Author Topic: Fulham related - remember that crypto chat in here...  (Read 3079 times)

Statto

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Re: Fulham related - remember that crypto chat in here...
« Reply #80 on: August 13, 2021, 01:01:22 PM »
Fiat money will never cease to exist, that's a fact. However, the movement and store of money is changing and it is highly unlikely that that will not continue both as a means of changing, transferring or using crypto as a money source. Our choices are to go with it or stick with traditional methods. Who would have said in the 70s that mobile phones would exist? Who would have said that we could travel by plane in 1900? Its called progress. Our kids live in the age of technical revolution and we can't stop it, so why not go with it? Google or amazon shares in the early 90s would have been a great investment if we had had the foresight on how things would change. For me personally bc and eth are the same as Google back then. Time will tell if I am right, but I now run on free money as I recouped my initial investment back a while ago.

"The movement and store of money is changing" - quite right but nothing to do with defi really (you can keep a centralised, fiat currency like GBP and still make it cashless, electronically stored/transferred, underpinned by blockchain etc)

Offline blingo

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Re: Fulham related - remember that crypto chat in here...
« Reply #81 on: August 13, 2021, 01:04:09 PM »
Defi is the way to go IMHO Mr Statto. Governments have full control of your life and cash. Free it up, it makes for a fairer world.

Statto

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Re: Fulham related - remember that crypto chat in here...
« Reply #82 on: August 13, 2021, 01:09:26 PM »
Yeah you've said that conspiracy theory before Blingo and you know my opinion, which contains expletives so i won't repeat it
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Offline jayffc

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Re: Fulham related - remember that crypto chat in here...
« Reply #83 on: August 13, 2021, 01:10:27 PM »
Fiat money will never cease to exist, that's a fact. However, the movement and store of money is changing and it is highly unlikely that that will not continue both as a means of changing, transferring or using crypto as a money source. Our choices are to go with it or stick with traditional methods. Who would have said in the 70s that mobile phones would exist? Who would have said that we could travel by plane in 1900? Its called progress. Our kids live in the age of technical revolution and we can't stop it, so why not go with it? Google or amazon shares in the early 90s would have been a great investment if we had had the foresight on how things would change. For me personally bc and eth are the same as Google back then. Time will tell if I am right, but I now run on free money as I recouped my initial investment back a while ago.

This, although personally not from BTC and Eth which I am now out of.

I'm also running on free returns at this point having recouped my initial investment.
Have spent enough time researching this over a number of years to know this isn't going away and there is alot of growth in the market yet. Also feel confident things like cardano are not just empty assets but ecosystems I am invested in with tangible real world use cases, blockchain business' and d'apps, that is where the value comes.

But it is what it is. I'm happy with my returns which have absolutely eclipsed my previous stock/bond/precious metal investments and we have a long way to go yet. The only people I know that lost money were those trying to day trade or who panicked in the latest crash, the ones that trusted in the projects with solid fundamentals are back comfortably in profit.

With Facebook admitting they are working on becoming a "metaverse" company , I would advise people begin to look into that world as an upcoming huge new market. But if its not for you, no worries. If ya prefer to stick with conventional finance and steer clear of crypto world and all the different spaces within it all good... but personally it's working out very well, as it is for many of the people I know invested...I'm choosing to look to the next big things and what the world may look like in 10 years to go along my more stable conventional investments.

As blingo says, it's the same story time and time again with the next wave of technology...first its doubted and ridiculed, then next thing you know its everywhere.

Offline Herbie

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Re: Fulham related - remember that crypto chat in here...
« Reply #84 on: August 13, 2021, 01:19:59 PM »
That’s all well and good that you guys are in a risk free position having recouped your initial investment, but the question it raises in my mind is why you are so keen to extol the virtues of it and create a thread on a Fulham forum that is now 5 pages long. 

Offline jayffc

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Re: Fulham related - remember that crypto chat in here...
« Reply #85 on: August 13, 2021, 01:50:45 PM »
That’s all well and good that you guys are in a risk free position having recouped your initial investment, but the question it raises in my mind is why you are so keen to extol the virtues of it and create a thread on a Fulham forum that is now 5 pages long. 

A) I had no intention of it being 5 pages long. We responded to people replying negatively about crypto and wether defi has a future

B) it was Fulham related given our new sponsor is a crypto company (World Mobile) that is a part of the Cardano Ecosystem.


Offline blingo

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Re: Fulham related - remember that crypto chat in here...
« Reply #86 on: August 14, 2021, 12:16:55 AM »
I see it more as  a why paint it all black statement. Ive made it perfectly clear on more than one occasion that you should never invest if you are not either au fait or sure of what you are doing in this field, but I also believe that you shouldn't be frightened into closing your eyes into something new if you have done your homework and are going into this fully aware and having done considerable research. It's not wrong, it's different.

Offline Plodder

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Re: Fulham related - remember that crypto chat in here...
« Reply #87 on: August 14, 2021, 12:24:07 AM »
Sorry to resurrect this thread, as just about everything on the subject has been said, but I just want to emphasise to amateur speculators the perils of entering this area of investment, by drawing to their attention another real life example over the past couple of days of the absence of any safety net if your money is stolen through no fault of your own. A huge amount of Ether, Binance coin and USDC tokens was stolen (equivalent to $600 million dollars in meaningful money).

https://www.bbc.co.uk/news/business-58163917

If someone empties your bank account, it is upsetting and causes aggravation and difficulty, but you will get your money back (unless you have been complicit in the crime or very negligent).  If someone empties your crypto wallet, you can in all probability say goodbye to your money.


So no one lost money with the likes of Barlow Clowes Mr P? There are multiple risks in all investments. Banks will never guarantee returns on ANY investment. Unregulated investments alway carry more risk but also the potential of greater returns. It is a case of caveat emptor, and as I have said before, if you're not sure, DO NOT INVEST. To imply that all unregulated investments are a death knell on your money is a little unfair. Is wine a bad investment? not if you work with a reliable company. The problem is the amount of cowboy and rip off firms out there sucking in the vulnerable through their greed. Personally I would never invest in anything that started with a cold call. If it's that good, then why are you calling ME??? Investment is about doing your research and when you think you have it right, go over it all again to make sure, check everything at least twice. You can not in all fairness say that if you had invested in the likes of Bitcoin 5 years ago that you would be in the red. A rocky ride, certainly, but also big profits, had you just bought and held, I'm not the day trading type. I can't agree with all you say as you seem to prefer the super safe level of investment, but I do agree that at least 80-90% of your investments should be safe, the problem nowadays is what do you classify as a safe investment?

You have missed the point. I am talking about the security of cryptocurrencies as a means of holding one's wealth on deposit, not about investment risk, which is a completely different subject. People are advocating moving to cryptocurrencies as a means of buying and selling. In such a world, you have to keep them in a digital wallet and if the latter is emptied or you forget your passcode, you lose all your money.  This does not happen in a world of fiat currencies and bank accounts, backed by compensation schemes.

Offline Plodder

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Re: Fulham related - remember that crypto chat in here...
« Reply #88 on: August 14, 2021, 01:22:01 AM »
Cryptocurrencies were originally pushed as alternative to fiat currencies. It is notable, though, that values of anything always relate back to fiat currencies - and this includes cryptocurrencies themselves.  No one ever says "my savings of x pounds are worth y bitcoin / Ethereum etc.", but everyone in the UK measures their bitcoins in terms of UK pounds, because sterling has meaning where bitcoin has none.  In the UK, houses are valued in pounds, prices in shops and on websites are in pounds, and for all the sales pitch, there has been scarcely any take up by business of bitcoin or any other cryptocurrency as a valid method of payment.  Apart from vague talk of "freeing us from government control of money" or "liberating us from the effects on our wealth of quantitative easing" or "cutting out the middle man in financial transactions", there would be little or no benefit to unregulated cryptocurrencies not backed by government taking over from fiat currencies, but many serious problems created instead.

Digital currency (rather than unregulated cryptocurrency) is a different matter, but it would have to be regulated and centrally controlled, which is contrary to the purported philosophy behind the invention of cryptocurrencies in the first place.

Thus cryptocurrencies are currently an asset class, not alternative currencies, and the real reason for the continuing sales pitch about cryptocurrencies "being the future" is that those who are already invested in them perpetually need new investors to sustain the fiat value of what is otherwise a completely worthless asset. The value of cryptocurrencies lies in the ability to buy and sell them in fiat currencies at a profit, not in any practical use as a medium of exchange. The latter will only come into being if cryptocurrencies establish themselves as solid stores of value, to the extent that people will be happy to be paid in cryptos, keep current balances in cryptos, and use cryptos for everyday transactions.

Beware the siren voices gushing about the virtues of cryptocurrencies as the future of finance. What they really mean is "I have a vested agenda, because I have got some, so you go and buy some too, boost the value (as measured in fiat), and make me richer".


Offline blingo

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Re: Fulham related - remember that crypto chat in here...
« Reply #89 on: August 14, 2021, 01:30:25 AM »
I haven't missed the point at all Mr P. Truth is that if you don't buy a ticket, you can never win the lottery, however, it goes far deeper than that. You have something in front of you that is certainly volatile, but is in the position of gaining more credibility by the day. Now, no one is advocating or recommending that anyone goes into this without having done their due diligence, but neither should it be dismissed without reading into what it does and where its intentions lie. To simply dismiss something because it is not regulated is ludicrous, to dismiss it because you believe that no one should consider it without researching the product or understanding the potential through technological advancement or institutional investment is frankly an Insult to our fellow members. We should be open to all avenues and research them thoroughly before investing. Everyone should make up their own mind but to suggest that the safety net of property etc is the be all and end all of investment is IMHO frankly ridiculous. I appreciate your safety concerns Mr P, and I applaud them, but if we are all happy to travel from a to b every day of our lives then that is all we will ever achieve, but if we try to get to C, even if we only get half way there, we will have achieved something in life. I wish everyone Welland the above is all IMHO.

Offline Plodder

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Re: Fulham related - remember that crypto chat in here...
« Reply #90 on: August 14, 2021, 01:42:58 AM »
Defi is the way to go IMHO Mr Statto. Governments have full control of your life and cash. Free it up, it makes for a fairer world.

DeFi will make life "fairer" and "free" in the same way as the Wild West was.

Offline Plodder

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Re: Fulham related - remember that crypto chat in here...
« Reply #91 on: August 14, 2021, 01:48:40 AM »
I haven't missed the point at all Mr P. Truth is that if you don't buy a ticket, you can never win the lottery, however, it goes far deeper than that. You have something in front of you that is certainly volatile, but is in the position of gaining more credibility by the day. Now, no one is advocating or recommending that anyone goes into this without having done their due diligence, but neither should it be dismissed without reading into what it does and where its intentions lie. To simply dismiss something because it is not regulated is ludicrous, to dismiss it because you believe that no one should consider it without researching the product or understanding the potential through technological advancement or institutional investment is frankly an Insult to our fellow members. We should be open to all avenues and research them thoroughly before investing. Everyone should make up their own mind but to suggest that the safety net of property etc is the be all and end all of investment is IMHO frankly ridiculous. I appreciate your safety concerns Mr P, and I applaud them, but if we are all happy to travel from a to b every day of our lives then that is all we will ever achieve, but if we try to get to C, even if we only get half way there, we will have achieved something in life. I wish everyone Welland the above is all IMHO.

You are still completely missing the point and discussing something entirely different. You are going on about the security of crypto as an investment relative to other investment opportunities. I am talking about the security of how people store their wealth in a world where cryptocurrencies and decentralised finance have replaced what we have now.  It is not about people deciding whether or not to "go in for it".  I am talking about financial systems of the future, not investment opportunities.
« Last Edit: August 14, 2021, 01:50:29 AM by Plodder »


Offline blingo

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Re: Fulham related - remember that crypto chat in here...
« Reply #92 on: August 14, 2021, 09:56:38 AM »
Again, I haven't missed the point at all. I''m saying that security will come as crypto gets regulated, and it will. You seem to think that this is ready to implode, yet institutions continue to pour money into this, are they playing cowboys in the wild west too? I explained in previous posts the way to store your crypto safely. It's not that difficult to do. I for one on here don't see crypto as anything but replacing large chunks of the future financial systems. It is the future whether we choose to see it today, tomorrow or in two years time. It will happen because it is now too far down the road and so big that there is no going back. The investment side of it is simply a massive added bonus, and why not take advantage of the situation. Im not a day trader, I buy and hold. I have targets that when met I either cash in or set new targets on. Is that any different to what current so called investors do? The only difference is as you rightly say, a riskier bet, but that doesn't detract from the fact that it will become safer as more institutions and Governments (The Argies) get on board the crypto train. Sometimes in life we have to look at the bigger picture and with the millions, sorry, trillions that crypto is now worth we will have no option but to accept the future of how investment, currencies and finance will work.