Cryptocurrency is a crock of sh*t. (Learning opp)

[Puppy]

Now tell me, how are you going to sell people/businesses on this idea?

op is being deceptive.
op is being aggressive.
op is demanding people answer his questions.
this is why
op is digging for information and looking for peoples reactions.
op is up to something
this is not innocent

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MarekvBeek]

Is it a way to make money? Absolutely, there's no denying that. You can invest in cryptocurrency and make tons.

With that being said, that's all it is, a way for people on the internet to make money. It's all one big crock of sh*t that people have bought into (same with the US dollar, but that's a different story).

There is literally no use for cryptocurrency, I have never seen or heard of anyone using cryptocurrency to buy anything, unless its something dark web related.

The whole idea behind cryptocurrency was to put power in the hands of the people, to present an alternative to the Evil Mighty US Dollar.

Funny thing is, the only reason people are investing in cryptocurrency is to make more of that Evil Mighty US Dollar. Go on any crypto site and look at how they valuate different coins, it's all in dollar signs.

How does this crap even make sense?

And all these crypto advocates talking about how the US Dollar will fall, crypto is here to save us , blah blah blah.....do you guys realize the implications behind what it is you are saying? And what about the hypocrisy behind such statements?

The fall of the US Dollar would be bad for almost everybody, it's literally a reset button on civilization as we know it.

"Well, the US Dollar has no value. It's fiat currency, blah blah"

If the US Dollar has no value, how the f*ck does cryptocurrency have any value?

I used to talk like that too when I lost money on bitcoin

 

[Blackadder]

As far as I know, you can't buy a Lamborhini with crypto in most places.

Buy a Lamborghini With Bitcoin in Newport Beach

 

[CPisHere]

Cryptocurrency makes total sense, but there's obvious problems with it. Personally, I would recommend it as a hedge bet - not an investment, but a bet. Tons of upside potential.... wouldn't put in any $ I wasn't okay with losing.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[azsno]

Is it a way to make money? Absolutely, there's no denying that. You can invest in cryptocurrency and make tons.

With that being said, that's all it is, a way for people on the internet to make money. It's all one big crock of sh*t that people have bought into (same with the US dollar, but that's a different story).

There is literally no use for cryptocurrency, I have never seen or heard of anyone using cryptocurrency to buy anything, unless its something dark web related.

The whole idea behind cryptocurrency was to put power in the hands of the people, to present an alternative to the Evil Mighty US Dollar.

Funny thing is, the only reason people are investing in cryptocurrency is to make more of that Evil Mighty US Dollar. Go on any crypto site and look at how they valuate different coins, it's all in dollar signs.

How does this crap even make sense?

And all these crypto advocates talking about how the US Dollar will fall, crypto is here to save us , blah blah blah.....do you guys realize the implications behind what it is you are saying? And what about the hypocrisy behind such statements?

The fall of the US Dollar would be bad for almost everybody, it's literally a reset button on civilization as we know it.

"Well, the US Dollar has no value. It's fiat currency, blah blah"

If the US Dollar has no value, how the f*ck does cryptocurrency have any value?

I'm just in it for the return. I only have about $600 invested, (In 3 different coins) and have a return of 54% (as of today). I've only been investing for a couple of months, and when I feel the time is right, I will sell and wait for the crash, to buy more, and do it all over again. I have friends that invest every payday, one was able to pay off his Jeep when he sold all above his initial investment. I don't believe Crypto is the end all answer, but it sure beats the hell out of a savings account or stock market investments with the added investment fees!

I only wish I would have invested when I first heard about Bitcoin and it was $0.008/coin, but instead I spent that $100 on dinner and a movie! (As of today its at ~$3876/coin. That $100 would be worth $48,450,000)

 

[Nigel B]

I only wish I would have invested when I first heard about Bitcoin and it was $0.008/coin, but instead I spent that $100 on dinner and a movie! (As of today its at ~$3876/coin. That $100 would be worth $48,450,000)

Yep, I was way behind you in the mid-$30s but still would have been a sweet investment. Then again $900 to closer to $300 in a couple of days in 2014 would have been upsetting!

Crypto is simply Forex speculation but with a very volatile currency - people will make a market of what they can. The underlying benefits of blockchain, e.g Smart Contracts, etc will indeed get adopted, and likely sooner than we expect, because like it or not this digital world has made fraud and theft that much easier on scales which were simply unimaginable before. So blockchain will most likely be the vehicle to try to secure the 'safer' world we traded for the convenience of carrying access to it around in our pockets!

 

[ernesto50]

I started in a similar like you guys and I'm pretty happy I did. I missed Bitcoin when it was 10 USD and thought to myself that I won't make that mistake and bought Ethereum at 12 USD, that spawned my entire portfolio that I'm using to reinvest and take profits out since then. Treat it as learning experience, take out profits and do your own research.

Don't forget


“There are three types of people in this world: those who make things happen, those who watch things happen, and those who wonder what happened.”

The question is, who will you be?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

There are three types of people in this world: those who make things happen, those who watch things happen, and those who wonder what happened.

Puhleeze, I think you're confusing entrepreneurship with investing/speculating.

You didn't MAKE anything happen. You bought an asset and it appreciated. You had nothing to do with ETH's appreciation other than pressing the buy button and then hoping.

Let's stop blowing our horns as if we're the second coming of Elon Musk.

 

[ernesto50]

Puhleeze, I think you're confusing entrepreneurship with investing/speculating.

You didn't MAKE anything happen. You bought an asset and it appreciated. You had nothing to do with ETH's appreciation other than pressing the buy button and then hoping.

Let's stop blowing our horns as if we're the second coming of Elon Musk.

I think I didn't explain my thought clearly, I didn't make things happen here, but I pulled the trigger vs sitting on the sideline watching and like some people even complaining that it's too late, get-off-my-lawn style. In that regard entrepreneurship and investing is similar: We can all talk about it for a long time, but if we don't actually put in some action, we won't see the results, however big or small.

 

[lowtek]

I think I didn't explain my thought clearly, I didn't make things happen here, but I pulled the trigger vs sitting on the sideline watching and like some people even complaining that it's too late, get-off-my-lawn style. In that regard entrepreneurship and investing is similar: We can all talk about it for a long time, but if we don't actually put in some action, we won't see the results, however big or small.

buying crypto is no more "putting in action" than buying a lotto ticket.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[TinyTim]

buying crypto is no more "putting in action" than buying a lotto ticket.

I wouldn't exactly compare crypto/blockchain investing to buying a lottery ticket.

But yes, a lot of people do pick coins at random. Not everyone though.

 

[lowtek]

I wouldn't exactly compare crypto/blockchain investing to buying a lottery ticket.

But yes, a lot of people do pick coins at random. Not everyone though.

and I know people that study the patterns of numbers in the powerball and try to pick numbers "that are due". Ones' perception over the amount of energy poured into picking "a winner" isn't really relevant to my point.

The real difference between the two is that the mania over crypto drives prices up, which increases the odds of getting a win. The odds of winning the lottery are fixed.

I got nothing against buying crypto. It's awesome and I certainly wish I had bought BTC in the beginning, but to call buying a crypto currency "taking action" completely misses the point of everything this forum stands for.

 

[TinyTim]

and I know people that study the patterns of numbers in the powerball and try to pick numbers "that are due". Ones' perception over the amount of energy poured into picking "a winner" isn't really relevant to my point.

The real difference between the two is that the mania over crypto drives prices up, which increases the odds of getting a win. The odds of winning the lottery are fixed.

I got nothing against buying crypto. It's awesome and I certainly wish I had bought BTC in the beginning, but to call buying a crypto currency "taking action" completely misses the point of everything this forum stands for.

Studying number patterns to pick numbers "that are due" is completely different to studying an industry that is going to change the way business operates and impact our day-to-day life.

Mania isn't what will increase the odds of getting a win, real life application is - In the long run anyway. (Although, mania has been the driving force for the last few months - Projects with no value being massively bought up).

I do get your point though, Lowtek - A lot of people are treating crypto like a lottery and just buying coins at random. I'm merey talking about those few projects that aren't in a bubble and are already partnered with multiple fortune 1000 companies. I have friends that know everything there is to know about AI, blockchain/crypto, etc.. yet can't be bothered to make an account, have too many worries to invest, or prefer just to sit on the side lines. In 5 years time, they will likely regret not taking action.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[ApeRunner]

You didn't MAKE anything happen. You bought an asset and it appreciated. You had nothing to do with ETH's appreciation other than pressing the buy button and then hoping

buying crypto is no more "putting in action" than buying a lotto ticket.

SOLID.

 

[ernesto50]

buying crypto is no more "putting in action" than buying a lotto ticket.

And 9 out of 10 business that get started fail, where does that leave us as entrepreneurs? Since when have the odds stopped us from doing anything?*

I see your point about mania, and I agree with it mostly. Yet, I still think some of these companies will prevail and change the world and I'll definitely do good research and make an educated decision on whether I will support that company or not.

I was referring to the tons of people who keep telling me "yeah I should have started an ecommerce store in 2014", "I had the idea for spotify in 2006" or "I could have created uber, it's so simple". Yeah you "could have" and you didn't, by not acting on an opportunity you thought could materialize into something.

* I still believe starting a company is a smarter choice than buying a lottery ticket, but still, if you think about it that statistic is depressing, but true.

 

[chickenpie]

* I still believe starting a company is a smarter choice than buying a lottery ticket, but still, if you think about it that statistic is depressing, but true.

Definitely. That and investing in cryptos. A lot of people compare cryptos with gambling, which right now they have a lot in common, but if crypto investing was gambling, it would be gambling where you're more likely to have an edge over the house.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[TonyStark]

It honestly seems like crypto currencies are made from thin air. There’s so many people coming up with new currencies everyday, it just makes them worthless. No one even uses them.

 

[TonyStark]

Very few "cryptocurrencies" are meant to be used as currencies. Most are meant to be used as a "utility tokens." What that means is that they are meant to have a specific use and value within a closed system.

No different than Chuck E Cheese tokens (specific use and value in the CEC stores); airline miles (specific use and value within airline networks); gift cards (specific use and value inside a particular store); etc. Tokens are often representation of value on a particular network and not meant to have any use or value outside of that network.

Imagine creating a gift card token on the blockchain. Technically, those tokens would be referred to as "cryptocurrency," but in reality, it would just be a much better way to manage and transact with gift cards within that network. You wouldn't need the physical card, you wouldn't have to worry about theft, you wouldn't have to worry about someone stealing the card number and spending your value, etc.

Imagine if MJ were to use crypto tokens as Rep here on the TFF. Perhaps those tokens eventually had some value -- 50,000 tokens could be traded for one of MJ's new books, or 500,000 tokens could be used to get private consulting for 30 minutes.

There are thousands of similar uses across all kinds of networks...just use your imagination...

The prices fluctuate too much for me... like $1 used to be 1 BTC now it’s 0.00001 BTC, maybe once it’s stable I’ll have more faith in it.

 

[Guus B]

I got nothing against buying crypto. It's awesome and I certainly wish I had bought BTC in the beginning, but to call buying a crypto currency "taking action" completely misses the point of everything this forum stands for.

This forum also stands for money systems (last chapter of unscripted ;P). And you might consider bitcoin (meant as a store of value) as a valuable addition to your portfolio to protect against economic risks. It moves countercyclical. If we get high levels of inflation, bitcoin might be seen as a safe-haven. You could also regard it as a "lazy-move" to become rich with bitcoins that increases in value.

But what's the whole problem with being lazy (smart)? Setting up a scalable business and becoming a millionaire in 5 years is definitely less work (and lazier) than working 40 years at a full time job and living frugal and saving your entire life.

If you can have multiple chances at the same time to become financially free (own crypto long term / start a business), why wouldn't you? I think it's a smart thing to do, given its potential.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[lowtek]

This forum also stands for money systems (last chapter of unscripted ;P). And you might consider bitcoin (meant as a store of value) as a valuable addition to your portfolio to protect against economic risks. It moves countercyclical. If we get high levels of inflation, bitcoin might be seen as a safe-haven. You could also regard it as a "lazy-move" to become rich with bitcoins that increases in value.

But what's the whole problem with being lazy (smart)? Setting up a scalable business and becoming a millionaire in 5 years is definitely less work (and lazier) than working 40 years at a full time job and living frugal and saving your entire life.

If you can have multiple chances at the same time to become financially free (own crypto long term / start a business), why wouldn't you? I think it's a smart thing to do, given its potential.

Not sure how, because I think I was crystal clear, but you missed the point of my statement.

Guess I'll reiterate.

Zero wrong with buying crypto. Zero wrong with getting rich off it.

Just don't confuse buying a speculative asset with taking action. Buying crypto is to taking action as playing blackjack is to taking action. I previously likened it to buying lotto tickets, but have softened my stance because that was an ignorant thing to say.

Those that see it as a means of taking action will learn how wrong they are when governments across the world, at the behest of the major banks, begin banning this shit and it's relegated to the black market.

Let me be clear, I don't want to see that. I'm on board with decentralized currencies outside the realm of the traditional scripted banking sector, but I don't delude myself into thinking that anything that threatens the hold of the banks on the system is going to be allowed to continue.

You have some other obvious confusions in your statements:

1) Something that fluctuates by thousands of dollars in a week is not a safe haven in any rational definition of the concept

2) Saying it moves countercylclical when it has only burst on the scene ( in large scale ) since the so called "recovery" is quite speculative. It could be a safe haven in the event of economic upheavel, or it could be totally useless. There are some signs that it is used in places like Venezuela, but I have to wonder how widespread vs. using the USD as a means of exchange. Even so, it's not used as a safe haven, rather a medium that is more stable relative to their rapidly deteriorating currency.

3) BTC, in particular, was never sold as a store of value. It was first sold as a currency. When it became obvious that it is no good in that regard (due to transaction fees and also point 1), the narrative switched to being a store of value. Of course I don't agree with that; see point 1

 

[Elif]

Are you sure? Today someone from Turkey asked me if they could pay with anything else than PayPal because they can't use PayPal, I suggested Bitcoin and he paid me with that, so I guess people are buying things with Bitcoin, this is not the first time someone asked me to use Bitcoin instead of PayPal.

 

[RedBaron]

Not sure how, because I think I was crystal clear, but you missed the point of my statement.

Guess I'll reiterate.

Zero wrong with buying crypto. Zero wrong with getting rich off it.

Just don't confuse buying a speculative asset with taking action. Buying crypto is to taking action as playing blackjack is to taking action. I previously likened it to buying lotto tickets, but have softened my stance because that was an ignorant thing to say.

Those that see it as a means of taking action will learn how wrong they are when governments across the world, at the behest of the major banks, begin banning this sh*t and it's relegated to the black market.

Let me be clear, I don't want to see that. I'm on board with decentralized currencies outside the realm of the traditional scripted banking sector, but I don't delude myself into thinking that anything that threatens the hold of the banks on the system is going to be allowed to continue.

You have some other obvious confusions in your statements:

1) Something that fluctuates by thousands of dollars in a week is not a safe haven in any rational definition of the concept

2) Saying it moves countercylclical when it has only burst on the scene ( in large scale ) since the so called "recovery" is quite speculative. It could be a safe haven in the event of economic upheavel, or it could be totally useless. There are some signs that it is used in places like Venezuela, but I have to wonder how widespread vs. using the USD as a means of exchange. Even so, it's not used as a safe haven, rather a medium that is more stable relative to their rapidly deteriorating currency.

3) BTC, in particular, was never sold as a store of value. It was first sold as a currency. When it became obvious that it is no good in that regard (due to transaction fees and also point 1), the narrative switched to being a store of value. Of course I don't agree with that; see point 1

Your statement in #3 is not wrong, but that isn't really a bad thing. Things adapt & change from there prior development purpose. And as far as payment it works amazing just not as far as maybe doing micro-payments.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Michael Rhodas]

Think in the application of minds.com. Actually building software based on blockchain. All these currencies have their time and place and could easily become an economic revolution if it prevails. Earning and producing the coin is best to not risk your other funds.

 

[LittleWolfie]

Not sure how, because I think I was crystal clear, but you missed the point of my statement.

Guess I'll reiterate.

Zero wrong with buying crypto. Zero wrong with getting rich off it.

Just don't confuse buying a speculative asset with taking action. Buying crypto is to taking action as playing blackjack is to taking action. I previously likened it to buying lotto tickets, but have softened my stance because that was an ignorant thing to say.

Those that see it as a means of taking action will learn how wrong they are when governments across the world, at the behest of the major banks, begin banning this sh*t and it's relegated to the black market.

Let me be clear, I don't want to see that. I'm on board with decentralized currencies outside the realm of the traditional scripted banking sector, but I don't delude myself into thinking that anything that threatens the hold of the banks on the system is going to be allowed to continue.

You have some other obvious confusions in your statements:

1) Something that fluctuates by thousands of dollars in a week is not a safe haven in any rational definition of the concept

2) Saying it moves countercylclical when it has only burst on the scene ( in large scale ) since the so called "recovery" is quite speculative. It could be a safe haven in the event of economic upheavel, or it could be totally useless. There are some signs that it is used in places like Venezuela, but I have to wonder how widespread vs. using the USD as a means of exchange. Even so, it's not used as a safe haven, rather a medium that is more stable relative to their rapidly deteriorating currency.

3) BTC, in particular, was never sold as a store of value. It was first sold as a currency. When it became obvious that it is no good in that regard (due to transaction fees and also point 1), the narrative switched to being a store of value. Of course I don't agree with that; see point 1

There are a lot of particular reasons why it's interesting in venezuela(their central bank is controlled by politicians who print money to pay for services to buy votes rather than an economic control) the limit of crypto means a computer can prevent that combined with gov fiat and the special inflationary rate of Bitcoin and clones (it is inflationary) means there is the potential to provide a smooth transition for a hyperinflation regime that using the usd wouldn't. The Bolivar is volatile against other currencies anyway. That's before you consider political opposition to the US dollar.

 

[sadi999]

Is it a way to make money? Absolutely, there's no denying that. You can invest in cryptocurrency and make tons.

With that being said, that's all it is, a way for people on the internet to make money. It's all one big crock of sh*t that people have bought into (same with the US dollar, but that's a different story).

There is literally no use for cryptocurrency, I have never seen or heard of anyone using cryptocurrency to buy anything, unless its something dark web related.

The whole idea behind cryptocurrency was to put power in the hands of the people, to present an alternative to the Evil Mighty US Dollar.

Funny thing is, the only reason people are investing in cryptocurrency is to make more of that Evil Mighty US Dollar. Go on any crypto site and look at how they valuate different coins, it's all in dollar signs.

How does this crap even make sense?

And all these crypto advocates talking about how the US Dollar will fall, crypto is here to save us , blah blah blah.....do you guys realize the implications behind what it is you are saying? And what about the hypocrisy behind such statements?

The fall of the US Dollar would be bad for almost everybody, it's literally a reset button on civilization as we know it.

"Well, the US Dollar has no value. It's fiat currency, blah blah"

If the US Dollar has no value, how the f*ck does cryptocurrency have any value?

Great content but if you are doing mining then it's no doubt it will work for you perfectly. But if you are investing via forex then I think it's difficult to understand for newbies....

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.