The hilarity that is the Crypto.com payout

[GrantB13]

Woke up this morning to see that Bitcoin is down below $20,000. The first time in two years. Then I remembered the Crypto.com deal and the bonuses for 3 fighters each PPV.

Since April for UFC 273 BTC has fallen 50%. Khamzat got the 1st place prize of $30,000 which has now already depreciated in half over the course of only 3 months. Francis Ngannou reportedly got paid half of his $600,000 showing at UFC 270 paid in Bitcoin. If he kept all that in BTC to this day, just 5 months later, he would have turned $300,000 into $170,000.

So, how are all these athletes and organizations that tried jumping on the Bitcoin Bandwagon feeling right about now? I started dabbling after the new year this year with small numbers and I've been mining a very minimal amount which I'm considering just dropping all together. Bitcoin was sold to everyone by the yes men of crypto to be the solution against fiat currencies and hedge against inflation, the stock market, politics, and all that crap. The S&P is only down 25% while BTC is down 50%.

 

[R.N.J.]

Noob, btc and crypto will bounce back. Now is the time.

 

[Shaddows]

Like most things, it made a lot of people millionaires (if you bought it at the beginning).
Now it is much like a gamble. THose who can throw money at it , do.
but the vast majority would put in just a little bit, not make much of anything and leave, because they can't keep up with the fluctuations...

 

[Only Here for Attachments]

If these fighters aren’t blowing their bonuses on Empire Market and pre-paid scam cards, they’re doing it wrong

 

[Arrrrgh]

I mean your point would mean something if that price were locked in forever.

But bitcoin is a highly volatile currency asset that is rarely used as anything other than a speculative investment.
Which maybe that is your point, however your conclusions are wrong if so.

We are in a bear market.
Anyone selling any speculative long-term investments right now is an idiot or gambled with short term investments on volatility and lost.

Either way, the majority that are holding?
Their fine.

 

[STAY GOLD]

Not only does Sherdog have doctors, lawyers and engineers, but now it has financial experts in the field of cryptocurrencies too which is exactly what was needed.

 

[ClosetVitorFan]

It just dipped under 19k. Crypto has always been a ponzi scheme. That doesnt mean you cant make money with it. It's a gamble. Hence why the price fluctuates so rapidly. It could bounce back in a month, or be worth 8k. Who knows.

 

[LooyStLouis]

 

[Arrrrgh]

Not only does Sherdog have doctors, lawyers and engineers, but now it has financial experts in the field of cryptocurrencies, too which is exactly what was needed.

I know you're being sarcastic but you are literally correct.
The type of people that use this site are exactly what you just described.

I mean it's a bunch of old dudes on an internet message board site.

 

[GrantB13]

Not only does Sherdog have doctors, lawyers and engineers, but now it has financial experts in the field of cryptocurrencies, too which is exactly what was needed.

It takes all types to make the world go 'round, baby

 

[GrantB13]

I mean your point would mean something if that price were locked in forever.

But bitcoin is a highly volatile currency asset that is rarely used as anything other than a speculative investment.
Which maybe that is your point, however your conclusions are wrong if so.

We are in a bear market.
Anyone selling any speculative long-term investments right now is an idiot or gambled with short term investments on volatility and lost.

Either way, the majority that are holding?
Their fine.

For all we know it could be relatively locked in. Bitcoin exploded when everyone was getting into it and it crashed right after very heavily. The S&P has 65 years of consistent upwards direction with only a few major dips. BTC has already had 2 50% drops in a year and a half. Plus, crypto is based on literally nothing. Can't buy groceries with it, can't buy gas with it, can't pay your mortgage with it, can't pay your taxes with it (excluding all niche exceptions). I don't even know if it has potential in the future but if it does now definitely isn't the time.

 

[NoSmilez]

It will bounce back. I am going to buy some if it dips more.

 

[Arrrrgh]

It just dipped under 19k. Crypto has always been a ponzi scheme. That doesnt mean you cant make money with it. It's a gamble. Hence why the price fluctuates so rapidly. It could bounce back in a month, or be worth 8k. Who knows.

No more a ponzi scheme than any currency by those standards.

And arguably less so because it is self-regulated against inflation.
It's volatility is due to it being primarily used as a speculative investment at the moment (and perhaps that's all it ever will be as investors become educated on cryptos and look for more energy neutral options or other ways of repurposing blockchain such as ETH). But if it isn't regulated out of major markets from being used as a currency, my guess is the prices will stabilize the larger it is adopted for such use. Right now it's mostly just being used to hedge against other investments or to get around local currency exchange regulations (or just to gamble by investors as you described).

The big question long term is what happens to blockchain tech and mining in general once we achieve 120+ qubit quantum computers (which are on the horizon in the next 20-40 years reasonably). With the rate of bitcoin adoption as a currency I suspect you are probably correct in the long run that it will ultimately fall as it becomes techonologically obsolete. It will be something like the vhs and dvds bridging us from movie theaters to now streaming on mobile wherever we go.

Anyway, I do disagree that it is just a gamble though I think it's long term future (like all mediums of exchange in human history) is to be replaced or upgraded.

 

[Eric Silva 2.0]

Woke up this morning to see that Bitcoin is down below $20,000. The first time in two years. Then I remembered the Crypto.com deal and the bonuses for 3 fighters each PPV.

Since April for UFC 273 BTC has fallen 50%. Khamzat got the 1st place prize of $30,000 which has now already depreciated in half over the course of only 3 months. Francis Ngannou reportedly got paid half of his $600,000 showing at UFC 270 paid in Bitcoin. If he kept all that in BTC to this day, just 5 months later, he would have turned $300,000 into $170,000.

So, how are all these athletes and organizations that tried jumping on the Bitcoin Bandwagon feeling right about now? I started dabbling after the new year this year with small numbers and I've been mining a very minimal amount which I'm considering just dropping all together. Bitcoin was sold to everyone by the yes men of crypto to be the solution against fiat currencies and hedge against inflation, the stock market, politics, and all that crap. The S&P is only down 25% while BTC is down 50%.

"Bitcoin was sold to everyone by the yes men of crypto to be the solution against fiat currencies and hedge against inflation, the stock market, politics and all that crap. The S&P (500?) is only down 25% while BTC is down 50%.
You do realize that Moderna and Pfizer are members of the S&P500, right? So you are supporting companies that have a big hand in what's happened the past few years (maybe you agree with the behavior of these corporations?).

Would you like to compare the price of bitcoin since 2011 to the price of the s&p500, any fiat currency
Bitcoin price in 2011....~27 dollars
Bitcoin price in 2022.....~19 thousand dollars
Are you advocating for fiat currencies? Do you like the Venezuelan Bolivar, Argentina Peso or the currency of Zimbabwe? Before you talk about the U.S. Dollar I will tell you the dollar has lost 86% of it's value over the last 50 years. Bitcoin is a new money so it fluctuates a lot right now. What we know is that paper currency always move towards zero. I'm not sure what you are arguing for here?
https://finbold.com/real-value-of-one-u-s-dollar-decreases-by-86-in-the-last-50-years/

 

[PhilMcCavity]

These get rich quick schemes hardly ever work you spoiled lazy Americans. Go get a real job like the rest of us

 

[mmathurbator]

It just dipped under 19k. Crypto has always been a ponzi scheme. That doesnt mean you cant make money with it. It's a gamble. Hence why the price fluctuates so rapidly. It could bounce back in a month, or be worth 8k. Who knows.

no its not. you definitely do not understand how it works. it might appear that way to someone who doesnt understand it, because of the volatility, but its not the crypto that causes volatility, its the whales manipulating the market, along with the little guys doing dumb shit trying to get rich quick. Blockchain is a legitimate technology that makes perfect sense for decentralizing currency.

 

[Me Dicen El Chavo]

These get rich quick schemes hardly ever work you spoiled lazy Americans. Go get a real job like the rest of us

There are no real jobs in America

 

[Shidlord]

Not only does Sherdog have doctors, lawyers and engineers, but now it has financial experts in the field of cryptocurrencies, too which is exactly what was needed.

Indeed, and i am amongst that group and offer my services free of charge because sherbro's are alpha males

 

[kingofthecans]

I love it. Making your own currency is shit in the first place.
Hope it hits zero.

 

[mmathurbator]

"Bitcoin was sold to everyone by the yes men of crypto to be the solution against fiat currencies and hedge against inflation, the stock market, politics and all that crap. The S&P (500?) is only down 25% while BTC is down 50%.
You do realize that Moderna and Pfizer are members of the S&P500, right? So you are supporting companies that have a big hand in what's happened the past few years (maybe you agree with the behavior of these corporations?).

Would you like to compare the price of bitcoin since 2011 to the price of the s&p500, any fiat currency
Bitcoin price in 2011....~27 dollars
Bitcoin price in 2022.....~19 thousand dollars
Are you advocating for fiat currencies? Do you like the Venezuelan Bolivar, Argentina Peso or the currency of Zimbabwe? Before you talk about the U.S. Dollar I will tell you the dollar has lost 86% of it's value over the last 50 years. Bitcoin is a new money so it fluctuates a lot right now. What we know is that paper currency always move towards zero. I'm not sure what you are arguing for here?
https://finbold.com/real-value-of-one-u-s-dollar-decreases-by-86-in-the-last-50-years/

you're not sure what they're arguing because they arent sure either. they're an idiot. so many people are experts on shit they have no shred of a clue about.