Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[tx 3 putt 78470]

Went $500 ETH

keeping a close eye on btc for next round of buy ins 

 

thanks for all the tips. I’m still reading up like mad. Keep them coming 

Edited November 12, 2021 by tx 3 putt

[Nice Guy Eddie 13707]

100% speculation ahead. 

With the rumors that Metamask will airdrop new tokens, people are wondering what logic they will use. Obvious answer is metamask users but apparently that is easier said than done. I've read that Metamask cannot capture which addresses have used the MM wallet to view balances or make most transactions.

The one method that MM can absolutely validate are MetaMask swap transactions. If you haven't ever made a swap on MM, you might want to bite the bullet, accept the ridiculous transaction fees and swap from one token to another. Who knows. Perhaps 1 swap transaction could net you a decent MM airdrop.

You also never know when they would take a snapshot for this alleged airdrop so no time like the present.  </speculation>

[bernorange 8385]

Thoughts on Loopring?

[SquishMitten 10493]

100% speculation ahead. 
With the rumors that Metamask will airdrop new tokens, people are wondering what logic they will use. Obvious answer is metamask users but apparently that is easier said than done. I've read that Metamask cannot capture which addresses have used the MM wallet to view balances or make most transactions.
The one method that MM can absolutely validate are MetaMask swap transactions. If you haven't ever made a swap on MM, you might want to bite the bullet, accept the ridiculous transaction fees and swap from one token to another. Who knows. Perhaps 1 swap transaction could net you a decent MM airdrop.
You also never know when they would take a snapshot for this alleged airdrop so no time like the present. 

As much time as I spend in this space I’m always seeing things I’m not clear on. What does a swap on MM mean? And how does MM not know which users/wallets have ever interacted with them?

[Nice Guy Eddie 13707]

44 minutes ago, SquishMitten said:

As much time as I spend in this space I’m always seeing things I’m not clear on. What does a swap on MM mean? And how does MM not know which users/wallets have ever interacted with them?

A swap is just a trade on the DeFi exchanges. Basically metamask creates the trade for you using those exchanges.  As for the second question, I assume you’re really not interacting with any central metamask service for basic transactions. I was surprised by this, assuming my info is correct.

[Nice Guy Eddie 13707]

If anyone tries out metamask or any crypto wallet, never fall for the hack where you’re prompted to enter your seed phrase. You only need to do that if you have to restore your wallet. And it should always been a last resort. One way to protect yourself is to only store your seed phrase away from you. And if you lose your seed phrase, transfer the coins to a new wallet where you have the new seed phrase.

[CooterBrown 18272]

I kinda get how crypto is used for illegal activities but how many legitimate uses are actually happening or is it all speculation at this point? I can’t imagine using it for any real financial transactions because of the volatility of it.

[Satoshi 129]

1 hour ago, CooterBrown said:

I kinda get how crypto is used for illegal activities but how many legitimate uses are actually happening or is it all speculation at this point? I can’t imagine using it for any real financial transactions because of the volatility of it.

This is bait, but I’ll answer briefly and incompletely.

Btc use cases 

saving as an inflation hedge

censorship resistant money

The Lightning network associated with bitcoin is used for international remittances with minimal fees and almost instant settlement.

Use cases for other cryptos depend on what they’re trying to accomplish, but many are used in decentralized finance for borrowing/lending. Some are branching into gaming. There’s also a whole other genre called nfts that I’m not really that educated on. 
 

Edited November 13, 2021 by Satoshi

[CooterBrown 18272]

Not bait at all. I still don’t understand it but thanks for the attempt.

[washparkhorn 9967]

1 hour ago, CooterBrown said:

I kinda get how crypto is used for illegal activities but how many legitimate uses are actually happening or is it all speculation at this point? I can’t imagine using it for any real financial transactions because of the volatility of it.

The volatility is certainly a problem. I assume the volatility is due to the ongoing price discovery. 

Fed/Treas/FDIC regulation is key to crypto's next step at this crux. Sounds like liquidity requirements, at a minimum, are on the horizon.  This type of regulation actually helps crypto grow in value. The market is changing (and is demanding more accountability from crypto).

https://www.nasdaq.com/articles/how-crypto-regulation-pulled-off-the-rebranding-of-the-century-2021-10-26

After the 2018 ICO boom in all of its fraud-rich glory, the phrase “Wild West” was thrown around hundreds of articles about cryptocurrencies. It’s a catchy metaphor crypto opponents leverage to play up the lawlessness angle, painting a picture of bandits waiting behind every corner and not a single sheriff in sight. Fans interpret the phrase differently, dreaming of a new frontier where modern pioneers can build the infrastructure of the future.

But the market has changed quite a bit since 2018. As more and more institutional money floods into the crypto ecosystem, the big players are getting their skin and cash in the game. And money has a tendency to change people’s minds.

For a crypto sector that has grown into an entire industry, regulation and compliance have evolved from boogeyman to key selling point. The reason for that is quite simple: The first question a crypto company hears when approaching a prospective partner among major financial institutions is about its AML. The first hurdle the relationship hits is always in the institution’s Risk and Compliance department.

So now, suddenly, every crypto startup claims (and I am not commenting on whether it’s true or not) to be regulation-ready, AML compliant, and a good citizen seeking to play by the book. They better be, given the amount of scrutiny they are or will be in for from both the regulators and prospective partners, even before the first meetings—even their Twitter feeds and Facebook posts may be studied under a microscope. The best thing they can do is make sure they can quickly present solid evidence proving their business processes and practices are indeed thorough and legitimate.

TLDR: The wild west days are over, which bolsters the value of crypto. That may piss off those who traffic in weapons, narcotics, blackmail, humans, . . ., but fuck 'em.  This isn't 2018 anymore. Success will come from regulation, ironically. 

[Satoshi 129]

42 minutes ago, CooterBrown said:

Not bait at all. I still don’t understand it but thanks for the attempt.

I don’t know your age or situation. Do you have any assets? How are you protecting yourself against inflation?

[CooterBrown 18272]

I don’t know your age or situation. Do you have any assets? How are you protecting yourself against inflation?

49 and I’m definitely well off income and investment wise. I’ve been investing 10% of my income in the stock market since ‘02 and have been maxing out my 401K since ‘05 or so. Also I’ve maxed out my ESPP purchases since I started my job in ‘09 which is another 10%. My investment return last year was 89% and is 33% so far this year. Honestly haven’t thought much about inflation. Other than a half ass attempt at crypto 4 years ago, I just threw some money at ETH recently.

[Satoshi 129]

24 minutes ago, CooterBrown said:

49 and I’m definitely well off income and investment wise. I’ve been investing 10% of my income in the stock market since ‘02 and have been maxing out my 401K since ‘05 or so. Also I’ve maxed out my ESPP purchases since I started my job in ‘09 which is another 10%. My investment return last year was 89% and is 33% so far this year. Honestly haven’t thought much about inflation. Other than a half ass attempt at crypto 4 years ago, I just threw some money at ETH recently.

Ok for someone in your situation, it’s pretty simple. Bitcoin is an inflation hedge that is not correlated to the rest of your portfolio, whose performance makes your excellent returns of the last 2 years look pedestrian. 
 

Just about everyone with an investment portfolio should put 5% in bitcoin. If it 10x in the next 5-6 years then it’s half your portfolio. If it’s goes to zero then it’s a hit but not the end of the world. And the chances of it going 10x are wayyy better than the chances of it going to zero. Asymmetric bet. 

[CooterBrown 18272]

Ok for someone in your situation, it’s pretty simple. Bitcoin is an inflation hedge that is not correlated to the rest of your portfolio, whose performance makes your excellent returns of the last 2 years look pedestrian. 
 
Just about everyone with an investment portfolio should put 5% in bitcoin. If it 10x in the next 5-6 years then it’s half your portfolio. If it’s goes to zero then it’s a hit but not the end of the world. And the chances of it going 10x are wayyy better than the chances of it going to zero. Asymmetric bet. 

Makes sense. I had no idea how crypto had performed but I saw ETH returned 990% last year. Had to drop some stonk money in that.

[washparkhorn 9967]

4 hours ago, Satoshi said:

Bitcoin is an inflation hedge that is not correlated to the rest of your portfolio,

Do you have any material (economic, marketing or other) supporting that? I have no reason to doubt it at this point. I would like to know how this stat is measured - and poach their data sources. Thanks in advance.

[Nice Guy Eddie 13707]

Anyone else staking with the Olympus dao economic experiment? I threw a few hundred dollars at it to earn the 8,000% annual return.

I’m sure I’m not giving it enough credit but it feels like a pyramid scheme where everyone knows it’s a pyramid scheme. And it uses the prisoners dilemma to incentivize everyone to stay in. You can earn your buyin back in 2 months, assuming the coin retains its value.  Buyer beware!

it was also a good excuse to perform another metamask swap on another mm wallet to buy the Olympus ohm token. I’m still bullish on earning more metamask tokens, if that ever pans out.

[tx 3 putt 78470]

[Nice Guy Eddie 13707]

15 minutes ago, tx 3 putt said:

Absolutely.  Lol

[Satoshi 129]

14 hours ago, washparkhorn said:

Do you have any material (economic, marketing or other) supporting that? I have no reason to doubt it at this point. I would like to know how this stat is measured - and poach their data sources. Thanks in advance.

https://fortune.com/2021/10/08/bitcoin-not-gold-is-the-new-inflation-hedge-says-jp-morgan/amp/
 

https://www.bloomberg.com/news/articles/2021-11-11/need-an-inflation-hedge-bitcoin-has-delivered-99-996-deflation
 

https://www.cnbc.com/amp/2021/10/20/paul-tudor-jones-says-crypto-is-his-preferred-inflation-hedge-over-gold-right-now.html

Some graphs in there. Some just investor sentiment, but if you just look at inflation at 30 year highs, and gold down 2% ytd then it seems pretty clear that it is being supplanted to some extent as a hedge. 

 

[washparkhorn 9967]

2 hours ago, Satoshi said:

https://fortune.com/2021/10/08/bitcoin-not-gold-is-the-new-inflation-hedge-says-jp-morgan/amp/
 

https://www.bloomberg.com/news/articles/2021-11-11/need-an-inflation-hedge-bitcoin-has-delivered-99-996-deflation
 

https://www.cnbc.com/amp/2021/10/20/paul-tudor-jones-says-crypto-is-his-preferred-inflation-hedge-over-gold-right-now.html

Some graphs in there. Some just investor sentiment, but if you just look at inflation at 30 year highs, and gold down 2% ytd then it seems pretty clear that it is being supplanted to some extent as a hedge. 

 

Thank you.

[3adays 454]

Can someone help me understand miner fees? I’m attempting to convert $500 worth of ETH to another coin and the miner fee is around $200. I’m using a Coin Base wallet. 

[Goofyboy 3428]

Can someone help me understand miner fees? I’m attempting to convert $500 worth of ETH to another coin and the miner fee is around $200. I’m using a Coin Base wallet. 

That sounds high. That said, try in the middle of the night. Gas changes often.

[Nice Guy Eddie 13707]

1 hour ago, 3adays said:

Can someone help me understand miner fees? I’m attempting to convert $500 worth of ETH to another coin and the miner fee is around $200. I’m using a Coin Base wallet. 

I assume you’re using the Coinbase wallet swaps. Or whatever they call it. Those functions use the decentralized exchanges like uniswap which can get expensive due to demand. And they all seem to charge transaction fee as a smart contract.

if you want to guarantee a smaller fee, transfer the coins to a centralized exchange that supports the other coin. The downside is that you have to deal with centralized exchange rules.

 

[Satoshi 129]

1 hour ago, 3adays said:

Can someone help me understand miner fees? I’m attempting to convert $500 worth of ETH to another coin and the miner fee is around $200. I’m using a Coin Base wallet. 

The Ethereum chain is bloated and overcrowded. Thus it takes more gas to get transactions completed. I’d wait to try again later. If it’s a coin on Coinbase or another exchange I would just sell the Eth to USD then flip it into the coin you want. 

Edited November 16, 2021 by Satoshi

[Trey3216 15450]

Crypto taking a bath today.  Started yesterday evening when the reports about the current economic plan not getting favorable scores from the CBO contained the verbiage that “it will take an empowered IRS to make up the difference”.   

[workswithseed 2201]

Is this the same person who doesn't like personal bank accounts?

[tx 3 putt 78470]

Buy the dip !!!

what are y’all buying ??

[The Royal We 3090]

I think the ENS tokens would be a good thing to throw some fiat at if you are looking for home run potential.  This is a good thread about what it is and what the potential is, but it's current "marketcap" is 1/28th of Shiba, but this has a shit ton of utility and actual revenue whereas Shiba is just a meme shitcoin.  $ENS will be available on Coinbase later today and I plan on adding to the coins that I was airdropped for being an ens address holder.  There are a lot of crypto folks who think this coin could trade north of $1,000 within the next 12 months.  NFA, but if you need a degen dopamine hit then wade on in here...

 

[Satoshi 129]

56 minutes ago, workswithseed said:

Is this the same person who doesn't like personal bank accounts?

No that’s the literal communist that was nominated to head the Office of the Comptroller of the Currency. Her latest thing is she wants oil and gas companies to go bankrupt, but I digress. 

[NoName 17107]

26 minutes ago, The Royal We said:

I think the ENS tokens would be a good thing to throw some fiat at if you are looking for home run potential.  This is a good thread about what it is and what the potential is, but it's current "marketcap" is 1/28th of Shiba, but this has a shit ton of utility and actual revenue whereas Shiba is just a meme shitcoin.  $ENS will be available on Coinbase later today and I plan on adding to the coins that I was airdropped for being an ens address holder.  There are a lot of crypto folks who think this coin could trade north of $1,000 within the next 12 months.  NFA, but if you need a degen dopamine hit then wade on in here...

 

on actual coinbase or coinbase wallet?

[The Royal We 3090]

I just signed up for a coinbase pro account today - I've always used bittrex for some reason, but it's teh suck - and I could see ENS on regular coinbase already today.  It wasn't tradable yet though.  I think I saw something about it being available by midday today. @NoName

[NoName 17107]

11 minutes ago, The Royal We said:

I just signed up for a coinbase pro account today - I've always used bittrex for some reason, but it's teh suck - and I could see ENS on regular coinbase already today.  It wasn't tradable yet though.  I think I saw something about it being available by midday today. @NoName

yup. it's on pro it looks like!

i think it's going to be live in like 45 min ish?

[tx 3 putt 78470]

I’m on coin base pro too, I’ll pick some up for the hell of it 

[gyroprotagonist 2597]

i picked a little more sol on that 4am dip this morning.

[CooterBrown 18272]

It’s there a way on coinbase to see what your cost basis/investment is? All I see is current value and that’s not super helpful.

[Satoshi 129]

Just now, CooterBrown said:

It’s there a way on coinbase to see what your cost basis/investment is? All I see is current value and that’s not super helpful.

Your transaction history will show the exact price you bought in 

[Assman 1830]

What's this auction mode on CBP for ENS?  Is it about to drop and they're just determining the price?

[The Royal We 3090]

6 minutes ago, Assman said:

What's this auction mode on CBP for ENS?  Is it about to drop and they're just determining the price?

It looked a little odd to me too, but I guess CBP doesn't have enough liquidity in ENS and this is how they are discovering the price?

I've got an open order at $58 sitting there.

[The Royal We 3090]

Just filled.  That was some wild action at the beginning when trades started going through.

A couple of pretty big orders slowly filling at 55.80 now.  Pretty interesting to watch.

And someone has an open order for $185k worth of ENS at 55.  Damn.

Edited November 16, 2021 by The Royal We

[gyroprotagonist 2597]

seems to be live now - ENS

[Trey3216 15450]

Just bought 215 at 53.40 or so.  

[Satoshi 129]

This is a cool podcast from Jordan Peterson with Safidean Ammous. He’s a bit more bitcoin maximalist than me, but they go in depth on the economics and philosophy behind bitcoin. 
 

The point that utilizing/saving in hard money lengthening your time preference really resonates with me. Higher inflation and easy money makes you a more short term thinker. I also like the part at about 1:18:45 where the lightbulb goes off for Jordan on the potential long term implications of widespread bitcoin mining. 
 

 

 

[tx 3 putt 78470]

$300 at $56 

[The Royal We 3090]

Jesus dudes, don't F around with any small nibbles, just jump on in hurr!

[Nice Guy Eddie 13707]

I'm pretty bullish on ENS as well. Initially because I got about 100 of them for free last week.

Background: Basically they divided the token into 3 buckets: 50% the community treasury; 25% to the qualified users and 23% to the core contributors. The remaining pct went for other contributors.  As stated in the linked tweet, by all appearances this is a self-sustaining project by the revenue it generates.  And the community treasury (50%) is controlled by the the other 50%.  The token holders may just decide to do next to nothing with the community wallet, effectively locking it up.

I'm not buying more ENS but happy to hold onto what I have. It should be really volatile in the short term.

[washparkhorn 9967]

10 hours ago, Trey3216 said:

Crypto taking a bath today.  Started yesterday evening when the reports about the current economic plan not getting favorable scores from the CBO contained the verbiage that “it will take an empowered IRS to make up the difference”.   

I read Twitter rejecting crypto caused this downward leg. Your explanation make more sense to me.  Thanks. 

[Trey3216 15450]

30 minutes ago, washparkhorn said:

I read Twitter rejecting crypto caused this downward leg. Your explanation make more sense to me.  Thanks. 

The words empowered IRS give me… a heavy pause.  

[Satoshi 129]

1 hour ago, Trey3216 said:

The words empowered IRS give me… a heavy pause.  

You can expect escalations from the government, steel yourself 

[Trey3216 15450]

1 minute ago, Satoshi said:

You can expect escalations from the government, steel yourself 

Yep 

[Satoshi 129]

Maybe this is behind this little dip. Seeing rumblings about sec and Eth specifically. 
 

If Ethereum was found to be an unregistered securities offering then that could be devastating. I thought had already ruled it wasn’t, but maybe I’m mistaken. I don’t feel like looking it up now.