[Kickdown]

Originally Posted by apachelongbow

It's bad manners I know, but I can't help laugh at the so called 'crypto gurus' now.

Big big words, bigger egos, talking to non investors as if they were dumb or stupid, acting as if every investor is soon to be a crypto millionaire and what not.

Crypto is nothing more than a mlm kind of scam, keep taking money, inflate coin values, some smart cookies make money and a majority are left with empty promises and heartburn.

You know its bad manners and yet you go ahead and type it. What would call yourself now?

I agree there were some idiots who made a good fortune out of sheer luck and considered themselves Crypto Gurus all of a sudden. But then, where don't you find such idiots today? Every field has its fair share of idiots and trust me I have had interactions with so called "Gurus" in different areas.

Out of FOMO, I too created an account on WazirX two years back but never got myself to invest any substantial amount because I never understood it. But that does not mean I would be a "Guru" myself and say its a scam or mlm equivalent. May be I am just dumb to not know enough of it.

I feel bad for gullible investors who rode the hype and invested in it. Lets not be vindictive and smug about it.

[SmartCat]

Originally Posted by ranjitnair77

What was especially terrible was the 'fixed deposit' angle that was peddled by crypto influencers. However pitching platforms that would stake your cryptos and offer 12% 'fixed' returns was very very insidious.

The phrase 'fixed deposit' with respect to cryptocurrencies is an Indian invention. I don't think crypto exchanges outside India not use the word 'fixed deposit' or 'term deposit'. They just call it 'staking rewards'. Eg:
https://www.coinbase.com/staking

Any responsible financial advisor would red-flag a claim that offered you 12% fixed returns when the banks offered you 5%.

This bit is fine though. One cannot link bank interest rates with staking rewards. Remember that you are being paid in extra coins, not rupees.
For eg: If you stake 100 doggie coin, you will get extra 3 to 12 extra coins end of the year, depending on the rewards scheme.

[AZT]

Warikoo put out the below statement on his Vauld video. He’s getting a lot of flak in the comments section. Says he’d put in 30 lakhs which is now worth 10 and all in Vauld.

[speedfreak01]

Originally Posted by AZT

Warikoo put out the below statement on his Vauld video. He’s getting a lot of flak in the comments section. Says he’d put in 30 lakhs which is now worth 10 and all in Vauld.

Not being judgemental here, but this dude has 30 L invested in crypto and maybe lakhs other in stocks, us stocks, sip’s, mf’s and yet drives a subscription based Nissan Magnite. Makes me wonder, are people really living the present moment or just endlessly saving and investing for godknows what day. Ofcourse, not everyone is into cars I know, but these finance influencers cut down their desires on a lot of other things. Just follow them for a few days and you will know the kind of frugal living they swear by.

PS - I am also a Vauld investor with only 3.75% of my current portfolio invested in crypto, so am not really feeling the pinch as others who are down by lakhs or half a crore.

[SmartCat]

Originally Posted by speedfreak01

Not being judgemental here, but this dude has 30 L invested in crypto and maybe lakhs other in stocks, us stocks, sip’s, mf’s and yet drives a subscription based Nissan Magnite. Makes me wonder, are people really living the present moment or just endlessly saving and investing for godknows what day. Ofcourse, not everyone is into cars I know, but these finance influencers cut down their desires on a lot of other things. Just follow them for a few days and you will know the kind of frugal living they swear by.

Ankur Warikoo is not an ordinary influencer though. He was/is a proper entrepreneur and has his own wikipedia page. Just Google his name.

And since Ankur Warikoo was the co-founder of gaadi.com, I'm pretty sure he is a car guy too.

[mayukh42]

Originally Posted by Kickdown

gullible investors

They are all adults. Nobody forced them to not do proper diligence. The target audience of crypto are not like the ones in chit fund scams. They have more access to internet and information and are in general less likely to get swayed by opinions, or so we'd assume.

Originally Posted by ranjitnair77

influenzas

Most apt description for youtubers and tiktokers (assuming it was not a spelling mistake). Seems a web cam, a mic, and a 20W bulb is all it takes to be a youtuber these days, sans any homework on the topic being presented.

[Kickdown]

Originally Posted by mayukh42

They are all adults. Nobody forced them to not do proper diligence. The target audience of crypto are not like the ones in chit fund scams. They have more access to internet and information and are in general less likely to get swayed by opinions, or so we'd assume.

Gullible does not necessarily mean children or teenagers. Even adult investors can be gullible.

And that's what I said, they got swayed by the hype that was created. Not just in India but around the world. Off-course they should have done the due diligence before putting in the money. No one is arguing that. All I say is, lets be a bit empathetic. Some people learn it the hard way. But who am I to tell. We live in a free world, to each his own.

Who knows, these gullible investors may still have the last laugh .

[Amey Kulkarni]

Some major good news finally in the Crypto space :

Celsius Network has completely paid off its entire bitcoin loan, dropping its liquidation price to $0. Celsius has been on a debt clearance spree as the crypto lending platform has been paying off millions against its bitcoin loan recently. The last payment before today’s payment was on July 5, when the firm paid off $40.8 million.

Source : https://watcher.guru/news/celsius-ne...n-price-hits-0

Cheers
Amey

[SmartCat]

Vauld CEO has sent another mail. Lots of blah blah there, but I think this bit is important:



Assets of $330 million and liabilities of $400 million. So one scenario we are looking at is 20% haircut for customers. Now that's assuming that assets figure ($330 million) is not inflated.

[locusjag]

Originally Posted by Kickdown

Gullible does not necessarily mean children or teenagers. Even adult investors can be gullible.
...
Who knows, these gullible investors may still have the last laugh .

As Nassim Nicholas Taleb says - if you populate a room full of monkeys with a typewriter each, there's a random chance one of them will churn out a literary masterpiece. The more the monkeys and typewriters, the likelier the probability of the said masterpiece getting churned out.

So yeah, purely by random chance, some of these gullible investors may yet strike it rich with one or the other kind of cryptocurrencies. Who knows?

[Gansan]

Originally Posted by SmartCat

Vauld CEO has sent another mail. Lots of blah blah there, but I think this bit is important:

Attachment 2332124

Assets of $330 million and liabilities of $400 million. So one scenario we are looking at is 20% haircut for customers. Now that's assuming that assets figure ($330 million) is not inflated.

In simple English it means "not enough fresh fools are turning up with money to enable us to sustain repayments to those who already invested". Just like any other MLM or chain scheme.

[Engine_Roars]

This is from Terms & Conditions of "Vauld". If you still go ahead & chose to invest money in this platform, I think that money was never yours. Easy money can never be the answer, never.

[Bhargav7]

Originally Posted by Amey Kulkarni

Some major good news finally in the Crypto space :

Celsius Network has completely paid off its entire bitcoin loan, dropping its liquidation price to $0. Celsius has been on a debt clearance spree as the crypto lending platform has been paying off millions against its bitcoin loan recently. The last payment before today’s payment was on July 5, when the firm paid off $40.8 million.

Source : https://watcher.guru/news/celsius-ne...n-price-hits-0

Cheers
Amey

And now, they filed for Chapter 11 bankruptcy. From what I understand, the customer deposits will be paid back last, if at all!

In hindsight, seems like Celsius was selling the customer's assets (bitcoins) in order to repay its loans. And pretty much all the popular crytpo twitter handles were praising how effectively Celsius were repaying loans to reduce their liquidation price . Quite crooked, in my opinion.

[Samurai]

Solana Cyberattack: Crypto users left stunned as $8 million stolen

https://www.indiatoday.in/cryptocurr...394-2022-08-03

I don't understand why they are stunned. This is a very well known risk with crypto, isn't it? You don't want pesky Banks to handle your money, so you take personal responsibility of your funds by storing it in crypto wallet. Very high risk, but a risk you accepted as price to avoid banks.

I had alluded to this 5 years ago when I first learned about crypto:

Originally Posted by Samurai

So this is like going back to using gold/silver as money. That means you are personally responsible for storing your money. You know what they say about taking out the middlemen, you have to do the job of the middlemen. If you store your cryptocurrency in your PC, and your hard drive dies, that money is gone. If your PC is hacked, or your online wallet is hacked, it is gone too. You can take printout of your money and store it physically, but if somebody snaps a pic of that sheet with their smartphone, it is gone again. Banks gave the physical safety for our money. Without the banks, we are responsible again for the physical safety. Cryptocurrency rich men can never leave home then.

[rkv_2401]

WazirX funds have been frozen by the ED in connection with money laundering by unauthorized, predatory loan fintech firms -(https://enforcementdirectorate.gov.i...20Exchange.pdf)

Binance, of course, washes it's hands clean by saying the same acquisition both companies have been promoting for 2-3 years now has never happened. (https://economictimes.indiatimes.com...w/93378257.cms)