monkeys beware, many coins are expected to drop to zero

Discussion in 'Financial Cents' started by sec_monkey, Feb 7, 2018.

  1. sec_monkey

    sec_monkey SM Security Administrator

    Get Ready for Most Cryptocurrencies to Hit Zero, Goldman Says [ bloomberg / Goldman Sachs ]

    Per the article a number of coins/tokens are expected to drop to $0 in value or near $0.

    editorial note they are not crypto nor currencies, yet folks insist on using that term :( :mad:
  2. 3M-TA3

    3M-TA3 Cold Wet Monkey Site Supporter++

    I've been expecting this, but not happy about it because of the folks I know who bought in during the craze. One time I wish I was wrong. When they get to less than a dollar I'll gamble a hunski, though I expect I'll lose that.
    AD1, Zimmy, UncleMorgan and 4 others like this.
  3. sec_monkey

    sec_monkey SM Security Administrator

    a bunch of folks lost a lot of real $ on em :( we tried to warn folks that this was bound to happen sooner or later ..

    aint happy that they are collapsing cuz real folks are gettin hurt :( :(
  4. ghrit

    ghrit Bad company Administrator Founding Member

    One must ask them why they would want to be the nail when the hammer is coming? Any "investment" opportunity is apt to draw speculators and that's fine as far as it goes. In a way, I also feel sorry for those that lose, and all we can do is hope they did NOT risk the ranch on magical paper and shiny bright none existent coinage.
    Last edited: Feb 7, 2018
    Zimmy, Seepalaces, 3M-TA3 and 2 others like this.
  5. Thunder5Ranch

    Thunder5Ranch Monkey+++

    Sadly I have a couple of friends in their 60s that did just that :(
  6. BTPost

    BTPost Stumpy Old Fart Snow Monkey Moderator

    CryptoCurrencies are a great Con, thought up by some Techies, to create their OWN Wealth... and now that folks have figured out how to crack/hack into exchanges, nothing is safe in that world... Like giving the Safe Cracker a room next to the Bank Vault, and all the time and tools to break in.....
  7. sec_monkey

    sec_monkey SM Security Administrator

    in some cases the Safe Crackers own the Bank Vault, they are the ones that created some of these coins, then the coins mysteriously disappeared from the Bank Vault ..
  8. Seawolf1090

    Seawolf1090 Retired Curmudgeonly IT Monkey Founding Member

    It's the Dot_Com bubble all over again. Instant millionaires will instantly lose it all.
    UncleMorgan and sec_monkey like this.
  9. duane

    duane Monkey+++

    I wish it was limited to cryptocurrencies , they advertise gold and silver clad commemorative coins on TV that many people buy expecting to pass them as real, the fake silver and gold from China, the gold futures backed by nothing on Wall Street, The 20 trillion debt threatening our Social Security, printing money with nothing to back it, peoples life savings, mine included, financing home mortgages for houses, cars, etc bank loans that most people will never be able to pay for, and on and on. If you don't own it free and clear and have it in your physical possession, you may not ever be able to keep it or use it. Even if you do, all over the world the real value of fiat money is determined every day. Who wants their next weeks pay to be the money from Venezuela? Hate to sound like a pessimist, but it may almost be time to circle the wagons. While 5 years of food, 50,000 rounds of ammo, living deep in a dead end canyon in Utah might be really nice, if you are living in LA, God forbid, and it hits the fan, you may thank God for a few cans of beans, 20 gallons of bottled water and 50 gallons in the water heater, and a good base ball bat. If you are hungry enough, have nothing to drink, and no real way to defend yourself, living one more day can be a huge accomplishment.
  10. Bishop

    Bishop Monkey+++

    It's like gold and silver it's only valuable because we think it's valuable same as the dollar or what ever currency that's being used I had a lot of silver and gold from metal detecting I sale it as soon as I can I feel the dollar is safer and a lot lighter
  11. duane

    duane Monkey+++

    Bishop, I was born 80 years ago to a couple that had no money, in a borrowed bed, and my dad traded a 100 ponds of meat for the Dr's care. I have had a good life, good wife, never been hungry or cold, except in the military, and have no regrets. I enjoy life today, have more things to do than I can finish, and thank the Lord for what I do have.
    redpoint, tacmotusn, Zimmy and 6 others like this.
  12. HK_User

    HK_User A Productive Monkey is a Happy Monkey

    I'm too busy to worry about Corrupt Coins, Crypt Coins or Crypto Coins.

    Folks need to get off their duff and research any risk.
    tacmotusn, Zimmy, oldman11 and 4 others like this.
  13. sec_monkey

    sec_monkey SM Security Administrator

    @HK_User yep ya nailed it. [winkthumb] [winkthumb] Some are Corrupt Coins or fake coins ..

    Crypt Coins or Crypto Coins they aint

    folks need to stop using those terms
    Zimmy, UncleMorgan and 3M-TA3 like this.
  14. ghrit

    ghrit Bad company Administrator Founding Member

    Why? Seems the latest lib fad is to misuse language, make a word mean something other than what it meant yesterday. Jeez, man, ya gotta keep up with the fads or you'll be labelled a dinosaur or worse. (Like me.)
  15. sec_monkey

    sec_monkey SM Security Administrator

    UncleMorgan likes this.
  16. RouteClearance

    RouteClearance Monkey+++

    I feel sorry for those that bought into this craze, heck, I was tempted a short while back to buy the equipment needed to mine the coins. In the end, I am using the money I had earmarked for the mining equipment to buy reloading components. In a recent entry of "What did you put away this week?",So what did you put away this week? Those two 8lb. jugs of Benchmark propellant cost me exactly $450 shipped to my front door. This was a product you just don't find at the few gun shops in my area, let alone any gun shows.

    It is so easy to get taken in by the aspects of these cyber currencies, the equipment needed to mine these so called coins are very expensive. There are a few places world wide that use multi-million dollar clustered systems to mine these coins. The odds of your $3000++ asics miner finding a coin or coins against these few super computers is astronomical, heck I would probaly say you have just as good odds of winning the Power Ball. Odds that are well against you.
    UncleMorgan and sec_monkey like this.
  17. Dont

    Dont Just another old gray Jarhead Monkey Site Supporter+++

    I would not invest in anything that doesn't have a physical presence. A store has inventory. A factory has buildings and machinery. Physical presence that may be auctioned off if they fail. That leaves demand for their product and debt to earnings to consider before investing your future in them. Just how I see investing, right , wrong, it's just how I understand it..
  18. sec_monkey

    sec_monkey SM Security Administrator


    there are few miners that are still profitable, perhaps as few as 3 or 4 well known ones.

    the fastest in the group recently sold for about $6,000 per unit sometimes with a PSU sometimes without a PSU

    at one point the PSU alone sold at as much as $600 per unit but has since dropped a bit

    at current prices, difficulty plus energy costs, it is estimated that it would take about 20 to 24 months to recover your investment assuming btc does not crash more than it already has
    UncleMorgan and RouteClearance like this.
  19. TnAndy

    TnAndy Senior Member Founding Member

    You've bought the banker's propaganda hook, line and sinker. That was the whole purpose of removing gold from circulation in that following generations would grow up ignorant.

    Let's say your grandpa put a $20 US gold coin in a jar in 1930 when it could be exchanged equally for a $20 paper bill, and today you got it out of the jar, you find it will exchange for around 60-70 $20 paper bills.

    Let's say your father stuck 1,000 silver dollars in a big jar in 1960,which he got by taking $1,000 in paper money to the bank and making the swap....and today you find that jar of 1,000 coins will bring $12,000 in paper money

    HOW the heck is paper money safe ? They quietly steal the value of it year by year WHILE IT IS IN YOUR POSSESSION ! Ain't that a neat trick ?

    Gold and silver are valuable because they are MONEY.....and have thousands of years of confirmation of that fact.
    One of the main things that define MONEY is that is be a store of value. Earn it when you are young and can work, save it for old age, and it will retain it's purchasing power.

    Paper is a currency.....not money. It is only valuable because the govt says it has value and forces you to use it.
    NO paper currency has ever lasted more than a century, much less a thousand years.
  20. 3M-TA3

    3M-TA3 Cold Wet Monkey Site Supporter++

    Bitcoin ain't the only money lookin' funny these days
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