Why I'm bullish long term (been sitting in cash since BTC was 50k). Take profit next time and don't let yourself go down 50-70%+. FYI I don't care about the tech or digital gold or future of finance. Money $$$.

For now, we wait for a bottom. Remember alts can and will go down 90%+ from ATH.

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The way I think about it

There are three districts in crypto:

1. New York: the financial district
2. LA: the entertainment district
3. Las Vegas: the gambling district

(1) is obv necessary to run (2) & (3) plus a couple of use cases outside like remittance payments, hiding money from despots and buying pot where it's not legal, etc...

(2) are the sustainable NFT projects and the rails for blockchain gaming/metaverse applications that are mostly still in development

(3) you have the crypto casinos and shitcoins

In recessions, small time gambling typically does not decline. Desperate people gamble. It's not a happy thing, but it is a reality so in a recession (3) will probably stay strong. It also requires the least further development to realize. Minting ERC-20 shitcoins is easy. I could make one tonight if I wanted to.

The guy who made the comment that just got posted is GCR. He made nine figures trading crypto including $17m betting against Luna so he has a pretty good batting average at predicting things.

GCR also predicted that, while in the short term, crypto would remain a casino, that over a long period of time, it would eventually become a currency.

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Yes, I agree. This is how I described the next bull market to some friends 6 months ago. Crypto is the biggest casino in the world. It’s 24/7, high risk - high reward, and you have a say in the odds (dyor).
Tbh, events of last 24h may have impacted my personal appetite, but let’s see in a year. Till then, I ain’t touching 💩

Just make sure you put your quote source down so people can know where to find and read up on it.

Saying that, if you also know of him, he has said this will be a bear market of the ages. So buckle up.

The only reason this and all other speculative trash go up is because the money printer printed endlessly and people were just chasing beta. I was pretty adamant at the top last year and I’ll continue to be. Just wait when rates go low and money is printed and then go crazy on these vaporware.

You're saying you're in it to knowingly fleece addicts, the jobless, and desperate low-earners?

Christ some of you people are just awful.

True

I was thinking about setting up an Ethereum casino

Maybe I could program in a "problem gambler" detection system to boot people off who might be acting irresponsibly.

I don't know anything about AI though so I'd have to figure that out.

The reason why I would pick this application as opposed to others is that it's something I can start on my own without employees or start up capital and it works regardless the direction of venture funding.

Isn’t this an argument for energy stocks rather than BTC/crypto? The mob can be very fickle.

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