Is investing in Crypto just a get rich quick scheme?

[knakoo]

10 hours ago, Leo Gura said:

No.

Think deeper about what money means.

To hold a $1 million dollars means that you can not work for several years while others serve you.

That is wage slavery. The slavery is baked directly into the dollars. The only reason a million dollars seems like a lot is because it means a dozen people are forced to serve you.

If wage slavery didn't exist your million dollars would not be worth so much.

What would a world without wage slavery look like ? Do you have a blog post or video that explore this topic in depth ?

[Rinne]

12 hours ago, Preety_India said:

Money is the root cause of evil. 

 

The lack of money is the ROOT of ALL EVIL! 

[Preety_India]

Just now, Rinne said:

The lack of money is the ROOT of ALL EVIL! 

The lack of money is the cause of misery but not evil 

Trust me, if we got rid of money, the world would be a better place. 

[Rinne]

@Leo Gura Leo i agree with most of the stuff you said but how could one ignore stocks tho? Business, Stocks, and Real Estate are the 3 top vehicles to massive wealth accumulation. To not engage in one of these is to settle down to being a wage slave 

[Rinne]

6 minutes ago, Preety_India said:

The lack of money is the cause of misery but not evil 

Trust me, if we got rid of money, the world would be a better place. 

?? are you high?

im pretty sure the lack of money is the root of evil. people LIE, STEAL, MANIPULATE, KILL because they lack money

Edited January 15, 2021 by Rinne

[Preety_India]

3 minutes ago, Rinne said:

im pretty sure the lack of money is the root of evil. people LIE, STEAL, MANIPULATE, KILL because they lack money

No. People do it because they are evil. People scam and steal even when they have lots of money. It's called greed. 

And when someone steals bread because they are hungry, that's not exactly evil. It's just desperation. 

 

[Rinne]

16 minutes ago, Preety_India said:

No. People do it because they are evil. People scam and steal even when they have lots of money. It's called greed. 

And when someone steals bread because they are hungry, that's not exactly evil. It's just desperation. 

 

The lack of money is the root of all evil. 

[Leo Gura]

13 hours ago, datamonster said:

Bitcoin can't be "easily manipulated" at all.

It can and it has.

[Leo Gura]

11 hours ago, datamonster said:

Yep, exactly. In fact the supply is capped mathematically at 21M due to the way mining rewards become smaller over time.

Your thinking if far too narrow. Supply is manipulated in other ways, without printing any more coin.

You have no idea how much creative manipulation is possible.

[Lyubov]

Count me in the group that considers BTC a pump and dump scheme that we will be watching documentaries on in 20/30 years about how it was a hoax that got a few people really rich off the people gullible enough to think it's a legit investment and how we were all so gullible to buy into this narrative of it being a legit currency. If I'm wrong I'm fine eating some crow. 

[North Sea]

1 hour ago, Leo Gura said:

Your thinking if far too narrow. Supply is manipulated in other ways, without printing any more coin.

You have no idea how much creative manipulation is possible.

Facts. Most of crypto is just a bunch of bullshit. People don't realize winning on speculation doesn't have any value at all. But I disagree with your notion that you are 'creating wage slaves' when profiting off crypto. It's more like playing poker with all speculators who invested in BTC. they all consented to investing in a digital coin which they know doesn't have to pay off. you are only profiting from other people who are also buying BTC just like you.

I have however found out that the US dollar is literally a ponzi scheme; selling bonds which, if all were tried to be paid off, would destroy the US money supply, and there would never be enough USD left to pay back all loans. This means the US is literally forced to go further in debt forever. In theory this would lead to hyperinflation. Many economists are seriously afraid of USD hyperinflation in the next 30 years. 

My theory is that gold and other precious metals or stones will always be the only real viable currency because human shenanigans are not possible with them. This is because precious metals are more spiritually connected to humans; they come from the earth and every human across borders recognizes it's worth. Compare this to USD which have some dead white presidents on them, printed by the US Fed and like I said, is literally a ponzi scheme by design.

I understand printed currency gives power to government which can be a good thing, but we can't say this about the current US situations. And with gold backed currencies governments could still be powerful through taxation, they just wouldn't have total control over the currency and its validity.

Great documentary which explains all the shenanigans with fiat money, and a possible US Fed gold ponzi scheme where they sell physical gold bars to multiple people assuming most people don't deliver their actual gold.

[Lyubov]

I don't think we will ever go back to a gold standard. It is simply not possible given the current complexity of modern economics. Fiat money is here to stay and will continue to be the standard as society further develops along the spiral. 

Edited January 15, 2021 by Lyubov

[tsuki]

22 minutes ago, datamonster said:

Please explain those ways to manipulate the supply of Bitcoin.

@datamonster I thought about it for some time and the only way I can think of are the Satoshi-era wallets that hold BTC. These coins are effectively out of the market and if they ever moved, the price would be affected. Still, this does not affect the security of BTC on the protocol level.

[LfcCharlie4]

@North Sea Agree, precious metals are an important investment! 
 

but, One of BTCs functions is being Digital Gold, we are much more likely to move towards a digital currency than a gold backed currency I feel. Not to say Gold isn’t still a great form of investment! 
 

@tsuki @datamonster Only way I can think of is through Whales “teaming up” to create dumps so they can buy back more at cheaper prices during bull markets. Although, if anything the whales prevented an even bigger drop recently as they were buying it up during the dip. 

 

[Leo Gura]

7 hours ago, Lyubov said:

Count me in the group that considers BTC a pump and dump scheme that we will be watching documentaries on in 20/30 years about how it was a hoax

To be clear, I never said BitCoin is a hoax. It's not a hoax. It has legit merit and it might even come to replace something like gold some day. I'm just saying no one here knows its true value, and you cannot just assume that its value will keep going up.

[Leo Gura]

1 hour ago, datamonster said:

Please explain those ways to manipulate the supply of Bitcoin.

Pumping and dumping. Supply is not an absolute thing. Supply and demand form a complex interconnected relationship.

If I can go on Facebook or YT and hype up BitCoin as the greatest thing ever, people start to buy it en masse, and this effectively manipulates the price by manipulating supply and demand. The absolute number of coins never needs to change for this manipulation to take place and lose you all your money.

In the end what affects you is not the absolute number of coins but their relative value to when you purchased and sold them. It doesn't matter what the underlying value is, if you purchase and sell at the wrong time you will lose money. And it's very easy to purchase and sell at the wrong times. So this idea that BitCoin is a "sure thing" is just a fantasy.

[tsuki]

46 minutes ago, Leo Gura said:

If I can go on Facebook or YT and hype up BitCoin as the greatest thing ever, people start to buy it en masse, and this effectively manipulates the price by manipulating supply and demand.

This is a manipulation of demand, not of supply. When demand rises and supply stays the same, then price rises to accommodate for it. 

The difference between digital and physical currencies is that in times of high demand, the centralized institution could change supply of the coin to manipulate the price from the other end. For example, the US government could print money when the demand is high so that the price of $ stays the same. There is no such thing in decentralized currencies, which opens them up to speculation that we experience right now, but it also makes it more predictable.

The problem with fiat money is that there is a big difference in inertia between how governments are able to influence money and how the users of it do. When I cover my expenses in PLN, I can't switch to USD when my government is destroying the economy. Nobody will accept USD as a payment method here, it's illegal. On the other hand, the government can print its money however it pleases to cover up their mistakes, effectively stealing from me by making the currency hold less value. This is not going to happen with cryptocurrencies, there is no centralized agency that issues the coins. It has its ups and downs, but it is a much better store of value if you accommodate for short-term volatility. 

Edited January 15, 2021 by tsuki

[Lyubov]

38 minutes ago, Leo Gura said:

To be clear, never said BitCoin is a hoax. It's not a hoax. It has legit merit and it might even come to replace something like gold some day. I'm just saying no one here knows its true value, and you cannot just assume that it's value will keep going up.

I'm saying it's a hoax. I highly doubt it will replace gold or ever stably function as a legitimate currency. Mark my words. Bitcoin will go down in history as the biggest pump and dump scheme of the century and the people who made money on it will be laughing their way to the bank at the stupidity of people who actually took it seriously. 

Edited January 15, 2021 by Lyubov

[tsuki]

@Lyubov Why do you think it's a hoax?

[Lyubov]

19 minutes ago, tsuki said:

@Lyubov Why do you think it's a hoax?

1) Inaccessibility - It's accepted almost nowhere. You can't use bitcoin to buy groceries or really anything. I'm going to speak like an absolutist in this post so be prepared. Don't tell me how some food truck in the Bay area accepts it. It isn't remotely an avenue for expenditures in any practical sense. On top of that the entire process of buying/exchanging bitcoin is unusual and unfeasible for the conventional usage of a currency.

2) ZERO intrinsic value - It only has value because people think they can buy it and others will later as well at a higher price thus making some money off of it. It is backed by literally nothing. Don't even try to compare this to a fiat currency backed by society and entire governments. Such a low quality false equivalency. I'm not going to even bother explaining why here. This leads to my 3rd point

3) Volatility - It's completely volatile and unsafe at storing wealth. On top of that these cryptocurrency companies don't have remotely any sort of foundation of trust from the public. Don't even compare them to banks. Another low quality false equivalency. You know how much earnings for other cryptocurrencies is based off stolen money for their initial offerings as well as the amount of heists that have taken place? A fuck ton. Bitcoin literally only became a thing originally because people needed an anonymous way to pay for drugs online. 

Edited January 15, 2021 by Lyubov