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(Benzinga)   In today's Crypto altered reality, Bitcoin and Ethereum tokens are referred to as "Blue Chip" investments   (benzinga.com) divider line
    More: Unlikely, Market capitalization, Shiba Inu, Memetics, meme coins, crypto market, Coin, Susan Blackmore, Binance BNB  
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280 clicks; posted to Business » on 09 Aug 2022 at 4:05 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



30 Comments     (+0 »)
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2022-08-09 4:12:33 PM  
What the author thinks blue chip investments are 

portfolio-adviser.comView Full Size
 
2022-08-09 4:13:32 PM  
That is the opposite of a blue chip.
 
2022-08-09 4:15:01 PM  
images.fineartamerica.comView Full Size


Blue chips of tasty, tasty lead paint...
 
2022-08-09 4:23:34 PM  
Po-tay-toe
 
2022-08-09 4:25:53 PM  
I have a whole sleeve of blue chips in my poker set.  Brb, buying a yacht.
 
2022-08-09 4:33:34 PM  
Fark user imageView Full Size


Buy Bitcoin! Benzinga!
 
2022-08-09 4:37:16 PM  
You'll be blue, all right.
 
2022-08-09 4:48:44 PM  
If bitcoin and etherium are blue chips, Russian Roulette should count as a prudent investment strategy.
 
2022-08-09 4:49:34 PM  
Other works by this author include "Guide to Extremely Stable African Currencies".
 
2022-08-09 4:49:55 PM  
Ah yes. Schrodinger's investment vehicle: It's an uncorrelated asset, an inflation-proof store of wealth; "digital gold" if you will, the best way to get rich quick, and usually pretty good for predicting where equities will be when the futures open on Sunday.

fark's sake, nobody preaches to me about how I'm wasting my life being gainfully employed before they go all-in on red.
 
2022-08-09 4:52:01 PM  
Oh, and it's so delightfully volatile. I've heard that one a lot alongside the "digital gold" nonsense. It's fascinating reading and hearing people talking out of five sides of their mouth at once.
 
2022-08-09 5:01:02 PM  
media.istockphoto.comView Full Size

You really should eat them today, they'll be stale if you wait too much longer.
 
2022-08-09 5:02:41 PM  
Backed by..... math, it's very complicated
 
2022-08-09 5:06:40 PM  
Doge coin is still up 400% from when I first heard of it.

I could have made, well, less than the stocks I invested in.
 
2022-08-09 5:19:10 PM  

SpecialSnowFlake: [images.fineartamerica.com image 324x216]

Blue chips of tasty, tasty lead paint...


Mmm, wall candy.
 
2022-08-09 5:19:13 PM  
Fark user imageView Full Size
 
2022-08-09 5:49:42 PM  
Eiffel 65 - Blue (Da Ba Dee) [Gabry Ponte Ice Pop Mix] (Original Video with subtitles)
Youtube 68ugkg9RePc
 
2022-08-09 5:49:53 PM  
It's blue chips for crypto, stop being so snarky.

I know I know "welcome to fark"
 
2022-08-09 5:53:17 PM  

Valter: That is the opposite of a blue chip.


Read a few sentences in.  TFA compares bitcoin and etherium, vs. coins explicitly designed as scams.  Not sure about etherium: legend has it that banks were behind it, so presumably it is some sort of long con.  Bitcoin appears to be an experiment that got out of hand.  So when you "divide by zero" in comparing junk "investments" to a scam, it is going to look like a blue chip.

So while a crypto "blue chip" means you will lose your money extremely quickly, these "other" cryptocoins will quickly lose all your money almost immediately.  And for all the gods' sakes, don't put your coins in an exchange.  If you can't  stick them on a USB stick like Satoshi Nakamoto intended, you have no business even thinking about crypto coins (if you can, lucky you.  Expect to get fleeced immediately.  And don't ask how much the transaction costs and delay will be to get out of bitcoin).

And remember the name "blue chip" *does* come from the poker chips of highest value (it is an old term, it was highest then).  So expect it to be used by those who see investing and casino play to be the same thing.  Also bitcoin was designed to be deflationary.  And while an inflationary currency is a useless investment, a deflationary currency is useless as a currency.  And the only reason to "invest" in a useless currency is the "greater idiot theory".  So not only are all cryptocoins scams until proven otherwise, even the ones that might not be outright scams (with plenty of people using them for all types of scams, so not to share the cut) are bubbles until proven  otherwise: buy and hold is an insane strategy for currencies.
 
2022-08-09 5:59:50 PM  
DON'T GET LEFT BEHIND: Discover which projects will have the brightest future in 2023 at the Future of Crypto by Benzinga conference on December 7, 2022 in New York City.
 
2022-08-09 6:43:28 PM  

Rapmaster2000: DON'T GET LEFT BEHIND: Discover which projects will have the brightest future in 2023 at the Future of Crypto by Benzinga conference on December 7, 2022 in New York City.


This, FFS.

Crypto ad is an ad for crypto & crypto conferences.
 
2022-08-09 6:59:46 PM  

GregInIndy: Rapmaster2000: DON'T GET LEFT BEHIND: Discover which projects will have the brightest future in 2023 at the Future of Crypto by Benzinga conference on December 7, 2022 in New York City.

This, FFS.

Crypto ad is an ad for crypto & crypto conferences.


Yo! its gonna be off the blockchain
 
2022-08-09 7:53:19 PM  

yet_another_wumpus: Valter: That is the opposite of a blue chip.

Read a few sentences in.  TFA compares bitcoin and etherium, vs. coins explicitly designed as scams.  Not sure about etherium: legend has it that banks were behind it, so presumably it is some sort of long con.  Bitcoin appears to be an experiment that got out of hand.  So when you "divide by zero" in comparing junk "investments" to a scam, it is going to look like a blue chip.

So while a crypto "blue chip" means you will lose your money extremely quickly, these "other" cryptocoins will quickly lose all your money almost immediately.  And for all the gods' sakes, don't put your coins in an exchange.  If you can't  stick them on a USB stick like Satoshi Nakamoto intended, you have no business even thinking about crypto coins (if you can, lucky you.  Expect to get fleeced immediately.  And don't ask how much the transaction costs and delay will be to get out of bitcoin).

And remember the name "blue chip" *does* come from the poker chips of highest value (it is an old term, it was highest then).  So expect it to be used by those who see investing and casino play to be the same thing.  Also bitcoin was designed to be deflationary.  And while an inflationary currency is a useless investment, a deflationary currency is useless as a currency.  And the only reason to "invest" in a useless currency is the "greater idiot theory".  So not only are all cryptocoins scams until proven otherwise, even the ones that might not be outright scams (with plenty of people using them for all types of scams, so not to share the cut) are bubbles until proven  otherwise: buy and hold is an insane strategy for currencies.

...So not only are all cryptocoins scams until proven otherwise...


Whenever People make statements like this, I feel compelled to ask what you would accept as proof?

I'm not saying this is true of you; but I find that time and time again, the actual answer is 'absolutely nothing could convince me, but I like to sound reasonable'.

BTC has been around since 2009. And it provides actual utility not found with traditional alternatives. I've been ordering drugs off the internet for years with BTC. It works. I'm not going to mail USD and I'm not going to use a credit card or a check.

There are like 35,000 BTC ATMs available in the US. Many thousands of businesses accept BTC. All sorts of big huge banks offer ways to purchase BTC - I can go Fidelity and buy a BTC ETF. The US government acknowledges it and has information for dealing with it: https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies

I don't particularly like BTC or crypto in general...but I am genuinely curious what 'proof' you would accept.

It's not like a Church, where no matter how popular or how successful it is, there is another external claim central to it (God). I could see how a person would call all Christian style churches a scam because they lack evidence of God.

But what claims does BTC make? It's open source. It does what it does and it does it openly. It can be used, and is used all over.

If asked in 2010, someone would have said something like, 'BTC is a scam! If it were real, I'd be able to buy it anywhere!'. Now I use it at The Depot andy grocery store can convert my loose change into BTC.

Certainty, people are committing scams with BTC. And certainty BTC is overused and over hyped. But it does do what it says it would do, mostly.
 
2022-08-09 9:05:22 PM  

Fark_Guy_Rob: If asked in 2010, someone would have said something like, 'BTC is a scam! If it were real, I'd be able to buy it anywhere!'. Now I use it at The Depot andy grocery store can convert my loose change into BTC.

Certainty, people are committing scams with BTC. And certainty BTC is overused and over hyped. But it does do what it says it would do, mostly.


The word "scam" is like the word "cocksucker". It is a word that is used as a pejorative, and probably shouldn't be.
There's nothing wrong with scams, if you can make some money off them.
Gambling, in essence, is a "scam" - but sometimes you win.
I've made money off scams - the "investment diamond" scam back in the late Seventies was one. As long as you get out in time, you're golden.
If I were 22, instead of 72, I'd have 10-15% of my portfolio in crypto.
There's still some money to be made on it, in my view.
At the same point, there is no way it would be a "blue chip investment" for me at this point in life.
 
2022-08-09 9:38:44 PM  
This is exactly why the SEC wants to wade into crypto with a two-handed sword.

All through this thread, you see words like investment, blue chip, portfolio, currency, exchange, etc. "It is the new finance."

These are being sold and justified as securities. They aren't. They are not managed, controlled, vetted, registered, or regulated.

But because they are SOLD THAT WAY, people are led to believe that they are controlled, managed, etc. That is deception. That is fraud. That is like a guy who puts a rock in a box and sells it on Ebay as a Playstation. Just because you can sell that rock to someone else does not make the fraud any less of a crime.

I have such mixed feelings about Black Rock. They are legitimizing a scam and they expect to make a lot of money off of it. And they might be the "buyer of last resort" that stabilizes the market. It stinks. I talk like a prude because I think people don't know what is going on.

No wait. I am a prude because people write every day about how they have lost their life savings and they don't know why. Those are destroyed lives. Maybe stupid lives, but your grandma's life is stupid, right? Doesn't mean that she deserves to be poor.

etc. I watch in horror as all this stuff happens all over again. Maybe part of the unpleasantness of being older is watching people fall for the same stupid crap all over again, distorting reality each time they do it. Keep it up idiots. Eventually we will all be riding bicycles while wearing space suits, sleeping in tents, and paying for stuff with bracelets.
 
2022-08-10 1:45:20 AM  

2fardownthread: This is exactly why the SEC wants to wade into crypto with a two-handed sword.

All through this thread, you see words like investment, blue chip, portfolio, currency, exchange, etc. "It is the new finance."

These are being sold and justified as securities. They aren't. They are not managed, controlled, vetted, registered, or regulated.

But because they are SOLD THAT WAY, people are led to believe that they are controlled, managed, etc. That is deception. That is fraud. That is like a guy who puts a rock in a box and sells it on Ebay as a Playstation. Just because you can sell that rock to someone else does not make the fraud any less of a crime.

I have such mixed feelings about Black Rock. They are legitimizing a scam and they expect to make a lot of money off of it. And they might be the "buyer of last resort" that stabilizes the market. It stinks. I talk like a prude because I think people don't know what is going on.

No wait. I am a prude because people write every day about how they have lost their life savings and they don't know why. Those are destroyed lives. Maybe stupid lives, but your grandma's life is stupid, right? Doesn't mean that she deserves to be poor.

etc. I watch in horror as all this stuff happens all over again. Maybe part of the unpleasantness of being older is watching people fall for the same stupid crap all over again, distorting reality each time they do it. Keep it up idiots. Eventually we will all be riding bicycles while wearing space suits, sleeping in tents, and paying for stuff with bracelets.


Black rock is not putting ANY of its money in Bitcoin. It's letting its customers put their money in Bitcoin.
 
2022-08-10 2:03:29 AM  
Fark user imageView Full Size
 
2022-08-10 9:52:51 AM  
Stop liking what I don't like. New thing is new and we should be afraid of it.
 
2022-08-10 12:31:36 PM  

spacechecker: Stop liking what I don't like. New thing is new and we should be afraid of it.


Then keep investing. It's the wave of the future, and you're the genius. Now go carpe the hell out of that diem and HODL.
 
2022-08-10 4:51:49 PM  
Coins have their own native blockchains.

that's why Ether and BTC are coins, not Tokens.


Tokens are 3rd party "coins" that run on someone else's blockchain.

most tokens use the Ethereum blockchain.  it is also the one with the highest number of developers working on it.   Hint

that is why Tokens are riskier.
 
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