Dogecoin bust

[papafarang]

bitcoin $18,550

[deankham]

Mate of mine used to sell timeshares in the 80's, double glazing in the 90's and penny stocks in 00's. Think he came out of retirement to sell Crypto. Makes a good wedge on the commission he charges.....

[Whistler]

bitcoin $18,550

Still overpriced junk

[parrot]

This from a NYT piece about Tether
"Tether, a company whose namesake currency is a linchpin of crypto trading worldwide."
"Even by crypto’s often-surreal standards, Tether has a peculiar history. The company was founded in 2014 by Brock Pierce, a cryptocurrency evangelist who, as a child actor, starred in the “Mighty Ducks” movies. He and his partner, Reeve Collins, later handed control of the firm to a former plastic surgeon named Giancarlo Devasini, who has stored some of Tether’s assets in a bank in the Bahamas run by one of the creators of the “Inspector Gadget” cartoon."
https://www.nytimes.com/2022/06/17/tech ... rency.html
Amazing!

[stattointhailand]

Have to agree parrot .........amazing!

It's "amazing" what a mess can be caused by peoples downright GREED

[deankham]

Really interesting article on Tether.

“Everyone’s freaking out — like, ‘I lost my life savings,’” said Mr. Collins, who founded Tether with Mr. Pierce and now runs a crypto venture called BLOCKv. “That’s a tragedy, but it’s just as much of a tragedy when someone says, ‘I went to a casino and lost my life savings.’ But that doesn’t mean let’s regulate casinos out of existence.”

The above quote (from the same NY times article shared by Parrot) would not fill me with confidence. The use of a Casino as an example seems to suggest using this 'stable' crypto is the same as gambling!

[tamada]

This from a NYT piece about Tether
"Tether, a company whose namesake currency is a linchpin of crypto trading worldwide."
"Even by crypto’s often-surreal standards, Tether has a peculiar history. The company was founded in 2014 by Brock Pierce, a cryptocurrency evangelist who, as a child actor, starred in the “Mighty Ducks” movies. He and his partner, Reeve Collins, later handed control of the firm to a former plastic surgeon named Giancarlo Devasini, who has stored some of Tether’s assets in a bank in the Bahamas run by one of the creators of the “Inspector Gadget” cartoon."
https://www.nytimes.com/2022/06/17/tech ... rency.html
Amazing!

Truly.

I cannot imagine how Doodoo missed this for his therapy thread

[tamada]

Really interesting article on Tether.

“Everyone’s freaking out — like, ‘I lost my life savings,’” said Mr. Collins, who founded Tether with Mr. Pierce and now runs a crypto venture called BLOCKv. “That’s a tragedy, but it’s just as much of a tragedy when someone says, ‘I went to a casino and lost my life savings.’ But that doesn’t mean let’s regulate casinos out of existence.”

The above quote (from the same NY times article shared by Parrot) would not fill me with confidence. The use of a Casino as an example seems to suggest using this 'stable' crypto is the same as gambling!

Oh! Tell me it's not true!

[Potamoi]

Here is what appears to be the same article without the NYT paywall:

https://www.straitstimes.com/business/c ... eck-crypto

Not sure which is more worrisome, the way Tether is backed or the US gov getting involved to regulate it further.

For some, these low crypto prices are certainly a buying opportunity. I don't think I would like to own crypto as my life savings or retirement plan but it might be fun in a long term gambling sort of way. Unrealized losses are not anything I would be jumping off a rooftop about. Now, like the stock market, leveraged or money borrowed to purchase something this volatile simply does not make sense to me. Perhaps I am just a more conservative investor.

Just wondering: Do any of the posters in this thread hold any cryptocurrency?

[GT93]

I don't but it's easy to meet people who do. Gambling is very popular.

[Potamoi]

Yup, I was just wondering if any of the previous posters on this thread held any cryptocoin.

[glalt]

A friend of mine urged me to invest in Bitcoin. I told him that as a Luddite, I simply cannot understand how wealth can be created from nothing. At my advanced age, my main need is to protect my nest egg. My money is in a US bank and earns basically nothing. I have absolutely no investments. I'm happy to say that I now have more money in the bank than at any time in my long life. Since I do not spend money like a drunken sailor, my pensions have a healthy surplus every month. I will add that I have no need to live on a budget and I do like new toys and have many things that I really don't need. Feeling secure is more important to me than trying to get wealthy with risky investments. I am by no means wealthy and I never will be. Being content and comfortable allows me to sleep well.

[deankham]

Yup, I was just wondering if any of the previous posters on this thread held any cryptocoin.

No, I do not, which is probably why I'm poking fun at crypto and not crying myself to sleep, waiting for the rebound

[stattointhailand]

I have to say I've lost a fortune in Wifecoin over the last 50 years

[Udon Map]

I told him that as a Luddite, I simply cannot understand how wealth can be created from nothing.

Easy. Nothing has any intrinsic value. Things have value only to the extent that people think that they do. When lots of people think that something has value, then it does.

[glalt]

A piece of land can grow food. With some baht in my pocket, I can buy a beer nearly anyplace.

[Kenr6583]

Just waiting for another dot-com bubble burst to happen to crypto.

[sonshitsu]

Reuters: Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme.
https://www.reuters.com/legal/transacti ... 022-06-16/

A bit specious IMHO. Anyone here reckon that Elon Musk is a smart financial advisor? I mean, if he is such a wiz, wouldn't he already be running the Fed?

Thank you.

[Laan Yaa Mo]

A friend of mine urged me to invest in Bitcoin. I told him that as a Luddite, I simply cannot understand how wealth can be created from nothing. At my advanced age, my main need is to protect my nest egg. My money is in a US bank and earns basically nothing. I have absolutely no investments. I'm happy to say that I now have more money in the bank than at any time in my long life. Since I do not spend money like a drunken sailor, my pensions have a healthy surplus every month. I will add that I have no need to live on a budget and I do like new toys and have many things that I really don't need. Feeling secure is more important to me than trying to get wealthy with risky investments. I am by no means wealthy and I never will be. Being content and comfortable allows me to sleep well.

That's the ticket to happiness