The Bitcoin/Crypto Thread
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I think there’s a big risk of liquidation among over-leveraged firms (see: 3 AC). They may take other players like blockfi and tether down with them.
That’s all to say, if I had to bet, I’d guess we’re not at the bottom yet.
I also think the return to growth will be slow. We likely won’t see low rates for a long time. I do think Bitcoin can be a gold-like asset - but if it’s flat for several years, it’ll lose the momentum it had in the mainstream right now.
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@89th said in The Bitcoin/Crypto Thread:
Bought more today. Focused on bit and eth. Great discounts if you are confident it will be here in 10 or 20 years, and worth much more by then.
Sorry, 89, but I had to laugh a bit about the comment I put in bold. I guess that applies to a lot of things.
Alternate planet: Year 1995: 89Key Clone - Speaking about Blockbuster company. "Great discounts if you are confident it will be here in 10 or 20 years, and worth much more by then."
On another item, there was a recent article about how "mining" for bitcoin has slowed down quite a bit.
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Allowing cryptocurrency firms to directly tap into the Federal Reserve system?
https://www.washingtonpost.com/business/2022/07/03/crypto-banks-risk-lummis/
"... part of a sweeping proposal to regulate the crypto industry that Sens. Cynthia M. Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced in June — would force the Federal Reserve to grant so-called master accounts to certain crypto firms seeking them from the central bank. The accounts give holders access to the Fed’s payment system, allowing them to settle transactions for clients without involving a separate bank."
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https://www.washingtonpost.com/technology/2022/08/03/solana-nomad-hacks-security-questions/
“A pair of crypto hacks totaling nearly $200 million in losses and probably affecting more than 10,000 users has prompted worry in an industry already unsettled by falling prices. ”
“Solana” and “Nomad” hacked.
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@89th said in The Bitcoin/Crypto Thread:
@taiwan_girl said in The Bitcoin/Crypto Thread:
Man Wants to Search UK Landfill that has Hard Drive with "Allegedly" 150MM worth of bitcoin
Pwn3d!!!!!!
D'oh!!!
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https://www.axios.com/2022/10/04/kim-kardashian-crypto-fine-matt-damon
Kim Kardashian was fined $1.26 million Monday for touting crypto schemes — even as much more high-profile pitches from the likes of Matt Damon and Larry David have gone unpunished. The seeming double standard is a function of a subtle yet crucial distinction in securities law.
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How it works: If you're endorsing a company, the only rules that apply are the relatively lax ones from the FTC. If you're shilling a security, then disclosing that you were paid — as Kardashian did with an #AD hashtag — is not enough; you also need to disclose how much you were paid.The bottom line: If you're going to tout crypto, tout a crypto company, not a coin.
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@Axtremus said in The Bitcoin/Crypto Thread:
https://www.axios.com/2022/10/04/kim-kardashian-crypto-fine-matt-damon
Kim Kardashian was fined $1.26 million Monday for touting crypto schemes — even as much more high-profile pitches from the likes of Matt Damon and Larry David have gone unpunished. The seeming double standard is a function of a subtle yet crucial distinction in securities law.
…
How it works: If you're endorsing a company, the only rules that apply are the relatively lax ones from the FTC. If you're shilling a security, then disclosing that you were paid — as Kardashian did with an #AD hashtag — is not enough; you also need to disclose how much you were paid.The bottom line: If you're going to tout crypto, tout a crypto company, not a coin.
Amazing (and sad) that she is famous for being famous, and even more amazing (and sad) that she was paid USD$250K for the Instagram post.
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https://www.barrons.com/articles/dogecoin-musk-twitter-51666975620
Dogecoin surged 40% upon Elon Musk taking over Twitter. Any happy Dogecoin owner here?
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@Axtremus said in The Bitcoin/Crypto Thread:
https://www.barrons.com/articles/dogecoin-musk-twitter-51666975620
Dogecoin surged 40% upon Elon Musk taking over Twitter. Any happy Dogecoin owner here?
I own like $50 or something. It would need to surge to the moon before I took notice LOL.
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@xenon Yeah. Been very popcorn worthy.
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I agree with what Warren Buffet has said about crypto. (Plus I dont understand it 555)
“If you said … for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. ”[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.”
“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things — we can put up Berkshire coins... but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”
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@Klaus said in The Bitcoin/Crypto Thread:
I'm not sure that is a very plausible argument.
If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.
But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.
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@taiwan_girl said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
I'm not sure that is a very plausible argument.
If I'd offer you all of the Euro in the world for $25, it would also be a bad deal and it wouldn't be worth anything.
But it is worth something. I can go to pretty much anywhere and buy something with it. I can live if you gave me euros. If I were only had crypto in my pocket, I think I would starve to death, not be able to move around, except by walking (and even then, I dont know where I would get shoes), buy a computer to post on TNCR, pay the internet company that allows me to use an (un-bought) computer , etc. etc.
It isn't worth anything anymore if you would concentrate all Euro in one hand.
No modern currency has intrinsic value.
It's all a matter of trust. If people trust crypto, you'll soon be able to buy shoes with it. If people do not, it will end up in the dust bin of history.
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It’s still not clear it has a use case besides illicit trade and speculation.
It’s always something.
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@Klaus said in The Bitcoin/Crypto Thread:
If people trust crypto
That is a very big IF.
Right now, it goes back to what I said - it really doesn't have any value. I would be very comfortable living on 5000 euro for a month. Somebody trying to live on the equivalent bitcoin (or even a 1.5x equivalent) would have a much more difficult time. I need to take the subway here - Nope. I need to get something to eat - nope. Lets go out with friends for an evening - nope. etc
