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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

surlybevo

By surlybevo
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Blotto

Blotto 23418

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Posted

I dont own any of the crypto miner stocks, although I have traded about strangles on HUT options about 10 times over the last couple of months for a decent profit as it fairly volatile. But it seems like they are getting hammered much more than BTC. Whats the premise behind holding these as an investment rather than actual BTC. Is is just easier than going through the process of buying crypto? 

image.thumb.png.91faad982ea74f20756faa18cb8d415a.png

 

image.thumb.png.b3b7f38b234a684c36d1d1f01ceea392.png

On the 1 year graph, it seems that maybe the miners gain more in periods where BTC is moving up and lose more when BTC is moving down. Is that an accurate observation? 

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Blotto

Blotto 23418

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Its not exactly a secret that Cawthorne is dumber than a bucket of piss, but this just blows my mind. A current US congressman...

Quote

Cawthorn promoted the coin again with Koutoulas in March during the American Freedom Tour in Fort Lauderdale, Florida.

"This is going to the moon, baby! To the moon!" Cawthorn said while pointing to an LGBCoin logo pinned to Koutoulas's suit jacket. "Letsgobrandon.com — get on the train. Get on the train. Take the power of currency away from the government."

 

Edited by Blotto
Not in the CR
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Nice Guy Eddie

Nice Guy Eddie 13391

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Posted
13 hours ago, htown85 said:

How do you guys store your cold wallet? Like just hide it somewhere in your house? I’d almost rather take my chance of it getting lifted on an exchange than with losing it.

I wouldn't leave it on the counter but if someone stole your cold wallet, they can't do much with it unless they can guess your PIN. Or beat it out of you.

Let's say it's stolen, lost, misplaced, etc. As long as you have the seed phrases stored in a safe place (safe deposit box or perhaps just in another location) you can restore your wallet quickly. Storage of the seed phrase is an important discussion to have.

Many people incorrectly think the crypto funds are actually on the cold wallet device. They're not. It's just a means of getting to your funds on the blockchain. 

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gyroprotagonist

gyroprotagonist 2591

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1 hour ago, Nice Guy Eddie said:

IMany people incorrectly think the crypto funds are actually on the cold wallet device. They're not. It's just a means of getting to your funds on the blockchain. 

1 billion times this.  all your stuff lives on the blockchain and nothing actually resides on the cold storage device.  the cold storage device is just a locked door in front of a wallet address (or addresses for multiple blockchains ETH/BTC/etc...).  Even if a thief took your cold storage device, they really could not do anything without the seed phrase.

- there is a worst case scenario where say you left your ledger, a laptop where ledger was installed, the password to the laptop, the passcode to the ledger, the password to your software wallet (metamask) all in the same place.  The thief would then not need the seed phrase and could just use the laptop by logging in to everything.  installing the ledger to a new computer requires the seedphrase.

Yeah, it is waaay more important to never put your seed phrase anywhere digitally.  don't store on your computer (even encrypting the text file), don't take a picture of the seed phrase on your phone.  No one will ever need your seed phrase to help you with any issue concerning your wallet.  phishing/social engineering seems like it is the #1 way people get their digital assets taken.  never accept 'help' from anyone offering use remote access to your computer especially after posting about a crypto or wallet issue.  don't approve smart contracts from websites you don't know and read what you are approving before clicking.    

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Immaculate Vibes

Immaculate Vibes 114

Posted
Posted
17 hours ago, htown85 said:

How do you guys store your cold wallet? Like just hide it somewhere in your house? I’d almost rather take my chance of it getting lifted on an exchange than with losing it.

There’s a smaller chance of it getting stolen than of crypto withdrawals being severely limited in the future. Best to hold and secure your own keys now. There’s also the idea that these exchanges are running fractional reserves. The coin are intermingled and they almost certainly don’t have them all. It helps suppress the price of these assets.

 


 

Not to mention it looks like they use them for other purposes. 
 

 

 

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Captainant

Captainant 27308

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2 hours ago, Immaculate Vibes said:

There’s also the idea that these exchanges are running fractional reserves.

this is what every major crypto exchange has eventually resorted to when profit margins weren't good enough. MtGox, Bitfinex, Bitstamp, etc etc. All went down because they either fucked up their key management, started skimming and cooking their books, or failed to maintain liquidity and couldn't withstand a run

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Nice Guy Eddie

Nice Guy Eddie 13391

Posted
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4 hours ago, gyroprotagonist said:

1 billion times this.  all your stuff lives on the blockchain and nothing actually resides on the cold storage device.  the cold storage device is just a locked door in front of a wallet address (or addresses for multiple blockchains ETH/BTC/etc...).  Even if a thief took your cold storage device, they really could not do anything without the seed phrase.

- there is a worst case scenario where say you left your ledger, a laptop where ledger was installed, the password to the laptop, the passcode to the ledger, the password to your software wallet (metamask) all in the same place.  The thief would then not need the seed phrase and could just use the laptop by logging in to everything.  installing the ledger to a new computer requires the seedphrase.

Yeah, it is waaay more important to never put your seed phrase anywhere digitally.  don't store on your computer (even encrypting the text file), don't take a picture of the seed phrase on your phone.  No one will ever need your seed phrase to help you with any issue concerning your wallet.  phishing/social engineering seems like it is the #1 way people get their digital assets taken.  never accept 'help' from anyone offering use remote access to your computer especially after posting about a crypto or wallet issue.  don't approve smart contracts from websites you don't know and read what you are approving before clicking.    

Seed phrases are definitely a weak point of the security process. One you don't want a knowledgeable person to happen upon your seed phrases. You also don't want to "cleverly" change the written down words because what happens if you forgot your logic.

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gyroprotagonist

gyroprotagonist 2591

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4 minutes ago, workswithseed said:

Lol, it's 11 now. Not a great day for crypto in general.

yeah, ctwitter is melting down for the most part.  lots of sell-shaming people who are exiting stuff at a big loss.  beside the 610 of APE i kept to mint the otherside deeds, i exited above 20.  but yeah, NFTs and crypto are both down.  in the past a lower eth would drive some decent NFTs pricing, but no one wants to play right now.

made some SOL buys this morning but put a SL in right after.  people are still pouring money into BTC longs so I think the whales will keep crushing them until they stop.  everything could keep going down.

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gyroprotagonist

gyroprotagonist 2591

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On 5/8/2022 at 1:14 PM, StruggleBus said:

Looks like a great day to buy a bitcoin or three

maybe tomorrow lol.  i've been straight cash homey for while outside those failed SOL buys and quick SL hits.  btc zoomed through 34K, just plowed through 31K and south of 30.5K as I type.  i cannot chart to save my life, but I think that's bad.  ETH longers are still getting punished, but the good news is that as more people convert to doom and gloom outlook, the whales will change direction or at least pump fake.

LUNA has gotten the stuffing beat out of it.  almost 50% down since wed.  

what's the price where Saylor's company explodes?  BTC at 22K is where they have margin calls on their collateralized loans due is what i remember reading a few days back.

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Trey3216

Trey3216 15325

Posted
Posted
1 hour ago, gyroprotagonist said:

maybe tomorrow lol.  i've been straight cash homey for while outside those failed SOL buys and quick SL hits.  btc zoomed through 34K, just plowed through 31K and south of 30.5K as I type.  i cannot chart to save my life, but I think that's bad.  ETH longers are still getting punished, but the good news is that as more people convert to doom and gloom outlook, the whales will change direction or at least pump fake.

LUNA has gotten the stuffing beat out of it.  almost 50% down since wed.  

what's the price where Saylor's company explodes?  BTC at 22K is where they have margin calls on their collateralized loans due is what i remember reading a few days back.

IF someone has a bunch of margin calls at a point that's not too far away, you can pretty much bet it'll get to that point.  

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Immaculate Vibes

Immaculate Vibes 114

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Posted
1 hour ago, gyroprotagonist said:

maybe tomorrow lol.  i've been straight cash homey for while outside those failed SOL buys and quick SL hits.  btc zoomed through 34K, just plowed through 31K and south of 30.5K as I type.  i cannot chart to save my life, but I think that's bad.  ETH longers are still getting punished, but the good news is that as more people convert to doom and gloom outlook, the whales will change direction or at least pump fake.

LUNA has gotten the stuffing beat out of it.  almost 50% down since wed.  

what's the price where Saylor's company explodes?  BTC at 22K is where they have margin calls on their collateralized loans due is what i remember reading a few days back.

Looks like Luna could cause the capitulation. Their stablecoin backed by BTC has lost its peg. Good thread here. 
 

 

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Immaculate Vibes

Immaculate Vibes 114

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3 minutes ago, Trey3216 said:

IF someone has a bunch of margin calls at a point that's not too far away, you can pretty much bet it'll get to that point.  

My understanding is that it’s a margin call at 21k. It’s from a USD loan that they received that used BTC as collateral. If it reaches that point they just pledge more BTC which they have plenty of. This loan was the last time that they levered up. 
 

I believe it was this transaction. 

 

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gyroprotagonist

gyroprotagonist 2591

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4 minutes ago, Immaculate Vibes said:

My understanding is that it’s a margin call at 21k. It’s from a USD loan that they received that used BTC as collateral. If it reaches that point they just pledge more BTC which they have plenty of. This loan was the last time that they levered up. 
 

I believe it was this transaction. 

 

yep, that's what it was.  not a margin call, but their own loan backed by BTC.  

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Blotto

Blotto 23418

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Would laugh my ass off if MSTR gets wrecked by a BTC implosion. Borrowing money to buy BTC works great until you're under water.

image.png.019035eec07caac6f7345f56fafe0b66.png

The top row is long term debt, which they had none of until he decided to become Johnny Bitcoin. Now they are leveraged to the tits and slightly underwater on buy price. He might actually blow up the company. Jan 23 puts only go down to $100, and cost ~$18. Some market maker needs to open up puts all the way to $5 and I may take a crack, lulz. Because BTC down around $10K could absolutely happen. I'm actually kicking myself for not thinking about deep OTM puts on MSTR as a decent hedge on my crypto holdings. 

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nycHorn

nycHorn 2958

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I’m no expert but was kinda following the demise of Luna. I think they’ve basically printed crazy amounts of Luna to try to re-peg. Whatever the amount was before, there are Shiba levels of coins now. I don’t think you’ll ever see it recover to anywhere close to where it once was.

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NoName

NoName 16271

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Posted
On 5/9/2022 at 6:25 PM, Blotto said:

Would laugh my ass off if MSTR gets wrecked by a BTC implosion. Borrowing money to buy BTC works great until you're under water.

their whole purchasing of BTC was a fucking weird move in the first place. wasn't the rationale basically because the CEO wanted to?

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