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Only 400%?
Them's poxy trad-fi dirty fiat boomer numbers. Might as well stick it in a bank.
Wonderland is currently offering a very tidy 81,475.7% APY. https://app.wonderland.money/#/stake
Stake £1 today, and within about 40 months you'll be richer than Jeff Bezos.
🚨🚨 DEFINITELY NOT A PONZI 🚨🚨
So how does that work then!?
On a tangent, I bought some eth a few years back and it’s now worth £2k. WTF do I do with it? Buy/sell/hold? I want to be a millionaire before next weekend and I’m happy to risk it all.
It actually is a Ponzi, and in fact it recently collapsed. Nobody* got 80000% and the associated token ($TIME) is down by 97% from recent highs.
It was run by someone who has already been to prison for fraud, and someone closely connected to Tether. The subreddit is now a fairly sad affair of people posting memes about how broke they are now.
It seems like offering hilariously high interest rates is a bit like those phishing emails with all the obvious spelling mistakes - designed to appeal only to the stupid and credulous.
*EDIT - except for the founders, of course, who appear to have cashed out over $50 million before the crash
On a tangent, I bought some eth a few years back and it’s now worth £2k. WTF do I do with it? Buy/sell/hold? I want to be a millionaire before next weekend and I’m happy to risk it all.
IMO, cash it out, buy your partner something nice, and stick the rest in your ISA. Or buy something bike related.
https://www.bbc.co.uk/newswww.bbc.co.uk/news/uk-england-birmingham-60289028
Or do what this guy has done.... Pretty amazing!
Both the article and the related video have been deleted by the Beeb - guy claiming he turned £50 into $1000000 in a short space of time. Maybe it was bullsh*t / scammy?
https://www.bbc.co.uk/news/uk-england-birmingham-60289028&client=firefox-b-d&hl=en&gl=uk&strip=1&vwsrc= 0">Cached text
It would seem he started his own coin on the promise of giving money to charity, sold loads to randoms, then shut it down and ran off with the money (see this tweet and the following thread).
Which, if true, in many ways makes him an ideal poster boy for the brave new world of crypto
https://twitter.com/jimwaterson/status/1491361991541538817
It would seem he started his own coin on the promise of giving money to charity, sold loads to randoms, then shut it down and ran off with the money
Ergo all crypto currencies are rugpulls.....
Why then draw loads of attention to yourself via the Beeb, which could now leave him/them under scrutiny if they've committed fraud etc? Make no sense.
There's an awful lot of denial that goes along with crypto currency. Maybe he doesn't feel he has done anything wrong.
here's the company details: incorporated on 22 April
And here's the coin price chart: his coin lost 97% of its value on 24 April. Currently trading at $0.00000000497358
Currently trading at $0.00000000497358
Buy in the dip. It can only go up from there 🙂
Why then draw loads of attention to yourself via the Beeb, which could now leave him/them under scrutiny if they’ve committed fraud etc? Make no sense.
You would think! But the crypto sector is a special place, full of very special people.
For instance, just yesterday, the story broke of two people laundering $3.6 BILLION of BTC. They'd had it since 2016.
They spent their time, not quietly living on a luxury yacht in a faraway state, but, er, trying to get as much publicity as possible on tiktok with their crummy rap videos. They had known they were under investigation by the US authorities for some months. He was a Russian national, with a legit Russian passport. They did not flee. Instead they posted some more shite on social media and got arrested. Because they left the keys to their BTC wallet in Dropbox and the FBI cracked the encryption.
https://twitter.com/ProvideContext/status/1491179030351323142#m
A lad I work with, early 30's, wife and two kids, had an unconventional start to work which has resulted in him having no pension provision to speak of. So he has gone down the route of Crypto to provide for him in the future, with the intention to "cash-out" at 40. He puts in around £300 a month.
I find it fascinating and bewildering in equal measures. He says he mines etherium, this gives him free money. He also gets 90% interest rates on "AXS"...nope, no idea how that works. On NORD he gets 60% interest.
Is this all just baloney, ponzi, just someone typing numbers on a website. He seems reluctant to cash out now, and is happy to leave it for the six years or so until he wants to cash out. Maybe I'm too much of a luddite, and just don't want to accept this. He even mentioned spending £130 on some aerial that you stick on your house that then creates a bitcoin network and simply for doing that, you earn money! Good for him if he can retire at 40 but it just seems too volatile/sketchy.
I did nearly buy £50 of etherium through paypal for interest, and a degree of legitimacy, but he said it won't ever get high enough for me to retire. Haven't bought it.
He even mentioned spending £130 on some aerial that you stick on your house that then creates a bitcoin network and simply for doing that, you earn money!
Sounds like Helium/HNT, it uses less power than an LED lightbulb and is creating a network for the IOT, fundamentals are about as solid as it gets, boxes are much more than £130 but I'm looking for hosts to "borrow" one of my boxes in exchange for 35% of the profit, free money....
I'm looking in to it. node coverage is just about right by me I could hit 3 maybe 4 other nodes from my place. But the actual location let's me down for traffic. I need to see how much return the near by ones are getting.
I should have done it last year. Doh.
I dipper into the piggy bank and made quick killing on Shiba not bad for a joke coin.
Xrp is moving nicely too
Oh yeah hodl
He also gets 90% interest rates on “AXS”…nope, no idea how that works
AXS is pretty dodgy IMO. Binance are offering suspiciously high interest rates on it - but there's a minimum term of 60 days. And in the last 3 months, AXS has fallen in value by nearly 60%. So if you locked up £100 worth 2 months ago, you'd probably have about £70 quid now, even with the interest.
But there's another way to make money from it. AXS is the token associated with Axie Infinity - a 'play to earn' game, popular in poor countries (in particular the Phillipines), where people can make money by playing it. Only thing is, you need to pay real money for the good characters. So if you're a rich westerner, you can use your AXS to buy the characters, and basically rent them out to a poor person that wouldn't be able to afford it. Then they play the game and give you a cut of your earnings. It's kind of like being a landlord I guess. Ultimately it's still basically a ponzi. You can read more about Axie Infinity here if you want to go into depth - it seems to be collapsing somewhat, which is partly why the value of AXS has crashed so much recently.
What do you think about that?
I think you joined yesterday and are spamming the same shite across different threads.
@doris5000 - I won't bother reading your hysteria as you can't differentiate between an actual crypto and <insert whatever bullcrap system here> someone's built around it.
You're saying "the dollar is a ponsi scheme" not "the ponsi scheme is a ponsi scheme".
I can point out lots of scams which use fiat money. For example, since we magiced the euro out of thin air in the 90's every single scam, every single ponzi, every single fraud that's run (perfectly freely) through our financial system has been based on the euro.
Do you want to ban the Euro?
You’re saying “the dollar is a ponsi scheme” not “the ponsi scheme is a ponsi scheme”.
Not true.
I said that Wonderland was a Ponzi, Orfano was a pump & dump/ rugpull, and Axie Infinity is dodgy. (And a Ponzi).
If you'd like to explain why you don't think those statements are correct, be my guest.
For example, since we magiced the euro out of thin air in the 90’s
Except we didn't. It was based on the FX rates of the participating countries at the time of inception.
If you don't understand why this is hugely relevant, you don't understand the potential of an openly readable ledger.
Mate has multiple types of antenna on his house. He's getting £300-400 a month out of them
Cool story bro.
Bit of an unexpected rally going on just now. Stockmarkets are down, gold is up.
This is what you would expect in a time of global uncertainty. I wouldn't expect crypto to be on the up though.
So what's happening with it? My theories were - average Russians buying in to hedge against the ruble falling, probably easier than trying to buy USD or euros just now, or oligarchs trying to hide some funds in bitcoin, but the trading volumes aren't huge so maybe not.
Just a coincidence?
It's rallying because the Russian state is buying into it ....
People are realising that your fiat currency can be worthless if the state (or others) decide via sanctions / whatever. Russians can't access any money or pay for things. In a world of cryto this wouldn't happen.
Stock markets are hard enough to interpret, but crypto seems like it has another level of 'sentiment' that massively influences the price. Trying to explain (let alone predict) movements of crypto seems impossible.
Staking UST on Anchor. 19.45% return. 15 billion dollars already staked.
Seams a no brainer. What's the big risk here?
Luna/ust is totally ****ed. Thankfully never touched it.
Here we go hold on to your pants.
Bloodbath inbound US Stocks are getting hammered as well
People are realising that your fiat currency can be worthless if the state (or others) decide via sanctions / whatever. Russians can’t access any money or pay for things. In a world of cryto this wouldn’t happen.
I was going to reply to this, the. Read the rest of the post....
Stock markets are hard enough to interpret, but crypto seems like it has another level of ‘sentiment’ that massively influences the price. Trying to explain (let alone predict) movements of crypto seems impossible.
It's almost like having a central bank in a stable country is a good thing to avoid losing a quarter of your savings in a week?
Wow, when it crashes, it REALLY crashes!
It’s almost like having a central bank in a stable country is a good thing to avoid losing a quarter of your savings in a week?
Yeah, that's true. But if we were all using BTC (or some other crypto) to buy commodities like a loaf of bread, there would be inherent stability. It's not a function of whether the currency is centralised or not.
In other news, the nice olive bread I like from Co-op was £1.40 last year. It then went up to £1.85 some time last year, and this morning I paid £2. If "a loaf of bread" is the metric we use for the value of currency, have my GBP savings decreased in value by 30% too*?
* Admittedly this change is over a year, not 4 days. The financial world's getting ****ed by something, though.
My mate, who I mentioned having the aerial thing, now has currency based on buying a pair of virtual trainers and going for an actual run with his phone. He tells me he can make around $70-$100 per week with running every day for around 40 minutes. I don’t understand it at all, making money from exercising with your phone!?!?!?!
I suspect he may need to run to take his mind off his losses on the actual coins he holds.
In other news, the nice olive bread I like from Co-op was £1.40 last year. It then went up to £1.85 some time last year, and this morning I paid £2. If “a loaf of bread” is the metric we use for the value of currency, have my GBP savings decreased in value by 30% too*?
yes, it's called inflation.
Your cash savings are worth less with inflation in that they can buy less, only inflation is measured against a basket of items, not just one item.
In other news, I note that coinbase have been in the news saying that customers' money, held in accounts with coinbase can and will be used to settle the companies' debts in the event of bankruptcy. That wouldn't happen with RBS/Lloyds/HSBC etc!
Your cash savings are worth less with inflation in that they can buy less.
Yes, I get that. I was really just pointing out that it's not just crypto currencies that are getting ****ed. Stocks, crypto, fiat. It's all heading south.
That wouldn’t happen with RBS/Lloyds/HSBC etc!
That absolutely could happen! The only reason that traditionally wouldn't happen is if those banks got bailed out by the UK govt. Remember Northern Rock? On the other hand, in the USA Bear Sterns and Lehman were allowed to fail and loads of people lost money.
That absolutely could happen! The only reason that traditionally wouldn’t happen is if those banks got bailed out by the UK govt. Remember Northern Rock? On the other hand, in the USA Bear Sterns and Lehman were allowed to fail and loads of people lost money.
Up to £85k invested per bank per person is insured against loss in the event of bankruptcy. Show me a crypto 'bank' with similar safeguards?
@thisisnotaspoon:
It’s almost like having a central bank in a stable country is a good thing to avoid losing a quarter of your savings in a week?
Or, alternatively, a central bank that's been printing money like it's going out of fashion, resulting in massive inflation which, this year alone, will devalue everything you've ever worked for, ever, in your entire life, by 10%.
Cryptocurrencies were born out of the fact that our banking system is corrupt and broken - as has been proven time and again.
And as for "quarter of your savings" - if you are dumb enough to put all of your eggs in one basket then you deserve what you get. 🙂
You have 85k worth of protection in a UK bank account under the FSCS.
My crypto is safe from exchange/bank bankruptcy, I can relax watching it drop to zero in my non-custodial wallet.
Inflation only devalues money you haven't spent so to say that it devalues everything you've ever worked for ever in your entire life is utter nonsense.
Or, alternatively, a central bank that’s been printing money like it’s going out of fashion, resulting in massive inflation which, this year alone, will devalue everything you’ve ever worked for, ever, in your entire life, by 10%.
You know that's not how inflation works right?
Everything you've ever bought* goes UP by (an a average of) inflation (depreciation asside), as does the value of your work. On average. House price inflation, used car price inflation, wage inflation (the value of your skills and qualifications), etc etc, all feed into it.
Meanwhile "inflation" (as a synonym for the measure of the falling value of a currency) of bitcoin is currently over 100% in the last 6 months.
Lay off the coolaid.
*Before someone accuses me of making light of the cost of living crisis and it's extreme effects on those less well off, this is a thread about cryptocurrencies. I'm not the ones participating in one of the grossest excesses of late stage capitalism.