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Crytocurrency thieves- $46mill


shootingstar
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The case of the missing $46 million (torontolife.com)

I'm not surprised by this.  After hearing from a work colleague how her university student daughter had a friend or 2 who were mining..these were simply computer science students. That put in an alert in me. The article features a teen...  

What is crypto/bitcoin.........no one gains except for the smart one. There are no tangible assets, no services provided to any consumer, as an investor.

What a great sham(e).   

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9 hours ago, shootingstar said:

What is crypto/bitcoin.........no one gains except for the smart one. There are no tangible assets, no services provided to any consumer, as an investor.

What a great sham(e).   

How different is crypto compared to any other currency trading?  

I'm no fan of crypto in this still infant stage, but to some extent, it really becomes something that folks have to opt into and are choosing to gamble.  

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42 minutes ago, Razors Edge said:

How different is crypto compared to any other currency trading?  

I'm no fan of crypto in this still infant stage, but to some extent, it really becomes something that folks have to opt into and are choosing to gamble.  

In the article, someone noticed they were missing a ton of "valuation" from their account.  It is big gambling if people plough in alot.  Alberta govn't was promoting crypto...though I haven't read details since the premier is leaving his position.

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1 minute ago, shootingstar said:

In the article, someone noticed they were missing a ton of "valuation" from their account.  It is big gambling if people plough in alot.  Alberta govn't was promoting crypto...though I haven't read details since the premier is leaving his position.

From horse racing and Vegas games to junk bonds, penny stocks, and other high risk/high reward stuff, is there something that we (non-risky investors) should worry about?  Talking to our money guy, we are 0% in crypto. There are all sorts of crypto options out there, but, right now, we have no exposure to it. We could opt in to it, but we haven't and don't plan to.

In crypto's defense, it is one of those speculative things where it seems to do well (with wild gyrations) when the money is loose and the market is going up (folks having extra/cheap money to risk), but when stuff tightens up - stocks go down, inflation goes up, interest rates go up, etc. - the easy money dries up and folks want to move to "better" bets, and crypto will be hit harder than most markets. There are headwinds in the economy and crypto wasn't the reason, it is just an obvious "victim" due to its risk profile.

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Bitcoin relies on the "next greater fool" who will spend more than you did on something that is very likely to become virtually worthless.

Governments are concerned about the instability of crypto valuations and what they could do to world currencies if they become large enough.

We hear over and over of people losing records of their crypto holdings or companies handling them for customers folding up.

The financial media, some of whom are involved or paid by people who want the value of crypto to increase, keep telling us how crypto opens the world to us.

My Mastercard or Visa has bought items on the Yucatan Peninsula, on a sand dune in Egypt, in a street market in an obscure town on the Yangtze River, in the Grand Bazaar of Istanbul, outside the Church of the Annunciation in Nazareth, in Chez Freddie's restaurant in Cannes, France, and even in a jewelry shop on the Greek Island of Mikonos in 1996 after the two women I was with insulted the shop workers by asking me, "How much is 4000 Drachma in real money?" ($20 US).

In each case I paid a 1% currency fee to the card company.

Note that there are crypto exchange companies that manage your crypto for you and, just like the credit card companies, they don't do it for free either.

 

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7 minutes ago, MickinMD said:

My Mastercard

But what was Mastercard doing in its infancy?  Is crypto expected to behave like a mature and well tested product, or is this Wild West period both expected and essential to getting it to the next level - just like a Mastercard or Visa would have had to do?  

Although BankAmericard's debut in September 1958 was a notorious disaster, it began to turn a profit by May 1961.[5] Bank of America deliberately kept this information secret and allowed then-widespread negative impressions to linger in order to ward off competition.[6] This strategy was successful until 1966, when BankAmericard's profitability had become far too big to hide.[6] From 1960 to 1966, there were only 10 new credit cards introduced in the United States, but from 1966 to 1968, approximately 440 credit cards were introduced by banks large and small throughout the country.[6] These newcomers promptly banded together into regional bankcard associations.[7]

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6 hours ago, Wilbur said:

If there is nothing tangible about crypto, then did they steal anything? 

:) 

Oh, for goodness sake!

When are you going to realize that your logical and reasoned assessments are of no importance in a discussion where it's only the 'story' that matters?

 

 

 

 

;)

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6 hours ago, Wilbur said:

If there is nothing tangible about crypto, then did they steal anything? 

:) 

Interesting argument. There's nothing tangible about US or Canadian currency since they aren't backed by silver or gold anymore. 

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2 hours ago, JerrySTL said:

Interesting argument. There's nothing tangible about US or Canadian currency since they aren't backed by silver or gold anymore. 

I haven't read the latest on Ecuador but the country was promoting use of crypto as currency, when crypto looked promising.

I don't trust the use of crypto to replace current currency..it's not regulated much. All sorts of  players involved to create cryptocurrency. 

I just hope the next generations of panting wide-eyed young investors won't get burnt much.

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