What's your crypto nightmare?

Ahnis_T said:

It's not my personal story, but if anyone has a few minutes I'll share this to spread awareness that even people who are (at least relatively smart) can be scammed by people looking to take advantage of vulnerabilities. I'll preface this by stating that I do not participate in mining pools myself, so pardon any potentially ignorant details.

A friend of mine who is pretty successful in an admirable industry recently got out of a long-term relationship and worked his way back to Tinder. He matched with a few girls, but there was one in particular that was really sweet and interesting, and she was into crypto of course. Over the course of a few weeks (this is important to note - WEEKS), she gained his trust to the point he at least listened to her talk about the different mining pools she was in and such. He suspected she might have been a scammer at one point, but she was able to provide proof to him that she was real - and she was gorgeous (videos holding a sign with his name as she audibly said it, full faced nudes with his name on her chest, etc), so he eventually grew to trust her.

He joined a mining pool she was in, and made some money. He continued investing, and got to a point to where she was loaning him fairly large amounts of money at low interest to reach reward thresholds, and then he'd pay her back once he got his rewards. This went on a few cycles until she and the pool disappeared when he was set to receive his biggest payout.

Thankfully my friend didn't have his life-savings tied into this, but he definitely will be spending some time licking his wounds as his broken-hearted cynicism grows. He's a smart guy, and he fully realizes now how foolish it was to participate in this, but he was purposely targeted for being recently single - desperation that a scamming team was ready to capitalize on.

Be smart, don't let your emotions cloud your judgement.

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Something quite similar happened to a friend recently also, dating app, then whatsapp then casually talking about Forex, in the end she asks you to sign up to a random broker that they own, in which you will be "earning" the first signals, then she will ask you to deposit a bit more, in the end when you try or ask for withdrawal is game over.

Axiom of investment -

As the number of layers of morons between you and your money INCREASES, the potential
of recovery of your principle DECREASES.

The coke heads on Wallstreet are real and if you trust them, you will get toasted.

Understand that cryptocurrency by itself, has ZERO VALUE

The only value that ANY cryptocurrency has is the service (utility) that it can provide

The problem with cryptocurrency, like all so called "finance products", is that it is controlled
and manipulated by those that have the largest amount of the "currency". It has been this way
since the day paper money was invented.

Another problem is that the crypto "currency" cannot be used to buy food or fuel or rent or gold,
it must be converted to government currency to be used and it can only be converted if someone else
decides to buy it from you. If there is no buyer (greater fool theory) then YOU are the greater fool
left holding the bag.

One value that cryptocurrency does have is that it can be used to GENERATE MORE CRYPTOCURRENCY.

Proof of Stake can be used to generate revenue (like ether after the upcoming "merge").

Buying mining machines can be used to generate revenue (Bitcoin only and NEVER do this unless the ROI is less than 1 year AND
ONLY BUY MACHINES DIRECT FROM THE MANUFACTURER. Do NOT do GPU mining. It will collapse after the Merge).

Becoming a validator on a chain like Solana can also generate revenue (that is a combination of proof of
stake plus buying server hardware and paying the expenses to run it)

Expect a VERY LARGE CRASH in cryptocurrency (as well as the whole market) in the near future. When Solana, Cardano and
Polka Dot decrease to nearly what they were around Oct 2020, then I will buy. Not until then. I like block chain, defi and maybe
gaming. Coins without utility I would never touch. I will buy Solana to become a validator. not for speculation

You should be 100% in Cash at this time.

That is not advice. That is common sense.

Sincerely,

The Eye

If USA makes it illegal, it will be the end of crypto. They cannot do this all of sudden as lot of their own citizens will face huge loss because of this.

disappeared as if it never exsited

rabel said:

Let's say USA announce some shit to block crypto, do you think USDT/USDC become nothing?

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All the coins will collapse with that announcement. Many millionaires will come on road.

To block crypto entirely they'd have to enact draconian measures. While they might try, I think this is unlikely.

However, if you're investing in projects that aren't considered "securities" you're even more protected. Like Pulse, PulseX, etc.

CBDC will absolutely be enacted, yet these will be used like a surveillance state, where every transaction you make will be recorded and watched. Who you send to, how much, what you purchase, etc.

I'd stay away from CBDC and focus on true decentralized finance which has no middle men.

rabel said:

Let's say USA announce some shit to block crypto, do you think USDT/USDC become nothing?

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Not only these two but other coins will also become useless. There is chance that USA may launch its own coin in future.

rabel said:

Let's say USA announce some shit to block crypto, do you think USDT/USDC become nothing?

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It is nothing. It has "value" compared to $, loosing value daily. They print usd and usdt on a scale

My crypto nightmare is elon musk tweet . I always think that he will tweet something and market will crash again .

Ahnis_T said:

It's not my personal story, but if anyone has a few minutes I'll share this to spread awareness that even people who are (at least relatively smart) can be scammed by people looking to take advantage of vulnerabilities. I'll preface this by stating that I do not participate in mining pools myself, so pardon any potentially ignorant details.

A friend of mine who is pretty successful in an admirable industry recently got out of a long-term relationship and worked his way back to Tinder. He matched with a few girls, but there was one in particular that was really sweet and interesting, and she was into crypto of course. Over the course of a few weeks (this is important to note - WEEKS), she gained his trust to the point he at least listened to her talk about the different mining pools she was in and such. He suspected she might have been a scammer at one point, but she was able to provide proof to him that she was real - and she was gorgeous (videos holding a sign with his name as she audibly said it, full faced nudes with his name on her chest, etc), so he eventually grew to trust her.

He joined a mining pool she was in, and made some money. He continued investing, and got to a point to where she was loaning him fairly large amounts of money at low interest to reach reward thresholds, and then he'd pay her back once he got his rewards. This went on a few cycles until she and the pool disappeared when he was set to receive his biggest payout.

Thankfully my friend didn't have his life-savings tied into this, but he definitely will be spending some time licking his wounds as his broken-hearted cynicism grows. He's a smart guy, and he fully realizes now how foolish it was to participate in this, but he was purposely targeted for being recently single - desperation that a scamming team was ready to capitalize on.

Be smart, don't let your emotions cloud your judgement.

Click to expand...

Lust and greed; everyone's weaknesses

Stablecoins being somehow manipulated and dropped in price (same story that happened with UST, but with USDT or USDC)
These things could kill crypocurrencies in matter of minutes

Raj Kesu said:

Saudi Arabia one fine day waking up to decide to sell oil for Chinese Yuan instead of US dollars, would see the US dollar going down to zero. ONLY then can USDT, USDC, etc go down to zero.

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If it happens, the whole world will be negatively affected.

Ahnis_T said:

One important note I neglected to mention initially is that my friend never met this girl in person, which is a red flag in itself.

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Simple rule, no deep sharing before anal. Weeds out the scammers

Mine is that my rich Nigerian uncle, whom I've never met, dies leaving me an inheritance of 10,000 BTC, but I never receive his lawyer's letter because it goes to spam.

And, thus my inheritance is lost forever.

Loosing it all.

My exchange getting hacked or them running away with my money.