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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

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#3505
12 hours ago, Mullet Free said:

 

 

Banks are not scams. Banks that also operate as investment funds are inherently risky. 

#3508
58 minutes ago, wackawacka said:

Lulz Crytpo being taken down another notch by a bank failure.

 

Please. I always have access to my btc and can do what I please with it. Or I can do nothing, and it’s not being lent out or otherwise mismanaged. 
 

 

 

#3510

https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html

U.S. regulators on Sunday shut down New York-based Signature Bank, a big lender in the crypto industry, in a bid to prevent the spreading banking crisis.

“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” Treasury, Federal Reserve, and FDIC said in a joint statement Sunday evening.

#3511

Bitcoin loving this bailout that’s totally not a bailout. +18%
 

They will always choose to print, or create new rules to salvage a faulty system. 
 

 

#3514
10 minutes ago, Mullet Free said:

Over 26k now. Up 30% this week. 

Strong correlation between BTC value and instability in the financial sector. What's the total market cap growth up to now? I'm curious how much money is actually flowing in as nervous investors are looking for other places to park their money

Punch line is: I'd betcha most of the coins purchased never actually leave the exchange's wallet so they're just as exposed as before

#3515

FWIW:

Quote

The reaction to last week's sudden wave of banking collapses led to a surge of fear across the market, which pushed crypto investors to exit positions en masse in an attempt to avoid a third major contagion event in less than a year.
...
As markets plunged into fear, traders used the opportunity to open short positions with the expectation that matters would continue to deteriorate over the weekend and into Monday as the banking contagion spread and investors exited the market.

Unfortunately for short sellers, the U.S. Federal Reserve stepped in and announced that it would be covering the deposits at both SIVB and Signature Bank, which led to a resurgence in crypto prices.

As a result of the turnaround, data provided by Coinglass shows that more than $311 million worth of short positions were liquidated across all crypto markets on Saturday and Sunday.

The liquidations continued Monday, with the latest Coinglass data indicating that a total of 89,121 traders have had their positions liquidated in the past 24 hours, with the amount liquidated totaling $367.28 million.

https://www.kitco.com/news/2023-03-13/Shorts-decimated-crypto-funds-see-record-outflows-amid-banking-concerns.html

tenor.gif

#3516

So it took the US government stepping in to bail out crypto banks with good ole american greenbacks to prop up crypto prices? I gotta admit, the entire narrative behind the need for crypto is getting a bit cloudy.

#3517
So it took the US government stepping in to bail out crypto banks with good ole american greenbacks to prop up crypto prices? I gotta admit, the entire narrative behind the need for crypto is getting a bit cloudy.

f47ec6c073ee8839a200ef357eef83a4.jpg
#3518
On 3/14/2023 at 1:54 PM, deft said:


f47ec6c073ee8839a200ef357eef83a4.jpg

“Crypto” is not decentralized. They haven’t even gone after ETH yet by declaring it a security. Also looks like they’re going to take out Circle/USDC. 
 

On 3/14/2023 at 1:04 PM, Blotto said:

So it took the US government stepping in to bail out crypto banks with good ole american greenbacks to prop up crypto prices? I gotta admit, the entire narrative behind the need for crypto is getting a bit cloudy.

I actually think Bitcoin’s case is still pretty clear. 
 

It looks like we’re heading toward all bank deposits being “backed”. The money printing/debasement will continue indefinitely and likely accelerate, despite Powell’s intentions. 
 

Also, bank failures and restricted access to funds pretty clearly illustrate the benefit to controlling your own assets. 
 

Also, there’s the continued politicization of money towards individuals, and now banks. 
 

 

 

 

 

#3519
22 hours ago, Mullet Free said:

clearly illustrate the benefit to controlling your own assets.

Now explain the downsides to controlling your own assets 

#3520
42 minutes ago, Neonmoon said:

Now explain the downsides to controlling your own assets 

Loss of keys can result in loss of funds. That can be mitigated by multi signature solutions that are already available.
 

I suspect that will also become less of a concern over time as counterparty risk increases and as younger, more tech savvy generations mature into asset holders. 

 

This was an interesting discussion diving into how the Fed loan problem is basically the beginnings of new QE. Brrrtt personified. I’ve linked to the medium article directly. I apologize in advance. It’s upsetting to some that this black guy thinks Pepe’s are funny. I can’t exclude them. 
 

https://cryptohayes.medium.com/kaiseki-b15230bdd09e

 

 

#3521

I was referring to money laundering, hiding assets from child support services, government freezing assets from terrorists and drug cartels, you know all the ways the bad people can be punished monetarily 

#3522
13 hours ago, Neonmoon said:

I was referring to money laundering, hiding assets from child support services, government freezing assets from terrorists and drug cartels, you know all the ways the bad people can be punished monetarily 

You must hate cash and precious metals and be all aboard the CBDC train… Are we on the brink of a christofascist government that will punish its political enemies or not? 

 

#3523
15 hours ago, Neonmoon said:

Now explain the downsides to controlling your own assets 

 

14 hours ago, Neonmoon said:

I was referring to money laundering, hiding assets from child support services, government freezing assets from terrorists and drug cartels, you know all the ways the bad people can be punished monetarily 

Is this the part where you take away people’s freedoms in order to protect them? That’s a classic. 
 

 

#3525
3 hours ago, Mullet Free said:

 

Is this the part where you take away people’s freedoms in order to protect them? That’s a classic. 
 

 

I guess we’ve reached the sovereign citizen portion of the episode. 

#3526
1 hour ago, Neonmoon said:

I guess we’ve reached the sovereign citizen portion of the episode. 

Nah. Just realistic.
 

How’s that Patriot Act working out for you? 

#3528
4 hours ago, Neonmoon said:

I guess we’ve reached the sovereign citizen portion of the episode. 

Will Nicolas Cage GIF

#3529

i'm back in baby!  like all important financial decisions i blindly follow an anon person on a private discord for most of my crypto advice.  he gave the buy signal back on the 10th and damned if he did not call it pretty well this time.  got about a 1/3 of my crypto fun money back in the market and only have taken the smallest of profit so far.  just letting it ride in alts for the time being.  probably the first crypto buy in ~12 months or so

you too should start buying as i will need exit liquidity soon (probably).

#3531
9 hours ago, Mullet Free said:

Bitcoin looks pretty tightly coiled. Like everything else, waiting on first uncertain Fed decision in a while. 

And we dumped. 
 

also there’s this, 

 

 

 

#3532
43 minutes ago, Mullet Free said:

And we dumped. 
 

also there’s this, 

 

 

 

a wells notice...is that bad,that seems bad.

#3534
6 minutes ago, bernorange said:

Also, Kraken announced suspension of ACH processing for US customers.  Choke Point 2.0 continues

This is obviously coordinated. The impetus to me seems to be clearing the way for the CBDC. FedNow is supposed to be rolled out this summer. While not a fully operational Death Star, it’s the first foray. 
 

That’s the reason Silvergate and Signature had to be taken out. The SEN network and Signet were their  respective 24 hour settlement networks for both fiat into crypto and crypto to crypto transfers, especially USD stablecoins. Needed to eliminate competition. 
 

They’re also trying to eliminate off ramps out of fiat. I think it’s taken on extra urgency with the bank runs and failures. People can’t have other options. You need to be trapped in the fiat banking system. The one where we’re eventually going to be backing $18T in deposits with a $150B FDIC fund. 
 

If you’ve been thinking of allocating some funds to bitcoin, I would consider accelerating your move. And for the love of God, please take possession of your own coins. 

#3535

Man I have no idea what the future is for BTC but CBDC is turn-key authoritarianism. Couple it with spyware that can be installed on your phone with a zero click exploit like Pegasus (6 year old tech)

Even if our dysfunctional congress passed a law, the agencies we’ve entrusted with management, enforcement and rule making ignore them without penalty. I think @Captainant called it Calvinball … apt

We have to resist CBDC. We won’t 

A9556610-A6D0-434A-91E1-36B440E43C4B.jpeg.267df45cc4aefd175800c7bc0abf1230.jpeg

 

#3538

I had been thinking about ordering a Ledger Nano X for some time.  With Coinbase in the crosshairs of the Eye of Sauron, I finally got off my duff and ordered one.  It arrived this morning and I spent some time getting it set up and transfering some crypto I owned on Coinbase over to it.  It was pretty easy. 

https://shop.ledger.com/?referral_code=HW6BPZ0SQ9H5C

If you were considering getting one, using that referral link to order should reward you with $10 of Bitcoin.

#3539
30 minutes ago, bernorange said:

I had been thinking about ordering a Ledger Nano X for some time.  With Coinbase in the crosshairs of the Eye of Sauron, I finally got off my duff and ordered one.  It arrived this morning and I spent some time getting it set up and transfering some crypto I owned on Coinbase over to it.  It was pretty easy. 

https://shop.ledger.com/?referral_code=HW6BPZ0SQ9H5C

If you were considering getting one, using that referral link to order should reward you with $10 of Bitcoin.

The only thing I don’t like about mine is when I brought in some ETH, it asked me if I wanted to stake it with LIDO and earn 5%. Seems reasonable. I’m not a total noob but I’m no battle hardened crypto vet. As easy as it was to stake, I assumed there’d be a way to unstake when I wanted to.
 

Discovered last night, nope. The only tools I can use to unstake it very specifically say they’re not allowed to be used in the USA. So apparently, I have to wait until LIDO dev hits some “major fork” at some point in the future to unstake and be able to convert back to USD. BTC appears to be the only thing the SEC isn’t targeting (yet) so I’m not tryna hold some bullshit LIDO bag. Thankfully I’m only dabbling with modest sums to learn the ropes in case these currencies are ever truly useful.
 

#3540

That's not LIDO's fault.  It's how Etherium2 was designed and rolled out.  Last I heard, Etherium's Shanghai update is supposed to go live April 12.  That update will allow everyone to unstake Etherium.

#3541
15 hours ago, bernorange said:

That's not LIDO's fault.  It's how Etherium2 was designed and rolled out.  Last I heard, Etherium's Shanghai update is supposed to go live April 12.  That update will allow everyone to unstake Etherium.

I mean ultimately it’s my fault for not doing due diligence on LIDO/ETH2 lol

I’m just losing faith that this has a future for US citizens. There’s no way your average American regard can navigate this shit. The policy makers can kill crypto in the US and majority of the population will applaud.

Precious metals are just better at what crypto is potentially currently useful for, imo. 

#3544
21 hours ago, B00M said:

I mean ultimately it’s my fault for not doing due diligence on LIDO/ETH2 lol

I’m just losing faith that this has a future for US citizens. There’s no way your average American regard can navigate this shit. The policy makers can kill crypto in the US and majority of the population will applaud.

Precious metals are just better at what crypto is potentially currently useful for, imo. 

It doesn’t take much technical acumen to buy and hold Bitcoin. That should really be the focus. Staking and locking up some shitcoin is not going to be very helpful if banks continue to fail and we continue to debase our currency.
 

Bitcoin>precious metals>>>shitcoins

#3545
6 minutes ago, Mullet Free said:

Bitcoin>precious metals

Do you mind showing your work on this? 

#3547
50 minutes ago, B00M said:

Do you mind showing your work on this? 

Bitcoin is more easily verified. No need to confirm its composition.  
Bitcoin is more easily divisible. Any amount can be moved. 
Bitcoin is more easily transferred. You can move or hold large amounts that gold’s physical weight would not allow. 
 

The one area where gold is currently superior is its history. And I don’t mean to downplay that. It’s a huge deal. But the longer that the Bitcoin network keeps running then the less of an advantage it is.
 

If you believe that bitcoin going to zero is off the table, then it’s basically a permanent competitor with gold. Thus as time passes, its advantages will become more widely acknowledged. 

#3548

If you believe that bitcoin going to zero is off the table, then it’s basically a permanent competitor with gold. Thus as time passes, its advantages will become more widely acknowledged. 

The value of Beanie Babies never went to zero. Ergo, they are a permanent competitor with gold.
In a way, you’re right. ANYTHING that at least two people will find has SOME value is a competitor with gold, money, etc. Beanie Babies, vintage Playboys, arrowheads, crypto, feet pics, ammo, etc.
#3549
23 minutes ago, Brisketexan said:


The value of Beanie Babies never went to zero. Ergo, they are a permanent competitor with gold.
In a way, you’re right. ANYTHING that at least two people will find has SOME value is a competitor with gold, money, etc. Beanie Babies, vintage Playboys, arrowheads, crypto, feet pics, ammo, etc.

Keep it up.
 

Maybe the 27th time you reference beanie babies it will finally be as clever and relevant as you seem to think that it is. Heck, you might even get someone brighter than Wildcat to agree with you. 

#3550
Keep it up.
 
Maybe the 27th time you reference beanie babies it will finally be as clever and relevant as you seem to think that it is. Heck, you might even get someone brighter than Wildcat to agree with you. 

I can also reference tulip bulbs. And any other of countless speculative “don’t miss out!” bits over the centuries.
There’s really nothing new under the sun, and “this time it’s different” may be the most frequently used phrase in human speech.

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