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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

surlybevo

By surlybevo
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GRHorn

GRHorn 105

Posted
Posted
56 minutes ago, Party_Taco said:

I still don’t understand what’s happening with Binance but I found this in their revised TOS:

“you are a non-U.S User, unless you only log on to websites for U.S. Users and use Binance Services for U.S. Users.”

Is there a different app for the US now that I should be using instead? My account logs just fine and I was able to consolidate a ton of shitcoins like a month ago, but now I can’t buy or trade?

Binance no longer services Us customers. They changed a while back. 

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ZB'Tejas

ZB'Tejas 593

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I really need to log on to Binance and see what I have left over there. I had been a big user on Binanace and BitMex several years ago and I think I left a few shitcoins there. Unlikely they are worth much as the Altcoins really only declined over the last few years.

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Nice Guy Eddie

Nice Guy Eddie 13509

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7 minutes ago, ZB'Tejas said:

I really need to log on to Binance and see what I have left over there. I had been a big user on Binanace and BitMex several years ago and I think I left a few shitcoins there. Unlikely they are worth much as the Altcoins really only declined over the last few years.

FYI. There is a decent chance that as soon as you log on, they will start a 14-day timer that you need to transfer/withdrawal all coins there. No trading.

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ZB'Tejas

ZB'Tejas 593

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2 minutes ago, Nice Guy Eddie said:

FYI. There is a decent chance that as soon as you log on, they will start a 14-day timer that you need to transfer/withdrawal all coins there. No trading.

For those shady sites I always used a VPN app on my phone before logging in. I don't think I've ever logged in from a US IP knowing something like this would eventually happen.

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SquishMitten

SquishMitten 10403

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Using Zenmate, I was able to login to my old Binance account, and I sent all bitcoin to my coinbase pro wallet, but the shit coins were a PITA. Luckily, most of them are available on Kucoin, so I sent them there, even though I stopped using their platform a while back. When I was creating the wallets, some of them said they were eligible to go into the Pool-X account. After looking around online I'm still not entirely sure what that is. What are the pros and cons of moving coins into the pool-x account? If I move them, are there additional steps to take? Do I have to "stake" them to get actual benefits?

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GRHorn

GRHorn 105

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37 minutes ago, bernorange said:

I made a small Bitcoin purchase yesterday. Expect all cryptos to go on sale now.

If you don’t mind me asking, what convinced you? I know you think the monetary system is insane, but I figured you were more gold bug. Just trying to get sense of if more goldbugs could be opening up.
 

We’re essentially on the same team. 

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bernorange

bernorange 8359

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1 hour ago, GRHorn said:

... what convinced you? ... I figured you were more gold bug. ...

"convinced" is too strong a word.  I've owned tiny bit of cryptos for several years.  Just dabbling for shits and giggles mostly.

Long term, I believe the metals will be the last tulip standing, so to speak.

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GRHorn

GRHorn 105

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

"convinced" is too strong a word.  I've owned tiny bit of cryptos for several years.  Just dabbling for shits and giggles mostly.

Long term, I believe the metals will be the last tulip standing, so to speak.

Sorry I meant convinced you to dip in. I figured you hadn’t totally flipped 

Edited by GRHorn
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B00M

B00M 6414

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Newbie alert. Got coinbase, did a tiny bit of research. Looks like ethereum is a good coin to hold while AAVE and maybe COMP can be used to earn passively. Turns out i need coin wallet to lend coins. Got coin wallet and tried to move over small test amounts and it looks like there's a substantial fee.

So far coinbase annoys the fuck out of me being glitchy AF with my ID verification and the nickel and diming. What's the least expensive way to bring money into coin wallet (from bank, credit card, venmo, paypal, whatever the fuck), park it in AAVE and let it grow?

 

Edited by B00M
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Goofyboy

Goofyboy 3269

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What is the deal with aave?  Never heard of it before.

It used to be LEND. It is a coin that you can use to offer up loans to people on the blockchain, from what I gather. I’m still in LEND because I don’t have enough ETH to convert to AAVE. I originally got into LEND two years ago. They seem to have a good plan and it’s finally being used.
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GRHorn

GRHorn 105

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32 minutes ago, bernorange said:

What is the deal with aave?  Never heard of it before.

It’s a decentralized borrowing and lending protocol. The biggest one. Almost $5B locked in it. https://aave.com/
 

10 hours ago, B00M said:

Newbie alert. Got coinbase, did a tiny bit of research. Looks like ethereum is a good coin to hold while AAVE and maybe COMP can be used to earn passively. Turns out i need coin wallet to lend coins. Got coin wallet and tried to move over small test amounts and it looks like there's a substantial fee.

So far coinbase annoys the fuck out of me being glitchy AF with my ID verification and the nickel and diming. What's the least expensive way to bring money into coin wallet (from bank, credit card, venmo, paypal, whatever the fuck), park it in AAVE and let it grow?

 

I think the fees you’re seeing are the Eth gas fees for moving stuff around. It’s pretty expensive due to demand on the Eth blockchain. Eth is running into similar scaling issues that BTC has seen. I’m not up to date on all the proposed scaling solutions for eth ecosystem. I know Eth 2.0 is a new update moving to proof of stake consensus but that has been promised for a long time. 

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Shaggy3.0

Shaggy3.0 1695

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On 1/29/2021 at 12:38 PM, closetohumping said:

I'm on coinbase.  Is there any reason to not be on there?  I think their fees are higher.  Experiences with Kraken?

Same. Fees are death by 100000000 cuts.  But the website and app are very well built.  I will create a Kraken account and learn more about it.

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Shaggy3.0

Shaggy3.0 1695

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On 1/29/2021 at 8:22 AM, Party_Taco said:

I still don’t understand what’s happening with Binance but I found this in their revised TOS:

“you are a non-U.S User, unless you only log on to websites for U.S. Users and use Binance Services for U.S. Users.”

Is there a different app for the US now that I should be using instead? My account logs just fine and I was able to consolidate a ton of shitcoins like a month ago, but now I can’t buy or trade?

I went down this rabbit hole about a month ago.  Discord peeps recommend binance like it's the cat's meow.  I noticed two binance apps in the app store (unless my beer goggles played tricks on me). I installed binance.us.  I created an account via web, but was cockblocked trying to deposit funds. binance us is not available in all states---Texas being one.  So it was a no go.  I use coinbase and cashapp.  

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GRHorn

GRHorn 105

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Great interview here from the Saylor Bitcoin Conference which he held to share why they moved their Treasury to BTC and how they did it with other companies. Reps from companies like Starbucks Disney Pfizer in attendance.  The guy Saylor interviews runs company handling institutions wanting exposure to Bitcoin.

It’s worth watching in full, but some amazing stats he shared. At start of 2020 had 25 clients, now has 285, with another 95 in the pipeline. Currently $6B in BTC held in custody for these clients. Expects by year end to hold $25B. “And that’s not guessing, I have the order books.” Not one client has walked back an allocation. Also mentions having multiple insurance companies as clients. Bitcoin “has been de-risked”. Just an extremely bullish talk. 
 

 

 

Edited by GRHorn
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Nice Guy Eddie

Nice Guy Eddie 13509

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The rise makes sense then. Tesla putting treasury funds in bitcoin AND planning to start accepting payments in bitcoin. 

this could be one of those important dates in bitcoin history. I know microstrategy and overstock are public companies that started storing funds in bitcoin but they’re nowhere at Tesla’s level.

with this news, I wouldn’t be shocked at 50k at some point today,

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52-80

52-80 19147

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17 minutes ago, Nice Guy Eddie said:

The rise makes sense then. Tesla putting treasury funds in bitcoin AND planning to start accepting payments in bitcoin. 

this could be one of those important dates in bitcoin history. I know microstrategy and overstock are public companies that started storing funds in bitcoin but they’re nowhere at Tesla’s level.

with this news, I wouldn’t be shocked at 50k at some point today,

if Tesla's in, other companies will follow

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Nice Guy Eddie

Nice Guy Eddie 13509

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Just now, 52-80 said:

if Tesla's in, other companies will follow

The hurdle is that CFOs will have to convince CEOs about the risk. Put a sizable treasury amount in bitcoin and the price rises 25% one quarter, the CFO gets a pat on the back. Same scenario but the price drops 25%, and the CEO is answering to analysts about the wisdom of placing hard-earned revenue in speculative "investments."

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GRHorn

GRHorn 105

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1 minute ago, Nice Guy Eddie said:

The hurdle is that CFOs will have to convince CEOs about the risk. Put a sizable treasury amount in bitcoin and the price rises 25% one quarter, the CFO gets a pat on the back. Same scenario but the price drops 25%, and the CEO is answering to analysts about the wisdom of placing hard-earned revenue in speculative "investments."

With money printer going brrr cash is now a liability on balance sheet. Not an asset. Easy to justify placing it in BTC now. Career risk off the table. 

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Nice Guy Eddie

Nice Guy Eddie 13509

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Buying Teslas with bitcoin is a big deal as well. Most bitcoiners reject the idea that we will be paying for coffee with bitcoin but they've long discussed major purchases with bitcoin. The downside is that there were few major purchases to be made with bitcoin. I think a car ranging in value from $40-100k qualifies.

Maybe we're not too far away from buying a Model 3 with .1 BTC. ;)

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Acropora

Acropora 856

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Posted

yeah, tesla's stock is going up a lot based on that buy/report.  the nice thing is btc surrogates including riot, microstrategies and voyager digital are also going up.  I invested in those in my IRA to take advantage of the volatility inherent in cryptos and make some money without taxable consequences while hodling the crypto. 

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