OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
What’s the difference between that, gold and silver? People buy these when they lose faith in USD. Real estate is trending down against bitcoin, as is everything else. If you include cash flow it still doesn’t compare. Cash flow is great until something happens to your house. If you own bitcoin and you need money you just sell some bitcoin. Your appreciation is because of the USD scam. Your house isn’t worth more, the dollar is just worth less. In a bitcoin standard your house has actually lost money. It’s worth way less bitcoin than it used to be
Very reasonable take. I’ve read a lot that with increased regulation/adoption, you’re likely to see banks offer cash flow generating products with Bitcoin as the collateral.
And when you sell BTC the transaction is completed in a blink of an eye. Try that would a house!
Under the new administration and SEC, you know the ETH ETFs are going to start throwing off staking award dividends. BOOM! There is your cash flow.
There have already been bonds that are benchmarked vs ETH
You do realize that if and when the day comes that people truly “lose faith” in the USD not even BTC will save you/us. If it’s gradual it will be a slow painful financial reality that will change the American way of life. If it’s quick 2008 will look like a joke. The USD represents almost 60% of the value of foreign reserve holdings. The USD serving as world’s reserve currency gives the US a massive financial advantage we have enjoyed since WWII. When people start talking about BTC replacing the USD or becoming the world’s currency I have to kindly ask them to remove their tinfoil hats if they want to be taken seriously.
Smart money is not saying that it is a currency, nevermind it replacing any type of fiat. You have to view Bitcoin as a commodity and a store of value, not a a currency.
Agree - the narrative had to change because of the high concentration of ownership and lack of use cases. There are brilliant minds and crazy money behind BTC and crypto. What I also realize now that my son is educating me is this notion of lowering transaction fees is not really true. Once you start factoring in network and conversion fees it seems obvious they have simply pulled the old sleight of hand. A true decentralized network of the future should be self-sustaining and free for all especially with advances in AI. Now that would be truly revolutionary.
Quick drop in on use case. For the last 3 mos, I've been paying my Indian coder via btc. I strike to direct deposit him 1500 usd, which gets converted to rupees in real time for pennies. For almost 2 years he was paid via other services, upwork, PayPal, etc. He took home about 1100-1200 from that.
No. Just like Schwab or any other firm, you deposit cash in your (Coinbase for example) account and buy SOL. There is a fee/commission just like other firms.
Warren Buffett and I both avoid gold as well, for the same reason. But I “gambled” on a Bitcoin ETF to take advantage of what could be bigger upside in the near term.
Last edited:
Keep an eye on the ETH ETFs. With a new favorable regulatory environment post-election, these ETFs may start issuing staking rewards as dividends (which was originally postponed before Gary G blocked it).
Are there any payroll taxes you need to withhold, or provide a something like a 1099 at the end of the year if he is an independent contractor? I’m not sure of the tax laws in India.
Last edited:
Commodity? Not really… although widespread adoption has made it a “store of value” albeit a very volatile one. And the price is clearly being manipulated by the crypto billionaires. It is also being pushed by financial advisors who sell plenty of books to the very wealthy and the hopeful believers by comparing BTC to other forms of money throughout history…convincing even the stodgy among wealthy investors to allocate a percentage of their portfolio to BTC. Who needs to be clipping boring 5% treasury coupons when you can go to the moon!🚀 Food for thought…I wonder what the full liquidation value of BTC is?..that is what is the price if all BTC’s were to be sold at once in a sort of takeover bid by a single group of “investors?” BTC’s floor price remains zero while gold’s floor price is certainly well above zero at least until humans begin mining gold rich asteroids/planets or deep into the earth’s core.
Yup.
Not much of real logic behind their whining, just emotion and confusion.
Nope. Just hate to see naive people get crushed by manipulative billionaires by believing in things they don’t fully understand. There is certainly a ‘cross border transactions’ use case for BTC right now beyond just hoarding. At 100K per coin however, those with large unrealized gains will be incentivized to “change” their behavior…cough cough.
Billionaires across the world manipulate everything. D'uh. Just get on the right side of this and enjoy life.
What I’m really saying is if you’re willing to buy BTC at 100K then you should be willing to buy an AI stock like MSFT because your holding period is obviously several years anyway. Seems like AI full adoption/monetization will now take many years and be more of an evolution instead of a revolution but the fact that much of new coding for example can now be started by AI (with human edits made later) is exciting in and of itself.
Seems like some younger folks are all in on crypto stuff and are wasting their Robinhood accounts… where you can buy claims on real assets and profits.
I’ve also been using solana for 3 years but we also heard that ETH was the future of Web 3.0. NFT hype came and went. Eth has underperformed this cycle. I think on a 20 year time horizon blockchain is here to stay, but there will be a lot churn just like the dotcom boom. And we are kidding ourselves if we don’t admit most people are here to just make a buck.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'm curious what you're using solana for, NFTs, smart contracts or anything else?
FWIW, you have offered zero in terms of showing that you even understand crypto. But at the same time kudos to you because it sounds like you’ve made money on it, which is what I think is most important at this point - and the only reason I signed up for a Phantom Wallet yesterday.
True…so let’s just call a spade a spade. I’ve spent all of 24 hours messing around with my phantom wallet, shitcoins, etc. and what I think I now realize is crypto is basically the digital Fantasy Island Arcade (LBI) model with a few tweaks = but take USD to buy arcade credits to use on games that you hopefully win to accumulate points that you can use to buy prizes. Basically crypto in a nutshell. Fortunately for me I always crush it at FI every summer and pick up decent sports memorabilia.
I'm a crypto investor, not user. I know enough to understand its supply and demand, which is pretty much all that matters to me. Mo money, less problems! :)
So it sounds like your coder takes home $300-400 more. But why is that? Cross-border transaction fees? When I Venmo or PayPal folks that do work for me I don’t think they pay fees unless they get sucked into BS like instant fees.
I have a cell phone that runs on a crypto network. There’s a million uses, don’t be so narrow in your thinking just based off of what you use it for
Let’s be clear - you are not investing in crypto especially if your guiding principle is supply and demand. That’s gambling which is OK because I plan to do the same. If I threw $2K at the shitcoin my son bought I would have ended up with $14K in 3 hours. If I lost the $2K it would have been way less than what I lost on ZETA in 24 hours thanks to that BS short-seller nonsense.
I had some friends that hit big with the VeeFriends NFT craze. So I started poking around but was late to that craze. I had to laugh when people told me ETH was the future of payments, when you had to pay $100 in gas fees to complete a transaction. Really? So I poked around Solana NFTs because gas was basically 0. Solana was at least usable for a normal person- you could move money to wallets and buy NFTs and gas was basically nothing. So it was on my radar basically by accident.
Of course almost all NFTs went to 0 but Solana was on my radar. And things change fast, so this time it seems Solana is where more of the action is.
If it’s Helium I think that’s a super interesting use case based on user nodes but what I can’t figure out is the impact on the carriers, if any.
This is precisely why the whole decentralized no or low fee crypto stuff confused the hell out of me. I had people telling me the beauty of crypto is you don’t get F’d with transaction fees. Then you start looking at gas fees, network fees, conversion fees, etc. and it’s no wonder the legacy payment processors aren’t the least bit threatened as indicated by their stock prices and market caps.
Calm down. You are talking about one L1 with ETH. Practically all other L1s and ETH L2s cost a fraction of a fraction of a penny to use. Of all the L1s, I believe SUI is the best tech (which isn't surprising since the creators come from META).
Correct, Solana Saga running on helium. $600 phone currently with about $8k sitting in its wallet thanks the the bonk airdrop that came loaded on it. I have a helium miner that brings in a few bucks a month with it. Very interesting use case indeed.
Solana fees are a fraction of a penny. Every payment processor is working to get in on this. I look at the different networks like different adaptions of internet service, they are continually improving to get faster and cheaper. Solana next release has tested at 4-5x visa’s tps
I wasted a lot of cheap Solana on nft’s. Just holding the sol would have done me well, but though nft’s are dead, I more than made up for it with different airdrops for using various protocols. And by using the actual network I saw how well it’s positioned versus others.
Similar threads
Latest posts
-
-
-
Olympic Sports Rutgers Softball Returns with Youth Movement This Season
- Latest: MarkInCapeMay
