blockchain is the only viable thing to come out of the crypto world..all about the technology not any of these currencies. It will be used for many purposes in the future.
OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
It's not at all. Look at all of the horseshit that has happened in the world in the last 2 years. The "new normal" is not normal. Many exchanges and tokens have essentially been hijacked by traditional finance. It's be a fn ruse to generate $$$. It's not hard to look at the boards of these blockchain companies and connect the very obvious dots. There's one fn thing that keeps churning along doing the exact same thing, day in, day out - Bitcoin. It mines blocks and validates transactions that it. Exchanges have leveraged the shit out of it, creating their own tokens, then using them as collateral. All the chirps about pyramids, ponzi's, etc... well its essentially true.
It's why I've been saying for over a year here. Not your keys, not your coins. Make your purchase and get them off the exchanges! They cant be leveraged, nothing. They're yours. Simple as that. That's the beauty of btc. That's the reason why I agree with Josh' sentiment on this.
I warned people back in May to get money off the exchanges. I had a hearty amt of btc I was staking on Gemini. Once the initial contagion started, the risk of losing that was not worth the 2% yield it was generating.
So yeah, this is pretty fn big validator of financial sovereignty and owning your own btc.
I got a good chuckle at Portnoy tweeting a question on whether his btc on FTX are lost forever.
Side note, saw this pass through my feed - Former FTX Employees Say That Sam Bankman-Fried is Missing and Most Likely on the Run: WSJ
and just like that, btc - 15.8k.
It took 10 years, but Feds say they've seized 50,000 stolen Bitcoin—hidden in a popcorn tin
It's the second-largest ever seizure of cryptocurrency by law enforcement officials.
I saw a rumor that El Salvador may have been holding its BTC on FTX. Regardless, El Salvador’s holdings are down 60%. As you guessed, I’m still not a believer in crypto because there are still no mainstream commercial applications. And aside from this FTX fiasco it seems to get less and less press as time goes on.
Highly doubt they would be holding it on an american based exchange.
The amount of people with access to purchase btc via traditional channels has never been higher. The next leg up is going to happen and happen fast when it occurs. And when a spot ETF gets approved that will expedite that even further. Not saying any of that happens in the near term, but I remain firm in my belief that we'll be staring at 1mm coin by decades end.
No trusted exchanges
No mainstream BTC use cases
No stability
No meaningful regulation
No advocates (that anyone takes seriously)
…at this point, I’m even more convinced BTC and the coin world is destined to fail, leaving behind blockchain and NFTs. If the crypto world continues to crumble I will consider loading up on gold.
$1550 Au is in range and a good price-point on a dip -though premiums are silly high these days - and there was a bust-out this week on deep recession fears - the mid-term outlook is still mixed depending on dollar strength...
Yeah, but with all due respect, while both of our views have never changed, the landscape certainly has. Predictions for BTC $100K and the crypto revolution/hype are on a steep downslide just as I predicted. I wouldn’t be surprised if BTC is under $5K in the next 6 months. All of the negative media attention, lack of mainstream use, and mounting losses with investors spell doom. Plus, the SEC will start cracking down leading to even more trouble. Now, with that said, my investment portfolio of legit companies has taken a beating to so I’m no pretending that buying stocks aren’t a gamble either.
Usage at pos is up
Sec reg is good thing and opens investment dollars
No dog in this fight but its far from over. Same arguments about internet. Crypto has a place
I don’t understand how BTC has any chance at meaningfully cracking POS until price stabilization occurs. One day my BTC is worth $20K…next day $18K…six months ago it was like $60K…it will never work this way.
All I know- lots of very rich people are rich because they sold at the right time and a lot of people who got very rich are no longer so because they believed in the 100k price.
My views have 100% evolved. I've openly admitted I drank the 100k hopium. I've purchased btc from 6/7k up to 65k. The reality is there's a lot of noise... more like a ton of noise in the space. I chose a kool aid of an echo chamber pushing that 100k narrative. Lesson learned. Thankfully I was never over extended.
Yes it spells doom. Doom for unregulated exchanges. Doom for tokens and shit coins. This is a net positive for bitcoin. I highly doubt there will be another "altcoin season"
And yes stocks are just as much of a gamble. What's to stop company X from diluting their shares more? Same with cash. print print print. What affect does that have on other countries currencies?
I go right back to the fact that you simply can no longer trust a custodian. Banks can lock you out of your account, govts can seize assets. It's happened globally. And if anything the last 2+ years has taught us is nothing is unexpected anymore.
Bitcoin is a long term store of value. Lightning will enable people to move wallets and instantly remit money. I'm not going to keep bashing my head against the wall saying the same things to you again and again. The reality is either you think all is fine in the world or you don't. I do not like where we are headed and will continue to self custody bitcoin.
100% accurate
It is just my simplified view as I never even dipped my toes but came close a number of times.
I was working at a small private cloud provider back in 2018. They had a ton of unused computing power so they got into mining and asked employees if they each wanted to invest 20k in it. I want to say it was pretty much right after the first rush. They had stated this just before I got there so maybe it was 2017 or so. Right after 6-7 employees invested and they got started, I think it turn a huge drop down into the 12k range- almost everyone bought out at a loss and of course, they did so about 6 months before the huge gains.
And then I had thought about starting to invest a couple of years ago to put away for my granddaughter but hesitated and never did so. And glad I didn't do at the time. It was just about at the peak at that time.
But I can see what you are saying- once the currency stabilizes and is sitting with normal gains and losses, it becomes a little bit of a safe haven again for your money.
See, this is where you lose me completely. Despite the fact that many of us hate bankers and aspects of the traditional finance system, I’ve never once lost a nights sleep knowing that my entire life savings is parked with a bank, investment institution, etc. Between all the regulations and FDIC insurance, there is little to no custodial risk in the US banking system. Now, if you go down the Madoff road that’s a diff story but I’m talking more like Fidelity and Citibank.
anyone have a good texting service or app that can alert you of a certain BTC price-point - without sending you a lot of shittxts spam?
I still have lot of questions...but would have bought a bit more at 15.5....
I still have lot of questions...but would have bought a bit more at 15.5....
He did mention those that may have reason to lose sleep. Gov able to freeze and or take your money
Sequoia Capital marks down its FTX investment to $0
"Based on our current understanding, we are marking our investment down to $0," venture capital firm Sequoia Capital announced Wednesday.
CoinMarketCap allows you to set a price and will send you an alert when it hits. I find them to be a little off in pricing of altcoins, but they seem to be good for the bigger ones.
Or gov't seizing my assets. Now if I were a drug lord or a mafia boss? Then I might be a little concerned.
Well if that’s the concern then it would support the negative association that BTC has with criminal enterprises and fraud. Sure, if I’m a crook BTC and crypto is great! But as a law abiding citizen I’ll stick with Chase and Fidelity.
Related side note, my brother is an Advisor at Fidelity. He's been in crytpo training for the last few weeks, they now offer commission free crypto trading.
Fidelity has to take steps towards crypto in case adoption accelerates or as client-needs dictate.
Directly, just btc and eth I believe. Not sure of the hours, would assume 24
cool... as we've recently gotten a little taste of... ETFs on coinz that really only trade 930-4 can leave you holding the bag in a micro-second market...
I'm going to be aggressive and attempt to reply to a bunch in one post....
This happened on ETH a few mos ago when anyone who put ETH tokens into that swap token protocol had their accounts locked on major exchanges and wallets.
So again, while the risk is not tremendous, it is there. And if you're not spooked by the surveillance state of our govt, you really should be. Not a criminal, but the notion of privacy is 100% dead.
I dont know the bottom. A recession is going to drive a run on cash, so I could easily see the price in the 10-12k range if the recession is as bad as what is presently being thrown around.
And the use case is a long term store of value in that one btc equals one btc. It cannot be inflated or manipulated. It's a long game.
The real use case is run through lightning, a layer two protocol built on the bitcoin network. You will be able to send money globally for near zero fee, with instant remittance and in whatever currency you desire. Same holds true for merchants. How many here use their phone as a payment method at retail. Retail will be able to accept dollars in real time minus a transaction fee and 2.9% or whatever their CC machine charges. In time you will see Apple Pay and Google pay plug into the network
I feel like I'm talking to my mother who casts her opinions(bias) towards everyone else. I have never lost sleep either, but 3 years ago I wouldnt have given a flying f about this as a concern. The world is entirely different than it was before. Let's start globally here. You're an average Russian resident. Hell, you're evena Putin hater. You're country has been locked out of the SWIFT banking network. You're a Canadian resident who donated money to a group of truckers you felt were fighting for your rights. Your account was frozen. The amount of people in the world wo either have no access to banking or run the risk of their govts freezing their assets is huge.
This happened on ETH a few mos ago when anyone who put ETH tokens into that swap token protocol had their accounts locked on major exchanges and wallets.
So again, while the risk is not tremendous, it is there. And if you're not spooked by the surveillance state of our govt, you really should be. Not a criminal, but the notion of privacy is 100% dead.
Do you have an account on an exchange? If so, set the alerts there. I get mind from Gemini, and ironically enough Blockfolio, which I never updated out of principal. They got bought out and rebranded as FTX some time ago.
I dont know the bottom. A recession is going to drive a run on cash, so I could easily see the price in the 10-12k range if the recession is as bad as what is presently being thrown around.
And the use case is a long term store of value in that one btc equals one btc. It cannot be inflated or manipulated. It's a long game.
The real use case is run through lightning, a layer two protocol built on the bitcoin network. You will be able to send money globally for near zero fee, with instant remittance and in whatever currency you desire. Same holds true for merchants. How many here use their phone as a payment method at retail. Retail will be able to accept dollars in real time minus a transaction fee and 2.9% or whatever their CC machine charges. In time you will see Apple Pay and Google pay plug into the network
Silk Road happened a long time ago. What do you really think is being used more for nefarious puproses; bitcoin or USD?
Fidelity, JP Morgan, Blackrock the foundation continues to be laid to provide access to millions of people domestically. Watch what happens the next bull run. And if a spot ETF is avail prior to that... :)
1000%. Stock market as well.
Nah, this is all tin-foil hat stuff. I have nothing to hide. I’m not worried about my assets getting frozen or surveillance. The IRS already knows everything about me. I get the SWIFT/Russia argument but that’s why it’s great to live in the U.S.A. Clearly, the world’s largest economies have yet to get behind crypto, and nobody wants to be El Salvador 2.0. Heck, China will never let crypto reign. And Privacy is perhaps the most overstated/hyped issue on Earth. Everyone wants privacy but few people really care as evidenced by the success of social media. You are living in a crypto fantasy world that will disappear once blockchain becomes part of commercial products/platforms (without the coin garbage). No offense of course…
False.
Again oyure looking at this through the lens of a us citizen. I really have zero desire to keep going back and forth on this. At this point I'd rather get into political arguments w strangers on Facebook groups. You do you.
I got that by readin your responses (ie Russia and Canada). Those were examples you listed
No clue why all of a sudden you are opposed to a view that’s different than yours. The world of finance is incredibly complicated and FTX only made it worse. FWIW, I’m not sure there is a single thing you have said or predicted that has come true. Although nobody can predict the future of course. And I’m glad you admitted some of your missteps in drinking the KoolAid but that doesn’t change the fact crypto is going in the opposite direction. If countries like Russia support crypto they will further isolate themselves from world powers.
Right. Most big companies are keeping their eye on this in one form or another. Google just launched a Solana validator. They are clearly keeping their eye on tech that is on track to potentially replace their cloud .
No doubt that every major financial institution has to have a crypto plan regardless of whether they ever deploy it. I don’t deny its existence or potential. A few years back when AI was the next big thing every company had projects/trials on the runway just in case…but then realized how hard/expensive it is to integrate AI into legacy platforms and scrapped those projects.
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