The hilarity that is the Crypto.com payout

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Crypto is just another way for the rich to hide their assets and to do shady dealing. 99% of the crypto dick suckers couldn't explain the technology or how any of it works if you paid them. The common person who puts any significant amount of money into crypto is just an idiot at this point.

https://web3isgoinggreat.com/

 

[Black0ut]

It’s a form of gambling and sites like Crypto.com are just their to influence “regular Joe” to throw $$ in to crypto and get rich quick…… which is not happening lol.

just like any investments, the entire thing is riddled with schemes.

rather put my $$$ in tax free savings account or under my mattress.

 

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[DanAndroid]

remember back when bitcoin was supposed to be a currency replacement lol

 

[DC23]

I wonder how much Crypto.com paid the UFC for the 10 year contract. (Think it was 10 years anyway?)

UFC must be laughing their heads off.

 

[GrantB13]

It’s a form of gambling and sites like Crypto.com are just their to influence “regular Joe” to throw $$ in to crypto and get rich quick…… which is not happening lol.

just like any investments, the entire thing is riddled with schemes.

rather put my $$$ in tax free savings account or under my mattress.

And guess what you have to pay Crypto.com in order to buy crypto? MONEY! Lol.

But, as far as the standard savings account and mattress technique go, nah. Put it in an S&P index fund, contribute at a regular interval, and watch it grow. I don't know your age, but if you're not close to retirement this is the best tried and true method and practically a bare minimum people should be doing. Things like individual stocks and crypto are for money AFTER getting the basics down. Nobody should ever be day/swing/crypto trading with money they plan on retiring with alone.

 

[Karl_Hungus]

Bitcoin is a joke that will go to zero eventually. Just like the Tulip hysteria, this fad will eventually fade to black. You can tell a market top is in when everyone and the shoeshine boy is talking about their market picking prowess.

I wonder how much Crypto.com paid the UFC for the 10 year contract. (Think it was 10 years anyway?)

UFC must be laughing their heads off.

Except, those crypto fuckers are probably laughing, because they paid in shitcoins.

 

[VaselineSweep]

1 BTC is still worth 1 BTC noob OP, how many dollars can you get for one BTC? Okay then.

 

[Portland8242]

I backed out of my position about ~4 months ago on a recommendation from my financial adviser.

He kept on hammering it to me to not treat this like a stock and to be ready to get out on a moment's notice. Everyone always gets too caught up in HODL'ing and finding the perfect exit point and that is the wrong way to treat crypto. I made about 28% ROI when all was said and done and was perfectly content with it. To all of you out there who 5x-10x'ed their money in crypto, all praise to you.

 

[PPVpoints]

Hope you guys hedged the stock market crash by owning GME. SPY down 20% the last 3 months, VTI down 21% over the last 3 months, while GME is up 48% over the last 3 months. Not to mention the hedgies never closed their original short position.

 

[PPVpoints]

I backed out of my position about ~4 months ago on a recommendation from my financial adviser.

He kept on hammering it to me to not treat this like a stock and to be ready to get out on a moment's notice. Everyone always gets too caught up in HODL'ing and finding the perfect exit point and that is the wrong way to treat crypto. I made about 28% ROI when all was said and done and was perfectly content with it. To all of you out there who 5x-10x'ed their money in crypto, all praise to you.

Financial advisor? LMAO, you just told us you a sucker without actually telling us. Financial advisors are shit. You need a fiduciary, who is legally bound to work in your best interest. How much does your financial advisor charge you in fees? You'd be better off with ETFs from the low fee brokers (some at 0% commission fee, with most around .4% commission fee), and just manage yourself.

 

[Nada.]

I mean your point would mean something if that price were locked in forever.

But bitcoin is a highly volatile currency asset that is rarely used as anything other than a speculative investment.
Which maybe that is your point, however your conclusions are wrong if so.

We are in a bear market.
Anyone selling any speculative long-term investments right now is an idiot or gambled with short term investments on volatility and lost.

Either way, the majority that are holding?
Their fine.

Of course, but only if you can afford that game which should be your first check if you're planning to get into that game.

 

[GrantB13]

1 BTC is still worth 1 BTC noob OP, how many dollars can you get for one BTC? Okay then.

Yeah, and the $1 bill I have in my physical wallet still reads $1 on it. It didn't change. But I can't buy as much with it. And how many dollars can you get for 1 BTC? Right this minute, 18,368.40. You know what it was when I started this thread? Up around 19,200. It lost $900 in value in 3 fucking hours. And what does it matter if 1 BTC is still 1 BTC? How many average Joe's even have 1 BTC? A million dollars is still a million dollars but how many people actually have a million dollars? Not that many relatively speaking.

To drill the idea in, here's an example of how crypto works when there is still real money in existence. A shopkeeper sells items exclusively for BTC. The value of BTC is $20,000 at that time. The shopkeeper buys their items from a supplier that doesn't deal with BTC but in USD. The shopkeeper pays $15,000 for product X and sells it for 1 BTC, a value of $20,000 and makes $5000. In the future, the shopkeeper has to pay $18,000 for the same item and sells it for 1 BTC which is still at $20,000. This time around he only made $2000. But..... 1 BTC is 1 BTC. He is then forced to charge more because the inflation for the USD has risen. Now 1 BTC is worth less than it was before.

BTC will be forced to follow the dollar until either A. Fiat currencies are abolished or B. Those who sell items for BTC only accept BTC and don't get their products by using USD to acquire them. This is not happening for a very long time. A new fancy money isn't going to overthrow entire government and world economy currencies that have been in use for hundreds of years in any short amount of time.

By the time I finished typing this post, BTC is now only worth 18,160.10. It lost $200 since I first replied.

 

[sherdogwantedtonamemekiki]

Woke up this morning to see that Bitcoin is down below $20,000. The first time in two years. Then I remembered the Crypto.com deal and the bonuses for 3 fighters each PPV.

Since April for UFC 273 BTC has fallen 50%. Khamzat got the 1st place prize of $30,000 which has now already depreciated in half over the course of only 3 months. Francis Ngannou reportedly got paid half of his $600,000 showing at UFC 270 paid in Bitcoin. If he kept all that in BTC to this day, just 5 months later, he would have turned $300,000 into $170,000.

So, how are all these athletes and organizations that tried jumping on the Bitcoin Bandwagon feeling right about now? I started dabbling after the new year this year with small numbers and I've been mining a very minimal amount which I'm considering just dropping all together. Bitcoin was sold to everyone by the yes men of crypto to be the solution against fiat currencies and hedge against inflation, the stock market, politics, and all that crap. The S&P is only down 25% while BTC is down 50%.

The idiots that signed up for that deal don't understand that Crypto fluctuates, and could potentially fuck them. Plus, who's to say they didn't cash out after getting their crypto currency?

 

[GordoBarraBJJ]

As long as they get their hotdog brander they'll be fine.

 

[Dorkman]

Its getting to be a decent time to buy if you want to roll the dice that it takes another upward swing at some point. But yeah Crypto is super risky. Jake Paul is trying to claim he's broke now because of it tanking where he invested in it. Although I doubt he's actually just legit broke.

 

[PhilMcCavity]

where you from?

Lake titikaka

 

[flairleguccijoints]

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

Lol Wall Street says the floor is $8K, have fun!
And you still have to pay income tax rate, not capital gains, on the higher pay out figure you converted to now depreciating crypto!
Sherdumb defending stupidity with ignorance again!

 

[SpamuraiSensei]

Veterans in the space have been through these mega dips before. It's just another buying opportunity.
You could have bought in 4 years ago and retired at the top of this cycle. And you'll most likely let this second chance pass you buy as well.
I like seeing doubters cope and seethe about crypto as I drive around in a car that's worth more than their home. Gives me a huge boner.

 

[jmag]

"The S&P is only down 25% while BTC is down 50%."

And BTC will go 5x quickly where S&P won't. I'd still prefer the BTC unless cash poor.