Cryptocurrency, Blockchain and buy Roujcoin now [ROU] - The Bear and Badger

afgavinstan

djchump wrote:

If you want a daily dose of schadenfreude: https://web3isgoinggreat.com/

Ooh, lovely. Thanking you.

LivDiv

Can someone clear something up for me? Prob DS but whoever.

A lot of money gets talked about in Crypto.
If, in a perfect world with none of the fraud one was to take a snapshot of all Crypto.
Would the value of all that Crypto actually represent all the FIAT money in it somewhere?

Or is it all just fucking Disney dollars moving around so rapidly if it paused and everyone cashed out there wouldn't be enough cash. By design not by fraud.

Edit: I think what Im getting at is are these monkey pictures sold at an actuall price that through various steps could give the artist hard cash (maybe minus some fees) or are they sold on the speculative price of other currencies?

mannaboy

Genuine lols at some of these articles.

Users with assets on the platform will see a significant haircut in what they are allowed to withdraw. Midas intends to keep 55% of the Bitcoin, ETH, or stablecoins held by users in their accounts, as well as any rewards users had earned.

Lest the users be too upset that more than half of their assets no longer belong to them, fear not: Midas will be making up the difference in a new, valueless token that does not yet exist, but that will be associated with some future project that Midas has not described yet. You're welcome!

Dark Soldier

SquidCoin was the best, based on Squid Game.

Crrators spent a fortune on tik tokkers etc to pump it. Published a white paper with spelling mistakes and buzzword bullshit.

Thing pumped to insane levels from word of mouth. From $0 to $39 in a day or two. Marketcap of 2 trillion. Was like top 10 crypto for an hour or two.

Second it hit $39, creators dumped about 90% of all holdings and cashed out. It went to $0.009 in a second.

Live as it dumped:

https://youtu.be/rO3OPF00_qs

Chart:

https://coinmarketcap.com/currencies/squid-game/

LivDiv

So was that based on the fact 1 or more got bought for $39 so all are worth $39 and that equals 2 trillion? For a spplit second before they are worth nothing.

I guess so right.

Somebody got burnt for a Harvester meal for two mid week.

Blue Swirl

Dark Soldier wrote:

SquidCoin was the best, based on Squid Game.

Clicked the link, and there's tons of comments from people saying how they can't wait for it to go off again, and they can make all their money back.

The poor deluded fuckwits.

Dark Soldier

LivDiv wrote:

So was that based on the fact 1 or more got bought for $39 so all are worth $39 and that equals 2 trillion? For a spplit second before they are worth nothing.

I guess so right.

Somebody got burnt for a Harvester meal for two mid week.

Nope there was a maaaaad rush by multiple people prior to it. Like in the space of a day due to hype.

People pumping thousands into it. Second it hit 39 it triggered crrators sell order and they dumped everything they had.

LivDiv

So there was actually 2 Trill involved?
Damn.

Dark Soldier

Nah the 2.7tril is marketcap if all coins are purchased. It was 10s of millions at that point. They set the coin up in a way that price could be anything, hence why you see some crypto at thousands per coinz some at .0002 of a cent etc. It's based on amount of coins. Lesser amount available higher price etc.

LivDiv

Ah ok.
So somewhere between the two.

LivDiv

Blue Swirl wrote:

Dark Soldier wrote:

SquidCoin was the best, based on Squid Game.

Clicked the link, and there's tons of comments from people saying how they can't wait for it to go off again, and they can make all their money back. The poor deluded fuckwits.

Seen a lot of this kind of stuff. There is definitely addiction going on.

When I gave up the booze I used AVRT (Addictive Voice Recognition Technique). The addictive voice being the irrational mind (or The Beast) attempting to get the rational mind to do the irrational. In addicts The Beast pretty much takes over fully.

6 months of learning my Beast and its insidious ways, taming it and keeping it caged for 2 years now means I can spot it very clearly elsewhere.

Dark Soldier

Yeah you had rednecks and stuff on twitter breaking down as they'd pumped 20k into it as it was a guarantee etc.

Mad how susceptible people can be.

monkey

Amazing.

LivDiv

Dark Soldier wrote:

Yeah you had rednecks and stuff on twitter breaking down as they'd pumped 20k into it as it was a guarantee etc. Mad how susceptible people can be.

Can bet your arse they were already hooked.
Were convinced this was the one they were getting in early on.

Dark Soldier

RLC was an interesting one. My last ever trade.

So last couple years Coinbase used to list new tokens each week. When they did they would pump massively. Insiders had knowledge.

One day I found a tip RLC would be listed, so I chucked 50 quid at it at $1. Low and behold two weeks later it was, pumped to $3 and I cashed out. Decent small return.

However, arbitrage occurred. Coinbase listed it at a higher price than Binance. So the price went mental. People buying on Binance transferring to Coinbase and selling for profit. For a day or two prices went mental. High on Binance due to buying, low on CB due to selling and vir versa

Word spread out to the masses this was the new crypto hype so many regular consumer put a fortune into it. Then both exchanges worked, delisted and settled the price. It hit $20 at peak. Most bought around there.

It's now sub $1. FOMO is a bitch and cost loads their savings.

tigersgogrrr

I'm still holding. I believe.

LivDiv

Diamond paws.

acemuzzy

It's clearly all bullshit, isn't it?

Like, all of it?

GurtTractor

It seems like classic gold rush stuff, where most people end up losing out. Except it's ephemeral leprechaun gold this time.

Yossarian

Even the gold rush doesn’t feel like a good metaphor for this. In the gold rush, there were at least some people wound up with something that has intrinsic value.

LivDiv

e-snakeoil

LivDiv

Actually it seems to have shifted from pretty much pyramid scheme, then came pump and dump using influencer status.

Then NFTs which offered something depending on your belief (don't want to start all that again but some people clearly do put value and status into them which is some secondary value). All made them more sticky, less likely to dump stuff if it's your online persona.

Now it appears to have become just straight up scam that rug pulls at launch, if it even launches.

mannaboy

Logan backtracking on his threat to sue Coffeezilla.

https://twitter.com/coffeebreak_yt/status/1611600371860000770?s=46&t=Wg2mIYCDeuBN_ZkS3C88fw

Seems to be quite contrite, but I doubt buyers of his ‘game’ will get their money back.

Funkstain

The value = fiat currency thing is not how it works, no. You develop a thing, and then you sell it; it’s up to the market / buyers to put a value on it, there’s no consideration of “all the actual money”. Bitcoin etc are just another tradable product (just like fiat currency!).

There’s no link whatsoever to other products, currencies, in this way.

GooberTheHat

I think of it as a bit like how stocks are valued, but without the underlying justification of the profitability/success of the company. Is that roughly right?

Funkstain

Yes pretty much. The believers think there is intrinsic value in a blockchain based currency, just like the believers think there is more value than there probably is in Tesla so the shares trade higher than a company with its revenue and profits normally would.

So take a typical Tesla investor, and times the gullibility / evangelism / belief (delete as you wish or add more, whatever) by a few orders of magnitude (after all Tesla does make a lot of money) and you have crypto investors.

LivDiv

Funkstain wrote:

The value = fiat currency thing is not how it works, no. You develop a thing, and then you sell it; it’s up to the market / buyers to put a value on it, there’s no consideration of “all the actual money”. Bitcoin etc are just another tradable product (just like fiat currency!).

There’s no link whatsoever to other products, currencies, in this way.

Thanks Funk.
I thought this was the case.

LivDiv

I guess the major difference is shares trade on well established, well recognised, ~~well~~ regulated platforms and represent tangible things.

They aren't guaranteed but this rug pulling, over valuing, pump 'n' dump and general fraud would see people locked up quick sharp. Or it should, ideal world, reality bites.

Blue Swirl

LivDiv wrote:

When I gave up the booze I used AVRT (Addictive Voice Recognition Technique). The addictive voice being the irrational mind (or The Beast) attempting to get the rational mind to do the irrational. In addicts The Beast pretty much takes over fully.

Pretty much why I’ve steered well clear of stuff like cigarettes, alcohol stronger than beer, and gambling. I know how I can get obsessed with things really quickly, I don’t need the chemical element making things worse.

Predator-handshake.gif for giving up the booze btw.

Blue Swirl

Dark Soldier wrote:

Yeah you had rednecks and stuff on twitter breaking down as they'd pumped 20k into it as it was a guarantee etc.

Mad how susceptible people can be.

Susceptible… and just desperate for anything that could help. There’s people in the UK working decent jobs who can’t afford to heat their homes. There were suicides in South Korea: young people who, unlike their parents, will never own their own house or have the opportunity to retire, pumped what they did have into crypto, and lost that, too.

I will admit that, while the biggest reason I didn’t buy any coin was it felt scammy from the start, I was also too stupid to figure out how it worked. It’s easy to point and laugh at people now (and I’ve done my fair share of that), a lot were just decent folk who thought it was a genuine opportunity.

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