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Cryptocurrency finally busted


cougar

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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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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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  • 2 weeks later...
On 6/3/2022 at 8:08 PM, OldMan777 said:

Bitcoin is worthless.

It is, but not to those who sell them at $35,000 a piece.

For as long as there are buyers, the scammers will continue to get money for nothing.

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4 hours ago, cougar said:

Crypto Market Crashes Anew

 

Hurry up, guys, you can now buy a BitCoin for only US$23,000 !

I am totally sold.    On my way to the bank to convert my family savings into BitCoins !  ?

So let me get this straight now. This 'Celsius' is not allowing holders of bitcoin to withdrawal (cash in) their bitcoin for real money? Unregulated and not backed by the CIDC?  How is this not a ponzi scheme??

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So cryptocurrency is dropping like a stone.  The DOW, etc is tanking and has been dropping since January’s peak of 36400( down 6000 points since then)

Precious metals are dropping as well, and thanks to the climbing interest rate, the real estate market is down a reported 35%.

Does anyone not realize that we are in for a rough ride?  

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6 hours ago, suds said:

 How is this not a ponzi scheme??

Of course it is a ponzi scheme.  Our whole society is based on ponzi schemes, but they manage to run them over longer periods of time by population growth - increasing the number of players/investors.

With the resources diminishing, the ponzi schemes are getting more and more difficult to run.

I am looking at the price of gold showing a positive 4% increase in value over the past year.  Increase in value means you get 4% more Canadian dollars for the gold you had last year.   OK,  but the buying power of the Canadian dollar fell by more than 10% in the past year, most likely by 25% even when it comes to its buying power of food and 70% when it comes to its buying power of gasoline.

Considering all this, your gold did not bring you 4% more of anything.  You actually lost big time.

Edited by cougar
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21 hours ago, gagara said:

Who knew that crypto could become our new reality.. It's extremely safe and nowadays a lot of people are already using crypto wallets and their functionality only expands! For example, the wallet I'm using launches crypto loans! https://vexel.com/loans/ That's really amazing, isn't it?

A great piece of sarcasm. Good writing LOL

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On 6/13/2022 at 9:45 PM, cougar said:

Of course it is a ponzi scheme.  Our whole society is based on ponzi schemes, but they manage to run them over longer periods of time by population growth - increasing the number of players/investors.

With the resources diminishing, the ponzi schemes are getting more and more difficult to run.

I am looking at the price of gold showing a positive 4% increase in value over the past year.  Increase in value means you get 4% more Canadian dollars for the gold you had last year.   OK,  but the buying power of the Canadian dollar fell by more than 10% in the past year, most likely by 25% even when it comes to its buying power of food and 70% when it comes to its buying power of gasoline.

Considering all this, your gold did not bring you 4% more of anything.  You actually lost big time.

GIC's are now paying more than 4% and will go higher as the BoC hikes rates.

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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

I'm not sure if PP was totally wrong on his stance on the Bank of Canada.

I'm no expert on crypto but one of my coworkers was up to over $250,000 from an investment of less than $10,000. That was before the market tanked though. Perhaps the appeal was that it was more or less outside of the control of governments.

I think it's easier to understand when we invest in something more tangible, real bricks and mortar companies.

 

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39 minutes ago, ironstone said:

I'm not sure if PP was totally wrong on his stance on the Bank of Canada.

I'm no expert on crypto but one of my coworkers was up to over $250,000 from an investment of less than $10,000. That was before the market tanked though. Perhaps the appeal was that it was more or less outside of the control of governments.

I think it's easier to understand when we invest in something more tangible, real bricks and mortar companies.

 

People that get in early on a ponzi scheme all do well. That is what makes ponzi suck more of them in.

But realistically, you cannot budget or run a country's economy on a gamble/stock market or ponzi at worst.

 

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