Dogecoin etc

[Broccers]

Luckily I sold the last of my BTC and ETH at their peak last week and invested them in a 2011 Nissan Note

Now that would be an interesting comparison. Money made / lost in Turo v Crypto over the next 12 months. One requiring no input whatsoever or stress

[Gavster]

Luckily I sold the last of my BTC and ETH at their peak last week and invested them in a 2011 Nissan Note

Now that would be an interesting comparison. Money made / lost in Turo v Crypto over the next 12 months. One requiring no input whatsoever or stress

BTC on 7th April 2021 = $56,000
BTC on 7th April 2022 = $43,600

Therefore £12,000 invested into BTC one year ago would be worth £9345 today, which is a £2,655 loss, meaning that my £12k into Turo resulting in a ~£1k loss (TBC) was better performing than BTC, and it gave me a free BMW 4 series Gran Coupe for a year.

Have you ever tried driving a Bitcoin to the Lake District? BMWs are way better at that

[Broccers]

Luckily I sold the last of my BTC and ETH at their peak last week and invested them in a 2011 Nissan Note

Now that would be an interesting comparison. Money made / lost in Turo v Crypto over the next 12 months. One requiring no input whatsoever or stress

BTC on 7th April 2021 = $56,000
BTC on 7th April 2022 = $43,600

Therefore £12,000 invested into BTC one year ago would be worth £9345 today, which is a £2,655 loss, meaning that my £12k into Turo resulting in a ~£1k loss (TBC) was better performing than BTC, and it gave me a free BMW 4 series Gran Coupe for a year.

Have you ever tried driving a Bitcoin to the Lake District? BMWs are way better at that

Next 12 months?

I believe I would use my crypto profits to hire a car to drive to the lake district

[duncs500]

LOL When digital 'investments' go wrong.

[nuttinnew]

https://theconversation.com/impulsive-p ... asm-180782

[Sundayjumper]

It’s a great headline but that article seemed to suddenly stop just when it should have been digging a bit deeper.

[Beany]

Oof.

https://www.theregister.com/2022/04/18/ ... flash_loan

Literally hoist by their own petard (trading rules) - no laws broken in any meaningful sense, and arguably not even breach of contract.

Beanstalk Farms, a decentralized finance (DeFi) platform, said it lost all of its $180 million collateral over the weekend.

Someone managed to game Beanstalk by investing enough funds to gain control of the system and promptly drained its holdings.

Beanstalk works by letting people buy beans, which are pegged at about $1 each, and earn interest. Crucially, the system was designed so that its participants can vote on changes to the platform, with the strength of their vote determined by how invested they are in the platform.

Over the weekend, someone took out a brief but massive loan to acquire enough voting rights to make the necessary governance changes to siphon off all of Beanstalk's reserves.

[Sundayjumper]

...the strength of their vote determined by how invested they are in the platform.

Isn't that the total opposite of democracy and exactly what DeFi is meant to be fighting ? A system where the richest people have all the power ?

[Rich B]

Brilliant! It's like the perfect heist - impressive.

[Beany]

Don't actually add logic, you'll undermine the grift.

Or the opportunity for someone to get a massive loan, own the platform and suck all the 'money' out of it.

[Broccers]

The interesting part of that is the flash loan. How is it possible to borrow a billion dollars (no matter for how many seconds) with the loaner knowing who is borrowing it? Answers please as I would like to do this too

[Beany]

Flash loans are designed to come and go in one transaction as I understand it, and can be for silly amounts, and are often used for crypto arbi (as noted below, buy coins at a slightly lower price on one market/exchange, then sell them at a slightly higher price on a different market/exchange).

They've been used to fuck people over before.

This article is a good starter about them.

https://www.coindesk.com/learn/2021/02/ ... lash-loan/

Most of us are familiar with normal loans. A lender loans out money to a borrower to be eventually paid back in full. The lender receives a payout from the borrower for temporarily parting with its money.

Flash loans are similar, but they have the following unique properties:

Smart contracts: Flash loans use smart contracts, tools enabled by a blockchain that don't let funds change hands unless certain rules are met. In the case of a flash loan, the rule is that the borrower must pay back the loan before the transaction ends, otherwise the smart contract reverses the transaction – so it’s like the loan never happened in the first place.

Unsecured loan: Often lenders require borrowers to put up collateral to ensure that if the borrower can't pay back the loan the lender is still able to get their money back. But in an unsecured loan, no collateral is required. This lack of collateral doesn't mean the flash loan lender will not get its money back. It's just sent back in a different way. Instead of offering collateral, the borrower needs to pay back the money right away, which brings us to our next point.

Instant: Usually, obtaining and fulfilling a loan is a long process. If a borrower gets approved for a loan, he or she typically has to pay it back steadily over a period of months or years. A flash loan, however, is instantaneous. The smart contract for the loan must be fulfilled in the same transaction that it is lent out. This means the borrower has to call on other smart contracts to perform instant trades with the loaned capital before the transaction ends, which is usually a few seconds.

This type of loan can be useful in certain instances, such as for traders looking to quickly profit from arbitrage opportunities when two markets are pricing a cryptocurrency differently.

[Broccers]

Markets all sinking fast. How long before the world implodes? But in the UK we are more concerned about Rayner flashing her minge.

[Beany]

But in the UK we are more concerned about Rayner flashing her minge.

Christ any more dead cats on the table and they'll have to start referring to the house of commons as a fucking pet semetary.

[Gavster]

Who's crying and who's buying?

I'm crying because I thought that $39k BTCwas a good price a few weeks ago so put the money from my 4 series into it.

Big question is will there be a short retracement before continuing down into a crypto winter?

[Rich B]

Who's crying and who's buying?

I'm crying because I thought that $39k BTCwas a good price a few weeks ago so put the money from my 4 series into it.

Big question is will there be a short retracement before continuing down into a crypto winter?

that makes the money lost hiring to out seem fairly trivial!

[Gavster]

If I sold, then it would for sure.

[Brannen]

I'm glad I only gambled a small amount on crypto. £50 into Bitcoin and £62 into Ethereum (went to buy another coin but ended up moving that £12 to ETH). A few weeks ago I'd almost made it back up to my original investment, but that looks a long way off now.

My Bitcoin has gone down in value to £31.94 as of now. Ethereum is down to £40.07.

I bought what I own in December, so will keep it for a year and see where its at, but think it will probably be sold off to recover whatever is left over after the year. Was never intended to be a money making thing for me, just to see how it went. Turns out not great

Not sure if people have seen Coffeezilla on YouTube, but the more he reports on crypto scams, the more I think the whole thing is a pyramid scheme or "rug pulls". Early investors have probably done alright from some coins, but I just don't think it's worthwhile anymore.

[Sundayjumper]

Everything dropped at the end of last week, FTSE100 is down about 4% which is quite a lot for a "fairly stable" measure.

[Broccers]

Carnage in crypto land and shares.... well some of them. I bought some RR last week as they couldnt go any lower.... then promptly did