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  1. #11
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    Anyone into Cryto currency?

    n25an's Avatar
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    Re: Anyone into Cryto currency?

    the problem with crypto is that as far as I know there is no way to short the market...
    make money as price drops...

    if you have enough money and are savvy enough you can do arbitrage... you can exploit price differences on different exchanges... say bitcoin price on one exchange is 20 percent different than on another... then you can buy on the cheaper and sell on the more expensive...

    or make money by buying and selling as price increases...
    capturing profits say every $500 increase when bitcoin goes on a tear... to $20000
    you buy at the beginning of a $500 increase and sell at the end of the increase... and capture the difference... safe bet is the amount you invest stays the same but profit decreases over with each increment but you only lose that if it goes against you... unsafe bet is the amount you invest increases so profit stays the same but if it goes against you you could lose a much larger amount when it does if you aren't fast enough...

    or buy extremely cheap alts and keep moving them from one failing altcoin exchange to another... while waiting for the rising tide to lift all boats so you can cash out...

    you can try selling bitcoin locally but atleast in the usa... the cops are using that as a sting operation to jail those selling crypto to drug dealers... thereby helping crime interests to wash their cash... and avoid taxes... if nothing else they try and get you on attempted tax evasion... I've heard more than one horror stories on that front...

    I am not sure about the link of video games to crypto... it might exists but I have no information on that front so I am not qualified to talk or even speculate on it...
    Sad To Say I Don't Have a Life
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  2. #12
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    Anyone into Cryto currency?

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    Re: Anyone into Cryto currency?

    Yes, bitcoin, crypto currencies, etc. are not hack proof either, just google how to hack crypto currency. The problem with most crypto and the reason for its appeal is its block chain technology but if you think it's 100% secure...think again. Here is just one article.

    US: We've just seized $1bn in bitcoin stolen from Silk Road by 'Individual X' hacker | ZDNet

  3. #13
    Service Manager 1,000+ Posts
    Anyone into Cryto currency?

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    Re: Anyone into Cryto currency?

    My personal opinion, which may be old school..."if you can't hold it you don't own it."

  4. #14
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    Anyone into Cryto currency?

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    Re: Anyone into Cryto currency?

    Quote Originally Posted by copiertec View Post
    My personal opinion, which may be old school..."if you can't hold it you don't own it."
    that reminds me of something that I once heard...
    you ever wonder why the rich buy jewelry, paintings, watches, stamps, gold, silver, cars etc...
    its cause they are easily liquidated for cash if there is a need..
    us poor folks think its cause its bling... No... so far from the truth
    try going to a bank and saying you need to withdraw a large amount of funds... you are grilled on why you need it... and you might even get a suspicious tracker document sent to the irs... heck if you are old enough... the state might get interested and view you as in need of guardianship... but if you have your own stuff... you can easily liquidate...
    also to note... if you use money that smells funny... even though its good currency... you might get reported because the money could be traced back to some illicit activity... bank robbery from 1920s etc... trust me they are trying to cover all bases...
    Last edited by n25an; 11-26-2020 at 04:36 PM.
    Sad To Say I Don't Have a Life
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  5. #15
    Service Manager 5,000+ Posts
    Anyone into Cryto currency?

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    Re: Anyone into Cryto currency?

    There is significant belief and some evidence that Crypto currencies will become recognized and used by national governments.

    It allows gov'ts to borrow more money.

    This opens the door to negative interest rates.

    The end result is if you hold cash in your savings account you could actually be charged money to leave it there.

    There is a lot to comprehend here and it is definitely buyer beware if you plan to buy some as a get rich quick scheme.

    There is something about large scale Bitcoin computer farms in China and around the world that consume large amounts of electricity to somehow "mine" Bitcoins for profit.

  6. #16
    Service Manager 1,000+ Posts
    Anyone into Cryto currency?

    copiertec's Avatar
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    Re: Anyone into Cryto currency?

    Quote Originally Posted by n25an View Post
    that reminds me of something that I once heard...
    you ever wonder why the rich buy jewelry, paintings, watches, stamsps, gold, silver, cars etc...
    its cause they are easily liquidated for cash if there is a need..
    us poor folks think its cause its bling... No... so far from the truth
    try going to a bank and saying you need to withdraw a large amount of funds... you are grilled on why you need it... and you might even get a suspicious tracker document sent to the irs... heck if you are old enough... the state might get interested and view you as in need of guardianship... but if you have your own stuff... you can easily liquidate...
    also to note... if you use money that smells funny... even though its good currency... you might get reported because the money could be traced back to some illicit activity... bank robbery from 1920s etc... trust me they are trying to cover all bases...
    Most states if not all can seize your money if you are pulled over with over a certain amount (10K or higher), even though its your hard earned money.

  7. #17
    Service Manager 1,000+ Posts
    Anyone into Cryto currency?

    n25an's Avatar
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    Re: Anyone into Cryto currency?

    Quote Originally Posted by SalesServiceGuy View Post
    There is significant belief and some evidence that Crypto currencies will become recognized and used by national governments.

    It allows gov'ts to borrow more money.

    This opens the door to negative interest rates.

    The end result is if you hold cash in your savings account you could actually be charged money to leave it there.

    There is a lot to comprehend here and it is definitely buyer beware if you plan to buy some as a get rich quick scheme.

    There is something about large scale Bitcoin computer farms in China and around the world that consume large amounts of electricity to somehow "mine" Bitcoins for profit.
    for now negative interest rates are for customers with large deposits... in essence it means the backs are charging their customers for holding the funds...

    the reason the banks are doing this is because they are being pressured by the central banks with negative interest rates... also the central banks are going into direct competition with them... so the regular banks are being squeezed more and more... think of it like this... your landlord likes the business you set up on his commercial property... he squeezes you for rent cause he is the only deal in town and to add insult to misery he opens up a competing business next door... thats what the central banks are doing... and the regular banks have only three options... pass the pain to the customer... merge with other banks... or fold and exit the market completely...

    two good insights on this are below... well thats my conspiracy theory for the day...





    concerning you being charged for leaving it there... that will never happen... but you could get a haircut...
    whats that???
    you could wake up one morning and a certain percent of the value of your money is gone... like they did in greece... and other countries that can't meet their debt obligations and that no one wants to help...

    instead of calling it a bail out... its a bail in...

    bail out... you try to get as much water out of the ship so as to get it to shore to remove cargo and/or repair it...

    bail in... you sink and scuttle the weak in fleet... so as to save the rest... going for speed... in other words you go lean and mean think austerity... think belt tightening...

    as for the get rich quick scheme... I have fallen for that more times than I can count...

    and other countries buying up and getting reserves of bitcoins... yep that is happening... the swiss govt is doing it so you know every one else is as well...
    Last edited by n25an; 11-26-2020 at 04:51 PM.
    Sad To Say I Don't Have a Life
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  8. #18
    Service Manager 5,000+ Posts
    Anyone into Cryto currency?

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    Re: Anyone into Cryto currency?

    ... the US Federal Reserve is floating the idea of a FedCoin backed by the US gov't.

    At some distant point in time, the US$, which is the current long standing reserve currency of the world, could be replaced by a cryptocurrency.

    Gold is the other global currency reserve standard upon which paper currencies like the US$ is based.

    The problem with negative interest rates, is that it can be very appealing to current gov'ts but it is very hard to reverse course once negative interest rates become commonly accepted.

    There is such a thing as "zombie corporations" . These are business enterprises that never make a profit yet employ many high paying jobs. They can only stay in business by constantly borrowing new money via bonds or equities at very low interest rates.

    There are many people now living in very expensive homes that they cannot afford except for very low interest rates.

  9. #19
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    Anyone into Cryto currency?

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    Re: Anyone into Cryto currency?

    Quote Originally Posted by copiertec View Post
    Most states if not all can seize your money if you are pulled over with over a certain amount (10K or higher), even though its your hard earned money.
    oh I will give you one better... this is the new scam...

    they pull you over or grab you at the airport... whatever the venue...
    then they say... well sir...
    we think this money may have been involved in some kind of drug deal...
    so we are going to do a civil asset forefeiture...

    (most money has some drugs on it... its just the nature of currency... )
    now sir you could take us to court and you could prove that this money is yours
    but by the time you are done... it would probably cost you more than the value of the money here...
    whats say we cut a deal... we take 40 percent and you take the rest...

    (or whatever they think the victim will be able to handle...)
    and in most cases the victim goes for it...
    cause part of something is better than all of nothing...
    civil asset forefeiture is administered at the local level but split up at local and state and possibly federal level at times...
    for them its free money

    atleast thats the way it goes in the us...
    the mindset is why spend the money to police the drug dealers... when you can just fleece them when they are done...
    don't kill the cow... milk it...
    Sad To Say I Don't Have a Life
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  10. #20
    Retired 10,000+ Posts slimslob's Avatar
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    Re: Anyone into Cryto currency?

    Quote Originally Posted by n25an View Post
    that reminds me of something that I once heard...
    you ever wonder why the rich buy jewelry, paintings, watches, stamps, gold, silver, cars etc...
    its cause they are easily liquidated for cash if there is a need..
    us poor folks think its cause its bling... No... so far from the truth
    A lot of the time the rich keep the expensive bling locked in a safe deposit box at their bank. They get cheap "costume" jewelry copies made to wear in public.

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