The anti-crypto thread

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VirtualLarry

No Lifer
Aug 25, 2001
56,554
10,171
126
The whole system is nothing more than a collective masturbation.
Like gamer "trophies" and Steam "achievements" and e-sports in general aren't? LOL.

Oh, I forgot, "serious gamer" here, gonna school the cryptobros, and steal their GPUs when they're not looking, cause he can't seem to get any himself.
 

ultimatebob

Lifer
Jul 1, 2001
25,134
2,446
126
Continued my regular buys today, finally bumped my cost basis up over 20k.

Even with this "collapse", I could sell everything today and be up over 100%

Yeah, I made the mistake of buying into crypto around mid-2021 when it was near its highs. It pretty much wiped out most of my prior gains (I had a small amount of Ethereum from early on that I used to create Coolcoin, which went up big), and now I've basically broken even.
 

ultimatebob

Lifer
Jul 1, 2001
25,134
2,446
126
Hmm, if the Russians are cut off from SWIFT, could they use crypto as workaround?

Buying commodities like oil with crypto would likely be suicidal. By the time you pumped it out of the ground and delivered it, the price of Bitcoin could have risen or fallen by over 30%.

I noticed that companies who take straight crypto for purchases (like Tesla does with Dogecoin) tend to only do it for items with HUGE profit margins. When you're charging $25 worth of Dogecoin for a $5 coffee mug or $100 worth of Dogecoin for a $20 belt buckle, you don't really care if the Dogecoin drops in price 30% by the time it is delivered.
 

ultimatebob

Lifer
Jul 1, 2001
25,134
2,446
126
One should not buy cryptocurrency thanks to an athlete or celebrity endorsement. One should also not shun cryptocurrency after hearing a celebrity decry blockchain investments. It's really rather simple: take no meaningful advice from athletes/celebrities.

You also shouldn't buy crypto just because it has a cool dog logo, either... but people did!
 
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Aikouka

Lifer
Nov 27, 2001
30,383
912
126
One should not buy cryptocurrency thanks to an athlete or celebrity endorsement. One should also not shun cryptocurrency after hearing a celebrity decry blockchain investments. It's really rather simple: take no meaningful advice from athletes/celebrities.

While I can't say that I've seen too many (if any) influencers give reputable advice on crypto, I do dislike the idea of denouncing someone's opinion simply because of who they are. (Reminds me too much of the "keep dribbling" debacle.) Now, would I strongly suggest heeding any influencer's advice with much trepidation? Sure! I've seen enough Coffeezilla videos to know that there have been far too many pump-n-dump scams that have been propped up by influencers to suggest otherwise.
 
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skyking

Lifer
Nov 21, 2001
22,383
5,348
146
While I can't say that I've seen too many (if any) influencers give reputable advice on crypto, I do dislike the idea of denouncing someone's opinion simply because of who they are. (Reminds me too much of the "keep dribbling" debacle.) Now, would I strongly suggest heeding any influencer's advice with much trepidation? Sure! I've seen enough Coffeezilla videos to know that there have been far too many pump-n-dump scams that have been propped up by influencers to suggest otherwise.
As you get to know these celebs you can gain a little trust over time. I really did not give two thoughts about Terry Bradshaw, then I heard about his active support of mental health and treating depression, and he just gutted that liar about being vaccinated and thought, "he's a bit more than your average talking head"
 

DrMrLordX

Lifer
Apr 27, 2000
22,028
11,609
136
While I can't say that I've seen too many (if any) influencers give reputable advice on crypto, I do dislike the idea of denouncing someone's opinion simply because of who they are. (Reminds me too much of the "keep dribbling" debacle.) Now, would I strongly suggest heeding any influencer's advice with much trepidation? Sure! I've seen enough Coffeezilla videos to know that there have been far too many pump-n-dump scams that have been propped up by influencers to suggest otherwise.

At best they should be double-checked against other sources (that are not also celebs/athletes hyping products).
 

njdevilsfan87

Platinum Member
Apr 19, 2007
2,331
251
126
It's been a great time to sit in low impermanent loss yield farms these past few months. To me, "smart yielding" (native tokens against BTC or ETH, or stablecoin pairs) is the new mining. Crypto bear markets are amazing opportunities to yield stablecoin against algorthmeitcally generated BTC or ETH stablepairs, because you can time it to enter and exit the yield pool with almost no impermanent loss while yielding 20-50%. The only downside is you have no idea how long you may doing that, as well as the potentially for DeFi exploits. But for the most part most DeFi pools have been fine thus far.
 

VirtualLarry

No Lifer
Aug 25, 2001
56,554
10,171
126
Saw this on Reddit.

With both you have to try to factor in the wild cards
of " will these crypto fucks keep to their reported schedules or not" history says no.
which takes me back to what i believe about crypto is , it's all fuckery. i have yet to see in a real world environment, where using crypto does nothing more than way over complicate things. it's a pain in the damn ass really .. ever try to buy a cheese burger with crypto? the guy in line behind you will have paid the listed price and finished his burger, before your purchase makes it's way across the blockchain. Add in the fees and volatility of crypto prices being wildly speculative. it wil be damn near impossible to keep it stable enough, and updated fast enough, that a $5 cheeseburger doesn't cost you 10 bucks next time.. It's sketchy as fk, the people who created it are sketchy as fk (ALL OF THEM). I'll go back to being that guy with a $5 bill(or whatever) just wanting to grab a burger and get the fk out of there.
I just dont see holding onto barely profitable , way overpriced to the point to gouging, gfx cards, are worth my time holding onto anymore? So im gradually getting out of the crypto mining/investing business. i've made my money , had my fun as an OG electronics nerd(dating back to the 70's). and care nothing about trying to "trade/invest" much in crypto anymore. There are much better plays in the regular markets with exponentially LESS RISK. That's the ultimate goal= make as much money, as fast as you can, and minimize RISK. Risk management is key to it all.

 

ultimatebob

Lifer
Jul 1, 2001
25,134
2,446
126


I've said it before, and I'll say it again... for crypto to work as an actual currency, it needs to act more like a "stable coin" and become a steady and reliable source of value with quick transaction times and low transaction fees. No sane business is going to make contracts based on an asset that can swing in price by as much as 25% in a week.

Basically, it needs to become the exact opposite of the hot mess that Ethereum and Bitcoin are right now. It also means that the crypto bros who got rich off of Bitcoin and Ethereum will want nothing to do with this future coin because there is no way to make a quick fortune off of a stable coin that pays 1% interest.
 

VirtualLarry

No Lifer
Aug 25, 2001
56,554
10,171
126
I've said it before, and I'll say it again... for crypto to work as an actual currency, it needs to act more like a "stable coin" and become a steady and reliable source of value with quick transaction times and low transaction fees. No sane business is going to make contracts based on an asset that can swing in price by as much as 25% in a week.

Basically, it needs to become the exact opposite of the hot mess that Ethereum and Bitcoin are right now. It also means that the crypto bros who got rich off of Bitcoin and Ethereum will want nothing to do with this future coin because there is no way to make a quick fortune off of a stable coin that pays 1% interest.
TechYesCity's latest (one of their latest) videos talking about GPU affordability got into economincs, and positedd a future where Fiat has an unstable value as crypto!



SonofaTech talking about SafeMoon, and automated liquidity pools, and likelyhood of it being a scam.
 
Last edited:

drnickriviera

Platinum Member
Jan 30, 2001
2,419
206
116
It's been a great time to sit in low impermanent loss yield farms these past few months. To me, "smart yielding" (native tokens against BTC or ETH, or stablecoin pairs) is the new mining. Crypto bear markets are amazing opportunities to yield stablecoin against algorthmeitcally generated BTC or ETH stablepairs, because you can time it to enter and exit the yield pool with almost no impermanent loss while yielding 20-50%. The only downside is you have no idea how long you may doing that, as well as the potentially for DeFi exploits. But for the most part most DeFi pools have been fine thus far.
Anyone have an idiots guide to impermanent loss? Read about it, but still don't understand it
 

BFG10K

Lifer
Aug 14, 2000
22,709
2,995
126
Another day, another Crypto scam:


Crypto money laundering rising:



But...but...stolen CDs keys, and hotdog stands.
 
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DrMrLordX

Lifer
Apr 27, 2000
22,028
11,609
136
I've said it before, and I'll say it again... for crypto to work as an actual currency, it needs to act more like a "stable coin" and become a steady and reliable source of value with quick transaction times and low transaction fees.

DAI on Polygon, problem solved.

Anyone have an idiots guide to impermanent loss? Read about it, but still don't understand it

I'm not 100% sure about it, but it's like this: when you enter a liquidity pool, you generally are expected to provide liquidity on both sides of the pool. Normally. So let's say you provide liquidity between the ETH and USDT trading pair. You want to offer up $10k in liquidity, so you buy $5k worth of ETH and ~5k USDT and then enter the pool.

Then ETH drops by 10%.

Assuming you're involved in an automated market-making (AMM) system, the AMM algorithm will rebalance your liquidity so that you will wind up with approximately $4500 worth of ETH and 4500 USDT in the pool. Plus whatever you earned from trading fees as a liquidity provider. Odds are good you are only making daily a tiny percentage of earnings versus your pool liquidity, so it's not going to be very big, if you saw a 10% loss in ETH over one day. Or over a week or even over a month, unless your yields are insane (they won't be), impermanent losses will eat all your gains and then some.

Personally I am not a huge fan of offering liquidity on DeFi platforms. You're gambling that the smart contract has no flaws or that the contract owner hasn't built a poison pill into their contract that lets them drain the entire pool whenever they like. You can do AMM on centralized exchanges sometimes, but the yields may not be favorable for stablecoin pairs which are the safest bets.

But...but...stolen CDs keys, and hotdog stands.

Honest question: why are you still posting here? "Crypto" didn't collapse, and more people are turning to it to solve their problems. Including money launderers, who are NOT using BTC (which is usually what all the anti-crypto posters assume people turn to for money laundering). Someone could produce a commercially-viable sales interface for ecommerce AND brick-and-mortar storefronts based on DAI + Polygon, and you'd just keep on ranting about money laundering.
 
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