patrick.net

‘Prepare to lose all your money’ — regulator’s blunt warning on bitcoin and other cryptocurrencies

The U.K.’s financial regulator on Monday issued a very blunt warning about the rise of bitcoin and other cryptocurrencies.

The warning was prompted by firms “offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns,” the Financial Conduct Authority said.

The regulator said it had five concerns: Consumer protection, price volatility, product complexity, charges and fees, and marketing materials. “There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market,” the regulator said.

The market cap of bitcoin and other cryptocurrencies topped $1 trillion last week, according to CoinDesk. Bitcoin BTCUSD, -13.01% over the last 12 months has gained 330%.

Bitcoin, ethereum ETHUSD, -19.25% and other cryptocurrencies tumbled on Monday, with double-digit percentage declines.

WookieMan says

Eric Holder says

WookieMan says

Eric Holder says

Blue says

Bitcoin down to 35k at the movement,

Nooooooo!

Wait until is goes to $0 USD ;)

And then back up the truck? =))

Go big or go home. Back up one of these:



Could easily fit a couple hundred thousand flash drives in there for sure.

R u sure bigger ones are not available? Don't want to settle for inferior shit, you know....

Onvacation says

stick to real stuff

Absolutely! Thats the problem with matchbox cars and physical coins. They take up space, may collect dust and can easily be counterfeited. The Chinese can manufacture those things for a few pennies and you barely can tell a difference to what you think is the original.
With precious digital gold coins (Bitcoin) its different. There is no double-spending and counterfeiting with Bitcoin. Bitcoin is the real deal.

Eric Holder says

“There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market,”

Also known as the greater fool theory.

G36 says

They take up space, may collect dust and can easily be counterfeited.

Where as with Ethereum you literally have nothing to lose.

Onvacation says

with Ethereum you literally have nothing to lose.

Well, there is still some risk. No investment is a sure bet. But your upside potential with Ethereum is enormous! It think it will do great in 2021!
It was only 700 on Dec 28th. Its close to 1k as of now! Wow!

To summarize so far:
Bitcoin is a scam
It has no store of value.
It consumes all incoming money.
It requires an INCREDIBLE amount of power just to maintain it.
It is not used in transactions.
It is incredibly volatile.
The only way to get your money out is if someone else puts their money in.
It is used to collect ransom, launder money, pay off nefarious characters. (lol)

If you are in crypto in spite of knowing all of the above you are a gambler that doesn't care about the harm it causes to the environment and the rubes that think it is "digital gold". Or you are the rube.

Bitcoin is nothing other than a chain letter or pyramid scheme. It's based on thin air so don't be caught without a chair.

Bitcoin haters seem active today. Bitcoin Is up 100% since a month ago :)
We finally corrected today, which was very needed to push this bull market forward in a sustainable way! Its not healthy for Bitcoin to just go up in a straight line.
Smart money has made big investments in Digital Gold (Bitcoin) and retail is coming in hot! Check out those google Bitcoin search trends I have been talking about for a while now!
I am pretty sure the 2017 Bitcoin google trends will soon just be a blip on the chart.

Coinbase has over 35 million members. Recently it has been adding over 1 million new members per month. These are not sophisticated investors. The median account size is less than $1000.

While a drop from $40k to $35k per bitcoin is a "nothingburger" to a long term Holdr, for a Starbucks barrista, who cash advanced $4k to buy into Bitcoin at $40k on his credit card; the loss is staggering.

Of course the price could go up from here, Bubbles have a way of expanding far beyond what people think possible.

@Misc

That Starbucks barista made out like bandits if he invested left over money from his paycheck in Bitcoin in the recent years! Congrats to that guy!
Bitcoin is up over 12,000,000% over the past 10 years. Depending on when the barista got in, he might be rich!

Coinbase also offers services to institutions not just retail. Rumor has it, Coinbase facilitate the hundreds of million dollar purchase of Bitcoin by Michal Saylors Microstrategies!

Coinbase - for new users (That could be you Misc)
Coinbase Pro - for users like me
Coinbase Prime - Institutions
Coinbase OTC - big fish

G36 says

Smart money has made big investments in Digital Gold

Want to debate any of the points I made above?

Bitcoin is no longer "overbought" on the RSI. Corrections are healthy and needed to shake out weak hands. A lot of people must have panicked today. Why? Dont they know each dip is an opportunity to load up the truck? Just look at the data!

This chart says it all.

personal

I knew I had that coming, but my comment was funny as hell. Come on, Patrick...admit it.

So, with all those lost "coins" does it make the market cap go down, or the value of individual coins go up?

Trying to understand the concept of digital gold.

Onvacation says

So, with all those lost "coins" does it make the market cap go down, or the value of individual coins go up?

Trying to understand the concept of digital gold.

What part of "Big Daddy to the Moon!" don't you understand?

Eric Holder says

"Big Daddy to the Moon!"

Do you DENY the coming asymptote of riches?

Onvacation says

So, with all those lost "coins" does it make the market cap go down, or the value of individual coins go up?

Not expecting a cogent answer.

Onvacation says

Eric Holder says

"Big Daddy to the Moon!"

Do you DENY the coming asymptote of riches?

I wouldn't dare.

Smart choice! You dont want to short Bitcoin in a bull market :) 2021 will be fun (for BTC holders).
All you gotta do it focus on the big picture.

Is bitcoin gay?

Not that there is anything wrong with that.

Onvacation says

Is bitcoin

at 40k?

no, its still at 37k.

G36 says

at 40k?

no, its still at 37k.

Moon shot coming. Don't deny the asymptote!

Onvacation says

G36 says

at 40k?

no, its still at 37k.

Moon shot coming. Don't deny the asymptote!

Agreed! Dont short Bitcoin in a bull market! Dollar cost average and in the rare scenario of a dip....BUY!

G36 says

the rare scenario of a dip

Rare?

lol. And this isn't trolling? The typing contradiction continues as usual on a political and housing forum. Can't take the heat... says a lot.

Eric Holder says

WookieMan says

Bitcoin down to 35k at the movement,

And then back up the truck?
Go big or go home. Back up one of these:





@WookieMan,
I could not agree more. Jan 11th was a great opportunity to buy! In a bull market those opportunities are rare. Look how quickly the price recovered! Back up the truck on dips!

WookieMan says

And this isn't trolling?

I never claimed to not be a troll.

"It's all Bullshit. You just have to believe in your own bullshit".
Old saying that my brother or I made up, can't remember which.

I believe G thinks Bitcoin is "digital gold" I believe it is a scam. Bitcoin is highly volatile with 20% swings in single days. It's double fiat; once because it is valuable because SOME people think it is twice because it's value is based on the value of fiat money.

small correction,
G >knows< Bitcoin is digital gold.

G36 says

small correction,
G >knows< Bitcoin is digital gold.

Why?

Not expecting a cogent answer and please don't repost your silly chart.

Onvacation says

G36 says

small correction,
G >knows< Bitcoin is digital gold.

Why?

The traits of money show Bitcoin has many advantages over gold and FIAT.

G36 says

The traits of money show Bitcoin has many advantages over gold and FIAT.

This never ends. You use FIAT to buy gold or crypto. By default it is disadvantaged out the gate. If we ever enter a time where you need gold for goods and supplies or crypto to do the same, you've got bigger problems. Guns and ammo would have been the better investment.

@WookieMan
Thanks! Another good reason to buy crypto. You can buy a lot of ammo and guns with crypto gains. Just be prepared (to buy the dips) and buy ammo/guns when you take profits!
If you would keep your money in cash, you cant buy as much ammo and guns. cash doesn't appreciate 2x in 2 months :) My Bitcoin did!

G36 says

ou can buy a lot of ammo and guns with crypto gains.

You can also buy it with gains and income in tons of other areas. You don't know that though.

WookieMan says

G36 says

ou can buy a lot of ammo and guns with crypto gains.

buy it with gains

Absolutely @WookieMan
Bitcoin has been the absolute best performer by far. We agree.

G36 says

when you take profits!

Not counting paper gains, how much have you actually profited from bitcoin? Was it this or last year's taxable event?

@Onvacation,
I am up over 2x on Bitcoin alone (see my screenshots). In just 2-3Month! Once I start selling,I will make sure I brag about it.

Uh oh. Linking crypto to DOMESTIC TERRORISM.
https://news.yahoo.com/exclusive-large-bitcoin-payments-to-rightwing-activists-a-month-before-capitol-riot-linked-to-foreign-account-181954668.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr
You can see the writing on the wall.