SOS and other crypto stocks
its a repeat of 2017
remember Long Island iced tea pivoted to the blockchain and then dissolved the company
there are plenty of stocks to make money from. for example, $Ucommune International(UK.US$ and $Edesa Biotech(EDSA.US$ and $Build-A-Bear Workshop(BBW.US$ are good plays. many more i wilp keep writing about
but tread with caution on companies that are allegedly getting into bitcoin mining.
avoid $SOS Ltd(SOS.US$ and $Lion Group(LGHL.US$ or $Sino-Global Shipping America Ltd(SINO.US$
sino is a shipping company and no effing idea why they need to mine crypto
for the same reason that $Tesla(TSLA.US$ is messing with crypto and buying 1.5 bill worth of BTC. Tesla is not making money on its cars. the core business is not super profitable. so Elon is effectively gambling with his cash. they are not a hedge fund. they make cars for Christ’s same. Same with $Block(SQ.US$
publicly traded companies using their cash to gamble on crypto is unholy
you know if it becomes widespread then the stock market will be pegged to bitcoin and we do not want this. the SEC is asleep
or maybe tbey are happy elon and co are gambling and not wisely buying gold or silver BECAUSE THAT WOULD CAUSE INFLATION
you know the banks are all short silver because it’s an inflation hedge
elon should have bought silver
anyway be careful with your money
march will be a rough month. trade wisely
remember Long Island iced tea pivoted to the blockchain and then dissolved the company
there are plenty of stocks to make money from. for example, $Ucommune International(UK.US$ and $Edesa Biotech(EDSA.US$ and $Build-A-Bear Workshop(BBW.US$ are good plays. many more i wilp keep writing about
but tread with caution on companies that are allegedly getting into bitcoin mining.
avoid $SOS Ltd(SOS.US$ and $Lion Group(LGHL.US$ or $Sino-Global Shipping America Ltd(SINO.US$
sino is a shipping company and no effing idea why they need to mine crypto
for the same reason that $Tesla(TSLA.US$ is messing with crypto and buying 1.5 bill worth of BTC. Tesla is not making money on its cars. the core business is not super profitable. so Elon is effectively gambling with his cash. they are not a hedge fund. they make cars for Christ’s same. Same with $Block(SQ.US$
publicly traded companies using their cash to gamble on crypto is unholy
you know if it becomes widespread then the stock market will be pegged to bitcoin and we do not want this. the SEC is asleep
or maybe tbey are happy elon and co are gambling and not wisely buying gold or silver BECAUSE THAT WOULD CAUSE INFLATION
you know the banks are all short silver because it’s an inflation hedge
elon should have bought silver
anyway be careful with your money
march will be a rough month. trade wisely
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AKMOON : I feel like you are the agency's trustee; you are actively promoting shorting
lin tanwei AKMOON : Report him
Mathew Midcap : crypto MINING set to become a relic. proof of stake is faster, cheaper, less prone to 51% attacks, etc
pos is the future of defi
fire bull l : Relatively speaking, some people believe Bitcoin is the future, while others believe in other digital currencies. beyond reproach
fire bull l : However, shorting agencies are really disgusting... I bought this stock at 6.9
70223652 : Shorting is scary
DisneyDad OP Mathew Midcap : Matt, explain more. Do you have any white paper sources about this?
Mathew Midcap DisneyDad OP : When I get time, I will gather up some info and put it together.
I fully believe in the future of cryptocurrency and decentralized finance, but bitcoin (in it's current state) is nothing more than a way to STORE value. Transactions are laughably expensive and slow. This is largely due to the way that PoW works (and how it gets worse and worse as the number of transactions increase)-- miners will only select blocks with the largest rewards to validate, so it becomes a bidding war of sorts.
And then you have crypto wallets that take fees on top of the transaction fees. In order to execute any transaction, you have to pay astronomically. The only thing that isn't expensive is your bitcoin just sitting there. You need a certain % gain from the value of bitcoin raising to conduct a transaction that isn't a loss. The more mainstream that Bitcoin becomes, the more this problem will compound.
And that's not even considering the fact of how much energy (computational and electricity) gets burned with the process of mining. I'd actually be interested to see if Bitcoin as a whole has been a net positive or negative (not including gains from speculation of course).
Proof of Stake doesn't rely on mining and doesn't require any expensive hardware or location-specific energy costs. Anyone can stake and become a validator, and reap the rewards (even if you don't have an ssd or much crypto to stake, there are pools). This further decentralizes the process of validating and ensures that as more users join, more users also become validators. In proof of Work, like Bitcoin, the miners/validators are quite concentrated and do not grow in parallel to the number of users.