Cryptocurrency of the Day

Buy when people sell, sell when people buy.

Buy high sell low

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Why Not there are people who enjoy the suffering

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It looks a little rough now. Hang on for a few years you’ll probably be happy.

Guinness time yet ? Too soon ? :yum:now I have to rely on world financial markets to get my beer :pensive:

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Scamming $4bn mostly from Chinese

I mean Chinese people are not new to scams and they fell for it. Greed I guess.

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Under 7k on Bitcoin…who’s buying?

Not me I am maxxed out . If you are going to buy in to some coins it’s probably not the worst time. But hey I know nothing I’ll admit it. :sunglasses:

This is quite an astonishing story. I suspect there are many scams like this in China all the time…It just happens to be this one was crypto. Also this is driven by eastern European gangsters.
Feels bad for the African farmers who invested.

I got caught investing in a couple of outright scams.
One was called Oyster Pearl. They were creating fictitious managers on LinkedIn, roping in innocent ppl to talk on their behalf.
Founders ID never revealed publicly, waiting for a patent.

Another was to be the next Spotify or Next YouTube but decentralised (to be fair not a hundred percent cent scam but same problem…Got the money first…Then attempt the half hearted development).

The thing is it’s a little difficult to discern sometimes. My first investment was in Crpterium, one of the most successful late ICOs, within three months I was convinced I had thrown my money down the toilet. Subsequently they have actually produced something semi useful and the value has maintained relatively well… for a new crypto.

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You just described Kickstarter .com :grin:

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Yep :grin:

Isn’t there a thing with kick-starter that you have to provide a product or you give the money back ?

I guess quality of said product varies!

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So much hope and so little due diligence. Too much money in the system. WeWork comes to mind

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Yeah it’s irrational exuberance. At least the Softbank guy has some money to spare.

WeWork is a great example because it shows how people can be sucked in to believe in something against facts , against their own better judgement !

Those Japanese who threw money at WeWork had more money than brains. :money_with_wings:

a fool and his money are soon parted

Basically Japan’srichest man…Can’t recall if it was his own money or his investors.

Yeah what’s up with SoftBank? Real cowboys hey

God I miss the dot com boom and the crazy 90s…now there was a time when you could make piles of money

Regarding cryptocurrencies I’m fully aware it’s an unregulated space, I expect I will lose on some and gain on others.
This issue then becomes with self regulation, diversification into markets and not throwing too much into outright hail Mary’s .
There’s plenty (well a few) of cryptos that are solid with massive development bases, it’s just a downturn at the moment in price but they are advancing, especially the ethereum ecosystem.

Care to develop your line of thought?

Personally I steer clear of crypto. I don’t argue you can’t make money off the hype.

Two points make it a deal breaker for me

  • lack of any real value behind it (just 1s an 0s)
  • huge waste of energy

I invest in companies that make good products and can survive even the worst recession. I won’t become millionaire overnight but that’s okay.