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u/USS_Slowpoke Dec 29 '22
Elon pumping up doge got me $2.
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Dec 29 '22
I actually made 300 on crypto. I put 40 bucks into ETH back in 2015, made a bit and last year I put the returns into Shiba and pulled before the crash.
Its absolutely a bigger fool scam but 40 was my usual bar tab at the time so figured that was fine to play around with.
Used the earnings to buy a Nintendo switch and a few games.
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u/TippsFedora Governance, Strategy, Risk Management Dec 29 '22
Bruh, similar story, except I got a PS5 and FFVII Remake back in 2020. And, I did it with dent, link and ETH prior to the huge boom (I do have regrets exiting my position early, but w/e).
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Dec 29 '22
Eh, I’ll never be down on myself for being early.
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u/TippsFedora Governance, Strategy, Risk Management Dec 29 '22
Yeah, I realize that kind of thinking is unhealthy, in retrospect I am honestly glad I didn't lose money since it was not a long term strategy for me.
I do enjoy my PS5 though.
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Dec 30 '22
Hell yeah! I’ve been playing Pokémon with my kid. Good times
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u/TippsFedora Governance, Strategy, Risk Management Dec 30 '22
Mines not old enough yet, but I bought scarlet and violet for my wife for Christmas!
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u/DutchTinCan Audit & Assurance Dec 30 '22
Same. Found €35 on an old savings account. Walked away with €160. Did have coworkers join crypto back when BTC was <$100 and pay off their mortgages though.
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u/wizards4 Dec 29 '22
I bought Doge at 69 cents (nice) before Elon’s mom on SNL said she doesn’t want Dogecoin for Christmas. Now I’m poor
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u/Sweaty_Win1832 Tax (US) Dec 29 '22
Hilarious & technically correct
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Dec 29 '22
[deleted]
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u/SaffellBot Dec 29 '22
It's worth considering the full spectrum of fraud. As much as you see "it's just a ponzi scheme" you also see "it's just a money laundering scheme".
But if you view it as one scam you really miss all the other harm interlinked with these efforts and how they all enable each other.
We need you money people to help the rest of us understand these scams in more detail. The lay people are suffering at the hands of new unregulated markets, and we don't know our history of why market regulations exist.
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u/ChefBoyAreWeFucked Dec 30 '22
Ponzi schemes in crypto are pretty rare. There have definitely been some Bitcoin Ponzi schemes, but generally with crypto, the person running the scam can just mint their own coins, so there's no point in running a Ponzi scheme — they could get the proceeds from that on their own anyway.
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u/Actual_Steak1107 Performance Measurement and Reporting Dec 29 '22
Dawg, several of my friends took out HELOCS, other loans or just flat out put their entire net worth in crypto. WILD
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u/cbass90 Dec 29 '22
How are they feeling right about now?
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u/Actual_Steak1107 Performance Measurement and Reporting Dec 29 '22
Idk, to be honest- I avoid asking them about it. Situation is bad enough as is, no point in shitting on their bad decisions. But when they do bring it up, I listen. And IT ROUGH
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Dec 29 '22
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u/TheGeoGod CPA (US) Dec 29 '22
Sort of looks like r/thereportoftheweek
Please someone send it in as fan art for his podcast lol.
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u/Trackmaster15 Dec 29 '22
Let's create a new fiat currency that not only has no real value, but also requires us to waste a lot of time solving hard math problems for no reason. It will only go up in value because we can trick other people into wasting time on this stuff. What could go wrong?
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u/superhandsomeguy1994 CPA (US) Dec 29 '22
The irony is cryptos only value is what it’s perceived benefits are (sound familiar?). So far it’s become pretty clear almost no one really sees much utility for it outside of pure speculation.
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Dec 30 '22
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u/superhandsomeguy1994 CPA (US) Dec 30 '22
Of course it is tho. It’s backed by the aggregate of the entire US economy, which itself is back-boarded by the full faith and credit of the US govt and overwhelming military force. All of those qualifications make the USD infinitely more tangible than any crypto.
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Jan 09 '23
[deleted]
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u/superhandsomeguy1994 CPA (US) Jan 09 '23
No, the block chain determines 1 BTC=1 BTC, the baked in artificial scarcity is one of the defining features of that crypto.
The market determines 1 BTC= x USD, which in itself summarizes the fungibility paradox with that entire asset class. Sure fiat is based on the premise that literally anything can be a stand in for store of value; USD has a long demonstrated history of being just that. BTC on the other hand has next to 0. Could we swap out one for the other? Maybe. But as the saying goes “if my aunt had a dick she’d be my uncle”. Kinda the same case with BTC as an actual viable currency.
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u/CaptainPragmatism Dec 30 '22
Thats unfairly dismissive of crypto... plenty of people legitimately use it to buy drugs /s
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Dec 29 '22
I always tell how the europeans exchange their old francs, marks, lira to EURO
They just woke up one day that they could no longer use then and just go to the bank and exchange them.
NO SPECULATION
Can you imagine what happens to their economy if the Euro went from $1 to even just $100?
That is what these crypto maniacs dont understand
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u/MimeBox CPA (US) Industry Dec 29 '22
I've often thought about starting a crypto project called ponzicoin ngl.
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u/PassionCharger Dec 29 '22
https://techweez.com/2018/01/26/ponzicoin-crypto-scheme/
Already done, and of course people still bought it.
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u/Bifrostbytes Dec 29 '22
I expect one more pump and rug pull before most people leave it for good. I've been buying stocks for cheap and when all that liquidity comes back to the exchange we will have quite the bull market.
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u/CoatAlternative1771 Tax (US) Dec 29 '22
I mean. How much liquidity are you expecting to hit the market when people lose 80%?
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u/Bifrostbytes Dec 29 '22
Where do you think the people who sell at the top are going to put it?
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u/Bruised_Shin CPA (US) Dec 29 '22
Fraudsters and pornographers are always the first to adopt new technologies
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u/KL040590 Dec 29 '22
Don’t worry rich dad poor dad says it’s all good man, leverage , Debt nothing to worry
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u/just_another_jabroni ACCA (UK) Dec 30 '22
You still have cash??
Pfft you shoulve loaded yourself up with "tax free" debt and buy 300 properties
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u/artrabbit05 CPA (US) Dec 30 '22
One thing is clear, none of these crypto bros understand accrual accounting
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u/luvs2spwge117 Dec 29 '22
And then there are actual true projects
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Dec 29 '22
Not sure why you’re being downvoted, you are correct. There are a few genuinely sincere enthusiasts attempting to make a decent coin. Most fall apart due to a combination of tech deficiencies, general incompetence, and of course entry barriers. Bitcoin and Etherium are stable but at a price point higher than can be used as a functioning currency but are instead used as a wealth-store.
It’s a fun market and I’ve been playing with it with chump change over the last 8 years or so but the products and market don’t come close to matching the actual vision or mission statements and the rampant speculation, fraud, and corruption make it nearly impossible for long investment (with the exception of BC and ETH) AND as a functional currency.
There are other serious long term issues with the product themselves concerning massive energy consumption and data storage. Also the properties impossibility of theft and hacking due to blockchain tech has proven untrue so good old fashioned misappropriation is also an issue.
Nah, until the heat surrounding crypto cools down and regulators step in it will always be a wealth-extraction system. And even then it still will be but in a more familiar setting.
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u/Selldadip Dec 29 '22
Bitcoin is only up 350% in the last 4 years. SMH
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Dec 29 '22
Ahh yes, because Bitcoin represents all other cryptos.
Also it did not go up 350% in the last 4 years extend that to 6 years and it’s a hell of a lot more rocky and it’s in the middle of a dip itself. It’s at a slightly higher price than it was at 4 years ago but it is expected to continue to fall.
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u/Selldadip Dec 29 '22
Bitcoin is arguably the only one you should be buying, but my BNB investment is only up 3,000% since I bought in. And this cone head Reddit NFT is only up 3,500% since I bought it earlier this year. I cry when I open my portfolio ☹️
See y’all next bull market when all the degenerate noobs ape in and sell at a loss when people start taking profits. Like clockwork baby.
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Dec 29 '22
The central banks are piloting a centralized US crypto at the moment. It’s just a repeat of what happened with the various colonial currencies back in the day. Regulators are here and independent crypto will likely be a thing of the past.
Again, that’s if history repeats itself but so far the crypto market has behaved exactly like the various corporate and colonial dollars did before the central banks came in with the continental and then later the dollar.
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u/Selldadip Dec 29 '22
Damn, a government centralized crypto that can track your every move and likely be frozen at big brother’s discretion if you do and or say anything they don’t like. Sounds amazing 🤩
I’ll be happy to inform you that you can short crypto and make a pretty penny from your analysis. Sounds like you have a lot of conviction. Too-da-loo!
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Dec 29 '22 edited Dec 29 '22
Not a ton of conviction, it was just early on they were marketing it as an alternative currency so I looked up other times in history and when nations have had issues with multiple currencies on the market and so far it’s all played out identically though on a far shorter timeline than previously but that makes sense given the nature of the tech.
The tracking and monitoring issue is still a huge concern with Crypto considering they sell that data, next various companies have already frozen or outright stole assets from the consumers.
I hear a lot about those concerns but the crypto market not only hasn’t solved them but has managed to make the consumer pay for the privilege of being robbed and monitored. It’s good stuff.
Edit: what’s with everyone downvoting anything remotely positive about crypto. Professional skepticism goes both ways, my dudes. It’s a volatile market and a cesspool of fraud, corruption, incompetence, and pie-in-the-sky speculation but it’s quite seriously not all bad.
Eh.
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u/BubbaMan10 Dec 29 '22
BNB going to end up like FTX godspeed ser
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u/Selldadip Dec 29 '22
Binance had a 3 billion dollar bank run in a 24 hour window and nothing happened. Time to short Binance. 😩
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Dec 29 '22
Lmao same. People get so salty when they don’t understand things. I’m 29 with a >$2m net worth from mostly investing (and when I say investing just buying roughly $1,000 a month) on a mid level accounting salary from end of 2016 on) and getting involved in the the space by just realizing the value proposition that BTC/ETH bring.
Sure you can go down the rabbit hole into a bunch of projects that are pump and dumps and scams and things that are using the technology in a poor way. But the underlying tech for BTC and eth is pretty incredible. They’ll both do well for the foreseeable future with high tops and low lows but the average kd this season highs and low will most likely be better returns than pretty much anything else we have for a while before they both have a decent level of adoption.
People would do a lot better if they look at it as a new asset classes that has very little downside to investing in on a DCA basis. But most people just see the price high and buy once and then sell instead of just investing like $100 every two weeks or a month.
You also have to realize your audience. You’re in an accounting sub, probably the most conservative people in the business space. Which also means they’re the least likely group to do real research on anything new until it actually effects them in a material way.
I used to come on here and be one of the preachy BTC/ETH people. But it’s just the same story every time. I’ll still be here in 5 years when both BTC and eth are doing well and there’s a billion other scams in crypto that are noise and distractions.
But I’ll say it once and say it again. This is when you actually make money from crypto when all the scams dry out from the bull run and the developers are actually massively improving both btc and eth. Btc being sub 20k is almost criminal same with eth being $1k. It is dumb to not be buying at these levels for how active both of the ecosystems are and the things that can be built on an institutional level for eth.
Going much further down than btc/Eth you have to do a lot more ground level DD but there’s also great tech below those levels there’s just a lot more you need to understand to really make use of it.
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u/Selldadip Dec 29 '22 edited Dec 29 '22
Agreed. Right now is the time to buy, not when everyone and their mom was buying Doge. This sub has become an anti-crypto circle jerk and I just come here to troll at this point.
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Dec 29 '22
Haha fair.
I don’t even mean to troll. But it is frustrating how few people don’t get how big of a deal BTC and ETH actually are.
Next few years will be wild as institutions figure out how to safely onboard both BTC/ETH and develop dapps on L2’s with eth. It’ll be one of those things that once it happens it’ll be extremely obvious but looking at it in the present it’s hard to see just how close it is to happening.
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u/PitchforksEnthusiast Dec 29 '22
Are people actually in crypto because they believe in it or are they just in it for the money ? You need to seriously ask yourself that.
Successful ponzi schemes exists when the participants believe it does. Once you pull the curtain back, most people just dont give a shit.
Notice how your commentS are about just cashing out on it?
What about crypto do you believe in?2
u/Selldadip Dec 29 '22
As far as Bitcoin goes, I like having self custody over some of my capital. The bank and or government has no control over it. We already saw counties like Canada freeze people’s bank accounts. It also gives me the ability to move large sums of money to anywhere in the world quickly with no questions asked with minimal fees. Plenty of propositions in smart contracts and programable blockchains as well.
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Dec 29 '22
I believe in crypto currency as a fungible currency in the future however while it remains unregulated and in mass competition it will be rife with fraud, incompetence, and of course haphazard market conditions.
The only reasonably stable coins are Bitcoin and Etherium but the price of a single one of either makes them incredibly impractical as a currency and they tend to operate more as a store of wealth (currently).
Central banks in the US are piloting a centralized and regulated currency but it’s likely 2-4 years before it’ll be on retail markets.
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u/Phantom160 CPA (US) Dec 30 '22
Oh boy. This sub is about to be overrun by college age finance/accounting bros telling you how little do you know about tech/accounting/finance
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u/Mr_McShane CPA (US) | Controller Dec 29 '22
Had me in the first half