The hilarity that is the Crypto.com payout

[Patrick Jane]

Ponzi scheme.

 

[calavera2]

Its pretty well known crypto is wildly inflated and most likely fraudulent through stable coins like tether. They've been outed on the regular for manipulating the price of crypto but nobody gives a crypto shit as long as the big players can keep fleecing the little guys and leave them holding the bag.

 

[NoSmilez]

There are a lot of boomers in this thread but they are alright. At least they are not NFT bros.

 

[DestinedAussie]

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%.

Do you believe they are really giving it in bitcoin or just saying for advertising? Even if they gave it in BTC I expect most fighters would cash it out immediately.

I am curious what is going to happen with all the massive sponsorship agreements those crypto companies signed. I mean they gave 700 million for naming rights to staples centre, I mean even the ftx exchange gave a 210 million sponsor to esports team TSM. It seems to me all those deals are going to fall apart in the next year as to me it seems inevitable BTC goes below 10K now.

I am glad I left my investments in property and wasn't tempted to buy BTC.

 

[Tyler Durden]

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

Nothing is bouncing back with that vegetable propped in the White House.

 

[wwkirk]

Do you believe they are really giving it in bitcoin or just saying for advertising? Even if they gave it in BTC I expect most fighters would cash it out immediately.

^This

 

[nebulousned]

it's so fitting that mma athletes are paid in crypto

crypto is a tool to exploit the financially illiterate and vulnerable, of which MMA fans and athletes are both in spades

 

[DestinedAussie]

Nothing is bouncing back with that vegetable propped in the White House.

I would say BTC problems are bigger than leaders.

BTC is becoming more expensive to mine, the benefits of doing it are decreasing and the countries with the cheap electricity are cracking down on it. Couple that with there no asset backing it, just what people are willing to pay. It always has been volatile and a bit of a pyramid scheme, eventually those things collapse.

That said smarter people than me have made a fortune out of manipulating that market.

 

[Mask Of Winters]

Bitcoin/crypto is the first step taken by...certain people to convince us all that physical reality isn't actually real, but their version of electronic reality is. They're also planning on converting everyone (everyone who lives through the planned mass depopulation of this decade, that is) into cyborgs who will be permaplugged in to their artificially created reality, which is straight out of the Matrix movies. This is called transhumanism, and it will become extremely obvious next year. All the cool big tech guys are already openly talking about this. The concept of humanity itself is currently under attack like never before. A year from now you're going to see lots of people insist humans aren't real. You might even be one of them.

 

[Natural Order]

We’re all poor too so this stuff doesn’t really put a dent in our wallets. Fun to make fun of other peoples failures though no matter how down in the gutter you are.

The problem is that we've lost sight of what the gutter is.

 

[chrass]

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%.

I'm no crypto expert but you only lose if you sell .... or if it never returns

 

[GrantB13]

Are you going to research at all? I can go down your list and explain it but I hate doing it when I've already went over it with the same mindset as you. I've been in crypto for almost 5 yrs.

I see where it says it's based in scarcity but nothing about what actually says that it's worth $19,000. I don't think that's a good enough reason though.

None of that matters because it's part of a global market. Value fluctuates sure, just like everything else. Billions get erased from Tesla, Amazon, Apple, etc every few months. BTC and crypto has value, it always goes down and reaches new all-time highs. If you haven't figured that out by now, you don't know how to read the charts. Even at it's low point right now that's still high value. What stocks do you know with the value of around $20,000 per share?

Yes stocks is more regulated and protected but there is insider trading with stocks just like crypto. You can do both, you don't have to pick one or the other. You can play the long game on both and want safer investments stick to stocks like S&Ps and stocks with dividend pay outs. Crypto isn't going anywhere so it's smart to invest in that as well, especially every time it does a major crash. It always recovers.

The only stock worth over $5000 is Berk-A. But, the max number of BTC is that 21 million number. There are billions of outstanding shares in many companies.

You just have to ask yourself why are the wealthy such as big banks, hedgefunds, and wealthy keep buying Bitcoin no matter if it crashes or not. Follow the money .

The people who truly influence this stuff have bigger pockets than us. The little man can only chase trends that the smart money creates. We barely influence anything.

There are a lot of boomers in this thread but they are alright. At least they are not NFT bros.

The idea of NFTs are good for things like concert tickets or something else with a unique identifier that you don't want people to scam and copy. What's stupid as hell are the current state of NFTs in "art" jpegs you can literally "save as" and have it to without spending thousands of dollars. I swear it's 90% laundering 10% little guy trying to get rich quick.

Nothing is bouncing back with that vegetable propped in the White House.

If BTC is truly decentralized then it doesn't matter the politics. That's supposed to be the whole point.

I'm no crypto expert but you only lose if you sell .... or if it never returns

Right. Just like in the stock market after the Great Depression. They only lost money when they went to try and cash out. If it never returns then you also lose. But that's why investors use things like stop losses, trailing stops, limit stops, etc and different targets to watch for to minimize the losses. You can always get back in if things go back up but if you get out too late you can get screwed. You can't lose more than your initial investment though unless you're doing things like options where you have to pay premiums and sometimes are legally obligated to buy back or sells stocks at a loss.

 

[kenetics]

I see where it says it's based in scarcity but nothing about what actually says that it's worth $19,000. I don't think that's a good enough reason though

 

[kenetics]

Ponzi scheme.

They been saying this for 13 yrs and counting, still wrong lol.

 

[Patrick Jane]

They been saying this for 13 yrs and counting, still wrong lol.

And during all those years they were correct, as Bitcoin was always worthless. Even more worthless than fiat, because you can actually do something with paper and metals.

 

[flairleguccijoints]

I'm no crypto expert but you only lose if you sell .... or if it never returns

Or if you take loans out using crypto to buy more crypto, see MicroStrategy and the looming margin call. You’re right, you’re no expert.
Don’t worry, when the recession comes you’ll be able to blame some totally unconnected person, like Biden or people, like Mexicans. I’m sure you’ll hear plenty of that instead of gross unregulated speculative investment, in an era when rappers are touting crypto and Mayweather NFTs (lol), as the problem.

 

[kenetics]

And during all those years they were correct, as Bitcoin was always worthless. Even more worthless than fiat, because you can actually do something with paper and metals.

Nope, Bitcoin has out performed ever asset since it's inception lol. I paid my house off selling one Bitcoin in February . Haa haa

 

[kenetics]

Or if you take loans out using crypto to buy more crypto, see MicroStrategy and the looming margin call. You’re right, you’re no expert.

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

 

[Patrick Jane]

Nope, Bitcoin has out performed ever asset since it's inception lol. I paid my house off selling one Bitcoin in February . Haa haa

You mean, you used Bitcoin like you're supposed to if you want to profit from a Ponzi scheme? My dad did a similar thing.

Nothing wrong with exploiting high prices. The problem is when you confuse price with value.

 

[kenetics]

You mean, you used Bitcoin like you're supposed to if you want to profit from a Ponzi scheme? My dad did a similar thing.

Nothing wrong with exploiting high prices. The problem is when you confuse price with value.

Yet Bitcoin never goes back to it's Lowest lows and always surpasses it's highest high. 13 years and counting . Haaa haaaa.