

[GrantB13]

This is the shit people paid over $100k each for NFTs of, people are idiots. You can pump and dump almost anything these days.

WOAH HOW'D YOU GET THOSE? ARE YOU THAT RICH? I know you can't download those without paying for them.

 

[MT5]

When Robinhood started putting out ads targeting millennials and making crypto look like an easy way to make money, the writing was on the wall. Bitcoin may never hit those marks again, but you’re not any safer with the stock market. We’re probably all fucked.

My index funds are down about 22% from an all time high. That's not great but really isn't that big a deal. Bitcoin is down like 70%.
Stocks also have a 500 year history of existence. Returns have varied wildly in that time but they are a proven financial product in regards to their robust legal and economic structure.
Computerized currency not tied to a sovereign is a completely new concept that may or may not continue to exist.

Bitcoin is also still up a gazillion percent since it started, even woth the massive drop. Had I bought heavily when I first started making fun of it I would be a multi millionaire now.

So you can decide whether I'm dumb or smart but in either case bitcoin and the stock market are very different risks.

Aside: if bitcoin is to become a safe haven store-of-value currency (which is the argument most pro bitcoiners fall back on in my experience) it frankly needs to stop going up as much as it has. Wildly fluctuating assets are bad stores of value. In other words for bitcoin to be what it bills itself as it cannot act like it has and needs to be calm and boring.

Signed Dr. Sherbro Pierpont Morgan

 

[flairleguccijoints]

Want to make a bet that microstrategy going to reap crazy gains in the next 2 years?

Yeah you hope, as you don’t have a clue how bad it’s performing. Good luck as the economy craters, debt comes due, and people move to more secure government debt and away from rug pull crypto crap.

“MicroStrategy shares collapsed nearly 40% this month “



“Shares of MicroStrategy, which at one point skyrocketed 800% to $1,030 during the pandemic, have plunged 79% since bitcoin's high in November, and fell another 6% Wednesday morning to $175.”

“The company, which started buying cryptocurrency for its balance sheet in August 2020, says it now holds approximately 129,699 bitcoins, purchased for nearly $4 billion, or an average price of $30,664 per coin—implying the firm's investment has yielded a roughly 33% loss thus far.”
https://www.forbes.com/sites/jonath...crypto-markets-lost-900-billion-in-value/amp/

 

[CerebralKnievel]

Noob, btc and crypto will bounce back. Now is the time.

I'm waiting for around 12-15k before I bother dumping another few thousand in. Downward trajectory on all markets and I think stocks easily have another 15-20% to go (that's just looking at momentum and trends- obviously it could be far more). Crypto probably falls another 20-25% within the next month or two.

That said, what do I know?

 

[flairleguccijoints]

I said it could get down to $8000 weeks ago, what do you know, it’s Volume Profile Visible Range based on trading activity is predicted to get down to $8K-$10, and unlike the 2017 drop and recovery , retail and institutions don’t have the speculative investment cash and are more risk averse putting money into it, hence don’t expect the same ol bounce.

 

[NoSmilez]

I hope it tanks more. I want to get back in. I don't believe it is the end all or be all but I knew a few people that bought it when it tanked. Crypto goes through a lot of cycles. People who have been in it for a long time are the definition of that first time hanging noose meme.

 

[Hypetrainofthemonth]

For all we know it could be relatively locked in. Bitcoin exploded when everyone was getting into it and it crashed right after very heavily. The S&P has 65 years of consistent upwards direction with only a few major dips. BTC has already had 2 50% drops in a year and a half. Plus, crypto is based on literally nothing. Can't buy groceries with it, can't buy gas with it, can't pay your mortgage with it, can't pay your taxes with it (excluding all niche exceptions). I don't even know if it has potential in the future but if it does now definitely isn't the time.

uh, that's because the government/companies want it like that and refused to adjust, yet a country(El Salvador) that (used to?) Use fiat money literally turned to Bitcoin for literally all the things you said you can't do with it.

Not saying it was a good, or bad idea, but to say that is your reasoning to why it is useless(it isn't, considering paper money would be the same, especially off the gold standard, now, there isnt a set stablish asset is backed by)

Like 75% of people who invest in Bitcoin don't know the idea of what's behind it, just followed the trend, that number skyrockets to like 98% who didn't invest, don't like Bitcoin, or actively tried to short/have something to lose against the popularity of Bitcoin/crypto.

Now NFT's? That is the TRUE definition of uselessness, and ponzi scheme backed idea. Dumbest idea I've seen, yet, riding the "everything crypto" wave, people took the bait. Again, like Bitcoin, but even more so, because Bitcoin DOES have some commodity value, if you were in the VERY beginning of NFT's you could fool/scam people into making life changing money.... Until people finally realized the scam that NFT's are.


Bitcoins principal ideas are actually not that bad, it's just putting into practice was always going to be an mountainous uphill battle because 1. Boomers, and older people, especially ones in power, cannot wrap their head around to what Bitcoin is. & 2. There was already an established fiat that has been in use for... Well forever.

So of course Bitcoin while good on paper, had near nil chance of true success.

 

[vivi]

Years ago I had some money to play with, was considering investing in Bitcoin when it was dirt cheap but decided to invest in a law firm on the ASX instead as it had a proven track record. Got fucked royally when it was revealed they were lying to investors. Serves me right for investing in fucking lawyers but hey I was young and dumb.

Nowadays I can totally see why people may want to invest in assets that challenge the traditional institutions, whether those assets will work in the long run though is another matter.

 

[HeffDoesWant]

Like most things, it made a lot of people millionaires (if you bought it at the beginning).
Now it is much like a gamble. THose who can throw money at it , do.
but the vast majority would put in just a little bit, not make much of anything and leave, because they can't keep up with the fluctuations...

It made alot of millionaires, but vastly more people poorer. Overall its been a net loss.

Crypto is still yet to make anything really useful, I truly believe some day it will but we haven't seen it yet.

 

[kenetics]

Yeah you hope, as you don’t have a clue how bad it’s performing. Good luck as the economy craters, debt comes due, and people move to more secure government debt and away from rug pull crypto crap.

“MicroStrategy shares collapsed nearly 40% this month “



“Shares of MicroStrategy, which at one point skyrocketed 800% to $1,030 during the pandemic, have plunged 79% since bitcoin's high in November, and fell another 6% Wednesday morning to $175.”

“The company, which started buying cryptocurrency for its balance sheet in August 2020, says it now holds approximately 129,699 bitcoins, purchased for nearly $4 billion, or an average price of $30,664 per coin—implying the firm's investment has yielded a roughly 33% loss thus far.”
https://www.forbes.com/sites/jonath...crypto-markets-lost-900-billion-in-value/amp/

I definitely have clue. Been in crypto for a longg time. When you have conviction like micro strategy which is suing the SEC for not approving a spot bitcoin ETF but allow future ETF.. They will reap the reward for buying when people got scared .

The head of the SEC (Gary )has already said Bitcoin is a commodity, not so much for the rest of the altcoins which will be labeled as a security.

By the end of 2024 Bitcoin will be over 100k , especially because of the halving in 2024.

I'm willing to win another AV bet when it comes to Bitcoin lol.

 

[Sweater of AV]

The crypto bonuses are odd. Rose winning one was pretty funny. @SG123 had a breakdown and I had to talk him down from the ledge.

 

[El Fernas]

They will have more 30k bonus this weekend, would the winner hodl or sell those? that if they actually get the 30k worth of BTC (i guess BTC), instead of just being mentioned but they getting those 30k in USD instead.

 

[Steve Fox]

I would never thought that I would see a buy signal on Sherdog.

 

[Shaddows]

It made alot of millionaires, but vastly more people poorer. Overall its been a net loss.

Crypto is still yet to make anything really useful, I truly believe some day it will but we haven't seen it yet.

Hehehe the amount of money in the world did not increase because of Crypto. So in order to make some millionaires, others had to become poorer... just natural order of things.
I do agree currency will fundamentally change in the future, and IMHO the concept of Crypto was an beginning.
And somewhat expected if you think about it.

But I don't think it will change the world order as some expect.

 

[Kenny95]

No guarantees on anything, but the stock market has decades of track record. Investing in indexes is probably the safest "guaranteed" way of building wealth because they aren't depending on one asset to determine price. Bitcoin is more akin to an individual stock as there's no broad crypto index to invest in (and they almost all just follow Bitcoin anyway). Something like stock market investing isn't going to get most people driving Ferrari's when they're 25. For every rich 25 year old there is on investments there are a 100,000 who aren't. The problem is that the grindset hustle mentality basically focuses on that kind of outcome. There's a reason there's a lot of old people driving the nice cars the young kids want. It's because they put in the years of work and financial intelligence to get to the point where they can do those things.

More like a century long track record and it's price is heavily related to company earnings, hence PE ratios. It's astounding how ignorant some of these crypto "you'll never get rich in the stock market" Bros are about investments. Meanwhile I lose 4-7% every single time I buy bitcoin temporarily to sports bet, it's just so volatile. Like buy 2k USD to spend in 24 hours and wake up and it's 1900.

Crypto is OK and all but there's nothing backing it and no earnings, just some dudes with a computer turned on spending 15 cents on electricity to transfer some funds. In fact, I forget the term, but I read the price of bitcoin was set by the cost to mine, and obviously the total quantity of bitcoin. When Crypto was plummeting they said the current projected cost of bitcoin was like 20k so miners were losing money and the price should go back up or at least not go down any more. Well to me, if your moners are losing money, that's a slippery slope to ZERO and bitcoin is gone forever, if everyone panic sold.

 

[HeffDoesWant]

Hehehe the amount of money in the world did not increase because of Crypto. So in order to make some millionaires, others had to become poorer... just natural order of things.
I do agree currency will fundamentally change in the future, and IMHO the concept of Crypto was an beginning.
And somewhat expected if you think about it.

But I don't think it will change the world order as some expect.

No invention creates more money but some create efficiencies that can result in a net gain.

Crypto has used an insane amount of energy to create nothing of any real use. I'd feel different if the energy was used in research or something but it is really just using energy for the sake of it.

 

[nately]

No invention creates more money but some create efficiencies that can result in a net gain.

Crypto has used an insane amount of energy to create nothing of any real use. I'd feel different if the energy was used in research or something but it is really just using energy for the sake of it.

Bitcoin uses less than half the energy of banks.

Stop repeating Talmudic talking points without independently verifying things.