Cryptocurrency

[Hardcore troubadour 14,935]

24 minutes ago, Cdub100 said:

You could just ignore him...

You do so at your own peril. He’s the smartest guy in the geek club. 

[iam90sbaby 2,489]

 

[KSB2424 3,148]

4 minutes ago, iam90sbaby said:

 

I gotta be honest, this meme is not helping the ponzi scheme theme.......

[GutterBoy 2,898]

On 6/9/2021 at 11:29 AM, Frozenbeernuts said:

A country recognizing Bitcoin as legal tender is one of the biggest pieces of news we have ever seen. This is just the first domino to fall. Most of South America is working on adopting the same measure. Anyone who acts like this is no big deal really has no clue about how the world works.

How do we have 19 year olds that understand the magnitude of this legislation while we have 40+ year olds who are completely oblivious?

There are going to also be opportunities to buy corporate bonds that yield over 6% interest as the corporation uses that money to buy Bitcoin. Some people in this thread should look to capitalize on those relatively safe investments.

 

Well it's been a year and I think we can all agree it's been a failure.  Hate to say I told.you so...

https://slate.com/technology/2022/05/bitcoin-el-salvador-nayib-bukele.html

[GutterBoy 2,898]

5 hours ago, KSB2424 said:

I gotta be honest, this meme is not helping the ponzi scheme theme.......

Yeah they got what they wanted, duped a whole bunch of people to pour new money in and now more than half btc holders are at a loss.

[Alias Detective 1,389]

It’s amazing to think computer code created umpteenbillion in market cap which millennials think is their replacement to social security.  

[Cdub100 3,838]

DCA into Solana yesterday. They are really struggling, but I think they will turn it around. 

[Alias Detective 1,389]

3 hours ago, Alias Detective said:

It’s amazing to think computer code created umpteenbillion in market cap which millennials think is their replacement to social security.  

10. Dogecoin (DOGE)

• Market cap: $11 billion

Dogecoin was famously started as a joke in 2013, but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.

Dogecoin’s price in 2017 was $0.0002. By June 1, 2022, its price was at $0.08, up almost 40,000%.

*Market caps and pricing sourced from coinmarketcap.com, current as of June 1, 2022.

[Cdub100 3,838]

3 hours ago, Alias Detective said:

10. Dogecoin (DOGE)

• Market cap: $11 billion

Dogecoin was famously started as a joke in 2013, but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.

Dogecoin’s price in 2017 was $0.0002. By June 1, 2022, its price was at $0.08, up almost 40,000%.

*Market caps and pricing sourced from coinmarketcap.com, current as of June 1, 2022.

I look at Doge the same way I look at art or collectibles. The only Doge I own is whatever Binance gave to me through rewards. I actively try and talk people out of buying it.

[GutterBoy 2,898]

3 minutes ago, Cdub100 said:

I look at Doge the same way I look at art or collectibles. The only Doge I own is whatever Binance gave to me through rewards. I actively try and talk people out of buying it.

At least Art is nice to look at.

[Cdub100 3,838]

I have $14k worth of .jpgs and .gifs

[GutterBoy 2,898]

11 minutes ago, Cdub100 said:

I have $14k worth of .jpgs and .gifs

No, you paid $14K for a bunch of jpegs and gifs

[Cdub100 3,838]

22 minutes ago, GutterBoy said:

No, you paid $14K for a bunch of jpegs and gifs

No I didn't pay that much

 

[GutterBoy 2,898]

41 minutes ago, Cdub100 said:

No I didn't pay that much

 

Did you sell any?

[Cdub100 3,838]

12 minutes ago, GutterBoy said:

Did you sell any?

I've sold some. I once owned half the supply of an NFT. The creator did a air drop that required the person to hold a few of his NFT. One of which being the NFT I had half of. I sold those for $40-$77 I bought for under $10.

[Cdub100 3,838]

My best NFT I bought for $200 at mint currently sells for $1500

[Alias Detective 1,389]

1 hour ago, Cdub100 said:

I have $14k worth of .jpgs and .gifs

I screwed around with NBA TopShot and lucked into a rare moment of Kevin Durant.  The price has steadily dropped and I’m listing mine now.  my asking price is $535.00. I could sell it in 1 second below $500 today but am asking more just in case.

[Hardcore troubadour 14,935]

9 minutes ago, Cdub100 said:

My best NFT I bought for $200 at mint currently sells for $1500

Nice 

[nobody 2,564]

Question:  I assume DeFi supports short term loans.  In fact, I'd bet that's the most prevalent, but what are the typical interest rates on a short term lend?

The reason I ask is to unseat credit cards, the block chain solution would have to replace that with some defi like structure that has competitive interest rates, and I'm curious what they are now.

 

[nobody 2,564]

I also assume bitcoin is inappropriate for defi, no?  I'm assuming the interest would go up based on scarcity of funds available for lending.  That would cause two things. 

1. Sky high interest rates as debt grows (and people love debt)
2. A ridiculous amount of inflation in bitcoin value as debt mounts which actually becomes a deflationary cycle

That probably sounds awesome as a bitcoin truther, but it will lead to a broken and eventually frozen credit market. Example:

1. Bank of Bitcoin lends 1 bitcoin valued at 1 million US dollars at 15%.
2. As people incur more and more debt, more and more bitcoin is tied up in lending
3. Interest rates rise
4. More and more people want to lend.  To do that they buy bitcoin
5. Price of one bitcoin is now 2 million US dollars
6. Guy who borrowed 1 bitcoin says, "Fock this.  I'm not paying that back."
7. People stop lending
8. Bank of Bitcoin goes out of business.
9. Housing market crashes because credit is too hard to get
10. Recession ensues
11. Recession becomes depression because you can't print bitcoin and give it away to counteract the deflation

[Alias Detective 1,389]

On sale

[GutterBoy 2,898]

On 6/2/2022 at 8:39 AM, Cdub100 said:

DCA into Solana yesterday. They are really struggling, but I think they will turn it around. 

Good move

[Alias Detective 1,389]

On 8/7/2021 at 6:56 AM, Frozenbeernuts said:

43k and rising. Just imagine if you would have listened and bought in the 20s.

The legislation being proposed in the infrastructure bill is aiming to affect crypto, which would stifle its evolution. This could drive crypto out of the US and stop our country from reaping a lot of the benefits. Fortunately there are enough politicians with vested interest in crypto that are able to stop the really crazy additions from going through. Atm the bill would actually favor proof of work and bitcoin but penalize proof of stake and ethereum.

Even though I dont trust proof of stake or ethereum, I dont want them to pass anything that negatively affects crypto in general. Let the market decide which validation it wants in crypto.

If you missed out on this opportunity it is here again!

[Cdub100 3,838]

32 minutes ago, GutterBoy said:

Good move

Thanks I'll continue to DCA into SOL

[GutterBoy 2,898]

1 hour ago, Cdub100 said:

Thanks I'll continue to DCA into SOL

If you love DCA at $40, you'll really love DCA at $26 2 weeks later.  Wait until July when you can DCA at $10.  That's gonna be awesome!

[Cdub100 3,838]

5 minutes ago, GutterBoy said:

If you love DCA at $40, you'll really love DCA at $26 2 weeks later.  Wait until July when you can DCA at $10.  That's gonna be awesome!

That's not DCAing. That's trying to time the market. I can't do that. Maybe you can with your minor in finance, but I'm not as smart as you. 

[GutterBoy 2,898]

Just now, Cdub100 said:

That's not DCAing. That's trying to time the market. I can't do that. Maybe you can with your minor in finance, but I'm not as smart as you. 

I am assuming you are using the acronym "DCA" as Dollar Cost Averaging, which is where you buy in at a lower price to reduce your average cost, which is what I described, but maybe DCA means something different to crypto bros.

[Cdub100 3,838]

Just now, GutterBoy said:

I am assuming you are using the acronym "DCA" as Dollar Cost Averaging, which is where you buy in at a lower price to reduce your average cost, which is what I described, but maybe DCA means something different to crypto bros.

Buying at a lower cost to reduce average cost is not dollar-cost-averaging. Dollar-cost-averaging is buying on a schedule no matter price (up or down). What you described is called averaging down. You are also timing the market since you said buy in July for $26. Which can be part of a DCA strategy but not DCAing.

You may be right about the price. But I don't care about that. I'm long-term on the technology. If you said nobody was using the chain then you would have my interest. 

[Hardcore troubadour 14,935]

13 minutes ago, Cdub100 said:

That's not DCAing. That's trying to time the market. I can't do that. Maybe you can with your minor in finance, but I'm not as smart as you. 

No one here is. 

[Baker Boy 1,688]

June 12, 2022 Crypto lending company Celsius has stopped all withdrawals, swaps and transfers between accounts, citing market conditions as well as the need for "stablizing liquidity." "Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts.

Celsius stops all withdrawals and transfers

 

www.protocol.com/bulletins/crypto-firm-celsius-stops-withdrawals

[GutterBoy 2,898]

15 minutes ago, Baker Boy said:

June 12, 2022 Crypto lending company Celsius has stopped all withdrawals, swaps and transfers between accounts, citing market conditions as well as the need for "stablizing liquidity." "Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts.

Celsius stops all withdrawals and transfers

 

www.protocol.com/bulletins/crypto-firm-celsius-stops-withdrawals

Celsius tanks 70%

Binance stopped withdrawals too.

sh!t is crazy.

Great buying opportunities.

[Hardcore troubadour 14,935]

Meanwhile on Wall Street……

[edjr 6,578]

BUY BUY BUY!!!!!!   

[Cdub100 3,838]

47 minutes ago, Baker Boy said:

June 12, 2022 Crypto lending company Celsius has stopped all withdrawals, swaps and transfers between accounts, citing market conditions as well as the need for "stablizing liquidity." "Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts.

Celsius stops all withdrawals and transfers

 

www.protocol.com/bulletins/crypto-firm-celsius-stops-withdrawals

I got that email last night. I have most of my crypto in Celsius. I'm hoping they aren't liquid enough and not that they are insolvent.

I'm moving everything to cold storage. And will pull out of Celsius as soon as I can.

[Baker Boy 1,688]

I Bonds are Set to Pay 9.6% In Annual Interest Through October
 

https://www.fool.com/investing/2022/05/02/i-bonds-are-set-to-pay-96-in-annual-interest-throu/

 

[Cdub100 3,838]

5 minutes ago, Baker Boy said:

I Bonds are Set to Pay 9.6% In Annual Interest Through October
 

https://www.fool.com/investing/2022/05/02/i-bonds-are-set-to-pay-96-in-annual-interest-throu/

 

With inflation, it's 0% which I guess is the best anyone can hope for.

[Cdub100 3,838]

 

[iam90sbaby 2,489]

1 hour ago, Cdub100 said:

I got that email last night. I have most of my crypto in Celsius. I'm hoping they aren't liquid enough and not that they are insolvent.

I'm moving everything to cold storage. And will pull out of Celsius as soon as I can.

 

[nobody 2,564]

40 minutes ago, Cdub100 said:

 

I like his bottles of champagne he strategically placed in the shot.

[WhiteWonder 2,675]

4 hours ago, Cdub100 said:

Buying at a lower cost to reduce average cost is not dollar-cost-averaging. Dollar-cost-averaging is buying on a schedule no matter price (up or down). What you described is called averaging down. You are also timing the market since you said buy in July for $26. Which can be part of a DCA strategy but not DCAing.

You may be right about the price. But I don't care about that. I'm long-term on the technology. If you said nobody was using the chain then you would have my interest. 

Yeah but you conveniently left out that part where DCA generally results in your average purchase price going down