[Samurai]

Bug Sends Crypto Worth $90 Million To Users, CEO Begs Them To Return It

https://www.ndtv.com/business/bug-se...urn-it-2563459

Code is Law? Someone have to tell them, code will always have bugs.

[m8002?]

El Salvador has made BitCoin an official currency. And as expected, its playing havoc with prices fluctuating every minute.

https://www.rediff.com/business/repo...s/20211006.htm

There have been riots and demonstrations against the new currency.

Most citizens don’t want to accept the crypto in normal transactions.

They are understandably wary of holding an asset, which often swings 10 per cent in value on an average day and 25-30 per cent on “swing sessions”.

[SmartCat]

Thanks to funding from private equity players, Indian cryptocurrency exchanges have started advertising even on mainstream TV channels:

[warrioraks]

Originally Posted by Samurai

Bug Sends Crypto Worth $90 Million To Users, CEO Begs Them To Return It

Code is Law? Someone have to tell them, code will always have bugs.

If code is law, then coders are the self-appointed lawmakers. Scary!

Originally Posted by SmartCat

Thanks to funding from private equity players, Indian cryptocurrency exchanges have started advertising even on mainstream TV channels:

Attachment 2220115

Full page ads in leading newspapers, dedicated sections on popular websites like Economic Times, and now this. Crypto is now definitely mainstream. I see a lot of pain ahead.

Scenario A: Crypto coins are accepted as currency of the future replacing Fiat - People like me who consider crypto to be a bubble will most probably be at the receiving end.

Scenario B: Cryptos turn out to be the scam of this century and value of these coins junk out - People who are investing today on the basis of so called growth cycles will suffer badly

Either ways, very less probability of this ending well for the civilisation.

[sunilch]

Hehe, just for some fun

https://www.youtube.com/watch?v=GUs5y9leCyA

[vamsi.kona]

Originally Posted by warrioraks

Scenario A: Crypto coins are accepted as currency of the future replacing Fiat - People like me who consider crypto to be a bubble will most probably be at the receiving end.

I don't think those who didn't put their money before hand in Crypto will be at the receiving end. As and when Crypto currencies replace Fiat currencies (Which I think will be those launched by Governments only)one can start using that as we use normal Fiat currencies.

Of course if we consider the gains others made by putting in their money in Crypto currencies then those who didn't will have lost on the gains but it has nothing to do with using a crypto as a currency.

[IamNikhil]

Coinswitch Kuber, the latest Indian crypto unicorn is going all out with brand publicity. The brand has sponsored "The Big Picture", a show hosted by Ranveer Singh on Colors Hindi TV Channel. Interestingly, the show version that is broadcast via OTT Platform VOOT has Coin DCX as a sponsor.

Interesting how two crypto platforms have sponsored the show on two different platforms, TV and OTT respectively. Surely these are big ticket spends.

[warrioraks]

Originally Posted by vamsi.kona

I don't think those who didn't put their money before hand in Crypto will be at the receiving end

Of course if we consider the gains others made by putting in their money in Crypto currencies then those who didn't will have lost on the gains

They will be at the receiving end because of the very reason mentioned in your post.

[sunilch]

Not directly related to any major Crypto currency in circulation (or rather publication ) but just some info to know:

Squid Game crypto token collapses in apparent scam : https://www.bbc.com/news/business-59129466

[AZT]

Is there any difference between the different exchanges in India. Want to open an account but can’t figure which one to go for.

[SmartCat]

Originally Posted by AZT

Is there any difference between the different exchanges in India. Want to open an account but can’t figure which one to go for.

For stocks and mutual funds, we have a regulator for investor protection. But even then, we see many accidents where investors lose money because of shenanigans of brokers.

But in the world of cryptos, not having a regulator is somehow supposed to be a good thing. So one has to be doubly sure before picking an exchange. Your best bet:

- Open and trade with multiple brokers
- Choose brokers backed by private equity. Hopefully big money would have done some due diligence on the promoter's background before pouring in their millions.

[AZT]

Originally Posted by SmartCat

- Choose brokers backed by private equity. Hopefully big money would have done some due diligence on the promoter's background before pouring in their millions.

Thanks. Seems Coinswitch Kuber and Coin DCX are both unicorns now after their last round of funding so will go for one of these.

[alpha1]

How do these cryptocurrency plan to remain functional perpetually?
I remember reading that each transaction in cryptocurrency requires extravagant computation whose complexity and power consumption only increases with time.

In such case, isn't it possible that we will run out of electricity and thus the computing resources to do any further transactions using cryptos - eventually bringing the entire system to a grinding halt?

[woodstock3001]

Originally Posted by Rehaan

There's a common belief in crypto, and it's shockingly true -- any time you screenshot your portfolio or tell someone how happy you are about it, that's when you should take some profits as there's probably a crash coming.

This is so true. I invested in Shihba Inu around Dusshera (20K INR to be specific) and made very handsome returns. (97K INR) in less than 15 days. Just when i told my BIL about it, Shihba Inu crashed & now I'm left with 55K INR. Even an 55K INR, I'm making good profit, but now I'm thinking of holding it for some more time.

An novice advice to everyone - Only invest small amount in Crypto, which even if you loose, you wont think while sleeping that day. Trust me, today even i feel i should have invested at-least an year back. To give you all a perspective, 20K INR invested in Shihba Inu on 2019 Dusshera would have been 17 CR 2020 Dusshera.

I'll not say do invest (yes it's close to gambling), but 20K INR to 17 CR tempted me. Read, think & think through before investing.

[msdivy]

Originally Posted by woodstock3001

This is so true. I invested in Shihba Inu around Dusshera (20K INR to be specific) and made very handsome returns. (97K INR) in less than 15 days.

Are you able to encash it? I mean are you able to sell it & get cash in your bank?

I'll not say do invest (yes it's close to gambling), but 20K INR to 17 CR tempted me. Read, think & think through before investing.

This sounds like 'Pyramid Scheme'. It will fail when it is unable to attract new investors to pay off earlier investors.