taylor34 This article you posted is very interesting.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
I’m really curious what others think about Tether after reading this article.
taylor34 This article you posted is very interesting.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
I’m really curious what others think about Tether after reading this article.
Quoted from Spyderturbo007:Any of you guys buying right now or waiting for the dust to settle to see what happens? I grabbed some stuff a couple days ago. I wish I would have waited because those trades are down about 35-40%.
I don't know if this is the bottom or not. Even though I closed some of my LINK position, $18.00 looks like a nice re-entry point.
I keep buying 0.025 BTC at every 1k drop.
Other stuff I don't touch anymore.
Quoted from pninja005:I keep buying 0.025 BTC at every 1k drop.
Other stuff I don't touch anymore.
Quoted from Kvothe:taylor34 This article you posted is very interesting.
https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3
I’m really curious what others think about Tether after reading this article.
This is amazing , im very new and I’m deeply down on my single bitcoin and alts bought over march /April , and as I was reading more during accumulation , the tether coin stable-ness always had me thinking . Why or how is this possible. Who would buy a tether coin which never goes up or down , when you can trade in dollars euro’s too
I had similar thoughts, but no real talent to investigate like this . The current exact same graph relations between btc/alts on this downfall have made me very skeptical that any coin is actually independent . Why different going up , but identical going down ?
I stepped out at 39 , hodling further would have left me even more down .
I have lost faith, not in bitcoin ,that’s solid and sound as mathematically proven , but more the human involvement to manipulate is the weak link I fear . A Trojan horse .
Its a tough call and costs me close to 30k by pulling out , but I can’t continue , it’s making my mind spin with doubt . My family said ride to the end , just stay relaxed for your own and our sake
I hope for all the rest that are holding on , that I will kick myself later . Hodl on in faith . Thx guys
I don’t need a kick now btw . Just letting my feelings known .
Quoted from pninja005:You are not alone; I currently lost 25% of what I invested so far but believe it will turn around.
Good for you bud .
Crazy as it sounds , I traded a lot going upwards gaining btc %
I had 1.1 till last Wednesday . If I buy back now I’ll have 1.4 ..best trade ever , but I’m just feeling like that frog jumping out of the pan being boiled slowly ..
Many crypto friends have been supportive, but I must admit , I never hear a negative note , and there surely are . Believing is great , but financial decline to me right now is just bad timing and trumps my belief atm .
I don’t deserve the gain if can’t handle the loss , and I’m an fully aware .
Quoted from steigerpijp:Good for you bud .
Crazy as it sounds , I traded a lot going upwards gaining btc %
I had 1.1 till last Wednesday . If I buy back now I’ll have 1.4 ..best trade ever , but I’m just feeling like that frog jumping out of the pan being boiled slowly ..
Many crypto friends have been supportive, but I must admit , I never hear a negative note , and there surely are . Believing is great , but financial decline to me right now is just bad timing and trumps my belief atm .
I don’t deserve the gain if can’t handle the loss , and I’m an fully aware .
I hear you, you need to do what's best for you. This has been a tough one...even for us veterans. I can't even tell you how far down I am from the peak...kind of crazy that I'm not just losing it right now... probably because overall I am still up. For me nothing has really changed...sure sentiment has...but it's crazy how fast sentiment can flip right back again...seen it before. What I see in Bitcoin's potential has not changed one bit. I'm planning to buy more soon...
Quoted from Astropin:I hear you, you need to do what's best for you. This has been a tough one...even for us veterans. I can't even tell you how far down I am from the peak...kind of crazy that I'm not just losing it right now... probably because overall I am still up. For me nothing has really changed...sure sentiment has...but it's crazy how fast sentiment can flip right back again...seen it before. What I see in Bitcoin's potential has not changed one bit. I'm planning to buy more soon...
I was fine too with dips , untill it gets real ,and you go sub zero . I thought I could stay cool , at 2/3 down I was like , Okay, do-able , then Wednesday , and more decline every day , it’s apparent I don’t have it in me
Don’t get me wrong , the concept is mathematically sound , in good hands this can thrive , to me , I feel like it’s in control of wrong ones and gaining traction .
When I say “ dips “ they were blips .. to veterans
But glad to hear you say even this latest “correction “has been a serious one and not just a regular occurance
Quoted from steigerpijp:When I say “ dips “ they were blips .. to veterans
But glad to hear you say even this latest “correction “has been a serious one and not just a regular occurance
Haven't seen anything like this since 2013...and I wasn't even in then. This did catch me by surprise but, this is what happens in emerging markets. Not for the faint of heart (or over invested). This should slow down the dopes playing with leverage because a whole lot of them just got rekt.
I just opened up a coinbase account, I got tired of the slow response from RH for money transfers, the fees for trading on coinbase is high. I paid 146 dollars for 10k trade...is there a better alternative?
Quoted from kvan99:I just opened up a coinbase account, I got tired of the slow response from RH for money transfers, the fees for trading on coinbase is high. I paid 146 dollars for 10k trade...is there a better alternative?
Coinbase Pro. Fees are 0.49% if I remember correctly. If you have a Coinbase account you have a Coinbase Pro account. It’s all linked so you can transfer anything back and forth without paying fees.
Quoted from Spyderturbo007:Coinbase Pro. Fees are 0.49% if I remember correctly. If you have a Coinbase account you have a Coinbase Pro account. It’s all linked so you can transfer anything back and forth without paying fees.
Thanks
Quoted from Durzel:I don’t get the comparisons to gold to be honest. People don’t buy gold to get rich, they do it because in times of inflation it is traditionally a safe thing to hold.
If you bought a block of gold bullion you would always have something that has a predictable basic value. Gold is used for a variety of practical applications, where it’s physical properties make it the best choice (notwithstanding cost), even before you consider it’s inherent aspirational worth, established over hundreds and hundreds of years. It will never be worth nothing.
I get the sense sometimes with people that they don’t know what BTC is supposed to be? Is it a currency? Is it a store of value? Is it something they seek to profit from? These things are essentially contradictory. Volatility is great for making money, but it’s poison to a functional currency. Why would you spend any BTC to buy something you can buy with fiat, when it could be worth 10% more by the end of the day? What incentive is there for businesses to accept it for anything beyond instant transactions (and even then it’s risky) if the opposite is the case?
I also think that in the main people are disingenuous about their reasons for buying cryptos. In this thread, and pretty much everywhere, people talk about what price they got in at and how much it’s gone up since. That’s what they’re interested in. Talk of utility and currency is only really a consideration when justifying (to others, and in their own heads) the rising price.
The simple truth is that in order for any crypto to be taken truly seriously, particularly as a currency, it has to shake off this crazy volatility. Of course, were it to do that there would be a lot less interest in it, and one wonders whether at that point the hardcore fans would simply be looking for the next GME stock instead, because they ultimately are in it for the “get rich quick” aspect, not for any serious belief in it.
Very well said sir.
I jumped in at the first blip for a quick turnaround and took a massive hit on ETH. But I refuse to sell in a dip, no matter how insane my peers think I am. I bought a small bit of Sushiswap this morning too. Caught the floor on that one...
Looks like the price is recovering tonight. The question is whether it will go back to retest a 3rd time in a couple days. Tether volume is off the charts today, you can add the volume of the next 4 highest coins in volume and it doesn't add up to what Tether did today. I did not buy back in today, I thought about it but didn't. I sold everything a few days ago except for a little in my IRA through that trust. Something is wrong fundamentally in the whole thing, the Tether volume is too high to make sense...so even though there's only 59 Billion in Tether, it did 180 billion in volume today? Nobody cares about Tether. Nobody uses Tether. So why is the volume excessively high?
I feel like there may be some other major issue in the mix as well. The repo market is having issues too again, almost at the same time. It's like people are being forced to sell their riskier assets which is causing some sort of domino effect.
I don't know, I have some sort of bad feeling about all of this, like there are some issues going on behind the scenes that are on the edge of collapsing. Not necessarily in the crypto space, but that family office collapsed like 2 months ago in the middle of a market runup...that just doesn't happen when the market is good.
Quoted from Chalkey:Well you know what zero people ever said, buy high and sell low.
And yet, it's shocking how many people do exactly that.
Seen on Twitter:
Some like $USDC for stability...
Others like $DAI...
I prefer $ADA.
Feb 2021: $1.20
Mar 2021: $1.20
April 2021: $1.20
May 2021: $1.20
ADA is currently at $1.35, finally back in the profit zone for me. Wish I bought this dip a little lower, but still pretty happy with how much I picked up while the prices were low IF it continues to rebound.
TL;DR Version - I emphatically disagree with everything you wrote.
Quoted from Durzel:I get the sense sometimes with people that they don’t know what BTC is supposed to be? Is it a currency? Is it a store of value? Is it something they seek to profit from? These things are essentially contradictory. Volatility is great for making money, but it’s poison to a functional currency.
I feel like a damn broken record around here because I have to keep explaining the same damn thing over and over and over. As of right now BTC makes an absolutely TERRIBLE currency for everyday transactions (keyword everyday). Transaction fees are off the chart and the time to settle a transaction is way to long. You'd be paying $14 to buy a $3 Latte at Starbucks and your Latte would be cold before the transaction went through.
As of right now, it is a store of value. Plain and simple. It has a finite supply (just like gold) and people have decided that it has value. At some point in history people decided that gold had value. That's exactly what's happening with BTC right now.
Yes, I'm trying to profit from it. Just like I do with my stocks, 401K and the silver I have sitting in a safety deposit box. I buy things as investments that I think are going to appreciate.
Quoted from Durzel:Why would you spend any BTC to buy something you can buy with fiat, when it could be worth 10% more by the end of the day? What incentive is there for businesses to accept it for anything beyond instant transactions (and even then it’s risky) if the opposite is the case?
Why you ask, well let's look at a car buying scenario. You're buying a car from someone for $47,000. You have few options for payment. You can get a big old briefcase of $100 bills (which is going to trigger a report to the IRS), but that really isn't practical. You can get a Certified Check which can take 2 business days to clear, so you're going to have to wait for the check to clear before the person is going to give you the title (hopefully). PayPal is an option, but anyone that does that is crazy. Or you can use BTC. Send the BTC while waiting for the notary to fill out the paperwork and by the time you sign on the line, the transfer is confirmed and viola, all done.
Might the price of BTC change during the transaction, yes. That's why both parties have to agree to use that as the currency.
As for business use, it must be that the business sees value in BTC as opposed to fiat. Which might be why most businesses offer discounts when purchasing with BTC. Businesses don't stay in business by losing money.
Quoted from Durzel:I also think that in the main people are disingenuous about their reasons for buying cryptos. In this thread, and pretty much everywhere, people talk about what price they got in at and how much it’s gone up since.
Wow, amazing. Almost like buying stocks, bonds, T-bills, EFTs, gold, silver or anything else that people are trying to profit by buying and holding. Of course we are talking about cost basis, tax loss harvesting and a variety of other things related to investments. The people in this thread view crypto as an investment in the future. When people talk about investments entry point, exit point and a whole host of other metrics are discussed.
Quoted from Durzel:That’s what they’re interested in. Talk of utility and currency is only really a consideration when justifying (to others, and in their own heads) the rising price.
Um, no. Utility is what I use to place future value on a crypto. Just like buying a stock. You look at the company and what utility it serves such as manufacturing, service, construction, etc. You then decide if that is something that people will need or purchase in the future. If you think it is, you buy some stock. If you think it isn't, you move on.
Just like crypto. If I think this is something people will need or use in the future, I buy it. If I think it's junk and has no utilitarian benefits, I move on.
Quoted from Durzel:The simple truth is that in order for any crypto to be taken truly seriously, particularly as a currency, it has to shake off this crazy volatility. Of course, were it to do that there would be a lot less interest in it, and one wonders whether at that point the hardcore fans would simply be looking for the next GME stock instead, because they ultimately are in it for the “get rich quick” aspect, not for any serious belief in it.
The simple truth is that you keep saying currency, over and over and over again. You're missing most of the point. 90% of crypto only serves as the underlying currency to its own platform. It's used to pay for mining or staking fees. No one here thinks that in 5 years we are going to have 2,000 different cryptos all used as currency just like you use USD or the euro. That's just crazy.
I'm in this because of the technology. An immutable distributed digital ledger that is going to upset the way data is stored and contracts are executed. NOT because they are all going to be used by someone to buy a cup of coffee. I'm imaging in 10 years that you can throw the middleman in the trash when executing a contract. House sales take minutes instead of weeks. Car title transfers take seconds as opposed to days. People can write self executing smart contracts for anything. Governments issue CBDCs on an existing native blockchain, and so on.
I want something that serves a purpose because if it is accepted and used by the masses, the value is going to increase and I'm going to profit. I'm not in this because it's a ponzi scheme like you indicated. Just like Apple stock. If they serve a purpose and everyone wants their stuff, I'm going to make money.
How often do people sell Picasso paintings?
That’s an asset.
Spyder, you mess around with the Lightning Network?
It’s pretty solid, takes away the fees on smaller transactions.
PayPal and Robinhood are bad right now because you can’t send or receive transactions.
Gemini, Coinbase, Swanbitcoin are good first time buying places.
Gemini is the only one that insures your crypto holdings. That’s where I sent my dad.
Quoted from Pdxmonkey:How often do people sell Picasso paintings?
That’s an asset.
Spyder, you mess around with the Lightning Network?
It’s pretty solid, takes away the fees on smaller transactions.
I have not to be honest. I've read good things about it, but haven't had the chance to use it. I've sent a good bit of different currencies over the years, but never BTC on the lightning network.
Quoted from Spyderturbo007:Ugh. I got this in my inbox this morning. [quoted image]
I'm afraid doge is going to die a very slow death... probably many deaths.
Take a break from the FUD bath.
https://www.coindesk.com/consensus-ray-dalio-i-have-some-bitcoin
Bullish
After his ceo left to go to Nydig.
Interesting interview with owner of Nydig
And a summary of the week from glassnode
https://insights.glassnode.com/the-week-on-chain-week-21-2021/
Quoted from Astropin:I'm afraid doge is going to die a very slow death... probably many deaths.
I am wondering about that myself, besides Elon pumping it what else does it have going for it.. or am I missing something?
Quoted from Concretehardt:I am wondering about that myself, besides Elon pumping it what else does it have going for it.. or am I missing something?
Yeah, that one is the one all the older, wallstreet types like Buffet and Munger, Diller are deriding....but yeah, because it's popular with novice investors, it will be a slow death.
Quoted from Concretehardt:I am wondering about that myself, besides Elon pumping it what else does it have going for it.. or am I missing something?
I made $67 off it. Purpose served, paid for 1 gallon of gas in Cali
Quoted from Concretehardt:I am wondering about that myself, besides Elon pumping it what else does it have going for it.. or am I missing something?
Nothing beyond "pump & dump"...so if you enjoy spinning the wheel...
Quoted from Astropin:Nothing beyond "pump & dump"...so if you enjoy spinning the wheel...
I mean, you could really say that about almost all the crypto’s at this point since their values are all basically to a degree ‘made up’ and highly speculative. Frankly Dogecoin, even though it was made as a joke, honestly makes as much sense as anything else. The fact that it’s not rare or collectible makes it more viable in my opinion. Too much of the crypto space operates like collecting art or Stern LE’s, maybe the Stern pro option that nobody cares about really is the best option for adoption. I’m honestly not sure if any of the current crypto’s on the exchanges are going to make it longer term except for maybe Ethereum, the companies that are building infrastructure are not using any of these except it.
Quoted from taylor34:I mean, you could really say that about almost all the crypto’s at this point since their values are all basically to a degree ‘made up’ and highly speculative. Frankly Dogecoin, even though it was made as a joke, honestly makes as much sense as anything else. The fact that it’s not rare or collectible makes it more viable in my opinion. Too much of the crypto space operates like collecting art or Stern LE’s, maybe the Stern pro option that nobody cares about really is the best option for adoption. I’m honestly not sure if any of the current crypto’s on the exchanges are going to make it longer term except for maybe Ethereum, the companies that are building infrastructure are not using any of these except it.
Wow...I seriously don't even know where to start. I feel like I could write a novel on why that's wrong...and many have already. But in order to understand it, you would have to have an understanding of the history of money.
Why is a dollar worth a dollar...because we all agree it is. Sure, you could argue that it's because it's backed by the US military...but wtf? At the end of the day, it has value because we agree it has value...sort of like EVERYTHING.
Bitcoin is not a currency... it's a store of value. Why? Because it's scarce (No. 1) because it's secure (the most secure and also the largest network on the planet), and because it's decentralized (no trusted 3rd party needed to transact safely and securely... which solves a problem that previously had NEVER been solved). It represents a paradigm shift in a store of value.
Doge....like the US dollar, is not scarce. There's no cap, therefore; they can never retain value over time. The US dollar has lost over 85% of it's value just since 1971.
I think it's worth noting the amount of doge added is a fixed amount and gets smaller compared to the total in circulation it's not like it doubles the volume every year.
Quoted from Concretehardt:I am wondering about that myself, besides Elon pumping it what else does it have going for it.. or am I missing something?
Not sure how exactly, but I think Mark Cuban is onboard too. Apparently the Mavericks "accept" Dogecoin - how and to buy what I'm not sure.
Quoted from Astropin:Wow...I seriously don't even know where to start. I feel like I could write a novel on why that's wrong...and many have already. But in order to understand it, you would have to have an understanding of the history of money.
Why is a dollar worth a dollar...because we all agree it is. Sure, you could argue that it's because it's backed by the US military...but wtf? At the end of the day, it has value because we agree it has value...sort of like EVERYTHING.
Bitcoin is not a currency... it's a store of value. Why? Because it's scarce (No. 1) because it's secure (the most secure and also the largest network on the planet), and because it's decentralized (no trusted 3rd party needed to transact safely and securely... which solves a problem that previously had NEVER been solved). It represents a paradigm shift in a store of value.
Doge....like the US dollar, is not scarce. There's no cap, therefore; they can never retain value over time. The US dollar has lost over 85% of it's value just since 1971.
These are good points. It’s not this crypto versus that crypto to me. It’s crypto versus fiat. You wanna buy some bullshit? that’s cool with me, I bought a little Pussy. Just know what you’re buying.
Quoted from PhilGreg:Not sure how exactly, but I think Mark Cuban is onboard too. Apparently the Mavericks "accept" Dogecoin - how and to buy what I'm not sure.
Fan merch in their team store.
Last I saw, they had sold about 45k worth of stuff via Doge.
Quoted from PhilGreg:Not sure how exactly, but I think Mark Cuban is onboard too. Apparently the Mavericks "accept" Dogecoin - how and to buy what I'm not sure.
I saw a Cuban on CNBC and I believe his quote about Doge was “it’s better than a lottery ticket”
Quoted from Astropin:Wow...I seriously don't even know where to start. I feel like I could write a novel on why that's wrong...and many have already. But in order to understand it, you would have to have an understanding of the history of money.
Why is a dollar worth a dollar...because we all agree it is. Sure, you could argue that it's because it's backed by the US military...but wtf? At the end of the day, it has value because we agree it has value...sort of like EVERYTHING.
Bitcoin is not a currency... it's a store of value. Why? Because it's scarce (No. 1) because it's secure (the most secure and also the largest network on the planet), and because it's decentralized (no trusted 3rd party needed to transact safely and securely... which solves a problem that previously had NEVER been solved). It represents a paradigm shift in a store of value.
Doge....like the US dollar, is not scarce. There's no cap, therefore; they can never retain value over time. The US dollar has lost over 85% of it's value just since 1971.
I understand money and have probably listened to 500 hours of macro economic podcasts in the last year. I understand the arguments for store of value and other things, but most crypto’s aren’t stores of value, that’s just bitcoin. And why is bitcoin any more special than if someone made a bitcoin 2.0 that only had 5 million units? Or 1 million? Because it’s first? It’s just manufactured rarity where the early adopters (like a stock) get rich while nobody else does. Hard to see why that is that much better than gold, fiat, etc, you’re just making a different set of people Uber wealthy and nobody else. To me bitcoin is just a stock with a predefined number of shares that is selling at a large speculative value that people will value it longer term. Decentralization is the popular buzzword right now but people don’t talk about the downsides of that either.
The dollar is in decline, but I’m not 100% sure bitcoin or any of the other existing crypto’s is the answer. Bitcoins value is 100% based on upon other people valuing it. So if people start valuing dogecoin, how is it not possible for it to be the standard for commerce? Just because crypto people hate it? Lots of times the inferior solution ends up winning. It’s all about adoption, and if 500 companies start supporting dogecoin before anything else, it may run away with it.
Quoted from taylor34:I understand money and have probably listened to 500 hours of macro economic podcasts in the last year. I understand the arguments for store of value and other things, but most crypto’s aren’t stores of value, that’s just bitcoin. And why is bitcoin any more special than if someone made a bitcoin 2.0 that only had 5 million units? Or 1 million? Because it’s first? It’s just manufactured rarity where the early adopters (like a stock) get rich while nobody else does. Hard to see why that is that much better than gold, fiat, etc, you’re just making a different set of people Uber wealthy and nobody else. To me bitcoin is just a stock with a predefined number of shares that is selling at a large speculative value that people will value it longer term. Decentralization is the popular buzzword right now but people don’t talk about the downsides of that either.
The dollar is in decline, but I’m not 100% sure bitcoin or any of the other existing crypto’s is the answer. Bitcoins value is 100% based on upon other people valuing it. So if people start valuing dogecoin, how is it not possible for it to be the standard for commerce? Just because crypto people hate it? Lots of times the inferior solution ends up winning. It’s all about adoption, and if 500 companies start supporting dogecoin before anything else, it may run away with it.
Name recognition and adoption
Just wading into crypto after sitting on the sidelines for a few years. Picked up a handful of Ethereum yesterday after a few Arnold Palmers when it was around 1.8k. Speculative indulgence purchase only. A get rich quick(ish) investment for the inner degenerate gambler Ive never been able to kill off.
Quoted from nicoy3k:Name recognition and adoption
Dogecoin is now a more popular search term than bitcoin, if you can believe that.
Quoted from taylor34:Dogecoin is now a more popular search term than bitcoin, if you can believe that.
People actively searching something =\= recognition. But I get your point, I think doge is past the joke phase
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