Stonks! GBAtemp opens new 'Cryptocurrencies & Investment' subforum

notimp · Jan 31, 2021

The Real Jdbye said:
Agreed on the point about the energy usage thing - cryptocurrencies are starting to move away from proof of work (which uses raw computing power) to proof of stake (where you hold at least a minimum amount in a wallet and "stake" it to receive dividends), it's not as appealing as far as "get rich quick" schemes go though.

What, pyramid schemes not "get rich quick schemes" anymore, because they are less "quick"?

Proof of stake = if you buy in large, early - and keep on buying in - you win, if everyone else buys in at conditions getting worse and worse (because you bet on that crypto getting worth more and more over time).

At least with proof of work, you need people showing ingenuity to develop a thing (asic circuits), and then accumulate it fast, in regions where energy is cheap. No - no, thats too much 'randomness' lets build something where the people buying in large - early are the ones actually doing all the market making, and gaining all the gains by design!

Lets build a pyramid scheme, then retract rhetorically by telling everyone, no no - we've built in "barriers" to "scaling effects" (only the big ones make money, only the early ones get big) and - suddenly it doesnt become a get rich quick scheme?

Because its good for the planet? (At least people dont waste energy?)

Oh, if you are engaged in this, just be honest with yourself and do a Libra clone - where you have corporations being able to buy in early to get a seat at the decision table, then peg it to USD, because the FED says so.

Same difference.

HitchensRIP · Jan 31, 2021

Thanks for this
Apes together strong
I like this stock

Deleted User · Jan 31, 2021

The average user is 32 years old!? I don´t believe it!

smf · Jan 31, 2021

Dodain47 said:
The average user is 32 years old!? I don´t believe it!

too old or too young?

I personally have no idea what the average would be.

Deleted User · Jan 31, 2021

smf said:
too old or too young?

I personally have no idea what the average would be.

Too old. I think the average userbase is around 22-25 years old.

smf · Jan 31, 2021

Dodain47 said:
Too old. I think the average userbase is around 22-25 years old.

Is that because you're in that age group?

I do wonder what the average is for active users who post and inactive users who don't.

leon315 · Jan 31, 2021

APES TOGHTER STONK!

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matpower said:
BUY HIGH SELL LOW LET'S GO

WHY don't buy low and sell HIGH?

Xmortal · Jan 31, 2021

Costello said:
View attachment 244323

Whether you believe it or not, GBAtemp's population is mostly adult. Did you know the average age of our users is approximately 32 years?

I disagree Age Statistic not are trustworthy. Because some irresponsible parents can manipulate Children's age with change Children's birthyear.

Purple_Shyguy · Jan 31, 2021

Buy high sell low.

Invest in dogecoin

Deleted member 514389 · Jan 31, 2021

Oh how fast they grow up *sob*.

1B51004 · Jan 31, 2021

petition to name a bitcoin alternative "chicken stock"

kitchen basics original chicken stock.png

Golds · Jan 31, 2021

team AMC ftw! bought 18 at 9.80 last week, (td ameriatrade), closed 60% up limit sell set at 500per the reddit wall street bet group.
as an old member, this is not financial advice but buying and holding AMC on monday should see a huge rise, as short hedges expire.

TheZander · Jan 31, 2021

As a professional finance advisor I cannot wait to share my car knowledge and experience with my fellow members here. ZanderCorp USA enterprises is an exciting new business that I believe everyone here should be a part of from the start. Also ZanderCoin is going to be the biggest cryptocurrency in 2 to 3 years.

Hambrew · Feb 1, 2021

We need the kid hero that will lower the average age

SuzieJoeBob · Feb 1, 2021

Golds said:
team AMC ftw! bought 18 at 9.80 last week, (td ameriatrade), closed 60% up limit sell set at 500per the reddit wall street bet group.
as an old member, this is not financial advice but buying and holding AMC on monday should see a huge rise, as short hedges expire.

The only difference between Gamestop, AMC, and all the other meme stocks and a regular pump-and-dump scheme is that a hedge fund will lose money too, which will quickly be replaced by another one.

Obveron · Feb 1, 2021

WSB really stuck it to some Hedgefunds by squeezing GME short sellers and hopefully continue to do so. But I believe the future will be bleak for that sub-reddit as a means of communication between real retail traders. Unfortunately big money has noticed and the site will forever be rife with bots trying start unfounded pump and dumps. I really hope GBAtemp doesn't get that kind of attention and remains a gaming focused site.

IMHO mods of this new sub forum should be aggressively closing hype threads and accounts and keep the discussions to Due Diligence, QA about stocks, and general topical discussion. If they're not prepared to keep the hype down, expect a serious influx of new accounts created by big money for pump and dump.

In fact I think the sub forum should be limited to people with a post history on this site. If they want into the forum they will need to make many sensible on topic posts in other sub forums.

gnmmarechal · Feb 1, 2021

Oh, one thing I appreciate about WSB, half of the comments are "something something, ps: I'm a retard this is not financial advice"

Ev1l0rd · Feb 1, 2021

The Real Jdbye said:
Finance fraud, eh? What makes it different from what the whales do to stock prices every day? Look at GME for a prime example. Not only cryptocurrency is vulnerable to this, but it's especially vulnerable because *most* of them aren't backed by real monetary value. Still, there are companies/projects funded by cryptocurrency and token sales where the tokens act sort of like stocks and are actually dependant on the success of a company, much like actual stocks generally are. And there are a whole bunch of stablecoins that are backed by real physical monetary value (such as gold). One aiming to be more akin to stocks and the other aiming more to be like real currency. So far though the primary value in cryptocurrency is investing in it. The profits that can be made by investing at the right time are insane, and you don't have to be some genius to earn anything, after this long you start seeing patterns.

Actually, one of those token schemes is gonna backfire real soon. Tether has been pretty much revealed to be a complete fraud, with the people behind it claiming that it's backed by 1USD. Tether also iirc is what makes up 80% of the current amount of currencies in BTC. The problem being that Tether claims to have literally more dollars than there are stored in the banks of the country they're located in.

They're under investigation, but the reason it for now hasn't truly started imploding is because the Tether folks stalled it in legal battles for a bit. Once they get kicked out for being fraudsters, the Bitcoin price is likely to start collapsing until it is back at around 1k.

In other words, BTC is currently in a bubble that's gonna pop soon.

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The Real Jdbye said:
Finance fraud, eh? What makes it different from what the whales do to stock prices every day? Look at GME for a prime example. Not only cryptocurrency is vulnerable to this, but it's especially vulnerable because *most* of them aren't backed by real monetary value. Still, there are companies/projects funded by cryptocurrency and token sales where the tokens act sort of like stocks and are actually dependant on the success of a company, much like actual stocks generally are. And there are a whole bunch of stablecoins that are backed by real physical monetary value (such as gold). One aiming to be more akin to stocks and the other aiming more to be like real currency. So far though the primary value in cryptocurrency is investing in it. The profits that can be made by investing at the right time are insane, and you don't have to be some genius to earn anything, after this long you start seeing patterns.

You won't hear me disagree that there is a lot of fraud in the stock market that is improperly prosecuted. There has been a lot of lobbying to defang entities like the SEC to actually go after that stuff.

Agusto101 · Feb 1, 2021

Lol, nonsense.

Pacheko17 · Feb 3, 2021

SG854 said:
I'm a 60 years old Chinese Man

Interesting... Because years ago, I was Chinese.

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Controversial opinions guy.

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