OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
There is zero chance the founder is dead. If I made billions from creating BTC I would either shout it from the rooftops and enjoy my life as a technology mogul immortalized in history. Or, more likely, I would buy a small island as my retirement HQ and travel the world enjoying the financial freedom and anonymity.
^^^ posts like this just prove that you don't get it and are not even trying. Close to another few days of ignore.
Such an arrogant prick - I know your type - you “ignore” anything and anyone that does not comport with your tunnel-vision POV. If you didn’t “ignore” the obvious spec tech bubble you wouldn’t have been pumping ARKK at $160 and TSLA at $900. I hope you bought them in your taxable account so you can harvest the losses. Or, keep trying to DCA those stocks and watch the hole get bigger and bigger. Fortunately, your credibility is shot at this point so I suspect everyone is “ignoring” you. You may want to try buying stocks when they aren’t at all-time highs LOL.
Whoa... you sleep in and there's soo much banter. Honestly love seeing these exchanges. There's so much to learn and so much disinformation out there, it's a daunting task. I guess its not really that much different than most of the news world w disinfo, but I digress.
Let's start w cyber security. There is nothing to stop foreign entities from hacking crypto or anything else in our digital world. Banking system, infrastructure, defense, smart homes, etc... theyre all just as much at risk as crypto. We saw it this week with the Pipeline hack. Nothing is immune.
But... Btc has proven its security in the last decade. Shitcoins on the other hand, someone is going to get hit with a 51% hack soon. It's coming. The beauty of crypto is that transactions are recorded on the ledger. If you want to demand 50 btc ransom from me, the ledger will always show where my btc went and what you did after it. Eventually it'll unveil a digital thumbprint.
An in regards to the founders, its complicated. So with BTC. Whoever Satoshi is, was or whoever they are rich in theory only. Again, everyone knows the original Genesis block of BTC mined and and can see when those coins are moved from a wallet to an exchange. Around this time last year, BTC dipped hard on rumors of Satoshi moving 50 BTC to an exchange. It was a rumor and was quickly revealed it wasnt from the original Satoshi mined blocks. So if Satoshi wanted to "cash out" it would all be public info
A lot of alts are straight shit in regards to their founders. XRP had issues last year with the SEC because the founders own such a substantial amount of the coin. Dogecoin is the same; 10 people own 60 - 90% of all doge in existence. They also just keep making more Doge. I really cany wait for the bottom to fall out on that.
The lack of regulation makes things interesting. Its very similar to picking a company to invest in, except the ceiling and the floor are much higher and lower in the crypto space. You can invest in a trash meme coin that has no tech behind it, make a ton of money then quickly watch as it loses 60% on one candle. You just have to do research and pick coins that seem to have decent fundamentals. I say "seem to" as the lack of regulation makes it the wild west.
This is why I keep going back to two alts as my secondary crypto investments after BTC/ETH. Those two are Decred & Elastos. Decred just fully decentralized their decentralized autonomous org (DAO) this weekend. It holds $128 million to support development on chain. The Elastos foundation has 100 mill worth of Bitcoin in their reserves to pay for development. So in theory, you're investing in the coin, their tech and a treasury reserve of 100 mill in BTC. Keep your eyes on the word DAO this year, as the DAO will be the next crypto buzzword the mainstream media picks up on. Just like NFT's or Defi before it.
Can’t disagree with any of your points. But, don’t you think someone will find a way to manipulate ledgers? And, when it comes to stocks/companies/investments, there is a certain level of comfort knowing that the buck stops with “someone”. Even in a worst case scenario like Madoff, there was a way to recover some of the assets and put a crook behind bars. In the crypto world, seems like cyber criminals have a huge advantage.
Nothing is impossible. Do I think it's any more likely than Chase or Wells or some other big bank have all their accounts hacked and tampered with, no. The likelihood of either happening is always going to be there.
But in order to take over the Ledger someone would have to essentially own 51% of all the mining hash power on chain. The hacker would have to put together enough computing power to get to that number. The cost is probably at or in the trillions to pull this off. And even if it was pulled off, their ability to hold up the computing power for more than an hour or two is marginal, as the cost in electricity to pull that off would probably cost in the millions an hr to maintain.
Here's more on that. The video is a good watch.
What Is a 51% Attack? | Binance Academy
What is a 51% Attack? What is a Majority Attack? Learn all about this type of blockchain attack and how different blockchains prevent them from occurring.
academy.binance.com
Speaking of "attacks", looks like the market has calmed down after the end of day whale dump/attack. BTC about $56k and ETH back over $4k. The crypto market is surely exciting. :)Nothing is impossible. Do I think it's any more likely than Chase or Wells or some other big bank have all their accounts hacked and tampered with, no. The likelihood of either happening is always going to be there.
But in order to take over the Ledger someone would have to essentially own 51% of all the mining hash power on chain. The hacker would have to put together enough computing power to get to that number. The cost is probably at or in the trillions to pull this off. And even if it was pulled off, their ability to hold up the computing power for more than an hour or two is marginal, as the cost in electricity to pull that off would probably cost in the millions an hr to maintain.
Here's more on that. The video is a good watch.
What Is a 51% Attack? | Binance Academy
What is a 51% Attack? What is a Majority Attack? Learn all about this type of blockchain attack and how different blockchains prevent them from occurring.
Now here is a total ponzi scheme in my opinion.......
https://cryptoslate.com/vitalik-buterins-ethereum-wallet-holds-8-billion-in-shiba-inu-coin-shib/
https://cryptoslate.com/vitalik-buterins-ethereum-wallet-holds-8-billion-in-shiba-inu-coin-shib/
What is? It's a shitcoin that was launched and they air dropped them into the wallet of the founder of Ethereum. It's a pretty shrewd move IMO.
But to expand on your comment, could you elaborate on how this is a ponzi scheme?
I'd like to thank @bob-loblaw for his helpful and informative initial post in this thread. I followed it almost to a T and got into the crypto game within a couple of hours.
That being said, Captain Jinxoid here made his initial investment about an hour before Elon Musk sent Bitcoin and Ethereum reeling after walking back Tesla accepting Bitcoin as payment for their vehicles.
Once again: wire me $1000 and I'll frontrun you a security to short right before I go long. It's guaranteed to sink 🤣
That being said, Captain Jinxoid here made his initial investment about an hour before Elon Musk sent Bitcoin and Ethereum reeling after walking back Tesla accepting Bitcoin as payment for their vehicles.
Once again: wire me $1000 and I'll frontrun you a security to short right before I go long. It's guaranteed to sink 🤣
Hold that ETH! :)
Ethereum Price Prediction: ‘Major Upgrades’ Could Help Ethereum Hit $20,000 By 2025
An expert panel has predicted ethereum is set to soar to almost $20,000 by 2025, an increase of 400% from its current price, with "major upgrades" to the ethereum network potentially pushing it higher...
www.forbes.com
What Elon giveth, Elon taketh away. Did the liberals just cancel cryptocurrency?
Not to worry. I did the same, buying bitcoin right before the coinbase ipo... at its ATH. It happens. I tell anyone new to the space to dollar cost avg your initial investment.
The good news is that we're only in the first inning of this. Long term, btc is going much higher. We're just seeing the beginning of mass adoption globally. Globally is a very important word that us Americans often neglect to acknowledge. People can look at things domesticly and panic sell short term.
We'll all be operating out of digital wallets in the next 5-10 years. Those wallets will be golding crypto and digital currencies issued by Central banks.
Anyway, welcome to the crypto world. Do yourself a favor and stay away from the shitcoins or memecoins. The bottom will fall out on them in an hour and you could quickly lose all your money. By the time we hear about a hot Twitter / reddit alt coin its often too late. Most pump amd dampers get air dropped coins in exchange for hyping them. By the time we catch on to them the money has been already made.
Actually, Pres Bidens appointment of Gensler to head the SEC is more pro-crypto than anything Pres Trump did in office.
Maybe ponzi is not the correct word. But it is another garbage coin, there is nothing behind it they just mint tokens on the ETH network and that is it. Seems like another pump and dump to me, while paying off the ETH founder at the same time. It is garbage like Doge, Safe Moon etc.....
Hard to tell whether the reversal on BTC will hurt Musk’s image in the long term, but the crypto world has PLENTY to say about him on social media and message boards. In less than a week, he pissed off the autistic community by referring to his condition as Asperger’s. Pissed off the crypto community. Apparently, pissed off the ESG community. Problems in China. Negative self-driving press. Musk needs to cut the BS, go back to work and focus on building the biggest most admired company in the world.
^^^ very true. We should see some nice progress with bringing cryptos into the mainstream.
+1
Lots of garbage out there. Just hoping issues with these pump and dumpers don't negatively impact the legit ones.
100% accurate. As I said before, it was a shrewd move airdropping coins into the Eth founders wallet. And yes, pump and dump... by the time it blows up on Twitter or Reddit the jig is up. The big money gains have been made, and the original bag holders sell out. That's not to say that there's not more opportunities with those shitcoins, but always be mindful of the maximum supply or circulation and set your expectations accoridngly.
Musk is trolling us again. Pretty much nothing this guy does or says is random or uncalculated. My boy Pomp did a great job talking about this today on Squawk Box.
Honestly, your boy Pomp is full of BS except for the part that I agree there is a renewable energy play here that I’m sure Musk is contemplating. But, the reason Musk said Tesla isn’t selling BTC is because even a hint of totally cashing out of BTC would crush BTC, erase a bunch of Tesla BTC gains, upset the TSLA balance sheet, require an SEC disclosed, and making Musk look worse than he steady does. It’s the same situation for Cathie Wood and her Tesla position. The second she bails on Tesla the stock plummets. Musk is stuck with BTC and I’m not even saying that’s a bad thing.
Vitalik Buterin Liquidates All His Shiba Inu (SHIB)
www.worldcoinindex.com
Vitalik Buterin Liquidates All His Shiba Inu (SHIB) Coins, Sends Proceeds to India’s Crypto Covid Relief Fund
Buterin liquidated a massive 50 million SHIB coins and forwarded all the proceeds to India’s Crypto Covid Relief Fund.
It’s looking like a sell off across the board is starting. I’m completely new to this and trying to find a dip to jump in on. I definitely feel like some of the top 10 coins are going to continually perform over the long run.
It’s the Wild West…some will get rich…some will go broke. Although the difference is nature decided where to hide the gold. Here you’ve got a bunch of insiders and founders lurking behind computers.
I had sold my position in Bitcoin two weeks ago and loaded up on ADA Cardano , looks like it was the right decision for now, it’s definitely a good time to buy more ETHEREUM as it will be taking off again soon in my opinion, Good Luck to all.
I partially disagree. witht he renewable energy part being the biggest thing. He's more calculated than you give him credit for. Either he's expanding his opinion or he wants to look like a hero solving a problem that isnt as bad as people claim it is.
In regards to Pomp, listen to some of his interviews. He's easily one of my favorite people in the crypto space.
This is your dip. The next 90 days could easily see BTC growing to 75k, or dropping to 35.
Ignore the "top 10" coins. It's a horseshit gauge. For example, ICP aka DFinity is not a top 10 coin. It just launched this week and currently trading in the 300's. It's a flawed idea for Web3 technology, but that's not the big issue. They air dropped a ton and had a massive amount to investors and pretty much rebranded its token. Garbage. It's listed on some good exchanges, but the bottom will fall out.
ADA or Cardano is a another. 2% of wallets on 84% of all Cardano.
I'd be buying the dip on BTC and getting out of ADA. I'm really curious to watch how btc & eth come out of this dip. I can see BTC roaring back as the onchain demand is still remrkably strong for BTC. The sellers are predominantly new wallets.
+1
Good post. Now is the time to buy the dip of BTC and ETH (if it drops enough). Forget about the other coins. After some consolidation, BTC is going to take off again.
For the cyrpto experts... why is GBTC trading at such a significant discount to Bitcoin? ETHE is also trading at a discount but by a much smaller percentage. I expect some discount, but 20+% seems excessive.
I was really intrigued by ADA since it seems to be centered on useful technology advances and the fact that their developers were former ETH guys. Seems like a promising coin even if the developers are majority owners of the coin. But I can definitely see how that can be concerning.
Agree = Anything is possible when it comes to Musk. But, you have to admit that if Musk announced that Tesla sold all of its BTC it would have been a crypto disaster (even if just short term).
ETHE is fine. Two days ago it was perfectly aligned with the holdings value. As a trust that tries to match the value of ETH, it is very accurate, but not perfect. If investor sentiment is strong, either for positive or negative, it over shoots. It was valued at a premium in the recent past during the big run up. So, ETHE is performing well.
GBTC is a little different. Grayscale may have overbought the asset (BTC), especially in light of a lot of new competition (BTC ETFs from other countries). ETFs are more attractive than Trusts. They are working on the problem and will be buying $750m of their own shares to close the discount gap. Also, Grayscale has said publicly committed to converting GBTC to an EFT when the SEC allows them to do so. For now, enjoy the discount (which is a nice buying opportunity) but this should rectify itself in the future.
It would absolutely fall 7-10. Probably in 1 candle. The short term volatility created by news or fud is crazy.
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