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Thread: Squid Game

  1. #1

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    Default Squid Game

    This is pretty much what I think will happen to all crypto currencies some day. From pennies to $2,861 overnight, the founders took the money and ran, now it's back below a fraction of a penny. A modern day fraud. I don't ever plan on watching this show either.

    The price of the so-called Squid Game token lost virtually all of its value at about 6 a.m. EDT, plummeting from a price of more than $2,861 to less than half a penny and wiping out $6 billion in market value within 15 minutes.
    https://www.forbes.com/sites/jonatha...th-25-million/

    squid.JPG


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  3. #2

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    Default Re: Squid Game

    Quote Originally Posted by Bullitt View Post
    This is pretty much what I think will happen to all crypto currencies some day. From pennies to $2,861 overnight, the founders took the money and ran, now it's back below a fraction of a penny. A modern day fraud. I don't ever plan on watching this show either.



    https://www.forbes.com/sites/jonatha...th-25-million/

    squid.JPG
    Unfortunately this happens in crypto too often, but that does not mean all cryptocurrencies are frauds. Most of them are designed so that they can't be. That's one reason why most big cryptos have white papers, to show the public your design and let them determine if it's worth investing in. Don't invest in things you don't know and you'll be fine.

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  5. #3

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    Default Re: Squid Game

    Also the show was fantastic!

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  7. #4

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    Default Re: Squid Game

    I'll be honest with you bmneveu, I've read some white papers, watched documentaries, read (too many) blogs, read a few books, listened to podcasts and I still don't understand crypto. Unfortunately the space is so riddled with pumpers (almost every blogger and podcaster) trying to get listeners/followers to get their fellow "apes" to buy higher making the old hands "richer".

    A few comments of mine about crypto in general, or as people call it nowadays, the "crypto space".

    I like to see both sides of every story since every story does have a bearish side. Good luck to anyone trying to find a non-biased podcast, blog, book, documentary or video on youtube about crypto. Almost every one already has a stake in crypto and has incentive to push it higher.

    There's a limited amount of bitcoin, okay, but nothing is stopping anyone from inventing new coins every day. Then if I buy $25 worth, I'll pay some $5 just to move it to a cold wallet? No, that's not going to work when I can buy stocks for zero commission. Lightning network is better, but still not going to work.

    Bulls speak incessantly of a "four year cycle" yet we've only been through two of them - unlike stocks which have been through too many to count.

    I haven't heard one good story about crypto taxes from those that actually do them, and that includes crypto bulls who have admitted the taxing part is near impossible to figure out.

    Luckily, I don't need to shoot the moon in crypto to accomplish my goals unlike many mostly younger generations who are betting the farm on it. All together they make up .01% of my investing portfolio (not including home) - a trifling amount that allows me to "have a stake in the action" and maybe a lotto ticket that's worth more years down the road when I sell. It's like the 2021 iteration of Dune. I didn't understand the deep ins and outs of the movie, but it still was pretty cool to watch.

    My guess is the stable coins will last (USDC) as long as the transaction fees are very minimal or non-existent. Tether doesn't sound very stable to me though.

    If you're going to do it, do the real thing. As it stands right now, the ETF's, Square, Paypal, Robinhood are not actually crypto. The new ETF is probably going to be a long term loser and besides, you're just lining the pockets of institutions in buying it.

    I am not wishing for a collapse. I hope everyone is able to reach their goals in life and find happiness no matter what vehicle they use to get there.

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  9. #5

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    Default Re: Squid Game

    Crypto currency 'investing' is much closer to FINX 'investing'.
    It is speculation - hopefully not margin speculation.
    But, you be you. GLHF
    Lookin' up at the 'G Fund'!!!

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  11. #6

    Default Re: Squid Game

    Quote Originally Posted by Bullitt View Post
    I'll be honest with you bmneveu, I've read some white papers, watched documentaries, read (too many) blogs, read a few books, listened to podcasts and I still don't understand crypto. Unfortunately the space is so riddled with pumpers (almost every blogger and podcaster) trying to get listeners/followers to get their fellow "apes" to buy higher making the old hands "richer".
    I've never been able to get too interested in crypto but this is how I feel when I see commercials inviting people to learn about crypto. What is there to learn? - I have a few friends who like to trade crypto currencies and the attraction to them is the volatility. When I try to get them point me to the intrinsic value outside of speculation I get the same answers when I ask about NFTs.

    El Salvador making Bitcoin a legal tender was a big step for me in seeing crypto becoming a practical currency. Their government is now building schools and hospitals with the surplus in capitol from this innovative move.

    El Salvador to build 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust
    Last Look Report |TSP Talk Weekly Wrap Up
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    Disclaimer: This is not advice or a recommendation.

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  13. #7

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    Default Re: Squid Game

    Quote Originally Posted by TommyIV View Post
    I've never been able to get too interested in crypto but this is how I feel when I see commercials inviting people to learn about crypto. What is there to learn? - I have a few friends who like to trade crypto currencies and the attraction to them is the volatility. When I try to get them point me to the intrinsic value outside of speculation I get the same answers when I ask about NFTs.

    El Salvador making Bitcoin a legal tender was a big step for me in seeing crypto becoming a practical currency. Their government is now building schools and hospitals with the surplus in capitol from this innovative move.

    El Salvador to build 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust
    It is financial arbitrage.
    Pure and simple.

    There is no there there...

    It is good till it isn't. There is a winner and a loser. There is no business leadership trying to grow market share and profitability. What happens if the arbitrage goes the other way?

    I have no problem with the fiat currency called BTC (or whatever), but it is a fiat currency. That is all it is. There is no growth potential via fundamentals, your 'profit' is pure speculation. It is financial arbitrage.
    Lookin' up at the 'G Fund'!!!

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  15. #8

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    Default Re: Squid Game

    I found a podcast today from a person who's wildly followed and there were links in the description for wallets and accounts. One link that stood out was for an exchange that provided $25 free crypto to anyone who signs up with the link. Guess who else gets $25? Yep, the person running the podcast.

    I listened to it for LOLz and the entire jist was, "buy bitcoin NOW, this instant. Don't worry about taxes or fear of the unknown, just do it." The podcaster mentioned three times in the 14 minute podcast that link to get "free" crypto. YouTube had some 19,000 views, 2,200 likes. If 500 new people take this offer on a weekly podcast, this podcaster is bringing in real money. If that's not money created out of thin air, I don't know what is.

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  17. #9

    Default Re: Squid Game

    Quote Originally Posted by Bullitt View Post
    this podcaster is bringing in real money. If that's not money created out of thin air, I don't know what is.
    The question is, is that "real money" only after he sells his bitcoin?
    Tom
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    I am not a Registered Investment Advisor. Please do your own due diligence.


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  19. #10

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    Default Re: Squid Game

    Quote Originally Posted by tsptalk View Post
    The question is, is that "real money" only after he sells his bitcoin?
    Fiat, crypto, NFT, QE, TSP... I don't even know what's real anymore.

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  21. #11

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    Default Re: Squid Game

    Quote Originally Posted by Bullitt View Post
    I found a podcast today from a person who's wildly followed and there were links in the description for wallets and accounts. One link that stood out was for an exchange that provided $25 free crypto to anyone who signs up with the link. Guess who else gets $25? Yep, the person running the podcast.

    I listened to it for LOLz and the entire jist was, "buy bitcoin NOW, this instant. Don't worry about taxes or fear of the unknown, just do it." The podcaster mentioned three times in the 14 minute podcast that link to get "free" crypto. YouTube had some 19,000 views, 2,200 likes. If 500 new people take this offer on a weekly podcast, this podcaster is bringing in real money. If that's not money created out of thin air, I don't know what is.
    Referral links are not exclusive to crypto. Most companies use them nowadays. From fast food to lawn mowing to finance.

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  23. #12

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    Default Re: Squid Game

    Yes, but it's not what's being said, it's how it's being said. It's kind of like when you walk away from a store with an uneasy feeling after the salesperson kept trying to direct you towards a certain product.

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