Anybody into cryptocurrency?

Pooya

Administrator, Technical Team Director
Staff member
Sep 23, 2004
33,855
841
Vancouver, Canada
www.IranSportsPress.com
I know of 2 guys who had to declare bankcrupcy and are fucked for 7 years ! well they can only blame themselves, selling all they had, and burrow shit ton of money to put on Crypto !
Crypto made some rich people even richer at the cost of poor folks, GREAT scam.
 
Oct 18, 2002
16,063
106
I know of 2 guys who had to declare bankcrupcy and are fucked for 7 years ! well they can only blame themselves, selling all they had, and burrow shit ton of money to put on Crypto !
Crypto made some rich people even richer at the cost of poor folks, GREAT scam.
I hope Crypto takes off one day. but if it does it is very likely that the global financial system will collapse
because that means the dollar is no longer world reserve currency.
that would likely mean the entire financial system would collapse because U.S won't be able to buy everything on credit anymore.


That said as Charlie munger has said it numerous times. Cyrpto fails the basic test of a currency and that is. it is not a store of value.

nothing can be a store of value if everyday its value is fluctuating by 10% or so.


it is basically hedge for the very rich.

Hype around crypto
in last November and December time-frame, i saw many at work talking about BTC prices and following the price everyday.

on that day i made up my mind that the entire market (not just crypto) is in massive bubble. It was basically like 2006 again.

bunch of totally clueless people were buying stuff (BTC now) (houses back in 2006) and their sole reason for buying it was to fool somebody else to buy it back from them at a higher price shortly there after.

in my view the entire market is driven by the Fed easy money policy.

foot note: have no credentials. not even single finance or economic minor.
 

A8K

Ball Boy
Oct 22, 2016
1,963
330
so total of 7 coins trades showing on exir , which could be like paper trade.. or friends account passing coins to each other to prop it up.. big freakin deal.

I hope the fuckin morons don't rush to this game most likely held by government or sepah related functions.
conversion at 14000 sets it around 6200 dollars; https://www.cryptocompare.com/coins/btc/charts/IRR?p=2W

someone took the highest trade 97 million and divided it by 4000 (rough rate) and got that 26000 dollars figure.

also before you 'najes' ur shorts;
Editor's note: Since publication, some commentators have offered an alternative take, suggesting that the bitcoin price spike was due to a wild fluctuation in the value of the rial, Iran's national currency.
 
Last edited:

A8K

Ball Boy
Oct 22, 2016
1,963
330
short term creditors know they can't fuck up so extend some credit.. but even beyond 7 years it can bite them back as it's off the record but still accessible.
NEver forget a friend's friend experience; guy had a very successful print shop and was in process of setting up 2nd location etc; so this is back like pre 2000 when everyone started to 'day-trade' or self-harm-clicking . Initially was successful and soon stayed at home and closed the business or neglected as he was making tons more money. but when all said and done, he was all out of cash and looking for work; Min wage was like 10 and he was looking to start at $12. choosy mofo..LOL.

Mind you still had 2k worth shoes in his wardrobe.

I know of 2 guys who had to declare bankcrupcy and are fucked for 7 years ! well they can only blame themselves, selling all they had, and burrow shit ton of money to put on Crypto !
Crypto made some rich people even richer at the cost of poor folks, GREAT scam.
 

Playboy

IPL Player
Oct 18, 2010
3,266
237
it's almost a year since this thread was started.
i think a lotta folks who went for the crypto craze
a year ago feel like this guy now.

 

Bache Tehroon

Moderator
Staff member
Oct 16, 2002
38,057
568
DarvAze DoolAb
www.iransportspress.com
Indeed. A scheme massively infected by fraud and hype. For all the hype around cryptos very little actual adoption of the technology as a 'currency' took place.

I lost some play money too. I knew what I was getting into but still, I feel bad about it.

Bitcoin will still rise in value over time but it's not a good play anymore. There's too much fraud involved.
 
Oct 18, 2002
16,063
106
let's be clear bitcoin is 5x about the mean price of 1200 ish that it was at 1.5 years ago.

--basically
I can't see how the U.S or Europeans governements would ever allow bitcoin to truly take off.

and China for various reasons seems to be against as well. I have only seen Russia see it as favorable.
 
Last edited:

Pooya

Administrator, Technical Team Director
Staff member
Sep 23, 2004
33,855
841
Vancouver, Canada
www.IranSportsPress.com
Bitcoin will still rise in value over time but it's not a good play anymore.
What makes you think that? I think it might increase briefly so rich can take more of the poor money, but overall as I said last year, this can NEVER become a mainstream currency due its VAST limitation. It was a great scam and well executed one.
 

Bache Tehroon

Moderator
Staff member
Oct 16, 2002
38,057
568
DarvAze DoolAb
www.iransportspress.com
What makes you think that? I think it might increase briefly so rich can take more of the poor money, but overall as I said last year, this can NEVER become a mainstream currency due its VAST limitation. It was a great scam and well executed one.
It's not going to become a mainstream currency, but bitcoin has value in its anonymity and finite supply. Some illegal/hyper sensitive transactions have taken place using bitcoin. It'll always have its niche market.
 
Oct 18, 2002
16,063
106
aside from regulatory issues, fragmentation of crypto market and the most serious one safe store of value.

one other Technical fact still persists. despite a ton of work, the "transaction" for this "currency" remains uber low.

if you can't inexpensively transact in a matter of a couple of seconds, your currency ultimately is going to be useless and can't be used at scale.
 
Oct 18, 2002
16,063
106

Bache Tehroon

Moderator
Staff member
Oct 16, 2002
38,057
568
DarvAze DoolAb
www.iransportspress.com
That is not completely accurate! https://en.wikipedia.org/wiki/Bitcoin_scalability_problem

Bitcoin transactions lack the so called reliability that classic transactions have.
Do you just like to argue for the sake of arguing?

That's a stupid technical limitation that has an infinite number of solutions to it (like every other software problem). Are you really suggesting this issue is really what's stopping Bitcoin from becoming the currency of choice?! It hasn't even been a problem so far.

It's like claiming US dollar cannot be a currency of choice because there can only be so many printers of $100 and $20 bills :)
 
Oct 18, 2002
16,063
106
I am not arguing that the issue does not have a solution.

I am just saying when you put out a new product there are so many limitations you are allowed to have.

The Biggest current problems with Cyrpto Remains Regulatory, Store of Value and fragmentation.

the rest of the technical issues can be solved. but at point if you have too many of them they can be an impediment.
 

Playboy

IPL Player
Oct 18, 2010
3,266
237
the chart below exhibits the one year crash of crypto's top dog.
the volume bars indicate a lot of buyers at the highs.since then
the volume has vanished.so there are still a lot of losers/hopers
who are counting on a comeback.
 

Attachments

Oct 18, 2002
16,063
106
if you are believe in crypto. you should be dollar cost averaging your way starting now.

you can not time the market. it could go all the way to 700 again. but if you believe that the days of U.S fiat currency is over.

you have to just suspend your fears and start buying every time it drops 20-30%.