Bitcoin / Cryptocurrency Discussion (And Predictions)

[Antifragile]

Whether you like or or not, regulation is coming.

@robjohn I think you are focused on the wrong side of this. It's not "terrible news" for all alt coins. It's just part of evolution of new tech. in the 1600 Dutch Empire brought us the very first Corporation, industrial revolution created the concept of what we now know as "employment" (before then about 20% of population were employees, the rest relied on other means of living: farming, making coffins... you get it). Corps are regulated. Employment laws were written etc. Regulation will always follow after general public gets rugged (to use NFT terms today).

True decentralization would create unique problems. But let me tell you this - it's never as good ar as bad as we think. Regulation won't solve the theft problems. And decentralization won't save the world either.

What is the conclusion here? Just like the internet in the 1990s was free and decentralized, today we have crypto based tech (web3) producing similar but better effect. Government won't be able to "regulate" decentralized platforms that are peer to peer based. But they can regulate the centralized groups that launch such platforms! And not all of that regulation will be 100% bad. It depends on WHAT they do, not IF they try to regulate. An outright ban making any participation in crypto illegal would throw all alts down the floor. But I think this is unlikely for the USA. It's a China/Russia type of move.

 

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[Silv]

Whether you like or or not, regulation is coming.

I do believe that crypto does need some form of regulation. I just hope they don't do it in such a way that will make future crypto visionaries leave or not even come to US and instead, go to another country.

 

[Ing]

Your opinion: Is taking part on a pump and dump scheme immoral? Illegal?

 

[Ing]

Your opinion: Is taking part on a pump and dump scheme immoral? Illegal?

I read a bit about it. In Germany there are Court verdicts, that its illegal, but for the opposite, too.
As the higher court didn’t recognize crypto as financial assets, its no illegal collusion. But I wouldn’t rely on that.

Now, whats that pump and dump?

The information I got, maybe someone is interested:

Pump and dump scam ( I name it so after my belief) consists of different steps:

The initiator collects a possible big allegiance. For example on Telegram.
There’s a group on Telegram withover 100k followers. Other groups make exactly the same p n d s, so maybe they all are one.

Example: The initiator, lets call him chief, tells a pair at a special exchange at a special time. Here BTC/ xxx. At a fix time he says to tell the xxx.

Here: At 16 pm we pump BTC/xxx. Exactly at 16 pm the pair comes in.
In the example : Binance, 1.2.2022 (today) 16.00 pm. At 16.00 the next message is: NAS/BTC. You can have a look at the chart of NAS at that time.

An extra point: the chief has a VIP group paying 250usd a year. The VIP group gets the pair 24 hours earlier. You can look at the chart, what happens 24 hourl earlier.
Now, diligence to the VIP group leads to that being a scam. Nobody paying the 250$ did get anything. To be read in countless social medias.


So the chief will buy a big amount of NAS himself and sell at 16.00pm. In the remaining time from 16 on nobody is able to buy anything and sell with a profit without a fast app for that.

After that pump comes the dump.

Here s another possibility to take advantage of the pump and dump.

In order to buy and sell fast, noone buys and sell with a limit while p n d. So the chief sets a limit buy order at far below the level before the pump. When the masses sell at market, the chart makes a peak down and someone with a low limit will get a low price.

Maybe you remember the peak in summer, where BTC was down 15k below average for a short moment an a exchange I don’t remember. That may be something like that.

Hope someone was interested.

 

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[Ing]

I hate the discussions about crypto energy consumption without having arguments.

Can someone tell me, how much energy one ETH transaction needs? Averaged?

 

[Kevin88660]

What’s the incentive for El S and Tonga to do this?

To be the next cayman islands.

 

[Kevin88660]

Yes, the more I like it and see it as an awesome disrupter and equalizer to the assholes in charge of monetary banking, the more I wonder until it all is made illegal, equivalent to the possession of child p0rn. It won't matter if you have $10M in bitcoin on your Nano Ledger when you're doing life in Leavenworth with no parole.

In other words, I'm starting to like crypto so much because of its decentralization nature and distributive ownership that it feels like the probabilities for banishment continue to rise.

I hope not, but anything that threatens power ultimately is marginalized or worse, criminalized.

The more I learn of the benefits and the threats it poses to powerful institutions, the more it seems likely.

The governments are accelerating the move to get rid of cash which enables to have control on all monetary transactions happening in digital banking.

With bitcoin they have no control over it. But they still can read the transactions and investigate from there. But there are still options like Monero which provide private transactions.

Banning bitcoin to the extend that even ownership is illegal..I don’t think that is likely to happen in U.S. The crypto lobby has donated a lot to Joe Biden. The young Billionaire who owns FTX exchange is lobbying openly.

Not single country I know of has made the possession a criminal offense…yet. Many have made crypto related business illegal.

 

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[Ing]

I expect a decline to 29000, but after Friday's rise above 39000, I'm not sure about my forecast anymore

Look at the 2018 charts. There was a big turn up about 2-3 months after the max. Similar now.

 

[GPM]

Any government proposal or talk to ban "crypto" is like a government making a move to ban the internet. All they are going to do is stiffle themselves and their citizens who wish to follow "the law".

It is like how China treats the internet for its citizens. The ones who follow it are given a huge middle finger, while the rest of the free world benefits massively from that technology.

 

[mimmo_pizzachef]

Great post!! in every sense ... I read 157 pages in 3 days (the truth is that I skipped some) .. But in 2022 I have not seen any updates from @James Fake

 

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[Happyheart]

This may be a bit off topic, but can someone recommend a trustable source to exchange money into bitcoin? I am not seeking to invest, just wanted to make a small donation to truckers convoy (I am in Germany) and when I google it, I get all dizzy because of the amount of advertisement .

Or maybe I should hold some, while I am at it.

 

[MTF]

This may be a bit off topic, but can someone recommend a trustable source to exchange money into bitcoin? I am not seeking to invest, just wanted to make a small donation to truckers convoy (I am in Germany) and when I google it, I get all dizzy because of the amount of advertisement .

Or maybe I should hold some, while I am at it.

Any major exchange will do. Kraken is particularly suitable for people in Europe because their base currency is euro.

 

[GSF]

This may be a bit off topic, but can someone recommend a trustable source to exchange money into bitcoin? I am not seeking to invest, just wanted to make a small donation to truckers convoy (I am in Germany) and when I google it, I get all dizzy because of the amount of advertisement .

Or maybe I should hold some, while I am at it.

I use coinBase for moving from fiat into crypto and then move to othet exchanges from there, nice and easy to use although you'll need to go through their sign up process and KYC as a new user. Look into moon pay I've heard they're good.

 

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[AnNvr]

This may be a bit off topic, but can someone recommend a trustable source to exchange money into bitcoin? I am not seeking to invest, just wanted to make a small donation to truckers convoy (I am in Germany) and when I google it, I get all dizzy because of the amount of advertisement .

Or maybe I should hold some, while I am at it.

Coinmetro.

Euro currency, low fees and without KYC

 

[MTF]

Interesting article on so-called financial censorship:

Financial Censorship Is Becoming Pervasive

To investors, It was reported late last week that the United States would be confiscating billions of dollars from the central bank reserves of Afghanistan. This seemed a little weird at first, but I didn’t want to jump to conclusions since governments are always doing counter-intuitive or...

pomp.substack.com

The most important point is these few paragraphs:

The idea of financial censorship is becoming more pervasive. We have the US confiscating Afghan central bank assets. We have the US threatening Russia with removal from the SWIFT payment system depending on what actions Russia pursues in Ukraine. We have the Canadian government pressuring technology companies and financial institutions to confiscate any funds that are being sent to the truckers’ Freedom Convoy protest.

Each of these situations is different, but they are all a form of financial censorship. The more aggressive that governments become with financial censorship, whether towards each other or towards their own citizens, the more popular that bitcoin becomes in the eyes of those on the internet. Every attempt at financial censorship is a marketing campaign for bitcoin.

Bitcoin is censorship-resistant money. No one can prevent you from sending it to anyone else. No one can confiscate it from you without your permission. No one can debase the currency.

Bitcoin is freedom technology. It gives a user, from individuals to organizations to nation states, the freedom to choose how to use the digital currency. You can hold it. You can spend it. You can send it to someone. Whatever you want to do, you’re allowed to do it. No government, company, or individual can impose their views or desires on you.

If the Afghan central bank has sovereignty over their assets, the US couldn’t confiscate them easily. If the Freedom Convoy raised money through a censorship resistant currency, no one could have taken those funds from them.

That is where the world is headed. Sovereignty. Censorship-resistance. Decentralization. Individual rights. Slowly, but surely.

Bitcoin is inevitable. It returns the world back to sound money and to individual sovereignty. Those may seem like crazy ideas on the surface, but we are watching multiple examples play out that prove why it is so important.

 

[Kevin88660]

I remember ten years ago Germany wanted to ship their gold back but U.S. government refused. Not sure what happened next.

 

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[MitchC]

Interesting article on so-called financial censorship:

Financial Censorship Is Becoming Pervasive

To investors, It was reported late last week that the United States would be confiscating billions of dollars from the central bank reserves of Afghanistan. This seemed a little weird at first, but I didn’t want to jump to conclusions since governments are always doing counter-intuitive or...

pomp.substack.com

The most important point is these few paragraphs:

This is exactly why the one world digital dollar is so terrifying

 

[MTF]

Fun ad for one of the crypto exchanges:

View: https://www.youtube.com/watch?v=BH5-rSxilxo

 

[DWX]

Fun ad for one of the crypto exchanges:

View: https://www.youtube.com/watch?v=BH5-rSxilxo

Brilliant.

 

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[Timmy C]

Boring last year for crypto so far.

More or less ranging in the same place.

 

[MitchC]

Boring last year for crypto so far.

More or less ranging in the same place.

All those Super Bowl ads and nothing, no pump

 

[Ocean Man]

NYSE Wants to Be Marketplace for NFTs Just Like With Stocks

The New York Stock Exchange is stepping into the nonfungible tokens market with plans to do for digital assets what it does for stocks.

www.bloomberg.com

What??

 

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[AnNvr]

NYSE Wants to Be Marketplace for NFTs Just Like With Stocks

The New York Stock Exchange is stepping into the nonfungible tokens market with plans to do for digital assets what it does for stocks.

www.bloomberg.com

NYSE is uncapable to distinguish a stock from a piece of protocol.
I am looking forward to see SEC losing the lawsuit with Ripple net and put an end to this clownish scenario

 

[MitchC]

NYSE is uncapable to distinguish a stock from a piece of protocol.
I am looking forward to see SEC losing the lawsuit with Ripple net and put an end to this clownish scenario

What are your thoughts on ripple?

I know a couple of people very invested and into it.

They believe it’s going to be the new world currency and that the court case is a show to delay that from happening while they get everything ready.

 

[Ocean Man]

Update on LUKSO:

 

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[Timmy C]

What are your thoughts on ripple?

I know a couple of people very invested and into it.

They believe it’s going to be the new world currency and that the court case is a show to delay that from happening while they get everything ready.

Everyone tells me to buy this, and says im an idiot for not having it.

I see it as a useless shitcoin. I'll never own it.

Now I just say I have it, to shut them up.

 

[Ing]

What are your thoughts on ripple?

I know a couple of people very invested and into it.

They believe it’s going to be the new world currency and that the court case is a show to delay that from happening while they get everything ready.

Iknow a man who bought for 10 k € XRP in 2017. He s retired now. I think he loves it.

 

[AnNvr]

What are your thoughts on ripple?

I know a couple of people very invested and into it.

They believe it’s going to be the new world currency and that the court case is a show to delay that from happening while they get everything ready. believe whoever says it is a shitcoin and so on, simply did not understand either Ripple and xrp.

When it comes to crypto, it's evident a quality project looking at protocol (utility), team, milestones, tokenomics and partnership.

My thoughts on Ripple are that whoever says is a shitcoin did not understand any of the five points listed above.
Are the same who normally chase instant gratification on meme coins and ponzienomics.

They probably think strippers love them too.

 

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[AnNvr]

Iknow a man who bought for 10 k € XRP in 2017. He s retired now. I think he loves it.

It makes sense. The price action had a spike of almost 6000% in March '17, and a further 1000% from consolidation the end of the same year.

 

[Ocean Man]

Update on LUKSO L16:

Too long to screenshot so I’ll just copy and paste the message.

“
‍ **Testnet Update** ‍

Hey @everyone, we'd like to start off by thanking you once again for your continuous support over the last month, it is very much appreciated. <:Smile:872816897756921926>
LUKSO has been especially busy over the last weeks due to the necessity to change our approach. We have since worked on these changes and are now happy to announce that we have setup what will be a solid base for the upcoming L16 Testnetwork release.

Here's what we have been working on:

- We have introduced a **new infrastructure setup** by partially dismissing Kubernetes as the driver for our nodes. We are provisioning instances directly with Packer in order to have an automatic approach for restarting, adding validators, and monkey testing the stability of our network.

- We have aligned our codebase with **ETH's 2.0 codebase** to include the latest progress happening on their end in our development. We are currently doing a lot of research but we consider ourselves as being part of the research for **CASPER**, which will empower our development and give back to the ETH2.0 community.

- Due to our hard changes in the infrastructure we were also forced to switch our tooling setup. We are currently working on getting those tools ready.

It is our intention to release the BETA version of the L16 network in the upcoming days, where you, the BETA testers/validators, can help make our setup as resilient as possible. Once we feel confident to have a stable solution that can last, we will then launch the L16 Testnetwork. <:SmilingVR:872816903767351327>

Thank you again for your support and patience! We are looking forward in hearing your feedback! ”