OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
My guess would be no one knows or really cares. There’s so many “whale wallet” trackers out there and it usually amounts to nothing. A good example was the panic over Germany selling 50,000 btc this summer. Price was up 20% within a week of their sale.
From the new Sec of Treasury nominee (Scott Bessent):
"I have been excited about [Trump's] embrace of crypto and I think it fits very well with the Republican Party, the ethos of it. Crypto is about freedom and the crypto economy is here to stay," he said in an interview with Fox Business in July. "Crypto is bringing in young people, people who have not participated in markets."
What else can we hope for? :)
"I have been excited about [Trump's] embrace of crypto and I think it fits very well with the Republican Party, the ethos of it. Crypto is about freedom and the crypto economy is here to stay," he said in an interview with Fox Business in July. "Crypto is bringing in young people, people who have not participated in markets."
What else can we hope for? :)
Be careful with your words... that makes it sound like a Ponzi scheme
LOL - my son and his buddy bought some shitcoin tonight they got a tip on and in 3 hours it went up 7X. It’s a pump and dump casino world.
Still needs to have a widespread use case for it to have long term legs. otherwise it is just a collectible item.
There was a time when I could have mined bitcoin and said.. nah.. I joined one of those genome mapping projects instead using my GPUs and CPUs for that.
Then there were threads on this board talking about bitcoin and crypto and I said.. nah.. its all gonna be manipulated, crash, get hacked.. and though partially correct.. I was obviously wrong... so wrong.
Then there was advising someone many years ago not to take bitcoin for payment for a couple thousand dollar bill for his services. "Get the cash or check, you have no idea what that crypto stuff will be with in a month or year.. you have bills to pay".
FWIW, $2000 in bitcoin in 2014 is worth over half a million today.
Then there were threads on this board talking about bitcoin and crypto and I said.. nah.. its all gonna be manipulated, crash, get hacked.. and though partially correct.. I was obviously wrong... so wrong.
Then there was advising someone many years ago not to take bitcoin for payment for a couple thousand dollar bill for his services. "Get the cash or check, you have no idea what that crypto stuff will be with in a month or year.. you have bills to pay".
FWIW, $2000 in bitcoin in 2014 is worth over half a million today.
Exactly. I don’t blame people for not owning crypto, so much of it is ridiculous. I just laugh at the hate that it gets
I fully admit I was wrong because I was so wrapped up in blockchain and the tech. This is no different than when I used to buy penny stocks. The companies were worthless. Yet I bought them. I made lots of money most of the time. But this is so much bigger because even penny stocks are regulated. We are witnessing the greatest manipulated scam in history and now it has the support of our President. My 15 year old son made $700 last night in 3 hours on a shit-coin off a tip. Nobody even talks about blockchain and use cases anymore. Notice payment processors and credit companies haven’t flinched - they know this is a joke. My son is telling me to use Phantom Wallet because that’s what he is using - is Phantom legit?
You’re almost ready to see the forest though the trees. I’ve been pushing Solana on here for three years because of its speed and accessibility to build apps on. Gambling was one proposed use case. Three years later your son is gambling on Solana. Shitcoins are shitcoins, own the underlying asset has always been the move. Theres a million things being built on Solana. I’ve been using phantom for three years, best wallet there is, was #1 downloaded utility in all of apples App Store this week.
Saying no one cares about blockchain is saying the internet is useless because it’s just used for porn and gambling. You’re almost there.
ETA-
Solana Sees $173M Funding Surge In Q3 Amid Rising Institutional Interest From PayPal, Visa, Franklin Templeton
Solana's (CRYPTO: SOL) ecosystem showed notable financial and institutional growth in the year’s third quarter, securing $173 million in new funding across 29 projects despite a slowdown in the number of funding rounds, according to a new Messari report.
www.benzinga.com
I just meant that the BTC = blockchain pitch no longer means anything. Companies are building blockchain solutions for internal use cases and they don’t need BTC or mining nonsense. I’ll also add that BTC roping in the politicians helps reduce volatility because the whales that have been manipulating BTC for years wouldn’t dare pull the rug out now because you know if they screw Trump he will destroy them.
So, the crypto industry is now doing exactly what every other industry is doing? Good for them! Keep it up.
There is corruption in every part of society. Many of the biggest dirty players were rounded up in late 2022. I started rebuying BTC and ETH in early 2023 when Fidelity launched their crypto service. Good timing (mostly due to Fidelity, not me to be honest).
You’re confusing two things. Shitcoining is happening on Bitcoin. It’s rising for a completely different set of reasons. Eth was the shitcoin chain last cycle, now it’s Solana.
Why exactly does it need to be stopped? They’re simply pushing for regulatory clarity after years of government agencies making up rules, contradicting each other and bringing frivolous actions that courts have since thrown out.
Agree - although not sure corruption and crony capitalism is good for anyone - regardless if there is money to be made here that helps pay college tuition I’ll let someone else worry about it.
BTC…shitcoin…doesn’t even matter to me. It’s all just a money-making scam. Nobody is ever using BTC as a global currency. It’s another banana with duct tape. BTC could disappear tomorrow and other than people losing a fortune it would have zero impact on society or financial transactions. It’s nothing but computer code. Now, like I said, I’ve bought worthless penny stocks and made money. I plan to take the same approach with crypto now that the industry owns the regulators. That was eye-opening for me.
Where were you calling for this when they were choking out the industry needlessly? Read the contradictory rulings they’ve been putting out for years. That was the joke, you seemed to have missed it.
Are you saying BONK and WIF don't have long-term value? :)
Regulators, like everyone else, have no f’in clue what crypto really is. It’s absolutely brilliant. Like those crazy complex financial products in 2008 that experts had trouble unraveling - but even better. Just when I thought I knew something my son was telling me about Phantom and SOL and I was sitting there laughing that someone actually thought up all this nonsense and kids are making small fortunes.
You’ve had somsone telling you this here for three years 😂. Tell your son to rotate to large cap memecoins (bonk, wif and fwog) before the tik tok coin phase dies out.
If you had told me to stop worrying about the technology and use cases because it’s all a money-making scam like the boiler rooms and penny stocks only with no regulations - no joke I would have jumped onboard.
I wouldn’t have told you that, because it’s not. You’ll be using stable coins in your everyday life within 2-3 years. Like I said, there’s plenty of use cases. Gambling is a big one.
Use Stable-coins for what? Global payment providers, credit card companies, financial institutions, etc. are ripping higher with many at ATHs. That tells me crypto and stable-coins are no threat. Not to mention even with money pouring into crypto look at what gold has done for the past year. But none of this matters because crypto will be impossible to stop unless there is a catastrophic financial event.
Faster, cheaper settlement of payments.
What is PayPal USD (PYUSD)? | PayPal US
PayPal USD is a stablecoin that is fee-free and backed by US dollars, issued on Ethereum by Paxos and available to eligible US PayPal account holders.
what’s weird is they actually list this paragraph twice. When I use Venmo, Zelle, etc. I pay no fees. Why do I need PayPal USD especially when I have to pay fees to convert?Faster, cheaper settlement of payments.
What is PayPal USD (PYUSD)? | PayPal US
PayPal USD is a stablecoin that is fee-free and backed by US dollars, issued on Ethereum by Paxos and available to eligible US PayPal account holders.www.paypal.com
“There are no fees to buy, sell, hold, or send PayPal USD. There is a fee to convert between PYUSD and other cryptocurrencies. Network fees may apply when sending PYUSD to Ethereum or Solana wallet addresses. Please see our Cryptocurrency Fees and Pricing for more information.
Ask PayPal, visa and every other company developing this. You said none of them are paying attention to this, I show you they clearly are.
More about ts and cs:Faster, cheaper settlement of payments.
What is PayPal USD (PYUSD)? | PayPal US
PayPal USD is a stablecoin that is fee-free and backed by US dollars, issued on Ethereum by Paxos and available to eligible US PayPal account holders.
Buying or selling a cryptocurrency using your business account
There’s a fee for buying or selling Crypto Assets using your business account. The fee will vary based on the USD value of your Crypto Assets purchase or sale amount.The exchange rate you'll see before buying or selling Crypto Assets will also include a cryptocurrency conversion spread. There's no fee for holding Crypto Assets in your account.
Fee Table: Buying or selling a cryptocurrency using your business account
| Purchase or sale Amount | Fee |
|---|---|
| 1.00 - 4.99 USD | 0.49 USD |
| 5.00 - 24.99 USD | 0.99 USD |
| 25.00 - 74.99 USD | 1.99 USD |
| 75.00 - 200.00 USD | 2.49 USD |
| 200.01 - 1000.00 USD | 1.80% |
| 1000.01 USD + | 1.50% |
That’s what they’re charging, nothing to do with what it actually costs. A Solana transaction fee is $0.00015. It’s faster and cheaper, thus the reason traditional payment processors will adopt it and charge fees on top.
There's only 2.1 million bitcoin left to be mined/created of teh 21 million possible.
What the hell happens then? Tulipmania?
What the hell happens then? Tulipmania?
Miners will keep working for transaction fees. That’s already roughly 75% of their revenue
Well, the mining of the remaining 2.1 million BTC will take another 100+ years due to diminishing mining rewards. So, it will take quite a while to find out!
USD printing is the scam that’s why people invest in the first place. Why do people buy gold, rental properties, or stocks? It’s to preserve their wealth. Are those just money making scams? Or because they’ve been around longer, they’re good investments? Why would I invest in real estate when bitcoin brings better returns, less headaches, no government control, and I can bring it anywhere in the world? Plus I know there will never be more created vs the fact that there can always be more of everything else.
I think you’re wrong about long term of bitcoin. More people will continue to see that it’s the superior wealth preservation vehicle and you’ll see people only buying houses to live in rather than as an investment. It’s already happening actually. Global currency might not happen in our lifetimes but I think it’s a possibility someday.
I could be wrong also. 2025 could get wild for the crypto industry. Probably good to hedge both ways lol.
From the beginning of time, investing in real estate provides cash flow. Also, real estate, over time, appreciate with inflation. Bitcoin provides zero cash flow, and you only make money if someone wants to pay you more than you paid. I hate the asset class……
Do I own some, yes. I bought into an ETF in January and am up close to 100%. Why did I invest in something I don’t believe in? Well, I’m not investing in the asset, I am “betting” that there will be plenty of dopes after me willing to pay more. Where it ends, I have no idea. I will sell 1/2 soon and lock in my gains. I will hold on to the rest, in case the mania continues….. if my remaining amount goes to zero, I break even.
Outstanding post. Some folks just refuse to accept something new. Things change, people need to adapt or get left behind.
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