Cryptocurrency

[Mike Isles 583]

2 minutes ago, Cdub100 said:

Lod0 knows the exact time to buy and sell. Ask him.

##### that Dbag

[peenie 1,905]

3 hours ago, tubby_mcgee said:

Again.... I hope you make tons of cash...as well as Peenie and CDub.   

I've only invested what I won't miss. It's likely Bitcoin is modern day's Beanie Babies. However, if it goes back up, then I made a good decision. 

[Cdub100 3,842]

1 hour ago, peenie said:

I've only invested what I won't miss. It's likely Bitcoin is modern day's Beanie Babies. However, if it goes back up, then I made a good decision. 

When people make the beanie babies comparison it really shows their ignorance.

Tell me a time when major corporations invested billions of dollars in beanie babies. 

[Frozenbeernuts 2,115]

 

[Frozenbeernuts 2,115]

2 hours ago, peenie said:

I've only invested what I won't miss. It's likely Bitcoin is modern day's Beanie Babies. However, if it goes back up, then I made a good decision. 

Peenie, its very simple. Do some research. There is a lot of info on bitcoin. Look at the positive and negatives of it. You don't even need to get into the technical parts to understand the basic principles of bitcoin

[nobody 2,567]

5 hours ago, Frozenbeernuts said:

Here is a novel idea

Instead of wanting your money to become less valuable over time via inflation, what if your money became more valuable over time?

People are brainwashed into thinking we need a currency that debases. Let's change that. Go out an buy a small chunk of bitcoin this weekend while the price is suppressed.

Just make sure you sell your house first and you better be damn sure you don't have any credit card debt.

[Cdub100 3,842]

How many people got bailed out by the government when Bitcoin dropped 50%? Do that with the market and it would literally be the end.

[peenie 1,905]

I invested, why are you guys mad at me? I'm in it! The reason I'm skeptical is precisely because I researched it. 

Quote

• As I warned my readers in my previous article, Bitcoin has collapsed ~50% since its 65K peak during the last 3 weeks.
• My target price for Bitcoin is 15K-20K during the next few weeks. The party is clearly over, and investors should consider liquidating anything related to Bitcoin or short it.
• Recent collapse proves that Bitcoin isn't a safe haven, store of value, or a hedge against inflation/market correction, but a speculative token that can go down 50% in a week.
• Bitcoin has exhausted its exotic catalysts and is under coordinated regulatory attack by governments around the world. At this point, I don't think there is anything that can save it from collapsing more.
• Bitcoin has no intrinsic value, and therefore the traditional validation metrics (i.e., DCF, Comps) can't be used for valuation. As it is mostly driven by retail momentum and exotic catalysts, I believe investors could benchmark how market psychology played out during the previous stock market bubbles and use it as a guide to predict what Bitcoin may do in the future.
• Coinbase, NFT craze, and Musk's SNL appearance marked the top of the crypto bubble. These blow-up tops take place as the bubble runs out of exotic catalysts and fails to recruit more investors into the bubble narrative.
•  I think Bitcoin will rapidly go down the slope of hope, and it may be wise for investors to sell as soon as possible. A more aggressive strategy would be to short Bitcoin or Bitcoin-related stocks.

The reason I'm staying is because I, peenie, myself, find value in Bitcoin. I like the idea of me giving you money directly, without any outside interference or eyes on my movement, I find it very attractive. I think it's a great way to move money around, not just as an investment. 

[vuduchile 1,945]

1 hour ago, peenie said:

I invested, why are you guys mad at me? I'm in it! The reason I'm skeptical is precisely because I researched it. 

The reason I'm staying is because I, peenie, myself, find value in Bitcoin. I like the idea of me giving you money directly, without any outside interference or eyes on my movement, I find it very attractive. I think it's a great way to move money around, not just as an investment. 

Are we sure there are no eyes on the movement now?  I’m still not clear on that part of the crypto and the blockchain.  
 

Maybe I’m confusing the NFT selling points with cryptocurrencies? 
 

Im told every single minting, sale, purchase or transfer of an NFT is forever recorded on the blockchain.  Therefore, iron clad ownership can never be disputed.  
 

Is that not the case with cryptocurrencies that are moved via the blockchain?

 

Experts?  Anyone?  

[Frozenbeernuts 2,115]

2 hours ago, peenie said:

I invested, why are you guys mad at me? I'm in it! The reason I'm skeptical is precisely because I researched it. 

The reason I'm staying is because I, peenie, myself, find value in Bitcoin. I like the idea of me giving you money directly, without any outside interference or eyes on my movement, I find it very attractive. I think it's a great way to move money around, not just as an investment. 

Is this source cryptowhale on Twitter?

[Frozenbeernuts 2,115]

1 hour ago, vuduchile said:

Are we sure there are no eyes on the movement now?  I’m still not clear on that part of the crypto and the blockchain.  
 

Maybe I’m confusing the NFT selling points with cryptocurrencies? 
 

Im told every single minting, sale, purchase or transfer of an NFT is forever recorded on the blockchain.  Therefore, iron clad ownership can never be disputed.  
 

Is that not the case with cryptocurrencies that are moved via the blockchain?

 

Experts?  Anyone?  

As of now transactions recorded on the block chain are recorded and verified by the nodes. There is no concealment with a traditional bitcoin transaction. Its a way to verify that double spending isn't occurring

Proof of work uses hashes to verify the transactions. It also gives the same vote to every single node no matter how powerful they are.

 

Proof of stake gives more credence to people who have more ethereum staked. So if 6% of the ethereum owners have the majority of the staking power, then they can approve anything they like, even if the other 94% disagrees

[Cdub100 3,842]

1 hour ago, vuduchile said:

Are we sure there are no eyes on the movement now?  I’m still not clear on that part of the crypto and the blockchain.  
 

Maybe I’m confusing the NFT selling points with cryptocurrencies? 
 

Im told every single minting, sale, purchase or transfer of an NFT is forever recorded on the blockchain.  Therefore, iron clad ownership can never be disputed.  
 

Is that not the case with cryptocurrencies that are moved via the blockchain?

 

Experts?  Anyone?  

I'm not sure what you mean by your question. Can you elaborate? 

[peenie 1,905]

Currently, I thought that once you removed your money from the exchange platform you could anonymously transfer your money from wallet to wallet without your identity being known for sure. I assume with an investigation, yes, it can be discovered who is giving money to whom, but it is also easy to disguise or conceal your identity if you chose to do so.

If I went to the bank and tried to deposit $20,000,00 cash, the government would immediately be flagged. If I dropped 1 Bitcoin in someone’s wallet, the government wouldn’t be the wiser. I couldn’t easily give anyone 1 share of stock I owned. I like this swift and seemingly anonymous movement of currency. Yes, the blockchain is recording it and I know it is watched because I’ve seen it monitored on Twitter through Whale Alert. But ain’t nobody watching my minuscule to worthless coins.

Feel free to correct me, but the only thing I need to report is when I sell my coins for USD.  

I’m thinking of it like taking coins out of a public fountain. Everyone can see but no one is paying attention unless you take a lot out and no one really knows who you are without investigating.

Not that I’m doing this, but see mixing and tumbling.

[Cdub100 3,842]

2 hours ago, peenie said:

Currently, I thought that once you removed your money from the exchange platform you could anonymously transfer your money from wallet to wallet without your identity being known for sure. I assume with an investigation, yes, it can be discovered who is giving money to whom, but it is also easy to disguise or conceal your identity if you chose to do so.

If I went to the bank and tried to deposit $20,000,00 cash, the government would immediately be flagged. If I dropped 1 Bitcoin in someone’s wallet, the government wouldn’t be the wiser. I couldn’t easily give anyone 1 share of stock I owned. I like this swift and seemingly anonymous movement of currency. Yes, the blockchain is recording it and I know it is watched because I’ve seen it monitored on Twitter through Whale Alert. But ain’t nobody watching my minuscule to worthless coins.

Feel free to correct me, but the only thing I need to report is when I sell my coins for USD.  

I’m thinking of it like taking coins out of a public fountain. Everyone can see but no one is paying attention unless you take a lot out and no one really knows who you are without investigating.

Not that I’m doing this, but see mixing and tumbling.

For Bitcoin that is not the case. In order to move your BTC from one wallet to another you you have to update the blockchain.

If you buy BTC from an exchange that took your KYC the IRS knows how much crypto you have and what wallet you put it in. From there it's a simple query of where you moved it to.

Also no. The current question on the IRS form is "have you purchased and digital assets such as crypto currency. You also need to report interest payments

[peenie 1,905]

12 minutes ago, Cdub100 said:

If you buy BTC from an exchange that took your KYC the IRS knows how much crypto you have and what wallet you put it in. From there it's a simple query of where you moved it to.

Oh...thanks for setting me straight. 
I don’t have a KYC yet. Do you have 1 KYC or multiple?

[Cdub100 3,842]

7 minutes ago, peenie said:

Oh...thanks for setting me straight. 
I don’t have a KYC yet. Do you have 1 KYC or multiple?

Are you focking with me?

[vuduchile 1,945]

4 hours ago, Cdub100 said:

For Bitcoin that is not the case. In order to move your BTC from one wallet to another you you have to update the blockchain.

If you buy BTC from an exchange that took your KYC the IRS knows how much crypto you have and what wallet you put it in. From there it's a simple query of where you moved it to.

Also no. The current question on the IRS form is "have you purchased and digital assets such as crypto currency. You also need to report interest payments

You pretty much answered my question here.  Blockchain transactions are NOT some sort of secret transaction that can't be traced.  

[Cdub100 3,842]

2 hours ago, vuduchile said:

You pretty much answered my question here.  Blockchain transactions are NOT some sort of secret transaction that can't be traced.  

There are some privacy coins that are not a public ledger like monero. Those coins are not trackable for the most part.

Which is why when I ready stories about criminals getting paid in Bitcoin it makes me laugh. Good luck moving any of those coins and not getting caught.

[peenie 1,905]

8 hours ago, Cdub100 said:

Are you focking with me?

I told you that my sister’s husband purchased the coins for me so I don’t have a wallet or a Coinbase or anything. Geesh! I don’t know if you just have 1 of those things or multiple. Are they like email accounts where you can have multiples?

[Cdub100 3,842]

34 minutes ago, peenie said:

I told you that my sister’s husband purchased the coins for me so I don’t have a wallet or a Coinbase or anything. Geesh! I don’t know if you just have 1 of those things or multiple. Are they like email accounts where you can have multiples?

KYC is Know Your Customer. It's part of a US law imposed on banks to prevent money laundering. When you sign up for most reputable exchanges just like Banks they need your driver's license social security number to prove you are who you say you are and then they provide that information to the IRS if asked.

[nobody 2,567]

1 hour ago, peenie said:

I told you that my sister’s husband purchased the coins for me so I don’t have a wallet or a Coinbase or anything. Geesh! I don’t know if you just have 1 of those things or multiple. Are they like email accounts where you can have multiples?

How do you have any crypto without a wallet?  It sounds like your sister's husband has some crypto, and you think you own it.

[Alias Detective 1,389]

23 minutes ago, nobody said:

How do you have any crypto without a wallet?  It sounds like your sister's husband has some crypto, and you think you own it.

She’s swimming in the deep end.

[peenie 1,905]

28 minutes ago, nobody said:

How do you have any crypto without a wallet?  It sounds like your sister's husband has some crypto, and you think you own it.

I sent him the money to buy them. They put them in a wallet and gave me the codes. I just have to get my own wallet and they will transfer it to me or since I have the codes I can transfer it if I wish.   
 

[Frozenbeernuts 2,115]

40 minutes ago, peenie said:

I sent him the money to buy them. They put them in a wallet and gave me the codes. I just have to get my own wallet and they will transfer it to me or since I have the codes I can transfer it if I wish.   
 

This sounds like a recipe for losing access to your bitcoin forever

[vuduchile 1,945]

2 hours ago, peenie said:

I sent him the money to buy them. They put them in a wallet and gave me the codes. I just have to get my own wallet and they will transfer it to me or since I have the codes I can transfer it if I wish.   
 

Yeah.  You need to change this right away.  

[Frozenbeernuts 2,115]

The tulip mania of 1636 has been greatly exaggerated. Big surprise. Remind me again who thinks comparing a technological revolution in 2021 is directly relatable to a tulip in 1636.

https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/

[peenie 1,905]

10 hours ago, vuduchile said:

Yeah.  You need to change this right away.  

Really? Okay. I will get a wallet now.

[Big Guy 1,410]

On 5/30/2021 at 7:52 AM, Cdub100 said:

Are you focking with me?

this has cracked me up at least twice now 

[peenie 1,905]

9 hours ago, Big Guy said:

this has cracked me up at least twice now 

Ironically, I opened 2 wallets today and I didn’t have to provide any KYC. My question was legitimate. Perhaps answering my question with a question was simply a way to deflect that he didn’t know the answer. 

Which brings me back to my original point that you can anonymously transfer cryptocurrency.

[Cdub100 3,842]

9 minutes ago, peenie said:

Ironically, I opened 2 wallets today and I didn’t have to provide any KYC. My question was legitimate. Perhaps answering my question with a question was simply a way to deflect that he didn’t know the answer. 

Which brings me back to my original point that you can anonymously transfer cryptocurrency.

Don't ask me for any more help.

[nobody 2,567]

[Big Guy 1,410]

16 minutes ago, peenie said:

Ironically, I opened 2 wallets today and I didn’t have to provide any KYC. My question was legitimate. Perhaps answering my question with a question was simply a way to deflect that he didn’t know the answer. 

Which brings me back to my original point that you can anonymously transfer cryptocurrency.

I get it, you know more than I do......I was just cracking up at his response

[GutterBoy 2,898]

On 5/30/2021 at 9:49 PM, Frozenbeernuts said:

This sounds like a recipe for losing access to your bitcoin forever

Or the BIL stealing her money.

[GutterBoy 2,898]

11 hours ago, Cdub100 said:

Don't ask me for any more help.

This is a big reason why this whole thing is a joke.  Most people have no focking clue what they are doing.  It's FOMO.  They are just throwing money at this "crypto hole" having no clue what they are doing.

At least you sort of know what you're doing.

[Alias Detective 1,389]

17 hours ago, Cdub100 said:

Don't ask me for any more help.

And just like that another bridge burnt.  Some people just never learn.

[peenie 1,905]

You guys are mean to me all the time!!!!

The minute a respond in kind, I’m the bad guy. I’m just supposed to take your insults over and over. 
 

[Utilit99 4,099]

3 minutes ago, peenie said:

You guys are mean to me all the time!!!!

The minute a respond in kind, I’m the bad guy. I’m just supposed to take your insults over and over. 
 

It's because you are black. 

[peenie 1,905]

20 hours ago, Cdub100 said:

Don't ask me for any more help.

You’ve been extremely helpful and informative. I understand being irritated because I’ve asked a billionty questions and you’ve been kind enough to answer them all. Try to be as patient with me as you are with the other guys here who have said far worse.

[peenie 1,905]

2 minutes ago, Utilit99 said:

It's because you are black. 

....and a woman.

[Utilit99 4,099]

Just now, peenie said:

....and a woman.

That too. Two strikes you're out.