A lot of cryptocurrency deals and posts are being PUMPED lately and I believe these should be moderated by putting in its own FORUM section ala-Classifieds, where it can only be accessed by logged in members.
These "coins" are being posted with Get-Rich Quick testimonials and OzBargain as a community should be more responsible.
A WIKI will be most welcomed showing the good (possible increase value) and the bad (possible losses and ATO implications)
Covid has shown this to be not true.
Can't even get away from this rubbish in a crypto thread.
But why?
It is on-topic and in-context though.
The way that I've seen people behave in 2020, especially in USA is deeply concerning from: toilet paper fights, hoarding, thefts, narcissism, lying, conspiracies, not social distancing, not wearing masks, looting, rioting, assault, murder, and yelling/annoying other people who are following the rules and trying to help others (eg Ambos).
I mean these behaviours have always been around and will always be around. But with the covid happenings, everything has been dialled up to 11, and many people have shown their true colours. To the point, where I've gone from an optimistic outlook to a pessimistic one…. that perhaps society does need to be mothered / nanny state (otherwise education standards need to raised immensely).
@Kangal: It's not on topic. We aren't in the USA. Your reference to covid is in regard to people doing things that affect others, people choosing to buy crypto, whether informed or not, has no effect on others.
@brendanm: When you put it like that, yes, I agree.
Although I won't go as far as saying it doesn't affect other people, or that some of the stupid behaviours oversees didn't happen here to an extent.
I don't know, maybe instead of being stress-free in holiday season, instead I've been stressed out. As I said, pessimism.
@Kangal: You're being stressed out by being continually bombarded with covid doomsday stuff. You can't turn on the tv, open the paper, do anything at all, without hearing about it.
A WIKI will be most welcomed showing the good (possible increase value) and the bad (possible losses and ATO implications)
You can create your own page in the Wiki for this. Anyone can.
These "coins" are being posted with Get-Rich Quick testimonials
Any examples of this?
Read the comments in the deal posts and you'll see
Rather than me sorting through comments, it would be better if you would provide some examples, to see exactly what you are asserting.
I've read the comments in some deals and haven't found out what you meant.
Good luck with the suggestion.
There is a lot of emotion attached to crypto right now. Especially when you consider bitcoin is some smart person created piece of open source software that is limited to 21m coins and value is whatever people believe it is.
If you hold it forever you don't get a dividend (because it makes no profits) but capital appreciation based on the next person valuing it more than you do.
Listen to this pod cast from planet money
If you hold it forever you don't get a dividend (because it makes no profits) but capital appreciation based on the next person valuing it more than you do.
I just recently found out that BRK hasn't paid any divs in 53 years. There is no wonder the old dinosaur is so rich.
Do you mean ASX:BRK?
ASX:BRK was founded in 2004…
Confused…
BRK is the ticker code for Berkshire Hathaway Inc. If you bought one share in BRK.A in March when COVID hit, you'd be $120,000 USD richer right now.
I just recently found out that BRK hasn't paid any divs in 53 years. There is no wonder the old dinosaur is so rich.
If a company doesn't pay a dividend it still belongs to the shareholders. Therefore share price is actually reflective of the cash on hand. That is why owners equity = assets - liabilities.
With gold at least there is consumers who buy it for jewelry therefore it recovers the cost of production.
I haven't seen any deals that need moderating - the benefits come from the signup bonuses and are independent of the coin prices.
If anything, we should be sceptical of any deals and forum posts that use CAPS to make their point and don't provide any LINKS or EVIDENCE for their grievances.
So the money you deposit is free from fluctuations?
That's your argument?
It didn't take long for someone to call for censorship.
I'd tend to agree.
For me cryptocurrency is the same as gambling sign-up offers which are currently banned. Highly speculative, easy to make a lot of money, easy to lose a lot of money. Can lead to some problematic behaviours but not something that should be encouraged. Especially as it comes out that more people than I thought on here seem to have some dubious understanding of finance. It'd be easy for them to be drawn in by the idea of get rick quick type schemes.
Like I don't see how something like this:
https://www.ozbargain.com.au/node/595366
Is not very similar to many gambling websites sign up offers which require you to deposit money before receiving it (albeit they require you to play a certain amount of hands as well). People above suggest "benefits come from signup bonuses independent of coin prices" but that is a crock of lies. Can easily lose a lot of value over the space of a few days, much more than any sign-up bonus you'd receive. Even within that thread people are heavily downvoted for pointing out how the bonus is damn speculative, but they're completely right - the most stable cryptocurrency is Bitcoin… which has changed value by $10,000 per unit in the last week versus another 4 day period where it lost value by $2,000 in December. That's just ridiculous speculative gambling.
Well explained. Cheers
Drinking can lead to problems, yet alcohol is ok? Eating bad food can cause problems, yet fast food deals are ok?
I agree. Should be kept in a forum that is kinda hidden away from public view. It's gambling. People are gonna lose money because as this bubble grows instead of forming a new world currency it's going to burn a lot of innocent people when it pops for good. If OZB has no conscience about this kind of thing then it'll erode all of our trust in this site over time too. It's bad enough that the competitions forums take up as much space as the regular forums in the side bar, but at least competitions only ask for your personal information or asks you to become a shill. It doesn't suggest you should spend your life savings to enter them.
Downero could well be a crypto coin name.
I am filthy with the social media platforms selling ads to crypto scams like https://newsfacksmac.com/
That link is current, but the advert changes domains every week, presumably to stay ahead of ASIC and other authorities. It uses photos of rich people, news hosts and celebrities to spruce the scam. I hate it, because it has been running for over a year, so presumably they are taking vulnerable people’s money.
I’m not super fussed about people buying and selling coins. Yeah, it will end up like Dutch tulips, but we don’t ban tulips.
Disagree. Yes people can misuse it. But they can also misuse a lot of other things deals are published for (including excessive SHOPPING in general). Let's stop this nanny site mentality here. If people are really passionate about it they can vote/comment on the deal with their thoughts.
As with everything else, people should do their own research. There is no need to mother people.