Bitcoin, bunch of money going away

[Dewey7271]

Man, heckuva drop on it.
It was the hot idea the past year.
Hope any of you aren’t in it

https://www.google.com/amp/s/busine...reds-of-other-cryptocurrencies-go-to-zero/amp

 

[...]

i dont have even faith Govt minted paper money....im sure as fuck not getting involved in "internet money"

 

[Srikaleak]

I do like the idea of a universal currency instead of relying on the petro dollar but the idea of currency is to use it as a medium to barter and not INVEST in the concept of it.

 

[mdmp5]

The only play was to mine that shit years ago, which only some eccentric weirdos did. Last year was not the idea; it was the crest of the tidal wave. Thousands of crypto currencies were spawned and only a small handful amounted to anything. The ones that did got absolutely demolished. Half a trillion in market cap erased

 

[Srikaleak]

The only play was to mine that shit years ago, which only some eccentric weirdos did. Last year was not the idea; it was the crest of the tidal wave. Thousands of crypto currencies were spawned and only a small handful amounted to anything. The ones that did got absolutely demolished. Half a trillion in market cap erased

Not just erased but outright stolen. Some of those cryptocurrencies were straight up ponzi schemes

 

[mdmp5]

Not just erased but outright stolen. Some of those cryptocurrencies were straight up ponzi schemes

I don’t know the dynamics of the scams, because they were likely very layered and hard to follow, but there was/is such a limited amount of oversight in these markets. I don’t think the exchanges are even acting as SROs in any capacity other than halting trading.

The only way people made big money in any of this was either being the proprietors (miners) or raping people on the transactions, where these scum are collecting as much as 5% of the principal for a transaction. That’s old school 80’s boiler room brokerage scam shit

 

[TheGerman]

Electronic tulips.

 

[XLR308]

Artificially inflated to draw enough suckers in and crash it, I'm guessing the mellinials are the biggest looser bunch from it.

 

[PinesAndProjectiles]

Artificially inflated to draw enough suckers in and crash it, I'm guessing the mellinials are the biggest looser bunch from it.

Good. Less money going to their SWJ flavor of the month politician.

 

[Bender]

Great idea

Failed execution

Capitalism is great, people have the opportunity to fail.

 

[Nik H]

i dont have even faith Govt minted paper money....im sure as fuck not getting involved in "internet money"

^^^^This

Bitcoin was good in the early days when you could mine it efficiently and create some "wealth" which I did.

Investing in it is fucking foolish

 

[FS1]

What happens to the Money when the power goes out?