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Started By
Message
re: Why is crypto crashing?
Posted on 6/2/22 at 7:17 am to SlidellCajun
Posted on 6/2/22 at 7:17 am to SlidellCajun
Annnnnddddddd back to square 1 
1
Posted on 6/2/22 at 8:04 am to JayDeerTay84
And…. Avoid the question
Posted on 6/2/22 at 8:10 am to SlidellCajun
Maybe you aren’t understanding that most people buying these as investments think the coin will be valued more in the future than it is today, so they don’t want to spend said coin as they would be losing out on future gains.
Me personally, if I sell something in which I don’t need the cash to fund my everyday life (bills, food, energy, etc), I prefer to sell the item for bitcoin and I hold that bitcoin in a separate Non-KYCed wallet.
You also need to come to grips that sometimes you cannot calculate the exact value like you can a P/E ratio. I know that makes you uncomfortable but it’s part of investing in assets that have future potential.
Me personally, if I sell something in which I don’t need the cash to fund my everyday life (bills, food, energy, etc), I prefer to sell the item for bitcoin and I hold that bitcoin in a separate Non-KYCed wallet.
You also need to come to grips that sometimes you cannot calculate the exact value like you can a P/E ratio. I know that makes you uncomfortable but it’s part of investing in assets that have future potential.
Posted on 6/2/22 at 9:49 am to SlidellCajun
quote:
And…. Avoid the question
We have actually answered it many times. No one. LET ME REPEAT. NO ONE in this thread is using it as a currency. Yet, you keep talking about that specifically.
I dont know what to tell you guy.
They even posted the damn BTC white paper and it referenced the word "Currency" ONCE and that was in regards to FIAT.
Posted on 6/2/22 at 10:18 am to JayDeerTay84
I don’t understand how he hasn’t grasped that yet
Posted on 6/2/22 at 10:30 am to AMS
quote:
I think he mines. Which is like a continuous running DCA, but for the lesser cost of electricity.
I own mining rigs too.
EDIT: You guys were actually talking about me. LOL... my bad
This post was edited on 6/2/22 at 10:52 am
Posted on 6/2/22 at 10:35 am to SlidellCajun
quote:
Another thing I don’t fully understand. Why convert to USD?
-- to place it in stocks!
-- To use in other ways.
quote:
Why not Ethereum or other crypto that converts to your advantage?
I prefer BTC.
quote:
And do you have an option to get paid in USD?
I just told you that. I mine Eth, but get paid in BTC... A portion of that is converted to USD and sent to my bank account.
From that bank account, my money is sent to my trade accounts where stocks are purchased.
quote:
Seems that might make the most sense considering the risks of price fluctuations with bitcoin ie November to today…
Stocks are down just as much.
Posted on 6/2/22 at 10:49 am to SlidellCajun
quote:
SlidellCajun
Sorry.. I see you guys are talking about me.
quote:
not just trading it.
Actually, I use bots to trade my BTC too. It's only doing roughly $15 per day... sometimes lower. But it's passive income.
quote:
If I was getting paid in bitcoin and it was tanking like it has been then I’d immediately halt it and go to the USD.
Would you do the same for your stocks? Since the market and stocks are way down... would you sell to get your USD?
quote:
No way I’m subjecting my family to that kind of fluctuation in my paycheck
What? I see a misunderstanding.
1- I own a few businesses. I make money from those.
2- I also have passive income in several forms. They all come from things I enjoy. For example, I have stock accounts that I trade on. I have a great time with it.
I also have mining rigs. It requires very little of my time. 99% of it is automated. Power outage.. it automatically comes back on with the power and starts mining. etc... It's passive income.
Posted on 6/2/22 at 10:59 am to JayDeerTay84
quote:
We have actually answered it many times. No one. LET ME REPEAT. NO ONE in this thread is using it as a currency. Yet, you keep talking about that specifically.
I don’t think that’s exactly certain. Some on this thread have pointed out that it’s being accepted by a fairly large number of big companies. That at least implies that the poster is using it. Another poster said he got paid with bitcoin. Paying someone for something is currency usage. Now this poster immediately converts some of it to the USD so that makes a case for the USD at least somewhat.
Nonetheless, let’s assume that what you say is true. No one is using it as currency. They’re just trading it.
I won’t even bother asking why because I think I know the answer. They hope it will go up in value despite have no real usage in everyday life. That is just like the dotcom craze. Pets.com was suppose to be some great website. Amazon was backing it so it had to be great. They had zero profit yet the hope was there
That someday they would. It went bankrupt along with lots of other hopefuls.
Hope ….
I think we can see now why crypto is crashing.
This post was edited on 6/13/22 at 10:05 am
Posted on 6/2/22 at 11:00 am to Jjdoc
quote:No, they aren't.
Stocks are down just as much.
But performance comparisons between stocks (plural) and bitcoin isn't really a fair one either. Afterall, a basket of securities (i.e., stocks) should show less volatility than an individual holding. That entails runs to the upside as well as the downside.
Posted on 6/2/22 at 11:09 am to SlidellCajun
quote:
I don’t think that’s exactly certain. Some on this thread have pointed out that it’s being accepted by a fairly large number of big companies. That at least implies that the poster is using it. Another poster said he got paid with bitcoin. Paying someone for something is currency usage. Now this poster immediately converts some of it to the USD so that makes a case for the USD at least somewhat.
Again, you are confusing many things.
Fiat has 1 function. BTC and other Cryptos have multiple functions.
I cannot make it any more simpler for you.
quote:
Hope ….
The only hope around here is you hoping it goes to zero so you can make another thread.
Posted on 6/2/22 at 11:17 am to JayDeerTay84
quote:
The only hope around here is you hoping it goes to zero so you can make another thread.
I actually don’t
I like the concept of a digital currency like a bitcoin
It’s just not used widely enough as a currency to give it the intrinsic value it needs to be anything more than a speculation
I have serious doubts about the USD
Posted on 6/2/22 at 11:35 am to JayDeerTay84
quote:
But performance comparisons between stocks (plural) and bitcoin isn't really a fair one either. Afterall, a basket of securities (i.e., stocks) should show less volatility than an individual holding. That entails runs to the upside as well as the downside.
This is a good point and one that others have tried to make but it doesn’t seem to get absorbed.
Crypto traders always make comparison to stocks but they’re apples and oranges. Sure both get traded but only one is called a “currency”.
Stocks can have underlying value that can be measured (pointed out already). Crypto, despite my requests, does not seem to have any measurable value. It’s value is the HOPE that it catches on as a currency. Until it does, it will be volatile as a trading product only.
I wouldn’t mind using it as a currency if it weren’t so volatile. I would invest in it with any consequential money at this point.
Posted on 6/2/22 at 12:32 pm to SlidellCajun
There's no way you still haven't research Ethereum weeks later. It's either that or you are a complete moron. No one is going to the store to spend their Ethereum and it has more utility and value than the vast majority of the stocks on the NASDAQ. You have been told this time and time again and you still go back to the only utility being the ability to spend Ethereum at Wal-Mart. It's an entire NETWORK like the APPLE ECOSYSTEM. It's a defi ECOSYSTEM. YOU NEED THE TOKEN TO USE THE ECOSYSTEM. Without the token you have absolutely NO INCENTIVE to protect the decentralized network.
Posted on 6/2/22 at 12:37 pm to SlidellCajun
quote:
I don’t think that’s exactly certain. Some on this thread have pointed out that it’s being accepted by a fairly large number of big companies. That at least implies that the poster is using it.
This is true.
Microsoft. ...
PayPal. ...
Overstock. ...
Whole Foods. ...
Etsy. ...
Starbucks. ...
Newegg. ...
Home Depot.
Moreso than that, There are VISA cards that are funded by crypto. For example, I have an FTX visa that is linked to my FTX crpto.
quote:
They hope it will go up in value despite have no real usage in everyday life.
My Brother in Law pays his cable and internet with crypto.
Posted on 6/2/22 at 12:41 pm to NC_Tigah
quote:
No, they aren't.
But performance comparisons between stocks (plural
I wasn't referring to the over all.
Posted on 6/2/22 at 1:00 pm to SlidellCajun
quote:Stable coins have the value of backing assets, and value of the currency to which they're tethered.
Crypto, despite my requests, does not seem to have any measurable value.
Mixing metaphors between "coins" and "tokens" in Ethereum et al, complicates valuation. But there is value beyond transactional "coins" in those ecosystems.
BTC and other cryptos have the value implicit in current transactions though.
E.g., Would you pay several million dollars for a Warhol soup can painting? What's the "measurable value" of a soup can painting? The value is simply what a buyer is willing to pay.
You might not be willing to drop $5 or 6 million for such a thing. But if you did, you could probably resell it for twice that.
The problem with decentralized crypto though, is inability to fundamentally analyze performance. Add to that crypto's transactional anonymity and lack of oversight, and it becomes a natural turpitude attractant for malfeasant whales. For me personally, crypto is much more of a crapshoot than other investments.
Posted on 6/2/22 at 1:27 pm to NC_Tigah
quote:
E.g., Would you pay several million dollars for a Warhol soup can painting? What's the "measurable value" of a soup can painting? The value is simply what a buyer is willing to pay.
I wouldn’t but some do.
I’ve addressed art earlier but in general, the value of art is very subjective. I look at crypto currency in a similar way… except for a very distinct difference. I actually like some art and want it on my wall. I have paid large sums to have art on my wall. There’s a value in that. Still subjective but value.
Other times, I might not like the art so much but after meeting the artist, I’m so taken by their story that I want their art. It’s such a unique creation by a person that I admire, it increases the value in my eyes and I buy it.
I have a collection of viavants. They’re very rare and the story behind the artist is so unique that I just love the paintings. I love them for the story more than the actual art but the art is amazing. They’re valuable in my collection. it’s regional though and I’m fine with that. I’d probably never sell. At least I never have.
Same with Walter Anderson but a bit different. I love his story but I also love the art. I collect it and actually have traded it. Some pieces I would never sell though.
Is crypto more like art to you?
This post was edited on 6/2/22 at 10:01 pm
Posted on 6/2/22 at 3:03 pm to SlidellCajun
It's impossible to use the Ethereum network without owning Ethereum tokens due to network fees which can only be payed in Ethereum. Is that enough utility for you?
Every token is different. Why do you keep talking about currency and now paintings as currency?
Every token is different. Why do you keep talking about currency and now paintings as currency?
This post was edited on 6/2/22 at 3:05 pm
Posted on 6/2/22 at 3:10 pm to SlidellCajun
quote:Then anything with value is a currency. If I pay the high school kid who cuts my grass in beer, does that make beer a currency?
Another poster said he got paid with bitcoin. Paying someone for something is currency usage.
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