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Wailing and gnashing of teeth in the Ponzi Coin Universe

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#27 · (Edited)
Funny thing is, this is no different than our current financial system. Make a run at the bank right now for ALL your cash. 95% of you s will be SOL. They are ALL insolvent. Propped up by the good word of the federal government.
Im hopeful this is a cleansing of the crypto space and we can move forward from here on out with some confidence and of course, necessary regulation. Im really only long term on bitcoin. Decentralized! Everything else is susceptible to humans and their bs. I do not believe this is "tulip mania" as we are 12yrs+ into a growing industry. The blockchain technology is real, Defi is real, future of finance and money going digital is real, etc. The path to it all is seemingly bumpy af. The early birds take the biggest risks to potentially gain the biggest rewards. By the time we reach 30% adoption rate, a lot of this kinda bs will be ironed out. Hopefully by than, the populous will stop chasing 10,000% returns on stupid meme coins while a celebrity tweets about them while on the shitter. Its maddening. 10,000% ROIs are reserved for big pharma only!!! Lol.
Buy the rumor, sell the news
 
#29 ·
^ it's the full faith and confidence in something that 99% of us don't understand that'll be its demise.
Oh, that and crooks.
Call something "impossible" and they'll come out of the woodwork. Once one of them is successful in snatching a big investor completely, the whole thing will crumble. Given enough incentive, nothing is impossible, even something as foolproof as digital currency. Nothing.
Biggest problem most are dealing with now is fraud and the lack of understanding fuels this. Just like dollars, counterfeits will screw a lot of people.
I figure I'll only be around for another 20 years or so, fuck it, I'm too old to invest in smoke and mirrors.
 
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#32 ·
Busted Knuckles said:
^ it's the full faith and confidence in something that 99% of us don't understand that'll be its demise.
Oh, that and crooks.
Call something "impossible" and they'll come out of the woodwork. Once one of them is successful in snatching a big investor completely, the whole thing will crumble. Given enough incentive, nothing is impossible, even something as foolproof as digital currency. Nothing.
Biggest problem most are dealing with now is fraud and the lack of understanding fuels this. Just like dollars, counterfeits will screw a lot of people.
I figure I'll only be around for another 20 years or so, fuck it, I'm too old to invest in smoke and mirrors.
Click to expand...
Very fair statement.
 
#33 ·
rkupon1 said:
Thankfully it wasnt none of my money. Never trust a democrat! Especially an outspoken titan of the industry type.
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I made this statement before watching this video I just posted. Its nauseating...never put all of your eggs in one basket. Diversify. None of us hold a crystal ball. This is a game changer with FTX. Just keep one thing in mind, Bitcoin was around yrs before FTX and Sam Bankman Fried. Wonder what came first, the plan or the people?!?! Nothn wrong with some low allocation high risk investments, but you should expect some fuckery than.
 
#38 ·
It's interesting when you read about some financial entity losing "billions" overnight. I always wonder where did those billions come from and where did they go? :unsure:
 
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