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Old 30th December 2020, 14:20     #361
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Cyberbob
I'm still staying away from crypto. I still see it as less of an investment and more of a visit to the Casino with extra steps.


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:
Originally Posted by Nich

In other news XRP is accused by SEC of its tokens being treated as shares in Ripple Labs. Ru roh! Threats of delisting XRP from exchanges lest they be subject to sharemarket regulations... annnnd rekt.


edit update: Coinbase is delisting XRP.
https://decrypt.co/52800/coinbase-to...owing-sec-suit
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Old 31st December 2020, 16:36     #362
Nich
 
Quote:
Originally Posted by Ab
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.
How did you negotiate the rate? Convert CAD to Lumens at time of payment, or fixed price in Lumens?

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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Old 1st January 2021, 22:38     #363
blynk
 
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.
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Old 2nd January 2021, 00:08     #364
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Nich
How did you negotiate the rate? Convert CAD to Lumens at time of payment, or fixed price in Lumens?
Converted CAD to Lumens at time of payment. I was surprised they were set up and cool to do it.

Quote:
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).
Yeah, that was my experience too. The realisation of "I don't need a bank" is important.
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Old 2nd January 2021, 15:34     #365
kRAdENkO
 
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.
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Old 3rd January 2021, 17:10     #366
Nich
 
$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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Old 4th January 2021, 01:14     #367
Ab
A mariachi ogre snorkel
 
Jesus christ, I said please don't let me start caring about this stuff again, I can't afford it
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Old 4th January 2021, 10:43     #368
Ajax
Architeuthis
 
Tether printer goes brrrrrrr, signifying the beginning of pump 'n' dump season.
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Old 4th January 2021, 18:33     #369
pxpx
 
ETH going hard now
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Old 4th January 2021, 18:45     #370
Ab
A mariachi ogre snorkel
 
up 35% in the past 24 hours. strap yourselves in
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Old 4th January 2021, 20:29     #371
blynk
 
64% now. Surely would drop back before morning
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Old 4th January 2021, 21:09     #372
Ab
A mariachi ogre snorkel
 
every time I think the dive has commenced, it bounces back up again.
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Old 4th January 2021, 21:32     #373
blynk
 
o_O

Quote:
Originally Posted by blynk
64% now. Surely would drop back before morning
Oops, that was the 7 day rise.
Still 40% is a day.
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Old 4th January 2021, 21:35     #374
Ab
A mariachi ogre snorkel
 
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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Old 4th January 2021, 23:16     #375
Nich
 
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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Old 4th January 2021, 23:26     #376
Nich
 
https://www.blockchaincenter.net/bitcoin-rainbow-chart/

Follow the bitcoin rainbow.
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Old 4th January 2021, 23:46     #377
Ajax
Architeuthis
 
Quote:
Originally Posted by Nich
Who needs Tether when you've got The Federal Reserve.
Well, the entire crypto market needs it to avoid disaster. Just look up “systemic risk.”

Further reading.
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Old 4th January 2021, 23:48     #378
Ab
A mariachi ogre snorkel
 
What's wrong with you Gabe? What did tulips ever do to you?
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Old 4th January 2021, 23:56     #379
Ajax
Architeuthis
 
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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Old 5th January 2021, 00:05     #380
Ab
A mariachi ogre snorkel
 
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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Old 5th January 2021, 15:30     #381
Lightspeed
 
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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Old 5th January 2021, 22:28     #382
Ab
A mariachi ogre snorkel
 
Quote:
Ukraine’s government has chosen the Stellar blockchain network as a platform to build a central bank digital currency (CBDC).

Announced Monday, the Ministry of Digital Transformation of Ukraine and the Stellar Development Foundation (SDF) signed a Memorandum of Understanding to build out a “virtual assets ecosystem and national digital currency of Ukraine.”

https://www.coindesk.com/ukraine-gov...gital-currency
I wondered why XLM jumped 20% in the past 24 hours. I should've kept those Lumens.
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Old 6th January 2021, 01:21     #383
Lightspeed
 
Holy crap

https://mobile.twitter.com/jerallair...33132396257282

Quote:
Breaking major news from US Treasury OCC, the largest US banking regulator (@USOCC), with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system.
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Old 6th January 2021, 10:40     #384
Nich
 
^^ Digital gold status confirmed.
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Old 6th January 2021, 11:16     #385
Ajax
Architeuthis
 
PAMP EEEET
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Old 6th January 2021, 18:23     #386
Nich
 
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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Old 7th January 2021, 10:44     #387
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Ab
I should've kept those Lumens.
So much this right now
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Old 7th January 2021, 13:21     #388
Ajax
Architeuthis
 
Huge Tether print an hour ago and transfers to the usual crooked exchanges. Could be another big pump any time.
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Old 7th January 2021, 15:16     #389
Nich
 
total crypto market cap just went over $1T
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Old 7th January 2021, 15:57     #390
kRAdENkO
 
Moon and lambos for all.
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Old 7th January 2021, 16:24     #391
Ajax
Architeuthis
 
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.
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Old 7th January 2021, 16:35     #392
Lightspeed
 
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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Old 7th January 2021, 16:37     #393
Ajax
Architeuthis
 
I think people tend to confuse market cap with real money invested. That's where the problem lies.
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Old 8th January 2021, 13:56     #394
Nich
 
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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Last edited by Nich : 8th January 2021 at 13:57.
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Old 8th January 2021, 15:05     #395
Ab
A mariachi ogre snorkel
 
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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Old 8th January 2021, 15:24     #396
Ajax
Architeuthis
 
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Old 8th January 2021, 16:52     #397
Nich
 
From wikipedia:
Quote:
Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc., which is headquartered in Hong Kong and registered in the British Virgin Islands. Their customers' money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships
SEC is there for regulating Securities in the USA. Not currency, and certainly not counterfeit operations run out of tax havens. And that Kodak can pull the shit they pull, it's pretty clear SEC doesn't have the resources to do its job as it is.

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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Last edited by Nich : 8th January 2021 at 16:53.
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Old 8th January 2021, 17:17     #398
Ajax
Architeuthis
 
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.
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Old 8th January 2021, 17:49     #399
Nich
 
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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Old 8th January 2021, 17:57     #400
Ajax
Architeuthis
 
The US system is already investigating Bitfinex for ‘losing’ US$850 million of client funds. See my above link.
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