Crypto: The World’s Greatest Scam. | GTAMotorcycle.com

Crypto: The World’s Greatest Scam.

M

mstram

Well-known member
If you are bored (like I was) and have ~45 minutes, this a very detailed look at all the different types of crytpo.


The initial "eye catcher" for me was the "$69M paid for an NFT" (actually "paid for" with crypto currency

www.theverge.com

Beeple sold an NFT for $69 million

“I do view this as the next chapter of art history.”
www.theverge.com www.theverge.com
 
timtune said:
Someone or something buried money in the interenet and you just need to "mine" it. How does that make any sense?
Click to expand...

Much the same way arbitrarily valued and wildly fluctuating minute percentages of company ownership works.
 
timtune said:
Not really. In that case you have part ownership of an actual object - the company. When the power goes out the company still exists.
Click to expand...

So Mar A Lago really is worth $1.8B and Tesla $816B?

I guess you missed the arbitrary part /s
 
Last edited:
Coffeezilla on Youtube also has some great videos on many Cryptoscammers he has investigated. Too many shady characters involved for my liking. One complete douche nozzle (with sketchy past) was driving around Toronto in Lambos flashing stacks of cash and designer stuff on Instagram for a few years telling people to invest with him..I would see comments how he ripped people off, then they were deleted. Told me all I needed to know. Moved to Dubai, created his own coin, that lasted a couple months. Now has gone pretty silent on Instagram, posting old photos of his cars (that probably got repossessed) Pretending he still living the high life.

My dads friend was contacted "randomly" by a very good looking woman last summer, she pretended it was a mistake, but they then struck up an online relationship (go figure) and she would send him photos of herself in Miami doing this and that, one thing leads to another and he is investing small amounts with her or whatever platform she pushed him to. They were planning to meet a few months later. Telling my dad how he would turn $300 into $1200 in a matter of hours. She would tell him the exact time to buy, and then sell, he assured my dad he was able to access the funds and withdraw them. I have a feeling the amounts kept getting bigger and bigger until he was no longer able to access a big deposit. When I asked my dad how the relationship was going, his friend told him he doesn't want to talk about it. I have a feeling he got scammed big time.
 
And you are missing mine. Physical assets like businesses and real estate are subject to the same type of manipulation. Palm Beach values Mar A Lago at $18M for property taxes. Diaper Don says the Saudis will pay him $1.8B for it and uses that figure as part of the valuation of The Trump Organization. Bitcoin and company valuations are BOTH smoke and mirrors.
 
Cryptocurrency is a 100% combination of speculation and a ponzi scheme.

There are certainly elements of speculation involved in stock ownership, or real estate, or anything else of the sort ... but the companies that I'm invested in all pay dividends.
 
I get that items can be over priced (valued) but still feel the there's a BIG difference between purchasing (part of) a physical asset and one that only lives in the ethernet (or your imagination if you will).
 
Brian P said:
Cryptocurrency is a 100% combination of speculation and a ponzi scheme.
Click to expand...

Not all are ponzi schemes, but definitely speculative as @FullMotoJacket was trying to explain to @timtune lol. The ones that turn out to be full-on scams, like FTX/Alameda make frontpage news because dumb and greedy people.

I mined Eth and earned bitcoin from it, but converted it all to cash, because of how precarious and volatile crypto is. I'd never actually spend my own money to invest in crypto, though.
 
timtune said:
Not really. In that case you have part ownership of an actual object - the company. When the power goes out the company still exists.
Click to expand...

Literally the EXACT same way as that. It's speculation. This is literally what he's saying. Publicly-traded companies (in addition to actual performance and KPIs, etc.) values can rise or fall due to just speculation.
 
No. Buying an actual object (or part there of) is not the same as buying magic fairy dust mined from the internet. We all speculate on price.
If I buy a bike I can ride it, work on it, look at it in my garage. With crypto I can't see it, feel it, or touch it. Unlike the bike in my garage someone like SBM could pull a stunt and the crypto is gone. Poof!
Oh yeah I see it now. Absolutley no difference.
 
timtune said:
No. Buying an actual object (or part there of) is not the same as buying magic fairy dust mined from the internet. We all speculate on price.
If I buy a bike I can ride it, work on it, look at it in my garage. With crypto I can't see it, feel it, or touch it. Unlike the bike in my garage someone like SBM could pull a stunt and the crypto is gone. Poof!
Oh yeah I see it now. Absolutley no difference.
Click to expand...

Can you look at/touch/physically count your cash in the bank? The bank invests your money while they are in possession of it. How do you know they didn't lose it last night? Get hacked? I'm sure the customers at Silicon Valley Bank in CA thought (up until March) they could walk into a branch and walk out with some/all of their cash......except that it didn't actually (physically) existing any more.
 
FullMotoJacket said:
Can you look at/touch/physically count your cash in the bank? The bank invests your money while they are in possession of it. How do you know they didn't lose it last night? Get hacked? I'm sure the customers at Silicon Valley Bank in CA thought (up until March) they could walk into a branch and walk out with some/all of their cash......except that it didn't actually (physically) existing any more.
Click to expand...
American banking rules are (thank goodness) a lot different from ours.
 
TK4 said:
American banking rules are (thank goodness) a lot different from ours.
Click to expand...

As long as you have less than $250K in the bank.
 
FullMotoJacket said:
Can you look at/touch/physically count your cash in the bank?
Click to expand...
YES. If I want to go the bank and take it out I CAN physically touch it. I can cash it out in fives and roll naked on it, on the bed if I want. Let me know when you can do the same with crypto.
 
You must log in or register to reply here.

Back
Top Bottom