Virtual Currency - Alt Coin Discussion Thread
I wanted to post a different thread to discuss the "crypto-coin" boom that happened this week.
For those who don't know, crypto-coins (or alt coins) have exploded in popularity among the bitcoin crowd. Some coins have gone from 5-10 cents to 2-3 dollars, making early investors millions. The market caps have gone from $500,000 being significant to the same coins have 20-30 million in market cap just two weeks later.
While alt-coins have long been a favorite of the "pump and dump" crowd - much like penny stocks - it's been their popularity in China this week that have many thinking if the run can be more sustained.
Even more, some (like WorldCoin) have financial services coming out that will allow direct crypto-fiat transactions...much like Coinbase is for bitcoin.
Anyway, I really wanted to get a good discussion going here of these coins. Full disclosure: after staying FAR away from alt coins this summer I recently jumped in to three that I like a lot and think they have a lot of long-term potential: WDC, Megacoin, and Peercoin. I'd love to hear what coins others like and the reasons why!
SoP
Putting in a lot of money into a shitcoin is the criteria. Wacky. Shoot your shot I guess.
I don't **** coin so you aren't dunking on me.
Some of these guys are up millions the last 4 years so I doubt you are dunking on them either
But objectively, if my crypto returns are 10,000% more than yours the last 4 years, would you still feel a sense of elitism?
I don't **** coin so you aren't dunking on me.
Some of these guys are up millions the last 4 years so I doubt you are dunking on them either
But objectively, if my crypto returns are 10,000% more than yours the last 4 years, would you still feel a sense of elitism?
I'm not dunking on you. Dunking on these people you know. And I guess I'm not clear on your original post.
By people you know losing large sums, are you saying they lost like six/seven figures on it, or like 20% of their net worth? It's all relative. If they lost millions, but only 1% of their net worth, ya cool, that's crypto, shoot your shot. But if they aped in a significant % they are dumb dot com.
Found yer friends
The thing about gambling in the crypto casino is that the scammers always win in the long run. Sucks those people got rekt, but the alt space continues down a bad path. I doubt it'll ever be fully purged, but no one even cares about potential utility anymore. It's all about trying to hit the next pump and then dump before you get dumped on.
A lot of those people don't even care that much about the fiat equivalent. That's just a scorecard means to an end for the gambool.
The thing about gambling in the crypto casino is that the scammers always win in the long run. Sucks those people got rekt, but the alt space continues down a bad path. I doubt it'll ever be fully purged, but no one even cares about potential utility anymore. It's all about trying to hit the next pump and then dump before you get dumped on.
A lot of those people don't even care that much about the fiat equivalent. That's just a scorecard means to an end for the gambool.
yup, shitcoin casino is a tough trade. insiders/dev wallets/scammers etc have a massive leg up. shitcoin trades, if that's your jam, need to be done in quick order, hours, minutes or even just a few blocks. if you don't know what you're doing, you're going to get rekt for sure. and even if you do know what your'e doing, you're still playing from a massive disadvantage.
some coins have 'utility' but the shitcoin casino is not those. it's meme coins. this environment was brought on by the SEC. if you made a coin that had a team and any purported utility, they deemed you a security. instead, just had to create complete **** that did nothing.
Just as the “war on drugs” made crack and meth more popular because dealers were trying to get around the regs with something quick and portable — the silly structure of meme coins exist because better structures are too hard, or impossible.
In an alternate universe, imagine if around 2015 Overstock issued its first legal securities token and the regulators said “cool, securities are securities, as long as you don’t commit fraud we are cool —- in fact, let’s make it easier to issue and trade these using this great new tech” and the 2016-17 market was driven by actual startups and tokenized stocks instead of silly ICOs —- we had thousands of new tokenized stocks and the market shook out based on fundamentals and today we are in our 3rd market cycle with 100,000 widely traded tokenized securities for stocks and RWAs — all the crypto firms got SEC licensed and crypto and stocks trade seamlessly on the same platform — Capital formation is better and the whole economy is better and we never had ICOs or meme coins.
overtrading on a losing streak after coming off a winning streak may wreck you. The runners do tend to be obvious if you just slow the game down.
Buying pullbacks on three-ish day old meme, using the Fib, with sniper bundles sold with a stop loss just below...
The best non BTC plays this cycle for me have been stuff like coin, mstr, hood etc. I like coin and hood cause they are basically shitcoin indexes. Way less risk, way less time spent on research, way more institutional money flowing in
Not a bad strategy.
these people are degenerates and deserve to get wiped out. “grinds for years” and then full port yolos into some obvious rug pull like wtf do you expect.
assuming this dude isn’t a total larp - the cherry on top is selling IRL assets to “get back in the game” aka revenge trade himself to a $0 net worth.
I've given all the profits back again in the memecoin casino. Ignore all my previous posts as such. Though I'm not convinced yet it's not a skill game. Most traders lose.
Holders win. In this market? Maybe not. This cycle has made me me a future BTC maxi. Can't wait for the bear. I will buy the bottom this time, I promise.
lol wtf
guess we know who exactly donated to trump then
Ok he just said BTC and ETH also. Even still, lol.
I own all the cryptocurrencies Trump mentioned on Truth Social this morning, and I'm happy to see my portfolio pumping. That said, here's a reality check:
The purchase of assets for a crypto strategic reserve has to be authorized by Congress. Where is the bill or budget that authorizes such expenditures?
The federal government has $36.22 trillion in debt. Where is the money going to come from to create a crypto strategic reserve?
Trump's Jan. 23 Executive Order on Strengthening American Leadership in Digital Financial Technology called for a "Working Group [that] shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts."
Today's posts refer to a strategic reserve rather than a stockpile, and mention specific cryptocurrencies by name for the first time. But I'm not sure his "truths" supersede the E.O., which is quite modest in what it proposes—and doesn't even suggest new spending.
This whole episode reminds me of when Elon Musk appeared on SNL on May 8, 2021, and idiotically promoted DOGE (the cryptocurrency), a day after it hit what remains its ATH. In both cases, we're seeing brazen market manipulation, with no real substance or force behind the speaker's words, no matter how rich or powerful he might be.
Ha i remember the 24 hours leading up to that SNL appearance. Was peak bull market hype, everything up only and people really thought it was gonna go even more crazy if he mentioned any crypto. Turned out to tank hard the next few days i believe.
Again, reality is wilder than fiction.
They included s-hit coins for short-term gains for oligarchy bros and the society be damned.
Also, it's illegal.
This whole episode reminds me of when Elon Musk appeared on SNL on May 8, 2021, and idiotically promoted DOGE (the cryptocurrency), a day after it hit what remains its ATH. In both cases, we're seeing brazen market manipulation, with no real substance or force behind the speaker's words, no matter how rich or powerful he might be.
Ha i remember the 24 hours leading up to that SNL appearance. Was peak bull market hype, everything up only and people really thought it was gonna go even more crazy if he mentioned any crypto. Turned out to tank hard the next few days i believe.
Thanks for the link. Interesting to see what people's thought processes were back then, during peak euphoria.
Any of you degens gotten the Palau ID card yet? Which crypto exchanges (or poker sites?) will allow it that don't allow US customers? Asking for a friend.
$250 annual subscription for something probably on pretty shady legal grounds
no thanks
