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hunter

(39,987 posts)

14. Did any cryptocoins actually change hands in this transaction?

Mon Sep 22, 2025, 03:31 PM

Sep 22

Or did Coinbase simply use dollars from another Coinbase user to pay for your lunch?

What you've got here is a bank that treats cryptocurrency as an asset based entirely upon *your* faith.

Personally, I don't have any faith in these magic numbers that are produced at great environmental cost in the cryptocurrency "mines."

The money I have in my credit union is anchored in home and automobile loans. I have faith that borrowers will repay these loans because they don't want to lose their homes or automobiles. I don't have any faith in these supposedly magic numbers that cryptocurrencies are based upon.

If cryptocurrency markets collapse of their own absurdity, or are banned by governments as a threat to the common good, I won't be sad.

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Highlight:

Cryptocurrencies Sink as $1.5 Billion in Bullish Bets Wiped Out [View all] BumRushDaShow Sep 22 OP

Ugh, this will ripple through the real markets... Hugin Sep 22 #1

Apparently selling and cashing in................ Lovie777 Sep 22 #2

The dollar lost a little ground today, but not much DFW Sep 22 #12

Crypto, especially with Trump and his buddies, is a huge Ponzi scheme. Lonestarblue Sep 22 #3

The only difference is that Ponzi schemes are based on actual money or goods. Martin68 Sep 22 #8

Only the beginning ... BlueWavePsych Sep 22 #4

Great cartoon ... it's a newer version of this one one FakeNoose Sep 22 #5

The lemmings were graphically portrayed in "Ghost Donald In The Sky" (One Fish Filet! Big Mac to Go!) DFW Sep 22 #13

Just a little fleecing of the sheep ? republianmushroom Sep 22 #6

They've been warned. I'd be more likely to invest in tulips than cryptocurrency. Martin68 Sep 22 #7

I never could figure out what purpose crypto served..... this has been my opinion of it all along also groundloop Sep 22 #9

Me too BonnieJW Sep 22 #11

As an investment, it's just a scam, pure and simple. Martin68 Sep 22 #15

I just used my Coinbase card to buy lunch at Wawa. RandiFan1290 Sep 22 #10

Did any cryptocoins actually change hands in this transaction? hunter Sep 22 #14

Yes, I used some of the Bitcoin I've bought over the past 10 years. RandiFan1290 Sep 23 #16