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30th December 2020, 15:20 | #361 | ||
A mariachi ogre snorkel
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Yeah, and the interfaces that we use to perform cryptocurrency operations are all gamified to hell now too. Badges and pretty colours, and it was a dopamine fest already. So addictive. My thoughts as at now: If you're treating cryptocurrency as an investment, put money you don't mind losing into something that you think has a future and put it on a longterm wallet and lock it away. Give yourself a time window of not caring ("I'm going to forget about this until 2025 unless emergency") and forget about it. This was my attitude until earlier this year then money crunch and bills and I had to unforget about it. If you're treating cryptocurrency as a way of making immediate income (like I did last week when I wanted some money for Xmas presents), put your money in something volatile, buy low, wait for a jump, sell high, get out and walk away. If you're treating cryptocurrency as a way of making ongoing income as a daytrader, you're smarter than I am and have more hours in the day than I do. If you're treating cryptocurrency as an alternative to "real" (fiat) money, cool. Use whatever combo of fast, stable, and low-transaction-fee works for you. I did some contract work recently for an outfit in Canada and got paid in Lumens because it was faster and cheaper than an international transfer of Canadian dollars and converting to Australian dollars. I've got an EFTPOS card that draws straight on that online wallet so that week I paid for gas and groceries direct from crypto without ever involving fiat money or a bank, which was a first. Quote:
edit update: Coinbase is delisting XRP. https://decrypt.co/52800/coinbase-to...owing-sec-suit |
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31st December 2020, 17:36 | #362 | |
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I wrote a whitepaper for a Californian ICO in Q4 2017. Price agreed in Eth at time of quotation ($1 USD per word). Anyway, Eth did its thing and went 5x while the work commenced... he was a good sport and paid the Eth no complaints, but it could just as easily have been middle of 2018 and me getting paid less in fiat terms. (Yes, it was one of those dirty whitepapers to extract Eth from fools). I wasn't convinced on Bitcoin / Ethereum until I got a hardware wallet and transferred some coins. Then it dawned on me: Holy shit! The only way these coins are moving again is by my sole authorization. No permission needed, no daily transfer limits, no trading halts. It's ownership and custody unlike anything else. Then extrapolate that to DAPPs (eg. peer to peer lending) and the future looks very awesome (and free of banks).
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but what would I know? |
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1st January 2021, 23:38 | #363 |
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Not enough to tell the boss to shove it.
Maybe enough to splurge on some electronics. But as noted, its not real money till you cash out. Decided to sell some last week to actually offset most of my initial outlay. Not fully there yet. I still find it ridiculously stupid though at the rate of change. |
2nd January 2021, 01:08 | #364 | ||
A mariachi ogre snorkel
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Quote:
Quote:
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2nd January 2021, 16:34 | #365 |
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I mined LTC back in 2015, prechildren! Two HD7950s kept the house warm during winter The noise was not fantastic but we were both at work or out of the house much of the time.
Converted a bunch to ETH during its bull run. Did well out of that. Purchased a single BTC for $1500 or something, then sold it a few months later for $2500. Felt pretty pleased with myself, but look at it now! Still got some ETH. Just riding it out for a few more years until I need some funds. |
3rd January 2021, 18:10 | #366 |
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$DOGE just pumped almost 100% in a day. And so the prophecy goes, DOGE coin lights the torch to signify the beginning of Alt season.
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but what would I know? |
4th January 2021, 02:14 | #367 |
A mariachi ogre snorkel
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Jesus christ, I said please don't let me start caring about this stuff again, I can't afford it
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4th January 2021, 11:43 | #368 |
Architeuthis
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Tether printer goes brrrrrrr, signifying the beginning of pump 'n' dump season.
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4th January 2021, 19:33 | #369 |
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ETH going hard now
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4th January 2021, 19:45 | #370 |
A mariachi ogre snorkel
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up 35% in the past 24 hours. strap yourselves in
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4th January 2021, 21:29 | #371 |
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64% now. Surely would drop back before morning
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4th January 2021, 22:09 | #372 |
A mariachi ogre snorkel
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every time I think the dive has commenced, it bounces back up again.
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4th January 2021, 22:32 | #373 | |
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Still 40% is a day. |
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4th January 2021, 22:35 | #374 |
A mariachi ogre snorkel
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what time is it in USWest? BTC and ETH are both starting to slide by the looks, oh shit I'm caring
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5th January 2021, 00:16 | #375 |
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just look up "s2f bitcoin", and sleep easy. Don't sweat the dips.
The likes of Paul Tudor Jones, Stanley Drunkenmiller, Ray Dalio, JP Morgan, and Citibank have got this. Retail volume is still low. Who needs Tether when you've got The Federal Reserve.
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but what would I know? |
5th January 2021, 00:26 | #376 |
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but what would I know? |
5th January 2021, 00:46 | #377 | |
Architeuthis
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Quote:
Further reading. |
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5th January 2021, 00:48 | #378 |
A mariachi ogre snorkel
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What's wrong with you Gabe? What did tulips ever do to you?
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5th January 2021, 00:56 | #379 |
Architeuthis
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I’m very much pro-crypto in terms of the technology and potential, but I despise the fraud that the market is currently built on.
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5th January 2021, 01:05 | #380 |
A mariachi ogre snorkel
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Yeah, that's a fair call. Pretty much where I am philosophically. The "I'm a millionaire/a bankrupt because of crypto" stories are really just noise to me. I think digital banking independent of banks and nation states is the future. I had to cut the cord last year when I sold my coin to keep the household afloat, I'm not actually that invested any more. See what I did there.
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5th January 2021, 16:30 | #381 |
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The thing about these bounces is they're happening before the technology has manifested in any meaningful way. Once we see the tech actually becoming useful in people's lives, that's when we'll see the real jump in value.
The trick is to get in and stay in until then. Finance without banks is cool and all, but business without lawyers is where the real action is. Contract by API.
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Stay shook. No sook. |
5th January 2021, 23:28 | #382 | |
A mariachi ogre snorkel
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Quote:
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6th January 2021, 02:21 | #383 | |
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https://mobile.twitter.com/jerallair...33132396257282
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Stay shook. No sook. |
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6th January 2021, 11:40 | #384 |
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^^ Digital gold status confirmed.
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but what would I know? |
6th January 2021, 12:16 | #385 |
Architeuthis
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PAMP EEEET
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6th January 2021, 19:23 | #386 |
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Mother in law has only now expressed an interest in buying Bitcoin... I’ll help her buy in, then I’ve got my exit strategy: when she starts convincing her knitting circle to FOMO in. That’s when I dump my bags on them.
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but what would I know? |
7th January 2021, 11:44 | #387 | |
A mariachi ogre snorkel
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Quote:
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7th January 2021, 14:21 | #388 |
Architeuthis
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Huge Tether print an hour ago and transfers to the usual crooked exchanges. Could be another big pump any time.
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7th January 2021, 16:16 | #389 |
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total crypto market cap just went over $1T
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but what would I know? |
7th January 2021, 16:57 | #390 |
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Moon and lambos for all.
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7th January 2021, 17:24 | #391 |
Architeuthis
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Suppose I create a new ERC-20 token called FraudCoin and mint ten million units for an ICO. This process takes half an hour and costs virtually nothing.
The ICO results in the sale of one single unit to some fool for $1. Market cap is the total number of units in circulation multiplied by the current market price of $1. The market cap of FraudCoin is now $10,000,000. Market cap is a meaningless stat. |
7th January 2021, 17:35 | #392 |
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That's not what's happening tho. All human assigned value only persists while humans value what they do. We're probably always going to value air, but there are plenty of things we're genuinely into and then really not. And vice versa.
We can gauge some significance from the market cap in this context.
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Stay shook. No sook. |
7th January 2021, 17:37 | #393 |
Architeuthis
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I think people tend to confuse market cap with real money invested. That's where the problem lies.
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8th January 2021, 14:56 | #394 |
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big money needs the liquidity Bitfinex's USDT provides, and I'd bet all of the institutional crypto investors are converting USDT to bitcoin. This, rather than converting to USD, which would indeed test whether each $1 USDT is backed by $1 USD. If you accounted for all Bitfinex's crypto + FIAT assets, I have no doubt they could back the USDT system dollar for dollar especially in this bull market.
It's the same security as fractional reserve banking (which as of 2020 is currently 0% reserve banking). There COULD be a run on the banks, to turn your account balance into cash, but there never will be a run on the banks. There COULD be a run to convert USDT to USD, but it will never happen.
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but what would I know? Last edited by Nich : 8th January 2021 at 14:57. |
8th January 2021, 16:05 | #395 |
A mariachi ogre snorkel
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hmm, by the looks of it a whole lot of people just decided today's a good time to get out of ETH
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8th January 2021, 16:24 | #396 |
Architeuthis
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8th January 2021, 17:52 | #397 | |
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From wikipedia:
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Given where Bitfinex is operating from, it may be that nothing short of CIA + US military can police their USDT operations. The only thing that keeps USDT running is people's confidence that USDT can be used to buy / sell crypto on exchanges. Best bet is to keep your assets and wealth off the exchanges. Make the trade then put it in your own wallet / bank account.
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but what would I know? Last edited by Nich : 8th January 2021 at 17:53. |
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8th January 2021, 18:17 | #398 |
Architeuthis
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Nich, Bitfinex has already fought the jurisdiction battle in court and lost.
New York Supreme Court Denies Bitfinex Appeal over NYAG Jurisdiction Related: SEC is suing Ripple on the basis that XRP is a security. |
8th January 2021, 18:49 | #399 |
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I believe US Secret Service pursues counterfeit & fraud cases. This is a fraud operating with Panama bank accounts, they're probably prepared to let the US do all the hard work to bring them to their day in court. When the benefits of prosecution outweighs the costs, we can be sure US will go after them.
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but what would I know? |
8th January 2021, 18:57 | #400 |
Architeuthis
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The US system is already investigating Bitfinex for ‘losing’ US$850 million of client funds. See my above link.
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