This is what is going to happen to all meme cryptocurrencies

[UNCjigga]

Down goes Luna.

Cryptocurrency luna now almost worthless after controversial stablecoin it is linked to loses peg

UST has been dragged into the spotlight after the stablecoin, which is supposed to be pegged one-to-one with the U.S. dollar, fell below the $1 mark.

www.cnbc.com

 

[fskimospy]

But I was told cryptocurrencies were a store of value against inflation.

 

[pmv]

A low-tech solution to a high-tech problem?

‘Crypto muggings’: thieves in London target digital investors by taking phones

Exclusive: Thousands of pounds stolen in cases seen by the Guardian in reports from City of London police

www.theguardian.com

 

[Paratus]

I wish Vic was around to give us his 2 cents.

 

[fskimospy]

I wish Vic was around to give us his 2 cents.

I agree with Vic’s title except the ‘meme’ part. This is what will happen with ALL cryptocurrencies.

 

[Zorba]

I wish Vic was around to give us his 2 cents.

What happened to Vic?

 

[Paratus]

What happened to Vic?

I don't know. Hasn't been on since January 2nd.

 

[nickqt]

I agree with Vic’s title except the ‘meme’ part. This is what will happen with ALL cryptocurrencies.

To be fair to currencies, almost every single one defaults to zero eventually. That said, crypto is a casino.

 

[cytg111]

Heeehehehehehe, then look up NFTs …

 

[evident]

Cardano was proof of stake before that. Reduced energy, but still high.

You are also right in that none are currencies. Too volitile for that.

Cardano is a shit coin, just like all of them. Lol. The only thing with a chance is still bitcoin and eth.

 

[Lezunto]

This poor guy should have been paying attention.

Philip Martin told NBC News that he lost all of his cryptocurrency after he thought he was logging into Coinbase.

He logged in to check his crypto account. Then hackers stole it all.

Philip Martin lost $165,000 worth of Ethereum The FBI says it can't help him.

www.nbcnews.com

 

[uclaLabrat]

- As soon as there is no money to be made from mining, I expect we'll see Proof of Stake for Ethereum to finally actually launch. Feels close.

Trying to understand what happens when the merge finally takes place. Mining difficulty goes up (or at least fewer operations will be viable) right? So supply constricts and price goes up, unless theres still enough mining capacity to not significantly impact price?

I kept thinking that the merge would plunge the popularity and thus the price, but im thinking more it would raise the price. If it would crater the price id expect the merge to keep being delayed indefinitely; why would the people with the greatest stake crater their asset? Now im not sure.

 

[pmv]

This poor guy should have been paying attention.

Philip Martin told NBC News that he lost all of his cryptocurrency after he thought he was logging into Coinbase.

He logged in to check his crypto account. Then hackers stole it all.

Philip Martin lost $165,000 worth of Ethereum The FBI says it can't help him.

www.nbcnews.com

What does this mean?

But in fact, he says, hackers had put a bug on the url that sent him to a fake web site, which prompted him to automatically enter his log-in and password.

I am concerned lest hackers put a 'bug on the url' of Anandtech, and steal my precious 'likes' (and those 'trophy points' - I still don't understand what they are, but I'm sure they must be worth something).

 

[DisarmedDespot]

Cardano is a shit coin, just like all of them. Lol. The only thing with a chance is still bitcoin and eth.

They're all shitcoins.

Bitcoin is a corpse, a shambling corpse kept up only by inertia and people who don't know better. It's never going to switch off of Proof of work and is always going to be limited to seven transactions a second. Even if lightning network worked (it doesn't), it would take a decade to get everyone on earth onboarded. And I'm pretty sure that estimation assumes one wallet per person, which won't be the case. All bitcoin has is the highest price. People will mumble about it being the most diversified crypto, but for the last few years three mining pools have had over 50% hash power, so it's basically controlled by a cartel.

Eth squandered every single advantage it ever had by screwing up the PoS switch for over half a decade.

This poor guy should have been paying attention.

Philip Martin told NBC News that he lost all of his cryptocurrency after he thought he was logging into Coinbase.

He logged in to check his crypto account. Then hackers stole it all.

Philip Martin lost $165,000 worth of Ethereum The FBI says it can't help him.

www.nbcnews.com

Ah, phishing attacks, they never cease to work on crypto bros.

Maybe if they were actually interested in security instead of being objectively terrified of someone running an update statement on a database, this wouldn't happen.

 

[Moonbeam]

What happened to Vic?

I don't know. Hasn't been on since January 2nd.

I am guessing you are more than just curious about his opinion, so I am taking a chance and making an exception to something I normally would not do and passing along something I know about someone else, by telling you I've heard he is OK.

 

[Fanatical Meat]

What happened to Vic?

sold all his crypto and now has 13 million, no time for forum visits.

 

[fskimospy]

I am guessing you are more than just curious about his opinion, so I am taking a chance and making an exception to something I normally would not do and passing along something I know about someone else, by telling you I've heard he is OK.

I’m happy he’s ok. Vic is a good guy.

 

[Moonbeam]

I’m happy he’s ok. Vic is a good guy.

You would be. You are too.

 

[Paratus]

sold all his crypto and now has 13 million, no time for forum visits.

Then I really want his opinion!

 

[Mai72]

The DogeCoin Millionaire should had sold his coins when it reached .72 last year. He could had cashed out with about $3.2m Instead the guy HODLs (hold on for dear life) and now doge is trading for $0.08 What does he do? He buys another $10k worth of dogecoin. I think part of the problem is there are these young guys on YouTube who like to think that they are Warren Buffet. They give advice on crypto that is very suspect. For example, "Doge is going to HIT $1 Buy soon before its too late." I watched a few of these type of videos last year, and not one "financial video" on doge came true. Not one! Tera Luna just rolled out Tera Luna 2.0 You would have to be nuts to invest in Tera when just last week it went bust. Its currently being propped up by these scammers who make these YouTube videos, and these kids buy into it because they don't know any better. I watched a video by a guy who said that he lost his life savings (over $150k) when Tera went bust. Why would you put your life savings into crypto when it is by nature volatile?

 

[DisarmedDespot]

The DogeCoin Millionaire should had sold his coins when it reached .72 last year. He could had cashed out with about $3.2m Instead the guy HODLs (hold on for dear life) and now doge is trading for $0.08 What does he do? He buys another $10k worth of dogecoin. I think part of the problem is there are these young guys on YouTube who like to think that they are Warren Buffet. They give advice on crypto that is very suspect. For Example, "Doge is going to HIT $1 But soon before its too late." I watched a few of these type of videos last year, and not one "financial video" on doge came true. Not one! Tera Luna just rolled out Tera Luna 2.0 You would have to be nuts to invest in Tera when just last week it went bust. its being propped up by these scammers who make these YouTube videos, and these kids buy into it because they don't know any better. I watched a video by a guy who said that he lost his life savings (over $150k) when Tera went bust. Why would you put your life savings into crypto that by nature is volatile?

I think a lot of these crypto youtubers lie about how much they've yeeted into the abyss to drum up clicks, or to show people who lost smaller amounts 'look, I'm still buying and so should you!'. Doesn't matter how many people go bust so long as the success (real or imagined) stories get amplified.

I understand why people go all-in on crypto. There's a very strong feeling that the 'traditional' finance world is stacked against the little guy if not outright hostile, and not many people have the patience to deal with the jargon and nonsense to see that crypto solves absolutely nothing with the current system. Mix that with greed and you've got a recipe to suck a lot of people into the scheme. The endless hype train keeps encouraging people to toss money into the pit.

 

[Mai72]

I think a lot of these crypto youtubers lie about how much they've yeeted into the abyss to drum up clicks, or to show people who lost smaller amounts 'look, I'm still buying and so should you!'. Doesn't matter how many people go bust so long as the success (real or imagined) stories get amplified.

I understand why people go all-in on crypto. There's a very strong feeling that the 'traditional' finance world is stacked against the little guy if not outright hostile, and not many people have the patience to deal with the jargon and nonsense to see that crypto solves absolutely nothing with the current system. Mix that with greed and you've got a recipe to suck a lot of people into the scheme. The endless hype train keeps encouraging people to toss money into the pit.

FOMO is another. I'm tired of these articles "If you would had invested $500 a year ago in dogecoin this is how much your investment would be worth today." These type of articles are driving crypto sales as well. Guess what? If I would had invested in Amazon back in 1997 I'd be a millionaire as well. I don't have a crystal ball though. It's silly to look back at what if I would had invested in this last year, or a decade ago. Looking back won't adequately predict the future. We can see trends, and we can speculate but that is about it. Much of it is a crap shot when investors try to time the market. And, it almost always ends badly. The YouTube financial guys almost always have some kind of $500 course that they are promoting on the back end. Last week, I was watching a video about the current stock market. This stock market guru also had a $500 stock market course where he will show YOU how to make millions just by investing. He has been a stock market investor for over 20 years and his system is fail proof. And, he has made averag people millionaires and can make you a millionaire as well! My thought was if you can easily make millions from the stock market why are you on YouTube trying to promote your course?

Its a scam and i'm suprised that YouTube allows for such non-sense.

 

[DisarmedDespot]

FOMO is another. I'm tired of these articles "If you would had invested $500 a year ago in dogecoin this is how much your investment would be worth today." These type of articles are driving crypto sales as well. Guess what? If I would had invested in Amazon back in 1997 I'd be a millionaire as well. I don't have a crystal ball though. It's silly to look back at what if I would had invested in this last year, or a decade ago. Looking back won't adequately predict the future. We can see trends, and we can speculate but that is about it. Much of it is a crap shot when investors try to time the market. And, it almost always ends badly. The YouTube financial guys almost always have some kind of $500 course that they are promoting on the back end. Last week, I was watching a video about the current stock market. This stock market guru also had a $500 stock market course where he will show YOU how to make millions just by investing. He has been a stock market investor for over 20 years and his system is fail proof. And, he has made averag people millionaires and can make you a millionaire as well! My thought was if you can easily make millions from the stock market why are you on YouTube trying to promote your course?

Its a scam and i'm suprised that YouTube allows for such non-sense.

It's only allowed because of awful disclaimers like the one at the bottom of the dodgecoin milionaire's thousandaire's description:

I AM NOT A FINANCIAL ADVISOR AND THIS IS NOT FINANCIAL ADVICE!!!!!!!! THIS CHANNEL AND ANY VIDEOS IN THIS CHANNEL ARE FOR ENTERTAINMENT PURPOSES ONLY!!! INVEST AT YOUR OWN RISK AND DON'T PUT IN MORE MONEY THAN YOU CAN AFFORD TO LOSE!!!!!

You'll see this everywhere on youtube, crypto and finance guys hawking their magic methods to make money with the asterisk about how them telling you to buy buy buy isn't actually financial advice.

 

[5to1baby1in5]

Bitcoin has been flat as a pancake at $30K or so for the last month. Dropped to $23K over the weekend as sketchy Celcius essentially freezes its assets.

How low do you think?

* I guess $20K, but wouldn't be surprised to see close to $12K, and then see it sit stagnant for a year before the next surge.

This will be a test of the other Alt Coins just to see if they can just survive.

* I am not an investment advisor.
😇

 

[fskimospy]

Bitcoin has been flat as a pancake at $30K or so for the last month. Dropped to $23K over the weekend as sketchy Celcius essentially freezes its assets.

How low do you think?

* I guess $20K, but wouldn't be surprised to see close to $12K, and then see it sit stagnant for a year before the next surge.

This will be a test of the other Alt Coins just to see if they can just survive.

* I am not an investment advisor.
😇

I think the final price for bitcoin will settle somewhere close to $0. I'm not sure when, but that seems to be the end case as before it had at least one quality use, to commit crimes, but now it appears that law enforcement is able to track bitcoin transactions to some extent so that use case is undermined.

I think the fact that people cannot define a single useful purpose for cryptocurrencies implies to me this is all a giant scam.