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Crypto Crash

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#1 by valerie » Fri Nov 18, 2022 13:07

Thought for sure you would be posting the Bitcoin downfall, Darkstar2.
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#2 by Darkstar2 » Fri Nov 18, 2022 23:49

Oh I was too busy listening to Kim Jung Un's threat of using atomic bombs on the whole world, :lol: (P.S. these are not my words, this was mentioned in the news).

But yeah as to Crypto crash, this is the part where I say "I told you all so", I wrote several posts here, and I did predict this, it was so obvious - it's crazy - given the anonymous nature of crypto means there are so many scams online, people never bloody learn - frauds, scams, hacks, etc, it was only a matter of time - people were playing with fire from day 1, and their reasoning is, yes, you can lose lots, but you can win big in short amounts of time - WELL, still a gamble and extremely volatile - you would get much better returns investing in real world stocks, over a 20 year period - but people are greedy and want a quick buck fast, and this is what happens. Bitcoin has lost 2/3 of its value since the beginning of 2022, I didn't actually expect ETH proof of stake 2 to actually come out this year, and the good news finally for PC users who have been held hostage by criminals and greedy scammers for years, finally one can buy a graphics card, albeit, NVIDIA still rear-ending people in the arse with crazy prices and burning cables :P

Bad news for people who invested most of their money in crypto, but that was a STUPID thing to do, investing most of your money OR investing money you cannot afford to lose.

My advice, take advantage of crazy high interest rates - the best stable guaranteed investments is GICs right now, if you want zero risk - markets will go to shit in 2023, you can thank Jerome Powell and your current President's out of control decisions, including re-appointing this guy for another term - hiking interest rates will not stop anytime soon, it will send economy crashing, it's not IF we enter a recession but when, and it's very likely in 2023, and inflation is not going down to acceptable levels anytime soon - I expect a big sell-off and at least a 10-20% drop in market value in Q1-2023, latest Q2-2023, those GICs, look quite interesting right now - OR for the working class or those with money they can afford to lose, they could wait for a sell-off and bottoming out combined with high VIX, buy low and wait for the big rally likely to come at the tail of the recession and definitely when the idiots will reverse interest rate policies - OR people can look at investments in a 20 year (long term returns) and invest.

I would not bother at all with crypto - I do think BTC will go up, there will always be people chasing the lows and buying, but I would not expect Bitcoin to reach anywhere near its highs, I think it will further crash down. Now people will say "But why GICs, at 4-5% they would still be below inflation" WELL to that I tell them - OK keep your money in the bank in a savings account at 0.0005% interest rate :lol: Right now GICs are the best zero risk, then you have specific stocks performing well right now, if you follow that stuff.

Americans sure have short memories - they rather see a sinking ship - it shows with the latest midterms, which are a clear indication of what to expect in 2024, another disaster - same here with Canadians who keep on voting for this young JOKE.

Our relation with China is not very good at the moment, and made far worse with our current PM.
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#3 by tasman1 » Sat Nov 19, 2022 20:07

Nice to see Darkstar2 did reply to Valerie , question is how much bribe he did received ?
I usually do not accept bribe under 25 bucks , one can earn serious money in this business

btw, crypto is very cryptic at this moment , bribe is recommended
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#4 by Darkstar2 » Mon Nov 21, 2022 07:43

I didn't take any bribe I was going to comment on the news, did not read much into it and had other things, I mean who cannot notice - same old shit with crypto - people build trust, then get betrayed - I am glad I never fell for the scam. Bitcoin and crypto in general is MAINLY used by criminals OR by end-users to engage in criminal activity - that is FACT. Remove all crypto, and you destroy most of the scams ONLINE. With the fall of ponzi and illicit payment processors like LibertyReserve, SolidTrustPay, AlertPay/Payza, EGOPAY, etc, these type of sites adopted crypto, and on the dark web it is THE currency - It's a volatile currency - you have 2 type of users, 1) The investor, those who mine or buy and sell high to make money 2) Those who buy crypto to engage in illegal activity online and/or buying stuff online - crypto investors are not long term investors like the actual stock market, which is why you see huge swings, some people are chasing the highs and selling right away, so I am not surprised by this last event, and it's not finished yet, definitely not the last we hear about it. People who had purchased BTC when it was single digit back in the days, would have been filthy rich (multi millionaires by now) I hope that these people did the smart thing and cash out, and invested in safer markets, because I know a lot of people (greedy) who went from making a lot of money on crypto to being broke...... I invested thousands of $ on HYIP in my gullible days, I believe at the time BTC was $4-$8 a pop, I lost it all on HYIP unfortunately, but fortunately I recovered it all with 1 year on ClixSense, $4k. had I invested that in BTC at the time, I would have been a millionaire - I certainly would have sold high, when it was at around $50k and placed them in other non crypto investments and more than DOUBLED it by now.

Sorry for those who did lose their shirts with crypto but you should have seen it coming, there were warnings flashing everywhere - it was an extremely high risk investment to begin with.
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#5 by valerie » Tue Nov 22, 2022 20:34

It's ghost air. Not even money. Not cash. Just ghostesss.

I seriously do not know why anyone would invest in it. I never have understood that. Many members here wanting to be paid in ghostesss. It's high risk and the only people that make REAL money with it is the scammers at the top of it all. That's the way it always is with that kind of crap.

If you're young enough and want to see a significant return on your investment without risk, buy land and/or metals. You cannot lose. People are always going to want/need land. People are always going to want/need metals. Metals, as in gold, silver, copper, diamonds, and few others like quartz, marble.

Sure you can take risks with various options in the stock market. It is a risk, however.

If you're young enough, save some money and buy a small plot of land. Sell it and make a few bucks profit. Buy some more land and so on. Eventually you may find you own a lot of land and a lot of money.
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#6 by Darkstar2 » Wed Nov 23, 2022 07:32

valerie wrote: It's ghost air. Not even money. Not cash. Just ghostesss.

Right just like how your President treats legal money, like it's nothing :lol:

As far as Crypto, that's why it's called VIRTUAL currency, but keep in mind it still takes REAL money to buy crypto, so exchangers and crypto sellers are dealing with real $$$, then it becomes a crypto "currency" which gains or loses in value based on the buying and selling - no different than stocks, if you think about it, it's all done with real money, but instead of purchasing a company's stocks, you are purchasing a virtual currency. Then you have people buying crypto with stolen cash and credit but that's another story. In the end, crypto is extremely volatile, unregulated and very high risk because of the type of investors and potential for much bigger sell-offs, but it goes the other way too, potential for higher ups.

I am glad I never went into crypto, luckily, for some countries it is very difficult to buy / sell crypto, like Canada, we need to go through a lot of KYC stuff - yet some other countries can buy crypto as easy as they can buy candy, anonymously through foreign exchangers. In Canada you cannot just go to a site and use your CC and order crypto and sell it, that is a good thing. In the US I believe PayPal supports buying and selling crypto through its platform, not sure 100% of that, but it is not available in Canada PayPal.

Quote:
I seriously do not know why anyone would invest in it. I never have understood that. Many members here wanting to be paid in ghostesss. It's high risk and the only people that make REAL money with it is the scammers at the top of it all. That's the way it always is with that kind of crap.

Agreed 100% - Yes it is virtual but has value that can convert to real world currency, problem is volatility. You don't have to be a scammer to make real money from crypto - some people just buy and sell to make a profit, it's a bad investment if you put most of your cash in it though - and then you have miners, who invest a lot of money to mine crypto and earn $$$$, and they are not running any scams - there was a time when mining was very profitable, if you had the capital to invest in good gear - not much anymore now...... but yeah I think those represent only a small percentage of crypto users - the bulk of users are scammers and dark web, much like Liberty Reserve was mainly used for illicit and criminal activity, as was AlertPay and Payza :D and e-Gold I'm sure you remember, used on HYIP and ponzi sites.
So yeah crypto is the currency method of criminals mainly, but not entirely. There are some GPT sites (more and more) that do pay in crypto, but the minimum is much higher - some sites have a $50+ minimum. I honestly do not know how some GPT owners do this, it is just as much a high risk for them as it is for the member - unless these owners have made massive purchases LOW. A GPT paying in crypto is asking for trouble in my opinion - Facilitates fraud !

Quote:
If you're young enough and want to see a significant return on your investment without risk, buy land and/or metals. You cannot lose. People are always going to want/need land. People are always going to want/need metals. Metals, as in gold, silver, copper, diamonds, and few others like quartz, marble.

ahahaha so true on the land part :P Once upon a time you cold buy a nice home for under $90k :lol:
Yes it is a good investment - and a risky one - the risk part is if you sell at today's prices, the new owners will be VERY picky - and more likely to sue for hidden defects or bother you about stuff they "discover". It's a headache. When you sell a house, you are subject to the same legal-warranty, in that you guarantee the state and quality of the house for a reasonable duration - unless you sell as-is, but then you will be selling at a much lower than value.

As to metals, well, yeah look at copper prices now - sure I think I'll buy a few cases of diamonds :D

anybody remember when Gold was under $200 ?

Having a good balanced portfolio and diversifying investments is still key - if you make the right investments you can double your money every 7-10 years.
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#7 by valerie » Fri Nov 25, 2022 03:12

I don't think I would invest in 'houses' per se. These days the housing market is insane. I'm not saying people can't make money and they certainly can if they know how to flip. One never knows however, when it comes to investing, what will happen with the housing market. Land, on the other hand, is a different story. Land will always be in demand and may become more and more scarce over time.
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#8 by Darkstar2 » Fri Nov 25, 2022 19:40

valerie wrote: I don't think I would invest in 'houses' per se. These days the housing market is insane. I'm not saying people can't make money and they certainly can if they know how to flip. One never knows however, when it comes to investing, what will happen with the housing market. Land, on the other hand, is a different story. Land will always be in demand and may become more and more scarce over time.

Land yes definitely - you will notice in your property tax, your home value is split into 2 - the house itself and the land, in some cases you will see the value of the land is higher than that of the house.

Investing in houses now is a bad idea - it is pretty much the same principle of stocks - house value is CRAZY high, it would be crazy to imagine it going that much higher anytime soon, not with the crazy inflation - it would be like buying crazy amounts of stocks HIGH - when it would be a better deal to buy LOW sell HIGH. The housing market is going to pop - that bubble will pop one day for sure. What about house foreclosures or houses sold at a loss for whatever reason, those houses would sell considerably below market value - but there is another problem - not all house repairs are DYI, some require contracting, and the cost of labour is CRAZY high too - if it is a whole house remodel forget it, if it is just roofing, fixing foundation cracks, kitchen or bathroom remodel yeah you might be able to sell back the house at actual market value and make some profit - problem with house flipping - you are legally responsible for every house you sell as per the legal warranty laws, you have to ensure the quality for a reasonable duration - if new owners come across defects they can and will sue you - you may buy a house you wanna flip and not be aware there were hidden defects, you ARE responsible for those even if you had no knowledge, and the MAJORITY of homes have them, new or old homes, I'd say probably 75-90%, and most of the time they will go unnoticed unless new owners make major remodels involving tearing down walls, floors, and redoing BASEMENTS (which is where the hidden defects are mostly present. Nearly ALL old homes have outdated and failing french drains and efflorescence on foundation walls, cracks and some water infiltration - old homes did not use sump pumps, they use french drain or drain tiles - those things usually last 30-40 years or less, usually less - Cost of changing french drain here ? $75-$80k Cost of MAJOR foundation repairs here where they have to literally lift your house and install foundation posts, $120k-$200k. So someone buying a home to flip a house on a coat of paint, they better hope the new owners do not find out the hidden defects on the foundation or other structural areas of the home - because they are there, in nearly 75-90% of old homes.

Investing in commodities is good - it's items people and companies NEED and consume, there are financials and energy sectors, peop0le use energy, people use banks, insurance companies...........

Investing in homes right now can be a nightmare waiting to happen.

There was a news story not long ago about a home owner who sold his home to go live in an apartment or another home....... 17 years later they were sued by new home owners who discovered a major fault when they redid the basement - it turns out the concrete floor slab was bowing - big time - and upon inspection they found pyrite - Cost of repairs ? $220k - because they also found it all over the ground and entire foundation was sitting on that and soil contamination from oil - guess house was heating on that and an unnoticed leak for many years. They ended up winning against the old owners - I mean obviously, who wants to pay that much money after you already paid big for a new house. Old owners claimed they were NOT aware of this never were, they bought the home with finished basement. Buying or selling a house with a finished basement is a good and sure way to get rear ended eventually - I think an unfinished basement has HIGHER value, because this is where most of the structural defects and hidden defects occur, and selling an unfinished basement gives an assurance to new owners of the integrity of the house + it is much easier for inspection to detect foundation issues, leaks, cracks, etc. Contrary to what those greedy real estate agents tell people, those greedy ***** tell you to MAKE your house look GOOD, but they never mention to make sure to cover all the hidden defects, check your roof, your attic, ventilation, humidity, foundation, insulation, ELECTRICAL WIRING !!!! piping, etc, oh yeah electrical is another area - some old homes are literal fire hazards waiting to happen - electrical DYI done by old owners or IDIOT electricians, the lack of junction boxes as require by code, putting 3 prong covers on non grounded receptacles without a notice, or tying ground to neutral (which is common ahaha yes no pun intended) in old homes.

Not a good idea to buy a home as an investment right now - There are 100 year old homes bought at 50k-90k now selling at 1 million - this is not normal - these homes need $100k-$300k repairs, foundation footing and drain is guaranteed to need repair, I cannot imagine the TROUBLE these sellers will face in the long run, it's scary :D

It's cheaper to invest in 3D printers, 3D print small and affordable homes and sell :D
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