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General Discussion

Happy Hoosier

(8,558 posts)

29. It's a game of hot potato

Reply to TNNurse (Original post)

Sat Dec 7, 2024, 10:54 AM

Dec 7

Lots of people have made lots of money.... assuming folks actually cash out to harvest gains (a lot DO NOT).

It has no value other than the hope that at some point later, someone will pay you more for it than you paid for it.

It's limited nature means it will NEVER be a serious daily spend currency.

So basically, people buy hoping they make money before people decide to sell more than buy. It probably has more upside, but it's not something I would risk any needed money on. Even if the S&P500 takes a major ****, it won't go to zero, and it will rebuild, because the economy will continue to exist. Crypto COULD go to zero (or close to it) and stay there, becuase their is nothing under it. Lots of "coins" have done just that. BTC and ETH are pretty much the only "serious coins" out there. Most of the others are basically the "penny stocks" of the coin market.

I'm sure some folks on here have made a shiton on it. I know a guy who has. He literally bought when BTC was $400. He cashed out when BTC hit $93,000 (not sure why he picked that numner). So, he 232X'sd his stake. I mean... good for him. But he could have just as easily lost his entire stake.

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Hugin k55f5r Attilatheblond bamagal62

86 replies

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Highlight:

So is Crypto a pyramid scheme or something else? [View all] TNNurse Dec 7 OP

DU is not the best place to ask RandiFan1290 Dec 7 #1

It's a rip-off Blue_Tires Dec 7 #10

well, I don't know who this "finance guy" is, but his history of the internet lapfog_1 Dec 7 #16

Need some clarification here. LAS14 Dec 7 #35

Excellent Post! One Minor Flaw. ProfessorGAC Dec 7 #52

It could be transmuted by a particle accelerator ThoughtCriminal Dec 8 #75

Fair Enough ProfessorGAC Dec 8 #77

It is the perfect currency for criminals (drug cartels, gun runners, human traffickers, rogue nation states, etc.) waterwatcher123 Dec 7 #54

Thanks!! This looks like the kind of thing I've been hunting for for years. LAS14 Dec 7 #32

They likely have a very large endowment Redleg Dec 7 #49

You warned me about asking on here. TNNurse Dec 7 #62

The use of blockchain in Crypto LAS14 Dec 11 #86

It's a way to... 2naSalit Dec 7 #2

The way I understand it, bamagal62 Dec 7 #3

All money is 'made up'. Voltaire2 Dec 7 #14

That's the thing... BTC is NOT used as a token of exchange for anything other than money laundering by tha VAST majority Happy Hoosier Dec 7 #33

It is used, to a very limited extent, as an exchange token. Voltaire2 Dec 7 #38

Exactly. Happy Hoosier Dec 7 #44

I know that. Thx. bamagal62 Dec 7 #73

Made up money as opposed to the Drachma... Alephy Dec 7 #19

Your observation of it as a STORE of value is good one. Happy Hoosier Dec 7 #34

"Bitcoin is new" dawg Dec 7 #60

Yes, it is really, really new Alephy Dec 7 #63

Bitcoin is an antiquated energy-wasting protocol. If the world was ever serious ... dawg Dec 7 #66

Sure Alephy Dec 7 #67

It's the currency of the future ... dawg Dec 7 #69

My apologies Alephy Dec 7 #20

Not sure, but if I recall correctly, when you make a reply, the "powers" button below it becomes active for you Attilatheblond Dec 7 #53

Thank you very much Alephy Dec 7 #56

Just passing along what someone else showed me here Attilatheblond Dec 7 #71

It's made-up money, but its primary benefit is that it's untraceable. Lonestarblue Dec 7 #28

This message was self-deleted by its author Chin music Dec 7 #31

Scam, well known. Passages Dec 7 #4

Molly White does a great job of tracking this scam . . . hatrack Dec 7 #5

The perferred method of exchange for criminals the world over. paleotn Dec 7 #6

It's more like timeshares for the new millennium. Hugin Dec 7 #7

Crypto is an experiment in harnessing perception as wealth. Frasier Balzov Dec 7 #8

DU is probably the worst possible place to discuss BTC that I have seen. Years ago, a DU poster put up dozens of Celerity Dec 7 #9

I'll never trust any money I cannot physically touch Blue_Tires Dec 7 #13

Do you use debit and credit cards? Are you paid via EFTs? Celerity Dec 7 #17

I do use debit and credit cards, TNNurse Dec 7 #24

Actually blockchain - the tech behind bitcoins- Voltaire2 Dec 7 #39

Thank you for beautifully illustrating my point Blue_Tires Dec 8 #81

No, I did not illustrate your point at all, sorry. Celerity Dec 8 #82

Like I said before, you're only helping Elmer and Donnie Blue_Tires Dec 8 #84

I do not mine BTC or any other crypto currency, nor do I trade in BTC or any other crypto currency. Celerity Dec 8 #85

It's not strictly true that tulips can't endure. LisaM Dec 7 #37

Yes, but you are now introducing both labour and non-fungibility. Celerity Dec 7 #43

I appreciate your commentary on this topic Alephy Dec 7 #57

thanks Celerity Dec 7 #58

Precisely, I have been in and out of Bitcoin since it first JCMach1 Dec 7 #61

thank you, and OUCH! (the 30 deleted BTC) yikes Celerity Dec 7 #64

I was treating it as an experiment... So I try to laugh JCMach1 Dec 7 #65

well, at least you didn't spend 10,000 BTC on 2 pizzas................ (worth roughly 1 BILLION USD now) Celerity Dec 7 #68

Thank you all. TNNurse Dec 7 #11

It's closer to a ponzi scheme Blue_Tires Dec 7 #12

It's a great way to launder money, too. GoCubsGo Dec 7 #22

IMO, the rise of Bitcoin (and maybe other crypto) is being fueled by hopeium nitpicked Dec 7 #15

The answer is Yes. Wonder Why Dec 7 #18

Mostly yes. Voltaire2 Dec 7 #21

The European Tulip Price Collapse. Jacson6 Dec 7 #23

Fatally flawed analogy, and one that has been trotted out here continously long before I joined DU in mid-2018, as Celerity Dec 7 #40

Excellent comparison. Thank you for that. BannonsLiver Dec 7 #45

And the South Sea Company Amanita Pantherina Dec 7 #55

It's not quite. usonian Dec 7 #25

I never understood what it is. claudette Dec 7 #26

Crypto is electronic barter wrapped around a restrained supply of medallions bucolic_frolic Dec 7 #27

It's a game of hot potato Happy Hoosier Dec 7 #29

Crypto-gypto oasis Dec 7 #30

All currency not based an a physical commodity, but traded in markets are a scheme and a process of continual ... marble falls Dec 7 #36

Have bought and held BTC (only) for a couple years Wavelight Dec 7 #41

Well, I will be 80 in 5 years so I doubt that will be my concern. TNNurse Dec 7 #48

I regret my timidity with it... Mark.b2 Dec 7 #70

It's a threat to the environment. ... littlemissmartypants Dec 7 #42

Yes Blue Full Moon Dec 7 #46

Money laundering, tax evasion, medium for illegal purchases. DJ Synikus Makisimus Dec 7 #47

A speculative mania-- really an improved version of the Tulip mania andym Dec 7 #50

The big money return in crypto is::: keithbvadu2 Dec 7 #51

Very poor way to launder money as BTC has an open ledger JCMach1 Dec 7 #59

Many places take Bitcoin as payment..... Who accepts Trump crypto as payment? keithbvadu2 Dec 7 #72

I've never encountered one place that takes crypto. If I go to the grocery store I can't buy a gallon of milk with it. Vinca Dec 8 #78

I have a Visa debit card through Coinbase RandiFan1290 Dec 8 #79

And the worst part is ... AncientOfDays Dec 7 #74

Laundering Money ._. Dec 8 #76

Plot to crash economy and make US taxpayer pay for it. Kid Berwyn Dec 8 #80

Some fucking crypto is easier to track that others. Bitcoin leave a clear trail. Monero fucking does not. Very different SoFlaBro Dec 8 #83

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