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The Blackangel

Official Cryptocurrency Thread

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There is a lot of talk about cryptocurrency here on the forums. And a lot of it is derailing threads that it has nothing to do with. I for one am tired of it, and I know a lot of other people are as well. Therefore if you want to make any mention of cryptocurrency in any capacity, do it here in this thread. Leave other threads to stay on topic. If you're wanting to direct your comment to a specific member for whatever reason, you just have to mention them. They will get the notification.

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I still don't even know exactly what it is. I've looked it up several times and I see the same terms used over and over as if the definition itself doesn't know what it is. All I know is that it starts with crypt-which is death. It's not protected by a bank. 

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From what I understand, it's untraceable virtual money. Take your bank account for example. Let's say you have $1,000 in it. You don't have $1,000 cash in your wallet. Cryptocurrency works the same way. You would have a form of bank account that instead of having cash behind it, you would have the company you bought from backing it. It's somewhat along the same lines as the NFT bullshit. You buy something virtual, and hope you don't lose your ass doing so. It's why I don't buy cryptocurrency. I don't trust it. I invest in something more tangible. Which is why I buy a troy of silver every month. The price of silver fluctuates by the second, but it holds it's value really well. I would invest in gold, but can't afford it in any way, shape, or form.

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Posted (edited)

I also have physical collectible items that will increase in value no matter what. As far as crypto, I don't see why I would own any if it floats around in the virtual world where it isn't protected by a bank. In the USA, all banks are FDIC insured up to $250,000. Even in economy collapse, you obviously won't have access to your money when everyone tries to cash out at the same time, but the bank will still have an IOU. I imagine the same would be for Crypto if everybody tried to cash out at the same time, except there wouldn't be an IOU. What you lose, you lose for good. 

Edited by Reality vs Adventure
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Posted (edited)
10 minutes ago, Reality vs Adventure said:

I also have physical collectible items that will increase in value no matter what. As far as crypto, I don't see why I would own any if it floats around in the virtual world where it isn't protected by a bank. In the USA, all banks are FDIC insured up to $250,000. Even in economy collapse, you obviously won't have access to your money when everyone tries to cash out at the same time, but the bank will still have an IOU. I imagine the same would be for Crypto if everybody tried to cash out at the same time, except there wouldn't be an IOU. What you lose, you lose for good. 

Pretty much. If Bitcoin or Etherum decides to back out or crypto collapses, you lose what you bought and you're fucked. And with cryptocurrencies being decentralized and just floating on the web, you have no legal guarantees of anything. I just flat out don't trust it.

Wikipedia covers it really well. Especially in this section.

Edited by The Blackangel
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I don't invest in stocks, or precious stones like Gold, Silver, I don't know much about them. I am into crypto investment, because I've studied the market trend, and got the basic knowledge how to invest at low risk. I don't bring crypto discussions on every topic in this forum, because I don't want to derail the topic, make others feel bad. I think here is the ideal place to talk about any crypto related information for those interested. 

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Did any one see what happened with Luna Terra coin? That's the worst in cryptocurrency history for a well-known coin. Such bearish have not occured for long, you can tell that around Shit coins and not real coins. Luna made lots of investors go broke, they trusted the coin so well, but it's sudden breakdown caused havoc in the crypto world. I didn't invest in the coin, I love investing only around coins with proven use cases and not looking like shit coin that will go rugpull unexpectedly just as Luna Terra did. 

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2 minutes ago, Head_Hunter said:

Did any one see what happened with Luna Terra coin? That's the worst in cryptocurrency history for a well-known coin. Such bearish have not occured for long, you can tell that around Shit coins and not real coins. Luna made lots of investors go broke, they trusted the coin so well, but it's sudden breakdown caused havoc in the crypto world. I didn't invest in the coin, I love investing only around coins with proven use cases and not looking like shit coin that will go rugpull unexpectedly just as Luna Terra did. 

The problem is when people don't do their proper research and just jump on a bandwagon with lots of lies and fairytales. Honestly, the same thing happened with Bitconnect 5 years ago and yet these people still haven't learned yet.

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4 minutes ago, killamch89 said:

The problem is when people don't do their proper research and just jump on a bandwagon with lots of lies and fairytales. Honestly, the same thing happened with Bitconnect 5 years ago and yet these people still haven't learned yet.

Big shocker indeed, I don't invest long time this days around cryptocurrencies, I just do short term trade around BTC, ETH, BNB and USDT. I don't want to suffer much heartbreak trading this cryptocurrencies, I do it when I have spare time. Rug pull is much more common around the digital assets this days, and what happened within Luna won't be the last. 

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34 minutes ago, Head_Hunter said:

Big shocker indeed, I don't invest long time this days around cryptocurrencies, I just do short term trade around BTC, ETH, BNB and USDT. I don't want to suffer much heartbreak trading this cryptocurrencies, I do it when I have spare time. Rug pull is much more common around the digital assets this days, and what happened within Luna won't be the last. 

The worst thing is that Luna 2.0 is launching and you have idiots supporting that as well. I can't stop laughing...

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25 minutes ago, killamch89 said:

The worst thing is that Luna 2.0 is launching and you have idiots supporting that as well. I can't stop laughing...

It pokes fun buddy, you should keep on laughing those investing in the Luna classic coin, because the worst will still come to them. 

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Just now, Head_Hunter said:

It pokes fun buddy, you should keep on laughing those investing in the Luna classic coin, because the worst will still come to them. 

I'm kind of interested as to why no form of law enforcement agency hasn't looked into this as yet - I mean, it's clearly a ponzi scheme and yet, nobody has bothered to start investigating the founders of the project.

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1 minute ago, killamch89 said:

I'm kind of interested as to why no form of law enforcement agency hasn't looked into this as yet - I mean, it's clearly a ponzi scheme and yet, nobody has bothered to start investigating the founders of the project.

Nice point mate, I thought about that too. Government agencies ought to have looked into it,trace the developers of the coin and question them for causing max loss that touched even the rich so bitterly. Such is Ponzi steps, no difference, because they caused much more losses than profit for investors. 

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