November 23, 20223 yr 2 minutes ago, 52-80 said: The token as economic value: I think this still has usecase in scenarios of high economic risk. A local colleague is Russian national who's financially supporting her family back in Russia. Since the war started, the traditional payment rails have been frozen. She and her family, as non-politically exposed personnel, cannot transact with one-another. Hyperinflation: Turkey, Venezuela, Zimbabwe, Argentina, etc. If you can your hands on physical dollars (i.e. the world reserve currency), great. If not, a bit of digital currency plus whatever other EUR, CHF, GBP, you can grab probably helps The irony is that as Americans we have the most disposable income to speculate and therefore own the most bitcoin in the world, but we have the least intrinsic understanding of bitcoin’s value prop because of our relatively stable currency and rule of law. I think everyone here would agree that over time both of those things become less of a certainty, though.
November 23, 20223 yr 19 minutes ago, Humble Beast said: It’s worth exploring a leap forward in monetary technology. Transferring value peer to peer around the world in seconds is an objective advancement. The Lightning network built on top of bitcoin allows that. You can send micropayments, stream payments. We don’t know what all can built with it. I FX myself money between my accounts across borders. Most of the time the wire clears in 2 business days . (So if weekend...add a delay). Once it didn't show up after a week. I called the bank and they said 'sure we see it was sent, but we dont know more, you just have to wait'. A wire being an actual instruction sent on a messaging system should be traceable... but not directly executable. Money was debited from 1 account, but not credited to the other. 2 weeks later it finally 'bounced' back to the sending account without explanation. Assuming on both ends I had a crypto exchange account (as I did with the bank), my risk exposure would be the solvency of exchanges*vol of crypto in the space of 1 minute. Which is essentially negligible. I could have transacted with crypto.
November 23, 20223 yr Another bottom signal. I like it. This is like the opposite of FTX buying arena rights.
November 24, 20223 yr 52 minutes ago, 52-80 said: I FX myself money between my accounts across borders. Most of the time the wire clears in 2 business days . (So if weekend...add a delay). Once it didn't show up after a week. I called the bank and they said 'sure we see it was sent, but we dont know more, you just have to wait'. A wire being an actual instruction sent on a messaging system should be traceable... but not directly executable. Money was debited from 1 account, but not credited to the other. 2 weeks later it finally 'bounced' back to the sending account without explanation. Assuming on both ends I had a crypto exchange account (as I did with the bank), my risk exposure would be the solvency of exchanges*vol of crypto in the space of 1 minute. Which is essentially negligible. I could have transacted with crypto. All right fine, I’ll bite. I want to buy 1 Bitcoin. Trade cash for 1 Bitcoin. Seriously, I can tolerate this amount going to $0. First step? Open an account somewhere?
November 24, 20223 yr 29 minutes ago, CoTex said: All right fine, I’ll bite. I want to buy 1 Bitcoin. Trade cash for 1 Bitcoin. Seriously, I can tolerate this amount going to $0. First step? Open an account somewhere? Not wholly dissimilar to buying an xbox. You can buy it directly from an individual, or order it from a marketplace like Amazon and trust it will be delivered to you. You will need to create a wallet, which is effectively a destination address to which only you have access. You give cash to a person and asks that he transfers the sum of 1.0 Bitcoin to that wallet. Within ~1mi the entire bitcoin network can confirm that a value of 1.0 Bitcoin is associated with that address. Or you open an account with an exchange, kinda like an Amazon account, send USD to them and purchase a bitcoin with it. They are now custodian of your bitcoin, until the moment you want/need to shift it under different custodianship.
November 24, 20223 yr 47 minutes ago, CoTex said: All right fine, I’ll bite. I want to buy 1 Bitcoin. Trade cash for 1 Bitcoin. Seriously, I can tolerate this amount going to $0. First step? Open an account somewhere? Just to clarify, you want to buy one bitcoin. You want to pay cash directly to someone or you just mean you want to buy one? Cash purchases are not the way people first typically jump In. If you want to simply buy one online, I would recommend a bitcoin only business given all the “crypto” contagion going on. Either directly through CashApp or the River financial app would be my choices. When I buy my drops in the bucket I just do Cashapp and transfer to cold storage from there.
November 24, 20223 yr 13 minutes ago, Humble Beast said: Just to clarify, you want to buy one bitcoin. You want to pay cash directly to someone or you just mean you want to buy one? Cash purchases are not the way people first typically jump In. If you want to simply buy one online, I would recommend a bitcoin only business given all the “crypto” contagion going on. Either directly through CashApp or the River financial app would be my choices. When I buy my drops in the bucket I just do Cashapp and transfer to cold storage from there. Studying. This should be interesting.
November 24, 20223 yr 6 minutes ago, CoTex said: Studying. This should be interesting. The subject matter is dense, but Odell is a very trustworthy source and goes over the trade offs of all methods of buying and holding. ask here if you need clarification or any other help
November 24, 20223 yr It would be interesting to know who was willing to throw millions into a black hole and whether these investors had fiduciary obligations or not.
November 24, 20223 yr Here’s your daily wtf is this shit column on Sam. He wasn’t planning to save the world. It was all a scam. He’s already admitted it in leaked DMs.
November 24, 20223 yr Popular Post “How Elizabeth Holmes’ noble pursuit to save lives stumbled due to technical shortcoming in the product”
November 24, 20223 yr 17 minutes ago, Humble Beast said: Here’s your daily wtf is this shit column on Sam. He wasn’t planning to save the world. It was all a scam. He’s already admitted it in leaked DMs. Yeah no shit lol. Effective altruism basically boiled down to the virtues of wealth and neolib economic policy, and backed by a baseline belief that YOU and YOU alone can be altruistic. I hadn't really heard of it until I heard of SBF, but it's pretty absurd
November 25, 20223 yr Another one from the Economist. This one roughly equating slow downfall of GE with FTX implosion. Again, no mention of fraud. Still trying to figure out the angle that explains this farcical news coverage. No paywall here. https://finance.yahoo.com/news/ge-ftx-beware-icarus-complex-145542169.html
November 26, 20223 yr 38 minutes ago, Humble Beast said: Matt Walsh? Why should I change my name? He's the one that sucks
November 26, 20223 yr 14 hours ago, Humble Beast said: Have you listened to this week's behind the bastards? They do a whole 2 hour breakdown on SBF's fraud and how he used the crypto market to gamble wildly with customer deposits
November 27, 20223 yr Patrick Boyle goes hard on the VC's who invested in FTX. In short, they had so much money, they got sloppy. Real sloppy.
November 27, 20223 yr 47 minutes ago, Parliament said: Patrick Boyle goes hard on the VC's who invested in FTX. In short, they had so much money, they got sloppy. Real sloppy. This happens in EVERY economic cycle when there is SO much capital out there looking for places to park. When you have $500k, you can park it in a piece of property. When you have to find a place to put $500 million, you look for someplace to put it all….eventually leading you to put it in the bullshit investment vehicle of your era. You participate in a huge LBO of a corn dog chain or some such insanity. Or crypto. Wanna park $1 billion? Sam will help.
November 27, 20223 yr Yep. He mentioned the SPAC phenomenon as well. Other examples would be the 00's housing boom, 1870's railroads and Miami football in the 1980's. (Cocaine is a jelly helluva drug.)
November 28, 20223 yr From BI. Miami Requests for $50,000 tables and bottle service for top-shelf liquor at the city's hottest venues are drying up, according to a new report from the Financial Times. The scene has become so bleak that Andrea Vimercati, director of food and beverage at Moxy Hotel group, told the outlet that high-rolling crypto regulars have "completely disappeared."
November 28, 20223 yr 1 hour ago, midtown said: BlockFi files for bankruptcy This was telegraphed when they stopped withdrawals last week (2 weeks ago?) due to FTX. I can't imagine anyone trusting these companies anymore with their coins, but if you use any custodian, it's should be a requirement that they're transparent on where they get their funds. Of course, until recently saying the coins were at FTX would have been considered a positive.
November 28, 20223 yr The thing to take from this is that BitCoin as an investment (and not as a cool technology/form of payment that is widely used and that would make it useless as an investment) depends on a pretty apocalyptic scenario that means most people in the world get royally screwed. It’s a short jump from “cagey prophet who sees what’s coming and prepares” to “sociopath who is trying to make this happen,” but let’s assume that most of the crypto-bros are the former. The thing is, it has to be the SWEET SPOT of financial crashes. It’s gotta be world wide, there can’t be some sober, staid country that escapes with good currency that people will flock to. But if you overshoot, you’re in a world where international digital commerce is laughable and you really should have exchanged your bitcoins for bullets, food buckets, and a bio-diesel murder mobile when you had the chance. It’s a hell of a bet, really.
November 28, 20223 yr 1 hour ago, Humble Beast said: All these dipshits are gonna spend the rest of their lives doing menial work, right? Like never get another chance to screw something up?
November 28, 20223 yr 8 minutes ago, 956 Worldwide said: The thing to take from this is that BitCoin as an investment (and not as a cool technology/form of payment that is widely used and that would make it useless as an investment) depends on a pretty apocalyptic scenario that means most people in the world get royally screwed. It’s a short jump from “cagey prophet who sees what’s coming and prepares” to “sociopath who is trying to make this happen,” but let’s assume that most of the crypto-bros are the former. The thing is, it has to be the SWEET SPOT of financial crashes. It’s gotta be world wide, there can’t be some sober, staid country that escapes with good currency that people will flock to. But if you overshoot, you’re in a world where international digital commerce is laughable and you really should have exchanged your bitcoins for bullets, food buckets, and a bio-diesel murder mobile when you had the chance. It’s a hell of a bet, really. This is incorrect. First of all, I’m not aware of any historical scenario where we’ve seen a good monetized in such a short time. So predicting how it unfolds is guessing. I think what happens over the medium term is bitcoin will demonetize gold. It’s superior to gold as a scarce asset. The global gold market is about $9T I believe. So that is a decent target to start with and it’s not a murder mobile situation. Bigger picture, we are nearing the end of a global debt supercycle. These have typically ended with a reshuffling of the existing financial system. The dollar’s reserve currency status will be at risk. That’s not me wishing for it, it’s just being realistic and aware of historical patterns. Is there a chance that at the time people will opt for a currency that is not dependent on government or central bank control? I think it’s a potential outcome. Erosion in public trust is an ongoing process. Is it likely? Probably not. I don’t have all my eggs in this basket. It’s a hedge. A reordering of the global financial system will be turbulent but doesn’t have to be a prepper’s dream.
November 28, 20223 yr 7 minutes ago, Parliament said: So at what price should we get long? I know you’re being a smartass, but the answer I would give is when the Fed pivots with inflation still elevated.
November 28, 20223 yr 2 hours ago, midtown said: BlockFi files for bankruptcy Binance might be at the tail end of this contagion.
November 28, 20223 yr Color me shocked that Miami had a lot of crypto bros. Never would have guessed that.
November 28, 20223 yr 34 minutes ago, Hefeweizen said: Color me shocked that Miami had a lot of crypto bros. Never would have guessed that. Yep Miami is 100% crypto. Austin is more bitcoin centric, although there’s still some crypto bros. Specifically some people big on solana.
November 28, 20223 yr 4 hours ago, Humble Beast said: This is incorrect. First of all, I’m not aware of any historical scenario where we’ve seen a good monetized in such a short time. So predicting how it unfolds is guessing. I think what happens over the medium term is bitcoin will demonetize gold. It’s superior to gold as a scarce asset. The global gold market is about $9T I believe. So that is a decent target to start with and it’s not a murder mobile situation. Bigger picture, we are nearing the end of a global debt supercycle. These have typically ended with a reshuffling of the existing financial system. The dollar’s reserve currency status will be at risk. That’s not me wishing for it, it’s just being realistic and aware of historical patterns. Is there a chance that at the time people will opt for a currency that is not dependent on government or central bank control? I think it’s a potential outcome. Erosion in public trust is an ongoing process. Is it likely? Probably not. I don’t have all my eggs in this basket. It’s a hedge. A reordering of the global financial system will be turbulent but doesn’t have to be a prepper’s dream. still playing the sweet tones of the symphony, as the ship settles lower in the north atlantic
November 28, 20223 yr 3 hours ago, 52-80 said: Binance might be at the tail end of this contagion. Us 'mericans can't hold anything in Binance anymore, right? Or has that changed?
November 28, 20223 yr 6 minutes ago, SquishMitten said: Us 'mericans can't hold anything in Binance anymore, right? Or has that changed? No idea. Can't imagine why. The whole space has always operated in a gray area, and as long as the operator sets up some shell office and pretends to do some KYC it's probably kosher on paper. It's been a pattern of one company bailing out another, to preserve/prop the assets that would otherwise poison their own books. It just smells like Binance is the last domino in the chain.
November 28, 20223 yr https://www.marketwatch.com/story/crypto-millionaires-hardly-a-quarter-of-crypto-traders-earn-less-than-10-000-a-year-11669399128?mod=mw_latestnews Interesting opinion article on a study based on IRS returns that had reported sales of Bitcoin and Ethereum.
November 29, 20223 yr Love this paragraph from WSJ. Traditional finance had little incentive to build connections to crypto because, unlike government bonds or mortgages or commercial loans or even derivatives, crypto played no role in the real economy. It’s largely been shunned as a means of payment except where untraceability is paramount, such as money laundering and ransomware. Much-hyped crypto innovations such as stablecoins and DeFi, a sort of automated exchange, mostly facilitate speculation in crypto rather than useful economic activity.
November 29, 20223 yr Another small exchange down today. BitFront. Really? Crypto bro1: lets make money on these suckers. Like something that is a total front but with bitcoin Crypto bro2. We can call it BitFront Crypto bro1: Perfect. Nobodys going to know
November 29, 20223 yr 5 hours ago, midtown said: Another small exchange down today. BitFront. Really? Crypto bro1: lets make money on these suckers. Like something that is a total front but with bitcoin Crypto bro2. We can call it BitFront Crypto bro1: Perfect. Nobodys going to know https://www.youtube.com/watch?v=9STeegpxSb0
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