Current Events > Crypto advice guys cause people to lose their lifesavings.

(+) Yeah! (+)

https://www.youtube.com/watch?v=2jZxeLX6VY0

Yeah he shouldn't have listened to them, but stop spreading advice to buy it. Adviser's literally ruined people's lives.
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Because the people telling everyone to buy it were the early investors who needed to pump up the value before they bailed on it a month ago

Any currency where 90% of its value comes from speculation is a bad idea
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GregShmedley posted...

"It's just a dip, a correction was bound to happen. If you're smart, now is the time."

>dips further

"Corrections people. Amateur investors need not apply."

>dips even further

"Ride the rollercoaster guy! This time next year, it'll be worth billions!"

"The true price of bitcoin is $100,000".
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I want to feel bad for people who lost shit tons of money, but they should have known before jumping in that it's pure gambling.
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I do wish I had jumped on the Bitcoin bandwagon several years ago so I could have at least cashed out by now, but now it just doesn't seem worth it anymore.
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voldothegr8 posted...

I want to feel bad for people who lost shit tons of money, but they should have known before jumping in that it's pure gambling.

What happened is all the advice guys use a bunch of investing jargon to sucker these people in. Like listen to that guy talk in the video. He doesn't know a damn thing. But if you know anything, you know all these crypto guys are spouting bullshit. They pull valuations completely out of their ass. They talk about buying during the dip like bitcoin has some hidden worth that the market is not seeing. Buying the dip is for buying companies with good fundamentals that the market is undervaluing. Bitcoin has no fundamentals. It's pure speculation from the get go.

I don't mind crypto buyers that much. If you think there's a chance for gains, go gamble your own money. Don't sucker other people into it.
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Am I missing something? It's still trading around $9300 on gdax. Why is everyone acting like bitcoin is done for this time? Or is this all the cries of people who borrowed against their houses or emptied their 401ks expecting an instant payoff?
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I haven't been following bitcoin and cryptocurrency very long. However, the value of the big coins now, even in the current dip, is still fairly higher than it was in November, just a few months ago. Yeah, this downturn is hurting people who jumped in during the high period, but it doesn't seem to be bothering the people who got in when it was lower very much.

That said, I try to sympathize with the guy in the video, but he should really know better than to spend his life savings on anything.
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Glad I never got suckered into this.
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Esrac posted...

I haven't been following bitcoin and cryptocurrency very long. However, the value of the big coins now, even in the current dip, is still fairly higher than it was in November, just a few months ago. Yeah, this downturn is hurting people who jumped in during the high period, but it doesn't seem to be bothering the people who got in when it was lower very much.

That said, I try to sympathize with the guy in the video, but he should really know better than to spend his life savings on anything.

It's a ponzi scheme, of course the early speculators aren't bothered by big dips.
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voldothegr8 posted...

It's a ponzi scheme

Cryptos are meant to be used as a currency, not an investment. People getting into them to invest are fundamentally using them wrong.
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voldothegr8 posted...

I want to feel bad for people who lost shit tons of money, but they should have known before jumping in that it's pure gambling.

Its all gambling
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Anarchy_Juiblex posted...

voldothegr8 posted...

It's a ponzi scheme

Cryptos are meant to be used as a currency, not an investment. People getting into them to invest are fundamentally using them wrong.

I don't think it's useful as currency in the U.S.. Ignoring any potential tech/adoption hurdles, wouldn't every purchase be taxable event?
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People that are losing their life savings are failing on the 2 main rules.

1. Never invest more than you're willing to lose.
2. Do your own fucking research. Don't rely on other people to tell you what to invest in.
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ITT: people who have no idea that Bitconnect is not Bitcoin
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Rob Cesternino posted...

ITT: people who have no idea that Bitconnect is not Bitcoin

This. Everyone here dumping on crypto doesnt realize that Bitconnect was a fraudulent site designed to fleece people out of their crypto. It is not crypto in and of itself.

DifferentialEquation posted...

Or is this all the cries of people who borrowed against their houses or emptied their 401ks expecting an instant payoff?

Yep pretty much that.
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CiIantro posted...

Rob Cesternino posted...

ITT: people who have no idea that Bitconnect is not Bitcoin

This. Everyone here dumping on crypto doesnt realize that Bitconnect was a fraudulent site designed to fleece people out of their crypto. It is not crypto in and of itself.

This and no one on GameFAQs was telling anyone to get into Bitconnect. Also people need to learn personal responsibility.

1. People in crypto always say only put money in you can afford to lose (aka NOT YOUR LIFE SAVINGS)
2. Do your own research for Gods sake
3. At the end its your final decision to say yes or no
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I made a decent amount of money through crypto.

That being said, the vast majority of crypto is utter bullshit full of people who are in it just to make a quick buck. If the current valuations of all the coins dropped to 5% of their current values, they'd still be valued way too high. Chuckie Cheese tokens are inherently more valuable than any modern cryptocurrency including Ethereum.
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FLUFFYGERM posted...

I made a decent amount of money through crypto.

That being said, the vast majority of crypto is utter bullshit full of people who are in it just to make a quick buck. If the current valuations of all the coins dropped to 5% of their current values, they'd still be valued way too high. Chuckie Cheese tokens are inherently more valuable than any modern cryptocurrency including Ethereum.

Funny, 1 month ago you were claiming that Ripple was going to be worth $3 trillion.

Solar_Crimson posted...

I do wish I had jumped on the Bitcoin bandwagon several years ago so I could have at least cashed out by now, but now it just doesn't seem worth it anymore.

I'm guessing others thought the same thing in past years.
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This is what happens when you turn a financial option into a meme
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No legitimate licensed financial adviser would have ever told any average American to put more than a few % of their portfolio in crypto, and they'd only do that if their client was bugging them about it I'd bet.

Anyone who was telling the average American to put all their savings into any form of crypto was basically a charlatan, an idiot, or both.
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Rob Cesternino posted...

ITT: people who have no idea that Bitconnect is not Bitcoin

It's part of the crpto market and relied on riding the wave like the rest of them. Cryto itself has no value.

The fact that there are so many of them and that the price of them is so volatile makes it completely worthless as a currency.
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Squall28 posted...

Cryto itself has no value.

it had like 400 billion dollars worth of value when I last checked
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Turtlebread posted...

Squall28 posted...

Cryto itself has no value.

it had like 400 billion dollars worth of value when I last checked

From mindless hype aka it's bubble value. It doesn't DO anything. It's an alternate form of potentially less hassle currency. That's it. And now that they value ludicrous valuations, it's useless as a currency as well.

It doesn't generate a value. It doesn't generate profits. It doesn't for the average person do anything. There's only some illegal stuff people are doing in the side for it.
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https://www.youtube.com/watch?v=suwsR6fXU_M
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Squall28 posted...

It doesn't DO anything.

For the most part, that is accurate. Ethereum is the exception. Ethereum is a software platform that allows people to create transaction processing programs on the blockchain. These programs allow for extremely high volume, complex transactions to be processed quickly, accurately, and they are fully auditable.

For the transactions to process, they require the payment of digital currency called Ether. In that sense, Ether is more like a commodity akin to gasoline as opposed to Bitcoin which is just useless "digital gold". Several large banks have already started experimenting with Ethereum integration. Bitcoin has been spiraling while Ethereum has been rising lately as people realize this. Most coins are useless garbage, but a few will have a real-world impact. They tech behind some of them is actually pretty sophisticated.
https://www.coindesk.com/ubs-launch-live-ethereum-platform-barclays-credit-suisse/

Squall28 posted...

Turtlebread posted...

Squall28 posted...

Cryto itself has no value.

it had like 400 billion dollars worth of value when I last checked

From mindless hype aka it's bubble value. It doesn't DO anything. It's an alternate form of potentially less hassle currency. That's it. And now that they value ludicrous valuations, it's useless as a currency as well.

It doesn't generate a value. It doesn't generate profits. It doesn't for the average person do anything. There's only some illegal stuff people are doing in the side for it.

Would you say the same thing about gold? Gold has no intrinsic value. It doesn't feed you, clothe you, or shelter you.

Illegal stuff? Last time I checked, the favorite currency for illegal activities is the U.S. dollar.
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CiIantro posted...

These programs allow for extremely high volume, complex transactions to be processed quickly, accurately, and they are fully auditable

And what value would you place on this? This should be computable with labor costs based on how long the transaction time savings are.

Whatever it is, I'm sure it's much less than that garbage $400billion figure the other poster spouted.

These companies can be seen as a potential start-up at best, and even then, you want a piece of their company. Not some crap they can generate for you.
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I like how TC is ignoring me because he knows he can't refute my argument

For the rest of us who invested into crypto, the future looks very, very good.
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Thats the total market cap, and is the value people have given it

*shrugs*
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Squall28 posted...

CiIantro posted...

These programs allow for extremely high volume, complex transactions to be processed quickly, accurately, and they are fully auditable

And what value would you place on this?

Nobody knows. That is the whole point behind crypto. Nobody has any method of valuation. People were saying the same thing when the internet was invented. It is impossible to predict the long-term implications.
And yes, many of these coins more closely resemble investments in startups. Ethereum though (unlike Ripple, which I think is BS) doesnt actually have a company behind it. It is just an open source platform. The value of Ether is based on what kind of applications people create, and on how many people are using them and need Ether to do so. Buying bitcoin is like buying one app in the app store, while buying Ethereum is like buying the app store itself.

Turtlebread posted...

Thats the total market cap, and is the value people have given it

*shrugs*

Yeah, people struggle to understand the difference between a valuation based on a market price versus more subjective definitions of the word "value"
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GregShmedley posted...

"It's just a dip, a correction was bound to happen. If you're smart, now is the time."

>dips further

"Corrections people. Amateur investors need not apply."

>dips even further

"Ride the rollercoaster guy! This time next year, it'll be worth billions!"

Exactly
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Rob Cesternino posted...

Squall28 posted...

Turtlebread posted...

Squall28 posted...

Cryto itself has no value.

it had like 400 billion dollars worth of value when I last checked

From mindless hype aka it's bubble value. It doesn't DO anything. It's an alternate form of potentially less hassle currency. That's it. And now that they value ludicrous valuations, it's useless as a currency as well.

It doesn't generate a value. It doesn't generate profits. It doesn't for the average person do anything. There's only some illegal stuff people are doing in the side for it.

Would you say the same thing about gold? Gold has no intrinsic value. It doesn't feed you, clothe you, or shelter you.

Illegal stuff? Last time I checked, the favorite currency for illegal activities is the U.S. dollar.

Ignoring that gold is used in jewelry and electronics, no I would not say the same for gold. Gold has been time tested over thousands of years. Crypto has only recently become relevant, and there's no reason to believe it will stay relevant. At the very least, gold has value as a standard.

Illegal activities is a point in your favor. People can use crypto for illegal activities they won't use the dollar for. That's value. Morally questionable value but still value.
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Ppl FUDing hard

Rob Cesternino posted...

ITT: people who have no idea that Bitconnect is not Bitcoin

Seriously

Bitconnect was telling people that if you "invest this much you'll earn this much guaranteed"

That literally makes no sense, and the only way I can see people going for it is if they got confused and thought it was part of bitcoin.

I feel bad for the guy, but come on

And people on here can keep hating on crypto's. Thats fine. I'd hate on it too if I missed my chance to make some big profits
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