OT: Crypto, Stocks, Bonds, Real Estate, Investments, IRAs & Finances, etc.

[Jose7]

Can anyone here explain crypto to me in one 10-15 line paragraph comprised of layman's terms?

just dont trust anyone that lumps bitcoin in with "crypto". Two very different things. One solves money and the others promises random **** to incentivize you to buy their tokens.

that is all.

Thanks Jose. So then what is “bitcoin” and what does “solving money” mean?

“ Money and the Byzantine Generals Problem
Money is a prime example of the Byzantine Generals Problem. How should a society establish a money that all members of a society can trust and agree upon? For much of history, societies have selected precious metals or other rare goods, such as shells or glass beads, as money. In some ways, gold solved the Byzantine Generals Problem: it was trusted and recognized across decentralized systems, such as international trade. However, its weight and purity remained unreliable, and still does to this day. The failure of gold to completely solve the Byzantine Generals Problem resulted in trusted central parties, usually governments, taking over the establishment and issuance of money. Governments monopolized mints in order to inspire trust in the weight and purity of the money. Centralized systems obviously did not solve the Byzantine Generals Problem. Governments, the trusted central authorities for money, constantly violated that trust by seizing, debasing, or changing the money.”

Bitcoin is the only hard money that truly exists it’s an amazing discovery and it’s only 13 years old and adoption is happening rapidly.

I hope you fall down the rabbit hole.

- consume the 5 part series by bitcoin TINA and bitcoin magazine

- gradually than suddenly by Parker Lewis

- the bullish case for bitcoin by Vijay buyapati

- the bitcoin standard by Saifedean

- Jeff booth’s THE PRICE OF TOMORROW (talks about deflationary technology”

Michael saylor interview with Tucker Carson

NYDIG the Beauty of bitcoin interview on YouTube

Good luck don’t get tricked out your fiat by alts.

[HarthorneWingo]

just dont trust anyone that lumps bitcoin in with "crypto". Two very different things. One solves money and the others promises random **** to incentivize you to buy their tokens.

that is all.

Where do you feel ETH falls between Bitcoin and altcoins?

ETH is a security papi. Ginsler has even considered this since his MIT blockchain teaching days. Eth will move to eth 2.0 as a POS model away from proof of work where it becomes even more centralized. Eth also has a pre mine.

Oh right. Of course! I have absolutely no idea what that means.

[robillionaire]

Where do you feel ETH falls between Bitcoin and altcoins?

ETH is a security papi. Ginsler has even considered this since his MIT blockchain teaching days. Eth will move to eth 2.0 as a POS model away from proof of work where it becomes even more centralized. Eth also has a pre mine.

Oh right. Of course! I have absolutely no idea what that means.

These are questions you should have been asking 2 years ago or better yet 5 years ago but not now

[HarthorneWingo]

ETH is a security papi. Ginsler has even considered this since his MIT blockchain teaching days. Eth will move to eth 2.0 as a POS model away from proof of work where it becomes even more centralized. Eth also has a pre mine.

Oh right. Of course! I have absolutely no idea what that means.

These are questions you should have been asking 2 years ago or better yet 5 years ago but not now

Well, I'm not interested in investing in it but I did want to see if some could explain in layman's terms what it is, what value it has to society in a short paragraph. So far, no one has yet to take me up on it. The point being, no one can explain what this is. Sounds like nothing more than a ponzi scheme that's going to come crashing down one day. Oh, and then there's the environmental implications.

[Knox]

How valuable is QNT? It sounds pretty good and a lot of people speak highly of it. I am trying to figure out why and what coins I should be investing in

[Jose7]

Oh right. Of course! I have absolutely no idea what that means.

These are questions you should have been asking 2 years ago or better yet 5 years ago but not now

Well, I'm not interested in investing in it but I did want to see if some could explain in layman's terms what it is, what value it has to society in a short paragraph. So far, no one has yet to take me up on it. The point being, no one can explain what this is. Sounds like nothing more than a ponzi scheme that's going to come crashing down one day. Oh, and then there's the environmental implications.

You’re not gonna make it. Bitcoin is 13 years old and every day it’s alive it reaches more people. You say no one took you up on it but you stated Ponzi scheme and environmental FUD.

You have no interest in doing the work. I put about 10 different types of resources. You can’t explain bitcoin in one sentence.

But for you. It’s a monetary system, that is immutable and can be transferred across borders instantly and for little to no fees via the lightning network (built on top of base layer bitcoin). You know no banking system or 3rd party clearinghouse. Just internet access and a bitcoin address.

It’s digital property. It’s digital energy. Right now a storage of value for many, but some people specifically in Nigeria, Venezuela, El Salvador use it as a means of exchange daily for various reasons due to their currency debasement.

[HarthorneWingo]

These are questions you should have been asking 2 years ago or better yet 5 years ago but not now

Well, I'm not interested in investing in it but I did want to see if some could explain in layman's terms what it is, what value it has to society in a short paragraph. So far, no one has yet to take me up on it. The point being, no one can explain what this is. Sounds like nothing more than a ponzi scheme that's going to come crashing down one day. Oh, and then there's the environmental implications.

You’re not gonna make it. Bitcoin is 13 years old and every day it’s alive it reaches more people. You say no one took you up on it but you stated Ponzi scheme and environmental FUD.

You have no interest in doing the work. I put about 10 different types of resources. You can’t explain bitcoin in one sentence.

But for you. It’s a monetary system, that is immutable and can be transferred across borders instantly and for little to no fees via the lightning network (built on top of base layer bitcoin). You know no banking system or 3rd party clearinghouse. Just internet access and a bitcoin address.

It’s digital property. It’s digital energy. Right now a storage of value for many, but some people specifically in Nigeria, Venezuela, El Salvador use it as a means of exchange daily for various reasons due to their currency debasement.

Admittedly, I haven't studied it. But there are a lot of people out there who are experts about banking, economics, and money exchanges who have harshly criticized this system. Is it regulated? If so, how?

So you invest it in businesses on the stock market? Start ups? Scientific research? Is it like investing in a commodity? Can you buy goods and services with it here in America? Why bitcoin instead of regular money?

[Jose7]

https://wtfhappenedin1971.com/

You’re smart man go down the rabbit hole, think harder

[DOT]

Admittedly, I haven't studied it. But there are a lot of people out there who are experts about banking, economics, and money exchanges who have harshly criticized this system. Is it regulated? If so, how?

So you invest it in businesses on the stock market? Start ups? Scientific research? Is it like investing in a commodity? Can you buy goods and services with it here in America? Why bitcoin instead of regular money?

If you have 2 hours, this guy goes into a lot of detail. It's nominally about NFTs, but a lot of it is going over the problems with crypto as a whole and why it's not very useful

Spoiler:

Watch on YouTube

The short answer is, at this point, you're not gonna make money off it. The only people who it's a smart decision for were the early adopters, who bought in for super cheap, then sold later. It's all about finding a bigger fool to sell it to later, and there's a finite amount of fools

It's also completely unprotected and very easy to exploit for bad actors. For example, there's nothing stopping anyone from simply putting a coin in your wallet, which doesn't sound like a problem until you realize that "coins" can also be viruses, and one of the more common things is to create a coin that drains all your crypto upon opening your wallet, and just dropping it in. Happens constantly, and because there's no regulation, once your stuff is gone, it's just gone. You can't get it back

And on the investment side, there's no incentive to actually produce anything, so they're basically all scams too

At this point, crypto is pretty much just a mixture of a pyramid scheme and a Ponzi scheme. If you're buying in now, it's too late.

[Garbagelo]

Admittedly, I haven't studied it. But there are a lot of people out there who are experts about banking, economics, and money exchanges who have harshly criticized this system. Is it regulated? If so, how?

So you invest it in businesses on the stock market? Start ups? Scientific research? Is it like investing in a commodity? Can you buy goods and services with it here in America? Why bitcoin instead of regular money?

If you have 2 hours, this guy goes into a lot of detail. It's nominally about NFTs, but a lot of it is going over the problems with crypto as a whole and why it's not very useful

Spoiler:

Watch on YouTube

The short answer is, at this point, you're not gonna make money off it. The only people who it's a smart decision for were the early adopters, who bought in for super cheap, then sold later. It's all about finding a bigger fool to sell it to later, and there's a finite amount of fools

It's also completely unprotected and very easy to exploit for bad actors. For example, there's nothing stopping anyone from simply putting a coin in your wallet, which doesn't sound like a problem until you realize that "coins" can also be viruses, and one of the more common things is to create a coin that drains all your crypto upon opening your wallet, and just dropping it in. Happens constantly, and because there's no regulation, once your stuff is gone, it's just gone. You can't get it back

And on the investment side, there's no incentive to actually produce anything, so they're basically all scams too

At this point, crypto is pretty much just a mixture of a pyramid scheme and a Ponzi scheme. If you're buying in now, it's too late.

"simply putting a coin in your wallet, which doesn't sound like a problem until you realize that "coins" can also be viruses, and one of the more common things is to create a coin that drains all your crypto upon opening your wallet, and just dropping it in"

only if you interact with it or give it approval which is easily avoidable

you would have to go out of your way to try and interact or approve with these scam tokens to begin with

for the most part, these problems will be fixed with improvement in wallet technology


"And on the investment side, there's no incentive to actually produce anything, so they're basically all scams too

At this point, crypto is pretty much just a mixture of a pyramid scheme and a Ponzi scheme. If you're buying in now, it's too late."

Crypto job creation is happening at a rapid pace and many are leaving web2 jobs for it. Creating jobs = nothing? Did the money come out of thin air?

At some point people have to accept that digital goods have value as does digital currencies. If it didn't then Bitcoin wouldn't have survived 13 years. NFTs would have died in 2017.

[Dantares]

Who else got bitch smacked with losses last week? This guy did. That was rough. Good luck to all of you next week.

[DOT]

Did the money come out of thin air?

Basically, yeah

The only value in crypto right now is the idea that one day it will have value

It's like digital Beanie Babies

At this point, crypto is just a bunch of marks and scammers. And if you're not the latter, you're the former.

[Garbagelo]

Did the money come out of thin air?

Basically, yeah

The only value in crypto right now is the idea that one day it will have value

It's like digital Beanie Babies

At this point, crypto is just a bunch of marks and scammers. And if you're not the latter, you're the former.

Actually this is how you create money out of thin air. Get your facts straight.

https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html

Watch on YouTube

[DOT]

Did the money come out of thin air?

Basically, yeah

The only value in crypto right now is the idea that one day it will have value

It's like digital Beanie Babies

At this point, crypto is just a bunch of marks and scammers. And if you're not the latter, you're the former.

Actually this is how you create money out of thin air

https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html

Watch on YouTube

I know

Crypto's the same thing, but online

It's just all smoke and mirrors, shuffling made up assets around

And at the end of the day, it's gonna be the same people making money off crypto that make money off this, and the same people holding the crypto bag that were left holding the "real money" bag

It's one big game of hot potato.

[br7knicks]

Who else got bitch smacked with losses last week? This guy did. That was rough. Good luck to all of you next week.

crypto follows pretty closely with the tech sector, as someone pointed out earlier.

my crypto went down more than 20%, which almost put me in tears. but it's part of the game. haven't sold anything. as a matter of fact, bought some more ETH when it hit 2.7k.

i'll probably buy even more if it hits below 2k. i'll probably sell a bunch if it gets back to 4k, or an ATH.


a lot of my other crypto follows the ETH blockchain, so it does pretty much whatever ETH does. except for ADA and LUNA, which have also hurt me a bunch this past week. I may buy more LUNA if it gets below 50

[Jose7]

Crypto is the biggest ponzi scheme.

Thus, separate bitcoin and crypto. very different.

[Little Italia]

Here come all the anti-crypto people. Just keep on selling, I'll happily buy at these great discounts!




PS: Buy The DIP

[Stannis]

If you really dig deep enough, you could say anything that has monetary value is BS in some form.

That's why imo, I think you should just pick whichever one you think is the least BS lol.

[aq_ua]

If you really dig deep enough, you could say anything that has monetary value is BS in some form.

That's why imo, I think you should just pick whichever one you think is the least BS lol.

I'm bought the tulip dip, just waiting for it to come back

[DOT]

Here come all the anti-crypto people. Just keep on selling, I'll happily buy at these great discounts!




PS: Buy The DIP

It's not selling if I've never bought into it

I'm just pointing out, in order for you to make money buying the dip, you gotta sell at the peak, and eventually, people are gonna stop buying into it. If you bought in at the start and sold high, you're good, if you're buying in now, you're the sucker. Bitcoin in particular, I don't know why anyone would buy that now. All the smart people bought it when it cost less than a dollar and sold for upwards of fifty thousand, to get profit margins like that now, it would have to go to nearly 2 billion. Even if you bought at 10 thousand and sold at 50 thousand, you'd still see better profits than if you bought now and it went up to 200 thousand

If you don't recognize that it's a hot potato and you need to get it out of your hands as soon as you can, you're gonna be the one left holding the bag. The only ones making money off it are the ones who bought in early and already cashed out, or the people who have enough capital to manipulate the market, just like in real life because crypto is even more exploitable

It's like a worse version of the stock market.