[antzcrashing]

Originally Posted by apar

What? I'm confused. Why would that make them close out their liability?

Lets say for example that I owe $20K in credit card debt. There's nothing that stops me from opening new credit cards at 0% interest and just using the new credit card to pay off the old one. That's essentially what they do when they reset the FTDs. They can just keep resetting them forever. Why would Gamestop doing well or another opportunity make me pay back my debt? I'm just choosing not to pay it back. Ever. It doesn't matter how much I owe, or how many shares I have to buy if I never have to pay it back.

The cards are stacked in favor of hedge funds because they have enormous capital and access to liquidity, yes. But there are limits. Ask LTCM.

[P1]

Originally Posted by chassis

Patterson from Bridgewater gave a recent interview saying "crypto remains speculative". I take that at face value, that crypto is nothing more, nothing less, than speculative.

Lot of press these days focusing on the fact cryptocurrency is only good for ransomware payments and not much else (as far as currency/method of payment is concerned).

[IllSic_Design]

Originally Posted by P1

and not much else

LOL at people that think this.

[NorCalAthlete]

Originally Posted by apar

What? I'm confused. Why would that make them close out their liability?

Lets say for example that I owe $20K in credit card debt. There's nothing that stops me from opening new credit cards at 0% interest and just using the new credit card to pay off the old one. That's essentially what they do when they reset the FTDs. They can just keep resetting them forever. Why would Gamestop doing well or another opportunity make me pay back my debt? I'm just choosing not to pay it back. Ever. It doesn't matter how much I owe, or how many shares I have to buy if I never have to pay it back.

The new rules enacted by the SEC, maybe? Not sure.

https://www.reddit.com/r/Superstonk/..._are_possibly/

https://www.reddit.com/r/Superstonk/...d_as_of_today/

[XKxRome0ox]

[/url]

Started this account with $25k in December
March 2021 to May 2021 update
Mostly GME shares
trimmed down my other holdings

[bimmer pleaser V2]

My AMC position is up about 85%, I just wish I wasn't such a huge pussy and bought more.

[NorCalAthlete]

Lol, I'm up like 160% on GME and 300% on AMC.

Just gonna keep holding these here stonks...

[Humdizzle]

my 2 shares of GME are up 20%. i bought it just for laughs and its turning out to be one of my biggest % gainers of the year.

bought a few k worth of NIO today. hopefully will see some good gains when this market gets out of its rut.

[jmg]

Originally Posted by IllSic_Design

LOL at people that think this.

I've been skeptical of crypto since the beginning. Its primary feature is also its biggest weakness and the the cause of its volatility. Nothing that volatile can be used as currency. It's purely speculation now and we're just in the middle of another pump and dump. I invested earlier this year and pulled out with a nice chunk of profit right before it plunged. Writing was on the wall with Musk pumping doge. Watch the same thing happen there. Buy bitcoin now if you want to get on the ride again, but not because it has actual value, but because it's a speculative.

[jmg]

Originally Posted by NorCalAthlete

Lol, I'm up like 160% on GME and 300% on AMC.

Just gonna keep holding these here stonks...

Up 300% on AMC as well ($8 buy), bought more this morning, but I don't think it will rally again until Monday. TO THE MOON!!!

[IllSic_Design]

Originally Posted by jmg

I've been skeptical of crypto since the beginning. Its primary feature is also its biggest weakness and the the cause of its volatility. Nothing that volatile can be used as currency. It's purely speculation now and we're just in the middle of another pump and dump. I invested earlier this year and pulled out with a nice chunk of profit right before it plunged. Writing was on the wall with Musk pumping doge. Watch the same thing happen there. Buy bitcoin now if you want to get on the ride again, but not because it has actual value, but because it's a speculative.

That's fine, be a skeptic all you want. Same as all those people that predicted the internet will have no impact on society/way of life.

This isn't 2009. It(meaning most Digital Assets*, we're pretty much past calling them currency phase) won't be used for actual currency like the dollar, they are going to solve problems in different industries. Like the cross border remittance area/financial payments($XRP, $XDC, etc) where it is SUPER costly to do these transactions. And product traceability/proof of product/supply-chain management where Vechain($VET) is working(they are even working with and being used by BMW right now).

You guys need to start looking at the bigger picture and not looking at them as straight currencies. But hey, you guys do you......

[jmg]

Originally Posted by IllSic_Design

That's fine, be a skeptic all you want. Same as all those people that predicted the internet will have no impact on society/way of life.

That's a false equivalence. I was never skeptical of the impact of the internet, so I don't know how that even applies.

Originally Posted by IllSic_Design

This isn't 2009. It(meaning most Digital Assets*, we're pretty much past calling them currency phase) won't be used for actual currency like the dollar, they are going to solve problems in different industries. Like the cross border remittance area/financial payments($XRP, $XDC, etc) where it is SUPER costly to do these transactions.

Unless these transactions are quick converted to fiat, the volatility of crypto could negate those cost savings for the receiver. On the other hand, a crypto bull market it a potential loss for the seller. It's a band aid for larger problems: lack of a global fiat, remittance transaction fees, and complicated FEI taxes.

Originally Posted by IllSic_Design

And product traceability/proof of product/supply-chain management where Vechain($VET) is working(they are even working with and being used by BMW right now).

You guys need to start looking at the bigger picture and not looking at them as straight currencies. But hey, you guys do you......

I'm not talking about blockchain, I'm talking about bitcoin and cryptocurrencies. True, they are tied into each other, but cryptocurrency is a function of blockchain. Blockchain is what has intrinsic value while Bitcoin and cryptocurrency value is market based... and in with how volatile is has been this past decade, a speculative one by definition.

Don't believe me? Ask all the people you know who have acquired bitcoin the past 12 years. How many have used it as currency and how many just trade it? Of the dozens of people I know, 0 have used it as currency, all of them just trade it on speculation.

Yes, I know my circle doesn't reflect the entire world, but consider this:

I see many accepting bitcoin as payment, yet I don't see many places paying in bitcoin. That tells me that they are also speculating, not treating it as a traditional currency. Do you think Tesla was planning to pay its vendors and contractors in bitcoin? Hell no. They will, however, accept it. Remember that scenario I described earlier? The receiver wins in a bull market, the payer loses. What did Tesla do right after they sold all their bitcoin? They stopped accepting it because Elon's pump and dump was already complete. That's a lack of intrinsic value, that's playing the market.

[IllSic_Design]

Originally Posted by jmg

That's a false equivalence. I was never skeptical of the impact of the internet, so I don't know how that even applies.



Unless these transactions are quick converted to fiat, the volatility of crypto could negate those cost savings for the receiver. On the other hand, a crypto bull market it a potential loss for the seller. It's a band aid for larger problems: lack of a global fiat, remittance transaction fees, and complicated FEI taxes.





I'm not talking about blockchain, I'm talking about bitcoin and cryptocurrencies. True, they are tied into each other, but cryptocurrency is a function of blockchain. Blockchain is what has intrinsic value while Bitcoin and cryptocurrency value is market based... and in with how volatile is has been this past decade, a speculative one by definition.

Don't believe me? Ask all the people you know who have acquired bitcoin the past 12 years. How many have used it as currency and how many just trade it? Of the dozens of people I know, 0 have used it as currency, all of them just trade it on speculation.

Yes, I know my circle doesn't reflect the entire world, but consider this:

I see many accepting bitcoin as payment, yet I don't see many places paying in bitcoin. That tells me that they are also speculating, not treating it as a traditional currency. Do you think Tesla was planning to pay its vendors and contractors in bitcoin? Hell no. They will, however, accept it. Remember that scenario I described earlier? The receiver wins in a bull market, the payer loses. What did Tesla do right after they sold all their bitcoin? They stopped accepting it because Elon's pump and dump was already complete. That's a lack of intrinsic value, that's playing the market.

It seems you misinterpreted/misunderstood my whole post.....

And also clearly evident you have not done any research on what I talked about, and the blockchains/ledgers I talked about. I don't care to have to explain everything for you, you don't believe in it or what it will do to change the world, good for you.

[P1]

Originally Posted by IllSic_Design

It seems you misinterpreted/misunderstood my whole post.....

And also clearly evident you have not done any research on what I talked about, and the blockchains/ledgers I talked about. I don't care to have to explain everything for you, you don't believe in it or what it will do to change the world, good for you.

I’m sensing a very defensive vibe here. Why?

[IllSic_Design]

Originally Posted by P1

I’m sensing a very defensive vibe here. Why?

Lol not at all.

[jmg]

Originally Posted by IllSic_Design

It seems you misinterpreted/misunderstood my whole post.....

And also clearly evident you have not done any research on what I talked about, and the blockchains/ledgers I talked about. I don't care to have to explain everything for you, you don't believe in it or what it will do to change the world, good for you.

I specifically quoted your sections and addressed those points. I specifically addressed your blockchain argument and agreed that there is intrinsic value, so how exactly is that a misinterpretation if I agree with you on that specific component of crypto?

If that is not clear than I will clarify: blockchain is a technology, crypto is one function of that technology. Product traceability/proof of product/supply-chain management is another function of blockchain technology. Unlike crypto, these things have functional value, and so far, crypto is mostly speculation. Please note that I don't agree that there is ZERO value outside of speculation, just that the volatility negates practical uses as an actual currency for the general public.

Additionally, just because you disagree with my opinion doesn't mean I didn't do research. I've done the research, and that's those are the conclusions I came up with. If you disagree, I am open to discussion, that's the purpose of a forum after all. Accusing me of not doing the research when it is apparently clear that I have, does not foster discussion. This isn't an echo chamber, we're mostly educated rational people here.

Again, I don't see how anyone cannot see how crypto is market driven after these past few weeks. This is textbook pump and dump.

[antzcrashing]

Crypto is speculative and volatile now, now is not the future. The volatility could reduce as it settles on a value. That value could be 1,000,000 USD a coin, it could be 1 a coin, that fact that we dont know is part of the reason it is volatile. Once all coins are mined, the volatility will reduce (my guess). I agree that using crypto for purchases now is not at all the same as using fiat money. The guy who bought pizza for thousands of BTC a few years ago is one example of why. But now is not the end of the story.

[IllSic_Design]

Originally Posted by jmg

I specifically quoted your sections and addressed those points. I specifically addressed your blockchain argument and agreed that there is intrinsic value, so how exactly is that a misinterpretation if I agree with you on that specific component of crypto?

If that is not clear than I will clarify: blockchain is a technology, crypto is one function of that technology. Product traceability/proof of product/supply-chain management is another function of blockchain technology. Unlike crypto, these things have functional value, and so far, crypto is mostly speculation. Please note that I don't agree that there is ZERO value outside of speculation, just that the volatility negates practical uses as an actual currency for the general public.

Additionally, just because you disagree with my opinion doesn't mean I didn't do research. I've done the research, and that's those are the conclusions I came up with. If you disagree, I am open to discussion, that's the purpose of a forum after all. Accusing me of not doing the research when it is apparently clear that I have, does not foster discussion. This isn't an echo chamber, we're mostly educated rational people here.

Again, I don't see how anyone cannot see how crypto is market driven after these past few weeks. This is textbook pump and dump.

You need the coins/tokens to run these blockchains( most, not all). Most blockchains have a crypto because it is a core function/part of the blockchain, which enables blockchains to do what they do. Without them you wouldn't be able to transact on the ledgers/blockchain, or validate that block/transaction/etc, vote on network/ledger/blockchain changes and more..

I get/understand that crypto isn't being used for currency, that's actually what I stated in my first post, and it makes no sense to try to use most as a currency.

For the cross border remittances, bank to bank settlements,etc, it is actually LESS risky as has been proven using XRP and Ripples infrastructure. Payments/remittances using XRP/Ripple products are settled in SECONDS. You know most real time payments done right now for banking and financial transactions are NOT in real time, they are basically IOU's, takes days to a week to actually settle, and ties up A LOT of the banks money in NOSTRO VOSTRO accounts. Digital Ledgers/blockchain allows banks to not have to have huge cash reserves for their every day banking practices.


And also, yes the markets are speculative right now, we are still in the infancy stage. There are only a handful of projects that even have a real world use case that is being used/explored right now(and MOST of these coins/tokens will not last) so of course its mostly going to be speculative and pump and dumps are and will happen. But that is not to say that the crypto market/industry/technology will not amount to anything in the future.

[jmg]

Originally Posted by IllSic_Design

You need the coins/tokens to run these blockchains( most, not all). Most blockchains have a crypto because it is a core function/part of the blockchain, which enables blockchains to do what they do. Without them you wouldn't be able to transact on the ledgers/blockchain, or validate that block/transaction/etc, vote on network/ledger/blockchain changes and more..

If you are equating crypto to cryptocurrency then that is not how I understand it. I believe you have it backwards.

The core function/part of blockchain is the distributed/decentralized ledger. Cryptocurrency is merely one thing that blockchain can keep record of. You can track contracts, parts, policies, inventory, goods... and currency among many other things. That's why it's so useful. You don't need cryptocurrency to run these blockchains, you need blockchains to track cryptocurrency.

Originally Posted by IllSic_Design

I get/understand that crypto isn't being used for currency, that's actually what I stated in my first post, and it makes no sense to try to use most as a currency.

For the cross border remittances, bank to bank settlements,etc, it is actually LESS risky as has been proven using XRP and Ripples infrastructure. Payments/remittances using XRP/Ripple products are settled in SECONDS. You know most real time payments done right now for banking and financial transactions are NOT in real time, they are basically IOU's, takes days to a week to actually settle, and ties up A LOT of the banks money in NOSTRO VOSTRO accounts. Digital Ledgers/blockchain allows banks to not have to have huge cash reserves for their every day banking practices.

I understand and agree with most of this. I think this is what I am failing to communicate properly. I'm not skeptical of the idea of currency managed by blockchain, I'm skeptical of currency who's value is largely set by speculation like bitcoin. There is a reason government regulated fiat is more stable and more desirable. Inflation is predictable and even controlled. The value fluctuations due to the economy. It's much more difficult to pump and dump or manipulate fiat due to oversight from the government. But let me be clear, that doesn't mean cryptocurrency will forever be useless outside of speculation.

Originally Posted by IllSic_Design

But that is not to say that the crypto market/industry/technology will not amount to anything in the future.

I never said it wasn't going to amount to anything in the future. You are grouping me with the original poster you were replying to. I wasn't replying to your post because I agree with who you were replying to. I was adding to the conversation. Yes, I agree, in the future there might be a solution that involves cryptocurrency. But right now, I'm skeptical of its value because it is so volatile. I'm sure we will find a way to use it as currency eventually... and not to open a can of worms, but I truly believe that the only way cryptocurrency can be viable is by eliminating fiat entirely. Like I stated earlier, conversion from crypto to fiat post transaction is necessary because of local reliance on local currency and the relative stability they have. Who is going to hold on to $55k in bitcoin when it's going to dip to $35k in a few weeks?! Business risk their profit margins if they only deal in cryptocurrency. Herein lies a paradox: I don't think fiat money is going anywhere soon, and I don't think cryptocurrency will evolve unless they do. Eventually, even speculation will end end of fiat becomes hazier. It will take a world level event to get rid of fiat. Almost something like the Euro. One only has to study the Euro to see how complicated that will be.

[IllSic_Design]

Originally Posted by jmg

If you are equating crypto to cryptocurrency then that is not how I understand it. I believe you have it backwards.

The core function/part of blockchain is the distributed/decentralized ledger. Cryptocurrency is merely one thing that blockchain can keep record of. You can track contracts, parts, policies, inventory, goods... and currency among many other things. That's why it's so useful. You don't need cryptocurrency to run these blockchains, you need blockchains to track cryptocurrency.




I understand and agree with most of this. I think this is what I am failing to communicate properly. I'm not skeptical of the idea of currency managed by blockchain, I'm skeptical of currency who's value is largely set by speculation like bitcoin. There is a reason government regulated fiat is more stable and more desirable. Inflation is predictable and even controlled. The value fluctuations due to the economy. It's much more difficult to pump and dump or manipulate fiat due to oversight from the government. But let me be clear, that doesn't mean cryptocurrency will forever be useless outside of speculation.




I never said it wasn't going to amount to anything in the future. You are grouping me with the original poster you were replying to. I wasn't replying to your post because I agree with who you were replying to. I was adding to the conversation. Yes, I agree, in the future there might be a solution that involves cryptocurrency. But right now, I'm skeptical of its value because it is so volatile. I'm sure we will find a way to use it as currency eventually... and not to open a can of worms, but I truly believe that the only way cryptocurrency can be viable is by eliminating fiat entirely. Like I stated earlier, conversion from crypto to fiat post transaction is necessary because of local reliance on local currency and the relative stability they have. Who is going to hold on to $55k in bitcoin when it's going to dip to $35k in a few weeks?! Business risk their profit margins if they only deal in cryptocurrency. Herein lies a paradox: I don't think fiat money is going anywhere soon, and I don't think cryptocurrency will evolve unless they do. Eventually, even speculation will end end of fiat becomes hazier. It will take a world level event to get rid of fiat. Almost something like the Euro. One only has to study the Euro to see how complicated that will be.

When I say crypto I just mean cryptocurrencies for short. I know cryptography is the function in which these blockchains/ledgers are made/established/run on.

POW blockchains need the coin to power the network/incentivize the miners to mine and perform the transactions on the network. Ethereum needs ETH to provide "gas" for the network, same with BTC. You're right though, coins aren't necessarily needed for blockchains/ledgers to work, but some ledgers are made to take use of coins/token to get the intended specific use out of them.

I think we agree on a lot, we just misunderstood each other at first, and I did think you were going along with the original quoted person, sorry. I agree with a lot of what you are saying. I'm not sure how it will all actually work out in the end in the long run, but all I know is I'm not missing out on the opportunity to make life changing money.

[P1]

Originally Posted by IllSic_Design

When I say crypto I just mean cryptocurrencies for short. I know cryptography is the function in which these blockchains/ledgers are made/established/run on.

POW blockchains need the coin to power the network/incentivize the miners to mine and perform the transactions on the network. Ethereum needs ETH to provide "gas" for the network, same with BTC. You're right though, coins aren't necessarily needed for blockchains/ledgers to work, but some ledgers are made to take use of coins/token to get the intended specific use out of them.

I think we agree on a lot, we just misunderstood each other at first, and I did think you were going along with the original quoted person, sorry. I agree with a lot of what you are saying. I'm not sure how it will all actually work out in the end in the long run, but all I know is I'm not missing out on the opportunity to make life changing money.

Major crypto holders are currently speculators and criminals (ransomware). I think you don't belong in either of those categories because you seem to really believe in crypto. And that's great!

But here I see you mentioning "life changing money". Since you're a true believer in crypto, you wouldn't dare exchange that back into traditional currency. Because that would make you fall back into the speculator group.

So how will holding onto crypto long-term eventually turn into "life changing money?" I assume you'll hope to eventually purchase a home with Bitcoin? Or pay off student loans with Ethereum? Or put your kids through college solely using Dogecoin?

[antzcrashing]

Ok that's enough of a crypto tangent, this thread is about the stock market and crypto is not the stock market