Black Monday

[LaserEyeKiwi]

Indeed it does.



I also agree that most of the projects/coins are garbage and people will get burned, yes those FB investor groups, etc are utterly ridiculous. Of course that will end in tears.

However, part of the point is that anyone can make anything - there will always be scammers, trash etc as a result. There are no gatekeepers, it's decentralised.

Type "bitcoin institutions" into Google and check out some of the results. Focus more on that than honing in on the 16 year old kid down the road who just made more than you've done in 10 years on the stock market. The wealthiest and one of the smartest people on the planet convinces his board to invest $1.5B in BTC and you’re complaining about kids on Facebook?

I don't really care what you do or think, but I will continue to point out the misinformation being posted around here.

This is no different to the late 90s dot com experience. It’s so obvious. Back then there were also many companies and well regarded CEOs that invested billions in nonsense dot com properties, and when the crash came there was absolute carnage.

Just like today, many who were in early made tremendous amounts of wealth riding the dot com names up (it was viewed as incredibly easy as every new dot com IPO soared to new heights, so all you had to do was buy and hold). Everyone looked like genius investors until it ended. When the crash came it was brutal and fast, just as it will be with the impending crypto crash.

The end is not far off - it’s apparent when the crypto community starts to make up new excuses as it becomes apparent the original thesis isn’t working. Right now the Bitcoin community has given up on it being an alternative currency (in which it fails to be on multiple attributes) and now have changed to pushing it as a “store of value / “the new gold”” (despite the fact it also fails as a store of value candidate). When these sort of narrative changes happen it’s a sign that things are starting to fall apart.

[Rawz]

... Right now the Bitcoin community has given up on it being an alternative currency (in which it fails to be on multiple attributes) and now have changed to pushing it as a “store of value / “the new gold”” (despite the fact it also fails as a store of value candidate). When these sort of narrative changes happen it’s a sign that things are starting to fall apart.

I agree with your wider post. I'm trying to tell friends to stay away from these crypto **** coins (**** coins is actually what they are called), like Doge coin, safe moon, mars moon whatever. It is going to end up exactly like the dot com bubble as you say.

Bitcoin is another story. It itself isnt a good alternative currency but it can be used as one with new lightening technology. It works by people staking Bitcoin on level 1 and then there is a 2nd lightening level where transactions can happen instantly and is later correlated on level 1. Well that's how I understand it at least. Someone more knowledgeable can correct if so, but the idea is that new fintech is being constantly developed to solve these transaction issues.

I do believe Bitcoin is an excellent store of value, much more so than gold. I also think it is going to 10x in value to equal the market cap of gold soon enough. If you look at the large corporates/ institutions that have been adding small bitcoin positions to their balance sheets recently and you think how much more demand there will be when pension funds, insurance company's, hedge funds etc start to take 2% positions as part of a balanced portfolio... for me there is only one way and that is up. As for the math of the current halving event we should be at $100,000 usd per coin by the end of the year.

[Habits]

Louis Navellier US markets update 4 mins

https://navellier.com/wp-content/upl...il-22-2021.m4a

[LaserEyeKiwi]

I agree with your wider post. I'm trying to tell friends to stay away from these crypto **** coins (**** coins is actually what they are called), like Doge coin, safe moon, mars moon whatever. It is going to end up exactly like the dot com bubble as you say.

Bitcoin is another story. It itself isnt a good alternative currency but it can be used as one with new lightening technology. It works by people staking Bitcoin on level 1 and then there is a 2nd lightening level where transactions can happen instantly and is later correlated on level 1. Well that's how I understand it at least. Someone more knowledgeable can correct if so, but the idea is that new fintech is being constantly developed to solve these transaction issues.

I do believe Bitcoin is an excellent store of value, much more so than gold. I also think it is going to 10x in value to equal the market cap of gold soon enough. If you look at the large corporates/ institutions that have been adding small bitcoin positions to their balance sheets recently and you think how much more demand there will be when pension funds, insurance company's, hedge funds etc start to take 2% positions as part of a balanced portfolio... for me there is only one way and that is up. As for the math of the current halving event we should be at $100,000 usd per coin by the end of the year.

Anything that has massive price swings (up or down) is by definition a terrible candidate for a currency or store of value. No country or economy will adopt something with such an obvious lack of stability.

The obvious candidates that will prove the most appropriate for a crypto currency that will be accepted by governments and economies at large are simply crypto-versions of existing national currencies.

[peat]

The sheeshing is because I have never come across a community of otherwise intelligent investors that are negative on crypto and know nothing actually correct about it BUT still insist on posting away like they do. Being negative on it is fine as is knowing nothing about it. I take issue with the blatant misinformation that is constantly posted by people pretending to have knowledge about the most basic of crypto concepts. The ability and methods to earn yield on different crypto’s is limitless. Start with Blockfi for BTC. There is literally dozens if not hundreds of other protocols

Just calm it down buddy
I have done heaps of research into crypto from 2010 onwards but its very complex and one cannot know everything about it. Especially when one doesnt specialise in it. So I apologise for the mis-information as you call it. But I am hardly uninformed about it. I have owned all sorts of crypto. I have mined it, but I have become more conservative in my old age and made a conscious decision to never speculated or invest (if you must) in it. Right or wrong we all make our choices. But IMH (educated as financial planner though) O it is a ponzi. A very grand one and is right up there for scale and complexity.

[kiora]

Anything that has massive price swings (up or down) is by definition a terrible candidate for a currency or store of value. No country or economy will adopt something with such an obvious lack of stability.

The obvious candidates that will prove the most appropriate for a crypto currency that will be accepted by governments and economies at large are simply crypto-versions of existing national currencies.

And then who in the instos have the PW for the wallets. Prone to inside & outside heists?

[bull....]

Just calm it down buddy
I have done heaps of research into crypto from 2010 onwards but its very complex and one cannot know everything about it. Especially when one doesnt specialise in it. So I apologise for the mis-information as you call it. But I am hardly uninformed about it. I have owned all sorts of crypto. I have mined it, but I have become more conservative in my old age and made a conscious decision to never speculated or invest (if you must) in it. Right or wrong we all make our choices. But IMH (educated as financial planner though) O it is a ponzi. A very grand one and is right up there for scale and complexity.

just like all those kiwi's piling into the greatest ponzi of all ..... the housing market lol

[bull....]

Nigel Farage, the prominent former Brexit-backing British politician, has claimed New Zealand is launching a "new close alliance" with China and leaving the Five Eyes, despite our Foreign Affairs Minister and Prime Minister saying otherwise.

https://www.newshub.co.nz/home/polit...otherwise.html


well at least one good thing be they will introduce chinese into the school system . more relevant than some other languages

[BlackPeter]

Nigel Farage, the prominent former Brexit-backing British politician, has claimed New Zealand is launching a "new close alliance" with China and leaving the Five Eyes, despite our Foreign Affairs Minister and Prime Minister saying otherwise.

https://www.newshub.co.nz/home/polit...otherwise.html


well at least one good thing be they will introduce chinese into the school system . more relevant than some other languages

You mean Nigel Farage the outrageous liar?

Why would anybody care what this idiot says - he has proven again and again how clueless he is ...

[Biscuit]

Just calm it down buddy
I have done heaps of research into crypto from 2010 onwards but its very complex and one cannot know everything about it. Especially when one doesnt specialise in it. So I apologise for the mis-information as you call it. But I am hardly uninformed about it. I have owned all sorts of crypto. I have mined it, but I have become more conservative in my old age and made a conscious decision to never speculated or invest (if you must) in it. Right or wrong we all make our choices. But IMH (educated as financial planner though) O it is a ponzi. A very grand one and is right up there for scale and complexity.

Completely agree, and I know nothing about it. I remember back in the 1990s watch a house being built around the corner from my place and thinking, genuinely, that the guys who figured out that you could build a soundly built house by just plastering over the wooden framing and polystyrene insulation must be very clever and have a lot of data to support that, because I would never have thought it would work. I remember in the early 2000s listening to an expert on the radio explaining how the internet had changed the game and that fundamental valuation methods were completely obsolete and I remember, genuinely, thinking how out of my depth I must be to not see that. Now, I don't care so much how clever people sound.