What's going to keep growing the demand though?
There isn't an endless supply of greater fools. Once that equilibrium is reached the arse goes from it all.
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Crypto currency (IF banned from CA)
- Thread starter YoboCopter
- Start date
There isn't an endless supply of greater fools. Once that equilibrium is reached the arse goes from it all.
DuuuncanHadaPigeon
Player Valuation: £10m
People have said this literally for bitcoins entire existence and they have all been wrong
But it wasn’t for a couple of weeks, it was from autumn of 2020 into the early summer.
Tbh the 10year lumber chart doesn’t look that much different in shape (although obviously bitcoin has a greater magnitude) - overall gains across the years but a bump in early 2018 then a fall and the another bigger spike from late 2020.
Lumber - Price - Chart - Historical Data - News
Lumber decreased 95.97 USD/1000 board feet or 16.76% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lumber - values, historical data, forecasts and news - updated on September of 2024.
tradingeconomics.com
All I am saying is that past returns do to mean that those same returns will be had in the future and that is applicable to stocks, bonds, oil, houses, crypto or tulips.
Just because it hasn't happened yet doesn't mean it never will.
nikom court
Player Valuation: £20m
who do think is buying it all now at $30,000
its not sex tourists from thailand,
its banks,institutions governments.
all these big players are manipulating the market to scoop more up.
a big supply shock is coming!
So, I’ve now spent quite a lot of time looking into HEX. Not because I would ever invest but just so I can understand it better.
The guy that started it is called Richard Schueler. He has some weird links to some really dodgy stuff in Panama back in the day and has a number of aliases. He was sued in 2002 in the US for running spam scams in the earlier days of the internet. Leading to him getting the nickname “Spam King”.
HEX looks incredibly dodgy. Around 50% of all the Ethereum used to stake HEX is held in an origin address which he refuses to acknowledge who is behind (it’s obviously him). All the penalties also seem to go into this account. So anyone that sells early is paying him directly.
He holds around 50% of HEX tokens so if he decides to sell out (which he is allowed to do based on T&Cs buried in the website) he will have to pay penalties himself. But penalties on things he hasn’t put money into in the first place. But if he starts selling everyone else will pay penalties too and so he will make money off all the penalty fees they give up by not seeing out their stake.
In fairness to him it seems like he’s come up with a quite an elaborate scam and one of the most important things is he claims it’s not a security which can help him in any future legal battles.
Of which I’m sure there will be many. This is something he really labours in the interviews I’ve watched. Guessing he’s trying to avoid the SEC.
This is a fairly rudimentary understanding of the situation but I’ve just spent a few hours looking into it and I don’t see anything good being said about it apart from the shills.
The guy that started it is called Richard Schueler. He has some weird links to some really dodgy stuff in Panama back in the day and has a number of aliases. He was sued in 2002 in the US for running spam scams in the earlier days of the internet. Leading to him getting the nickname “Spam King”.
HEX looks incredibly dodgy. Around 50% of all the Ethereum used to stake HEX is held in an origin address which he refuses to acknowledge who is behind (it’s obviously him). All the penalties also seem to go into this account. So anyone that sells early is paying him directly.
He holds around 50% of HEX tokens so if he decides to sell out (which he is allowed to do based on T&Cs buried in the website) he will have to pay penalties himself. But penalties on things he hasn’t put money into in the first place. But if he starts selling everyone else will pay penalties too and so he will make money off all the penalty fees they give up by not seeing out their stake.
In fairness to him it seems like he’s come up with a quite an elaborate scam and one of the most important things is he claims it’s not a security which can help him in any future legal battles.
Of which I’m sure there will be many. This is something he really labours in the interviews I’ve watched. Guessing he’s trying to avoid the SEC.
This is a fairly rudimentary understanding of the situation but I’ve just spent a few hours looking into it and I don’t see anything good being said about it apart from the shills.
I'm very interested in how you can back up that claim given the anonymous nature of bitcoin.
Also, not every transaction is for a full bitcoin is it? That's the price of a single whole unit but that isn't the smallest unit that it can be purchased in. You can buy in at one one hundredth of a million of a bitcoin at 30k/100,000,000.
Don't need to have bank capital for that. So how do you know it is isn't individuals jumping on the next get rich quick pyramid scheme?
But that was also the case with mortgage backed securities and collateralized debt obligations in 2007 which were also touted as new financial instruments that were going to revolutionize the industry. However just because they brought them didn’t mean they were doing the due diligence.
Perhaps “this time is different”, tbh I do think Bitcoin is probably too big for it to disappear, but that certainly isn’t true of some of the other coins - Dogecoin for instance and Tether looks like an outright fraud.
DuuuncanHadaPigeon
Player Valuation: £10m
Fair enough for looking into it.
Where does the ETH go is a flawed argument, people paid ethereum for HEX, in a simple swap. When any new project launches, people buy those new coins with eth or bitcoin, no one asks where does the eth go? Does the founder of a multibillion dollar crypto not deserve to get rich? Who cares what happened to the ETH?
Centralized ownership of supply is how every successful business/company has ever operated, it's not a bad thing that a billionaire founder owns a ton of the supply on the premise that he never sells. As he holds the price up himself. Distributed ownership or control is a disaster and always has been.
The reasoning of, well he could sell it all at any minute, could be said about the housing market, or companies where founders have large holdings. It is simply not possible for everyone to sell their house at once, as there would be not enough buyers, just like elon couldnt sell all his tsla stock at once.
There are no hidden T&Cs in HEX, it is a smart contract with no admin keys, the code can never be changed. He is very open that he does not want to create a security and be sued by the SEC so has taken steps to avoid this, these are the actions of a smart man not a dumb scammer.
What you missed from his background that he used to mine full bitcoin blocks himself when it was 50c, he is was already an extremely wealthy man before HEX so really has no incentive to sell and completely ruin himself.
He also volunteered to the SENS foundation for many years, has written self help books that he gives away for free and has many videos on youtube that implore you to stop drinking, trading, gambling and how to have better relationships.
inb4 i am richard heart, but look at the chart, it has changed my life dramatically.
Fixed
nikom court
Player Valuation: £20m
because every day especially in the us,there are stories like this
Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG
Until now, bitcoin adopters have relied on apps from a new generation of fintech players like Robinhood, PayPal and Square, or Coinbase.
Wells Fargo: US bank set to offer crypto fund to rich clients
Wells Fargo, America's third largest bank, said the service would be available for wealthy clients.
www.bbc.co.uk
Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds
The move, a significant step for the acceptance of bitcoin as an asset class, was made by Morgan Stanley after clients demanded exposure to the cryptocurrency.
all the btc is leaving exchanges and going into custodial services.
even hl have grayscale buying page ready to go soon!
Grayscale Bitcoin Trust NPV share price
The latest Grayscale Bitcoin Trust share price. View recent trades and share price information for Grayscale Bitcoin Trust and other shares.
the banks are warning people not to buy while they suck it all up and down the line they will offer exposure to btc,for a fee of course!
DuuuncanHadaPigeon
Player Valuation: £10m
bitcoin is pseudoanonymous, funny how people always forget that nearly all cryptos are on public ledgers and every transaction can be seen by everyone, kind the whole reason they work.
DuuuncanHadaPigeon
Player Valuation: £10m