Crypto Currency

[Devon Malcolm]

That live chat is incel-tastic.

[TildeGuy~!]

Clicked the video and the first thing I heard was

“We’re just sat here, not gaining any money, not losing any money, we’re just doing nothing”

Fantastic... Sign me up.

 

 

[MPDTT]

On 6/22/2019 at 7:59 PM, Kamaras-Tash said:

Might just be me but I never believe a fucking thing this MPDTT fella says, spent this much on Bitcoin, in America watching AEW, in Singapore

All of which is true. Waste far too much time trading Crypto on Binance. I just got back from Singapore on Business and yes, I was at Double or Nothing. Not sure what I have to gain from making stuff up. But OK.

[Tommy!]

21 minutes ago, MPDTT said:

Not sure what I have to gain from making stuff up

You could be feeding a deep set narcissistic complex or attempting sublimation for self perceived failures when comparing yourself to a unrealistic social ideal. It could be a misguided attempt to be accepted due to a deep-rooted limitation on social interaction or perhaps you place an undue weight on the true actions and motives not shared by the social masses and so propagate lies to hide a non issue for your own peace of mind. Maybe the lies are to conceal a darker truth I can't fathom or you're just insecure about having a tiny willy. 

There are lots of reasons people make stuff up for a personal gain often overlooked. Or at least that's what a video on YouTube told me. 

For what it's worth i believe what you say, I just wouldn't trust it. 

[MPDTT]

8 hours ago, Tommy! said:

You could be feeding a deep set narcissistic complex or attempting sublimation for self perceived failures when comparing yourself to a unrealistic social ideal. It could be a misguided attempt to be accepted due to a deep-rooted limitation on social interaction or perhaps you place an undue weight on the true actions and motives not shared by the social masses and so propagate lies to hide a non issue for your own peace of mind. Maybe the lies are to conceal a darker truth I can't fathom or you're just insecure about having a tiny willy. 

There are lots of reasons people make stuff up for a personal gain often overlooked. Or at least that's what a video on YouTube told me. 

For what it's worth i believe what you say, I just wouldn't trust it. 

Wow, that's deep. We have an off-topic forum to discuss non wrestling stuff. I chose to share a couple of things that were of interest to me. The Singapore posting got me some good tourism recommendations and the crypto thing is a lot of fun and I believe we are now in a bull market again and making money is much easier.

[David]

2 hours ago, MPDTT said:

The Singapore posting got me some good tourism recommendations and the crypto thing is a lot of fun and I believe we are now in a bull market again and making money is much easier.

You've admitted that you lost three fucking grand last year. You have a weird sense of what fun is, mate.

[Undefeated Steak]

Anyone who thinks trading frequently on Bitcoin is a good idea needs their heads testing. It's really no different from red or black on roulette. Actually, it is. Something like 70% of traders lose money (and probably more on crypto) so your odds are much worse than the coin toss scenario MPDTT mentioned.

My Grandad has just got into 'investing' over the past couple of years and claims he's making big returns. I suggest he takes his results to one of the big banks and land himself a six-figure salary and an expense account because he's outperforming the best legitimate financial investors in the world. 

- - -

I read a little bit more about Facebook's new cryptocurrency. Apparently there are 1.7 billion people without access to basic banking. I don't know whether this includes children because the number seems sky high, but I've not seen any breakdown of the 1.7b people and who it actually includes. Either way, there are millions of people who could benefit from a legitimate cryptocurrency that they can access from anywhere in the world. It obviously brings into question how they'd access it and how literate someone would need to be to use it, but incrementally it could be a huge leap forward for taking people out of poverty over the next few decades.

There are a lot of variables and complexities to such a task, and I know very little, but I wouldn't like to think a big data company with such a poor history of how it uses its data will be the one to have the control over it. Unfortunately, however, there'll be a million loopholes a company like Facebook can work through and if they want to launch it, they will. 

I do think cyrptocurrency lacks any real tangible value for it to be accepted as a stable globally-recognised form of payment, and I think it would have to be more of a 'digital currency' rather than a cyrptocurrency. For instance, if Facebook does launch Libra, they should guarantee each coin will be worth at least 0.25USD, for instance, which would A) mean it is always worth something, and B) would help stop it from rising in value too quickly like the last Bitcoin bubble did. 

This is just my quick thoughts on it and it's obviously open to criticism but if we're going to salvage a cryptocurrency thread, we may as well be talking about stuff like this.  

[David]

1 hour ago, Undefeated Steak said:

I read a little bit more about Facebook's new cryptocurrency. Apparently there are 1.7 billion people without access to basic banking. I don't know whether this includes children because the number seems sky high, but I've not seen any breakdown of the 1.7b people and who it actually includes. Either way, there are millions of people who could benefit from a legitimate cryptocurrency that they can access from anywhere in the world. It obviously brings into question how they'd access it and how literate someone would need to be to use it, but incrementally it could be a huge leap forward for taking people out of poverty over the next few decades.

It's funny you should mention this, as I was thinking about it just this morning. 

I find it kind of amusing that the commentators we're seeing slamming the Libra Project are primarily people from relatively wealthy western countries. I read an article by John Harris at The Guardian who claims that with such a move we'll see Facebook "control our lives."

He then goes on to claim that the world "doesn't need" Facebook's cryptocurrency.

If he means his world, then he's right. Here in the western world we have a shitload of apps and services we can use to safely and cheaply pay for things and transfer money from account to account.

Thing is, anyone who's taken the time to read the Libra project whitepaper (which, admittedly, is probably only sad geeky berks like me) will know that wealthy western nations aren't the target demographic.

Facebook are targeting the unbanked in other parts of the world where carrying out even the most basic financial procedure can be a very costly ballache of ridiculous proportions. I'm talking about your Western Union countries, where people are constantly scammed out of their hard-earned cash. There's also a huge remittance market, especially in places like the UK and the US where immigrant workers face rather costly problems sending money to family members who are back home.

It's incredibly ironic that the very thing that cryptocurrency was supposedly built to do, which is remove the power of financial transactions from a small financial elite and even the playing field is actually being realised by fucking Facebook of all companies.

Meanwhile, the "real cryptocurrencies" are worth fuck all to anyone except those who have too much money and too little sense to do anything other than watch YouTube videos and lose thousands on Binance while pretending to be the digital eras answer to Gordon fucking Gekko.

The truth is, we're going to see a huge backlash against this Facebook cryptocurrency, because there's a handful of pretty resourceful financial companies who make a decent wedge out of those people who live outside the wealthy western world, and they're not going to relinquish their part of the pie to anyone without a fight.

Are Facebook doing all this because they're suddenly wanting to save the world? Of course not, there's profit and advantage to be had for them as well, but the truth is, from what we've seen so far, it's certainly shaping up to be the lesser of two evils for those who live in parts of the world where banking isn't easy to come by.

Rather than a handful of companies all providing a disjointed, expensive and hard to work system, all fighting for a high percentage of the financial pie in that part of the world, Facebook probably figure they can come in, take over, and then walk away with 50% of what those companies were making combined, while streamlining the process.

I know it's not cool to say, and I almost throw up in my mouth whenever I think it, but Facebook is actually looking as though it could be doing what "proper" crypto has promised but failed to deliver since its inception.

[MPDTT]

9 hours ago, David said:

You've admitted that you lost three fucking grand last year. You have a weird sense of what fun is, mate.

Yeah, that was on ICOs, which was fucking stupid. Savedroid, Hycon, Shopin and Quarkchain. All lost me heaps. I've done reasonably well trading thereafter. I do find it fun. But it is a form of gambling and you should only put in what you can afford to lose.

My portfolio was worth ~$3500 earlier this year and it's worth $5300 today, so it's been more fun this year!

Edited June 25, 2019 by MPDTT

[Sergio Mendacious]

Have you considered BreadCoin, or Transvertals, or Crankle?

[SuperBacon]

SHIT!!!! Is MPDTT the boz-boz?

[David]

12 hours ago, Sergio Mendacious said:

Have you considered BreadCoin, or Transvertals, or Crankle?

You know fine well it comes down to the "price.....action."

[wordsfromlee]

There’s a very interesting podcast that’s just started on BBC Sounds called The Missing Cryptoqueen, all about the scam that was OneCoin and it’s founder, Dr Ruja Ignatova, who did a runner when the whistle was blown on it in 2017 and has never been seen since. Only two episodes so far but it’s quite captivating. 
 

https://www.bbc.co.uk/programmes/p07nkd84

[Carbomb]

Only just saw David's long post above. I don't know much at all about crypto, so that was a fascinating read. Thanks for that, Dave.

[Keith Houchen]