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OFFICIALMonthly Skeptics Discussion - July 2023 (self.CryptoCurrency)

submitted by CryptoSkeptics

Welcome to the Monthly Skeptics Discussion thread. As the title implies, the purpose of this thread is to promote rational discussion about cryptocurrency related topics but with an emphasis on skepticism. This thread is intended to be an outlet for critical discussion, since it is often suppressed.

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[–]SnooperMikeCan't spell winter without WIN 3 points4 points  (4 children)

Posts about people taking out loans for crypto... last time I saw these types of posts were right before the Luna crash 👀

[–]KnackeredParrotPain & Gainz 0 points1 point  (0 children)

I think you have to have balls the size of watermelons to do this, however if you believe in BTC like most of us do and have the means to stay on top of the payments it's quite a smart move. Great to see they were 25% up even now. Will be laughing in a couple years.

[–]HerpTurtleDooPlatinum | QC: CC 19 | Politics 18 0 points1 point  (1 child)

Taking loans to by crypto has never made sense to me, I read the one yesterday about the guy taking a 2nd loan because he paid the 1st off so quick.. if you can earn the money so quick why not DCA large sums or save up until you can drop the lump sum you want, FOMO is real.

[–]SnooperMikeCan't spell winter without WIN 0 points1 point  (0 children)

If you're willing to take a loan out to buy crypto, you're believing in 2 things: 1) that crypto will be rising faster than loan interest + inflation, and 2) you think it's the bottom so you blow your wad in 1 big dca. My guess is he's betting it all on the halvening.

I just think it's a mistake because I don't think crypto winter is over. Crab for months.

[–]Vivid-Protection5194Tin | 1 month old 0 points1 point  (0 children)

I really don't see the issue if it's to buy BTC.

[–]Nathanv92Platinum | QC: CC 44 2 points3 points  (1 child)

First! Bitcoin dominance has me optimistic things are starting to heal and all the scum has been mostly flushed out. USDT and these on ramps being choked out has me nervous but these big players coming in shows you what’s to come and will flood trillions into the market

[–]aliyas192000Permabanned 0 points1 point  (0 children)

BlackRock, fidelity, invesco all these big players joining, I’m not comfortable!

[–]Harmz1229Permabanned 3 points4 points  (6 children)

I dont think I like the direction that Reddit Collectible Avatars is going. It has only been a little over 2 months since Gen 3 dropped and they already are preparing for Gen 4 and promoting that instead of trying to get the shop sold out. They have completely oversaturated the market and it wouldn't surprise me the least bit if they had WAY too many artists and mints for Gen 4 like Gen 3. Not to mention every month there is a new free avatar they airdrop us which is cool but it seems way too much. Just seems like a massive cash grab at this point which is the opposite of what made Reddit Collectible Avatars so fun. Seemed like they really wanted to do it for the community but now it feels like they just are doing it for themselves and the artists without any consideration with what the community wants. That being said I'll probably still continue to buy some and who knows over the long term this might be good. But they definitely need to slow down on all the drops and freebies. Like WE GET IT REDDIT. YOU HAVE NFTs. Blasting people with random Avatars constantly isn't going to get them to buy some if they already haven't. There rant over haha

[–]3utt5lut 0 points1 point  (5 children)

Especially if bots are going to cause everything to constantly get over minted. For sure they aren't going to implement anything to tackle it because regardless Reddit makes a killing on the overmints for the same damn price they sell for.

[–]Harmz1229Permabanned 1 point2 points  (4 children)

Yup I mean I still am gonna watch this carefully but clearly the obvious decision should be to wait awhile for the next Gen but they did the opposite which makes me think its all about the money now not the community. I guess it's whatever though maybe I'll be able to get a Cone for like 200 bucks or a Cosmic Abyss or solid Rojom piece for cheap. Over the long term I think buying the first two gens is still a good play

[–]3utt5lut 0 points1 point  (3 children)

It could be a shitty drop as well, making Gen3 gain more value? It could go either way. Regardless, I will be buying some aftermarket after the commotion dies down, for some of those deep discounts and get more mashes going on!

[–]Harmz1229Permabanned 1 point2 points  (2 children)

Yeah same tbh. I mean just seems to me Reddit had the perfect opportunity for a Christmas and Winter themed drop with a release in December.....but noooooooo they want to push pit Gen 4 as fast as possible. Its like SLOW DOWN that's all we want. They are printing these things faster than the US prints the dollar at this point 🤣

[–]3utt5lut 2 points3 points  (1 child)

I recently made a comment as to how there was less than a million overall NFTs, that's not the case on RCAX.io, there's literally tens of millions of different NFTs now. They are seriously diluting the pool.

[–]Harmz1229Permabanned 1 point2 points  (0 children)

Yeah and depending on what they do next with Gen 4 seeing as its all about money ig it's probably going to be more high mints and lots of artists. If they do it like Gen 1 and 2 they could redeem themselves tbh. They just need to chill tf out. The drops are more special if they would wait a few months for free drops and space out the different gens

[–]Iphone17promax 1 point2 points  (3 children)

Bitcoin has been pumping on just the "news" of ETF filings the minute one actually gets approved I expect that would be the local top. With "liquidity" getting drained from the system (ECB, Fed) I am of the view that this year end will be close to what we saw last year maybe just not as brutal.

Interest in hearing what others think.

[–]12_18 1 point2 points  (1 child)

I agree. I don’t think these ETFs are going to have any significant inflows for a while (at least none that will have a strong effect on price). There’s been some hype around them, but prices should fall as interest waned.

I am biased though, I want sustained lower prices while accumulating into the next halving.

[–]lubimboPlatinum | QC: CC 28 0 points1 point  (0 children)

Blackrock will probably make OTC deals to acquire BTC from mining farms where they own shares. If the price pumps it's retail getting burned again.

[–]Vivid-Protection5194Tin | 1 month old 1 point2 points  (0 children)

Every time I've made predictions about local bottoms and tops during this bear market I've failed miserably so there's no way I'm picking a side.

I stick to the good old "don't try to time the market": DCA and have some on the side (as well as price targets) in case we do see new lows but don't count on them.

[–]Mark-R-FPlatinum | QC: CC 32 | CRO 6 0 points1 point  (0 children)

It has been interesting to see this bear market develop, some of the events/issues were widely predicted or anticipated, some less so and some completely suprising. I felt there was a chance some alts, with utility and ongoing progress would hold value better than they had in previous bear markets but it has been brutal across the board. It is also difficult to determine what will come back during the next bull, I expect a lot of old favourites will get a decent run despite the various FUD going on, but many will not reach old ATHs. I'd love to have more available fiat but sticking to the 'don't invest more than you can afford to lose'!

[–]tambaybtc 0 points1 point  (2 children)

About the SEC vs BlackRock and Fidelity BTC Spot ETP application update, The SEC's main concern with the applications was that they did not provide enough clarity and detail on their surveillance arrangements. The commission returned the applications because they didn't identify the spot bitcoin exchange with which they were expected to have a "surveillance-sharing agreement". Moreover, they didn't provide enough information about the details of those surveillance arrangements. In my opinion this is a typical delaying tactic by the SEC.

[–]MichaelAischmann 0 points1 point  (1 child)

Creating clarity on such matters is their job. If they can't surveil, they can't protect.

[–]tambaybtc 0 points1 point  (0 children)

I agree if that’s their true intentions. Also it maybe not clear to everyone what is needed by the SEC to be adequate application.

[–]MichaelAischmann 0 points1 point  (5 children)

The ETFs are not what Satoshi wanted. He identified trust as the root-problem of fiat currencies. How does it eliminate trust if you buy a promise from BlackRock for an asset in custody of Coinbase?

[–]Vivid-Protection5194Tin | 1 month old 0 points1 point  (4 children)

Crypto ETFs are for the boomers and probably for pension funds, etc. I don't see the problem, after all anything can be an asset.

[–]MichaelAischmann 1 point2 points  (2 children)

The point is that with an ETF you need to trust (BR&CB), whereas if you own Bitcoin you don’t need to trust anyone.

[–]Vivid-Protection5194Tin | 1 month old 0 points1 point  (1 child)

My point was that the people who buy Bitcoin ETFs don't care about the holding their assests trustless, I'd argue that many don't even know what Bitcoin is. They just want to track the price of it and to that extent an ETF is an excellent solution IMO.

[–]MichaelAischmann 0 points1 point  (0 children)

You may be right regarding "the people who buy Bitcoin ETFs" but we are in the skeptics discussion. I pointed out that ETFs don't eliminate trust and I consider this a negative development in relation to Satoshi's writings & Bitcoin's purpose.

[–]SYD-LIS 0 points1 point  (0 children)

This COIN shareholder concurs

[–][deleted]  (2 children)

[removed]

    [–]nanooverbtcRedditor for 2,000 years.[M] 0 points1 point  (1 child)

    It looks like you didn’t qualify to participate at the time, but your posts are probably better suited for buttcoin anyways