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Cryptocurrency is the future - NOT.
- Thread starter TK4
- Start date
I still think most crypto is dumb and fundamentally a ponzi scheme. That being said, if someone wants to hold it in a secure cold wallet, there are worse ways to gamble. Anyone that keeps it in an exchange at this point is a complete moron. They drop like flies and every time most of the money disappears.
On the wallet vs exchange thing.... For Joe-Blow common folk the entire cold wallet thing is just not user friendly "enough" so people that want in are (or were) going exchange or if they just want exposure bull ETFs. This is a problem as these things Amber Heard the bed Joe-Blow common folk are out or screwed. The problem, for it to keep going up it requires Joe-Blow common folk to participate to get the volume--can't just be nerds. The cold wallet is not really that hard but most of the population can't get their head around it. Sort of like changing your own brakes or doing your own plumbing is not actually hard but most people....
Personally, I am short on bitcoin (via bear ETF) and IMO 10K is much more likely than 30K at this point. Having said that, my historical track record says it will go up, lol.
The crypto technology and many of the concepts will be a big player in the future, not the current coins IMO.
Personally, I am short on bitcoin (via bear ETF) and IMO 10K is much more likely than 30K at this point. Having said that, my historical track record says it will go up, lol.
The crypto technology and many of the concepts will be a big player in the future, not the current coins IMO.
Magic fairy dust powered by the farts of fairies.
It’s a great Ponzi scheme that hopes the guy after you buys in to prop you up.
It’s a great Ponzi scheme that hopes the guy after you buys in to prop you up.
TK4
Well-known member
Let us know how that works out. It seems smarter at this point to keep your $$$ in a sock under the bed.
I am doing quite well at the moment but as I said my sometimes track record... Just decided if I believe it will continue go down I might as well put some money where my mouth is. There is a lot of up and down resistance around 20K at the moment. It will likely break one way or the other. I have some good buffer at this point if it starts to goes up.
Nov 20 2015
436.48
Nov 13 2020
21131.75
Nov 12 2021
80,827.15
Nov 11 2022
21081.85 and continuing to bump along in the low $20K range.
If you got in when it was first charted you're up 50X today. If you got in when it was a twinkle in the creator's mind and worth less than a cent you're still rich at 2 million for every dollar you put in. Tomorrow anything is possible.
I still say Ponzi scheme.
Did you pressure the friend into joining the scheme? If you both made your own decision, no. It's no different than you making more money at your job than them. If you leaned hard on your friend to join and you made a bunch, making them whole is a stand up move.
sburns
Well-known member
If your definition of ripping people off is winning, I would have to disagree. Yes agree this ruins friendships.
These kinds of money making systems prey on vulnerable people, and those who have limited financial skills.
I have 2 friends who are involved with multi level marketing schemes, just another version of a pyhamid, ponzi scheme wrapped around a product.
1 friend has participated in these schemes and basically made no money and alienated most of her friends because of selling dubious products and semi pressuring friendships to "start your own business" She tried selling these gas saving pills. Yeah that garbage.
The other friend, his wife was selling weigh loss shakes, then she pivoted into "project management" I've tried telling my buddy she's still doing MLM but in another form. She just bankrupted their family with $150,00 owning in back taxes to the gov. He hasn't filed for divorce.
It's sad people get hooked onto these ideas when clearly they are scam and don't work, but you can't convince them otherwise because of how they have been manipulated.
So someone is winning isn't just not the people these scams are being sold to.
If you want to be successful in MLM , you really need to be prepared to burn a lot of bridges and relationships. It’s an absolute legal pyramid.
“ your paying more , but your buying the product from yourself !! “ umm ok .
I asked an aquaintance that became a newly minted multi millionaire how he held on when the slide started . He had converted several million in Crypto into US dollars , British Pound , Euros . It’s all held in a company registered in Bahama and one in Barbados . He’s still quite invested in crypto but he cashes out frequently. He treats it no different than buying any other commodity that may go up or down .
Sent from my iPhone using GTAMotorcycle.com
“ your paying more , but your buying the product from yourself !! “ umm ok .
I asked an aquaintance that became a newly minted multi millionaire how he held on when the slide started . He had converted several million in Crypto into US dollars , British Pound , Euros . It’s all held in a company registered in Bahama and one in Barbados . He’s still quite invested in crypto but he cashes out frequently. He treats it no different than buying any other commodity that may go up or down .
Sent from my iPhone using GTAMotorcycle.com
My B-I-L got into cleaning products. He didn't have to inventory anything but moved up "the chain of success" if he did, having products in his mother's basement. He expected her to push it onto her friends but she didn't, good for her. After years of being in storage he paid to dump it. In reality some of these products aren't bad. I liked the concentrated cleaner for the bottom of my boat. It did a good job on removing the scum. (I should have used it on the B-I-L)
My S-I-L conned me into going to a water filter dog and pony show at the convention centre ages ago. Wonderful people testified about how much money they made while writing off yachts and vacations. S-I-L went for it. I didn't. She ended up selling one unit and was ticked off that she had to deliver it to suburbia and explain stuff to the buyer. She's now flogging skin care and diet products. The diet products fly under the radar of the FDA regarding the use of animal grade vs human grade ingredients.
The common thread is that you don't have to sell anything, just recruit your friends to make the sale. If the friend doesn't want to do face to face selling they can move another tier up by passing the sales part onto another friend. NO ONE CENT MOVES until somebody makes a face to face sale.
Confirming crankcall's comment, a colleague said he made decent coin selling Amway but he lost all his friends except for the Amway ones. Others would cross the street if they saw him coming. When he got out of it the old friends slowly came back.
sburns
Well-known member
This all sounds very typical and sad.
That last paragraph is spot on. Both the people I mentioned previously have lost their true friendships and have replaced them with other people who are selling products. It's like a cult. To me it's sickening.
Mikedezo44
Well-known member
Some real reporting here. Crying over losing money that was given to him for little to no work.
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