The Bitcoin/Crypto Thread
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@xenon said in The Bitcoin/Crypto Thread:
@89th said in The Bitcoin/Crypto Thread:
@xenon said in The Bitcoin/Crypto Thread:
The rest of the stuff? I don't know how it makes anyone's life better. (Maybe lower remittance fees... that's about it).
I think ETH is behind NFTs which I could see as a significant way of the future for digital ownership.
@mark nice! Let's get SHIB to the moon.
It could... but digital ownership of what though... I don't own anything that would benefit from having a "digital deed" or being subject to digital scarcity.... that might just be "me" bias though.
Fair, I just have a gut feeling that in the future... provable ownership of digital assets will be a "thing" and that NFT seems to address that "thing" now.
As far as crypto, I have about 1% of my whole investment portfolio in it. And it's very much a "check the balance in 20 years" type of thing.
wrote on 13 May 2022, 14:43 last edited by@89th said in The Bitcoin/Crypto Thread:
@xenon said in The Bitcoin/Crypto Thread:
@89th said in The Bitcoin/Crypto Thread:
@xenon said in The Bitcoin/Crypto Thread:
The rest of the stuff? I don't know how it makes anyone's life better. (Maybe lower remittance fees... that's about it).
I think ETH is behind NFTs which I could see as a significant way of the future for digital ownership.
@mark nice! Let's get SHIB to the moon.
It could... but digital ownership of what though... I don't own anything that would benefit from having a "digital deed" or being subject to digital scarcity.... that might just be "me" bias though.
Fair, I just have a gut feeling that in the future... provable ownership of digital assets will be a "thing" and that NFT seems to address that "thing" now.
As far as crypto, I have about 1% of my whole investment portfolio in it. And it's very much a "check the balance in 20 years" type of thing.
About the same here except I am looking at 10 years. I have very little money invested in it. Once ETH and BC rebound, I will fire up the GPU mining again. Right now the profitability is way down. I turned them off last night after my latest round hit the payout trigger.
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@Jolly said in The Bitcoin/Crypto Thread:
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too.
US law requires that you be at least 18 years old before you can open a brokerage account.
wrote on 13 May 2022, 15:45 last edited by@Axtremus said in The Bitcoin/Crypto Thread:
@Jolly said in The Bitcoin/Crypto Thread:
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too.
US law requires that you be at least 18 years old before you can open a brokerage account.
Easily solved with a UGMA account. My daughter’s been invested since birth.
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@Axtremus said in The Bitcoin/Crypto Thread:
@Jolly said in The Bitcoin/Crypto Thread:
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too.
US law requires that you be at least 18 years old before you can open a brokerage account.
Easily solved with a UGMA account. My daughter’s been invested since birth.
wrote on 13 May 2022, 16:25 last edited by@Mik said in The Bitcoin/Crypto Thread:
@Axtremus said in The Bitcoin/Crypto Thread:
@Jolly said in The Bitcoin/Crypto Thread:
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too.
US law requires that you be at least 18 years old before you can open a brokerage account.
Easily solved with a UGMA account. My daughter’s been invested since birth.
Much respect and kudos to all parents who start investments for their children early. I was thinking more along the line of actual ownership and self-direction by the young person. A parent doing stuff for you is not the same as you doing stuff yourself, a bit like the “trust fund vs. self-made” difference. Of course, at the end of the day, a dollar from mom and dad will still worth the same as a dollar from one’s own labor on the open market. Just that for this discussion, I am hoping for options that young people can execute on their own. :man-shrugging:
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wrote on 13 May 2022, 16:34 last edited by
It's easy. Just set up an account and have the parent invest whatever monies the child comes up with. Jesus.
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It's easy. Just set up an account and have the parent invest whatever monies the child comes up with. Jesus.
wrote on 13 May 2022, 16:44 last edited by@Mik said in The Bitcoin/Crypto Thread:
It's easy. Just set up an account and have the parent invest whatever monies the child comes up with. Jesus.
I thought I wrote I was hoping for “options that the young people can execute on their own”.
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@Mik said in The Bitcoin/Crypto Thread:
It's easy. Just set up an account and have the parent invest whatever monies the child comes up with. Jesus.
I thought I wrote I was hoping for “options that the young people can execute on their own”.
wrote on 13 May 2022, 17:04 last edited by@Axtremus said in The Bitcoin/Crypto Thread:
@Mik said in The Bitcoin/Crypto Thread:
It's easy. Just set up an account and have the parent invest whatever monies the child comes up with. Jesus.
I thought I wrote I was hoping for “options that the young people can execute on their own”.
They don’t actually check who presses the buy/sell buttons on the website, or the conversations that led up to those decisions.
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wrote on 13 May 2022, 18:54 last edited by
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wrote on 13 May 2022, 19:03 last edited by
The complexity of crypto is really beside the point. It’s not dissimilar in theory from a discovery of a shiny new metal that is hard to find and that enough people agree has value. Actually not even dissimilar from baseball cards and their value.
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The complexity of crypto is really beside the point. It’s not dissimilar in theory from a discovery of a shiny new metal that is hard to find and that enough people agree has value. Actually not even dissimilar from baseball cards and their value.
wrote on 13 May 2022, 19:06 last edited by xenon@Horace said in The Bitcoin/Crypto Thread:
The complexity of crypto is really beside the point. It’s not dissimilar in theory from a discovery of a shiny new metal that is hard to find and that enough people agree has value. Actually not even dissimilar from baseball cards and their value.
That's the best argument for bitcoin. And bitcoin is strictly better than everything else on this dimension - it's not trying to be a platform for defi, there's no group of founders trying to take it in a certain direction, there's too much interest voting power that don't want the fundamentals of the platform to change, etc.
Bitcoin has a chance of becoming digital gold. Everything else just sounds like bullshit.
Yeah, bitcoin sucks as a transactional currency - but I don't need my gold transactions to be fast.
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@Mik said in The Bitcoin/Crypto Thread:
@Axtremus said in The Bitcoin/Crypto Thread:
@Jolly said in The Bitcoin/Crypto Thread:
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too.
US law requires that you be at least 18 years old before you can open a brokerage account.
Easily solved with a UGMA account. My daughter’s been invested since birth.
Much respect and kudos to all parents who start investments for their children early. I was thinking more along the line of actual ownership and self-direction by the young person. A parent doing stuff for you is not the same as you doing stuff yourself, a bit like the “trust fund vs. self-made” difference. Of course, at the end of the day, a dollar from mom and dad will still worth the same as a dollar from one’s own labor on the open market. Just that for this discussion, I am hoping for options that young people can execute on their own. :man-shrugging:
wrote on 13 May 2022, 19:27 last edited by@Axtremus said in The Bitcoin/Crypto Thread:
@Mik said in The Bitcoin/Crypto Thread:
@Axtremus said in The Bitcoin/Crypto Thread:
@Jolly said in The Bitcoin/Crypto Thread:
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too.
US law requires that you be at least 18 years old before you can open a brokerage account.
Easily solved with a UGMA account. My daughter’s been invested since birth.
Much respect and kudos to all parents who start investments for their children early. I was thinking more along the line of actual ownership and self-direction by the young person. A parent doing stuff for you is not the same as you doing stuff yourself, a bit like the “trust fund vs. self-made” difference. Of course, at the end of the day, a dollar from mom and dad will still worth the same as a dollar from one’s own labor on the open market. Just that for this discussion, I am hoping for options that young people can execute on their own. :man-shrugging:
Precious metals. If one is willing to forgo the benefits of Roth or traditional 401K's , a child can purchase gold, platinum or silver at any age. That's bullion, coins or jewelry.
Most everything else I know of revolves around an adult overseeing an account for a minor until they turn 18. I'm not sure if a minor becomes emancipated, if that rules still holds.
Other than that, since U.S. law has a problem with minors signing contracts, Mik is right about UGMA/UTMA accounts.
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@Axtremus said in The Bitcoin/Crypto Thread:
@Mik said in The Bitcoin/Crypto Thread:
@Axtremus said in The Bitcoin/Crypto Thread:
@Jolly said in The Bitcoin/Crypto Thread:
- Buffet said he started investing at 11, but wishes he had started investing at 7. I wish I had, too.
US law requires that you be at least 18 years old before you can open a brokerage account.
Easily solved with a UGMA account. My daughter’s been invested since birth.
Much respect and kudos to all parents who start investments for their children early. I was thinking more along the line of actual ownership and self-direction by the young person. A parent doing stuff for you is not the same as you doing stuff yourself, a bit like the “trust fund vs. self-made” difference. Of course, at the end of the day, a dollar from mom and dad will still worth the same as a dollar from one’s own labor on the open market. Just that for this discussion, I am hoping for options that young people can execute on their own. :man-shrugging:
Precious metals. If one is willing to forgo the benefits of Roth or traditional 401K's , a child can purchase gold, platinum or silver at any age. That's bullion, coins or jewelry.
Most everything else I know of revolves around an adult overseeing an account for a minor until they turn 18. I'm not sure if a minor becomes emancipated, if that rules still holds.
Other than that, since U.S. law has a problem with minors signing contracts, Mik is right about UGMA/UTMA accounts.
wrote on 13 May 2022, 21:47 last edited by@Jolly said in The Bitcoin/Crypto Thread:
Precious metals. If one is willing to forgo the benefits of Roth or traditional 401K's , a child can purchase gold, platinum or silver at any age. That's bullion, coins or jewelry.
OK, those are certainly options that can be executed by the young people themselves. I suppose possession of physical things is generally a practical option, older generations are known to have collected baseball cards, dolls/action figures, comic books, beanie babies, etc. People can argue whether collectibles make good financial investments but there are enough to precedents showing that collectibles have many times been treated as investments. Thanks.
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wrote on 15 May 2022, 03:48 last edited by
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wrote on 18 May 2022, 19:11 last edited by xenon
Eyes are on Tether now - which is another USD stablecoin.
The market cap has decreased by about $10B over the last several days (withdrawals presumably). The worry is that they don't have reserves and are just printing tokens.
If this trend continues (and Tether is indeed a fraud) - it'd be huge. Tether is the largest stablecoin and a huge liquidity provider for the crypto space.
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wrote on 22 May 2022, 15:16 last edited by
My neighbor just posted this. A Bitcoin vending machine in a mini-mart at a gas station in Rhode Island.
I think the installation of this particular machine was the signal to sell.
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wrote on 22 May 2022, 16:23 last edited by
Take me home, Jesus. I've seen it all...
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wrote on 22 May 2022, 19:01 last edited by
Physical bitcoin is just silly. It makes no sense whatsoever.
You can print the private key to get access to the bitcoin onto the coin, but you have no idea whether that private key actually holds any money, whether the amount agrees with what is printed on the coin, or whether the money has already been spent by some transaction.
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wrote on 6 Jun 2022, 14:49 last edited by
(h/t wtg)
Unscrupulous promotion of a new sh!tcoin:
https://www.theguardian.com/technology/2022/jun/01/cryptocurrency-tsuka-alex-hern
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wrote on 13 Jun 2022, 15:34 last edited by
Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.
https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html
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Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.
https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html
wrote on 13 Jun 2022, 17:48 last edited by@xenon said in The Bitcoin/Crypto Thread:
Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.
https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html
Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.
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@xenon said in The Bitcoin/Crypto Thread:
Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.
https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html
Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.
wrote on 13 Jun 2022, 17:53 last edited by@Axtremus said in The Bitcoin/Crypto Thread:
@xenon said in The Bitcoin/Crypto Thread:
Another one seems to be collapsing today. Celsius has $12B under management. They've halted all withdrawls.
https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html
Trying to imagine what a “bank run” would look like when all the “money” is digital. Maybe someday some movie making genius can figure out out to depict a digital “bank run” in motion picture form.
Fiat currencies are only slightly less digital than crypto. In order for a "run" to occur, something physical - fiat currency for instance - has to be in demand. There would be no such thing as a crypto run, only a crash in its value, as the hordes attempt to sell their crypto for fiat currency. Even when they sold it, it wouldn't be for anything physical. Just digital fiat currency.
