OT: Bitcoin, Altcoins, NFT's & All Things Crypto
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Darkside finally gets a taste of its own medicine! However, what’s significant and relevant to this conversation is how Darkside’s digital wallets and crypto funds were emptied. If one of the biggest criminal cyber extortion syndicates can get hacked and their funds stolen, who’s going to protect the crypto world of the future?
www.google.com
Colonial Pipeline hackers DarkSide have lost control of money, will shut down
Cybercrime group DarkSide, the gang was behind the attack on Colonial Pipeline, said it has lost control of its web servers and some of the money it’s made off of ransom payments.
www.google.com
Or, it's complete BS because they're trying to dodge the blowbackDarkside finally gets a taste of its own medicine! However, what’s significant and relevant to this conversation is how Darkside’s digital wallets and crypto funds were emptied. If one of the biggest criminal cyber extortion syndicates can get hacked and their funds stolen, who’s going to protect the crypto world of the future?
Colonial Pipeline hackers DarkSide have lost control of money, will shut down
Cybercrime group DarkSide, the gang was behind the attack on Colonial Pipeline, said it has lost control of its web servers and some of the money it’s made off of ransom payments.
When the news reports say the cryptocurrency accounts were drained, aren’t the coins all traceable as a result of the blockchain?
Darkside finally gets a taste of its own medicine! However, what’s significant and relevant to this conversation is how Darkside’s digital wallets and crypto funds were emptied. If one of the biggest criminal cyber extortion syndicates can get hacked and their funds stolen, who’s going to protect the crypto world of the future?
Colonial Pipeline hackers DarkSide have lost control of money, will shut down
Cybercrime group DarkSide, the gang was behind the attack on Colonial Pipeline, said it has lost control of its web servers and some of the money it’s made off of ransom payments.
Their servers got raided and seized. Accounts got drained
Just for my own edification - couldn’t this happen to just about anyone? Is a digital wallet ever secure? If engineers and developers are smart enough to come up with this revolutionary technological innovation (I say that seriously) aren’t they also smart enough to create back doors and exploit vulnerabilities?
I loaded up on ADA as well. Good thing I did. Still holding some Bitcoin though.
BTC
ETH
ADA
DOT
I think these are the big 4 in terms of safest bets. All have real world value and utility, especially ETH.
I'm fairly new to this, so I'm relying on a friend of mine who's been doing it for a while. He recommended ADA Cardano because of something along the lines of digital documents, peer reviewed, and the cost of mining is cheap. Sounded logical to me, so I got in when it was 1.13. Another one he recommended was Cosmos, but I haven't bought it yet. I'll have to check out DOT.
Cardano is a great play and similar to ETH (smart contracts, defi, programmable, etc.). However, with Cardano, you are buying potential whereas Ethereum is functional today. Cardano is trying to solve some of the ETH 1.0 problems, but the ETH community will be rolling out ETH 2.0 and Layer 2 solutions that address this as well.
Bottom line, there is plenty of room for more than one successful smart contract blockchain (perhaps 3-4). ADA's market cap is much lower than ETH right now, but it's a longer play.
Great stuff all around! :)
What’s wrong with this guy:
www.cnbc.com
Elon Musk clarifies that 'Tesla has not sold any Bitcoin'
Once a proponent of bitcoin, Musk appears to have reversed course in recent weeks in favor of dogecoin.
What's right with this guy:
news.bitcoin.com
Mark Cuban to Elon Musk: Accepting Bitcoin Will Actually Benefit the Environment – Featured Bitcoin News
Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has made an argument that accepting cryptocurrencies, including bitcoin, will actually help the environment. He told Elon Musk, whose electric car company Tesla has suspended accepting bitcoin, citing environmental problems.
I'm fairly new to this, so I'm relying on a friend of mine who's been doing it for a while. He recommended ADA Cardano because of something along the lines of digital documents, peer reviewed, and the cost of mining is cheap. Sounded logical to me, so I got in when it was 1.13. Another one he recommended was Cosmos
Cuban? You have to be kidding me. At this point, Cuban and Musk need to go away and stop manipulating crypto. There are actually people on the other side of their nonsense getting crushed. Go check the Twitter-verse.What's right with this guy:
Mark Cuban to Elon Musk: Accepting Bitcoin Will Actually Benefit the Environment – Featured Bitcoin News
Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has made an argument that accepting cryptocurrencies, including bitcoin, will actually help the environment. He told Elon Musk, whose electric car company Tesla has suspended accepting bitcoin, citing environmental problems.
+1
Need to be able to handle the volatility in the crypto market. Lots of chatter that the dump is partly about US tax day. The IRS is directly asking about cryptos and making exchanges send in 1099s (for 2020 and past years). Lots of crypto bills to pay. Ignore the FUD and buy the dip. 😁
A couple more days of shaking the tree in crypto and stocks and it will be all clear.
And it would be nice to bury Doge once and for all. Time to focus on where the real value is.
And if you’re been making multiple transactions they all have to be documented and entered into the system, it adds up money wise and takes a good amount of time that could cause many to ask for extensions on there 2020 filing.
BTC back under $40k
ETH back under $2.9K
will it bounce back, or is there more short term pain? A lot a volatility for a “store of value”. And as far as a currency, it’s use in criminal activity, like the recent pipeline company ransomware attack, is very questionable until there is complete transparency on transactions.
Last bull run there were 5 pull backs of about 40%. For BTC, this is #2 for this bull run. This is the nature of the market.
Care to list all of the criminal activities using fiat money?
From someone I follow closely:
The crypto market has had a rough week, and the bears are coming out of hiding.
Since Elon Musk hosted an episode of Saturday Night Live on May 9 where he called Dogecoin a “hustle,” the crypto market has tumbled 20%.
This decline puts crypto in bear market territory based on the textbook definition.
But even after the recent selling, the crypto market is up 166% in 2021 alone. Can this really be considered a bear market?
The truth is, what you’re witnessing now is pure noise, and it’s hardly a bear market.
And when he followed up his Dogecoin antics by criticizing bitcoin’s lack of decentralization just a week later, crypto critics were screaming: “I told you so.”
It’s understandable why the price of bitcoin reacted negatively to Musk’s comments, which, as my colleague Ian King mentioned, may have some merit.
But one billionaire bringing down the entire crypto market? That seems highly unlikely.
What you’re really seeing in the crypto markets is a profit-taking phase.
Prior to the recent selling, the crypto market cap had gained 1,200% since 2020.
(Source: CoinMarketCap.)
In general, at the first sign of panic, short-term traders and investors with immediate financial obligations simultaneously sell their holdings to protect their gains.
But the chart clearly shows crypto’s long-term trend is higher. The recent weakness is a matter of market mechanics and doesn’t tell the story about the future of crypto.
“Its own biggest risk is its success,” famous hedge fund manager Ray Dalio said, suggesting crypto could become so big that governments view it as a threat to their own currencies.
Investors don’t seem to be too worried about regulatory risks, though, evidenced by record institutional fund flows pouring into the crypto market.
Institutional inflows have totaled $5.6 billion already this year, adding to the $6.8 billion inflow crypto saw in 2020.
Last week was the first net outflow in months. And at $50 million, it was a drop in the bucket.
(Source: CoinShares.)
To put the irrelevance of last week’s outflow into perspective, it equated to just 0.08% of institutional assets under management.
So, the smart money is still heavily invested, and you should be too.
But the majority of these gains will likely come from a select group of cryptos. Not all will be winners.
The crypto market has had a rough week, and the bears are coming out of hiding.
Since Elon Musk hosted an episode of Saturday Night Live on May 9 where he called Dogecoin a “hustle,” the crypto market has tumbled 20%.
This decline puts crypto in bear market territory based on the textbook definition.
But even after the recent selling, the crypto market is up 166% in 2021 alone. Can this really be considered a bear market?
The truth is, what you’re witnessing now is pure noise, and it’s hardly a bear market.
A PROFIT-TAKING PHASE
Musk has plenty of influence, no doubt about it.And when he followed up his Dogecoin antics by criticizing bitcoin’s lack of decentralization just a week later, crypto critics were screaming: “I told you so.”
It’s understandable why the price of bitcoin reacted negatively to Musk’s comments, which, as my colleague Ian King mentioned, may have some merit.
But one billionaire bringing down the entire crypto market? That seems highly unlikely.
What you’re really seeing in the crypto markets is a profit-taking phase.
Prior to the recent selling, the crypto market cap had gained 1,200% since 2020.
(Source: CoinMarketCap.)
In general, at the first sign of panic, short-term traders and investors with immediate financial obligations simultaneously sell their holdings to protect their gains.
But the chart clearly shows crypto’s long-term trend is higher. The recent weakness is a matter of market mechanics and doesn’t tell the story about the future of crypto.
THE SMART MONEY IS STILL HEAVILY INVESTED
Unless crypto becomes heavily regulated, further growth is inevitable.“Its own biggest risk is its success,” famous hedge fund manager Ray Dalio said, suggesting crypto could become so big that governments view it as a threat to their own currencies.
Investors don’t seem to be too worried about regulatory risks, though, evidenced by record institutional fund flows pouring into the crypto market.
Institutional inflows have totaled $5.6 billion already this year, adding to the $6.8 billion inflow crypto saw in 2020.
Last week was the first net outflow in months. And at $50 million, it was a drop in the bucket.
(Source: CoinShares.)
To put the irrelevance of last week’s outflow into perspective, it equated to just 0.08% of institutional assets under management.
So, the smart money is still heavily invested, and you should be too.
NOT ALL CRYPTOS WILL BE WINNERS
As you can see, the data suggests that the recent crypto sell-off is just another great buying opportunity for crypto investors.But the majority of these gains will likely come from a select group of cryptos. Not all will be winners.
Yes, physical cash. All other transactions can, and are required to be tracked, by our banks. Even cash, to a certain extent, is tracked through CTR filings with FinCen. But you are correct, all currency is used for criminal activity, it’s just easier with crypto. Tax evasion is easier as well, and that “benefit” is slowly ending.
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I think the key phrase is “Unless crypto becomes heavily regulated”…did you see the China news last night which is contributing to the sell-off?From someone I follow closely:
The crypto market has had a rough week, and the bears are coming out of hiding.
Since Elon Musk hosted an episode of Saturday Night Live on May 9 where he called Dogecoin a “hustle,” the crypto market has tumbled 20%.
This decline puts crypto in bear market territory based on the textbook definition.
But even after the recent selling, the crypto market is up 166% in 2021 alone. Can this really be considered a bear market?
The truth is, what you’re witnessing now is pure noise, and it’s hardly a bear market.
A PROFIT-TAKING PHASE
Musk has plenty of influence, no doubt about it.
And when he followed up his Dogecoin antics by criticizing bitcoin’s lack of decentralization just a week later, crypto critics were screaming: “I told you so.”
It’s understandable why the price of bitcoin reacted negatively to Musk’s comments, which, as my colleague Ian King mentioned, may have some merit.
But one billionaire bringing down the entire crypto market? That seems highly unlikely.
What you’re really seeing in the crypto markets is a profit-taking phase.
Prior to the recent selling, the crypto market cap had gained 1,200% since 2020.
(Source: CoinMarketCap.)
In general, at the first sign of panic, short-term traders and investors with immediate financial obligations simultaneously sell their holdings to protect their gains.
But the chart clearly shows crypto’s long-term trend is higher. The recent weakness is a matter of market mechanics and doesn’t tell the story about the future of crypto.
THE SMART MONEY IS STILL HEAVILY INVESTED
Unless crypto becomes heavily regulated, further growth is inevitable.
“Its own biggest risk is its success,” famous hedge fund manager Ray Dalio said, suggesting crypto could become so big that governments view it as a threat to their own currencies.
Investors don’t seem to be too worried about regulatory risks, though, evidenced by record institutional fund flows pouring into the crypto market.
Institutional inflows have totaled $5.6 billion already this year, adding to the $6.8 billion inflow crypto saw in 2020.
Last week was the first net outflow in months. And at $50 million, it was a drop in the bucket.
(Source: CoinShares.)
To put the irrelevance of last week’s outflow into perspective, it equated to just 0.08% of institutional assets under management.
So, the smart money is still heavily invested, and you should be too.
NOT ALL CRYPTOS WILL BE WINNERS
As you can see, the data suggests that the recent crypto sell-off is just another great buying opportunity for crypto investors.
But the majority of these gains will likely come from a select group of cryptos. Not all will be winners.
Yes I did. Its a concern but unless there's a unified approach to regulation globally, I think its a blip.
Most of this dip is likely due to Monday being the tax filing deadline. The IRS is directly asking about cryptos and making Coinbase et al is issue 1099s (for 2020 and a few past years). Lots of folks needed to sell to cover these bills.
+1
Just a little blip. Some regulation of cryptos would be a good thing, especially the anti-money laundering regs. A lot of institutional money would jump in if there were more defined guardrails. Obviously, the gov can screw anything up, but in general, basics regs would give cryptos more credibility.
We are all fooling ourselves if we think that governments, mainly the US and China, will allow the crypto world to run wild and evolve into the DeFi nirvana people talk about. It’s shocking that it’s continued for as long as it has. I don’t know if the world governments were/are holding out for the tax windfall…are afraid that taking a hardline could crash the markets…are secretly fighting behind the scenes…the whole situation is bizarre but doesn’t make sense. Why would US and China (in particular) let a bunch of developers/engineers run the Finance world?
Why China's digital yuan is 'largest threat to the West' in past 30 or 40 years, according to Kyle Bass
Kyle Bass, chief investment officer of Hayman Capital Management, says that the biggest threat to the West is the advent of the digital yuan, which he has...
www.marketwatch.com
Exactly my point…so what does this do to the future of crypto?
Why China's digital yuan is 'largest threat to the West' in past 30 or 40 years, according to Kyle Bass
Kyle Bass, chief investment officer of Hayman Capital Management, says that the biggest threat to the West is the advent of the digital yuan, which he has...
Well now BTC at at about $32K, broke though the 40% drop (down 50% from high). I guess we got the answer to my question earlier today. And ETH down 50% in a week. Just on coinbase to check prices (don’t own any crypto, but follow it closely) and the site was down for maintenance.... uh oh!! Message is “we are having connection issues, your funds are safe”
It’s more than taxes. 50 day moving average is closer to 1100. Long way to go before it gets there
Sounds like China is basically telling folks the jig is up. I’ve heard speculation that China is signaling for its people to get out since the Chinese, especially miners, are in deep. This will be interesting. Definitely a gut check for many.
ETH down 50% in a week, but was up 50% the week before. I missed your post then. LOL!
Will save these posts to bump later.
Big drops happen in the crypto market, always have and likely always will (as least for the foreseeable future). Be patient, buy the dip and wait for the next bull run. It will happen way sooner than you think.
Elon trying to make amends. :)
www.google.com
Elon Musk tweets 'diamond hands' emoji amid bitcoin drop, implying Tesla won't sell
Tesla chief Elon Musk doesn't appear to be shying away from bitcoin, despite the crypto-wide sell-off, which cut the value of bitcoin in half at one point over the last 24 hours.
