>>267439>crypto has nothing of value backing it to justify the speculation
Some crypto currencies provide utility, like Ethereum for example which provides the ability to create digital contracts.
All his points only work on Bitcoin because Bitcoin is a pyramid scheme and is kind of useless outside of speculating that the price will go higher and therefore profit. It also has the ability to be sent and received through a system that isn't controlled by any government or organization. For example, Nick Fuentes was banned off almost every payment processor and one of the few ways he can still receive money is through bitcoin, in which he did receive a very generous donation ($250,000 in Bitcoin).
Some coins are called "utility tokens" for a reason because they are needed to use a certain feature or platform. For example, SingularityNET is a decentralized AI marketplace and for people (or AI agents) to utilize AI on the network, they would have to use their AGI (SingularityNET) token.
Bitcoin hardly provides utility, while other coins provide more utility. This TurdFlingingMonkey dude has no idea what he's talking about and is probably angry because he never bought any cryptocurrency and gets triggered whenever crypto is brought up.
I see you didn't watch the full video or pay any sort of attention because he talks about the edge cases of "utility tokents" and what their value.
I think it is you who doesn't know what you are talking about.
The only crypto currencies he mentions are Bitcoin, Doge and the Lino token. He doesn't mention utility tokens, Ethereum, smart contracts or anything once.
He talks about the utility of things and many coins do have utility, they have a function. Bitcoin even has utility because you can transfer it without having a bank account or any other institution, you can transfer it in a decentralized system.
Some tokens have more utility than others, some things have more utility than other things, but what it comes down to is what people value and what they are willing to pay.
The logic under which companies Tesla invested billions into bitcoin is that it's a store of value of which a limited quantity exists.
So it's really not any different from gold, except that you can't touch it.
There is a hard cap of 21m bitcoin just like there is a finite amount of gold in the crust of the Earth.
Once it's all mined, it can just be divided into smaller units but it's not disappearing anywhere, it just circulates between people.
Gold is "useless" too (except for fringe uses like gilding objects or plating appliances for conductivity) and it still keeps steadily if slowly rising in value.
As long as there is demand for anonymous payments verified by an extremely large blockchain, there is no reason why people would stop mining (=processing transactions)
or paying those miners a transaction fee for their efforts and electricity spent.
There is no real logical reason why the value of Bitcoin would plummet by any significant amount, except during large sales of bitcoin by institutional investors (but as shown time and time again in history
it rebounds far and beyond the original value after the sale is done a few months or a year later).
It can't be regarded as a "ponzi" because it has a legitimate function: Providing completely anonymous and fully secure payments, albeit very slowly compared to alternatives like Visa or Mastercard.
>>267449> like Ethereum for example which provides the ability to create digital contracts.
so how many digital contracts you made so far?
>>267460>>267466>this time it will be diffrent
Those who fail to learn the basic princable of economics end up broke.
Those who fail to learn from history are doomed to repeat it.
The bubble involving crypto in general is no different then what happened right before the tulip bulb crash.
Crypto has been going through cycles since like 2013, with a crash and then a recovery.
There is no bubble to pop.
Like the poster above me said: What bubble?
People said it's a "bubble" at $100. Then at $1000. Then at $5k, 10k and 20k.
It keeps cycling up and down, and then eventually rises.
Every block only generates 6.25 btc now as opposed to 50 all those years ago, so demand is going up but supply down.
It also costs more and more electricity to mine a single bitcoin. It's not getting cheaper any time soon.
And there is constant demand for BTC's to conduct anonymous transactions.
>>263249>Many more people lose the money they put on not make it.
That's because they FOMO into it, buy high, then sell low in a panic when they see scary red numbers. Someone who bought BTC at 15k and panic sold at 8k would have still made a substantial profit if they had just held. Or, they let themselves get tricked into buying some dumbfuck no-name memecoin. Either way, copesters could have turned a profit 10x over by now if they just invested every time they said "oh, crypto is just a meme, it's too late for me".
>>267472>And there is constant demand for BTC's to conduct anonymous transactions.
Actually using BTC for transactions only makes up around $100,000 of the market.
Literally all the rest is speculation.
And it could easily be done with any other token so bitcoin isn't unique or need for such a use.
Cyrto coins are functionally interchangeable and practically infinite in supply.
>>267479>Actually using BTC for transactions only makes up around $100,000 of the market.
How exactly did you arrive at this figure? I have a very hard time believing this, if even just from drug transactions alone.
Estimates from the alphabet agencies of how much money is move around on the onion marketplace sites. The coin there mostly recycle over and over gain with very slow growth after about a year or two.
It is a lot smaller "community" then you probably think it is. With only a few hundred heavy merchants globally.
>>267479> Cyrto coins are functionally interchangeable
This is true for a lot of them but there are situations in which the unique qualities of say Ethereum make it actually useful software.
The GNU Jami project for instance currently runs its ID protocol off of a single Ethereum token.
Did I fuck up not buying DOGE?
Kind of, but there's a limit to the efficacy of hindsight in clown world. Not only does nothing make sense, it seems as though the greater forces of this world have brought about a design whereby that which makes the least sense is, in fact, the most probable outcome.
I'm inclined to say that because it would be so unlikely… so unfathomably absurd for Dogecoin to hit $1, it will. By extension, I believe that it would be so infuriatingly insulting to the annels of sanity for it to hit a market cap of 200 billion.. fuck it, 250 billion, that it will in fact get to that. I hope to the Lord that I'm wrong, but I suspect that hope is in vain.
Why would one think and act upon the opposite of sense? Take a look around you, wiz. Take a good long look, all the way around.
With hindsight you could make the same observation about a infinite number of things.
It's best not to dwell on what could have been.
Thank you for your posts. I feel like I've woken up from a long dream in 2020 and I don't kick myself over what was before. Kinda hard to make long-term plans when all I could think of was either killing myself or dreading the next day.
Yeah I know that feeling. Long term plans regarding crypto are difficult at this point. On paper, the increase in price relative to the increase in volume over this last bull run states quite clearly that we 'should be' in a pretty bog-standard bubble. Therefore it makes the most long-term sense to wait for the next big crash and invest into a 1-3 year outlook, essentially whenever the next bull run occurs. Yet the recovery of momentum after each of the 'mini-crashes' (01/24, 03/04, 03/25 and currently 04/24) is indicative of considerable, if waning, speculative health across all the major cryptocurrencies and plenty of the shitcoins, and has dragged out sustained market growth for nigh on 6 months now. It's a given that speculative force is all that really drives up the price without real-world uptake through necessity (or being compelled to); ergo, there is no scarcity without the influx of new money. But look how many NPCs have 'learned about Doge' from the media and are reaping the rewards from what should be a suicidal gamble. That's exactly the kind of new money which sustains a bubble, which is exactly what we are witnessing. Of course, their swift withdrawal is exactly what pops a bubble.
So the next month or so will be the real test now that Bitcoin has been proven to be stalling; Ethereum's growth can be largely explained with their recent technical changes, and BNB's growth explained with it being the most ~used~ and arguably 'useful' coin… (lower fees if you use it). The other top 20 are really fighting for their share of a £2Tn marketplace, and Doge as the latest suicidal speculation mania.
The one other point to maybe consider is BTC's relevance in this era, now that competitors are technologically advanced, proof-of-stake casting doubt on mining ventures and all the threats from tax/law. How/if that happens brings about questions as to how that capital is distributed into, or withdrawn from, the market. But there's no real way to get anything substantive out of that discussion, because nobody has a crystal ball.
After shilling here for years I have to wonder if anyone here listened to me and joined in becoming financially independent
Unlikely, people are afraid of losing what little money they have. This is the saddest reality for those most deserving of some financial luck.
The best advice, or shilling as you put it, that you can give to someone who doesn't understand finances and investment is to get them to identify what actual sum of money in their pocket they could cope with losing over some period of time. $10 per week, maybe more, maybe less. Encourage them to invest in a dollar-cost-averaging style of investment, and each arbitrary time period, put that exact amount into one cryptocurrency or ideally spread it over a few. Over the course of a year You'll invested a tidy starting sum of $500, subjected it from a week to a year's growth and will not have psychologically lost anything. If you did this with 90% of cryptocurrencies in the last year you would have an easy $2500, and in some cases $20000.
If wizzies could stick to this, no matter how small and infrequent, and NOT PUT IN more than you would be upset about losing from your pocket in some given time period, you would experience a stress-free method of investment. And don't panic sell. Staring at red for months doesn't matter if the money you put in was sufficiently insignificant in the first place. Let it grow.
I kind of scoffed at DOGE since it was less than a penny. After all of this I have learnt that a coin going from literally nothing to even 30 cents is a big percentage increase. Speaking of low priced coins, what do you guys think of QUAI, Bonefire or FROGE?
FROGE already pumped, stay far away from that pump and dump. It's going to crash soon.
Has chainlink wiz come back to show his profits?
tfw can't cash out my 1 million bux of doge, im forced to play virtual monopoly forever
Taxes is the answer for why any American and plenty of others is unwilling to close their position.
I am really dumb when it comes to finance. Will they jail you for some sort of tax evasion, will demand
heavy cut of your profits or what? Can you even put it on you bank account?
Probably would fall under capital gains tax.
It's avoidable but the way to do it legally is a headache.
I mean it's straight up theft for no good reason but they are the ones with the biggest guns so just have to deal with it.
i bet the infamous hacker website known as reddit is up to this again
These days it is more about TikTok
The difference between gambling and investment is subtle, and worse is that the terms differ from person to person. Gambling is risking one's assets with the HOPE of its value increasing. Investment is risking one's assets with the EXPECTATION of its value increasing. Linguistics (with the help of mathematical set theory) describes this 'phenomenon of subtlety' with the terms synonymity (equality), hyponymity (partial equality) and incompatibility (partial or absolute inequality) in the branch of Componential analysis. Hyponymous terms share PART of a feature set. Of course to use the typical vernacular one often thinks of hyponimity as synonymity by saying that an investment IS a gamble; by extension EVERYTHING is a gamble. And sadly now the term gamble has changed to such a degree that it loses its intended meaning, albeit in some sense acquires a new one.
What makes this all the more difficult to compartmentalise is the degree to which knowledge or insight alters the respective degree of risk. While this is always open to apagocical assault, as there is no starting point or end point in the pursuit of risk minimisation, it can be clearly shown that the risk of a 'gamble' is bound to some (or many cases an absolute) static degree of risk, in comparison to action built upon analytical methods. Thus an investment can be thought of as highly viscous, with any arbitrary delta on the risk curve as a function of an input… the input? Knowledge and insight. Then we can move on to an analysis as to the efficacy of the investment, relative to no investment at all or some other investment whose opportunity cost it can be measured against.
Having said all that, which maybe is interesting to someone, to speak in colloquial terms myself, I know exactly what you mean. It really does look to be MORE of a gamble than it was some years ago. Specifically because we are in a bubble at the moment.
bought 1.5m shiba inu for 20bux
fuck it, i'll do it too, 23.75 and that's all i have to my name.
>>267634>I mean it's straight up theft for no good reason
making absurd amounts of money speculating on a useless "currency", fucking can't believe they want to take it from me
>>267721>Playing a zero-sum game with other players means elites have a right to a portion of the result of our game
Interesting perspective you have there. I'd ask why you think that, but I don't care, so I won't ask.
pay your share for the wizards on NEETbux, faggot
you should care about a bullet in your head but I'll never meet you so eh
I believe in ETH when it was shilled here years ago but I didn't have any money. I kinda just forgot about it and didn't get serious about putting any money in it until recently. I am still a fairly risk adverse person so I have yet to put in more than a few thousand.
Aren't you that communist cunt that keeps trying to get everyone that doesn't agree with you banned?
You don't give a shit about other wizards neets or not.
You just care about power, thinking that if power is taken from others somehow you will gain power despite having no redeeming qualities to deserve power.
Also it's still theft from wizard regardless of your shit non arguments.
Report me all you want. I didn't break any rules in my disagreement with your evil bullshit.
Oof, someone touched a nerve?
Just hit me how I missed out on ETH, I had money in 2017-2018, would become a millionaire if I put 1000€ in it.
But I just didn't have the mindset, like this Wizzie says:>>267566
It took me a few years to realize money doesn't make me happy at all and I'll just keep it on my bank account until I die/someone steals it so I'm more interested in stuff that can be my lucky break.
i remember you could just go to websites and get free crypto sebt to your wallet, it was a promotional thing in the beginning years as it was worth like less than a penny
i did a lot of that for a while, many currencies
i have saved most of all my old hard drives too i wonder if i can find my wallets
I sure hope you do find them wiz. I forget the details, but do some real research into backing up your wallet files before you start, in case you fail with your passwords. There are some stories about people trying to get into old, forgotten wallets and getting automatically locked out of their wallets if they did too many failed attempts or someshit.
nice, turned $20cad in to $70 cad overnite