Cryptocurrency

[Alias Detective 1,394]

On 2/12/2024 at 9:55 AM, Cdub100 said:

Yes it's relatively new and came from the Bernie Madoff scandle.

IRS Form 4684:https://www.irs.gov/pub/irs-pdf/f4684.pdf

Theft Loss Deduction for Ponzi-Type Investment Scheme Using the Procedures in Revenue
Procedure 2009-20 (Complete this section in lieu of Appendix A in Revenue Procedure 2009-20. See instructions.)

 

5 minutes ago, Alias Detective said:

Huh?

 

3 minutes ago, Cdub100 said:

Huh?

Seems like an odd leg to stand on when trying to convince the public crypto is on the up and up.

 

That's all.

[Cdub100 3,892]

17 minutes ago, Alias Detective said:

 

 

Seems like an odd leg to stand on when trying to convince the public crypto is on the up and up.

 

That's all.

Oh you think I'm talking about crypto. I'm not talking about crypto. I'm talking about Alex Mashinsky and Celsius Network and the scam they were running. 

[Alias Detective 1,394]

17 minutes ago, Cdub100 said:

Oh you think I'm talking about crypto. I'm not talking about crypto. I'm talking about Alex Mashinsky and Celsius Network and the scam they were running. 

Thanks for the clarification.

[Cdub100 3,892]

4 minutes ago, Alias Detective said:

Thanks for the clarification.

You're welcome.

[Frozenbeernuts 2,237]

Who would have guess we hit 51 at 4 am? Let's see if 52 is in the cards for today.

[Frozenbeernuts 2,237]

+12k+ net inflow of bitcoin into etfs yesterday. That was on a down day. I'm not sure who is selling right now or why. It looks like the market is making up for that today so far.

[lod001 1,344]

Lets go!!! 

[Frozenbeernuts 2,237]

55 minutes ago, lod001 said:

Lets go!!! 

That's the spirit!

Lol idk why more people don't just buy a little. Like $100. Just so they don't feel completely left out of the party. Get to celebrate the up days and make a little scratch.

[lod001 1,344]

3 hours ago, Frozenbeernuts said:

That's the spirit!

Lol idk why more people don't just buy a little. Like $100. Just so they don't feel completely left out of the party. Get to celebrate the up days and make a little scratch.

I own zero bitcoin but now up to 15% of my trading accounts are the miners, COIN & a bitcoin ETF.

[Frozenbeernuts 2,237]

25 minutes ago, lod001 said:

I own zero bitcoin but now up to 15% of my trading accounts are the miners, COIN & a bitcoin ETF.

You at least have exposure. That's better than 0.

[Frozenbeernuts 2,237]

BlackRock etf, IBIT, hits $5 billion in less than 5 weeks. I wonder why bitcoin ets are doing historic things. Anyone have a guess as to why?  

[Frozenbeernuts 2,237]

Does it ever amuse you that there are people out there mad when the price of bitcoin goes up? Or that there are people literally praying for the price to stop going up? I'm not talking about traders who short bitcoin either.

[iam90sbaby 2,589]

4 minutes ago, Frozenbeernuts said:

Does it ever amuse you that there are people out there mad when the price of bitcoin goes up? Or that there are people literally praying for the price to stop going up? I'm not talking about traders who short bitcoin either.

Jealousy

[Frozenbeernuts 2,237]

Treasury admits that the WSJ (Woke street journal) accusation that terrorist groups are getting major sources of funding from digital assets is wrong. What a surprise.

 

 

[Frozenbeernuts 2,237]

Gold etfs hemorrhaging AUM. I wonder where that money is going. Any guesses?  

 

https://twitter.com/bitcoinmunger/status/1757814414525231449?t=vKToUqXpkfjTcjTLAaNDDQ&s=19

[Frozenbeernuts 2,237]

Here's the embedded link

[Frozenbeernuts 2,237]

Another day, another 12k+ net inflows into bitcoin etfs. Probably nothing. I wouldn't worry that the insiders are scooping up as much bitcoin as they possibly can on a daily basis without starting a panic and pushing the price higher than they need to. You have plenty of time to buy some before it hits $100k... probably.

[lod001 1,344]

4 hours ago, Frozenbeernuts said:

You at least have exposure. That's better than 0.

Dumping COIN tomorrow before close cause I don't trust the earnings. 

[Frozenbeernuts 2,237]

 

[Cdub100 3,892]

6 hours ago, lod001 said:

I own zero bitcoin but now up to 15% of my trading accounts are the miners, COIN & a bitcoin ETF.

Cleanspark is my #1 miner. 

And be sure to invest in my mining company IONIC Digital when it starts trading later this year.

[Frozenbeernuts 2,237]

12 hours ago, Frozenbeernuts said:

Another day, another 12k+ net inflows into bitcoin etfs. Probably nothing. I wouldn't worry that the insiders are scooping up as much bitcoin as they possibly can on a daily basis without starting a panic and pushing the price higher than they need to. You have plenty of time to buy some before it hits $100k... probably.

It looks like the inflows were 6k+, not 12

[Frozenbeernuts 2,237]

Jeff Bezos has dumped about $4 billion worth of Amazon stock this year. I wonder what he is buying.  

[Frozenbeernuts 2,237]

I wonder why a country would invest so much money mining bitcoin when there is already a lot of competition in the space. Any guesses?  

[Frozenbeernuts 2,237]

 

US banks want crypto rules changed so that they can be involved in bitcoin ETFs. I wonder why they would be so anti crypto, but then try to isolate bitcoin from the general crypto ecosystem. Any guesses as to why banks want this changed now?  

 

[Cdub100 3,892]

30 minutes ago, Frozenbeernuts said:

I wonder why a country would invest so much money mining bitcoin when there is already a lot of competition in the space. Any guesses?  

China is stripping Africa of all its resources. They are doing what the blacks couldn't do.

[nobody 2,653]

1 hour ago, Frozenbeernuts said:

I wonder why a country would invest so much money mining bitcoin when there is already a lot of competition in the space. Any guesses?  

Interesting that you think this is good news for bitcoin.

Imagine wanting to tie your assets to China and third world countries.

[Frozenbeernuts 2,237]

9 minutes ago, nobody said:

Interesting that you think this is good news for bitcoin.

Imagine wanting to tie your assets to China and third world countries.

Any decentralization of mining is a good thing. As long as mining is reasonably decentralized, I'm cool with it.

The reason I'm pointing it out is because mining already has extremely slim margins. Which means that spending a bunch of money on mining must come with some big expectations of a good return on bitcoin. With the block subsidy halving in April, one would assume they expect the price of bitcoin to more than make up for the smaller block reward.

You're welcome for spelling this out for you.

[nobody 2,653]

1 hour ago, Frozenbeernuts said:

Any decentralization of mining is a good thing. As long as mining is reasonably decentralized, I'm cool with it.

The reason I'm pointing it out is because mining already has extremely slim margins. Which means that spending a bunch of money on mining must come with some big expectations of a good return on bitcoin. With the block subsidy halving in April, one would assume they expect the price of bitcoin to more than make up for the smaller block reward.

You're welcome for spelling this out for you.

One may be wrong to assume. 

Do you think China is partnering with Ethiopia for mining because they want Ethiopia to prosper?

Or do you think they want to take advantage of Ethiopia's cheap hydroelectric power to help with margins?  Or do they have to divest into these areas with cheap power because of the halving?  

You're asking why Ethiopia would get into mining.  But a more relevant question is why is China getting Ethiopia into mining?  

And speaking of decentralization, all we're doing here is transferring power from banks to mining consortiums.  The mining pools are going to be the new banks.

Thanks for spelling it out for me!

[Frozenbeernuts 2,237]

11 minutes ago, nobody said:

One may be wrong to assume. 

Do you think China is partnering with Ethiopia for mining because they want Ethiopia to prosper?

Or do you think they want to take advantage of Ethiopia's cheap hydroelectric power to help with margins?  Or do they have to divest into these areas with cheap power because of the halving?  

You're asking why Ethiopia would get into mining.  But a more relevant question is why is China getting Ethiopia into mining?  

And speaking of decentralization, all we're doing here is transferring power from banks to mining consortiums.  The mining pools are going to be the new banks.

Thanks for spelling it out for me!

No, they won't. It will remain decentralized enough.

Regardless of who is behind the decision, someone is spending 250 million to get into mining because they think the price will support the investment.

You are missing the forest for the trees. This isn't the first time

[Cdub100 3,892]

40 minutes ago, nobody said:

One may be wrong to assume. 

Do you think China is partnering with Ethiopia for mining because they want Ethiopia to prosper?

Or do you think they want to take advantage of Ethiopia's cheap hydroelectric power to help with margins?  Or do they have to divest into these areas with cheap power because of the halving?  

You're asking why Ethiopia would get into mining.  But a more relevant question is why is China getting Ethiopia into mining?  

And speaking of decentralization, all we're doing here is transferring power from banks to mining consortiums.  The mining pools are going to be the new banks.

Thanks for spelling it out for me!

They've banned mining in China a couple of times. I believe it is still banned which would explain why a Chinese company is setting up Bitcoin mining in Ethiopia. And as you said the cheap hydro power is a driving factor.

[nobody 2,653]

37 minutes ago, Frozenbeernuts said:

No, they won't. It will remain decentralized enough.

Regardless of who is behind the decision, someone is spending 250 million to get into mining because they think the price will support the investment.

You are missing the forest for the trees. This isn't the first time

Is the lightning network still the reason Bitcoin will replace fiat?

[Frozenbeernuts 2,237]

22 minutes ago, nobody said:

Is the lightning network still the reason Bitcoin will replace fiat?

Probably not. The high fee environment hit lightning harder than anticipated. There is still work going into lightning. There are also other l2 solutions being built. Fedimint is an option, but idk if that can handle the ecash role. I'm confident it will get figured out, but I'm not technical enough to know how close we really are.

If bitcoin can't handle the ecash role, then it will just be a large settlement layer. Good for large transactions, especially across borders.

[nobody 2,653]

Hit it higher than anticipated by you.  

[Frozenbeernuts 2,237]

Bitcoin distribution

[Frozenbeernuts 2,237]

A little math on what's coming into bitcoin. I wonder if what he says is accurate.  

I know that just to be safe, I would have some bitcoin. Trust me when I say that if bitcoin allocation continues along this trend, you will be very grateful that you bought some. If you don't have any, well I guess it's like missing any investment. To me though, the signs are so obvious that it's probably going to sting more than missing out on your average investment.

[Frozenbeernuts 2,237]

Bitcoin etfs had their heaviest day of trading yet. 53k was rejected once, but bitcoin rallied nicely.

[Frozenbeernuts 2,237]

 

[Frozenbeernuts 2,237]

 

[Frozenbeernuts 2,237]

Satoshi Nakamoto now 26th richest person in the world. It's probably nothing guys. It's just a bubble.

[nobody 2,653]

You mean the made up name that no one knows?  Yeah him getting rich definitely makes this not a bubble.

Surprised he's only the 26th richest person.