Crypto Currency and Skiing

Ken_R

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I just read this article last week. This guy does a better job than others in explaining the issues with crypto.

https://www.currentaffairs.org/2022...says-all-cryptocurrency-should-die-in-a-fire/

Best article I have seen about crypto. It all true. Can you make money from crypto? Of course, but you need to know going in that its a pyramid / ponzi scheme. Early adopters got rich for sure. Even now, bitcoin still at $30k a pop. Should be $10k at most so its still overvalued IMHO (based on several factors).

Generally crypto creates problems trying to solve... what is it trying to solve? Maybe a moral stand against big banks and the banking industry? Its rebelish in nature.
 

ForeverSki

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If Renoun is accepting crypto as payment for skis, will they be able to pay the suppliers and employees with crypto? Or will they have to convert it to cash at market value and pay the suppliers and employees?
I doubt Renoun (or any business that accepts crypto for payment) is holding the receipts in crypto. Since the goods are denominated in dollars, I’d imagine the business is using an intermediary (ironic, isn’t it) to accept crypto, provide real-time conversions, and receive the payment in dollars (minus a fee to the intermediary). As long as crypto currency remains volatile, holding revenue in crypto is like hocking (a portion of) your business at the gambling table. What’s interesting is, if the customer wanted a refund, would the customer be entitled to the exact amount and kind of crypto remitted (which could now have a very different dollar amount since)?
 

fatbob

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So you'll be moving away from trading in $ to stick it to the man?;)

Yeah - I know regular $ isn't 100% clean. That used twenny bill in your wallet has probably been used to hoover coke off a cistern/hooker's butt at some point if you believe the stories about trace substances.

( incidentally the price of that book looks like it's been subject to some inflation)
 

Tricia

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Best article I have seen about crypto. It all true. Can you make money from crypto? Of course, but you need to know going in that its a pyramid / ponzi scheme. Early adopters got rich for sure. Even now, bitcoin still at $30k a pop. Should be $10k at most so its still overvalued IMHO (based on several factors).

Generally crypto creates problems trying to solve... what is it trying to solve? Maybe a moral stand against big banks and the banking industry? Its rebelish in nature.
So its like a digital version of Amway ;)
 

James

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Well possibly but not really as the fuzz are always playing catch up



Note the second article covers a hack kiddy who was caught with the massive heist of $100k
Currently there’s an issue dealing with the dozen seized Russian Oligarch yachts. Seems the proper maintenance on them is up to 10%/yr of the cost. That’s a lot of money on a $500+ million yacht.
 

Yo Momma

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Regardless of the intended purpose whether criminal or real, the SEC is taking crypto seriously as are many financial transaction brokers. There are financial firms that are hiring young Wharton grads specifically for the purpose of training their "older/more experienced" investors in the crypto mrkt. Again, they are not using their client's $$$, they are investing their own $$$ while learning the ecosystems and developing trends (currently in their infancy). If it's happening at Wharton and MIT (ALGO - Algorand) ... it's cutting edge and coming down the pipe.

The overall larger market will catch up, but that will take some time as the volatilities become more stabilized in part via regulatory integration.... :beercheer:
 

fatbob

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I don't doubt the big beasts in hedge funds and banks are playing with it - if they have the resources to get some alpha -faster,better algos or scale to move markets etc. All of which says it's even more of a game rigged against individuals.

I can see a point when it becomes necessary as a hedge within a portfolio against conventional currencies or commodities - arguably we are already there but there's still too much out there and too few hallmarks of quality.
 
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Uncle-A

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One way to look at crypto is as a disruptor, will it displace the US Dollar as a global currency? If it does become the global currency that it is trying to be who stands to gain and who will the losers be? There is a limited number of crypto coins, will more have to be created to cover the globe, that would devalue the existing. How does that work if every country uses crypto as their currency?
 

James

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When you’ve got many ads on tv and other platforms trying to get average joes into investing, it’s a sign they’re looking for suckers.
 

Yo Momma

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When you’ve got many ads on tv and other platforms trying to get average joes into investing, it’s a sign they’re looking for suckers.
Exactly... Which is why it is necessary to develop a strategy whereby more aggressive investments like crypto, serve a purpose w/in your portfolio. My purpose is education, so I limit my crypto allocations to a specific % of my portfolio. Sectors of the overall Market and credit cards have been rigged for years and looking for "Suckers". It's not just Crypto. Consumers have had to learn to use their credit cards, which were new at one time and looked at as unfavorable, as a financial tool. Not learning that lesson has cost consumers billions over time.

It will take time for this market to develop. Meanwhile the innovations keep coming. Crypto ecosystems continue to develop and point out the inherent weaknesses w/in our financial systems as we integrate on a more global scale. Realize that Banks want crypto just as much as criminals...they are just trying to figure out how to control it.

Wait did I say that?! ...... Banks and Criminals in the same sentence!?!?!? Glass Steagall 1999 anyone!? Hmmm.... :popcorn:
 
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Uncle-A

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Exactly... Which is why it is necessary to develop a strategy whereby more aggressive investments like crypto, serve a purpose w/in your portfolio. My purpose is education, so I limit my crypto allocations to a specific % of my portfolio. Sectors of the overall Market and credit cards have been rigged for years and looking for "Suckers". It's not just Crypto. Consumers have had to learn to use their credit cards, which were new at one time and looked at as unfavorable, as a financial tool. Not learning that lesson has cost consumers billions over time.

It will take time for this market to develop. Meanwhile the innovations keep coming. Crypto ecosystems continue to develop and point out the inherent weaknesses w/in our financial systems as we integrate on a more global scale. Realize that Banks want crypto just as much as criminals...they are just trying to figure out how to control it.

Wait did I say that?! ...... Banks and Criminals in the same sentence!?!?!? Glass Steagall 1999 anyone!? Hmmm.... :popcorn:
At least you didn't say Dodd/Frank Act
 

fatbob

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Credit cards/ consumer credit is however a very simple lesson to learn. Charles Dickens covered it in David Copperfield ( make sure to watch the Ianucci movie - fun rattle through). A lot of crypto has all the hallmarks of tulip bulbs.
 

Premier Skis

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What if everyone who bought using crypto also got an NFT of the ski? Could be a fun bonus.

Cyrus, I agree. Would you attach the serial number of the ski to whatever NFT you sold to the buyer to make it unique? I thought about accepting crypto for payments a couple of years ago but the platform I was using didn't really have a way to accept them. If things stabilize, I might revisit this at some point.
 

fatbob

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Hmm thread gone a bit quiet recently - where are the crypto bros right now with their meme stonks?
 

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