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Business, Economics, and Taxes: Capitalism. Yay? >=(

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unofan said:
The only sure things are death and taxes.

Just ask the Dutch about their tulips.
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Modern research suggests that Charles Mackay sensationalized this when he wrote about it in Extraordinary Popular Delusions and the Madness of Crowds. tl; dr: those crazy expensive bulbs were not speculation, they were a precious few unique sources of seeds that mass tulip growers were using to create new varieties. They were intellectual property, not financial instruments.

There were a few cases in which people in the coffee houses speculated, but it wasn't widespread, it was like Sky Masterson betting on which raindrop would run down the window first.

Another great story ruined by facts.
 
Handyman said:
I think I have total invested $400 and pulled out well over twice that so yeah. (with a little more than that just hanging around to see what happens) Wait though because likely we haven't hit bottom yet. For once I timed things just right.

Certain coins are sure to rebound. Ethereum will because they are launching an updated coin and better blockchain. It is down significantly but its new coin will be Proof of Stake (POS) not Proof of Work. (POW) POS coins often give you rewards just for staking. (sometimes 5-6% yearly) Look into those. FYI Doge plans to go POS because Elon said they should...

There are other things on the horizon that will help as well.
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Yeah I made thousands and pulled out more than my investment already so I’m not going to lose anything other than Gravy at this point.
 
I really kick myself for not jumping into Doge for the giggles this winter.

What's a reputable place to go and invest a few bucks into crypto once they find bottom here this week?
 
aparch said:
I really kick myself for not jumping into Doge for the giggles this winter.

What's a reputable place to go and invest a few bucks into crypto once they find bottom here this week?
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Coinbase is good for reasonable amounts but they don’t carry the shit coins like dogs
 
Kepler said:
Not snark: why? Maybe it's not just not tenable.
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After the NY AG required Tether to disclose, it showed on paper what was obvious: the run up in price was no different than a ponzi scheme. Read that twitter thread that I posted a page back. It's extremely dam-ing.

Essentially, the most widely traded coin, one that backs Bitcoin, and was supposed to be backed itself by real assets, was backed by $0.03/$1 with actual USD. There are a few other assets like precious metals, but we have no idea which, how much, or how they are structured. The rest of the backing was total garbage. There is a lot of speculation that the "commercial paper" (which makes up the largest chunk of backing) is essentially promissory notes from crypto companies.

Imagine if an entity issued silver certificates. They are supposed to be backed 1:1 (give or take) by USD. Instead, for every $1 silver cert they issue, only $0.03 is backed by cash, 10% is backed by gold, and 50% is backed by IOUs from silver mining companies or silver traders, and another 20% is backed by nebulously-defined loans.

The only question is if the people behind this were too stupid to understand why this is all bad or if they knew it all along.



Edit: And one more thing. It's worth pointing out that the disclosure from Tether didn't actually provide a balance sheet. It was just pie graphs showing the distribution of their assets. There could be $50 billion there could be $50 million. Worse yet, it likely won't satisfy the settlement requirements from the NY AG. Which means she's going to haul their as-ses back into court and have more oversight. This is going to get worse, even if it rebounds in the short term. The foundation has been damaged and the upper floors haven't felt it yet.
 
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Kepler said:
Not snark: why? Maybe it's not just not tenable.
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It is not worth getting into but crypto is not going to die any more than the stock market is going away. There is going to be a consolidation at some point and most of the crap coins that are just ponzi schemes and rug pulls will go away but the survivors will end up just fine. There are too many powerful people who want it to work and all it takes is a few more CEOs like a Cuban or Musk deciding to accept crypto as currency for transactions and the naysayers will be wrong just like they are about every doomsday prediction they make about everything when things crash. Paypal already lets you buy crypto, Wells Fargo is going to allow the investments for its clients...the Mavericks are going to accept crypto and Musk will too when he stops getting heat over the environmental impact. Coinbase is getting a friggin Visa backed card with crypto rewards. This is going nowhere. I am old enough to remember when the dotcom bubble was going to lead to people divesting in tech stocks or not overvaluing IPOs or how the mortgage bubble bursting was going to cause changes in how banks were regulated and so on...

The market as is won't work, too many coins, too much speculation and WAY too many people trying to make a billion up against big whale investors. Just like any market you can't run on that it will implode. (the bubble always bursts) If you want that go on Reddit and look for the shit coins that are fractions of fractions of pennies and hope they go Doge on the bit. There are some that long term are kind of interesting in how they set up to stop speculation that for now are worthless but will probably be the basis for the change in the market going forward. Otherwise just do the smart thing and go for the coins that long term are going nowhere. They aren't hard to find and if you are smart about it you won't get too burned. (Coinbase can be helpful in this regard)

dx,

No one who knows anything is putting money in Tether or USDT. (unless it is linked to another coin like the one Ethereum has...which still has no real purpose unless you use their network for something) They have no value...literally. They are pinged to the US Dollar so they never go up they stay stagnant. The only reason to have it is if you use it to transfer between coins...which is friggin dumb because yo uwill lose money on the transactions. Maybe if you are on some crap trader like Bitsmart (if you want to buy the pump and dumps that is your spot!) sure because they won't let you always do straight swaps but reputable sites have other means to do those transactions that don't require you being part of a money laundering boondoggle. (which it appears to be) Coinbase has their version too...but they also let you just keep money in a US Dollar account which is where you deposit or withdraw straight cash. No coin involved. If people fall for Tether or USDT they aren't paying attention.

That is the thing with all of this, if you want to be in you just have to do the work and research. If you are even halfway educated it isn't hard to sniff out the rats. But I am also not in this to retire next year this is no different to me than my TD Ameritrade account. (with significantly less invested and already higher returns because I got lucky) I am not taking huge risks on fly by night crap just because some clown I don't know wants to make some cash. I told my buddy this would happen a couple weeks ago (though I thought it would be this winter) because sooner or later Musk would divest from Bitcoin so he can start his own coin. (or revamp Doge) China also would. Plus it is obvious that many of the more reputable coins want to shift away from the current model to be more palatable. That will lead to the whales selling off big chunks and the price crashing. That killed a lot of people's portfolio's the last few days...but those of us diversified who are paying attention are doing just fine. ;^)
 
You don't have to put money into Tether, by buying Bitcoin you're entangled with Tether. Tether backs Bitcoin backs Tether backs...
 
dxmnkd316 said:
You don't have to put money into Tether, by buying Bitcoin you're entangled with Tether. Tether backs Bitcoin backs Tether backs...
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Yeah but Bitcoin aint going anywhere ;^) Tether and the offshoots won't be around in 5 years.

BTW I mentioned this last week but Coinbase is adding Doge in the next two months. That could be fun to watch for those of us that could care less where it goes now.
 
Lol, wtf

E1xBLjXX0AUdduI
 
Slap Shot said:
https://twitter.com/GeorgeTakei/stat...744619011?s=20

Techie Dan Price (personally never heard of him) slashed his salary by $1m and pledged to ensure that all 130 of his employees would paid at least $70k annually. The right derided him as a socialist and 'tree hugger' even going as far as to hope his company fails, and despite their wishes his company has flourished ever since.
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i follow him on LinkedIn. You should see all the right-wing business trolls that go after him on every one of his posts.
 
Slap Shot said:
https://twitter.com/GeorgeTakei/stat...744619011?s=20

Techie Dan Price (personally never heard of him) slashed his salary by $1m and pledged to ensure that all 130 of his employees would paid at least $70k annually. The right derided him as a socialist and 'tree hugger' even going as far as to hope his company fails, and despite their wishes his company has flourished ever since.
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Nah, fuck this guy.
https://twitter.com/golikehellmachi/status/1392995485862924292?s=20
 
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