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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

surlybevo

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Mullet Free

Mullet Free 40

Posted
Posted
12 minutes ago, Brisketexan said:


I can also reference tulip bulbs. And any other of countless speculative “don’t miss out!” bits over the centuries.
There’s really nothing new under the sun, and “this time it’s different” may be the most frequently used phrase in human speech.

This has to be posted periodically here. 
 

 

 

Also, when you say this time is different, are you saying that bitcoin won’t go through a even larger adoption cycle than the last one, as it has done multiple times?

Or when you say this time is different, are you referring to permanent US reserve currency status or that debt/deficit levels now don’t matter as they have every time in the past?

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Brisketexan

Brisketexan 105095

Posted
Posted
This has to be posted periodically here. 
 
 
 
Also, when you say this time is different, are you saying that bitcoin won’t go through a even larger adoption cycle than the last one, as it has done multiple times?
Or when you say this time is different, are you referring to permanent US reserve currency status or that debt/deficit levels now don’t matter as they have every time in the past?

I’m saying that the bulk of the value model of crypto is 1) duping future buyers into driving up the value of what you already bought (pump and dump) based on 2) the same old alarmist “the dollar is backed only by the full faith and credit of the US Govt!” without grasping the irony that if we reach a point where the “full faith and credit of the US Govt” is no longer a thing, we’ve got much bigger problems that all the 1s and 0s in a “digital wallet” won’t solve.
If you truly fear total collapse, stock up in land, ammo, and gold coins. Otherwise, it’s just the latest pump and dump.
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Neonmoon

Neonmoon 38129

Posted
Posted
2 hours ago, Brisketexan said:


I’m saying that the bulk of the value model of crypto is 1) duping future buyers into driving up the value of what you already bought (pump and dump) based on 2) the same old alarmist “the dollar is backed only by the full faith and credit of the US Govt!” without grasping the irony that if we reach a point where the “full faith and credit of the US Govt” is no longer a thing, we’ve got much bigger problems that all the 1s and 0s in a “digital wallet” won’t solve.
If you truly fear total collapse, stock up in land, ammo, and gold coins. Otherwise, it’s just the latest pump and dump.

In the Bitcoin world, the government can’t take your money because there is no government. Don’t you care about freedom?

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wildcat09

wildcat09 29349

Posted
Posted
On 3/26/2023 at 10:46 AM, Mullet Free said:

This has to be posted periodically here. 
 

 

 

Also, when you say this time is different, are you saying that bitcoin won’t go through a even larger adoption cycle than the last one, as it has done multiple times?

Or when you say this time is different, are you referring to permanent US reserve currency status or that debt/deficit levels now don’t matter as they have every time in the past?

What's very funny about this is it's extraordinarily obvious you haven't bothered to read the Smithsonian article. 

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Mullet Free

Mullet Free 40

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4 hours ago, Hefeweizen said:

Lol the opinion page of the WSJ has been batshit insane for a long time.  I skip it.  The rest of the paper is good and I’m a long time subscriber, let it lapse briefly a few years ago and found I couldn’t do without the news.

51-D0595-F-D663-4702-A258-BA215-A1-AC94-

 

15 minutes ago, MonkeyDoughnut said:

 

I’m not sure of the political away that crypto voters have. Probably overstated by those in the online community. Gensler hearing will be a bunch of people trying to get sound bites but not much else. Would love to be wrong. 
 

The next big targets of the suspected operation chokepoint would be these: publicly traded bitcoin miners, Square/Block, and Microstrategy. When they’re really serious about bitcoin those will be targeted. 

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Mullet Free

Mullet Free 40

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59 minutes ago, Tailgate said:

I think the next BTC bull run is about to hit stride. Mining halving in 2024 etc….etc….

Personally I don’t think 100k is out of the question in 12-24 months.

 

*I’m not an investment advisor

 

Oh 100k is pretty much a given by the end of 2024. 

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Captainant

Captainant 27654

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Posted
14 hours ago, Tailgate said:

I think the next BTC bull run is about to hit stride. Mining halving in 2024 etc….etc….

Personally I don’t think 100k is out of the question in 12-24 months.

 

*I’m not an investment advisor

FOMO! BUYBUYBUY!!! FUND MY EXIT PLZ!!!

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bernorange

bernorange 8359

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It's a bank report touting CBDCs, but it includes the following statement:

...  Tokenization of financial and real-work assets could be the killer use case driving blockchain breakthrough with tokenization expected to grow by a factor of 80x in private markets and reach up to almost $4 trillion in value by 2030. ...

https://icg.citi.com/icghome/what-we-think/citigps/insights/money-tokens-and-games

 

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HamsterHookah

HamsterHookah 112

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On 3/30/2023 at 6:58 AM, Captainant said:

FOMO! BUYBUYBUY!!! FUND MY EXIT PLZ!!!

After heavy losses last year following the collapse of the crypto exchange FTX, Bitcoin racked up its best quarterly performance in two years, gaining more than 70 percent, and Ethereum was up more than 50 percent. The astounding rally occurred despite an intensifying legal and regulatory crackdown on some of the sector’s biggest trading firms, including Binance. Analysts think the crypto gains are mainly tied to hopes that the Fed will turn more dovish in the second half of the year.

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Mullet Free

Mullet Free 40

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4 hours ago, HamsterHookah said:

Analysts think the crypto gains are mainly tied to hopes that the Fed will turn more dovish in the second half of the year.

It’s partly this. I also think there just were not many sellers under 20k. If you were low conviction, you puked your coins a while ago. All that are left are hodlers. Then there’s the whole bank failure situation. Bullish for bitcoin. Don’t forget that bitcoin was born out of the last big cycle of bank bailouts.  
 

As an aside, started buying back into MSTR and Riot calls in 401k. Worked great last cycle. I was skeptical that I could go back to the well again, but they have tracked BTC well. In fact outperforming the spot price. I think the lack of low cost, spot etf still helps these act as trading vehicles for BTC in traditional financial accounts. 
 

 

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bernorange

bernorange 8359

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Sometime back I had asked about staking without using an exchange.  I have been learning quite a bit about staking using the Ledger and it's not that difficult for the most part.  Solana (SOL) and Cosmos (ATOM) can be staked directly from the Ledger live software and it's super easy.  Polkadot can be staked using the polkadot browser extension (connected to the Ledger) and it is easy enough.  Avalanche was similar to Polkadot (use AVAX browser extension connected to Ledger), but you have to spend some time finding a staking pool that fits your interests as you have to commit for the term of the pool you choose.  I *think* I staked Cardano using the Typhon Wallet browser extension connected to Ledger, but I have yet to receive a reward to confirm that I did it correctly.  To stake ERC20 coins, you generally need to connect MetaMask to your Ledger and then find the coin's browser extension and connect it to MetaMask, but gas fees for staking ERC20 coins are paid with Etherium and last I checked, about $5-7 per transfer, so not really worth it unless you are staking a huge balance.

The only coin that really befuddled me was Uniswap.  The more I read about that one, the more I got a headache. 

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Mullet Free

Mullet Free 40

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On 3/24/2023 at 7:20 PM, B00M said:

The only thing I don’t like about mine is when I brought in some ETH, it asked me if I wanted to stake it with LIDO and earn 5%. Seems reasonable. I’m not a total noob but I’m no battle hardened crypto vet. As easy as it was to stake, I assumed there’d be a way to unstake when I wanted to.
 

Discovered last night, nope. The only tools I can use to unstake it very specifically say they’re not allowed to be used in the USA. So apparently, I have to wait until LIDO dev hits some “major fork” at some point in the future to unstake and be able to convert back to USD. BTC appears to be the only thing the SEC isn’t targeting (yet) so I’m not tryna hold some bullshit LIDO bag. Thankfully I’m only dabbling with modest sums to learn the ropes in case these currencies are ever truly useful.
 

Missed this a while back from Coinbase. 
 

 

 

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B00M

B00M 6414

Posted
Posted
6 hours ago, Mullet Free said:

Missed this a while back from Coinbase. 
 

 

 

Lol weird that when unstaking is finally allowed there might be a run!

I wonder how much staked-ethereum projects like LIDO got because people assumed the timetable would be defined when they staked. Where else can people agree to lock in thousands (millions?) of dollars without any information about duration? This is a great way to prevent future investment in the space 

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Mullet Free

Mullet Free 40

Posted
Posted
3 hours ago, B00M said:

Lol weird that when unstaking is finally allowed there might be a run!

I wonder how much staked-ethereum projects like LIDO got because people assumed the timetable would be defined when they staked. Where else can people agree to lock in thousands (millions?) of dollars without any information about duration? This is a great way to prevent future investment in the space 

Locking the coins was always about the pumponomics of it. 
 

3 hours ago, bernorange said:

FWIW:

https://dailyhodl.com/2023/02/18/ethereum-sell-off-incoming-new-research-examines-impact-of-march-update-that-will-enable-staked-eth-withdrawals/

I would generally agree that there will not be a huge impact. Again, how many who can sell, haven’t?
 

 

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HamsterHookah

HamsterHookah 112

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12 hours ago, bernorange said:

Cryptos very green today.  Seems to be correlated with S&P (in direction if not exactly in strength) lately.

@Brisketexangonna be big mad that crypto is back.

Quote

 

Bitcoin is still the market’s runaway success story of the year. The king of cryptocurrencies this morning topped $30,000 for the first time since June.

Bitcoin has gained 81 percent this year, far outperforming other risky assets. In contrast, the Nasdaq 100, which is made up of the world’s biggest tech stocks, has gained roughly 20 percent in that period — good enough to enter bull market territory, but a far cry from Bitcoin’s resurgence.

 

Quote

 

The latest rally appears to be partly tied to the Fed’s interest rate policy. Crypto investors are feeling bullish that the Fed will pause its interest rate increases in the near term (even though Fed officials have been suggesting the opposite), thus setting off a big rebound. Crypto asset prices sunk a year ago as the central bank began to aggressively raise rates.

Bitcoin’s biggest gains coincide with the turmoil in the banking sector. The cryptocurrency is up more than 45 percent since the collapse of Silicon Valley Bank last month. Industry advocates point to the recent rally as a sign that investors are converting some of their cash assets into digital currencies.

 

 

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Posted
Posted
12 hours ago, Mullet Free said:

Btc 30k. Nocoiners in disbelief. 

I own some and I'm in disbelief. Like so many, I wondered if I should buy more when it was below $20k, but just sat on my hands. Have enough to enjoy it going up, but not enough to make a life-changing difference. 

My investment thesis? There's something there with Bitcoin... but I'm not sure what.

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B00M

B00M 6414

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Where’s the chart that shows overall crypto in/outflows? Hard to be long term bullish on BTC if it’s just siphoning money from alt coins. Hell, isn’t that chart suggesting money is about to start flowing out of BTC as people start to look for coins with higher upside potential?

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gyroprotagonist

gyroprotagonist 2592

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15 hours ago, B00M said:

Where’s the chart that shows overall crypto in/outflows? Hard to be long term bullish on BTC if it’s just siphoning money from alt coins. Hell, isn’t that chart suggesting money is about to start flowing out of BTC as people start to look for coins with higher upside potential?

yes, that's the plan at least for how i look at it.  i generally don't invest speculate on BTC or ETH, but rather the alt coins that will/should swing more drastically.  Again, i am just a lemming to people that claim to follow this more closely, but in general, when whales take out loans and put fiat into the market to buy or poised to buy, it's a very bullish signal.  when loans are returned and/or BTC is put out their to sell, then bearish.  Alt coins tend to run up after a cycle of BTC rising then stabilizing and chopping up and down for a bit.  

 

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KeysPhoneWallet

KeysPhoneWallet 807

Posted
Posted
Bitcoin is more easily verified. No need to confirm its composition.  
Bitcoin is more easily divisible. Any amount can be moved. 
Bitcoin is more easily transferred. You can move or hold large amounts that gold’s physical weight would not allow. 
 
The one area where gold is currently superior is its history. And I don’t mean to downplay that. It’s a huge deal. But the longer that the Bitcoin network keeps running then the less of an advantage it is.
 
If you believe that bitcoin going to zero is off the table, then it’s basically a permanent competitor with gold. Thus as time passes, its advantages will become more widely acknowledged. 

But what if there’s no internet? Checkmate gold
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bernorange

bernorange 8359

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Quote

Coinbase is preparing for a years-long court battle with the U.S. Securities and Exchange Commission, the company's chief executive told CNBC Tuesday, after the regulator warned the cryptocurrency exchange of potential violations of securities law.
...
Brian Armstrong, CEO of Coinbase, called the issuing of the Wells notice "unfortunate" and said the company has not got any more information on the specific issues the SEC has.

"We've met with them over 30 times in the last year … never got a single piece of feedback from them about what we can be doing better or differently, and then this Wells Notice arrived," Armstrong told CNBC in an interview.

"I think we're going to have to actually end up going to court to get the clarity we need and create the case law."

Case law refers to judicial precedent.
...
The cryptocurrency industry has complained that the SEC has not given companies clarity on what they can and cannot do. The SEC, meanwhile, argues that the rules are clear under existing laws.

Armstrong accused the SEC of an "abdication of responsibility."

"The regulators' job is to publish a clear rulebook and allow that market to be safe but also to flourish in that country and I think they've completely abdicated responsibility," Armstrong said.
...

https://www.cnbc.com/2023/04/18/coinbase-ceo-says-it-is-preparing-to-go-to-court-with-the-us-sec-.html

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Mullet Free

Mullet Free 40

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Posted

This maybe should’ve gone in the inflation thread, but I couldn’t resist it here since it involves a central bank telling people to Have Fun Staying Poor. 
 

A lot of high notes here. It’s greedflation, you shouldn’t be asking for raises pleb, muh Russia. Couldn’t be monetary policy of an unaccountable central bank huh. Also, quit bitching about the system.
 

“stop trying to maintain their real spending power”


It’s like they’re begging you to opt out.

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bernorange

bernorange 8359

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The changing face of the cryptocurrency ecosystem is on full display at the annual Consensus conference in Austin, Texas, as projects focused on facilitating institutional adoption and providing professional services to crypto investors now populate the booths on display.
...
Franklin Templeton, which recently made headlines when it announced the launch of the first U.S. registered fund hosted on a public blockchain network, revealed that it has integrated its fund with the Polygon network to go along with its integration on Stellar.

According to Travis Fishstein, a corporate communications consultant with Franklin Templeton, the firm sees a lot of promise in the cryptocurrency industry and wanted to be one of the first to offer regulated crypto products and actually utilize blockchain technology.

And it's not just institutions in the U.S. showing interest as multiple companies present at the conference are focused on increasing adoption among the international institutional investing crowd.

One example is Parfin, a leading Web3, institutional-grade infrastructure provider in the Latam region. As opposed to the U.S., which has adopted an oppositional stance towards the crypto industry as of late, countries in Latin America, and Brazil in particular, have adopted an open stance and are eagerly integrating blockchain technology into their financial systems.
...
Another firm that reported seeing an uptick in interest from institutional players is Infstones, a blockchain infrastructure provider that specializes in helping individuals and companies set up nodes, stake proof-of-stake tokens, and connect Web3 applications to more than 80 blockchain networks.

The recent Shapella upgrade on the Ethereum network, which enabled the withdrawal of staked Ether for the first time, has led to an increase in interest from institutional investors in staking services, a representative from Infstones said.

Crypto tax service providers were also a prevalent sight at Consensus as the slowly increasing adoption of cryptocurrencies in the U.S. has created a niche accounting market that is full of confusion and unclear securities laws.

Overall, the booths on display at Consens signal the increasing legitimacy of the cryptocurrency industry in the U.S. and around the world and suggest that institutions are beginning to show a higher level of interest in engaging with the ecosystem.

https://www.kitco.com/news/2023-04-26/Consensus-conference-highlights-the-growing-legitimacy-of-cryptocurrencies.html

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bernorange

bernorange 8359

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JPMorgan Chase (JPM), the largest U.S. bank in terms of assets, remains steadfast in its plan to "tokenize" traditional-financial assets, largely undeterred by the crypto bear market and regulatory uncertainty.

The bank has processed almost $700 billion in transactions in short-term loans using its Onyx digital-assets platform, a permissioned version of the Ethereum blockchain, where customers can trade tokens that denote ownership rights to U.S. Treasurys as well as use blockchain bank accounts known as JPM Coin.

Among the clients known to be using the Onyx-based repo service are Goldman Sachs (GS), BNP Paribas and DBS Bank. Fifteen more banks and broker-dealers are looking to sign up, Tyrone Lobban, head of Onyx, told CoinDesk in an interview.

As the platform ramps up, Onyx will focus on tokenizing assets that are traditionally hard to finance, such as money-market funds, and will use them as collateral, Lobban said. Further down the road, Lobban expects Onyx will issue a wider range of blockchain-based assets, including private funds.
...

https://www.coindesk.com/business/2023/04/27/tokenization-is-the-killer-app-for-tradfi-jpmorgan/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

Stupid JPM and Goldman Sachs.  Don't they know there is no intrinsic value in crypto?  Why they messing around with developing technologies on the Ethereum blockchain?  Dumbasses.  $700 billion is all money laundering - right?

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Mullet Free

Mullet Free 40

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1 hour ago, bernorange said:

https://www.coindesk.com/business/2023/04/27/tokenization-is-the-killer-app-for-tradfi-jpmorgan/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

Stupid JPM and Goldman Sachs.  Don't they know there is no intrinsic value in crypto?  Why they messing around with developing technologies on the Ethereum blockchain?  Dumbasses.  $700 billion is all money laundering - right?

Security tokens will definitely be a thing in some form. Having it a on a permissioned JPM platform is not as exciting though. 
 

In other news…

 

 

 

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bernorange

bernorange 8359

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Posted

Stupid Google, Polygon and the nascent web3 industry innovating on a technology that has zero reason for existence.  Why are these dummies even meeting in Austin, Texas?

Quote

Google Cloud is working with Polygon Labs to help developers make it easier to build, launch and grow their Web3 products and decentralized applications (dapps) on the Ethereum-based layer 2 blockchain.

Under the new partnership, Google Cloud will bring its Blockchain Node Engine - the tech giant's fully managed node hosting service - to the Polygon ecosystem, which will help developers focus on building on the protocol, while retaining complete control over where nodes are deployed, the company said in a statement issued during Consensus 2023 in Austin, Texas.

“Today's announcement with Google Cloud aims to increase transaction throughput enabling use cases in gaming, supply chain management, and DeFi," Polygon President Ryan Wyatt said in the statement, adding: "This will pave the way for even more businesses to embrace blockchain technology through Polygon."
...

https://www.coindesk.com/tech/2023/04/27/google-cloud-to-help-accelerate-polygons-growth-via-new-partnership/

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Dahobbs

Dahobbs 17534

Posted
Posted
On 4/27/2023 at 2:45 PM, bernorange said:

Stupid Google, Polygon and the nascent web3 industry innovating on a technology that has zero reason for existence.  Why are these dummies even meeting in Austin, Texas?

https://www.coindesk.com/tech/2023/04/27/google-cloud-to-help-accelerate-polygons-growth-via-new-partnership/

Google spending money on pointless things (and then abandoning them) is par for the course. 

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bernorange

bernorange 8359

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Quote

...
Members of our CoinDesk editorial team got together on Twitter Spaces today to assess the big picture at Consensus 2023 and share their takeaways on the critical issues that will shape how the industry continues to unfold.
...
Something that really struck me arose from what Kate Brady, head of communications for Web3 at PepsiCo, said on stage. As you know, PepsiCo is a very mainstream American brand. It's not part of the crypto industry by any means, but it’s looking to get into Web3. And one of the things she said on stage was that she was being stymied in her work and PepsiCo has been stymied in its work by the lack of regulatory clarity, and I thought that was interesting because obviously this is something the industry says a lot that we need to do. There are guidelines from Washington, D.C., from lawmakers and from policymakers. And we think that that conversation or that that issue only affects people in the relatively small world of crypto.

But it really came home to me that actually this regulatory conversation affects all of corporate America, ...
...

https://www.coindesk.com/consensus-magazine/2023/04/28/5-consensus-2023-takeaways/

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