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Bitcoin crash coming (38 Viewers)

An individual I don't know, "quoting from a friend" is hardly a source I would rely upon when deciding how to invest my money.

This all sounds so "1875ish" Back to the days when unregulated markets were rolled by big players doing every imaginable trick to fleece the suckers. Back then it was railroad securities. But otherwise all too familiar.

Be careful out there.
 
Changster said:
I hope all crypto goes to zero. Bloodbath would be so fun to watch.
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Well zero is where it came from.

1652539050389.gif
 
  • Haha
Reactions: BNM
ekricket said:
Do they literally kill people for losing speculative investments? I didn’t realize this was some squid games shit
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Coinbase updated their Terms of Service for some of the Alt Coins. Kinda crappy and a bit extreme in my opinion, but caveat emptor and all that.
 
ekricket said:
Do they literally kill people for losing speculative investments? I didn’t realize this was some squid games shit
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I think he means that people would literally kill themselves if it goes to zero. On top of that many of them would have lost their entire life savings if they went all in on crypto
 
toothpic said:
I think he means that people would literally kill themselves if it goes to zero. On top of that many of them would have lost their entire life savings if they went all in on crypto
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Still don’t get it, people lose investments in all kinds of things besides crypto. Stocks, bonds, gold, crack, poker chips, etc…. Should we be concerned about the value of all these things to “protect” people? Everything is too big to fail now because somebody might CHOOSE to end their life? It would be different if there wasn’t a choice, but nobody has to invest in any of this. Especially if you are already have a tendency to get overly emotional when you drop your ice cream cone.
 
ekricket said:
Still don’t get it, people lose investments in all kinds of things besides crypto. Stocks, bonds, gold, crack, poker chips, etc…. Should we be concerned about the value of all these things to “protect” people? Everything is too big to fail now because somebody might CHOOSE to end their life? It would be different if there wasn’t a choice, but nobody has to invest in any of this. Especially if you are already have a tendency to get overly emotional when you drop your ice cream cone.
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I'm saying that it wouldn't be fun to watch it crash.

For some people crypto is their only way out of poverty. Working in web3 has allowed thousands of people opportunities that they never would have gotten otherwise. It's not just about investors.
 
ekricket said:
Still don’t get it, people lose investments in all kinds of things besides crypto. Stocks, bonds, gold, crack, poker chips, etc…. Should we be concerned about the value of all these things to “protect” people? Everything is too big to fail now because somebody might CHOOSE to end their life? It would be different if there wasn’t a choice, but nobody has to invest in any of this. Especially if you are already have a tendency to get overly emotional when you drop your ice cream cone.
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Unless I missed something I don't think anyone was really saying we had to protect crypto to protect people, they were merely linking that with the crash there will be people who end their lives. It's the same as when any financial market crashes. Sure they shouldn't be investing more than they could afford to lose, but that's not always the case.
 
PlayerADK said:
For some people crypto is their only way out of poverty. Working in web3 has allowed thousands of people opportunities that they never would have gotten otherwise. It's not just about investors.
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For some people “any productive work” is their only way out of poverty. Working in “the work sector” has allowed thousands of people opportunities that they never would have gotten otherwise. It's not just about investors.


Fixed your post. You can say that about anything, the oil industry, the buggy whip industry, the people that used to work at MySpace, literally any work that pays a salary.
 
ekricket said:
For some people “any productive work” is their only way out of poverty. Working in “the work sector” has allowed thousands of people opportunities that they never would have gotten otherwise. It's not just about investors.


Fixed your post. You can say that about anything, the oil industry, the buggy whip industry, the people that used to work at MySpace, literally any work that pays a salary.
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For many countries there is a lot less work than you would think. Working remotely in web3 gave many an actual livable wage, instead of working a full day in order to feed your family, just to do it over again the next day.

Even so - I would never call it fun to watch people lose jobs in any sector. People lose lives and I just wouldn't call it fun to watch.
 
Nobody said they wanted to watch people die. @Changster just said he wanted to see Crypto go to zero. Without trying to unpack his reasons for saying that specifically I think it’s a common human emotion at times. I’m sure lots of us wouldn’t shed many tears if the price of THC paulsons plummeted.

Then someone said the occurance of crypto going to zero would cause deaths and I think it was inferred that @Changster wanted that which is ridiculous. Nobody wants that.

Let’s get this back on track….
 
PlayerADK said:
Even so - I would never call it fun to watch people lose jobs in any sector. People lose lives and I just wouldn't call it fun to watch.
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You do you man. Just because the world is this way at this moment in time does not mean it was always that way nor will it stay that way. People were living and dying before the internet was invented, and people were killing themselves over financial difficulties long before there was even electricity.
People are going to do what people do, I suppose.
 
I can understand the sentiment and opposition to crypto. Lots of arrogant investors who certainly rub people the wrong way, I can see the appeal to watch them lose some money.

I am a bit sensitive to the subject just because of the folks that I have met while working in web3. For me, it's just a 2nd job/extra income + investment. If it goes to zero, life goes on, doesn't really hurt my life as a whole. But I just know too many people that it would effect a bit too heavily like I mentioned before.

I know nobody here would enjoy the deaths it causes - it just hits close thinking about the negatives that will occur if it does go to zero.
 
PlayerADK said:
For me, it's just a 2nd job/extra income + investment.
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Trying to understand this, you are taking a job that would provide a livable wage to someone in a third world country that can’t afford to feed their family? And you are starving their children so you can buy a few extra poker chips - with money you’d never miss?

Who is the heartless bastard here?
 
ekricket said:
Trying to understand this, you are taking a job that would provide a livable wage to someone in a third world country that can’t afford to feed their family? And you are starving their children so you can buy a few extra poker chips - with money you’d never miss?

Who is the heartless bastard here?
Click to expand...
Haha I am a monster
 
ekricket said:
Trying to understand this, you are taking a job that would provide a livable wage to someone in a third world country that can’t afford to feed their family? And you are starving their children so you can buy a few extra poker chips - with money you’d never miss?

Who is the heartless bastard here?
Click to expand...
Haha I am a monster
 
For those of you that play online from a state where it’s illegal, are transfers in/out done in crypto? If so, which cryptos do the sites take?

I wonder if this recent market drops impacts their ability to payout. If the sites don’t immediately convert to cash, then it seems like their funds held for players and the balance in players’ accounts may have a mismatch.
 
Are the games denominated in some crypto coin? If so, everything is fine.

Does the site merely use crypto to evade local anti-gambling funding laws? And then convert the deposit into Euros / Dollars / GBP? Then you are fine?

If the site decided to hold the crypto but operate in other currencies without hedging somehow, that could be a serious problem. More so if they were in a stable coin that turned out to be not so stable.

Some gambling sites take USD for deposits but play in GBP or Euros. They put the exchange risk back on the customers. The same thing could be done for crypto. This too would be safe from the point of view of the gambling site.

I recommend a very deep dive into the terms of service. Or maybe people should cash out just to be safe.
 
See here is the problem wrapped up all in the posts.
Instead of looking at it as an investment it should be seen as a decentralized currency, where a canadian prime minister cant seize the funds of people who disagree with his politics or an american president and congress spending more money than their mint can actually print.
Bitcoin didnt grow in value initially due to people investing in the product hoping to see its value grow by other speculators.
Bitcoin was the "unofficial" currency of silk roads, the value grew due to the demand for the currency outgrew the available units.

sidenote: If I remember correctly at the time of the the arrest of Ross Ulbricht, the fbi siezed 145000 bitcoins. I wonder if somewhere in an evidence locker sits a hard drive with todays value of (145000*30000) 4.35 billion dollars. Are the passwords of the wallets written down in some court document?
I also believe Ulbricht should be set free; as he was railroaded by the US FBI and IRS as to make an example of him. No evidence that he was involved in any actual dealings was ever presented and all his crimes were conspiracy based.
 
TeamNapoli said:
See here is the problem wrapped up all in the posts.
Instead of looking at it as an investment it should be seen as a decentralized currency, where a canadian prime minister cant seize the funds of people who disagree with his politics or an american president and congress spending more money than their mint can actually print.
Bitcoin didnt grow in value initially due to people investing in the product hoping to see its value grow by other speculators.
Bitcoin was the "unofficial" currency of silk roads, the value grew due to the demand for the currency outgrew the available units.

sidenote: If I remember correctly at the time of the the arrest of Ross Ulbricht, the fbi siezed 145000 bitcoins. I wonder if somewhere in an evidence locker sits a hard drive with todays value of (145000*30000) 4.35 billion dollars. Are the passwords of the wallets written down in some court document?
I also believe Ulbricht should be set free; as he was railroaded by the US FBI and IRS as to make an example of him. No evidence that he was involved in any actual dealings was ever presented and all his crimes were conspiracy based.
Click to expand...
US Marshals auctioned them off
I remember it
Dude who bought into some himself was a genius
Turned Millions into still over a billion worth today


https://www.google.com/amp/s/cointe...ins-to-single-bidder-in-silk-road-auction/amp

https://www.coindesk.com/markets/2015/02/18/us-marshals-to-auction-50000-bitcoins-in-march/
 
ekricket said:
???
Click to expand...
It’s easy to get people to hand over passwords with a gun to your head

If the wallets were secured in cold wallets that no one had access to but him, and he refuses to give up the keys or seed phrases, no one is getting that crypro

Fun fact
The creator of the BTC ecosystem owns hundreds of thousands of BTC from self mining to help keep the network operating when it started zero day.

The govt can’t get to that ever without finding the wallet keys.

The bitcoin ecosystem today is I’d guess tens of thousands or more of people coding and developing and have business stem from crypto currency.
The crypro market was worth almost 2 trillion dollars
It’s above 1 trillion now.
Imagine erasing a company like Microsoft and everything it touches.
Microsoft is probably worth less in market cap

SoMe of the ignorance here is astonishing
 
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