Bitcoin

HammerDown said:
The war caused 100M in crypto liquidations in the first 24 hrs and Bitcoin was tenuous, holding critical support. What did it do? Hold like a boss.

All value will inevitably flow to Bitcoin.

We see Bitcoin lose support and dip to sub-20k again and I'm going to need to sell another kidney.
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Put it all on Washington to beat Oregon.

You’re welcome.
 
Wild Turkey said:
That’s what I’ve been trying to tell you. You still haven’t bought one single thing with it.
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I'll never ever sell my Bitcoin. How many more videos do you need showing people buying a Coke with Bitcoin in 2018 before you understand that you're wrong.

Edit: stupid me responded to a troll. Disregard. :L
 
HammerDown said:
I'll never ever sell my Bitcoin. How many more videos do you need showing people buying a Coke with Bitcoin in 2018 before you understand that you're wrong.

Edit: stupid me responded to a troll. Disregard. :facepalm:
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When you die, can I have them?
 
HammerDown said:
They will stay in family trust en perpetuity. {spoken in haughty Bri'ish accent with nose in air}
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So the family can sell them and enjoy the windfall?

Uncle Hammer, I love you.
 
TheReal_NU said:
So that’s a no on the hookers and blow?
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The Shining GIF

Me focusing on acquiring more Bitcoin and you bringing up hookers 'n blow.
 
I’d give anything to see the wars take it back to 15k, those of us with a brain in our head load up right before the halving and the market experiences a supply shock that sends it to 100k in a month.

All value will inevitably flow to Bitcoin.
 
HammerDown said:
I’d give anything to see the wars take it back to 15k, those of us with a brain in our head load up right before the halving and the market experiences a supply shock that sends it to 100k in a month.

All value will inevitably flow to Bitcoin.
Click to expand...
Ahh yes, and Charles Ponzi will be looking up, smiling.
 
HammerDown said:
I’m all ears. :beer2:
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The history of digital currency is closely linked to the development of cryptocurrency, with Bitcoin being the first and most well-known example. While digital currencies are not inherently Ponzi schemes, they have been compared to such schemes due to some similarities, which I will explain later.

History of Digital Currency:

  1. Predecessors to Cryptocurrency (1980s-2000s): The concept of digital currencies predates Bitcoin. In the 1980s, there were attempts to create digital cash, but these often relied on centralized systems. E-gold, created in 1996, was one such early digital currency. However, it faced regulatory issues and was eventually shut down.
  2. The Birth of Bitcoin (2009): In January 2009, an anonymous person or group using the pseudonym Satoshi Nakamoto introduced Bitcoin, a decentralized, peer-to-peer digital currency. Bitcoin's blockchain technology solved the double-spending problem and allowed for a trustless and decentralized system.
  3. Rise of Altcoins (2011-2013): Bitcoin's success paved the way for alternative cryptocurrencies, known as "altcoins," to emerge. Litecoin and Namecoin were among the first to gain popularity.
  4. Initial Coin Offerings (ICOs) (2017): ICOs became a popular fundraising method for cryptocurrency startups. However, the lack of regulation and oversight led to many scams and fraudulent projects.
  5. Regulatory Challenges (2017-present): Governments and regulatory bodies worldwide began to grapple with how to classify and regulate cryptocurrencies. Some countries embraced them, while others imposed heavy regulations or outright bans.
  6. Evolution of the Cryptocurrency Ecosystem (2010s-2020s): The cryptocurrency ecosystem has expanded to include various projects, DeFi (Decentralized Finance) platforms, NFTs (Non-Fungible Tokens), and more, creating new use cases beyond just digital currency.
Now, let's discuss the comparison to a Ponzi scheme:

Comparison to a Ponzi Scheme:

While digital currencies are not inherently Ponzi schemes, they have been compared to them due to some similarities and concerns:

  1. Promises of High Returns: Some cryptocurrency projects and schemes have promised investors high and quick returns. This can resemble the promises made by Ponzi schemes to attract investors.
  2. Lack of Transparency: In some cases, the operators of cryptocurrency projects or schemes remain anonymous, making it difficult to hold them accountable. This lack of transparency can be reminiscent of Ponzi schemes where the operators are often secretive.
  3. Relying on New Investors: Ponzi schemes rely on new investments to pay returns to earlier investors. Some critics argue that certain cryptocurrency projects depend on a continuous influx of new investors to sustain their value.
  4. Speculative Nature: Cryptocurrencies, especially newer and less-established ones, are highly speculative and can experience extreme price volatility. This volatility can make them riskier investments, leading some to draw parallels with Ponzi schemes.
It's important to note that not all digital currencies or cryptocurrency projects are fraudulent or resemble Ponzi schemes. Many legitimate and reputable cryptocurrencies exist, and the technology has the potential to revolutionize finance and other industries. However, due to the lack of regulation and oversight in the crypto space, investors should exercise caution and conduct thorough research before investing in any digital currency or project.

Many people have lost large investments in cryptocurrency for various reasons, and it's essential to understand the factors that contribute to these losses. Here are some of the primary reasons behind significant cryptocurrency investment losses:

  1. Volatility: Cryptocurrencies are notorious for their price volatility. Prices can fluctuate wildly in a short period, leading to both rapid gains and significant losses. Traders who do not have a clear strategy or a high tolerance for risk may suffer substantial losses.
  2. Lack of Regulation: The cryptocurrency market is relatively new and lacks comprehensive regulation in many jurisdictions. This regulatory vacuum can lead to fraudulent schemes, scams, and a lack of investor protection, making it easier for bad actors to thrive.
  3. Lack of Understanding: Many investors jump into cryptocurrency without fully understanding the technology, the specific cryptocurrency they are investing in, or the market dynamics. This lack of knowledge can lead to poor investment decisions.
  4. Market Sentiment: The cryptocurrency market is highly influenced by sentiment and speculative trading. FOMO (Fear of Missing Out) and herd behavior can lead to overinflated prices, followed by sharp corrections, leaving investors with losses.
  5. Hacks and Security Breaches: Cryptocurrency exchanges and wallets have been susceptible to hacks and security breaches. When these breaches occur, investors' holdings can be stolen, leading to significant losses. The security of one's cryptocurrency holdings is crucial.
  6. Ponzi Schemes and Scams: Some investors fall victim to fraudulent schemes and scams promising high returns or investments in non-existent projects. These schemes often result in the loss of the invested funds.
  7. Overleveraging: Trading on margin or with high leverage can amplify gains, but it also magnifies losses. Overleveraged positions can result in liquidation when prices move against the trader, leading to significant losses.
  8. Emotional Trading: Emotional reactions to market movements, such as panic selling during a downturn or impulsive buying during a bull market, can lead to poor decision-making and losses.
  9. Regulatory Changes: Regulatory changes can impact the value and legality of certain cryptocurrencies. For example, government crackdowns or the banning of cryptocurrencies in a specific jurisdiction can lead to losses for investors in those regions.
  10. Rumors and Speculation: Cryptocurrency markets can be heavily influenced by rumors and unverified information, which can lead to abrupt price swings and losses when the information is proven false.
  11. Holding onto Losses: Some investors make the mistake of holding onto losing positions for an extended period, hoping that prices will eventually recover. However, this approach can lead to further losses if the cryptocurrency's value continues to decline.
It's important to approach cryptocurrency investment with caution and a well-thought-out strategy. Diversifying your investments, conducting thorough research, understanding the risks, and being prepared for market volatility are essential steps to minimize the potential for significant losses. Additionally, seek advice from reputable sources and consider consulting with financial experts before investing in cryptocurrencies.
 
Some resources:

There are several books that discuss the dangers of speculation and provide insights into the cryptocurrency market, its risks, and how to navigate it wisely. Here are some recommended books on this topic:

  1. "Mastering Bitcoin: Unlocking Digital Cryptocurrencies" by Andreas M. Antonopoulos: While this book primarily focuses on understanding Bitcoin, it offers a deep dive into the underlying technology and how to use it securely. It also touches on the risks associated with investing in cryptocurrencies.
  2. "Crypto" by Steven Levy: This book provides a comprehensive overview of the history and development of cryptocurrencies, including the risks and challenges they present. It offers a balanced perspective on the subject.
  3. "The Basics of Bitcoins and Blockchains" by Antony Lewis: This book is a great starting point for anyone new to cryptocurrencies. It discusses the basics and risks associated with Bitcoin and blockchain technology.
  4. "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond" by Chris Burniske and Jack Tatar: This book delves into the world of cryptoassets, providing a comprehensive overview of various cryptocurrencies and tokens. It addresses the risks and opportunities associated with investing in this asset class.
  5. "Bitcoin: The End Of Money As We Know It" (Documentary): While not a book, this documentary offers insights into the potential risks of traditional financial systems and how cryptocurrencies, particularly Bitcoin, have emerged as alternatives.
  6. "Crypto: How the Code Rebels Beat the Government Saving Privacy in the Digital Age" by Steven Levy: This book explores the broader implications of cryptocurrencies and how they challenge the status quo. It also touches on privacy concerns and the role of cryptocurrency in safeguarding individual freedoms.
  7. "The Bitcoin Standard: The Decentralized Alternative to Central Banking" by Saifedean Ammous: This book provides a unique perspective on Bitcoin as an alternative to traditional financial systems. It discusses the risks and opportunities associated with this digital currency.
  8. "Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction" by Arvind Narayanan, Joseph Bonneau, Edward Felten, Andrew Miller, and Steven Goldfeder: This book offers an academic perspective on Bitcoin and cryptocurrencies, including their technical aspects and potential risks.
While these books provide valuable insights into the world of cryptocurrencies and the risks associated with them, it's important to stay updated on this rapidly evolving field, as new risks and opportunities constantly emerge. Additionally, consider reading books that offer a balanced perspective, as cryptocurrencies can be both risky and potentially rewarding, depending on how they are approached and used.

Possible solutions:

The idea of superheroes fighting against "evil cryptocurrencies" is a creative and imaginative concept, but it's important to clarify that cryptocurrencies themselves are not inherently evil. Cryptocurrencies are neutral tools, and their use can range from legitimate financial transactions to illegal activities. Here's a playful take on the concept of superheroes taking on the misuse of cryptocurrencies:

  1. CryptoWatch: This superhero has the ability to monitor blockchain transactions and identify suspicious or illegal activities. CryptoWatch uses their knowledge to thwart crypto-related crimes like money laundering, fraud, and ransomware attacks.
  2. BitBlocker: BitBlocker has the power to create impenetrable firewalls and encryption to protect cryptocurrency wallets and exchanges from hackers and cybercriminals. They safeguard the digital assets of innocent users.
  3. Decentralizer: Decentralizer's mission is to ensure that decentralized technologies remain truly decentralized. They fight against any attempts to centralize control over cryptocurrencies and maintain their core principles.
  4. The Regulator: This superhero works closely with government authorities to ensure that the cryptocurrency space is properly regulated and that bad actors are held accountable for their actions.
  5. The Educator: The Educator's superpower is knowledge. They educate the public about the risks and benefits of cryptocurrencies, helping people make informed decisions and avoid scams and schemes.
  6. CryptoCrisis Communicator: In a world filled with FUD (Fear, Uncertainty, Doubt), CryptoCrisis Communicator has the power to calm the markets and reassure investors during times of turmoil. They use their soothing voice and messages to prevent panic selling and market crashes.
  7. Blockchain Defender: Blockchain Defender is the guardian of blockchain technology itself, ensuring that it remains secure, tamper-resistant, and resistant to 51% attacks and other threats.
  8. Whale Rescuer: This superhero intervenes when large crypto "whales" manipulate markets for their benefit at the expense of smaller investors. They ensure a level playing field for all participants.
  9. NFT Guardian: NFT Guardian protects the digital art and collectibles space by preventing counterfeit NFTs and ensuring the rights of artists and creators are respected.
  10. Altcoin Altruist: Altcoin Altruist champions the cause of legitimate alternative cryptocurrencies, helping people discover and invest in promising projects while avoiding scams.
While the concept of superheroes fighting against "evil cryptocurrencies" is entertaining, it's important to remember that the misuse of cryptocurrencies usually involves human actions and intent, not the cryptocurrencies themselves. Law enforcement agencies, regulators, and cybersecurity experts are the real-world heroes working to combat crypto-related crime and ensure the safe and legitimate use of digital currencies.
 
Mofo said:
The history of digital currency is closely linked to the development of cryptocurrency, with Bitcoin being the first and most well-known example. While digital currencies are not inherently Ponzi schemes, they have been compared to such schemes due to some similarities, which I will explain later.

History of Digital Currency:

  1. Predecessors to Cryptocurrency (1980s-2000s): The concept of digital currencies predates Bitcoin. In the 1980s, there were attempts to create digital cash, but these often relied on centralized systems. E-gold, created in 1996, was one such early digital currency. However, it faced regulatory issues and was eventually shut down.
  2. The Birth of Bitcoin (2009): In January 2009, an anonymous person or group using the pseudonym Satoshi Nakamoto introduced Bitcoin, a decentralized, peer-to-peer digital currency. Bitcoin's blockchain technology solved the double-spending problem and allowed for a trustless and decentralized system.
  3. Rise of Altcoins (2011-2013): Bitcoin's success paved the way for alternative cryptocurrencies, known as "altcoins," to emerge. Litecoin and Namecoin were among the first to gain popularity.
  4. Initial Coin Offerings (ICOs) (2017): ICOs became a popular fundraising method for cryptocurrency startups. However, the lack of regulation and oversight led to many scams and fraudulent projects.
  5. Regulatory Challenges (2017-present): Governments and regulatory bodies worldwide began to grapple with how to classify and regulate cryptocurrencies. Some countries embraced them, while others imposed heavy regulations or outright bans.
  6. Evolution of the Cryptocurrency Ecosystem (2010s-2020s): The cryptocurrency ecosystem has expanded to include various projects, DeFi (Decentralized Finance) platforms, NFTs (Non-Fungible Tokens), and more, creating new use cases beyond just digital currency.
Now, let's discuss the comparison to a Ponzi scheme:

Comparison to a Ponzi Scheme:

While digital currencies are not inherently Ponzi schemes, they have been compared to them due to some similarities and concerns:

  1. Promises of High Returns: Some cryptocurrency projects and schemes have promised investors high and quick returns. This can resemble the promises made by Ponzi schemes to attract investors.
  2. Lack of Transparency: In some cases, the operators of cryptocurrency projects or schemes remain anonymous, making it difficult to hold them accountable. This lack of transparency can be reminiscent of Ponzi schemes where the operators are often secretive.
  3. Relying on New Investors: Ponzi schemes rely on new investments to pay returns to earlier investors. Some critics argue that certain cryptocurrency projects depend on a continuous influx of new investors to sustain their value.
  4. Speculative Nature: Cryptocurrencies, especially newer and less-established ones, are highly speculative and can experience extreme price volatility. This volatility can make them riskier investments, leading some to draw parallels with Ponzi schemes.
It's important to note that not all digital currencies or cryptocurrency projects are fraudulent or resemble Ponzi schemes. Many legitimate and reputable cryptocurrencies exist, and the technology has the potential to revolutionize finance and other industries. However, due to the lack of regulation and oversight in the crypto space, investors should exercise caution and conduct thorough research before investing in any digital currency or project.

Many people have lost large investments in cryptocurrency for various reasons, and it's essential to understand the factors that contribute to these losses. Here are some of the primary reasons behind significant cryptocurrency investment losses:

  1. Volatility: Cryptocurrencies are notorious for their price volatility. Prices can fluctuate wildly in a short period, leading to both rapid gains and significant losses. Traders who do not have a clear strategy or a high tolerance for risk may suffer substantial losses.
  2. Lack of Regulation: The cryptocurrency market is relatively new and lacks comprehensive regulation in many jurisdictions. This regulatory vacuum can lead to fraudulent schemes, scams, and a lack of investor protection, making it easier for bad actors to thrive.
  3. Lack of Understanding: Many investors jump into cryptocurrency without fully understanding the technology, the specific cryptocurrency they are investing in, or the market dynamics. This lack of knowledge can lead to poor investment decisions.
  4. Market Sentiment: The cryptocurrency market is highly influenced by sentiment and speculative trading. FOMO (Fear of Missing Out) and herd behavior can lead to overinflated prices, followed by sharp corrections, leaving investors with losses.
  5. Hacks and Security Breaches: Cryptocurrency exchanges and wallets have been susceptible to hacks and security breaches. When these breaches occur, investors' holdings can be stolen, leading to significant losses. The security of one's cryptocurrency holdings is crucial.
  6. Ponzi Schemes and Scams: Some investors fall victim to fraudulent schemes and scams promising high returns or investments in non-existent projects. These schemes often result in the loss of the invested funds.
  7. Overleveraging: Trading on margin or with high leverage can amplify gains, but it also magnifies losses. Overleveraged positions can result in liquidation when prices move against the trader, leading to significant losses.
  8. Emotional Trading: Emotional reactions to market movements, such as panic selling during a downturn or impulsive buying during a bull market, can lead to poor decision-making and losses.
  9. Regulatory Changes: Regulatory changes can impact the value and legality of certain cryptocurrencies. For example, government crackdowns or the banning of cryptocurrencies in a specific jurisdiction can lead to losses for investors in those regions.
  10. Rumors and Speculation: Cryptocurrency markets can be heavily influenced by rumors and unverified information, which can lead to abrupt price swings and losses when the information is proven false.
  11. Holding onto Losses: Some investors make the mistake of holding onto losing positions for an extended period, hoping that prices will eventually recover. However, this approach can lead to further losses if the cryptocurrency's value continues to decline.
It's important to approach cryptocurrency investment with caution and a well-thought-out strategy. Diversifying your investments, conducting thorough research, understanding the risks, and being prepared for market volatility are essential steps to minimize the potential for significant losses. Additionally, seek advice from reputable sources and consider consulting with financial experts before investing in cryptocurrencies.
Click to expand...

Mofo said:
Some resources:

There are several books that discuss the dangers of speculation and provide insights into the cryptocurrency market, its risks, and how to navigate it wisely. Here are some recommended books on this topic:

  1. "Mastering Bitcoin: Unlocking Digital Cryptocurrencies" by Andreas M. Antonopoulos: While this book primarily focuses on understanding Bitcoin, it offers a deep dive into the underlying technology and how to use it securely. It also touches on the risks associated with investing in cryptocurrencies.
  2. "Crypto" by Steven Levy: This book provides a comprehensive overview of the history and development of cryptocurrencies, including the risks and challenges they present. It offers a balanced perspective on the subject.
  3. "The Basics of Bitcoins and Blockchains" by Antony Lewis: This book is a great starting point for anyone new to cryptocurrencies. It discusses the basics and risks associated with Bitcoin and blockchain technology.
  4. "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond" by Chris Burniske and Jack Tatar: This book delves into the world of cryptoassets, providing a comprehensive overview of various cryptocurrencies and tokens. It addresses the risks and opportunities associated with investing in this asset class.
  5. "Bitcoin: The End Of Money As We Know It" (Documentary): While not a book, this documentary offers insights into the potential risks of traditional financial systems and how cryptocurrencies, particularly Bitcoin, have emerged as alternatives.
  6. "Crypto: How the Code Rebels Beat the Government Saving Privacy in the Digital Age" by Steven Levy: This book explores the broader implications of cryptocurrencies and how they challenge the status quo. It also touches on privacy concerns and the role of cryptocurrency in safeguarding individual freedoms.
  7. "The Bitcoin Standard: The Decentralized Alternative to Central Banking" by Saifedean Ammous: This book provides a unique perspective on Bitcoin as an alternative to traditional financial systems. It discusses the risks and opportunities associated with this digital currency.
  8. "Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction" by Arvind Narayanan, Joseph Bonneau, Edward Felten, Andrew Miller, and Steven Goldfeder: This book offers an academic perspective on Bitcoin and cryptocurrencies, including their technical aspects and potential risks.
While these books provide valuable insights into the world of cryptocurrencies and the risks associated with them, it's important to stay updated on this rapidly evolving field, as new risks and opportunities constantly emerge. Additionally, consider reading books that offer a balanced perspective, as cryptocurrencies can be both risky and potentially rewarding, depending on how they are approached and used.

Possible solutions:

The idea of superheroes fighting against "evil cryptocurrencies" is a creative and imaginative concept, but it's important to clarify that cryptocurrencies themselves are not inherently evil. Cryptocurrencies are neutral tools, and their use can range from legitimate financial transactions to illegal activities. Here's a playful take on the concept of superheroes taking on the misuse of cryptocurrencies:

  1. CryptoWatch: This superhero has the ability to monitor blockchain transactions and identify suspicious or illegal activities. CryptoWatch uses their knowledge to thwart crypto-related crimes like money laundering, fraud, and ransomware attacks.
  2. BitBlocker: BitBlocker has the power to create impenetrable firewalls and encryption to protect cryptocurrency wallets and exchanges from hackers and cybercriminals. They safeguard the digital assets of innocent users.
  3. Decentralizer: Decentralizer's mission is to ensure that decentralized technologies remain truly decentralized. They fight against any attempts to centralize control over cryptocurrencies and maintain their core principles.
  4. The Regulator: This superhero works closely with government authorities to ensure that the cryptocurrency space is properly regulated and that bad actors are held accountable for their actions.
  5. The Educator: The Educator's superpower is knowledge. They educate the public about the risks and benefits of cryptocurrencies, helping people make informed decisions and avoid scams and schemes.
  6. CryptoCrisis Communicator: In a world filled with FUD (Fear, Uncertainty, Doubt), CryptoCrisis Communicator has the power to calm the markets and reassure investors during times of turmoil. They use their soothing voice and messages to prevent panic selling and market crashes.
  7. Blockchain Defender: Blockchain Defender is the guardian of blockchain technology itself, ensuring that it remains secure, tamper-resistant, and resistant to 51% attacks and other threats.
  8. Whale Rescuer: This superhero intervenes when large crypto "whales" manipulate markets for their benefit at the expense of smaller investors. They ensure a level playing field for all participants.
  9. NFT Guardian: NFT Guardian protects the digital art and collectibles space by preventing counterfeit NFTs and ensuring the rights of artists and creators are respected.
  10. Altcoin Altruist: Altcoin Altruist champions the cause of legitimate alternative cryptocurrencies, helping people discover and invest in promising projects while avoiding scams.
While the concept of superheroes fighting against "evil cryptocurrencies" is entertaining, it's important to remember that the misuse of cryptocurrencies usually involves human actions and intent, not the cryptocurrencies themselves. Law enforcement agencies, regulators, and cybersecurity experts are the real-world heroes working to combat crypto-related crime and ensure the safe and legitimate use of digital currencies.
Click to expand...
I found this on Google under "what do I say if I'm scared of Bitcoin and don't know what it is?" Thanks for copying and pasting, sir. :beer2:
 
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