The current trend of removing cash is a serious mistake

paw patrol

El Tarangu wrote: »

In the long term, probably yes - in the short-term, it would cause a spike in the price, and probably cause more volatility.

Still sounds less handy than buying something with euros (or whatever) using Maestro or Revolut or Bancontact, or equivalent.

They are handy but without going into the pros /cons list. there are advantages in using all of them.

nofiller69

KyussB wrote: »

Whoops! Who would have guessed something like this could happen...

Hacker Drains $500K From DeFi Liquidity Provider Balancer
“We were not aware this specific type of attack was possible.”

Decentralized finance (DeFi) liquidity provider Balancer Pool admitted early Monday morning it had fallen victim to a sophisticated hack that exploited a loophole, tricking the protocol into releasing $500,000 worth of tokens.
...

https://www.coindesk.com/hacker-drains-defi-liquidity-balancer

Fraud/criminality and speculation. That's all they're good for.

Watch this boomer try to use this as a zinger to discredit everything.

They're already refunding people and made an unhackable pool. The mistake was using deflationary burn tokens that weren't fully compatible with Balancer labs.

500k doesn't matter. Its a very small amount. Balancer labs have tens of millions and statera is still going.

Now lets talk about all the banks hacked the past 10 years ?

Sorolla

nofiller69 wrote: »

Nah. I was first into Statera and made 120k from it. Made x3 from RPL, then x10 on UBT and a very nice x 15 on ESH.

Now I sit back and get dividends from my Balancer Pool Tokens leveraged by top 5 market cap tokens on CMC.

Boomers literally could not grasp how this works, theres no precedence or infrastructure to do this even 2 years ago, and the DeFi trend only began the past few months.

DeFi trend only began the past few months

This is something that has no basis in science - once again look up the Lindy Effect.

You are taking a massive risk (which I believe from your posts you are not even remotely aware off)

With your investing pattern you would be better off putting cash regularly on a horse at odds of 9/4

KyussB

makeorbrake wrote: »

...

Bail-ins or not, USD/EUR depositors are protected up to 100k, they are not left out of pocket. Cryptocurrency exchanges get hacked/pilfered by design all the time, and cryptocurrency advocates are quick to blame the victims as 'stupid'...

I exchange money internationally all the time - the delays are to monitor and stop fraud and money laundering...that's a feature, not a bug.

You don't even know what hyperinflation is - you think a monetary union breakup and potential one-time devaluation = hyperinflation.
Being victim to foreign sanctions isn't 'fiscal mismanagement'...

The evidence shows that a person holding onto practically any of the strongest currencies on the planet, is far safer than a person holding on to any cryptocurrency full stop.

nofiller69

Sorolla wrote: »

DeFi trend only began the past few months

This is something that has no basis in science - once again look up the Lindy Effect.

You are taking a massive risk (which I believe from your posts you are not even remotely aware off)

With your investing pattern you would be better off putting cash regularly on a horse at odds of 9/4

What risk am I taking? I put 15 grand and made 160k. I've already liquidated 60 grand this year. Everything else after this is profit.

Im literally laughing at the boomers here. Completely out of touch with reality.

KyussB

nofiller69 wrote: »

Nah. I was first into Statera and made 120k from it. Made x3 from RPL, then x10 on UBT and a very nice x 15 on ESH.

Now I sit back and get dividends from my Balancer Pool Tokens leveraged by top 5 market cap tokens on CMC.

Boomers literally could not grasp how this works, theres no precedence or infrastructure to do this even 2 years ago, and the DeFi trend only began the past few months.

Sure you do...in the meantime my 23 million in cryptocurrency just went up to 30 million, woah!!!

I also hacked Balancer Pool a second time and got another 500k :cool:

nofiller69

KyussB wrote: »

Sure you do...in the meantime my 23 million in cryptocurrency just went up to 30 million, woah!!!

I also hacked Balancer Pool a second time and got another 500k :cool:

And that is why you'll always be poor.

Sorolla

nofiller69 wrote: »

What risk am I taking? I put 15 grand and made 160k. I've already liquidated 60 grand this year. Everything else after this is profit.

Im literally laughing at the boomers here. Completely out of touch with reality.

Your story is a case of beginners luck, my friend.

You are not an investment genius.

You are a guy who got lucky


Look upon today as being the first day of the rest of your life.

Liquidate - Pax your taxes - invest in all world ETF - buy and hold

Overheal

KyussB wrote: »

Sure you do...in the meantime my 23 million in cryptocurrency just went up to 30 million, woah!!!

I also hacked Balancer Pool a second time and got another 500k :cool:

Meanwhile I traded hats on Steam and now I’m up $1.42 billion

nofiller69

Sorolla wrote: »

Your story is a case of beginners luck, my friend.

You are not an investment genius.

You are a guy who got lucky


Look upon today as being the first day of the rest of your life.

Liquidate - Pax your taxes - invest in all world ETF - buy and hold

>>go all in stocks bro trust me i have 50 years experience in stocks nows the best time bucko<<

Nice try boomer. Going into stocks right now is suicide

KyussB

nofiller69 wrote: »

And that is why you'll always be poor.

That's very offensive - I would never be seen around poor people - one of my favourite pasttimes is driving over poor people with my brand new Ford Mustang.

Overheal wrote: »

Meanwhile I traded hats on Steam and now I’m up $1.42 billion

Funny enough I actually (for real) got a few free games backwhen TF2 started doing this, by idling dozens of instances of the game using a script - printing free hats money, hehe

Sorolla

nofiller69 wrote: »

>>go all in stocks bro trust me i have 50 years experience in stocks nows the best time bucko<<

Nice try boomer. Going into stocks right now is suicide

Why is it suicide to invest in a widely diversified all world ETF?

nofiller69

Sorolla wrote: »

Why is it suicide to invest in a widely diversified all world ETF?

Gee i dont know bud why where they giving oil away from free for the first time in history?

Sorolla

nofiller69 wrote: »

Gee i dont know bud why where they giving oil away from free for the first time in history?

Please answer my question - if you have the ability or the capability to do so

Wibbs

WTF is all this retarded and repeated "boomer" ballsology?

nofiller69

Sorolla wrote: »

Please answer my question - if you have the ability or the capability to do so

Yeah guess im too stupid to buy into the stock market right now.

Ill cry in my mustang.

Pic related, liquidated few mins ago, buying mom a new car

nofiller69

Wibbs wrote: »

WTF is all this retarded and repeated "boomer" ballsology?

Hahahaha. Boomer outed

Sorolla

nofiller69 wrote: »

Yeah guess im too stupid to buy into the stock market right now.

Ill cry in my mustang.

Pic related, liquidated few mins ago, buying mom a new car

So let me get this straight :

You got lucky with a 15k investment and whenever you liquidate you buy a car

How long do you think this will last.

Once again - all world ETF - buy and hold - long term - what’s happening currently is just noise -

Hairy Japanese BASTARDS!

I'd love to see cash removed from society. Margaret Cash, that is.

nofiller69

Sorolla wrote: »

So let me get this straight :

You got lucky with a 15k investment and whenever you liquidate you buy a car

How long do you think this will last.

Once again - all world ETF - buy and hold - long term - what’s happening currently is just noise -

>>Just put all your money into ETFs and wait 15 years bro it'll be worth it in this current climate trust me<<

No. Fast money is in. Combined with my decent paying job, the capital gains tax I pay on my crypto gains says im more valuable to society than most people here.

Stupid money is in stocks right now. When Warrenn F*cking Buffet dumps his stocks

https://www.investors.com/news/warren-buffett-berkshire-hathaway-annual-meeting-2020/

Why are you still holding?

makeorbrake

KyussB wrote: »

Bail-ins or not, USD/EUR depositors are protected up to 100k, they are not left out of pocket.

My point stands - they have been on numerous instances worldwide.
The EU bank guarantee is not a panacea. There's a limit to it and there have been cases where depositors have been left without funds. Clearly, it doesn't account for all circumstances. Meanwhile, there are millions of people worldwide holding funds in banks that are not subject to any type of guarantee whatsoever.

KyussB wrote: »

Cryptocurrency exchanges get hacked/pilfered by design all the time, and cryptocurrency advocates are quick to blame the victims as 'stupid'...

A couple of things...
1. You don't have to store crypto on a crypto exchange and it's recommended that you don't. Provided you do it correctly, there's nothing better than self custody.
2. In the US a number of exchanges are covered under the FDIC guarantee. In DeFi, Nexus Mutual is emerging as an insurer to insure against that risk. It's early days still - but this is all improving iteratively.

KyussB wrote: »

I exchange money internationally all the time - the delays are to monitor and stop fraud and money laundering...that's a feature, not a bug.

Again, that's your opinion. The SWIFT system has had a stranglehold on international money movements for years. Naturally, it's totally uncompetitive and deliberately set in the stone age to maximise profits.
Additionally, these systems operating under this guise of anti-terrorism and anti-money laundering are a joke. They cause no end of friction and do little to counteract money laundering in reality. The only thing that they do is enable governments to monitor citizens and deprive them of financial privacy. They also lead to an unwieldy overhead for banks in driving them towards a policing function - which they're not equipped to do. Ordinary people pay for all of that nonsense ultimately in terms of the time overhead and the costs. Furthermore, it's the key reason why we have millions of 'unbanked' in the world, creating greater inequality.

KyussB wrote: »

You don't even know what hyperinflation is - you think a monetary union breakup and potential one-time devaluation = hyperinflation.

I never said any such thing. I made the point that people here came very close to having their wealth vapourised through devaluation.

KyussB wrote: »

Being victim to foreign sanctions isn't 'fiscal mismanagement'...

Only two countries in the list I provided are subject to US sanctions. The rest aren't. The rest are due to financial mismanagement.
Whilst we're on sanctions, the system you're defending enables sanctions with the assumption that sanctions are all fine and proper. They're not! Sanctions in Venezuela and Iran are not in any way affecting the regime. They're very much affecting ordinary people in those countries. You want the US to weaponize the international financial system - I don't.

KyussB wrote: »

The evidence shows that a person holding onto practically any of the strongest currencies on the planet, is far safer than a person holding on to any cryptocurrency full stop.

Until that doesnt work out. It only has to happen once. Your bank or government only has to capitulate once. That in no way excludes the dollar being devalued or the euro being devalued. It's foolish to blindly suggest to people that these are not possibilities. Here's a former head of Morgan Stanley Asia and Yale Economist stating his view that such an eventuality is a real possibility.
Since this covid crisis emerged, there have been many commentators suggesting that the breakup of the Euro is once again on the cards. It's foolish in the extreme to make the type of assumptions you're making. Its foolish to suggest that the participants in a $10 trillion gold market are deluded. It's without merit to suggest that there isn't something tangible developing in the cryptocurrency space.

Sorolla

nofiller69 wrote: »

>>Just put all your money into ETFs and wait 15 years bro it'll be worth it in this current climate trust me<<

No. Fast money is in. Combined with my decent paying job, the capital gains tax I pay on my crypto gains says im more valuable to society than most people here.

Stupid money is in stocks right now. When Warrenn F*cking Buffet dumps his stocks

https://www.investors.com/news/warren-buffett-berkshire-hathaway-annual-meeting-2020/

Why are you still holding?

I believe long term that the markets always rise.

Sorolla

nofiller69 wrote: »

>>Just put all your money into ETFs and wait 15 years bro it'll be worth it in this current climate trust me<<

No. Fast money is in. Combined with my decent paying job, the capital gains tax I pay on my crypto gains says im more valuable to society than most people here.

Stupid money is in stocks right now. When Warrenn F*cking Buffet dumps his stocks

https://www.investors.com/news/warren-buffett-berkshire-hathaway-annual-meeting-2020/

Why are you still holding?

I believe long term that the markets always rise.

Dodge

Wibbs wrote: »

WTF is all this retarded and repeated "boomer" ballsology?

It's a term incorrectly imported form the US into Ireland by some low IQ folk

It refers to a generation of US citizens, and can't be applied to other countries

Any people using it to describe Irish people are thick as ****.

Wibbs

nofiller69 wrote: »

Hahahaha. Boomer outed

nofiller69

Boomers here will keep seething and denying meanwhile millionaires are being made overnight.

Just think about that while you sleep tonight and dream about ETFs. Ive literally made twice your annual salaries in 2 months while you fantasize about the market bouncing back.

It never will. Not in your lifetime

Dodge

nofiller69 wrote: »

Boomers here will keep seething and denying meanwhile millionaires are being made overnight.

Just think about that while you sleep tonight and dream about ETFs. Ive literally made twice your annual salaries in 2 months while you fantasize about the market bouncing back.

It never will. Not in your lifetime

I don't care about your income, and you don't know mine.

All I did was point out how your incorrect use of the term made you look thick as ****.

Which it does.

nofiller69

Dodge wrote: »

I don't care about your income, and you don't know mine.

All I did was point out how your incorrect use of the term made you look thick as ****.

Which it does.

Ill cry in my Ford Mustang, boomer

Wibbs

Sorolla wrote: »

I believe long term that the markets always rise.

They tend to, well they're designed to as if you have the big money to play you make money when it's on the up and then buy up bargains when the fires sales inevitably come. But it can take time.

"Fast money" can work alright if someone is on the ground floor early and gets out fast, before the average eejit buys in and inflates the bubble, but the tendency is to keep in until it goes bye bye. That's how bubbles work. QV Tulips. Generally speaking when something becomes "common knowledge" and more people are encouraging others to buy into the bubble the clock is already ticking. But this time is different...

nofiller69

Wibbs wrote: »

They tend to, well they're designed to as if you have the big money to play you make money when it's on the up and then buy up bargains when the fires sales inevitably come. But it can take time.

"Fast money" can work alright if someone is on the ground floor early and gets out fast, before the average eejit buys in and inflates the bubble, but the tendency is to keep in until it goes bye bye. That's how bubbles work. QV Tulips. Generally speaking when something becomes "common knowledge" and more people are encouraging others to buy into the bubble the clock is already ticking. But this time is different...

Thats exactly it. Get it, get your pump and get out. I did this about a dozen times with no fail.