Cryptocurrency Lolcows

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What I meant is that all their money is in crypto and nothing else. I was thinking more along the lines of also having traditional stocks in a variety of companies (e.g. not just tech ones) and maybe some government bonds or something. Crypto isn't going to keep going up forever, regardless of the type of coin.
 
Crunchy Leaf said:
What I meant is that all their money is in crypto and nothing else. I was thinking more along the lines of also having traditional stocks in a variety of companies (e.g. not just tech ones) and maybe some government bonds or something. Crypto isn't going to keep going up forever, regardless of the type of coin.
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The problem with that is that the only genuinely catastrophic thing that could happen to anything relying on blockchain is that some math wizard discovers a shortcut that massively speeds up the process of generating blocks, or worse, some method of directly solving the next block (incredibly unlikely), or more likely, some fatal flaw in the underlying algorithm (somewhat more likely), or a genuinely epic advancement in computing (like real quantum computing) somehow suddenly appears without advance warning.

These would all range from temporarily crashing the price to absurd lows to breaking the technology entirely, and would wreck most or all cryptocurrencies simultaneously. I think all of these are quite unlikely, but even without those catastrophes, the general volatility issue is not going away any time soon. If it's a Tulip Mania thing and suddenly, everyone panics, the price is going down no matter what.

I'd advise as with anything that you never invest all your money in one thing, but it's hard to deny that plenty of people who ignored that invaluable general rule, whether or not they're arguably insane, are now multimillionaires or more.
 
I see it as a Tulip Mania thing, but perhaps I've spent too much time lately over on r/buttcoin. The people who got in early definitely won big, I'll agree with that.
 
AnOminous said:
I'd advise as with anything that you never invest all your money in one thing, but it's hard to deny that plenty of people who ignored that invaluable general rule, whether or not they're arguably insane, are now multimillionaires or more.
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Lots of people make crazy money off of asset bubbles. Just make sure you're not the guy holding the bag when the music stops.

Un Platano said:
There are diverse portfolios in cryptocurrencies in that there are hundreds of altcoins you could put money into..
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That's not what "diversified" investing means. If I own stock in 50 different copper mining companies, that's not really a diversified investment.

When collateralized debt obligations (CDOs) were being sold, people claimed that they were diversified because they contained hundreds of different mortgages, so statistically you were okay since people wouldn't all stop paying their mortgages at once. Didn't work out too well.
 
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Heads up: the IRS has ordered Coinbase to disclose its records. If you've moved over $20k in BTC, you'll have to pay capital gains taxes on realized gains. Good news is that capital gains taxes are pretty low. If you haven't cashed out, you're all good.
 
fucking /biz/ man :story:
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Skeealator said:
Heads up: the IRS has ordered Coinbase to disclose its records. If you've moved over $20k in BTC, you'll have to pay capital gains taxes on realized gains. Good news is that capital gains taxes are pretty low. If you haven't cashed out, you're all good.
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Coinbase is fucking retarded anyway. When I tried to make an account there, it wouldn't accept the test deposit amounts they made. Good for the IRS.
 
Does Ghost count as a Cryptocurrency Lolcow?, or does his advice actually makes sense?
 
So Tai Fucking Lopez is back again and he's found out about BTC.
I can't be bothered to watch any of his shit but I wonder how this new scam of his is bringing him in more Lamborghini money.
 
Un Platano said:
So Tai Fucking Lopez is back again and he's found out about BTC.
https://youtube.com/watch?v=wdY1wSpDHv0https://youtube.com/watch?v=ORW9-qPj6n8https://youtube.com/watch?v=Kk-KxCpiF0kI can't be bothered to watch any of his shit but I wonder how this new scam of his is bringing him in more Lamborghini money.
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LOL; I went through the last one on at work. It actually wasn't too bad; there was some pretty decent newbie advice in tandem with some underhanded schilling for IOTA and EOS and some ridonculous schilling for Tai Lopez's 60-day Cyrptocurrency Course where "you will learn to miss out neither on the way up nor on the way down via pedestrian strategies learnable on Reddit."

Most importantly, the Lambo's battery died and they had to push it back to the garage. I bet some idiots think he actually returned it to the rental agency.
 
My No. 1 Bitcoin oracle Parabolic Trav (your spirit guide on the road to $100k!) is now setting up a patreon.

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Because that's what people who make mad money off of Bitcoin do: they set up patreon accounts as though they were Alison Rapp.
 
Skeealator said:
Parabolic Trav is my new favorite guy to follow on Twitter:

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...dude what
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can I have what he's having

some people were explaining to me tonight how tomorrow you'll be able to go short on Bitcoin which means the bitcoin value is going to fall immensely, and I don't know nothing from nothing, but it sounds like it'll produce some exceptionalism
 
Crunchy Leaf said:
can I have what he's having

some people were explaining to me tonight how tomorrow you'll be able to go short on Bitcoin which means the bitcoin value is going to fall immensely, and I don't know nothing from nothing, but it sounds like it'll produce some exceptionalism
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You should donate to his Patreon. I mean obviously he's a Bitcoin wizard so he's already a billionaire, but it has to contribute to your own magic to give money to a billionaire, right? He's obviously set his Patreon up out of pure generosity, so you can become a part of his magical success!
 
Crunchy Leaf said:
can I have what he's having

some people were explaining to me tonight how tomorrow you'll be able to go short on Bitcoin which means the bitcoin value is going to fall immensely, and I don't know nothing from nothing, but it sounds like it'll produce some exceptionalism
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I don't think anyone really knows what these futures markets will do to the price of Bitcoins. All I know is that trying to short something this volatile is very dangerous even if you think Bitcoins are in a bubble.
 
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