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Under the Gun Podcast No. 104: Tuck's intro into Cryptocurrency

BartBart Posts: 5,972AdministratorLeadPro
This week Tuck gets a crash course in cryptocurrency from @DanFleyshman and breaks down a big call from @Thehammah in a 5/5 game.



  • johnpoker Posts: 30Subscriber
    Interesting show. What were the name of the 6 crypto currencies Dan invests in? Bitcoin, ethereum, ripple, stroraj, gent and ..........?
  • nofriends333 Posts: 883Troll
    The big question is there another Euthereum on the horizon opening at $12 or less?
  • Swatingskeeters Posts: 6SubscriberProfessional
    Was his 3rd favorite Sia coin? At about 1:33 into show
  • Swatingskeeters Posts: 6SubscriberProfessional
    I was trying to get correct spelling of 3 favorite coin.
  • FreeLunch Posts: 1,309Pro
    I take issue with a lot said about crypto on the episode so I'm diving in.

    FWIW-I'm a CFA with many decades of wall street experience prior to my life as a poker pro.

    My personal recommendations - stay away from all this and dont put more than a small amount of assets into crypto as they are very high risk

    Most of theses comments are based on what was said by Dan Fleyshman

    First - defining crypto as a better version of money is absurd, but that's the absurdity that much of the hype is based on. As a form of money, crypto is a much worse version and solves no problems with money that are not better solved other ways. To begin with - money is supposed to be stable. You dont want a hot dog to cost a lot more or less every day. The sheer volatility of crypto shows why its not even a currency at all but if it were a currency its clearly a bad one compared to cash. So are there tech benefits? Nope. The Visa network using "old" networking tech can process 50 million transactions a second. Bitcoin can do about seven transactions per second. What is better about such crap numbers? Crypto is not even valuable as a way to conceal transactions from the government as the government has clearly been able to trace crypto payments (based on public prosecutions). Transactions costs are also higher in crypto than other methods. But "smarter faster better"??? Thats silly - its slower, volatile, and the existing solutions work better.

    "If dropbox were a publicly traded company it would be a currency". Huh? That makes no sense using any normal definition of currency. I think this explains the whole confusion - an asset is not a currency. (Which by the way is why crypto is not regulated as currency in the US - its regulated as a security or futures contract.)

    Re the False "haven't scratched the surface at Starbucks argument". Apple and Google pay have spend millions marketing and developing their cell phone based payment systems and they work and are way more user friendly but only .5% of phone owners that install the software end up using it. There simply is no demand for those well marketed products and the argument that low utilization = potential is silly when it probably low utilization = no demand.

    Tuck - dont think of the currency as a company investment. You dont own anything when you buy a currency as opposed to buying a company. That seems to be a very weak argument to me. You dont invest in a company by buying their products - if that worked every Iphone owner would be wealthy.

    Risk - the government and the SEC- to say that shows lack of understanding of the current state of regulation. Crypto is subject to all existing law. Dan's argument that "there is nobody for them to takedown" makes no sense. There is no "Mr Cash" to takedown but the government has no problem dealing with cash based criminals and tax cheats. And again, based on existing prosecutions, the government has tools to track crypto transactions. Also - focusing on the SEC is a mistake - its the CFTC that is likely to be the primary regulator that affects cryptos . FWIF its already the law that US citizens have to declare foreign accounts, yet Dan thinks its insane that the government might enforce that law and uses the idea of having to disclose on a plane trip - but thats not where it will be enforced, it will be on your tax form. If you have coins in foreign wallets you should watch carefully if the IRS changes disclosure requirement

    A key thing to understand. The tech behind crypto is basically open source and free to all to use. Every big bank has looked into it and decided not to issue their own crypto of get behind any of the existing ones. I promise you - it the major banks saw any public demand they would have already rolled out products. If there is ever consumer demand the existing big banks will crush the old players. They will work with the regulators to increase regulatory costs and thus create barriers to entry and then replace all the existing products with their own tools.

  • TeamNOsleepTeamNOsleep Posts: 153Subscriber
    johnpoker said:
    Interesting show. What were the name of the 6 crypto currencies Dan invests in? Bitcoin, ethereum, ripple, stroraj, gent and ..........?
    ANY idea what the coin names he liked. ???now might be a time to but at a discount
  • Jesse_The_Suit Posts: 493SubscriberProfessional
    @freelunch I am tax attorney and I completely agree with everything Mr. Lunch said. Crypto is just a bubble, that's all. It's a technology that has some value, but it's actualll value is totally disconnected from the speculative frenzy surrounding all things "blockchain." Due to the wild price swings, it is possible to earn huge short term returns, but it's also possible to take huge losses (and that's not counting the legal risks associated with it). Crypto at best should be thought of as neutral to negative EV gambling. You know those suckers you pass at the table games on your way to the poker room? If you invest in crypto, you are that sucker.
  • TeamNOsleepTeamNOsleep Posts: 153Subscriber
    johnpoker said:
    Interesting show. What were the name of the 6 crypto currencies Dan invests in? Bitcoin, ethereum, ripple, stroraj, gent and ..........?
    were u able to buy any

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