Cryptocurrency

[Cdub100 3,381]

8 minutes ago, TimHauck said:

Didn’t SBF buy a stake in Robinhood?

Yes

[WhiteWonder 2,172]

7 minutes ago, TimHauck said:

Didn’t SBF buy a stake in Robinhood?

I only use Robinhood to buy “shares” of different crypto. I don’t use them for any other trading. 

[nobody 2,042]

I just saw an article saying a single mining pool has 27% of all the bitcoin computing power.  I suppose we can scratch decentralized off the list of blockchain advantages.

• A chart from BTC.com shows the mining pool Foundry USA run by a subsidiary of venture capital company Digital Currency Group, currently provides more than 27% of the computing power for the entire Bitcoin network. About twelve months ago, Foundry USA accounted for about 11.5% of the network, ranked fifth among all the mining pools.

[nobody 2,042]

Why have JPMorgan and the Federal Reserve set economic policy when you can have Digital Currency Group do it instead?  

[nobody 2,042]

Another observation.  I don't know sh¡t about Foundry USA, but anyone that calls themselves Foundry USA, I would bet $1000 isn't in the USA.

[nobody 2,042]

I obviously like to rail on these miners coagulating at least once every few years.  Fatal flaw of the current iteration of Bitcoin if you ask me.

On 12/16/2017 at 11:32 AM, nobody said:

People are starting to catch on. A decentralized network requires incentives for people to participate in the network. The crypto with the most clever incentive system combined with the most efficiency will be the one to rule them all.

The incentive issue is a weak point of every crytpo out there right now.

My fear is that when i really go down the rabbit hole, i come to the same conclusion he did, and that's that eventually end up with wharehouses full of miners which is kind of antithetical to the whole decentralized theme.

On 5/24/2021 at 8:53 PM, nobody said:

My point was more that Bitcoin is supposed to be decentralized for security and independence.  If a few power players control 50% of the mining, that isn't decentralized.  Now let's say Bitcoin does become a world currency.  If you control 50.1% of the miners, you can control what gets put on the blockchain.  With the world's economy hypothetically being run through these miners, you would need the miners tightly regulated which defeats the whole purpose of decentralization.

One barrier to entry in becoming a government sanctioned digital currency is that anybody should be able to mine with something as small as their phone.  It can't be these onerous machines because then these mining towns will spring up around cheap energy.  In other words, not decentralized.

On 5/24/2021 at 2:32 PM, nobody said:

https://www.cnbc.com/2021/05/24/bitcoin-price-soars-after-elon-musk-tweet-on-sustainability-efforts.html

So Musk can just reach out to miners.  Isn't Bitcoin supposed to be decentralized?  Oh wait, no, mining conglomerates control it all.  

On 5/24/2021 at 8:56 PM, nobody said:

When mining consortiums control the flow of currency, you're just replacing banks with mining consortiums.  I'm sure when Musk realizes that and throws out a tweet we'll see another leg down.

 

[Alias Detective 1,179]

1 hour ago, Hardcore troubadour said:

Question for all of you finance wizkids. FTX was a publicly traded company, right? 

The set up

 

1 hour ago, Cdub100 said:

No

The punchline rooned.

[nobody 2,042]

2 minutes ago, Alias Detective said:

The set up

 

The punchline rooned.

Yeah, I think he was going down a corrupt SEC road perhaps.

[Hardcore troubadour 12,650]

9 minutes ago, nobody said:

Yeah, I think he was going down a corrupt SEC road perhaps.

Yup. 

[Gepetto 987]

I don't know if this was already posted or not. 

 

- Top corporate donors for the 2022 midterm elections

https://www.opensecrets.org/elections-overview/top-organizations

1. Soros Fund Management

3. FTX.US

 

- Top individual donors for the 2022 midterm elections

https://www.washingtonpost.com/politics/interactive/2022/top-election-donors-2022/

1. Soros

5. Sam Bankman-Fried

[TimHauck 1,800]

11 minutes ago, Gepetto said:

I don't know if this was already posted or not. 

 

- Top corporate donors for the 2022 midterm elections

https://www.opensecrets.org/elections-overview/top-organizations

1. Soros Fund Management

3. FTX.US

 

- Top individual donors for the 2022 midterm elections

https://www.washingtonpost.com/politics/interactive/2022/top-election-donors-2022/

1. Soros

5. Sam Bankman-Fried

Nope, hasn’t been discussed at all in any threads

[Hardcore troubadour 12,650]

I was told Soros is a boogey man. 

[easilyscan 559]

I only have a very basic understanding of how cryptocurrency works, and more importantly, how it would be advantageous to society ? When it comes to investing in crypto, I know even less.   I'd appreciate it if someone here could answer the following questions.

1: If I decided I wanted to invest, would MicroStrategy (MSTR) be a good way to do so ?

2: How would cryptocurrency be beneficial to me ?

Like most people, when it comes to finances, I like to keep things as simple as possible. For 20+ years, I've been paying my 5 monthly 'utility bills'  automatically via my checking account. That account has no fees, and the automatic monthly payments are free.  Last time I figured it up, that has saved me around to $1000 in checks & stamps, + eliminated the possibility that a check would arrive late, get lost in the mail, etc. $1000 isn't a lot of money, but how many times do you have something you don't enjoy doing, done automatically & actually save money in the process ?  Surprisingly, a substantial number of friends & family still insist on writing out checks every month ?

I currently have 4 credit cards & use them for all my daily transactions. AMEX for groceries 3%, Mastercard for fuel 3%, & a visa for everything else 2%. I also use the visa to pay my homeowners insurance, auto insurance, umbrella insurance, and my monthly healthcare bill. Between those 3, I save around $600 per year. 

The 4th card is a chase freedom unlimited. Signed up for this late last fall. Spend $600 in the first 3 months, and get a $300 credit. This is called credit card churning. I started doing this about 7 years ago, & in spite of me paying my cards in full and on time every month, & terminating the card after 12 months, they keep sending me new offers. I've made $3000 doing this over the past 7 years. The best part is that it's tax free.

With that in mind, tell me how I'd be better off with crypto.

 

 

 

 

 

[Shooter McGavin 589]

3 hours ago, Hardcore troubadour said:

Question for all of you finance wizkids. FTX was a publicly traded company, right? 

Focking retard

[nobody 2,042]

2 hours ago, easilyscan said:

I only have a very basic understanding of how cryptocurrency works, and more importantly, how it would be advantageous to society ? When it comes to investing in crypto, I know even less.   I'd appreciate it if someone here could answer the following questions.

1: If I decided I wanted to invest, would MicroStrategy (MSTR) be a good way to do so ?

2: How would cryptocurrency be beneficial to me ?

 

In regards to question 1, MSTR is run by Michael Saylor who worships at the altar of bitcoin.  He invested company money in bitcoin - enough that essentially the company stock trades as a Bitcoin price proxy.  He got in pretty early, but one thing to be aware of is that my understanding is like most companies that are playing in the crypto pool, they have some leverage.  Now it does appear they did enter in their leverage positions more responsibly than most, but the last I saw, at Bitcoin = $13k, MSTR would face a margin call against their bitcoin holdings.  This would force them to buy more Bitcoin as collateral (which they've likely been doing anyway) or liquidate their holdings.

All that is to say a couple of things:

1. MSTR is probably a decent proxy for the price of bitcoin.  I.e., it should correlate such that MSTR goes up when bitcoin goes up and down when bitcoin goes down. 
   1. But be aware that there could theoretically be larger downside risk by using it as a proxy for Bitcoin.  The reason is that if bitcoin drops below MSTR's margin call price, MSTR will have an outsized obligation to cover their margin call, so as it gets closer to that price, the swings in the stock price should get larger relative to the swings in Bitcoin price.
   2. There is another side of their business that could work to either help or hurt the stock price independent of bitcoin price.  You'd have to read their 10k filings to understand how much of their fate is tied to bitcoin and how much is tied to their underlying business.
2. To my knowledge, you'd only have exposure to bitcoin.  So if you were interested in other coins (ETH, ADA, XRP, etc), you won't have that flexibility if that's something you desire.

As for the second question.  The answer to that will vary wildly depending on who you ask.  One answer is that cryptocurrency has pretty wild volatility, so there is a potential for large gains.  So essentially it's value to you is that someone else might buy it for more money than you paid.  However, it is important to understand this area is essentially the wild west right now.  There isn't much regulation or oversight, and that's why you see these funds and exchanges going bankrupt.  On one side of the spectrum, skeptics will tell you it will do nothing for you and it's worthless.  On the other side, hardcore truthers swear it will be the world currency.   One thing is clear that major investors view this as a highly speculative tech play and not a currency play or a hedge against inflation as some people fancy it. 

[easilyscan 559]

3 minutes ago, nobody said:

In regards to question 1, MSTR is run by Michael Saylor who worships at the altar of bitcoin.  He invested company money in bitcoin - enough that essentially the company stock trades as a Bitcoin price proxy.  He got in pretty early, but one thing to be aware of is that my understanding is like most companies that are playing in the crypto pool, they have some leverage.  Now it does appear they did enter in their leverage positions more responsibly than most, but the last I saw, at Bitcoin = $13k, MSTR would face a margin call against their bitcoin holdings.  This would force them to buy more Bitcoin as collateral (which they've likely been doing anyway) or liquidate their holdings.

All that is to say a couple of things:

1. MSTR is probably a decent proxy for the price of bitcoin.  I.e., it should correlate such that MSTR goes up when bitcoin goes up and down when bitcoin goes down. 
   1. But be aware that there could theoretically be larger downside risk by using it as a proxy for Bitcoin.  The reason is that if bitcoin drops below MSTR's margin call price, MSTR will have an outsized obligation to cover their margin call, so as it gets closer to that price, the swings in the stock price should get larger relative to the swings in Bitcoin price.
   2. There is another side of their business that could work to either help or hurt the stock price independent of bitcoin price.  You'd have to read their 10k filings to understand how much of their fate is tied to bitcoin and how much is tied to their underlying business.
2. To my knowledge, you'd only have exposure to bitcoin.  So if you were interested in other coins (ETH, ADA, XRP, etc), you won't have that flexibility if that's something you desire.

As for the second question.  The answer to that will vary wildly depending on who you ask.  One answer is that cryptocurrency has pretty wild volatility, so there is a potential for large gains.  So essentially it's value to you is that someone else might buy it for more money than you paid.  However, it is important to understand this area is essentially the wild west right now.  There isn't much regulation or oversight, and that's why you see these funds and exchanges going bankrupt.  On one side of the spectrum, skeptics will tell you it will do nothing for you and it's worthless.  On the other side, hardcore truthers swear it will be the world currency.   One thing is clear that major investors view this as a highly speculative tech play and not a currency play or a hedge against inflation as some people fancy it. 

Thanks for the reply. 

[edjr 5,566]

 

The least surprising thing to come out of this whole fiasco is this fockboys voice. Holy sh1t

They are going to love him in prison. 

[iam90sbaby 2,125]

1 minute ago, edjr said:

 

The least surprising thing to come out of this whole fiasco is this fockboys voice. Holy sh1t

They are going to love him in prison. 

He's every characteristic of soyboy b!tch in one person. Definitely a vegetarian.

 

 

[edjr 5,566]

1 minute ago, iam90sbaby said:

He's every characteristic of soyboy b!tch in one person. Definitely a vegetarian.

 

 

He gets plenty of man meat. 

[Alias Detective 1,179]

12 minutes ago, iam90sbaby said:

He's every characteristic of soyboy b!tch in one person. Definitely a vegetarian.

 

 

Your idol.

[iam90sbaby 2,125]

24 minutes ago, Alias Detective said:

Your idol.

Good one 

[Cdub100 3,381]

2 hours ago, edjr said:

 

The least surprising thing to come out of this whole fiasco is this fockboys voice. Holy sh1t

They are going to love him in prison. 

He's the Democrats second biggest doner. He ain't going anywhere.

[Cdub100 3,381]

2 hours ago, iam90sbaby said:

He's every characteristic of soyboy b!tch in one person. Definitely a vegetarian.

 

 

He is a vegetarian. Not sure if it's by choice or because the medicine he takes that makes him sick if he eats meat.

[Alias Detective 1,179]

24 minutes ago, Cdub100 said:

He is a vegetarian. Not sure if it's by choice or because the medicine he takes that makes him sick if he eats meat.

Adderall makes you sick when you eat meat?

[edjr 5,566]

3 minutes ago, Alias Detective said:

Adderall makes you sick when you eat meat?

Adderall makes you not hungry.  He only ate sausage

[Cdub100 3,381]

11 minutes ago, edjr said:

Adderall makes you not hungry.  He only ate sausage

He's on Emsam

https://www.rxlist.com/emsam-drug.htm

[edjr 5,566]

8 minutes ago, Cdub100 said:

He's on Emsam

https://www.rxlist.com/emsam-drug.htm

I heard speed makes one more gay. 

[Cdub100 3,381]

3 minutes ago, edjr said:

I heard speed makes one more gay. 

It's true.

[edjr 5,566]

6 minutes ago, Cdub100 said:

It's true.

 

[TimHauck 1,800]

3 hours ago, Cdub100 said:

He's the Democrats second biggest doner. He ain't going anywhere.

 

 

[Cdub100 3,381]

17 minutes ago, TimHauck said:

 

 

If you want to believe a liar crook then that's on you, but for me and my people, he's lying. Look at his family specifically mother and father. They are dark blue there is no way he is donating to republicans.

[TimHauck 1,800]

2 minutes ago, Cdub100 said:

If you want to believe a liar crook then that's on you, but for me and my people, he's lying. Look at his family specifically mother and father. They are dark blue there is no way he is donating to republicans.

His co-CEO definitely did

[TimHauck 1,800]

This is kinda funny

 

 

 

 

[Cdub100 3,381]

1 minute ago, TimHauck said:

His co-CEO definitely did

Sure he did...

[TimHauck 1,800]

1 minute ago, Cdub100 said:

Sure he did...

You’re joking, right?  You weren’t aware?

 

[Cdub100 3,381]

Just now, TimHauck said:

You’re joking, right?  You weren’t aware?

 

Come back when you have your stories straight. 

[TimHauck 1,800]

Just now, Cdub100 said:

Come back when you have your stories straight. 

I even posted the list of the top recipients in one of the other threads

 

 

 

[TimHauck 1,800]

Apology accepted 

[TimHauck 1,800]

 

 

[Cdub100 3,381]

3 minutes ago, TimHauck said:

I even posted the list of the top recipients in one of the other threads

 

 

 

Sam donated or Ryan did or Susan did according to your .org site and Twitter. I don't really care what you believe. The fact remains Sam... because that's who we are talking about was the Dems second largest donor and nothing will happen to him. If FTX sent money to republicans it won't surprise me they played both sides of the aisle.

Real quick since you're focused on this. When sam said he was only public about his democrat donations so that the press would view him favorably. What did he mean by that? I mean our press is fair and balanced. Seems like a weird thing to say.