I have never purchased any bitcoin or any crypto and always thought this is a scam/ponzi. Can someone explain what it is used for? This is not a troll post, curious to know what it actually does that normal currency can't do? How is it so expensive now?
Crypto - What Is It and Why and How
[Deactivated] on 12/11/2024 - 14:43
Comments
Daddy Trump is going to make it illegal not to own Bitcoin , so everyone in USA is buying it before they get deported to Brazil
Here's the rules:
When I buy Bitcoin the price goes down
When I sell Bitcoin the price goes upcan you please tell us when you buy, many thanks
He's about to buy
Is that you, Jim Cramer?
It's typical for multiple investors to buy high sell low.
I reckon people have FOMO when they start to get news articles about a rise in something in which they buy high at that point.
The rise has already happened and has already been impactful enough to reach the headlines.
My intuition is right now would probably be the worst time to buy Bitcoin.
he bought? dump it. he sold? pump it.
I'm pretty sure they're haunting me now
No one was wondering
reverse kanga
If OP can't do even basic research…¯\_(ツ)_/¯
The dangers of people knowing you have crypto. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_pr…
It has no significant purpose for legal use. It's good for money laundering, extortion, scams etc.
"It is, I’m told, a very clever system. But what problem does it solve that can’t be handled more easily and cheaply in other ways? I’ve been in many meetings over the years in which skeptics have asked crypto advocates that question and have never heard a clear answer."
Paul Krugman
same could be said about precious metals
Nah, not really. Precious metals generally have real world uses.
gold's industrial uses are miniscule compared to its role as cash surrogate and as reserve backing currency
@ihfree: all central banks hold vast reserves of gold to anchor their economy..imagine if there was an unhackable digital asset that actually has a finite supply..
@May4th: Not really all - https://tradingeconomics.com/country-list/gold-reserves
Australia sold off two thirds of its gold reserves under Howard/Costello when gold was at a low. We have 80 tons remaining.
@ihfree: sure, most. 80ton is still a $hitload. the point is most countries of scale still has a reserve of some sort. BTC has just eclipsed silver in total market cap.. gold is next
@fredblogs: All our gold is still in the ground. If they ever need it, im sure they can take over the mines and pull it out themselves.
@May4th: only about 1/3 of gold is used for ingots/bars etc. 50% for Jewelery and about 10-15% for industrial use. so no industrial use is NOT miniscule compared to role as cash surrogate.
@gromit: sure, jewellery uses gold because we think gold is precious. so you are looking at 10% of something that has real life use and 90% of it is "value holding." we are talking about gold's use as a reserve and BTC's potential to supplant it
@May4th: gold is not used as a reserve, that stopped decades ago, most countries have relatively small amounts, certainly nothing close to what would be needed to use as a reserve so no BTC can't replace that as that is not how gold is used.
Precious metals can be confiscated
Google broken again?
Seen some of these comments at 18k, 45k and now at 89k. Cool.
Best arguments i've seen are it's efficient (as far as human labour that is required to keep the systems ongoing), and that it enforces accountability. As far as I understand, that was a lot of the driving force behind satoshi designing bitcoin. All of the financial shenanigans that surrounded 2008.
Here's a statistic I heard in some financial media, that you would need to verify for yourself. The m2 money supply, after accounting for population growth, ie divided per capita, has increased 400% since 2005. Per person there is 4x as many dollar bills in existence (USD?), over the last 20ish years. Pro-crypto advocates would argue that the dollar is a terribly distorted unit of account.
Pretty much everyone has done the same. The Australia M3 supply (broadest measure) is up ~7.3x since 2000, whereas population is only up 41% over the same period.
https://tradingeconomics.com/australia/money-supply-m3I get sick of reading those news reports about how the rich are getting richer. I mean it's basic maths, you increase the supply of money 7-8% per year but limit consumer inflation and wage growth to 2-3% then of course investments / assets have to gobble up the rest. That is our system… throw extra in the money pit and wait for businesses to generate activity in order to collect it (creating more goods / services and a better standard of living for everybody). If you stop the tap investments won't generate as big returns, businesses pull back and you get a slowdown. Governments are trying to manage social cohesion and productivity more so than equality (but most Aussie politicians are far too dumb to even be thinking at this level).
Anyway as I see it both housing and Crypto's success is a function of the fundamentals. I pumped some of Australia's data into ChatGPT to the other day to see how well it could estimate historical house price growth… pretty accurate!
Inputs:
Base House Price in 2000: $245,000
Population Growth: From 19 million in 2000 to 27 million now (Growth factor: 1.42)
M3 Money Supply Growth: From $442 billion in 2000 to $3.1 trillion now (Growth factor: 7.3)
Consumer Price Index (CPI) Change: From 69.1 in 2000 to 139.1 now (Growth factor: 2.01)
Investor Sentiment: Property investment is considered a foolproof wealth development vehicle.
Lending Laws: Borrowers assessed at 3% above their borrowing capacity.Summary: Given the inputs of population growth, M3 money supply growth, CPI change, investor sentiment, and lending laws, a house that sold for $245,000 in January 2000 could now be worth approximately $1,269,480.
If you want to learn how it actually works and why:
https://m.youtube.com/watch?v=bBC-nXj3Ng4Probably one of my favourite 3Blue1Brown videos…
Do you sometimes go out and spend money on pizza and watching a movie with your friends?
Crypto bros usually save that money and dump it on shitcoins. Some make it huge. Most lost it all. Everyone tries.
What's your personal plan to generate wealth? Is it wasting time posting on websites like this?
@ihfree - You’re right, it is pretty pathetic wasting timing posting on here, so what’s your excuse? I’m doing just fine for myself, and a part of the reason for that is because I have been smart enough to listen to my father and take his advice and guidance, however I don’t need to worry about it either way, I can do anything I want, since I have a wealthy father that has cancer, and I’m going to inherit a substantial amount 🤷♂️
What are you currently leaving for your kids?
cevolution aka "Billy Bob":
You would never catch him wasting his time posting on websites like this and online in general, instead he would use his time much more wisely to make more money
also cevolution aka "Billy Bob":
You’re right, it is pretty pathetic wasting timing posting on here… I have been smart enough to listen to my father and take his advice and guidance
Cool story bro. You really love contradicting yourself on here dontcha!
Noice, edited with extra salt.
Was basically just calling out the contradictory nature of your post. But to add to it, you really seem to have a chip on your shoulder.
Assuming your step brother will also be benefiting from your father's wealth?
I don't comment on my personal situation online and ultimately anything said could be a lie anyway - so it's largely meaningless.
@ihfree: How is there a chip on my shoulder? I posted that I think Crypto is a waste of time, and why, and example that you can choose to smartly accept and embrace, or foolish be hurt over, which is likely for average people that waste their time investing in Crypto. If you are smart, you would be responding and arguing with me for whatever, you’d deactivate your membership on OzBargain, and you use the time instead much better to build your wealth.
P.S. the step brother I was referring is on my mothers side, and certainly won’t be benefiting from my fathers wealth… And his father isn’t as smart and as wealthy as my father.
@[Deactivated]: I've found crypto to be reasonably decent. It's certainly outperformed some other investments.
Don't fear what you don't understand.
I have a wealthy father that has cancer
This merits a good ol' "(profanity) capitalism". Considering that your father has a son like you, he can't be any poorer.
@DontNeedThis: i particularly enjoyed the "why invest in crypto, be like me and get a rich dad with cancer"
Just know for every person out there making money there's gonna be one losing money. Someone's gotta buy at the top 😂
You can say the same for property market.
But the highs and lows in crypto are massive. Most people get greedy and lose out.
Do not invest more than 10% of your crypto investment in meme or shit coins.
If it clicks and goes 100x, you are happy chappy, but it is not likely to happen for everyone- the majority of gains are for people who invest in major coins and hold. (HODL).
If you get through the cycles without selling, the new highs are always better.ETH is good buy at this time as it is the largest Alt coin with solid use case.
But don't ignore BTC, as most people know only about that.
The relative value of ETH and BTC will go up after BTC touches US 95-100k.
People will take profits and invest on Alts.
That is when the ETH/ BTC pair will go up dramatically.
All the best.Thankfully Liquidation heatmaps exist. You can see potential stop-hunts.
This seems inline with his other troll threads.
All roughly on theme -
- Inheritance
- Travel
- Tesla
- Crypto
- ???
Jog along
Tough crowd eh?
Jog along
Oh you're gonna be that guy ey. Prepr next front page sensation
Seems inevitable that it's going to crack 100k
A lot of investment firms are pouring money in now
So at work place back in 2017 or 18 I heard a story from a colleague about one of his friends turning $300 into $1.2m in a short period of time and how he paid of his house, bought a car and a boat, and was enjoying his life with no financial worries. And that was the start of a dream, a dream where I saw us paying off our house and going on a world tour all the way travelling in First Class.
I started my journey to achieve the dream and worked really hard.. I was a little more greedy so I put just over $1500 and went on a buying spree, buying all sorts of coins except the big ones (BTC, ETH, etc.). Invested a lot of time watching graphs, videos, online articles and sh*t.
It was working, $1500 turned into $1550, and then into $1600 and all the way up to $1630.
But then the devil had his eyes on us and you dont need to hear the rest of the story as you can guess given I am still on OZB hunting for deals to save me any few cents I can :D
You sound bogged?
Monero is the only coin you should be investing in.
Why would that be
Its cause he likely bought in high $300s and the coin is now trading at low $200s.. he is just marketing hoping one day enough people will fall for it and pump the coin high enough for him to be out of the losses haha.
Yeah kinda wss thinking that. The cuck is bagholding
One reason is it's one of the only coins the government can't track. Monero is popularly used in Darknet Markets for drug sales due to this.
Buy physical gold and silver from the Perth mint.
You at least get something for your money and although
might not make much in the way of profit short term ,
you also won’t loose your house this way .and what gives gold it's value do you think?
It’s heavy and also shiney.
Also a good conductor of electricity,
and doesn’t oxidise well.Coz wearing enough of it gets you laid bro.
Value that!
Surprised you didn't go to Reddit first?
Reddit is all bots
Cryptocurrency or crypto for short, and is a form of digital currency.
It operates independently of a central bank and is more and more being used like traditional money, although the use is limited.
You can buy stuff, including beer at some pubs, Tesla (at one time), even property etc.
The transactions are recorded on a public ledger called a blockchain. This allows for transparency and makes it difficult to alter or counterfeit records.
The blockchain is called blockchain because a hash of all previous transactions are combined with the new block of transactions and a chain is created- the longest chain wins- I am oversimplifying it.
Best is to read the original white paper.
Please note that 80% of the various coins are Ponzi schemes.
Some good ones are BTC, ETH, SOL, BNB etc.
Please do your own research, and only invest what you can afford to lose.
However, if you are strong and don't panic, the gains are massive.
All the best!clearly if you know crypto…..DOGE is the best
Speculative asset.
Right now its hitting all time high.
You can play with meme coins like doge, which is surging at the moment too.
Be warned it goes up and down wildly. Also, if you hit it big prepare to get tax slugged by ATO that coming financial year.
There are strong rumours Satoshi might be Australian (not craig wright).
It's currency authorities can't confiscate or control.
It means government can't freeze your accounts or devalue it by printing money.
It also means you are entirely responsible for it.
Thats all, it certainly isnt a ponzi. Well no more than people say real estate is.
AFP Commissioner Reece Kershaw
“We were able to break into our first crypto wallet and actually seize $9 million,"
they went through his belonging to find the seed phrase. that's like saying you cracked a bank vault by finding the key
So authorities can confiscate it. K Thanks
@cloudy: obviously, if you give them access, either willingly or under duress. but without the seed phrase even a NSA supercomputer can't crack it (yet). that's really all you need to know
@cloudy: they figured out his seed phrase from his belongings, they didn't 'crack'. it. it's basically akin to finding his netbank password written on a piece of paper. we all know how well money in bank accounts worked out for the russians when they started the war
@May4th: Seed phrase by its nature needs to be written down somewhere, no one can remember them, unlike your NetBank password.
@cloudy: and? the point is a bank account can be easily hacked, or government intervention can easily freeze or take over your assets within a quasi legal framework. not so with a cold wallet as long as your keys are kept safe. 12 words aren't hard to memorise either
point is a bank account can be easily hacked
12 <random> words aren't hard to memorise eitherLet’s play a game, ask 100 random people if they can remember 12 random words and ask them if they’ve ever had a bank account hacked.
I’d say very few people will complete your “not hard” task - probably 0/100 - compared to the fact our very easily hack able bank accounts will have a small % of people ever been hacked.
@cloudy: I see you don't get it, and that's ok. let me put it another way. The point isn't how easy it is to remember your seed phrase. Some memorise it ok, others keep a physical key card hidden away. Some tattoo it on their private parts, do your thing. The point is, the ONLY thing you need to do to keep your crypto asset safe is to safeguard your seed phrase, if it's in a cold wallet. That's it. No possibility of it being hacked, and no government agency can access or take over your assets without this key. You can access it anywhere in the world. Whereas even without your password, there's a number of ways authorities can freeze your account or limit your access to your bank account
@cloudy: not worried at all, I don't have much skin in the game but the current non-believers will be the exit liquidity down the track, either directly or indirectly through super holdings etc
@cloudy: well no hence 'indirectly'. I always love when you get to the "I'm not making the convincing argument I think I'm making and my feeling is hurt so I'm going to start calling you names" part. I was wondering how long it would take but we got there eventually. I bid you good night sir/madam
well no hence 'indirectly'. I always love when you get to the "I'm not making the convincing argument I think I'm making and my feeling is hurt so I'm going to start calling you names" part.
It’s no, coz I have my own self managed super fund. So I don’t understand how you come to your own conclusions I indirectly invest in crypto. Care to explain?
@cloudy: good for you, but it's not all about you. most people don't, so most will have some exposure to it at some point
@May4th: Now you want to talk about most people?
Most people won’t be remembering 24 random words, nor will they be experiencing confiscation of money too. But hey, I write this not to speak to you. It’s for people who are undecided to decide if your reasoning is valid for them or my reasoning is valid for them.
@cloudy: you are not the first or last crypto denier and it's been doing just fine, theres more people holding btc/btc etf than ever. if I had a dollar for every comment like yours I'd be richer than if I bought btc in 2008
@May4th: I’ll just sum up.
You concern about very unlikely events- government confiscation-.
You simplify extraordinary difficult tasks, like remembering 12-24 random words.
You dismiss the realistically most people will end up writing it down and effectively make the seed just like a normal physical key.
You call all this logic “crypto denial” and point to rich people as some sort of evidence this logic is somehow denying the legitimacy of crypto.
I get your arguments. Thanks for your help
@cloudy: from your responses, you really don't. except you refuse to acknowledge it and tries to pretend you're an expert that sees through its absurdity when its clearer than ever it's not going anywhere. even warren buffet said 'I don't invest in what I don't understand' and I think that's a lesson in humility from the legendary investor, not everyone needs to know what it is, and that's ok
@May4th: If you want to qoute legendary investors you'd also be quite aware that Charlie Munger calls it rat poison, and as you know (since you're such a buffett nut) Charlie doesn't comment on what he doesn't understand.
Oh by the way, where do I exagerate or overly simplify or lack logic in my response? Please point it out.
Let me guess, your child all you about it?
<retail has finally entered the chat>
(albeit, too late)