Currently $200Billion transfers hands in a single day in the crypto world.
I have bought and played with Tokens and Coins. I mainly did it so that I don't get left out when my friends win the gamble (FOMO).
I normally put any extra cash I have into my offset account or Stockmarket, instead I sometimes put that it in the crypto.
I just want to understand the economics behind the 126million people who have bet money on Crypto. Where did you guys get the money to invest into Crypto?
People save or invest : Normally in savings accounts, real estate, stock market or gold. If the money flow in those investment is reduced, then we should see the prices of Stocks, Realestate or Gold become stagnant or grow slowly, right? But, it is not. They are also bought like hot cakes. So, where does this new stream of money coming from?
did you know that savers can become investors?
Savers are the most risk aversive people. Do you think they would invest in Crypto? I should have added that option as well.
@amazonaddict: you assume there are only 2 groups of people 100% savers and 100% investors, which is not the case. last year during the market crash there were lots of new people entering the market for the first time, do you think they were investors all along, just waiting for a perfect entry, or were they savers that decided to start investing?
This is an example of inflation and is a consequence of the huge quantitive easing or as us in the crypto world like to call it "money printing". As a response to the expected economic downturn, governemnets of the world printed money and issued it through very cheap loans via banks. Anyone in a position to take on debt (AKA rich people) borrowed at record low rates knowing that if their investment could do better than 0.5% which was the interest rate then they were ahead. all that extra cash got sucked up into the stock market and property which pumped all the asset prices.
In the persuit of even greater returns, investors turned to crypto.
Personally i work a side hustle and all the money earned from that goes into crypto. I have a raiz account that does automatic roundups and a weekly payment of $20 that goes up in addition to roundups.
I saw a post the other day where a 17 year old asked if he should accept a local loan sharks offer of a loan..to buy SHIB lmao
failure to pay back would be 2 broken knees.
Once I had a feeling that a lot of teenagers were behind this movement. But, $200B a day? Something else is happening.
It’s not a fresh $200bn every day
It might be $20bn 10 times
Or $2bn 100 times
You get my drift
yeah some one could buy and sell coins for $2bn 100 times. The actual money played could have been only $2bn.
"value" moves around fast across the blockchains
one guy alone was responsible for moving $2billion around a few days ago
https://www.theblockcrypto.com/post/122570/justin-sun-withdr…
visible here:
https://debank.com/profile/0x3ddfa8ec3052539b6c9549f12cea2c2…
these people don't simply buy and sell on retail exchanges
There are a lot of shitposts going on around here lately I've noticed such as the guy who had his dog's instagram account called out on a twitch stream. Happens a lot on reddit which is why I no longer read that crap, seems to be increasing over here now. What you described sounds like another shit post to me but if that kid is going to be that stupid, why not Yolo into Squid Coin!!!!
Forgot to mention it was on r/shib or shibarmy I forget which exactly
I parlayed it up from a small investment. Took what I would usually gamble at a casino over a weekend away and played crypto-roulette instead.
Played XRP when it was around $0.30. Would buy in under that price and sell when it got up to $0.35+. Rinse repeat.
Lots of capital gain/loss events for you then?
Based on the gamble threshold of an average ozbargainer, say you invested $100 over a 52 weeks. $5200 would return you $860 an year. Is it worth the risk?
xrp is the new stable coin lmao. been floating around .4-.5 for months
It's shit now. It's up to around $1.50. So to make the 10% gains I was making, it now needs to go up $0.15, and on a stable coin, it just isnt doing that at the moment.
At $0.30, 3~5 cent swings were easy to make. But while it is hovering around the $1.50 mark, I'm keeping my cash out until it falls again.
Lots of capital gain/loss events for you then?
No losses, only gains. Only sunk in about $500 and I am up to $1,300ish. I play it for fun, not for profit.
Is it worth the risk?
Lol… No. But is it fun to gamble, yep. Seen too many of my friends get decimated and paper hand it out of BTC when it went from $25,000ish down to $9,000. Lost houses, super funds. All their savings wiped out. Old gamblers rule: never bet more than 5% of your total bankroll in the one sitting.
Sometimes I feel like I control the whole crypto market. As soon as I put money in the prices go down, as soon as I take money out the price goes up.
I have had the same feeling with Stock market for a long time :D
The reverse Elon.
If only you could post a emoji after you bought a whole bunch of coins and have it pump.
The reverse Elon.
Yep that's exactly who I am haha
Let me know just before you decide to buy or sell!
If the crypto strategists get their way of 1% of people investments invested in crypto .
They will be able to keep the scheme going a little longer with the illusion of it holding value hehe :)
According to stats 116million people have put money into crypto. That is 1.2% of world's population. That is a massive clan.
I think Crypto is going to stay here for a while. Or someone needs to find a faster, cheaper block chain (Solana??) that actually challenges Visa. Then Governments will jump in and disperse them. Now Governments get a cut on $200 Billion everyday for a bogus threat.
Lots of ways to get free money;
- have job keeper as a company
- pay 10k to a certain party to get the million/billion dollar government contract as a company
Yeah, I also have a feeling that QE and Money printing caused this havoc.
I reckon conservatively that 95% will fail so good luck everybody choosing the winners .
Even though we know 2 that should survive :)
Well that's pretty easy because the top 100 coins is already 5%.
isnt crypto mostly from drug money?
And if it was?
maybe back in the silk road days. now it's mostly institutional money
Where would the institutions get their coke from then?
The reserve
Where do people find the money to/for :
bet on horses / sports bet / pokies?
Bookkeepers funneling money from MYOB and Xero?
Refinanced my house and put it all on doge bonk.
There is a guy called Dogecoin millionare who actually did that.
took out $20k super and put it all on ETH
Seriously? Why did you invest? Friends convinced you? You believed in the blockchain? You must have expected it to 50X. Did it?
when i bought ETH it was worth around ~400, now ETH today ~6300.
ETH is still undervalued.
Nice.
20k, you rich boi
$20,000 in ETH last year has today a market value of >$920,000.
and a CGT bill of ~$400k ;)
still.. you'd take that every day of the week if you had a crystal ball (or other significant balls at the time)
@SBOB: Hodlers don't pay capital tax. They use the assets to borrow.
Coinbase Users Can Borrow Up to $1M With Bitcoin as Collateral
The crypto exchange’s customers can obtain cash via their PayPal or bank accounts.
By Michael Bellusci
Nov 4, 2021 at 4:25 a.m.
Updated Nov 4, 2021 at 4:49 a.m.
https://www.coindesk.com/business/2021/11/03/coinbase-users-…
@SBOB: My crystal ball told me to buy TSLA last year at $100 and ETH at $120.
People that don't have crystal balls buy ETFs.
sadly not that high.
I didn't manage to buy when it was the lowest; i also pulled back $20k to repay my Super.
And cashed out some again when I hit $100k.
@dasher86: Making money is good but capital preservation is more important.
You managed to pull out before getting too greedy. That takes control. A lot of traders who got rekt in May 2021 are still suffering from PTSD. The fakeout at $64,000 was a freight train nobody saw coming.
Damn he can buy a whole a house! Unless he already has one….
@dasher86 Can you only do that if you have a SMSF?
Currently $200Billion transfers hands in a single day in the crypto world.
ah.. there is a hell of a lot of market wash trading and bots doing that volume
Its not $200 billion of people pressing buy/sell buttons and transferring into and out of fiat.
They don't. Crypto investors are liars. Everyone claims they have a few bitcoins worth $20k here or there.
Mine on a paper weight iPad that I can't power up :)
Thank you.
“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.” S. N
It’s just a slot machine.
That's a bit personal
For me, any cashback I get via Cashrewards and the like usually finds it’s way to becoming crypto.
Its only ever small amounts (usually when I have about $50 in one of them), but it accumulates and long term should continue to climb.
Bonus money on the bonus money!
When they are less than a dollar in 2013
Why does this poll not have "I toil in the mines" as an option?
3x old midrange gaming rigs that couldn't even mine ETH cause only shitty 4GB made enough (clear power costs) to get a new GPU in this cray cray market in 6mths
Yeah total small potatoes compared to all you rich (profanity) on here, but for me converting electricity/$ into more money at a 1:3 for RVN (on the 4G cards) or 1:6 for ETH rate is pretty alright in my books
Mine has all come from Return and Earn recycling.
Mine is not listed - my crypto money would usually be in my offset account and since interest is so low it wasn’t really helping me. I’ve now spilt my home loans to maximise what’s left in my offset account against one of the loans.
I guess DCA always work. Just put a bit aside into crypto if you can take the volatility. That said, i believe in it. But i hardly buy anything outside the Top 100 nowadays. May have missed a lot of moonshots but a lot of Defi i have invested in are complete failures. And freaking ETH gas fees is not helping. $70 to buy in $70 to buy out.
I don't understand. Are you assuming that people spend 100% of what they earn/receive? Can't crypto just be another place where people park/invest money they aren't spending?