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
Rac00n on 12/11/2024 - 14:43
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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.
Why not just invest in something real instead with much greater potential? I remember running into my younger step brother during Covid, he was fat prick about 50 kilos overweight, and kept wanking on about Crypto, when essentially he was poor cont, that never will be as wealthy as his own harder working father, or my old man.
My father was a carpenter/builder by trade before retiring in 2013 at 58 when I was diagnosed with prostate cancer which later spread to his lungs (he’s still alive and very healthy), he worked hard and often for 12 or more hours a day 6 days a week running his own business, and he took the philosophy that there is no such thing as easy money, you have to work hard for it. 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. For example, in dads spare time he would buy a house that he felt was cheap, quickly renovate them, and then sell them for double the price he paid… The last property dad bought and renovated before he retired was in Woy Woy essentially where the central coast begins just outside of Sydney, it was a block from the water, the house cost him just over $400000 from an elderly deceased estate, he spent $50000 on higher quality materials to renovate it and because of his skills he did all of the work himself, and sold the property for just under 1 million dollars 2 years later. Doing things like that is how smart people make money and get wealthy rather than investing in Crypto and chasing it.
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 😂
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
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.
Surprised you didn't go to Reddit first?
Reddit is all bots
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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-m3
I 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.