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Good news keep coming: Bitcoin plunges below $24,000
June 13, 2022
6:32 am
Alexandre
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Bitcoin plunges below $24,000 and the crypto meltdown claims another casualty

One of the world’s biggest lenders of cryptocurrency has paused all withdrawals from its platform as the market meltdown continues apace.

The Celsius Network, which has 1.7 million customers, said on Monday that “extreme market conditions” had forced it to temporarily halt all withdrawals, crypto swaps and transfers between accounts.

Is this the start of the cryptocurrencies Ponzi scheme unraveling?

June 13, 2022
7:00 am
AllanB
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Tulips are a better investment they are real

Biebs strand of hair waving in the wind NFT. Collect all one million.

I thought only governments had a legal right to create money. Anyone caught destroying legal tender could be fined or sent to jail.

June 13, 2022
8:08 am
lifeonanisland
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How this scam has been allowed to unfold for this long is beyond me. It is nothing more than a trumped up Ponzi scheme. I'm pretty sure that "alternative currencies" are not supposed to lose 2/3 of their value in just over six months.

June 13, 2022
8:37 am
pwm
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Crypto always was a total scam. They say to never invest in anything you don't understand. I've seen many explanations of blockchain and crypto and I still can't make any sense of it and I worked in IT for 35 years.

Warren Buffett when asked recently about crypto answered with this: If he was offered 1% of all the farmland in the USA he might pay $25 billion for it. Same for 1% of all the apartment blocks in the USA. If he was offered all the Bitcoin in the world he wouldn't pay $25.00 for it. My opinion exactly. Charley Munger called it "trading turds".

June 13, 2022
9:51 am
COIN
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I'm old enough to remember Bre-X and Enron.
https://en.wikipedia.org/wiki/Bre-X

June 13, 2022
9:52 am
AllanB
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I don't even know how to buy it

June 13, 2022
9:57 am
Dean
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.
Welcome to the Crypto Gong Show ❗

A classic case of 'Caveat Emptor'. sf-confused

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 13, 2022
10:36 am
AltaRed
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Ultimately, cryto has to go to zero. It does not have earnings from products and services sold to others but incurs daily operating costs, e.g. mining.

How can anyone not understand ongoing permanent negative cash flow has to end with many investors holding on to the deck chairs on the Titanic? The "run on the bank" is only in its early stages.

June 13, 2022
11:15 am
savemoresaveoften
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AltaRed said
Ultimately, cryto has to go to zero. It does not have earnings from products and services sold to others but incurs daily operating costs, e.g. mining.

How can anyone not understand ongoing permanent negative cash flow has to end with many investors holding on to the deck chairs on the Titanic? The "run on the bank" is only in its early stages.  

you dont need to mine bitcoin to hold bitcoin, in fact most that owns bitcoin now are from trading it and not mining it.

And those that uses the term ponzi scheme loosely on this web site need to google to understand the real definition of what of a ponzi scheme is.

Buffet once said he will not invest in technologies cuz he does not understand it. Until he started buying Apple... Not saying bitcoin is worth something or have a place in the financial world, but to me its not as stupid as paying $$$$ for NFTs...

June 13, 2022
12:14 pm
AltaRed
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Therein is the issue. It's value is only supported by trading demand (same as new investors paying off earlier investors through the purchase of their coins). Meanwhile, there is continuous loss of real value by operational and trading costs. It has the same ultimate end game as a ponzi scheme.
https://finbold.com/bitcoin-is-worse-than-a-ponzi-scheme-opinion/

June 13, 2022
12:51 pm
Alexandre
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The one part of Ponzi scheme definition might not fit the crypto, I can agree with that.

Participants remain unaware that other investors are the sole source of funds

That means, if every participant of a Ponzi scheme is aware it is a Ponzi scheme, what they participate in can no longer be called Ponzi scheme.

June 13, 2022
2:26 pm
lifeonanisland
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savemoresaveoften said

you dont need to mine bitcoin to hold bitcoin, in fact most that owns bitcoin now are from trading it and not mining it.

And those that uses the term ponzi scheme loosely on this web site need to google to understand the real definition of what of a ponzi scheme is.

Buffet once said he will not invest in technologies cuz he does not understand it. Until he started buying Apple... Not saying bitcoin is worth something or have a place in the financial world, but to me its not as stupid as paying $$$$ for NFTs...  

Use the term loosely? By definition, a Ponzi scheme is "a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors." That's exactly what bitcoin is, and you can't convince me otherwise.

June 13, 2022
2:57 pm
Dean
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.

    Bitcoin ⬇


.

This is CoinDesk's take on today's Bitcoin nosedive :

I don't invest in it, but I think the Crypto story is quite interesting. I wonder how many people wet their pants today. sf-embarassed

    Dean

sf-cool " Live Long And Prosper " sf-cool

June 13, 2022
4:23 pm
COIN
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June 13, 2022
4:50 pm
savemoresaveoften
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lifeonanisland said

Use the term loosely? By definition, a Ponzi scheme is "a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors." That's exactly what bitcoin is, and you can't convince me otherwise.  

I doubt u even understand how block chain works or how bitcoin mining works, but since you are already convinced anyway, so be it.

Bitcoin does not require new investors to pay off old investors. It’s a simple buy and sell just like equities. Guess based on ur definition, TD bank shares are also a Ponzi scheme since the first investor also get a return when a late investor buy the shares off his hands….

June 13, 2022
5:28 pm
Alexandre
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savemoresaveoften said

Bitcoin does not require new investors to pay off old investors. It’s a simple buy and sell just like equities. Guess based on ur definition, TD bank shares are also a Ponzi scheme since the first investor also get a return when a late investor buy the shares off his hands….  

Company shares paying dividend are not a Ponzi scheme, because dividend, by definition, is sharing profits that are coming from legitimate business activity.
With not so complex math one can figure if current share price at promised dividend makes such share worth buying.

As for companies offering shares with no dividend, they are, indeed, same type of Ponzi scheme. The only profit from common stock shares not paying dividend is selling it at premium to the next investor. Company explicitly and honestly states that it will not distribute profits of its business activities with shareholders.
The true price of such share is liquidation price, which is often zero.

The liquidation price of bitcoin is zero. With absolute certainty. There is nothing behind bitcoin, but waste of electricity and computing power.

June 13, 2022
6:50 pm
lifeonanisland
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savemoresaveoften said

I doubt u even understand how block chain works or how bitcoin mining works, but since you are already convinced anyway, so be it.

Bitcoin does not require new investors to pay off old investors. It’s a simple buy and sell just like equities. Guess based on ur definition, TD bank shares are also a Ponzi scheme since the first investor also get a return when a late investor buy the shares off his hands….  

Couldn't care less how blockchain works. There's nothing of value. You're buying air, unlike shares of a company that actually builds and sells widgets. You've deluded yourself if you think "blockchain" somehow equates to something of value.

June 13, 2022
6:55 pm
savemoresaveoften
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Alexandre said

As for companies offering shares with no dividend, they are, indeed, same type of Ponzi scheme. The only profit from common stock shares not paying dividend is selling it at premium to the next investor. Company explicitly and honestly states that it will not distribute profits of its business activities with shareholders.
The true price of such share is liquidation price, which is often zero.

The liquidation price of bitcoin is zero. With absolute certainty. There is nothing behind bitcoin, but waste of electricity and computing power.  

There are way more companies on any stock exchange around the world that do NOT pay a dividend than those that does. So per you, they are all run by crooks like Madoff and are ponzi scheme…

The value of a stock is its earning power, not its liquidation value.
Or based on ‘your valuation’, Apple, Microsoft, or even all cad bank shares are 10000000x over value, cuz they don’t really have much value if liquidated….

Guess audience on this site are fixated on GIC and the like only…

June 13, 2022
6:59 pm
savemoresaveoften
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lifeonanisland said

Couldn't care less how blockchain works. There's nothing of value. You're buying air, unlike shares of a company that actually builds and sells widgets. You've deluded yourself if you think "blockchain" somehow equates to something of value.  

You may want to public warn all all financial institutions cuz they are all looking at leveraging blockchain as the future of banking and information security. That you are smarter than them all and see thru what they don’t….

Or you can start by reading what a blockchain is…

June 13, 2022
7:25 pm
Dean
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.
Two points . . .

1.) Only a Fool argues with a Fool.

2.) Blockchain explained https://www.investopedia.com/terms/b/blockchain.asp
.
Here's hoping your tomorrows will be better.

    Dean

sf-cool " Live Long And Prosper " sf-cool

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