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Cryptocurrency finally busted


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I came across this article on CBC today

https://www.cbc.ca/news/business/crpto-tumble-column-don-pittis-1.6450411?__vfz=medium%3Dtray_notification#

Who would have thought?    I had invested my $1 mil in Bitcoins and now this !     hi-hi-hi, just kidding.

So if the Bitcoin was down by 50%+ in the past 6 months and then the buying power of the USD it is valued against is also down by 30% in the same period, it looks like you are left with only 30% of the original buying power of your currency 6 months ago.

In other words, in 6 months someone stole 70% of what you had.

And who would that someone be?

 

 

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15 minutes ago, cougar said:

I came across this article on CBC today

https://www.cbc.ca/news/business/crpto-tumble-column-don-pittis-1.6450411?__vfz=medium%3Dtray_notification#

Who would have thought?    I had invested my $1 mil in Bitcoins and now this !     hi-hi-hi, just kidding.

So if the Bitcoin was down by 50%+ in the past 6 months and then the buying power of the USD it is valued against is also down by 30% in the same period, it looks like you are left with only 30% of the original buying power of your currency 6 months ago.

In other words, in 6 months someone stole 70% of what you had.

And who would that someone be?

 

 

https://coinmarketcap.com/currencies/terra-luna/

May 13th    2.25PM Eastern Pacific Time

99.5% down !!!  Wow !

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That's the interesting thing being a Canadian investor.  Any gains in oil or gold or crypto currencies are usually tempered by the exchange rate to US dollars.  Thankfully so are the declines.  Gold was down 10 in US today and 33 in Canadian dollars so today was a pretty bad day for Canadian gold.  I don't really follow crypto currencies as I have to admit I don't quite understand them.

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5 hours ago, Faramir said:

That's the interesting thing being a Canadian investor.  Any gains in oil or gold or crypto currencies are usually tempered by the exchange rate to US dollars.  Thankfully so are the declines.  Gold was down 10 in US today and 33 in Canadian dollars so today was a pretty bad day for Canadian gold.  I don't really follow crypto currencies as I have to admit I don't quite understand them.

I do not follow them either.  My limited knowledge is based on my own interpretation.  To me they are a ponzi scheme or a scam.

I also think that gold, although material, is a scam too.  It's value may be tangible when gold is in the form of jewelry and people have enough of everything but a limited supply of gold.    In a scenario where people have no food, clothes or security, its value will be zero.

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And we have a potential conservative leader that want to fire the governor and  damage the Bank of Canada and wants us to invest in crypto currency.

For a finance critic, he sure ain't a financial advisor LOL

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On 5/16/2022 at 12:26 PM, ExFlyer said:

And we have a potential conservative leader that want to fire the governor and  damage the Bank of Canada and wants us to invest in crypto currency.

For a finance critic, he sure ain't a financial advisor LOL

If we ever make the mistake of electing him, I want his salary to be set to 185K  Terra-Lunas annually.

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On 5/16/2022 at 3:26 PM, ExFlyer said:

And we have a potential conservative leader that want to fire the governor and  damage the Bank of Canada and wants us to invest in crypto currency.

For a finance critic, he sure ain't a financial advisor LOL

Diefenbaker fired Coyne.

Yes, it happens. And yes, that guy - the journalist.

Heck, the woman who is a step-sister of our current PM. 

Edited by August1991
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5 hours ago, August1991 said:

Diefenbaker fired Coyne.

Yes, it happens. And yes, that guy - the journalist.

Heck, the woman who is a step-sister of our current PM. 

Huh? Point?

My point is that he was a finance critic and should know things such as the bank of Canada is already regularly audited when he says is has to be audited. 

 

Edited by ExFlyer
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5 hours ago, August1991 said:

But in my opinion, cryptocurrency is a bubble.

Like typical politicians on the make, Poilievre adopted bitcoin.

I recall when Trudeau Snr stood beside a Mercedes. Heck, he became a federal Liberal.

To promote crypto currency to Canadians knowing full well it is totally speculative is more than improper (considered crypto lost half its value in 4 months).

Trudeau stood beside and drove his classic 1955 Mercedes Gullwing sports car, which his son still has, and in no way promoted Mercedes.

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