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tigersfan1989
LSU Fan
Member since Oct 2018
900 posts

How does the crypto story play out?
I’ll admit I haven’t gotten into any crypto and I know a lot of people have made tons of money on it. Hearing people make boat loads of money while I put in a honest days work for money I s frustrating but it’s life. How do you feel about those in their 20s making 10k or even 100ks of money by trading made up currencies? Is life as we know it as simple as make a big bet on the next WSB / meme stock / crypto and hit it big and be set for life as early as your 20s? Are the days of working a lifetime in a career to build money to finally retire going to come to an end if you can just luck trade/buy a meme stock or currency? I’ll admit I’m jealous of those hitting big on crypto and if it’s a seemingly dumb idea or not at the end of the day they made much more money on that bet than I have with my index funds.


castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
75630 posts
 Online 

re: How does the crypto story play out?
If you call it an industry, some will make it and some will lose people a shite ton of money.
But it's here to stay


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112
slackster
Stanford Fan
Houston
Member since Mar 2009
73480 posts

re: How does the crypto story play out?
You’re going to get a bunch of flak for your biased views, but I’ll say this...

quote:

How do you feel about those in their 20s making 10k or even 100ks of money by trading made up currencies?


Lots of paper gains. Everyone tells you how much they’ve “made” on Doge, but you can never seem to find the bag holders. No one on here chimes in to admit what they lost on GME, AMC, the pennies, etc.


rocket31
Toledo Fan
Member since Jan 2008
38234 posts

re: How does the crypto story play out?
it's playing out much better than your overvalued tech stocks you said weren't risky...


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911
21JumpStreet
Texas Tech Fan
Member since Jul 2012
12522 posts
 Online 

re: How does the crypto story play out?
Scared money don't make money. You will hear success stories. You will hear failed stories.


slackster
Stanford Fan
Houston
Member since Mar 2009
73480 posts

re: How does the crypto story play out?
quote:

Are the days of working a lifetime in a career to build money to finally retire going to come to an end if you can just luck trade/buy a meme stock or currency?


Also, this sounds like a post that could have been made circa 1999 with the tech/penny bubble/P&D that was occurring.

Ultimately your measly index funds worked out better.


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190
Ross
Auburn Fan
Member since Oct 2007
44292 posts
 Online 

re: How does the crypto story play out?
quote:

made up currencies


What is a made up currency?


tigersfan1989
LSU Fan
Member since Oct 2018
900 posts

re: How does the crypto story play out?
Made up currency? How about tigerdroppingscoin? I hear it’s the next big thing.
This post was edited on 5/6 at 5:28 pm


Ross
Auburn Fan
Member since Oct 2007
44292 posts
 Online 

re: How does the crypto story play out?
What qualities separate a “real” currency from a “made up” currency?


tigersfan1989
LSU Fan
Member since Oct 2018
900 posts

re: How does the crypto story play out?
If you’re willing to accept tigerdroppingscoin for me to purchase your house then we have a deal. That’s a currency


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Ross
Auburn Fan
Member since Oct 2007
44292 posts
 Online 

re: How does the crypto story play out?
I’m not and nobody else is either because you have neither a supporting network to facilitate these transactions, nor is the currency you are proposing fungible, and of course and it doesn’t have value on an open marketplace

But these things aren’t true of something like Bitcoin, so I’m curious how you personally assign the line between real vs. made up
This post was edited on 5/6 at 5:34 pm


boogiewoogie1978
Arkansas Fan
Little Rock
Member since Aug 2012
11969 posts

re: How does the crypto story play out?
The confederate states tried to produce a currency to rival the US government. How did they turn out? Government will regulate this at some point.


tigersfan1989
LSU Fan
Member since Oct 2018
900 posts

re: How does the crypto story play out?
If you’re willing to accept 1 tigerdroppings coin for your house (let’s assume 200k) then the value of 1 tigerdroppings coin is 200k. There the value is set. You accepted it as the value so why shouldn’t the next guy?
This post was edited on 5/6 at 5:38 pm


Ross
Auburn Fan
Member since Oct 2007
44292 posts
 Online 

re: How does the crypto story play out?
Because your product isn’t backed by a global decentralized network or a trustworthy entity. Nothing dictates its scarcity and it has no use case over superior assets.


RobbBobb
Matt Flynn, BCS MVP
Member since Feb 2007
20805 posts

re: How does the crypto story play out?
quote:

Because your product isn’t backed by a global decentralized network or a trustworthy entity

Neither is yours

What entity is going to fight to ensure the value of your chosen crypto?

The volatility of crypto wont be tolerated. If you paid one 'coin' in Jan for tuition with a value of $5500, and by the end of the semester the university sells that 1 'coin' for $55,000? Many, many folks are going to be somewhat pissed. The reverse is actually worse. If your 'coin' is no longer worth $5,500, and its value of $1,200 multiplied by 22,000 students forces the college to shut down mid-semester.

There can only be a certain number of 'coins'. In America there is 330M people, and only 21M bitcoin. How in the hell do you think people are going to accept or understand that it takes .0000333 of 'coin' to pay for their Strawberry soda?

And before you say people accepted credit cards, debit cards, pay by phone, etc, those are all based on the purchasing power of a constant supply of fiat dollars. People can access fiat in any community, at every business, at any hour


tigersfan1989
LSU Fan
Member since Oct 2018
900 posts

re: How does the crypto story play out?
Is this the biggest thing since getting away from the gold standard? I’m trying to think of something in history that had this magnitude


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40
TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
77320 posts

re: How does the crypto story play out?
quote:

Everyone tells you how much they’ve “made” on Doge, but you can never seem to find the bag holders
To be fair, Doge hasn't tanked yet so there are no bag holders. But yea, it will eventually happen and the holders won't be anywhere to be found. Same goes for pretty much all of crypto - the crash will come eventually. I'll still be here with my bitcoin stack. Hoping it isnt another 85% decline like in 2018!


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91
Ross
Auburn Fan
Member since Oct 2007
44292 posts
 Online 

re: How does the crypto story play out?
quote:

Neither is yours

What entity is going to fight to ensure the value of your chosen crypto?


The swath of institutional investors that prize the security of the network and its scarcity to use it as a store of value that are coming into the space or already occupy the space, for starters

quote:

There can only be a certain number of 'coins'. In America there is 330M people, and only 21M bitcoin. How in the hell do you think people are going to accept or understand that it takes .0000333 of 'coin' to pay for their Strawberry soda?


call it 3,330 satoshis, or sats; if it rolls off the tongue better
This post was edited on 5/6 at 6:46 pm


21JumpStreet
Texas Tech Fan
Member since Jul 2012
12522 posts
 Online 

re: How does the crypto story play out?
Love it. We are still early. Man I was so dumb and naive like that before
This post was edited on 5/6 at 7:14 pm


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60
TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
77320 posts

re: How does the crypto story play out?
quote:

There can only be a certain number of 'coins'. In America there is 330M people, and only 21M bitcoin. How in the hell do you think people are going to accept or understand that it takes .0000333 of 'coin' to pay for their Strawberry soda?

There are 100,000,000 Sats per bitcoin. If it gets to that point, people could price things in Sats rather than 0.0000333 bitcoin.


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