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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

surlybevo

By surlybevo
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TonyTexas

TonyTexas 10685

Posted
Posted
4 hours ago, Burt Macklin said:

Well that was a fun almost 30% dip over the weekend. Glad to see it’s pulling back up. Realistically those kinds of corrections are healthy. It sounds like some of that had to do with some large miner sell offs. 

That kind of volatility is the furthest thing from healthy. 

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Nice Guy Eddie

Nice Guy Eddie 13710

Posted
Posted
31 minutes ago, Henry Hill said:

Buy. The. Dip. It’s science.

Just as I was bullish at 42k, 3 or 4 days ago, I'm still the same at 31k. And since I'm still working towards a certain BTC #, I'm not upset at the drop as it saves me $$$. Now if I knew it was going to drop further, I would wait to buy but I don't know that. And maybe it will be another year to reach 42k, or tomorrow, or never. 

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GRHorn

GRHorn 105

Posted
Posted
5 hours ago, Burt Macklin said:

Well that was a fun almost 30% dip over the weekend. Glad to see it’s pulling back up. Realistically those kinds of corrections are healthy. It sounds like some of that had to do with some large miner sell offs. 

Pretty standard for this game. I added a couple drops to the bucket. Both BTC and gbtc in the investment account. 

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GRHorn

GRHorn 105

Posted
Posted
26 minutes ago, Party_Taco said:

I should have pulled the trigger at 31 today but got distracted and was too lazy to move a bunch of money around. Really need to have cash in my Coinbase account just sitting.

CashApp is great for this. I just see dump and buy it instantly. Money pulled from checking account 

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Nice Guy Eddie

Nice Guy Eddie 13710

Posted
Posted
7 hours ago, Party_Taco said:

I should have pulled the trigger at 31 today but got distracted and was too lazy to move a bunch of money around. Really need to have cash in my Coinbase account just sitting.

I bought some going down around 35, and strongly considered more at 32 but got caught up in work. Missed opportunity. 

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Dbeasy

Dbeasy 15528

Posted
Posted

I don’t doubt now that Bitcoin provides something of value, namely a fiat currency not subjected to excessive dilution due to the actions of out of control government policies. Bitcoin drivers trust better than government currencies right now. 

However, the whole mode of supply and demand for Bitcoin doesn’t make sense to me. If the currency really does expand its usage to a significant portion of the economy the demand on it would so high that the price would go they the roof, which is basically out of control inflation. How is that issue reconciled by the advocates?
 

 

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Nice Guy Eddie

Nice Guy Eddie 13710

Posted
Posted (edited)
1 hour ago, Dbeasy said:

I don’t doubt now that Bitcoin provides something of value, namely a fiat currency not subjected to excessive dilution due to the actions of out of control government policies. Bitcoin drivers trust better than government currencies right now. 

However, the whole mode of supply and demand for Bitcoin doesn’t make sense to me. If the currency really does expand its usage to a significant portion of the economy the demand on it would so high that the price would go they the roof, which is basically out of control inflation. How is that issue reconciled by the advocates?
 

 

Honesty, I think most advocates see that Bitcoin price inflation as a chance to get extremely wealthy so they consider it a feature not a bug. But more seriously, their view is that there is a ceiling that the bitcoin price will hit and not waiver much from.

And I haven’t had enough coffee yet, but doesn’t your scenario describe deflation, at least in terms relative to Bitcoin? 10 years ago, you would have needed 100s of bitcoins to buy a cup of coffee. Today it’s less than .0001 Bitcoin. 

The Bitcoin community focuses more on what they consider artificial, govt-induced inflation of currency worth due to printing new money without any backing. And FYI, bitcoin has artificial inflation of the number of bitcoin as well. But it’s capped, has a known growth rate that decreases every few years.  It will be practically zero in 10 years.

Edited by Nice Guy Eddie
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Dbeasy

Dbeasy 15528

Posted
Posted
11 minutes ago, Nice Guy Eddie said:

Honesty, I think most advocates see that Bitcoin price inflation as a chance to get extremely wealthy so they consider it a feature not a bug. But more seriously, their view is that there is a ceiling that the bitcoin price will hit and not waiver much from.

And I haven’t had enough coffee yet, but doesn’t your scenario describe deflation, at least in terms relative to Bitcoin? 10 years ago, you would have needed 100s of bitcoins to buy a cup of coffee. Today it’s less than .0001 Bitcoin. 

The Bitcoin community focuses more on what they consider artificial, govt-induced inflation of currency worth due to printing new money without any backing. And FYI, bitcoin has artificial inflation of the number of bitcoin as well. But it’s capped, has a known growth rate that decreases every few years.  It will be practically zero in 10 years.

Good point. So if it eventually levels out, is there math around how to value a bitcoin to project the leveling out point?

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Nice Guy Eddie

Nice Guy Eddie 13710

Posted
Posted
14 minutes ago, Dbeasy said:

Good point. So if it eventually levels out, is there math around how to value a bitcoin to project the leveling out point?

No. I think the answer is closely related to what stores of value can be eaten up by Bitcoin. Some think it can take a fair amount of gold value. Others, world currency. Many think none of the above.  But bitcoin evangelists often point to $500k or $1m for a bitcoin as achievable. This seems ridiculous but $33k would have seemed ridiculous in 2012, which required a higher growth than 1m does today.

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XYZ

XYZ 2154

Posted
Posted
4 hours ago, Dbeasy said:

If the currency really does expand its usage to a significant portion of the economy...

But it won’t. There’s two uses for BTC: 1) to buy it, let the price go up and sell it for more $, just like you would with a collectible item or stocks, and 2) to buy illegal shit. That’s it. You’re not gonna be buying your groceries with BTC, and you’re most definitely never, ever gonna be paying your taxes with BTC.

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GRHorn

GRHorn 105

Posted
Posted
2 hours ago, XYZ said:

But it won’t. There’s two uses for BTC: 1) to buy it, let the price go up and sell it for more $, just like you would with a collectible item or stocks, and 2) to buy illegal shit. That’s it. You’re not gonna be buying your groceries with BTC, and you’re most definitely never, ever gonna be paying your taxes with BTC.

There’s also the whole preserving purchasing power/inflation hedge. You know, the reason that insurance companies, HNW individuals, publicly traded companies, hedge funds etc are all buying it.

But you keep doing your thing. The Nouriel Roubini of Surly. 

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XYZ

XYZ 2154

Posted
Posted
1 hour ago, GRHorn said:

There’s also the whole preserving purchasing power/inflation hedge. You know, the reason that insurance companies, HNW individuals, publicly traded companies, hedge funds etc are all buying it.

But you keep doing your thing. The Nouriel Roubini of Surly. 

Yes, that’s my #1. Did you not get it?

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GRHorn

GRHorn 105

Posted
Posted (edited)
26 minutes ago, XYZ said:

Yes, that’s my #1. Did you not get it?

I’d say that’s different than a collectible or stock. What you described is just investing. Anyway. 
 

You need to open your mind. We literally cannot conceive of all that can be done with a programmable monetary network. Here’s something new from just the last couple weeks. Using BTC and the lightning network to transmit different currencies globally. Pretty incredible. 
 

 

Edited by GRHorn
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Hank_Hill

Hank_Hill 19787

Posted
Posted
6 hours ago, XYZ said:

But it won’t. There’s two uses for BTC: 1) to buy it, let the price go up and sell it for more $, just like you would with a collectible item or stocks, and 2) to buy illegal shit. That’s it. You’re not gonna be buying your groceries with BTC, and you’re most definitely never, ever gonna be paying your taxes with BTC.

Is this an opinion from 2011?

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GRHorn

GRHorn 105

Posted
Posted
2 minutes ago, bluto said:

Probably a dumb Tax question... If I’m using Coinbase when do I get hit with gains/losses? Is it when I sell Bitcoin or eth, or is it when I move the funds from Coinbase back to my bank acct.

The taxable event is when you sell 

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Blotto

Blotto 23975

Posted
Posted
9 hours ago, GRHorn said:

 

That article doesn't make a lot of sense to me. It's a market. There's buyers and sellers if there aren't sellers at  the current price, the price goes up. Not once have I ever logged onto coinbase and been told to come back later, market is closed.

 

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Nice Guy Eddie

Nice Guy Eddie 13710

Posted
Posted

And we're back to 40k. 

1 hour ago, Blotto said:

That article doesn't make a lot of sense to me. It's a market. There's buyers and sellers if there aren't sellers at  the current price, the price goes up. Not once have I ever logged onto coinbase and been told to come back later, market is closed.

 

I don't fully understand either. The only thing I can guess is that the exchange has run into situations where they don't have enough sellers and the buyers are pushing the btc price higher than on other exchanges. But this would seem like it would lead to other sellers seeing an arbitrage opportunity if this frequently occurs on one platform.

Or is there something else that we're missing like the exchange is pushing much of their bitcoins into long term storage so they can't support certain transactions?  For argument sake, say all of their investors have deposited 100 bitcoin on the exchange. The exchange pushes 80 of them to a custodian for care or interest, or they loan them out. If there are too many active investors, there is a decent chance some of them will seek withdrawal immediately after buying. I think a fair # of buyers withdrawal ASAP.  In my hypothetical argument, the exchange can't allow more than 20 coins to be withdrawn because they don't have any more under their active control.  Do exchanges operate in this manner? to be clear, I'm just thinking out loud.

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StassneyHorn

StassneyHorn 6755

Posted
Posted
On 1/14/2021 at 10:51 PM, DonkeyCigars said:

IDK, but I sold all my ETH and BTC today and am dumping them in cannibus stocks now. 

Have seen some crazy gains industry wide since the election, I got into the etf YOLO when it first came out and stuck with and kept buying when it was at 6. Loving life right now

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ZB'Tejas

ZB'Tejas 597

Posted
Posted
That article doesn't make a lot of sense to me. It's a market. There's buyers and sellers if there aren't sellers at  the current price, the price goes up. Not once have I ever logged onto coinbase and been told to come back later, market is closed.
 

Except today if you are trying to buy XRP


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GRHorn

GRHorn 105

Posted
Posted
2 hours ago, bluto said:

Off a cliff overnight

Yep. 
 

I posted this breakdown a while back but the last bull run went like this. 

After breaking previous all time highs, it basically doubled in a month. ✅

It then dumped and went sideways for about 2 months. (It looks like we’re here.)
 

Then it doubled again in another month. (Going from 40-80k in a month would be a big ask)

Then dumped and sideways for about 6 weeks. 
 

Then started final climb. 

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Blotto

Blotto 23975

Posted
Posted (edited)
On 1/19/2021 at 8:41 PM, GRHorn said:

What a dishonest twat.  

 

What's dishonest about the statements in that article? Do you believe that the psuedo anonymous nature of transferring large amounts of money in an expedient fashion and for relatively low costs would have no interest to criminal and terrorist organizations? 

I own crypto, but am under no illusions about the risks of doing so. There's a reason sites like Silk Road didn't take credit cards. While there is some traceability with crypto it's far less regulated than traditional currencies, and I would absolutely expect criminal/terrorist factions to employ it. So if you agree with that statement, it's pretty logical that governments interested in foiling those types of organizations will consider means to discourage their ability to use crypto. 

 

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Nice Guy Eddie

Nice Guy Eddie 13710

Posted
Posted
46 minutes ago, Blotto said:

What's dishonest about the statements in that article? Do you believe that the psuedo anonymous nature of transferring large amounts of money in an expedient fashion and for relatively low costs would have no interest to criminal and terrorist organizations? 

I own crypto, but am under no illusions about the risks of doing so. There's a reason sites like Silk Road didn't take credit cards. While there is some traceability with crypto it's far less regulated than traditional currencies, and I would absolutely expect criminal/terrorist factions to employ it. So if you agree with that statement, it's pretty logical that governments interested in foiling those types of organizations will consider means to discourage their ability to use crypto. 

 

There is a reasonable chance that criminals use non-traditional methods to transfer funds but should we treat everyone as a criminal or terrorist to offset the chance that .001% of the public is doing something wrong?  People with the Fed or Treasury are more concerned about the inability to easily identify tax cheats more than the next OBL. OBL makes a better headline though.

 

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Blotto

Blotto 23975

Posted
Posted
1 minute ago, Nice Guy Eddie said:

There is a reasonable chance that criminals use non-traditional methods to transfer funds but should we treat everyone as a criminal or terrorist to offset the chance that .001% of the public is doing something wrong?  People with the Fed or Treasury are more concerned about the inability to easily identify tax cheats more than the next OBL. OBL makes a better headline though.

 

Maybe you  read a different article than me. Where did it say that because the government is concerned with terrorists, everyone would be treated as a criminal or terrorist. Terrorism and tax cheats are two separate issues, and yes I realize the government is also always going to try to identify tax cheats. We have the IRS because people are less likely to pay taxes if there is no enforcement or oversight. I am happy to hold onto my crypto and pay taxes when/if i sell. If you are claiming we shouldnt pay taxes on crypto, that's a separate conversation altogether. I'm just trying to figure our what was controversial about Yellen's statement, thats all.

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GRHorn

GRHorn 105

Posted
Posted
41 minutes ago, Blotto said:

What's dishonest about the statements in that article? Do you believe that the psuedo anonymous nature of transferring large amounts of money in an expedient fashion and for relatively low costs would have no interest to criminal and terrorist organizations? 

I own crypto, but am under no illusions about the risks of doing so. There's a reason sites like Silk Road didn't take credit cards. While there is some traceability with crypto it's far less regulated than traditional currencies, and I would absolutely expect criminal/terrorist factions to employ it. So if you agree with that statement, it's pretty logical that governments interested in foiling those types of organizations will consider means to discourage their ability to use crypto. 

 

“I think many [cryptocurrencies] are used, at least in transactions sense, mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,”


 

”Many” crypto currencies? Mainly for illicit financing? Please. Maybe monero, but that’s it. 
 

So she is either uninformed, dumb, or dishonest. I believe it’s dishonesty. 

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Blotto

Blotto 23975

Posted
Posted
13 minutes ago, GRHorn said:

“I think many [cryptocurrencies] are used, at least in transactions sense, mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,”


 

”Many” crypto currencies? Mainly for illicit financing? Please. Maybe monero, but that’s it. 
 

So she is either uninformed, dumb, or dishonest. I believe it’s dishonesty. 

Bullshit, crypto has two uses for me. Speculative investment and to get money on/off online poker sites and sportsbooks. I use Bitcoin. Most people I know that use these sites (and there are plenty) use Bitcoin. We have archaic rules in this country about gambling so we blocked the financial spigot to these online sites. Now everyone uses crypto. Silk Road used bitcoin. There is very little oversight in the crypto markets (compared to traditional financial/banking methodologies) so I think it wise to assume that there is quite a bit of illicit financing going on, and in more than just monero. To think otherwise is naïve as fuck.

I'm not anti-crypto, I own it. But I'm also a realist and know that the larger the cypto market gets the more governments will get involved. Crypto enthusiasts cheer when large corporations start investing or discussing crypto. But the more entrenched it gets with these entities (who will play ball with the government) the more regulation and oversight will be necessary. I don't live in a fantasy land. 

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GRHorn

GRHorn 105

Posted
Posted
5 minutes ago, Blotto said:

Bullshit, crypto has two uses for me. Speculative investment and to get money on/off online poker sites and sportsbooks. I use Bitcoin. Most people I know that use these sites (and there are plenty) use Bitcoin. We have archaic rules in this country about gambling so we blocked the financial spigot to these online sites. Now everyone uses crypto. Silk Road used bitcoin. There is very little oversight in the crypto markets (compared to traditional financial/banking methodologies) so I think it wise to assume that there is quite a bit of illicit financing going on, and in more than just monero. To think otherwise is naïve as fuck.

I'm not anti-crypto, I own it. But I'm also a realist and know that the larger the cypto market gets the more governments will get involved. Crypto enthusiasts cheer when large corporations start investing or discussing crypto. But the more entrenched it gets with these entities (who will play ball with the government) the more regulation and oversight will be necessary. I don't live in a fantasy land. 

That’s how you use it I guess. I’m just citing data from looking on chain. 
 

I’m realistic about both paying taxes and that the government is going to more aggressively confront bitcoin specifically in the months and years ahead. I suspect when it happens under the new administration it will be under the guise of addressing “domestic terrorism”. 

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