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  • L I
  • Waygook Lord

    • 5837

    • October 03, 2011, 01:50:58 pm
Re: The State of Cryptocurrency
« Reply #140 on: April 03, 2021, 07:04:30 am »
The Chinese government subsidizes electricity to help their economy grow. Bitcoin mining makes air pollution via burning coal. The Chinese government doesn’t like Bitcoin mining because of this. It’s not making a tangible product or infrastructure when the massive amount of energy is being used. Bitcoin is useful only for speculation, tax evasion, and illegal shady purchasing online. It helps North Korea avoid sanctions. It helps North Korea become stronger and makes the world’s air dirtier. (I bought Bitcoin a long time ago before I realized this.)


  • L I
  • Waygook Lord

    • 5837

    • October 03, 2011, 01:50:58 pm
Re: The State of Cryptocurrency
« Reply #141 on: April 03, 2021, 07:10:12 am »
Why did Bitcoin increase in value lately? Governments around the world sent pandemic relief checks to their citizens (raising national debt). What did people do with the money? Bought Bitcoin.


Re: The State of Cryptocurrency
« Reply #142 on: April 03, 2021, 09:28:20 am »
Why did Bitcoin increase in value lately? Governments around the world sent pandemic relief checks to their citizens (raising national debt). What did people do with the money? Bought Bitcoin.

The Tether printing machine printed $17 billion of Tether in 2020 and by the first quarter of 2021 they had printed $20 billion. Tether is well known for manipulating the price of bitcoin.


  • L I
  • Waygook Lord

    • 5837

    • October 03, 2011, 01:50:58 pm
Re: The State of Cryptocurrency
« Reply #143 on: April 03, 2021, 10:27:47 am »
I agree. Cryptocurrency is printing money out of thin air. Tether, trading bots, and wash trading certainly pumps up the price. So does hype and people having extra money on hand due to generous unemployment benefits and government checks to all. Plus people have more time stuck at home due to coronavirus so they're online more. 


Re: The State of Cryptocurrency
« Reply #144 on: April 03, 2021, 11:30:26 am »
I agree. Cryptocurrency is printing money out of thin air. Tether, trading bots, and wash trading certainly pumps up the price. So does hype and people having extra money on hand due to generous unemployment benefits and government checks to all. Plus people have more time stuck at home due to coronavirus so they're online more. 

Yeap and you have most people in crypto saying "things are fundamentally different this time" - these people really do actually believe that bitcoin could go to a million. What generally happens in financial markets when you have sentiment all leaning one way is that you get a massive 30-40% red candle out of nowhere and the media give a shitty excuse for why it happened. The idiots who bought up high either suffer massive losses or become long term hodlers and have to wait several years until bitcoin makes a higher high which there is no guarantee it ever does.


  • Davey
  • Moderator - LVL 3

    • 1833

    • February 01, 2010, 01:36:20 pm
Re: The State of Cryptocurrency
« Reply #145 on: April 03, 2021, 12:16:23 pm »
If you've got money you're willing to lose, it's an easy to way to make gains in a very short period of time.  But, again, be prepared to lose it all since it's the wild west of "investing." 

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  • hangook77
  • The Legend

    • 2868

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: The State of Cryptocurrency
« Reply #146 on: April 05, 2021, 07:56:39 am »
I believe Elon Musk had said investing in Bitcoin is crazy but so is keeping our fiat currencies with more and more money printing.  So, what can you do?  I am still unsure of it and I only have a tiny amount in crypto.  So, either a loss or a gain.  No big loss either way.  I was skeptical of it for years.


  • hangook77
  • The Legend

    • 2868

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: The State of Cryptocurrency
« Reply #147 on: April 05, 2021, 07:58:16 am »
So far as I know Gopax only lets me withdraw to my Nonghyup Bank Account.  Is there any other way to link to a cold wallet or any other crypto website?  I don't see anything on their page, though their software interface isn't always clear about things. 


  • DocH
  • Veteran

    • 94

    • March 01, 2021, 11:25:39 am
    • pub
Re: The State of Cryptocurrency
« Reply #148 on: April 05, 2021, 08:12:03 am »
I believe Elon Musk had said investing in Bitcoin is crazy but so is keeping our fiat currencies with more and more money printing.  So, what can you do?  I am still unsure of it and I only have a tiny amount in crypto.  So, either a loss or a gain.  No big loss either way.  I was skeptical of it for years.

Invest in precious metals? 


  • Davey
  • Moderator - LVL 3

    • 1833

    • February 01, 2010, 01:36:20 pm
Re: The State of Cryptocurrency
« Reply #149 on: April 05, 2021, 10:56:57 am »
I believe Elon Musk had said investing in Bitcoin is crazy but so is keeping our fiat currencies with more and more money printing.  So, what can you do?  I am still unsure of it and I only have a tiny amount in crypto.  So, either a loss or a gain.  No big loss either way.  I was skeptical of it for years.

Well, Musk now endorses Bitcoin (e.g., accepts it as a form of payment if you're buying a Tesla).

Make no mistake-- crypto is a bubble right now; it's dot com all over again but even worse as it's not regulated. I mean, even Dogecoin has a market cap of 7 billion.

But, again, as I said, if you've got some money you're willing to gamble, do it in crypto.  Investment strategies such as yield farming can further potentially accelerate your gains.  Just stay away from the derivatives.

To invest in crypto, you've got to throw fundamentals out the window in order for you to pull the trigger; it's all momentum trading right now.
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  • hangook77
  • The Legend

    • 2868

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: The State of Cryptocurrency
« Reply #150 on: April 05, 2021, 11:55:28 am »
Our fiat currencies can't continue for much longer.  Not sure if I should also buy some gold and silver too.  Just storing it in my place secretly is a lot.  ETFs are only as good as the companies that don't crash or the governments that may seize the mines in an emergency.  Of course they could seize the crypto too.  Anyways a small amount is worth the risk I guess.  I still don't know everything about it. 


  • Davey
  • Moderator - LVL 3

    • 1833

    • February 01, 2010, 01:36:20 pm
Re: The State of Cryptocurrency
« Reply #151 on: April 05, 2021, 12:20:02 pm »
Our fiat currencies can't continue for much longer.  Not sure if I should also buy some gold and silver too.  Just storing it in my place secretly is a lot.  ETFs are only as good as the companies that don't crash or the governments that may seize the mines in an emergency.  Of course they could seize the crypto too.  Anyways a small amount is worth the risk I guess.  I still don't know everything about it. 

Yes, only invest what youre willing to lose--it's pure speculation. But, knowing some technical analysis (i.e., chart reading) could help since fundamentals are essentially are non-existent.

Case in point: Dogecoin is worth 7 billion [1] even though it was started as a joke [2].

[1]  https://coinmarketcap.com/
[2] https://finance.yahoo.com/news/dogecoin-co-founder-says-cant-041754927.html
« Last Edit: April 05, 2021, 12:21:39 pm by Davey »
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  • Swervy
  • Newgookin

    • 3

    • March 09, 2021, 12:56:54 pm
    • Incheon, SK
    more
Re: The State of Cryptocurrency
« Reply #152 on: April 05, 2021, 01:00:24 pm »
I'm taking HOT and HAPI to the moon with me. Big Bags.


  • CO4
  • Adventurer

    • 53

    • April 22, 2020, 07:49:38 pm
    • All seeing eye
Re: The State of Cryptocurrency
« Reply #153 on: April 05, 2021, 01:44:03 pm »
To invest in crypto, you've got to throw fundamentals out the window in order for you to pull the trigger; it's all momentum trading right now.

Yes the billions of dollars being invested in btc by companies, insurance funds, pension funds etc are definitely momentum trading  :laugh:


  • Davey
  • Moderator - LVL 3

    • 1833

    • February 01, 2010, 01:36:20 pm
Re: The State of Cryptocurrency
« Reply #154 on: April 05, 2021, 01:49:05 pm »
Yes, exactly why the institutional investors are now in the game; they couldn't resist as stock returns in general have paled in comparison.

Ultimately, my point remains--crypto is the space where you can make immense gains with a relatively higher probability than other forms of gambling, just be prepared to lose it all.
------------------------------------------
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EPIK: VISA, RENEWING, PENSION, ETC:

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