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Wolf of Wall Street: few cryptocurrencies have real utility (notably NOT BTC)

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2 hours ago, bachmanity said:

why do we really care what Jordan Belfort has to say?

He was not an amazing technical trader or fundamental analyst. He was a scam artist and probably a great salesman (in the worst sense). His opinion really means nothing to me

He is a con artist which qualifies him to see and call bs on things that are/may be bs, which is what he is doing. Does he have a detailed understanding of bitcoin and all its investors? I don't think so. But he is right about the surge of retail investors being charmed into this space by price pumps that deflate the moment the pump is over which may actually be nothing more than a trigger by a few large investor groups to make more and more money. He is also spot on about scammers and about collusion among different stakeholders which will come tumbling down once there's decent regulatory oversight in this space - have we not been saying the same things about Tether, Bitfinex even Coinbase , whales manipulating this market in every which way they see fit for their benefit?

I don't know about the price crash he is predicting. I don't think it will happen because as long as Tether is printed and prices kept up, as long as legitimate investors are coming in to this space (institutional or retail) we will not see a crash in the way he is predicting. However, if for some reason somehow, Tether goes down or the collusion across parties is uncovered by a regulator in a major market like US or Europe, we will see a crash the likes of which we haven't seen so far.

 

 

 

 

 

 

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31 minutes ago, RippleRicky said:

Everyone on here hating on the guy because he was a sly trader and did wrong at one point. Everyone seems to forget he STILL knows trading inside and out more than any of us and has made MORE $ than any of us. Stop being ignorant people.

 

Exactly this guy knows about human behaviour when it comes to investing. He has manipulated this successfully for years on end, so if he sees scam/manipulation somewhere and wants to call it out, I say it is better to at least pay some attention to what he is saying.

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@crypto1337 Im not arguing or saying that he is a good person, im just saying that maybe people should at least take a listen from a guy who has made a boat load of money.

Not asking people to put there money into anything but to instead just listen.

 

Edited by RippleRicky

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2 hours ago, zerpdigger said:

Oh come on, you can equally say the very opposite. That he has a neutral perpective being outside the industry.

By what metric, what rational valuation?! That's not a use case. Not a dividend, not a stock, not a security, it's a waste of electrical, etc... so what is it?! No one can answer without "store of value, derp, derp". Can't be used to pay for anything. Too slow and unreliable to settle. Vulnerable to takeover. I mean frankly it's AWFUL! It's just a perfect organic pyramid scheme. Everything else is nonsense designed to convince people to pay higher prices.

The most sensible post I've seen in here this year!

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4 hours ago, panmores said:

Jordan Belfort, a.k.a. the “Wolf of Wall Street,” believes the demise of Bitcoin is imminent. Yet says there were a few cryptocurrencies that had real utility.

https://ethereumworldnews.com/bitcoin-will-soon-be-dead-says-wolf-of-wall-street/

Wonder what coin(s) he's talking about!

Who would give a crap what Jordan Belfort thinks???  Bitcoin has technical flaws says Jordan Belfort - as if he even understands it.  I'll make a video making fun of Jordan when I buy his old house on Long Island for 1 bitcoin.

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2 hours ago, LordVetinari said:

I'm just wondering why this was even posted in this section?

Please everyone, if it's not Ripple related it should probably be in ALT or some other category. 

The past few days really have been silly with all the, "Doesn't mention Ripple but what do you think?" 

I think it's a reasonable request from one user to others, please think about what you're posting and is it in the right section and category. 

He mentions Ripple, just not verbatim.

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27 minutes ago, Eric123 said:

Who would give a crap what Jordan Belfort thinks???  Bitcoin has technical flaws says Jordan Belfort - as if he even understands it.  I'll make a video making fun of Jordan when I buy his old house on Long Island for 1 bitcoin.

You think 1 bitcoin is going to be worth a few million?

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saw him on a panorama program on BBC earlier in the year & I was pleasantly surprised by the program not being total negative about the crypto industry but they did have the wolf of wallstreet giving his/this same it's a bubble negative argument, I know cause it's the kind of scam I used to do thing. So actually if he's sounding more positive now about some use cases then if anyone cared about his opinion then it's got a positive side too.

Was really sad to see when in a messed up way I expected more from him having enjoyed the film but reality kicked in & he just looked like an X junky mess which ok the film showed too, just easy to remember it more glamorously....

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4 hours ago, zerpdigger said:

Oh come on, you can equally say the very opposite. That he has a neutral perpective being outside the industry.

By what metric, what rational valuation?! That's not a use case. Not a dividend, not a stock, not a security, it's a waste of electrical, etc... so what is it?! No one can answer without "store of value, derp, derp". Can't be used to pay for anything. Too slow and unreliable to settle. Vulnerable to takeover. I mean frankly it's AWFUL! It's just a perfect organic pyramid scheme. Everything else is nonsense designed to convince people to pay higher prices.

There's a horde of people on Twitter - including Nathaniel Popper - that are now claiming Bitcoin is valuable because it is slow, wasteful, and inefficient. That, due to its inability to be used as an effective medium of exchange, people will merely hold it and not spend it, thereby driving up the value.

I wish the world made sense. My brain hurts. This is like saying gold has value because it is heavy.

What's even worse...they might be right.

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9 minutes ago, DanB said:

There's a horde of people on Twitter - including Nathaniel Popper - that are now claiming Bitcoin is valuable because it is slow, wasteful, and inefficient. That, due to its inability to be used as an effective medium of exchange, people will merely hold it and not spend it, thereby driving up the value.

I wish the world made sense. My brain hurts. This is like saying gold has value because it is heavy.

What's even worse...they might be right.

Just cause its the only use it has doesn't mean that's how it will be used...it was 1st , so it has the most capital (at present) and the big hodlers control the marketplace (for now)...it may end up being used as gold cause of the power of 1st mover advantage, but if the space really ends up becoming about utility, it should disappear over time...

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I remember this guy posting a video back in January downtalking crypto in general. Wonder what changed his mind?

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