Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

[bernorange 8,385]

Peter Schiff is butthurt and "talking his book" when he rails on crypto (he sees crypto as a competitor to his gold sales).  I also think a lot of his social media posts are trolls for engagement farming.  

[bernorange 8,385]

3 minutes ago, Captainant said:

It's the height of irony that BTC needed the government to back it to break the barrier. ...

I don't believe that is true.  The government just needed to end its war (operation choke point 2.0, etc) and provide regulatory clarity - to get out of the way and stop trying to impede the sector.  

[Nice Guy Eddie 13,724]

5 minutes ago, Captainant said:

It's the height of irony that BTC needed the government to back it to break the barrier. I thought the whole idea was to get away from centralized powers and banking!

It truly beggars belief how malleable the argument for bitcoin is, and how little the substance actually matters

You’re describing a vocal minority of crypto people. And even they are hypocritical about their beliefs. 

[Captainant 28,479]

8 minutes ago, bernorange said:

I don't believe that is true.  The government just needed to end its war (operation choke point 2.0, etc) and provide regulatory clarity - to get out of the way and stop trying to impede the sector.  

Dude you need to step back off the conspiracy Twitter lol. All that false victimization mindset is gonna burn you up

The """sector""" is literally just financialized FOMO. The tokens serve no purpose but to be sold to someone later for a hopefully higher price. I'm happy that y'all have been able to build wealth by selling digital beanie babies to other collectors

 

Edit: your leading source on all your conspiracy theories also believes that Ukraine is the aggressor against russia. Yeah I'd bet that guy wants fewer restrictions on laundering his money with crypto lol

Edited December 5 by Captainant

[52-80 19,377]

thread:

 

[bernorange 8,385]

19 minutes ago, Captainant said:

Dude you need to step back ...

 

[Distinguished Gentleman 8]

36 minutes ago, Captainant said:

It's the height of irony that BTC needed the government to back it to break the barrier. I thought the whole idea was to get away from centralized powers and banking!

It truly beggars belief how malleable the argument for bitcoin is, and how little the substance actually matters

Where's the government backing, specifically?

Anyway, governments and public officials were always going to get on board eventually. Actors will follow financial incentives. That's the beauty of the system. It's a positive reinforcing cycle.

30 minutes ago, bernorange said:

I don't believe that is true.  The government just needed to end its war (operation choke point 2.0, etc) and provide regulatory clarity - to get out of the way and stop trying to impede the sector.  

This is correct.

27 minutes ago, Captainant said:

The """sector""" is literally just financialized FOMO. The tokens serve no purpose but to be sold to someone later for a hopefully higher price. I'm happy that y'all have been able to build wealth by selling digital beanie babies to other collectors

Keep fucking that chicken. You're doing great.

 

Anyway, will be interesting to see this morning. BTC typically pumps at market open. I'm guessing that might be etfs settling up with the previous days purchases? 

 

[Captainant 28,479]

https://www.newsweek.com/brian-thompsons-killer-becomes-focus-deny-defend-depose-crypto-1995931

Anyone getting on this hot new store of value??

[Distinguished Gentleman 8]

2 minutes ago, Captainant said:

https://www.newsweek.com/brian-thompsons-killer-becomes-focus-deny-defend-depose-crypto-1995931

Anyone getting on this hot new store of value??

Disingenuous at best. No one thinks memecoins are stores of value. Pure gambling. Great way to lose money.

[Captainant 28,479]

7 minutes ago, Distinguished Gentleman said:

Disingenuous at best. No one thinks memecoins are stores of value. Pure gambling. Great way to lose money.

No, memecoins and alt coins generally exist to drive demand for BTC and give it some sort of utility. 

[Distinguished Gentleman 8]

2 minutes ago, Captainant said:

No, memecoins and alt coins generally exist to drive demand for BTC and give it some sort of utility. 

No. They exist for the scammers that create them to extract value from people that are uneducated or straight up degen gambling.

Here you go, Capitan

 

"People who say stupid things about bitcoin are not just making their own pathetic selves poorer; they are also impoverishing all the people who have the misfortune of listening to them."

[bernorange 8,385]

31 minutes ago, Captainant said:

No, memecoins and alt coins generally exist to drive demand for BTC and give it some sort of utility. 

The contortions of the "rational" mind.  Fascinating.

The Hawk Tuah girl might actually end up in legal trouble for her rug pull yesterday.  Such an obvious grift.  Anyone who bought that shit deserves what they got.

With respect to value propositions for alt coins, are you asserting that there is zero value for the following use cases?

• DePIN
• RWA tokenization
• cross border remittance
• DeFi
• zero knowledge proof systems

Edited December 5 by bernorange

[Nice Guy Eddie 13,724]

Gotta laugh at yourself. Trump politics being set aside, this is the party when long term hodlers finally sell. Except with fewer guests.

 

Edited December 5 by Nice Guy Eddie

[Distinguished Gentleman 8]

Lolol

 

 

[52-80 19,377]

38 minutes ago, bernorange said:

The contortions of the "rational" mind.  Fascinating.

The Hawk Tuah girl might actually end up in legal trouble for her rug pull yesterday.  Such an obvious grift.  Anyone who bought that shit deserves what they got.

With respect to value propositions for alt coins, are you asserting that there is zero value for the following use cases?

• DePIN
• RWA tokenization
• cross border remittance
• DeFi
• zero knowledge proof systems

One of the Collison brothers of Stripe, which processes about 1/5th of all online transactions using old-money, made a good analogy after visiting Vegas for a business conference. 

He said on the veneer, people look at Las Vegas and they see mindless gambling and overstuffed buffets.  Beneath the surface, there's a tremendous amount of real-life, consequential  business being conducted.  (Vegas is often the #1 convention destination in the world).

And this is pure coincidence, but literally today I'm having to diagnose a big cross border payment that's 2 weeks overdue, because it involves 3-4 banks.

[UTPhil2006 3,930]

20 minutes ago, 52-80 said:

One of the Collison brothers of Stripe, which processes about 1/5th of all online transactions using old-money, made a good analogy after visiting Vegas for a business conference. 

He said on the veneer, people look at Las Vegas and they see mindless gambling and overstuffed buffets.  Beneath the surface, there's a tremendous amount of real-life, consequential  business being conducted.  (Vegas is often the #1 convention destination in the world).

And this is pure coincidence, but literally today I'm having to diagnose a big cross border payment that's 2 weeks overdue, because it involves 3-4 banks.

Damn the Giants SS just retired like 3 weeks ago 

[52-80 19,377]

5 minutes ago, UTPhil2006 said:

Damn the Giants SS just retired like 3 weeks ago 

Times are tough in professional sports

[Distinguished Gentleman 8]

 

 

[bernorange 8,385]

Quote

Bernstein Research forecasts Bitcoin (CRYPTO: BTC) will evolve into the premier “store of value” asset, ultimately supplanting gold over the next decade.

What Happened: The firm’s analysis emphasizes Bitcoin's growing role in institutional investment portfolios and corporate treasury management, signaling its acceptance as a key player in global financial ecosystems.

"We expect Bitcoin to emerge as the new-age premier ‘store of value' asset," stated Bernstein analysts, adding that its integration into multi-asset allocations reflects a maturing perspective among global investors.
...
"The adoption of Bitcoin as a treasury reserve asset is accelerating, aided by favorable accounting guidelines and the success of institutional ETFs," the analysts observed.

Bernstein projects Bitcoin will hit $200,000 by 2025, driven by its cyclical demand-supply dynamics and diminishing sell pressure from miners following halving events.

The report further estimates Bitcoin could exceed $500,000 by 2029 and $1 million by 2033 as adoption widens and demand strengthens.

https://www.msn.com/en-us/money/markets/bitcoin-to-emerge-as-premier-store-of-value-asset-hit-1-million-by-2033-says-bernstein/ar-AA1vkA7E

[Muny_Tex 315]

I was surprised/confused as to why $MSTR sold off all of its early AM surge, but then I saw that Cramer referred to BTC as a "can't lose investment" today...so I guess the kiss of death has finally arrived

[workswithseed 2,203]

[CHIEF 5,222]

If you invest in crypto in $Hawk, you deserve anything that happens to you:

CHIEF

[Nice Guy Eddie 13,724]

Rule 1 is never buy a meme coin.

The suckers benefit the rest of us. Most likely a fair amount of their losses get rolled up into eth, solana or btc. I hate to benefit from the ignorance of others but this occurs in everyday investments, credit card rewards, etc.

[Nice Guy Eddie 13,724]

I'm intrigued about how crypto works with the newest generations of AI agents. basically there are some AI tools that now have crypto wallets to manage on their own. They can trade, stake, or give it away for whatever reason they want. It's not that inconceivable that we could soon have a billionaire AI agent that doesn't have human control.

I played around watching some videos about the Virtuals Protocol protocol and one of their AI agents, aixbt. Admittedly I don't still fully understand this tech but there's something there. You can invest in both and many others. aixbt runs a 24/7 twitter account that gives advice about crypto investing. 

I'm tempted to throw a few thousand $ at the top players. Most likely many will be complete flops but if only a couple 100x, who cares.

[bernorange 8,385]

FWIW, I published a lengthy article addressing Sen. Lummis BITCOIN Act here:

https://www.pmbug.com/threads/know-what-you-hold-gold-bitcoin-altcoins-and-government-reserve-funds.7919/

 

[bernorange 8,385]

 

[52-80 19,377]

Microstrategy is about to get added to Nasdaq 100 index and thats kinda funny

[Captainant 28,479]

42 minutes ago, 52-80 said:

Microstrategy is about to get added to Nasdaq 100 index and thats kinda funny

It's pretty crazy how much love the market is giving them, when they haven't actually produced anything new or made any improvements to their product that brings in revenue. Is there anything besides their BTC holdings and hype that's underpinning their hockey stick?

[Blotto 24,003]

On 12/5/2024 at 12:04 PM, Nice Guy Eddie said:

Rule 1 is never buy a meme coin.

That's what I've been trying to tell everyone. You gotta stick to the heavy hitters, the elite, the creme de la creme of crypto. 

 

[Muny_Tex 315]

On 12/9/2024 at 3:53 PM, bernorange said:

FWIW, I published a lengthy article addressing Sen. Lummis BITCOIN Act here:

https://www.pmbug.com/threads/know-what-you-hold-gold-bitcoin-altcoins-and-government-reserve-funds.7919/

 

This was very thoughtful and well-written...only exception was the improper usage of "its" (you kept using the contraction of it's (e.g. it is), rather than the possessive form) which short-circuited my OCD.

Main takeway I had was the computation limits/scalability issues which I had never seen analyzed before.  If the fundamental use case is "bro, it's gonna completely remove the middle man and make all exchanges safer, cheaper, more efficient" then it certainly appears quite moronic through the lens of such poor transactional bandwidth.

This is obviously hyper-simplistic, but as far as I'm concerned Venmo already figured this shit out 15 years ago.  All the BTC action since then is essentially just greater-fool theory expressed to the most extreme degree imaginable.

[bernorange 8,385]

35 minutes ago, Muny_Tex said:

This was very thoughtful and well-written...only exception was the improper usage of "its" (you kept using the contraction of it's (e.g. it is), rather than the possessive form) which short-circuited my OCD.

Had to do something to keep the audience awake!  (yeah, that's the ticket)  I'll see about fixing those - thanks for the feedback.

The scalability issue was actually the source of a significant row amongst developers some years ago (block size war/argument).  Roger Ver - the guy going to jail for tax evasion - co-authored a book that supposedly covers this topic in more depth (I haven't read the book - just heard about it):

https://www.amazon.com/Hijacking-Bitcoin-Hidden-History-BTC/dp/B0CXWBCWDR

I tried not to dive too much into the technical weeds for the article.

[Nice Guy Eddie 13,724]

8 hours ago, Muny_Tex said:

This was very thoughtful and well-written...only exception was the improper usage of "its" (you kept using the contraction of it's (e.g. it is), rather than the possessive form) which short-circuited my OCD.

Main takeway I had was the computation limits/scalability issues which I had never seen analyzed before.  If the fundamental use case is "bro, it's gonna completely remove the middle man and make all exchanges safer, cheaper, more efficient" then it certainly appears quite moronic through the lens of such poor transactional bandwidth.

This is obviously hyper-simplistic, but as far as I'm concerned Venmo already figured this shit out 15 years ago.  All the BTC action since then is essentially just greater-fool theory expressed to the most extreme degree imaginable.

Bitcoin is not a quick transactional system. Just like many global systems are not quick. There are other crypto systems that are as fast if not faster than Venmo. Of course Venmo is a bad comparison because it’s a closed model. Actual money is not really transferring to anyone with the standard transaction. Money only gets transferred when you deposit or withdrawal. Venmo makes me wait on the latter for up to 3 days unless I’m willing to pay them extra.

i recently transferred some large (to me) bitcoin amounts from an exchange to my own wallet. I def wanted it to be faster than it was but its was much faster than if I had transferred money between banks. Less than hour with Bitcoin versus days with banks.

[Captainant 28,479]

55 minutes ago, Nice Guy Eddie said:

Actual money is not really transferring to anyone with the standard transaction. Money only gets transferred when you deposit or withdrawal.

Isn't this the same with Bitcoin? Transferring a number from one entity on the ledger to another doesn't result in your having moved actual money. The Bitcoin isn't usable until you find a greater fool to sell it to and convert it into actual money.

Because seriously. Have you ever actually bought anything with BTC?

[bernorange 8,385]

2 hours ago, Nice Guy Eddie said:

... Venmo is a bad comparison because it’s a closed model. ...

In my article, I included citations for credit card transactions (~1,708 per second) and ACH (electronic checking) transactions (~1,458 per second).  There are many alt coins that exceed this threshold easily:

https://chainspect.app/dashboard

Polkadot (DOT) recently stress tested their Kusama chain and processed over 128k transactions per second:

 

[Nice Guy Eddie 13,724]

4 hours ago, Captainant said:

Isn't this the same with Bitcoin? Transferring a number from one entity on the ledger to another doesn't result in your having moved actual money. The Bitcoin isn't usable until you find a greater fool to sell it to and convert it into actual money.

Because seriously. Have you ever actually bought anything with BTC?

No, but to be clear I've never wanted to. I also don't buy things with MSFT stock.

I'm not 100% opposed to buying something with crypto but I would not expect to do it with btc.

[Nice Guy Eddie 13,724]

22 hours ago, 52-80 said:

Microstrategy is about to get added to Nasdaq 100 index and thats kinda funny

 

21 hours ago, Captainant said:

It's pretty crazy how much love the market is giving them, when they haven't actually produced anything new or made any improvements to their product that brings in revenue. Is there anything besides their BTC holdings and hype that's underpinning their hockey stick?

Isnt this a maybe? If the NASDAQ classified them in the financial sector, they can't be in the NASDAQ 100. Instead they could be in the NASDAQ Financial 100. Some stories that I read about this indicate the decision is Friday.

[Nice Guy Eddie 13,724]

Only a bill, just I’m only a bill but the Texas House is proposing a bitcoin strategic reserve. It would be funded by the state allowing payments in bitcoin.

https://www.cnbc.com/2024/12/12/texas-house-introduces-bill-to-establish-a-strategic-bitcoin-reserve.html

[Captainant 28,479]

2 hours ago, Nice Guy Eddie said:

Only a bill, just I’m only a bill but the Texas House is proposing a bitcoin strategic reserve. It would be funded by the state allowing payments in bitcoin.

https://www.cnbc.com/2024/12/12/texas-house-introduces-bill-to-establish-a-strategic-bitcoin-reserve.html

Ah I get it! Get the State to be your greater fool? I truly don't understand a state building a reserve of a non-dollar and non-spendable currency, unless they were planning on ditching or weakening the dollar

Edited December 12 by Captainant

[52-80 19,377]

21 hours ago, Nice Guy Eddie said:

Bitcoin is not a quick transactional system. Just like many global systems are not quick. There are other crypto systems that are as fast if not faster than Venmo. Of course Venmo is a bad comparison because it’s a closed model. Actual money is not really transferring to anyone with the standard transaction. Money only gets transferred when you deposit or withdrawal. Venmo makes me wait on the latter for up to 3 days unless I’m willing to pay them extra.

i recently transferred some large (to me) bitcoin amounts from an exchange to my own wallet. I def wanted it to be faster than it was but its was much faster than if I had transferred money between banks. Less than hour with Bitcoin versus days with banks.

Not to harp on my personal anecdote, but following the prior post, my old world money transfer still fucked. Money still hasn't returned to the sending bank, and now it's been over 3 weeks in limbo and 2 of those weeks where I didnt even know where it was.

TBF this is anomalous, and ive done things like this successfully in the past... but there is a case to be made for an on-chain trace

[52-80 19,377]

16 hours ago, Nice Guy Eddie said:

 

Isnt this a maybe? If the NASDAQ classified them in the financial sector, they can't be in the NASDAQ 100. Instead they could be in the NASDAQ Financial 100. Some stories that I read about this indicate the decision is Friday.

It's not a certainty, but insiders and bloomberg reports are indicating it will be. There's some discretion in the selection process, but mostly its about mechanical factors (liquidity, size, etc) that determines inclusion. After all, the point of the index is to be a representative list (of the largest non-financial stocks on their exchange), and not necessarily an endorsement list.

I think it'll be on the NDX because the company has software operations, and their treasury operations is dissimilar to the other traditional financial companies. 

[bernorange 8,385]

So Ripple Labs is launching a new RLUSD stablecoin.

Quote

Ripple CEO Brad Garlinghouse announced on Tuesday that the RLUSD stablecoin, a cryptocurrency designed to maintain a steady value in line with the U.S. dollar, has been approved by the New York Department of Financial Services. While stablecoins can operate without this approval, Ripple sought to be added to New York’s “greenlist” to gain credibility as a compliance-first company and access the New York market, ensuring that the coin complies with the state’s regulatory standards. 
...

Ripple has promised that the stablecoin will be 100% backed by U.S. dollar deposits, short-term U.S. treasuries and other cash equivalents. Bautista says Ripple holds large monetary reserves, including 80 billion XRP allocated to the company in 2012, that will make it easier for the company to deliver on this promise. 

...

https://www.msn.com/en-us/money/other/xrp-soars-11-as-ripple-rlusd-stablecoin-prepares-to-launch/ar-AA1vGZby

So if this is well regulated, I'm guessing they won't be able to claim their XRP holdings as a cash equivalent backing for RLUSD?  Will they be forced to dump/sell XRP to raise cash for RLUSD?

Edited December 13 by bernorange

[B00M 6,729]

Every time you use or sell bitcoin is a taxable transaction. 

don’t try to evade taxes on this shit, check out this fucking regard:

https://www.statesman.com/story/business/2024/12/13/bitcoin-austin-tx-man-sentenced-prison-lying-tax-return-sales/76965872007/
 

Edited December 14 by B00M

[Nice Guy Eddie 13,724]

1 hour ago, B00M said:

Every time you use or sell bitcoin is a taxable transaction. 

don’t try to evade taxes on this shit, check out this fucking regard:

https://www.statesman.com/story/business/2024/12/13/bitcoin-austin-tx-man-sentenced-prison-lying-tax-return-sales/76965872007/
 

Crypto can be tough to always identify gains but really stupid to not pay Uncle Sam his share, as best as you can calculate it.

[Nice Guy Eddie 13,724]

On 12/12/2024 at 12:04 PM, Nice Guy Eddie said:

 

Isnt this a maybe? If the NASDAQ classified them in the financial sector, they can't be in the NASDAQ 100. Instead they could be in the NASDAQ Financial 100. Some stories that I read about this indicate the decision is Friday.

Microstrategy is joining the nasdaq 100 on Dec. 23rd. More legitimacy. Amazing what happened to crypto in 2024.

[Intelligent investor 7]

11 hours ago, Nice Guy Eddie said:

Microstrategy is joining the nasdaq 100 on Dec. 23rd. More legitimacy. Amazing what happened to crypto in 2024.

Congrats to the all the QQQ holders. You’re no longer nocoiners.  
 

On 12/12/2024 at 7:59 AM, Captainant said:

Isn't this the same with Bitcoin? Transferring a number from one entity on the ledger to another doesn't result in your having moved actual money. The Bitcoin isn't usable until you find a greater fool to sell it to and convert it into actual money.

Because seriously. Have you ever actually bought anything with BTC?

You can use the lightning network for quick payments. Even used for micropayments. I’ve used it to stream sats to creators through podcasting apps like Fountain. And AI agents will pay each other over lightning as well. 

[Intelligent investor 7]

moving to the forefront 

 

 

[B00M 6,729]

You’re gonna need to show your work on how BTC bails out the US government.

[Nice Guy Eddie 13,724]

15 hours ago, B00M said:

Every time you use or sell bitcoin is a taxable transaction. 

don’t try to evade taxes on this shit, check out this fucking regard:

https://www.statesman.com/story/business/2024/12/13/bitcoin-austin-tx-man-sentenced-prison-lying-tax-return-sales/76965872007/
 

Thinking more of this story makes me shake my head. Guy puts an arguably large amount, perhaps as high as $500k, into some magic internet money and withdrawals millions a few years later that puts him on easy street. Instead of paying the govt 15% or 20% of the profit, he goes far far out of his way to hide the transactions including exchanging bitcoin for cash with people.

The results are that he is paying those taxes plus penalties and will spend most of the next 2 years in federal prison. Greed is amazing. Thru friends, I’ve been told about a Texas billionaire who would not only frequently talk about tax avoidance strategies, to a point of being obsessed, he eventually spent his final years fighting a federal criminal conviction. He was spared prison by dying.

wonder how bitcoin boy got caught. 

[Parliament 14,592]

2 hours ago, B00M said:

You’re gonna need to show your work on how BTC bails out the US government.

Buy some then wait for #tothemoon

[beer 3,268]

2 hours ago, B00M said:

You’re gonna need to show your work on how BTC bails out the US government.

Buy Bitcoin

Hold Bitcoin

?????

Profit