What's Your Perception on Cryptocurrencies?

techlead on 25/10/2023 - 11:55

Preface: Due to an abundance of caution, none of what I'm going to or will post below is financial advice.

The cryptocurrency market is buzzing back to life now with the rumor of an imminent SEC approval of a spot Bitcoin ETF, which would be huge. Although spot ETFs exists already in Australia and Canada and probably other countries too, but the SEC has still yet to approve by in the US where the most amount of investment cash would potentially come from. People are reading the tea leaves because there was a test ticket for a Bitcoin spot ETF on the DTCC, which has since been removed.

I personally think its inevitable that the SEC will approve one or more spot Bitcoin ETFs, then the flood gates will open for other cryptocurrency related ETFs.

This post is not about the legitimacy of cryptocurrencies, this has already been discussed and as time has proven, cryptocurrencies are here to stay, regulators around the world are legitimizing it, so this point to me is settled.

I think we are on the cusp of another bull market, what's your plans? Very interested to gain the perception on cryptocurrencies from the OzB community.

Poll Options expired

  • 29
    I currently hold cryptocurrencies and plan to purchase more
  • 56
    I currently hold cryptocurrencies and don't plan to purchase more
  • 8
    I currently don't hold cryptocurrencies, but open to it after some research
  • 121
    I currently don't hold cryptocurrencies, and don't plan to ever buy any (its a scam)
Financial Cryptocurrency

Comments

  • Protractor on 25/10/2023 - 17:37
    -1

    When you can run cars or power stations on it, it will be useful.

  • KangaDrew on 25/10/2023 - 17:58
    +3

    patiently waiting for know-it-all @rektrading to come out of hiding

    • whatwasherproblem on 25/10/2023 - 21:31

      This but unironically. That guy was fun.

      Here's hoping that he's still kicking. I remember he was getting JUSTed left and right during the 2022 BTC crash and then at some point he ominously stopped posting and nobody's heard from him since.

      • Crow K on 26/10/2023 - 10:21
        +2

        He was fun if you somehow didn't have access to "cryptobros saying the same things over and over and using emojis instead of big boy words".

        He couldn't hold a serious discussion of any of the ideas, either. I don't agree with techlead's optimism, but he discusses his thought processes candidly and engages generously. That's a rare quality on forums in general and crypto specifically.

        Rekttrading was NPC garbage.

  • Malik Nasser on 25/10/2023 - 18:03
    +1

    For everyone that says its a scam, what would you need to see for your opinion to change?
    If it is still around in 10 years, and 10 times as many people are using it, will that weigh on your opinion?
    Just keep an open mind, come back and visit it every couple of years, and if it is still around ask yourself if maybe you were wrong previously.

    Most people here seem to only be looking at making a quick buck off it. Its more than that.

    • localhost on 25/10/2023 - 18:20
      +1

      Can you provide few use case scenarios for crypto? Except money laundry of course. And if you point at investing, think about FTX, LUNA, etc.

      • Malik Nasser on 25/10/2023 - 19:04
        +1

        I dont use crypto to pay for my laundry.

        You can use Google to search for use cases:
        https://www.britannica.com/money/crypto-use-cases

        For Bitcoin, I would add as a long term store of value. Clearly on the short term (<3 years) it is still very volatile (due to the adoption curve). Over time I would expect it to stabilise. However over the long term (>5 years) it has already shown to be a good long term store of value. I would expect it to hold value much better than your money (fiat currency), which is consistently devaluing.
        Check out how much money has been created since 1969 (Asutralian M3 money supply). Each time new money is created, it devalues the existing money in the system. This is the reason why prices continue to go up over the long term:
        https://tradingeconomics.com/australia/money-supply-m3

        Regarding investing, even some companies go broke. As such you need to diversify.
        Things like Bitcoin however are not centralised (unlike FTX, LUNA, etc…). So Bitcoin cannot go bust. It can however go to zero, but that requires everyone to lose faith in it and stop trading it. I dont see that happening for a very long time.

        • localhost on 25/10/2023 - 19:23
          +1

          So you trade and invest in… FAITH :)

        • DingoBilly on 25/10/2023 - 20:22
          +3

          Have you tried to actually look at the use cases you linked and think critically about them?

          The use cases you linked are all garbage/have absolutely no benefit in terms of using cryptocurrency:
          1. Send money overseas (uhh I can do this significantly more easily with less volatility already… so this is useless).
          2. Tip creators (ditto above)
          3. Go shopping (lol).
          4. Transact with people/friends directly (lol).
          5. Spend and earn digital money (lol).
          6. Support the blockchain network (lol).
          7. Keep transactions private (Blockchain is inherently public and there is no privacy, this is an outright lie).
          8. Maximise earnings with high yield returns (lol).
          9. Pay your employees (lol).

          Your use case of long-term value is also terrible. The whole point of long-term stores of value are that they are reasonably consistent over time and accepted everywhere - not something that is a yo-yo.

          I honestly tried with crypto to see the benefits, but anyone with half a brain can see it's just a ponzi scheme. The only true use case I've ever found is in third-world countries where the currency is more volatile than crypto, and that's a fair use case - but otherwise it's just junk.

        • SlickMick on 26/10/2023 - 10:11

          When you get that stability I'll be ready to consider it

    • fourofjacks on 25/10/2023 - 19:42
      +1

      If we replicate bitcoin to bitcoin2, bitcoin2 would be worthless even though it has all the same use cases, benefits and good things that are touted by enthusiasts.

      The difference being that there is expectation / faith others will want to buy bitcoin.

      The reason many consider it a scam is that the increase in value is tied heavily to getting more people to buy in, similar to a pyramid scheme that only works if it attracts more people. Which is the case here for the sudden recent increase in price based on speculation there will be more investors soon.

      • askbargain on 25/10/2023 - 20:51

        anyone can be a AUD2

  • Clear on 25/10/2023 - 18:48
    -1

    Time to fund buying another house with crypto.

    • Protractor on 25/10/2023 - 19:22
      -1

      He already owns them all.And half the bank vaults on Cayman

    • Clear on 25/10/2023 - 22:32

      Hey sooky negger I put down a deposit on a house with crypto I sold. It's not hard.

  • DingoBilly on 25/10/2023 - 20:14
    +8

    Ahh the market shill is back! Gotta keep that ponzi scheme going otherwise how will your profits go? :(

    I'm curious, do you do other MLM products in your day-to-day life or just stuck with your losses on the crypto bandwagon and trying to get out from under that? Crypto has been dead for the last year, so hopefully you haven't been too bored in the last year trying to squeeze profits from corpses!

    • bargainhunter168 on 26/10/2023 - 21:30

      So has the property market. It was 11 months of red for the property market and only just started to rebound.

  • RefusdClassification on 26/10/2023 - 06:55

    Bitcoin is a very dangerous investment, but for some people the only way they will be able to afford a house is by investing in Bitcoin on hoping on huge returns, like a 50% gain in one year (compared to 5% interest in a bank). For people with 'labile affect' (you emotions react strongly to your environment), you are in for one crazy ride. One day there will be a 5% drop - feel depressed. Another day there will be a 4% gain - happy.

    • bargainhunter168 on 26/10/2023 - 07:53

      Prepare to be surprised, don't say you haven't been told.

  • JIMB0 on 26/10/2023 - 08:10
    +2

    How is this any different to your other threads on the same topic?

  • foursaken on 26/10/2023 - 10:19

    Not a scam, an "investment" market where smart, rich people get to take money from stupid, poor people who think they are smart, rich people.

    • whatwasherproblem on 26/10/2023 - 10:54
      +1

      That description also works for options trading, funnily enough.

  • samfisher5986 on 26/10/2023 - 10:32

    99% of people who like/invest/have cryptocurrency don't even know how it works or why anyone would want to use it.

    They are just chasing turning their $10 into a million.

    • bargainhunter168 on 26/10/2023 - 21:30

      Most property investors don't fully know about the risks involved either.

  • Jaxy on 27/10/2023 - 05:14

    Magical Internet Money

  • bargainhunter168 on 07/12/2023 - 09:49
    -1

    Looks like the crypto market is well under way. BTC just went up $10k USD in just a week and still climbing higher.

  • craigoss on 12/12/2023 - 18:07

    I got into crypto around the time powerledger came out, in the middle of the ICO scams I made a decent amount then lost it all fairly quickly in my head it wasn't worth cashing out anything less than a deposit for a house. Jumped back in around '20, around the time of the NFT scams, and made enough for a deposit on a modest place, pulled it out, then the market tanked again. The two big price rises I've seen were both driven by massive scam markets. Chance or coincidence?

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