Just one of the many reasons why investing in unregulated markets like crypto is a foolish idea (May 13, 2022)

iPwnz

Brutally Honest
Skilled
This one's value was totally wiped out of the board by supposedly "market manipulation."

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Guys, I'm just sharing this to show how despite being claims of "blockchain free from govt control", regulations and "power to the consumer" the rich and powerful can still screw you up. Blockchain is good but like everything else they can and will still be abused for some people's own nefarious gains. Like what happened here "allegedly."
 
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Everyone feels he is the next great gambler and will make tonnes of money while others around him stare stupidly.
The point being there is always someone more intelligent than you, and you are only the greater fool, in search of the next greater fool.
 

dafreaking

Skilled
Blackrock, Citadel and Gemini were not involved according to them.

Luna is at the time of this post worth $0.00003132 Should pick up $10 worth of it. Or have a drinkl at some fancy shmancy place.
 

iPwnz

Brutally Honest
Skilled
Man if I knew how to invest in crypto I would buy 100rs bucks of Luna just so I can put in my linkedin profile that I'm a "$crypto investor."
Everyone feels he is the next great gambler and will make tonnes of money while others around him stare stupidly.
The point being there is always someone more intelligent than you, and you are only the greater fool, in search of the next greater fool.
What these crypto "enthusiasts" don't realize is Elon Musk has a shit ton of money. His businesses are all doing well. PayPal, SpaceX and Tesla just to name a few. Especially SpaceX with entry into military and weaponry is expected to rake in billions from just transportation fees. With this kind of money at his disposal of course he can gamble.
The problem is when people listen to him or somewhat even follow his footsteps and they lose money they will still defend that it's just "business" and business can fail. You can't cure stupidity and when coupled with greed you are beyond help.
Blackrock, Citadel and Gemini were not involved according to them.
Who wants to associate themselves with the bad side of business?
 
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Kafkaesque

Recruit
You cannot regulate people panic selling. Even stocks are regulated but they crash too. Market manipulation is a part of finance and that's something you have to live with. A member here quoted Elon asking not to sell. Now people consider him a guru while what he did was market manipulation itself by promoting Doge so that it becomes a good alternative to BTC and as soon as BTC faltered, he purchased a lot of BTC hyping up the value of BTC.
 

raksrules

Elite
Some people on /r/Terraluna were / are contemplating suicide. What is more surprising for me after going through the subreddit that some people had "invested" their life savings or at least significant portion in these coins.
I am here thinking twice before I buy some shares of bluechip companies. Also even if I see one sector doing good, I still wont be dumping my monthly investments in that sector. It will still be diversified into various funds / shares and even debt instruments like PPF etc.
 

iPwnz

Brutally Honest
Skilled
That's what makes them fools.
The manipulation was shitty and it sucks but if they invested that much then I bet they also mocked people who didn't invest. Life going full circle. Only the adopters are profiteering. I don't think they will outright do the same thing to BTC because BTC is so much bigger and has many VC's as their backing and it might take trillions to crash it. Just the smaller ones which are cheap and super risky.
 

iPwnz

Brutally Honest
Skilled
Nice video. Damn the arrogant fool who decided that he wants to piss off the internet. Guess he didn't learn anything from his previously failed coin.
 

nitpick

Recruit
Can someone please explain what other uses for blockchain technology exist, apart from currency? I've heard Bill Gates & other tech gurus say that the blockchain tech is great & here to stay, but crypto currency is not something that they support. So what good changes will blockchain tech bring?

& what about NFTs? Just seems like a different form of micro-transaction?

Feel sorry for those that lost their life savings. Sure, it's easy to criticize them. But sometimes you just get taken in by the mass hype/hysteria. There's so many influencers all around. One can easily be misled.
 

iPwnz

Brutally Honest
Skilled
Can someone please explain what other uses for blockchain technology exist, apart from currency? I've heard Bill Gates & other tech gurus say that the blockchain tech is great & here to stay, but crypto currency is not something that they support. So what good changes will blockchain tech bring?

& what about NFTs? Just seems like a different form of micro-transaction?

Feel sorry for those that lost their life savings. Sure, it's easy to criticize them. But sometimes you just get taken in by the mass hype/hysteria. There's so many influencers all around. One can easily be misled.
Too many to say. Google is your friend.
Blockchain tech is legit and can be very helpful if used for productive purposes.
Unlike what many critics say, NFT's is not a "scam" per se, at least not in my opinion. Its just another "worthless" digital crap which people monetize. I say worthless because it's a digital product and many NFT's are art which are being sold without the author's permission and bought by someone else. Those are the scams. But many companies also make and sell original NFT's. They have value only because people "think" they are valuable. Else they bring absolutely nothing to you.
 
Can someone please explain what other uses for blockchain technology exist, apart from currency? I've heard Bill Gates & other tech gurus say that the blockchain tech is great & here to stay, but crypto currency is not something that they support. So what good changes will blockchain tech bring?

& what about NFTs? Just seems like a different form of micro-transaction?

Feel sorry for those that lost their life savings. Sure, it's easy to criticize them. But sometimes you just get taken in by the mass hype/hysteria. There's so many influencers all around. One can easily be misled.
Block-chains only purpose is to have algorithmic method of recording and verifying transactions that cannot be fudged.
Typically we have central authorities that record and very most of the important transactions - and we trust that they are not fudged - this is the basis of current human economic structure. Block chain allows humans to do away with central authorities.

Real estate deals, currency transactions are some of those transaction that all humans want to fudge to their advantage, but are unable to do so because of central authorities (RBI->Banks->Customers). Block chain allows decentralization of this authentication.

What is the real use of it? Anarcho-capitalists believe that we should do away with all forms of governments and controls. If you live in such a place, then block-chain becomes the only means of remaining sane. (However, such naive anarchists don't understand that any such place would be ruled by violence and trust/authentication all becomes a moot point then.)

Energy and resource wise, current block-chain technology is ill-suited for human population consumption.

NFT, like crypto-currency is just another application of block-chain technology, used to authenticate the genuine lineage of a piece of art that you hold. (Perhaps you don't want to carry Sotheby's certificate of authenticity).

Quite frankly, I am yet to see a void that is being filled by block-chain.
 
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