Hnjohngalt
Member
Do I need to pull out of Binance? I use them to stake Vet. I might just move to wallet...
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Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)
Do I need to pull out of Binance? I use them to stake Vet. I might just move to wallet...
SirKicksalot
Member
Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths
Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.
www.bloomberg.com
Doesn't seem to be anything special.
Irobot82
Member
Binance Faces Probe by U.S. Money-Laundering and Tax Sleuths
Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.
Doesn't seem to be anything special.
Looks like they are trying to snuff out peeps not paying their cap gains.
I just woke up a bit ago. Saw a thread on Elon Musk needing to STFU. I decided to check my ETH position.
And... WTF happened over night!?
Hahahaa Yeah I know. If BTC flies or crashes, the rest will follow.
I'm not going to cry over this. All the money in there is years old, can afford to lose it, and I'm holding, but still...
If people really did this all because of one mans silly tweet behavior... SMH.
And... WTF happened over night!?
Hahahaa Yeah I know. If BTC flies or crashes, the rest will follow.
I'm not going to cry over this. All the money in there is years old, can afford to lose it, and I'm holding, but still...
If people really did this all because of one mans silly tweet behavior... SMH.
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llien
Member
It is not even remotely sustainable way of transaction processing.
It's capacity makes it fit only for, wait for it, finance bubble like transactions, perhaps money laundering.
Secure, hackproof is your normal bank transfer or, if you feel like, paypal (and the likes). And those guys do not waste energy on useless bazinga either.
How long would it take Chineze government to faceroll the "decentralized" aspect of BT, if they wanted to? A week? A day?
Which user in this thread has bought crypto coins for reasons other than selling them for more?
No, it is not, as stock market stuff has non-zero "end user" value.
Ascend
Member
You don't seem to understand that no one can control BTC. Well they can, but the moment they do, its value literally goes to zero. Who is going to spend over half a billion dollars to take over something that will literally be worth zero after they succeed? Nobody, and especially not China.
Edit: I said half a billion, but I meant half a trillion.
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It’s not that different from stock exchanges.. market is always manipulated with news or other stuff that people shout .. in the end it’s the steady hand that wins .I just woke up a bit ago. Saw a thread on Elon Musk needing to STFU. I decided to check my ETH position.
And... WTF happened over night!?
Hahahaa Yeah I know. If BTC flies or crashes, the rest will follow.
I'm not going to cry over this. All the money in there is years old, can afford to lose it, and I'm holding, but still...
If people really did this all because of one mans silly tweet behavior... SMH.
Irobot82
Member
Uhh, Hi, me. Diamond hands since 2015/2016. I stack sats, every week. $50. It's not much but It's what I can do and it's certainly doing better than my 401k.
Edit: The Federal Reserve created over $3,000,000,000,000 new dollars in 2020 alone. Like what roughly 20% of all dollars were created in 2020? But that's sustainable?
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Ascend
Member
We finally are testing the 21 week moving average, since September last year. This is extremely healthy. If this holds, we'll be on another bull run in the near future.
In case we do not hold it, I think the worst case scenario is BTC dropping back to 30k-ish. I don't think this is likely as of right now, but, you never know.
In case we do not hold it, I think the worst case scenario is BTC dropping back to 30k-ish. I don't think this is likely as of right now, but, you never know.
llien
Member
You don't seem to grasp what the tech is about. Try to search for "51% attack".
Could you elaborate about your plans, as I still read it as "bought them... to sell for more" but I might be missing something.
What is that "other" reason.
Ascend
Member
No one in this thread would dare say that to me. I know exactly what a 51% attack is. That is one of the most basic concepts of crypto. And that is exactly why taking over the network would make it worthless, because no one would be willing to use it anymore. Either that, or they fork it, leaving the attackers with their own useless chain, like happened with Ethereum.
Irobot82
Member
Did you not ready my other posts? I am holding them as a store of value. As a hedge against the dollar, inflation, etc. I will keep them at least for the next 10-15 years. Then I will use my BTC in my retirement.
It also has 12 year track record of that NOT happening, you know, it's entire existence. This creates a stronger trust.
A bank transfer is slow and expensive. Paypal can at any time at their discretion close your account. Those are the middlemen I was speaking of that BTC and Blockchain technology has eliminated. Now there is now Central Power, nobody to get in the way.
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llien
Member
I guess we misaligned on what "taking control" means.
"Bit it would render bitcoin useless" is a cute lens to see it through, chuckle.
In other words, you assume that chances of crypto repeating known crashes in 15 years from now (at this point, 10% of US population seems to have been involved in "investing" into crypto) are smaller than chances of US dollar losing significant part of its value.
That was not the point.
Of all things vs usual bank transfer/paypal, BTC loses miserably at all, but one: being "dezentralized" as in (perhaps it's me misreading it, then correct me please) "governments cannot act against it". There is exactly zero doubt that China alone could wipe the floor with it, if they wanted to.
Irobot82
Member
It is guaranteed that the Dollar will lose it's value. It's all that it does. I "assume" a limited resource will keep or hold it's value. Stock to Flow Model
BTC is faster than a Bank and Cheaper than a Bank. Shit paying my credit card takes 2 days to process. Payments posting to my Bank takes 24 hours plus to finalize. Cheaper/Faster/More Secure/Decentralized
Ascend
Member
Someone could also spend a bunch of money to take out a bunch of traditional payment methods. Would people still trust Visa or PayPal if they were compromised, and a bunch of people lost a bunch of money because of no fault of their own?
You're simply holding crypto to a different standard to everything else.
It doesn't lose in security. It doesn't lose in immutability. It doesn't lose in store of wealth. It doesn't lose in accessibility. It doesn't lose in international transfer time.
China cannot wipe the floor with it, because, as already explained, it is not financially viable to do so. And secondly, there are many miners on other parts of the globe that China simply has no access to.
godhandiscen
There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
Buh buh buh... funds are safu?
llien
for China to take the Bitcoin network, they would have to do a 51% attack, and considering that all of the validatiors together consume more energy than small countries, China could potentially lose tens of billions of dollars worth of energy (a real loss which they could not recoup printing money) before everybody realizes there is a bad actor and agrees to fork the chain.
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Irobot82
Member
I would be more than willing to bet, if he allowed purchase through DOGE, his company would immediately transfer the DOGE into either fiat or BTC.
Ascend
Member
These are all golden. Elon Musk is being roasted lol.
Not that it matters though... I mean, in reality... Anyone that knows anything about how Bitcoin works knows that whether people bought a couple of Tesla cars with Bitcoin or not, that has literally zero influence on Bitcoin's power consumption. There is only one thing that influences that, and that is the amount of miners. So everyone that is losing their minds right now simply never understood Bitcoin or crypto.
Not that it matters though... I mean, in reality... Anyone that knows anything about how Bitcoin works knows that whether people bought a couple of Tesla cars with Bitcoin or not, that has literally zero influence on Bitcoin's power consumption. There is only one thing that influences that, and that is the amount of miners. So everyone that is losing their minds right now simply never understood Bitcoin or crypto.
Smoke6
Member
Man this is stupid, I dunno if it’s the fact some people haven’t invested in doge and are mad about as if it’s too late or what it maybe be but for every person “roasting” him about this issue there are several other to take there place.
I’ve seen the doge community and it’s pretty decent in size and a lot of them have a lot to gain from this if it goes there way and why be mad at them because he’s doing what wall street and society’s wealthy have been doing for years!
the GameStop situation just didn’t happen just for shit and giggles! But I see a lot of bitterness about dogecoin and other crypto’s in general
llien
Member
This is so wrong it hurts.
BTC transaction is 1 million+ times slower than a normal banking/paypal/credit card transaction. At this point, perhaps even in 1 billion area.
It is simply not fit to process insane number of financial transactions that the world is doing every day.
All it could handle is, well, those speculative buys and sells.
Western economies are made so that inflaction is non-zero, not to have "people kept money under their pillows" situation.
But there are plenty of other ways to invest into. Like, actual companies that will certainly not disappear in 10-15 years. And no one has to bid all into one either.
Anyhow, thanks for raising your hand as "crypto investor" that simply tries to avoid dollar inflation eating his savings.
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llien
Member
Paypal is just a bank.
There are gazillion of TIGHT regulations managing banks.
The thought that just because a bank belongs to someone, they have some control over what happens to your money, is, well, misinformed.
The point of China being able to crush BTC was made in the context of "but BTC is not susceptible to government influence" context.
Bank, paypal (still a bank), credit card transactions are compromised on daily bases.
So is entire online shopping business.
This is nearly outrageous.
I happen to not trust "dezentralized" servers handling crypto bazinga, certainly not more than I trust European Central Bank.
Immutability/wealth when referring to something that has already happened to lose half of its value overnight, yeah, cool story.
Credit cards and bank accounts are certainly more accessible (and is accepted much more widely) than any crypto, my grandma would not know how to do crypto. Heck, nor would my spouse.
International transfer time is such a tiny use case, and even there, should we pretend that there is something technical about banks holding off transactions for a couple of day? Oh, mine offers "instant" transfers, by the way. I am at Commerzbank.
llien
Member
Chinese companies already control 74% of hash power at this point, so there will be no power fluke.
The thought that one would need "billions of dollars wort of energy" is... weird.
It has been estimated that an ASIC solution to do the 51% attack (China would not need it) would cost around 5.5 billion. That's for hardware, not power.
M. Crassus
Member
To reiterate this post from December, just hold and chill. I think 20k is also very likely this run, and 50k-100k ETH within five years. Don't sell your whole stack, keep a decent amount for staking long term.
I'm now virtually retired thanks to ETH.
Ascend
Member
Oh so they can't just freeze your account. Got it.
And although exchanges have been compromised, Bitcoin has never been compromised.
The main thing that crypto tackles is that it makes trust obsolete.
Short term volatility is not an indication of capability to store wealth. The stock market also had a crash March last year. It's still a much better store of wealth than keeping your money in the bank. Fiat, which has lost 96% of its value since the inception of the Fed, must be a great store of wealth...
There was a time where mail was more accessible than e-mail. That doesn't mean that e-mail is ultimately more efficient and better.
Crypto is like a crash course in understanding finances. If you can't handle crypto, it simply means that you're financially illiterate. In a way, it's not exactly people's fault, because no one is really taught financial literacy in the traditional education system. That is why government institutions and their friends on wall street can fuck everyone over without them realizing it. Crypto is a way out of this, but, there are agents of the matrix everywhere.
thefool
Member
They probably don’t even have the repository anymoreWhat devs is he even talking about. Shit been abandoned for so long.
Ascend
Member
Although that is indeed what it looks like, since the price of DOGE is expressed in US dollars, we have to compare the inflation of both to get a good idea of what should happen with its price.
Money Supply M2 in the United States increased to 19896.20 USD Billion in March from 19669.80 USD Billion in February of 2021.
That is 226 billion in one month. The money supply M1 is even worse, at 271 billion.
10k per minute with doge translates to around 432 million additional coins per month.
Obviously that's not the whole picture, because there are a lot more USD in existence than Doge, so you have to look at it percentage-wise as well.
Dogecoin yearly inflation at this point is 4%, assuming a circulating supply of 129.6 billion.
The USD annual inflation rate is at around 4.2% right now, supposedly. It was 2.3% in 2019. If you calculate it through the extra amount of money printed vs the supply, the number is higher, but we'll ignore that for now.
Although both Doge and the dollar are inflationary, the US dollar is inflating faster as of now, and it's only going to get worse. The supply rate of Dogecoin is constant, which means that percentage-wise, its inflation rate will actually slowly decrease over time. As an example, if the circulating supply of Dogecoin reaches 200 billion, the coin supply still being 10k coins per minute would put its inflation rate at 2.6% rather than 4%. It will still be inflationary, but relatively speaking will inflate more slowly. That is in contrast to the dollar, of which its inflation rate is pretty much guaranteed to keep increasing at this point.
It means you're better off owning Doge than owning USD. Theoretically speaking, anyway.
Irobot82
Member
Damnit, you make my brain hurt.
Maiden Voyage
Gold™ Member
Brian Armstrong: Coinbase Will Add Dogecoin (DOGE) By CoinEdition
Brian Armstrong: Coinbase Will Add Dogecoin (DOGE)
www.investing.com
CloudNull
Banned
This is the post I have been looking for. Thanks for explaining it.
Watch Elon has spent the past two weeks fixing the doge code himself.
llien
Member
Not in EU, at least.
And, I think, there are even official ways to "migrate' your bank account, without changing your account number, the way it is possible with phone numbers, I haven't checked that though.
The point is that there is zero doubt China could wipe the floor with it, rendering "but it's decentralized bazinga that costs money" moot.
As if trust was an issue to begin with.
Speculations using something INHERENTLY VALUABLE and speculations using CumRocket crypto-bazinga which are INHERENTLY NOTHING are two very different kinds of speculations.
Bitcoin and other cryptocurrencies have been identified as speculative bubbles by several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors.
An economic bubble or asset bubble (sometimes also referred to as a speculative bubble, a market bubble, a price bubble, a financial bubble, a speculative mania, or a balloon) is a situation in which asset prices appear to be based on implausible or inconsistent views about the future. It could also be described as trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value.
M. Crassus
Member
I believe Ethereum will be the main global value settlement layer in the future, much as the internet is the main global information layer. So I'm keeping a large stack to stake.
Ascend
Member
I see you listened to Bill Maher.
I have a bank account in a European country. I got a letter a few months ago from that bank that anyone living outside this country needs to withdraw their money and close their account within 6 months, or their funds will be frozen and made inaccessible. So...
I've addressed this twice already. If you're gonna keep repeating things that were already addressed, there's no point in carrying this discussion forward.
When the bank runs start, and then they shut you out from withdrawing your own money, don't say you weren't warned.
This already happened with one bank in my country last year. Additionally, with CBDCs around the corner, the majority of banks will find themselves out of business soon. Considering a lot of banks are going to collapse soon, trust is becoming one of the primary issues. The current system is simply not sustainable.
Can't expect dinosaurs to understand cyberspace.
Then why is Bitcoin closely following its stock to flow model?
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llien
Member
Why? Did he make up CumRocket coin?
Oh, wait, he has not:
CumRocket price today, CUMMIES to USD live price, marketcap and chart | CoinMarketCap
The live CumRocket price today is $0.003204 USD with a 24-hour trading volume of $383,758.37 USD. We update our CUMMIES to USD price in real-time.
coinmarketcap.com
So, you fell under global EU regulation and bank had to abide, kindly asking you to withdraw you funds over half a year period, how does that align with "someone could kick you out just for fun"?
No, you have not.
Jesus Christ, Ascend, are you for real?
Just to be more specific here, you have referred to: several Nobel laureates in economics, bankers, investors as "dinosaurs", did I get you right?
Dude, this is one hell of a weird statement, when we have this thread:
Elon needs to stfu with crypto
Really, this is some market manipulating shit he's pulling with crypto. https://www.forbes.com/sites/alanohnsman/2021/05/12/elon-musk-says-tesla-stops-accepting-bitcoin-for-car-purchases-due-to-carbon-energy-use/?sh=39fd809c6f85 Elon - Tesla will accept BTC - BTC skyrockets Elon - DOGE to the...
Ascend
Member
Doesn't matter if he made it up or not. You never would have encountered that coin by yourself, considering your level of knowledge. It shows where you get your information from, and Bill Maher, like many other old farts, simply don't get the technology and talk about stuff they don't understand. For one, he mentioned crypto making up money out of thin air and slamming it for it since you can't do that, while banks do and have been doing that exact thing for decades.Why? Did he make up CumRocket coin?
Oh, wait, he has not:
CumRocket price today, CUMMIES to USD live price, marketcap and chart | CoinMarketCap
The live CumRocket price today is $0.003204 USD with a 24-hour trading volume of $383,758.37 USD. We update our CUMMIES to USD price in real-time.
Actually I did address your "China can shut down Bitcoin" argument. Multiple witnesses here can attest to that, that your refuse to acknowledge it because it's inconvenient is your problem.
Where did I say that they can kick you out just for fun? I said they can freeze your account. In crypto, nobody can freeze your account.
Remember 2008? That was a teaser. But... Believe whatever you want to. Again, don't say I didn't warn you.
Yes. I did. Because they are knowledgeable in the old systems. The old way of doing things. Just like you're not going to ask a horseman how to drive a car, you don't ask people that are successful in an outdated and unfair financial system how crypto works.
Not that Nobel prizes mean anything by the way. Obama receiving a Nobel Peace price is one of the biggest jokes ever. But I digress.
The recent sell-off has zero bearings on how close Bitcoin is following its stock to flow model. But I wouldn't expect you to understand that.Dude, this is one hell of a weird statement, when we have this thread:
This thread is for people that are interested in crypto. If you are not, I suggest you go hang out somewhere else. Your presence here is not only futile, it has become an annoyance.
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GamingKaiju
Member
Man eth is struggling to get that close above $4000 (candlestick I mean)
Ogbert
Member
Cardano has broken 2 bucks. Worth keeping an eye on.
SirKicksalot
Member
How would you counter these articles?
www.cnbc.com
And this one, which is quite impressive IMO:
‘Black Swan’ author calls bitcoin a 'gimmick' and a 'game,' says it resembles a Ponzi scheme
"Black Swan" author Nassim Taleb told CNBC there is "absolutely no reason" bitcoin is linked to economic conditions, adding it's also a bad currency.
www.cnbc.com
And this one, which is quite impressive IMO:
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crazepharmacist
Member
Why is the whole crypto market red right now?
Ascend
Member
"No link between inflation and Bitcoin". DXY and BTC price are directly inversely related. That is data that cannot be ignored.How would you counter these articles?
‘Black Swan’ author calls bitcoin a 'gimmick' and a 'game,' says it resembles a Ponzi scheme
"Black Swan" author Nassim Taleb told CNBC there is "absolutely no reason" bitcoin is linked to economic conditions, adding it's also a bad currency.
And this one, which is quite impressive IMO:
"There's no reason it should be linked to anything economic". Someone didn't read the Bitcoin white paper. It was created as a payment system. How can one say it should not be related to anything economic? This is an empty statement. Anything that people are willing to transact will be economically linked. The "should" is meaningless.
"Something that moves 5% a day, 20% in a month — up or down — cannot be a currency. It's something else,". Sure. It's a new and growing technology with multiple functions. And the more it grows, the less volatile it becomes. What will the argument be when it becomes less volatile than the stock market? Oh wait, that already was the case last year.
"Bitcoin is a ponzi scheme". Oh boy how many times have we heard this one... Honestly, that ponzi scheme article mixes fair points with selective definitions in order to make the arguments. It uses a different standard for crypto than for anything else. For example, he argues that the miners are the ponzi schemers, while for stocks the companies provide product to their customers and can reinvest those profits. In actuality, those two scenarios are the exact same thing. Miners give the service of processing transactions and securing the network. They are rewarded in crypto, and sell those crypto to cover cost. The profit is often used to increase the mining hardware, which in turn increases the security of the network. But the writer presupposes a ponzi scheme, so he categorizes things exactly in a biased way. I can go through the whole article dissecting everything, but honestly, I have better things to do with my time. The funny thing is, the writer of this article calls it a Ponzi with no one in charge, which is hilarious. You want the counter points to his 5 points, watch this video;
I leave you with this Tweet, for closing.
llien
Member
There are 6000+ cryptocoins. I wouldn't have encountered any of those.
That doesn't change the fact that CumRocket coin is:
a) real
b) actually traded
Sorry but "then it would make bitcoin useless" is adorable way to think about things, but no, that doesn't address the fact that China can wipe the floor with BTC if it wants.
I haven't heard of a single person in Germany who had their account frozen.
You make it sound as if banks can do such things at will - no they can't.
What could happen with crypto, though, is them suddenly losing all of its value and 51% attack is just one of the ways to do it.
I believe facts, thank you very much.
Good to have people more in line with"modern systems" that those dinosaur Nobel Laureate and actual bankers.
As for Nobel meaning nothing: Nobel in bazingas like "peace" means nothing, it doesn't apply to economics, or physics, or chemistry, or biology, or... I guess you got the pattern: at actual science.
That is mantra, not reality, you are talking about something that has been recorded to lose 65% of its value
Bitcoin dropped 8% because Elon the Roflcopter said something.
Name a single currency on this planet, that is so laughably volatile.
Ascend
Member
Thanks for confirming you don't know how to navigate the space.
You can ridicule Cumrocket all you want. Its name nor existence has any bearing on the actual value on crypto and the technology behind it. In fact, did you actually bother looking at what it is trying to do? No. Because you have a pre-conceived bias of what crypto is.
No matter how cringe the name is, it is bringing NFTs to NSFW content, where the creators gain crypto for their content, without needing a middle-man. It runs on the Binance Chain, which doesn't have the fee issues that Ethereum currently has. Here's a roadmap;
Its marketplace, although dead, is already Live. Not that I would recommend anyone to invest in it. But there is still a real product here, in spite of its cringe name.
It does. Because you would have to spend a bunch of money to then lose it all.
And even if you think that argument is sound, there is still the other one that you still cannot address, which is that even if China shuts down ALL mining across all of china, there is still enough miners everywhere else to maintain the network operational. And then there's all the other crypto out there...
China cannot shut crypto down. Unless they manage to shut down the whole internet. Governments across the globe couldn't even shut down torrents, which lack decentralization and blockchain.
Yes they can. A simple one. Move to a sanctioned country like Iran, see what happens with your bank account in Germany.
A 51% is not irreversible, which is what you fail (or are unwilling) to understand. Furthermore, it's not as if al cryptos work the same way either. Some of them simply cannot suffer a 51% attack. Go try a 51% attack on Solana.
But... What are all these other ways according to you...? Let me guess. China, right?
Here. Go read this. You might learn something:
Crypto Investors Have Ignored Three Straight 51% Attacks on ETC
Three 51% attacks on the Ethereum Classic network have not yet made a significant impact on the price of its cryptocurrency.
You think you do. That is the sad part. Tell me something. How long have you investigated crypto?
We already know it's not very long, considering how many times you have to repeat the same thing over and over. Even if Bitcoin dies tomorrow, other cryptos that have superseded its tech will simply take over, because there is something out there for all its weaknesses.
But I guess the likes of VISA are stupid for adopting the likes of Ethereum...
And MicroStrategy and Square are stupid for investing in Bitcoin...
Considering how much "science" applauds Darwin instead of Jean Baptiste Lamarck or Alfred Russel Wallace, or Thomas Edison instead of Nikola Tesla, tells you everything regarding scientific institutions. Don't conflate science with scientism, and definitely don't conflate science with politics.
Rather than words, I'll let a historical chart do the talking;
Stock-to-Flow Model | BM Pro
Bitcoin stock to flow (S2F) live data chart model. Daily updating model of Bitcoin stock to flow chart from Plan B @100trillion article ‘Modeling Bitcoin's Value with Scarcity’.
www.lookintobitcoin.com
Venezuelan Bolivar. The route the US dollar will soon follow.
There is one primary thing that you lack;
Humility
It makes you reactive rather than communicative, and it refrains you from understanding things.
Ascend
Member
It is comparable in its volatility, not in the direction of its volatility. Two very different things.
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