Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[Muy Frio 182]

Eth gas fees are crazy right now. Highest ever I believe. 
 

 

[XYZ 2154]

What is “gas price”?

[Muy Frio 182]

6 minutes ago, XYZ said:

What is “gas price”?

Quick explanation is it’s the fees to transact on the Ethereum blockchain. A little deeper explanation here that looked decent when I scanned it over  

 

https://academy.ivanontech.com/blog/talking-about-eth-gas-ethereum-gas-explained

 

[Nice Guy Eddie 13512]

People are getting wealthy or attempting to with NFTs. They don’t care about $100 transaction fees right now when their NFTs is going up by $1000s.

[XYZ 2154]

A few days ago I sent a bit of ETH from the broker wallet to the paper wallet and the transaction fee was only $6. Are these “gas prices” something that fluctuates wildly from one day to the next?

[Nice Guy Eddie 13512]

22 minutes ago, XYZ said:

A few days ago I sent a bit of ETH from the broker wallet to the paper wallet and the transaction fee was only $6. Are these “gas prices” something that fluctuates wildly from one day to the next?

Yes, they can vary by the minute. It depends on how fast you need the transaction to occur. If you're cool with waiting a bit, the fee can be low. If you need it to occur right this second, the cost is higher. 

[Satoshi 129]

 

[XYZ 2154]

Satoshi, is that you?!?

[washparkhorn 9939]

1 hour ago, XYZ said:

Satoshi, is that you?!?

GR's newest handle more likely. 

He was close to offing another skin job.

 

[ZB'Tejas 593]

What's going on with Solana (SOL). Up like 2000% this year but I've never heard of it until now. 

Are they doing something unique?

[Satoshi 129]

3 minutes ago, ZB'Tejas said:

What's going on with Solana (SOL). Up like 2000% this year but I've never heard of it until now. 

Are they doing something unique?

Smart contract chain that has significantly  lower fees than ETH. That always comes with tradeoffs, typically centralization but I’m not sure of the specifics with solana. It has been on fire. Has a lot of Vc support on crypto Twitter it seems. 

[ZB'Tejas 593]

4 minutes ago, Satoshi said:

Smart contract chain that has significantly  lower fees than ETH. That always comes with tradeoffs, typically centralization but I’m not sure of the specifics with solana. It has been on fire. Has a lot of Vc support on crypto Twitter it seems. 

My buddy came to me saying we should be buying... it's had such a run up the last few weeks i'm hesitant. 

[Satoshi 129]

20 minutes ago, ZB'Tejas said:

My buddy came to me saying we should be buying... it's had such a run up the last few weeks i'm hesitant. 

Yeah tough call. I feel the same way about NfTs. Pretty sure I missed the boat, but still want to play. That has cost me before. Tying myself to the mast of the ship.  

[gyroprotagonist 2592]

3 hours ago, Satoshi said:

Yeah tough call. I feel the same way about NfTs. Pretty sure I missed the boat, but still want to play. That has cost me before. Tying myself to the mast of the ship.  

i am a nft junkie for a few months now, but definately not too late for getting in.  it's been absolutely bonkers since i waded in and great ROI.  last week was best week i have ever had

Gas for eth is unreal the last week.  I think it's due to more and more people getting into nfts and that more and more people are creating and doing mints all the damn time now.  so you have large groups of people all vying for an nft at the same time and it jacks up gas.  then even when mints are not going on, Opensea.io has seen an explosion of use (think ebay of nft world) month over month over month.  So you have more drops and then more people just buying/selling off OS than ever before and that is causing constantly higher has prices.  

- It's not so bad for just xfering coin, but the nfts require writing against a smart contract and that takes more cycles from the miners and hence more gas.  was just trying to buy a .05 eth nft from OS and gas was going to be $100.  f that.  Here is a good estimator for gas https://www.blocknative.com/gas-estimator

I am jumping into solana because they are starting to do more nft drops on that coin, but am just getting started so nothing to report just yet.  But it's essentially zero gas fees from what i have read.  

feel free to pop in the nft thread or shoot me a dm.  

[Satoshi 129]

2 hours ago, gyroprotagonist said:

i am a nft junkie for a few months now, but definately not too late for getting in.  it's been absolutely bonkers since i waded in and great ROI.  last week was best week i have ever had

Gas for eth is unreal the last week.  I think it's due to more and more people getting into nfts and that more and more people are creating and doing mints all the damn time now.  so you have large groups of people all vying for an nft at the same time and it jacks up gas.  then even when mints are not going on, Opensea.io has seen an explosion of use (think ebay of nft world) month over month over month.  So you have more drops and then more people just buying/selling off OS than ever before and that is causing constantly higher has prices.  

- It's not so bad for just xfering coin, but the nfts require writing against a smart contract and that takes more cycles from the miners and hence more gas.  was just trying to buy a .05 eth nft from OS and gas was going to be $100.  f that.  Here is a good estimator for gas https://www.blocknative.com/gas-estimator

I am jumping into solana because they are starting to do more nft drops on that coin, but am just getting started so nothing to report just yet.  But it's essentially zero gas fees from what i have read.  

feel free to pop in the nft thread or shoot me a dm.  

Thanks for the info. I’ll keep looking into it, but feels like we could be close to blow off top territory just from online sentiment. I could very well be wrong and I sound like those people calling Bitcoin a bubble as it keeps going up. Also add to that that I don’t have a real good sense of what makes a particular NFT valuable from an artistic standpoint. Seems very similar to ICOs or defi last summer in that some influencers probably get compensated to pump certain sets of nfts like the penguins and then their penguins go up. Then interest moves somewhere else and the air goes out of the balloon. 
 

I guess what I’m saying is it feels very familiar, but some people are probably saying this time it’s different. 
 

But make no mistake, I hope everybody that has enough interest to post on these forums makes a shit ton of money. It’s why we’re here. 

[washparkhorn 9939]

16 minutes ago, Satoshi said:

Thanks for the info. I’ll keep looking into it, but feels like we could be close to blow off top territory just from online sentiment. I could very well be wrong and I sound like those people calling Bitcoin a bubble as it keeps going up. Also add to that that I don’t have a real good sense of what makes a particular NFT valuable from an artistic standpoint. Seems very similar to ICOs or defi last summer in that some influencers probably get compensated to pump certain sets of nfts like the penguins and then their penguins go up. Then interest moves somewhere else and the air goes out of the balloon. 
 

I guess what I’m saying is it feels very familiar, but some people are probably saying this time it’s different. 
 

But make no mistake, I hope everybody that has enough interest to post on these forums makes a shit ton of money. It’s why we’re here. 

With this latest skin, GR/muyfrito - you should only post on this board. I enjoy reading your posts on crypto and it is too good of a handle name to "suicide" by posting garbage on other forums.  Pro Chad tip. 

[gyroprotagonist 2592]

24 minutes ago, Satoshi said:

Thanks for the info. I’ll keep looking into it, but feels like we could be close to blow off top territory just from online sentiment. I could very well be wrong and I sound like those people calling Bitcoin a bubble as it keeps going up. Also add to that that I don’t have a real good sense of what makes a particular NFT valuable from an artistic standpoint. Seems very similar to ICOs or defi last summer in that some influencers probably get compensated to pump certain sets of nfts like the penguins and then their penguins go up. Then interest moves somewhere else and the air goes out of the balloon. 
 

I guess what I’m saying is it feels very familiar, but some people are probably saying this time it’s different. 
 

But make no mistake, I hope everybody that has enough interest to post on these forums makes a shit ton of money. It’s why we’re here. 

for sure influencers get paid to pump.  And yes, some nft projects are money grabs with no real plan and leave a lot of people holding bags they can only sell underwater.  smart money gets in at mint and then starts selling as demand overflows from people missing out on mint who can only buy on the open market.  you make a profit from that and then decide whether to hold any if it keeps running up or just exit and move on to the next thing.  as to what makes it valuable? if you figure that out let me know.  nft games are hot right now, some are even putting out their own coins and you can defi within their ecosystem (might have seen axie in the news lately) as buyers like to have utility for the nft instead of just a pretty picture.  ZED run (the horse racing game) has that utility as well.  all the new games run on MATIC/polygon (side chain of ETH) which eliminates the gas fees for all the multiple tx needed for the game.  MATIC/poly has gone up in recent weeks.

I am not well versed at all on the coins and have pretty much decoupled the price of eth from USD in my mind for most trades.  solana is popping up as a new market and eth nft'ers are ranging out and buying solana to participate in those markets.

This is why I am still bullish on nft space https://decrypt.co/78660/opensea-ethereum-nft-resurgence-1-2b-monthly-volume 

Quote

OpenSea, an Ethereum-based marketplace for NFT crypto collectibles, has seen an immense surge in activity in recent weeks amidst renewed interest around tokenized digital artwork. According to data from analytics firm DappRadar, OpenSea has amassed $1.22 billion in trading volume over the last 30 days alone.

That’s a staggering 950% month-over-month increase for the marketplace, reflecting the sudden boost in activity from NFT collectors in recent weeks.

in all of 2020, Opensea did $20 million total in trading volume.  So we are seeing a massive rise right now.  maybe it's peak, but i think more money is still coming in as the barrier to entry is still a little high for the average consumer.  as that starts to fall and if/when gas gets under control then another massive surge could happen.

[Satoshi 129]

31 minutes ago, gyroprotagonist said:

for sure influencers get paid to pump.  And yes, some nft projects are money grabs with no real plan and leave a lot of people holding bags they can only sell underwater.  smart money gets in at mint and then starts selling as demand overflows from people missing out on mint who can only buy on the open market.  you make a profit from that and then decide whether to hold any if it keeps running up or just exit and move on to the next thing.  as to what makes it valuable? if you figure that out let me know.  nft games are hot right now, some are even putting out their own coins and you can defi within their ecosystem (might have seen axie in the news lately) as buyers like to have utility for the nft instead of just a pretty picture.  ZED run (the horse racing game) has that utility as well.  all the new games run on MATIC/polygon (side chain of ETH) which eliminates the gas fees for all the multiple tx needed for the game.  MATIC/poly has gone up in recent weeks.

I am not well versed at all on the coins and have pretty much decoupled the price of eth from USD in my mind for most trades.  solana is popping up as a new market and eth nft'ers are ranging out and buying solana to participate in those markets.

This is why I am still bullish on nft space https://decrypt.co/78660/opensea-ethereum-nft-resurgence-1-2b-monthly-volume 

in all of 2020, Opensea did $20 million total in trading volume.  So we are seeing a massive rise right now.  maybe it's peak, but i think more money is still coming in as the barrier to entry is still a little high for the average consumer.  as that starts to fall and if/when gas gets under control then another massive surge could happen.

Thx for the info. I’ll check out the article when I get kid stuff done tonight. Your last sentence is key and sounds very reminiscent of Defi boom. Most of big money was made by people there early then it’s crypto Twitter money sloshing around. Don’t get me wrong new money is coming in, but $100 per Eth transaction is a limiting factor for true widespread adoption that holds up more than just the “blue chip” nfts. Adoption of these kinds of things doesn’t go in a straight line up, even BTC.  NFTs may rule the world but there will be massive pullback(s) before then. 

[bernorange 8361]

Supposedly Cardano will be supporting smart contracts soon. That will provide more competition for the NFT space.  Might cause headwinds for Solano.  

[Satoshi 129]

40 minutes ago, bernorange said:

Supposedly Cardano will be supporting smart contracts soon. That will provide more competition for the NFT space.  Might cause headwinds for Solano.  

I would not count on anything significant ever coming from Cardano. It’s been 4 years since inception and still nada. Doesn’t mean it can’t pump though. 

[gyroprotagonist 2592]

another big fear of using something like solana is that bots will completely take over.  i think happened with wax from what i have picked just listening to people bitch online.  have done no research of my own on this so take it as hearsay.  I am ignorant of what makes solana more inviting to bots, though.  But i have seen that the solana drops are literally over in 1-2 minutes from what i have seen so not sure if they are getting botted as well.  with no gas fees, bots can set a sale at a certain price, the when someone agrees to the purchase price can autocancel on the front end of the tx somehow.  Then raise the price slightly and see if the fish bites again.  also can do something similar when buying from someone by bidding below asking price, then autocanceling when user accepts.  Then rebid at lower price and see if a frustrated user will bite.

but something will/has to bridge the gap between trust and lower gas fees.  gas wars have been insane the last 2 nights.  a project will cost .05 eth but when you account for gas needed to push your tx to the front of the line the avg cost will be .15 to .25 per nft.  gas has been high af all day.  

maybe it's confirmation bias that the market is pumping, but this happened Sunday night.  Bored Apes had previously announced a free companion NFT for each ape holder (10K). Bored Apes is basically an NFT blue chip with a floor of 50eth (lowest asking price to sell) that was created all of 3.5 months ago. So then the devs also do a little money grab and do an unannounced public sale of another 10K of the same companion nft.  the starting price of the public sale was 3ETH and it went down like .1 eth every 5 mins.  not sure what it got down to, but I bought in at 2.9eth.  5 minutes after it had sold out fomo was rampant as people were caught off guard and were not liquid to buy right away and missed out.  i waited 30 minutes then listed for 7.9 eth and it sold almost instantly.  5eth net.

- So the devs made 10K * 2.85eth = $91 million (ignoring the royalty fees which are 5% on each sale) in an hour.  The avg sale was probably at 6eth for that first night, so everyone who either bought a public sale for 3eth or got one for free made a ton of money and there were buyers lining up left and right get in on this and paying $20K+ for the privilege. 

[The Royal We 3072]

9 minutes ago, gyroprotagonist said:

another big fear of using something like solana is that bots will completely take over.  i think happened with wax from what i have picked just listening to people bitch online.  have done no research of my own on this so take it as hearsay.  I am ignorant of what makes solana more inviting to bots, though.  But i have seen that the solana drops are literally over in 1-2 minutes from what i have seen so not sure if they are getting botted as well.  with no gas fees, bots can set a sale at a certain price, the when someone agrees to the purchase price can autocancel on the front end of the tx somehow.  Then raise the price slightly and see if the fish bites again.  also can do something similar when buying from someone by bidding below asking price, then autocanceling when user accepts.  Then rebid at lower price and see if a frustrated user will bite.

but something will/has to bridge the gap between trust and lower gas fees.  gas wars have been insane the last 2 nights.  a project will cost .05 eth but when you account for gas needed to push your tx to the front of the line the avg cost will be .15 to .25 per nft.  gas has been high af all day.  

maybe it's confirmation bias that the market is pumping, but this happened Sunday night.  Bored Apes had previously announced a free companion NFT for each ape holder (10K). Bored Apes is basically an NFT blue chip with a floor of 50eth (lowest asking price to sell) that was created all of 3.5 months ago. So then the devs also do a little money grab and do an unannounced public sale of another 10K of the same companion nft.  the starting price of the public sale was 3ETH and it went down like .1 eth every 5 mins.  not sure what it got down to, but I bought in at 2.9eth.  5 minutes after it had sold out fomo was rampant as people were caught off guard and were not liquid to buy right away and missed out.  i waited 30 minutes then listed for 7.9 eth and it sold almost instantly.  5eth net.

- So the devs made 10K * 2.85eth = $91 million (ignoring the royalty fees which are 5% on each sale) in an hour.  The avg sale was probably at 6eth for that first night, so everyone who either bought a public sale for 3eth or got one for free made a ton of money and there were buyers lining up left and right get in on this and paying $20K+ for the privilege. 

And the floor is still 5.5 on these things:  https://opensea.io/collection/mutant-ape-yacht-club?collectionSlug=mutant-ape-yacht-club&search[sortAscending]=true&search[sortBy]=PRICE&search[toggles][0]=BUY_NOW

I think the original Apes are much cooler and wish I had one.  You also have corporate buyers starting to buy these blue chip NFTs to use for marketing as well.  It's hard to believe and these things could be the next beanie babies, but I feel like it is still really early days in the NFT space.

[XYZ 2154]

Ahem, there’s a thread dedicated to NFT. It’s that way

[gyroprotagonist 2592]

8 minutes ago, XYZ said:

Ahem, there’s a thread dedicated to NFT. It’s that way

oh shit! it's the thread police.  to be fair nfts were invoked earlier in the discussion, but yeah, back to your regularly scheduled program.

[Satoshi 129]

 

12 hours ago, washparkhorn said:

With this latest skin, GR/muyfrito - you should only post on this board. I enjoy reading your posts on crypto and it is too good of a handle name to "suicide" by posting garbage on other forums.  Pro Chad tip. 

One man’s trash is another man’s treasure. See:  your cryptocurrency opinions. 

[Nice Guy Eddie 13512]

ETH popping above $3,500. First time since mid-May.

Gas fees are outrageous but I also assume people are confident that the gas fees will drop in ~6 months.

FYI, I see that we've surpassed 150K ETH being burnt/destroyed since the August release. Effectively over 1/2 billion USD as a stock buyback.

[T’Boo Ted Marshall 2732]

Over $3700 last i checked.  

[Satoshi 129]

More light pumping tonight.  Looking good for new ATHs this year. 
 

Saw this interesting tweet from an entrepreneur that has connections with NYDIG, the biggest onboarder of institutions. 

 

[Knoxtnhorn 5976]

I know this is a dumb question, but I'm new to this.

In my portfolio, I have 1/2 my Ether in Ether and 1/2 staking in Ether2.  I know Ether2 is earning interest AND I don't plan on selling either anytime soon.  Knowing this, should I stake all of it?

[Acropora 856]

22 minutes ago, Knoxtnhorn said:

I know this is a dumb question, but I'm new to this.

In my portfolio, I have 1/2 my Ether in Ether and 1/2 staking in Ether2.  I know Ether2 is earning interest AND I don't plan on selling either anytime soon.  Knowing this, should I stake all of it?

I don't think it's a dumb question.  I faced the same challenge.  Here are the options:

1) stake as eth2 (coinbase makes it easy)

2) move to platform that pays interest.  Various ways they do this.  Voyager is one that pays 5.1% interest on eth through at least the rest of year.  There are others but that's the best interest I've found among the  exchanges I use

3) offline, either hot or cold storage. 

I plan on holding the majority for at least 4-5 years but I will sell a small stake once I get to a 20x return so wanted some liquidity.  If you don't plan on selling no matter what through 2022 just stake as eth2.  My other hesitation with staking eth2 on Coinbase is they only discuss a max apr, not a guarantee.  They could easily take a bigger cut and you would have no recourse. 

At least on voyager you can transfer out and you are getting the same interest through the end of year (could go longer but that's all that's guaranteed).  If you own vgx token (which I'm bullish on long-term), you get an interest boost.

Both options are pretty low risk but eth2 option is marginally less risk... And forces you to hold.  Safest is vault/storage but you lose out on gains and with good security, the exchanges are relatively safe... And for non life changing amounts, probably safer then trusting your brain/memory and doing custody yourself.

Good luck.  

 

[Satoshi 129]

37 minutes ago, Acropora said:

I don't think it's a dumb question.  I faced the same challenge.  Here are the options:

1) stake as eth2 (coinbase makes it easy)

2) move to platform that pays interest.  Various ways they do this.  Voyager is one that pays 5.1% interest on eth through at least the rest of year.  There are others but that's the best interest I've found among the  exchanges I use

3) offline, either hot or cold storage. 

I plan on holding the majority for at least 4-5 years but I will sell a small stake once I get to a 20x return so wanted some liquidity.  If you don't plan on selling no matter what through 2022 just stake as eth2.  My other hesitation with staking eth2 on Coinbase is they only discuss a max apr, not a guarantee.  They could easily take a bigger cut and you would have no recourse. 

At least on voyager you can transfer out and you are getting the same interest through the end of year (could go longer but that's all that's guaranteed).  If you own vgx token (which I'm bullish on long-term), you get an interest boost.

Both options are pretty low risk but eth2 option is marginally less risk... And forces you to hold.  Safest is vault/storage but you lose out on gains and with good security, the exchanges are relatively safe... And for non life changing amounts, probably safer then trusting your brain/memory and doing custody yourself.

Good luck.  

 

Just a heads up. I have heard of issues with withdrawals from Voyager in the past. Not the most reliable exchange out there from my understanding. 

[Satoshi 129]

 

[Satoshi 129]

Moving again.  Btc 51.6k. Eth 3950

[XYZ 2154]

Sheeeit, I was this close to buying some BTC when it dipped below $30k. I have a feeling it will never be at that level again.

[Satoshi 129]

That’s the first $10M worth. I believe they’re going up to $150M to facilitate the move to making legal tender effective tomorrow. 
 

 

[Nice Guy Eddie 13512]

19 hours ago, XYZ said:

Sheeeit, I was this close to buying some BTC when it dipped below $30k. I have a feeling it will never be at that level again.

If it hits what some people believe 30 or 50K won't matter. Of course I understand this could impact the amount of BTC that you have.

I agree that its tough to put much into BTC north of 50K. Of course, I think it never hurts to drop a few hundred or a thousand into BTC. Slow and steady purchases.

[workswithseed 2106]

3 hours ago, Nice Guy Eddie said:

If it hits what some people believe 30 or 50K won't matter. Of course I understand this could impact the amount of BTC that you have.

I agree that its tough to put much into BTC north of 50K. Of course, I think it never hurts to drop a few hundred or a thousand into BTC. Slow and steady purchases.

How about $40 a week?

[Acropora 856]

6 hours ago, workswithseed said:

How about $40 a week?

I mean, any amount that you feel comfortable with as part of an overall investing strategy is good.  I don't look at crypto as something to get rich on or to put everything into.  I know some have and there's always a part of me that looks back and thinks that if I'd just put in x dollars into Bitcoin and eth when I started that I wouldn't have to work.... But at the same time, that's how people take risks that lead them to drinking, bankruptcy, etc.  Not to take away from anyone who has and has succeeded. 

I'm risk adverse by nature.  However, I think ignoring the most promising asset class in ten years is dangerous.  

As an asset class, I think it extremely likely that any money you put in is more likely to be worth more then what you put into equities, bonds, or passive real estate over the next 10 years.  However, I still invest in those vehicles as well as others.

So TL/DR: put $40/week if that's what you can swing without worrying about it.  One suggestion though.  Do 50/50 with btc/eth or better yet, 40/40/20 with 20 being good blue chip altcoins.  You can search through this forum for some suggestions and obviously do your own diligence and research.  

[Satoshi 129]

8 hours ago, workswithseed said:

How about $40 a week?

Whatever you feel comfortable putting aside. Think of it as a high tech, hard money savings account. You can set up recurring buys through Cash App or Coinbase. There’s also swanbitcoin. You can set up recurring buys and autowithdrawals to your own hardware wallet when you’re ready for that. 
 

https://www.swanbitcoin.com/

 

[Satoshi 129]

On 8/25/2021 at 2:22 PM, Tailgate said:

When I posted my question I was just reading about this.

I have a ledger and will be working through loading it this weekend.

Questions:

1. couldn’t the ledger thumb drive potentially fail? Is there a way to retrieve if so?

2. Do any banks let you park and insure crypto?

Appreciate y’all’s expertise in this space.

 

You get everything set up ok?

[ZB'Tejas 593]

2 hours ago, Satoshi said:

You get everything set up ok?

Maybe a good day to start buying

[workswithseed 2106]

Ha, I've made an recurring purchase of Bitcoin for awhile. I looked at the  "you should 100s to 1000 in." Paraphrase, but I put in how many of y'all have fupm money here compared to me.

[washparkhorn 9939]

BTC headed to 44 or 58. El Salvador buying the dip.

Good luck out there. 

[Nice Guy Eddie 13512]

1 hour ago, workswithseed said:

Ha, I've made an recurring purchase of Bitcoin for awhile. I looked at the  "you should 100s to 1000 in." Paraphrase, but I put in how many of y'all have fupm money here compared to me.

I was suggesting that large buy should be avoided and the drop today is a prime example. Smaller buys allow you to get hurt quite as bad in flash crashes like today. You still would be hurt by them.

I'm a huge fan of $X/month into crypto. 

[Satoshi 129]

The timing is interesting, otherwise a periodic dump. Healthy and cleanses the market of some leverage.  

 

2 hours ago, washparkhorn said:

BTC headed to 44 or 58. El Salvador buying the dip.

Good luck out there. 

 

2 hours ago, ZB'Tejas said:

Maybe a good day to start buying

As of today, nation state(s) are buyers on the open market. Invest accordingly. 

[washparkhorn 9939]

5 minutes ago, Satoshi said:

The timing is interesting, otherwise a periodic dump. Healthy and cleanses the market of some leverage.  

 

 

As of today, nation state(s) are buyers on the open market. Invest accordingly. 

viva El Salvador?

https://abcnews.go.com/International/wireStory/early-stumble-el-salvador-starts-bitcoin-currency-79874598

 

[Satoshi 129]

2 hours ago, washparkhorn said:

viva El Salvador?

https://abcnews.go.com/International/wireStory/early-stumble-el-salvador-starts-bitcoin-currency-79874598

 

There will be bumps in the road and I honestly wish it wasn’t mandated per se, but it will be net positive for El Salvador. 
 

And that will be positive for Bitcoin price and adoption long term. Snowden has been down on Bitcoin in the past, especially it’s deficiencies as it relates to privacy, but the domino effects here are obvious. That’s why you’ll see lots of fud from establishment bodies like the IMF and the World Bank and their friends in the media. 
 

Man that last sentence really hits what you see on an individual level. “Latecomers may regret hesitating.” 

[Nice Guy Eddie 13512]

When crypto-ignorant friends ask me about bitcoin and its utility, my usual line is that its a store of value. I might follow it up that you would never buy a cup of coffee with it. Maybe a car or house that is more aligned with a transfer of value. The vids above prove me wrong.

With the lightning network (or something similar) the transaction seems that it works well. It's also telling that Starbucks and McDonalds has it implemented. I assume that could be repurposed in other countries relatively quickly as well. The big problem in America is still with the capital gain aspect with a sale. I don't think it would be costly for people if their wallet could just spit out a capital gain report for them.

[Satoshi 129]

1 hour ago, Nice Guy Eddie said:

When crypto-ignorant friends ask me about bitcoin and its utility, my usual line is that its a store of value. I might follow it up that you would never buy a cup of coffee with it. Maybe a car or house that is more aligned with a transfer of value. The vids above prove me wrong.

With the lightning network (or something similar) the transaction seems that it works well. It's also telling that Starbucks and McDonalds has it implemented. I assume that could be repurposed in other countries relatively quickly as well. The big problem in America is still with the capital gain aspect with a sale. I don't think it would be costly for people if their wallet could just spit out a capital gain report for them.

The Lightning network is definitely undervalued. We have no idea what applications can be built using instant, cheap micropayments. I’ve seen streaming payments for podcasts etc but where it all ends up is unknown. 

I didn’t really like that they mandated merchants accept Bitcoin (even though it can be instantly converted to fiat), but one upside is that these multinational corps had to adapt and figure out how to accept Bitcoin. So it should be easy to roll out as legal tender laws are changed elsewhere in the future.  
 

For a little comic relief, in other news here’s the Taliban central bank chief. 
 

 

Edited September 8, 2021 by Satoshi

[Nice Guy Eddie 13512]

2 hours ago, Satoshi said:

The Lightning network is definitely undervalued. We have no idea what applications can be built using instant, cheap micropayments. I’ve seen streaming payments for podcasts etc but where it all ends up is unknown. 

I didn’t really like that they mandated merchants accept Bitcoin (even though it can be instantly converted to fiat), but one upside is that these multinational corps had to adapt and figure out how to accept Bitcoin. So it should be easy to roll out as legal tender laws are changed elsewhere in the future.  
 

For a little comic relief, in other news here’s the Taliban central bank chief. 
 

 

Hopefully the El Salvador mandate isn't tossing someone in jail for not accepting bitcoin, or imposing large fines. The point should be to strongly encourage adoption and remove barriers. 

It's also important to note, as you did, that the mandate isn't that everyone has to use bitcoin. Vendors or anyone accepting a payment, has to accept bitcoin into addition to the US dollar. Any citizen that wants to continue to transact in USD can do so without any problem.  I also believe that vendors can have it immediately flipped to USD so they don't have to risk exchange rate losses or gains. 

Edited September 8, 2021 by Nice Guy Eddie