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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

surlybevo

By surlybevo
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workswithseed

workswithseed 2094

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On 5/19/2021 at 8:05 AM, Nice Guy Eddie said:

If China really wanted to eliminate crypto, why haven't they eliminated crypto mining operations? Those operations are using state resources (electricity), human work, invested capital in equipment. The ops create crypto for local companies that have to sell or distribute the coins in some fashion.  But since they don't ban mining, I don't know what to think about their crypto ban.

How are the mining companies disposing of their mined crypto? 

@Trey3216 don't quote Tim Pool. He's a bomb-throwing, conspiracy loving, fake libertarian. 

 

What's he wrong about there? 

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GRHorn

GRHorn 105

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Looks like the China banning talk was serious this time. This is exciting news. It’s making things rough now, but it eliminates the China Fud. People would say China was attacking the dollar using Bitcoin. That’s off the table. China is anti Bitcoin. Shouldn’t we be pro?

 

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washparkhorn

washparkhorn 9939

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And you are misinformed about USD/Bitcoin/China. Geopolitics rules this region of power. 

Spoiler

 

Geopolitics are churning. That adds a layer of uncertainty. The USD is always under attack. It has smart defenders. I am sure you have been following the economic cleaving of the U.S. from China (the "pivot"). That has continued, 

On the economic front Economic China means to embarrass the interests behind the USD. Weaken the foundation to raise doubt on the USD as a reserve currency.

Wealth abhors monetary instability. Monetary policy territory - where the mélange of the sandworms puts the mentats to work.  But I regress. We live in an Arrakan - Dune World.

TLDR: The economic separation from China continues. Economic China insinuates current crypto is corrupt, ergo the USD and the United States are corrupt. A China economic parry.

It is our turn to thrust, . . . while we negotiate with Russia, . . . as Covid swamps India, . . . while  the middle east rumbles, . . . and Americans hate Americans.

Best,

The Mentats of Dune

 

The markets will figure it all out. 

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GRHorn

GRHorn 105

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6 hours ago, washparkhorn said:

And you are misinformed about USD/Bitcoin/China. Geopolitics rules this region of power. 

  Reveal hidden contents

 

Geopolitics are churning. That adds a layer of uncertainty. The USD is always under attack. It has smart defenders. I am sure you have been following the economic cleaving of the U.S. from China (the "pivot"). That has continued, 

On the economic front Economic China means to embarrass the interests behind the USD. Weaken the foundation to raise doubt on the USD as a reserve currency.

Wealth abhors monetary instability. Monetary policy territory - where the mélange of the sandworms puts the mentats to work.  But I regress. We live in an Arrakan - Dune World.

TLDR: The economic separation from China continues. Economic China insinuates current crypto is corrupt, ergo the USD and the United States are corrupt. A China economic parry.

It is our turn to thrust, . . . while we negotiate with Russia, . . . as Covid swamps India, . . . while  the middle east rumbles, . . . and Americans hate Americans.

Best,

The Mentats of Dune

 

The markets will figure it all out. 

I’ll start by saying I’ve never read or watched Dune. 
 

There’s no way China and the CCP removing itself from Bitcoin is not a huge positive long term. I hope they really do it. 
 

Bitcoin is freedom money. It makes sense that a nation that’s carrying out a genocide on a portion of its population and wants unlimited surveillance would be against it.

It provides a nice contrast that should attract some prior skeptics. 

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MonkeyDoughnut

MonkeyDoughnut 10229

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19 minutes ago, Nice Guy Eddie said:

I will believe that China will stop mining, when I see it. They could shut down 99% of the mining overnight, if they wanted it. Instead I imagine this is more about protecting current mining operations which is most likely kicking money back to the govt/individuals. 

Agreed, if you read the fine print on any of the news items on China's "crackdown" of mining or "big blow" to miners, no operation is stopping of even reducing its current mining there. At most they are pausing adding NEW mining there and instead just adding it elsewhere.  I see it as China, in light of all the energy waste of crypto talk, not wanting to be the poster child and being able to claim they are against it.

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Trey3216

Trey3216 15345

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3 hours ago, bernorange said:

It's not lost on me that this push by China coincides with Bitcoin rolling out a new privacy layer while China's CBDC is apparently having trouble gaining traction because of privacy concerns.

China's in-house crypto is a way to manipulate their own currency vis-a-vis the USD since they have fraudulently pegged the Yuan Reminbi exchange rate.  They can just mine as many CBDC's as they want rather than letting 'real inflation' shatter their actual currency in the open markets.  We know this, they know this, everyone knows this.  China is like the hippo spinning shit trying to see what sticks to the wall.  Doing everything they can to get ahead, but always a step or so too late.  

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bernorange

bernorange 8359

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Quote

Billionaire hedge-fund manager Ray Dalio has revealed that he owns some bitcoin, making the prominent investor one of the latest traditional investors to declare ownership in the world’s most popular digital asset.

“I have some bitcoin,” Dalio told CoinDesk’s Michael Casey, in an interview aired Monday during its popular multiday crypto conference hosted by the digital-focused, web platform.

The founder of Bridgewater Associates’s comments suggests that he may be slowly warming to bitcoin and cryptographic assets broadly, which he has previously expressed skepticism about.
...

https://www.marketwatch.com/story/i-have-some-bitcoin-says-dalio-at-crypto-conference-personally-id-rather-have-bitcoin-than-a-bond-11621870562

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Assman

Assman 1830

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34 minutes ago, Nice Guy Eddie said:

Wish I had reloaded on Matic/Polygon. Up 67% over the last 24h after tanking the past few days.  I'm going to remember this the next time crypto tanks (today, tomorrow, next month) that the DeFi tokens appear to be more volatile than ETH.

I pulled the trigger on it while watching Lefty win the PGA.  Woke up to a nice surprise and sold my initial investment to play with house money.  It might be the first time I've bought at the REAL dip in the past month.  My portfolio is still F'd.

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bernorange

bernorange 8359

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For you @Nice Guy Eddie:

Quote

...
Wan also says that Chinese Bitcoin miners are preparing to relocate their rigs to Africa and other adjacent countries in Central Asia, which she believes will mean that in a few months the total Bitcoin hash rate based in China will drop from around 70% to somewhere in the 20-30% range (even though Chinese entities will still be controlling over 50% of the hash rate).

As you can see in the chart below, Bitcoin’s 7-day average total hash rate (TH/s) has been falling since May 14, when it hit 180.66 EH/s. Wan expects this to drop further “as enforcement is gradually deployed” in China.
...

https://www.cryptoglobe.com/latest/2021/05/bitcoin-mining-crackdown-in-china-fake-news-or-something-to-be-concerned-about/

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GRHorn

GRHorn 105

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31 minutes ago, bernorange said:

Chinese party insiders using the threat of a ban for a reverse pump and dump?

Perhaps, but I’ve recently learned that the Chinese system of regulation and lawmaking is quite different from ours. Our agencies have long periods for comment and deliberation when new regulations are being considered. Once they’re approved they’re not easily rolled back. The Chinese evidently do the opposite. They make sudden announcements and kind of A/B test things and have no problem reversing course if needed.

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Nice Guy Eddie

Nice Guy Eddie 13509

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Another major cyberattack against private business: https://www.cnn.com/2021/06/01/tech/jbs-usa-cyberattack-meat-producer/index.html

The article doesn't state it's a ransomware situation but I presume it is, unless the hackers are just screwing with a food company. 

I posting it here because I do worry that the US govt will take the easy path of anti-crypto measures. I view these attacks as several management components:

  • strong IT security
  • ransom payment methods (crypto)
  • punishing hackers

I'm sure the govt would agree that security and hacker arrests are the most effective options, but I can envision that they could decide on crypto bans as that would be the easiest action. Not that a crypto ban would accomplish anything except make headlines. I doubt hacker groups would stop asking for bitcoin (or more likely monero) just because the US govt bans it.

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GRHorn

GRHorn 105

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23 minutes ago, Party_Taco said:

Has anyone else had issues depositing USD into Binance.US?

I’m using the mobile app and, despite proper linking, each transaction instantly fails.

I don’t use Binance but it is under investigation by the doj and irs. Could have something to do with that. 

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washparkhorn

washparkhorn 9939

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13 hours ago, bernorange said:

What is going on with KAVA?  Up big over the last 24-48 hours.  I didn't see any news about it that might plausibly draw investor interest so... ???

Greater interest in DeFi (e.g., KAVA and KNC) with the potential bullish leg upward - from what I can cipher. 

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GRHorn

GRHorn 105

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I have no idea about Kava @bernorange  it looks like a lot of shitcoins were pumping until Elon tweeted about Bitcoin again. The effect seems to be diminishing however. 
 

it’s nice to have one big tech ceo that’s a huge advocate. Jack, not Saylor  

An interesting potential conflict here. USG looking to crack down more on Bitcoin and crypto while the ceo of one of the most influential social media networks is an ardent supporter. 

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Nice Guy Eddie

Nice Guy Eddie 13509

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I don’t understand the crypto holders that freak out when Elon has an obvious troll tweet at 3am. I can only assume that people react by selling because they think other people will sell.  

I don’t care if Elon wants to make a legit pro or con statement on crypto but he seems to just enjoy screwing with people. It’s akin to a rich person throwing 100 $1s in the air to laugh at the poor people fighting over it.

Here’s the tweet, presumably he’s referencing the joke coin that Maher made fun of, cum rocket:

 

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Nice Guy Eddie

Nice Guy Eddie 13509

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4 hours ago, Fastbreak said:

It's really easy to buy on Paypal.  I just started putting small amounts of extra cash I get there into ETH.  I'm not rich yet - lol.

Agree. The current downside is that PayPal won’t let you move crypto to another site or wallet. I believe they have committed to allowing that in the future.  If you’re buying bitcoin and have the need to transfer, look at the Cash app by square. 

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bernorange

bernorange 8359

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Coinbase (regular, not pro) has a new layout for their "prices" page which shows a couple of new column that I haven't seen in any other platform.  They are now showing available supply and volume metrics next to market cap.  I wonder if available supply means everything not staked, or just everything held on exchanges, or ???

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RDCanecutter

RDCanecutter 26398

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I had $33 in my Paypal so I just bought $7.50 each of Bitcoin, Ethereum, Bitcoin Cash, and Lytecoin. This is thrilling. If the elites running some broke-dick country decide to manipulate their economies to enrich themselves in a new way, I am positioned to make 40, 50, maybe even 60 dollars more.

This is exciting. Already lost 10 to 13 cents in the past couple of minutes on each one, but I am white-knuckle HODL so far.

Don't need to get Lambo money though. Already got that covered.

 

Lambo2.png

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