Bitcoin / Cryptocurrency Discussion (And Predictions)

[MitchC]

Go look up some "conspiracy theory" stuff on how the recent changes to Ethereum is playing right into the hands of essentially becoming government controlled and a centralized digital currency. Awfully convenient that if you were to create a roadmap for what needed to be done for government takeover and centralization, they are doing pretty much those exact steps.

The USA and Canada are both already working on that digital currency. USD and CAD are going the way of the dinosaur, and the next version will probably be some sort of a central bank controlled digital currency. That is the way it is heading. Nice and easy to tie that together with a social credit score, and tie that into your passport and travel documents. Canada is already doing trials of all this in the name of "making your life easier and travel more convenient". I think it is starting in Toronto.

So yea... I don't like the way things are heading, and the average Joe is the one who is going to lose out most when all this comes to fruition.

Imagine if our currency goes full Central Bank digital? Won't that be fun! Selling some cookies at a bake sale? Accepting some money for your 4 year old's baby shoes at a garage sale? Just have them scan their digital ID on your phone app to transfer the funds, and don't worry about the taxes, those can all come out automatically to make sure your loving overlords get their cut!

All the exchanges except the woke ESG Binance are failing

KYC

They have crypto in their full control

You will own nothing (except digital shitcoins) and be happy

Wish I sold all mine and bought silver, at least I can hold it in my hand

 

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[GPM]

E.g. if ETH were to be manipulated to $1 -> you could be a validator for $32 (you need 32 ETH to be one). You literally put the security of the network in the hands of the markets.

If the price remains high the other thing is that almost no one is even able to hold that 32 required. So anyone who wants to participate in that sends it off to some massive centralized entity, like coinbase, and they essentially hold the keys to it. Under this scenario, which we currently have, you have something like 10 wallets controlling 70% of the network. I made those numbers up, but it is not far off. A quick google search shows that 2 wallets control 46% of all the nodes. Looking at the chart if you add the next 2 largest that gets you up to 60%. The next largest guys after that hold roughly 1.5-2% of the network each, so they add up fast as well.

If you ask me this is a terrible spot to be. I am not sure how many miners there were when it was PoW, but every single one of them helped secure the network, and now it is in the hands of 10 wallets. Yup, that sounds like a great idea!

 

[GPM]

All the exchanges except the woke ESG Binance are failing

KYC

They have crypto in their full control

You will own nothing (except digital shitcoins) and be happy

Wish I sold all mine and bought silver, at least I can hold it in my hand

I have all my own wallet now set up on a server running a VM and a Vlan for every coin. I feel good about having it set up this way. I can load up each respective VM every few weeks or whatever and sync the blockchain. If I end up mining some scam coin it should be isolated from anything else, and all I will lose is a bit of mining time on it. For what its worth I am just playing around mining some shit coins right now. Whatever is kind of new at the moment I just want to get some few of them. It would be great to figure out how to make my own node to mine them myself without a pool.

For example, guys who started mining KASPA with a single mid range GPU were netting tens of thousands of coins a day when it was first released. Fast forward a few months later to today and that same GPU gets maybe 100 coins a day. Shit coins are a fun hobby for now that I would never have explored before when Eth was actually a profitable thing to mine.

 

[monnffffiiiiiii]

Wen lambo

 

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[MJ DeMarco]

Looks like Binance looked under the hood at FTX and went, "Uh, no, we'll pass."

 

[Xeon]

I've been bashing crypto since the beginning from my posts here, and I'll say this again for the x-th time. 99.999% of crypto "projects" are scams. It's always the same thing : build a "community" through Telegram (for some reason, crypto folks really love love love Telegram) and Twitter. "Guarantees" and APYs that are too good to be true. Many of the owners of these projects are often seen with big names and famous figures of the world, shaking hands, taking photos. Establishing themselves as authority figures.

And since while we're at it, CertiK and all these "certs" are BS and I won't be surprised if the guys behind these projects are in cahoots with the crypto scammers lol

Crypto (at least in its current form) won't work and never will. Decentralization? Money and power in the hands of the masses? Dream on!

All the power is getting more and more centralized in the hands of CZ of Binance which is probably going to be the mother of all rug pulls eventually. Why is Binance registered in the Cayman Islands, a scam haven of all places? Next time you see CZ at those crypto conferences, capture him and deliver him to the Chinese government.

 

[Matt Sun]

You know what isn't happening ? A bail out for FTX. Nobody is calling it too big to fail. There is no forced rescue with "bitcoin tax payers" footing the bill. Rather a scammy company going down in flames, as it should. Ugly ? yes. Free market ? yes. IMO. "Crypto" is a fraud (AKA "unregistered securities"), Bitcoin is the real deal, it's an asset not a security. This is what the SEC thinks at least.

 

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[AceVentures]

View attachment 45865


You know what isn't happening ? A bail out for FTX. Nobody is calling it too big to fail. There is no forced rescue with "bitcoin tax payers" footing the bill. Rather a scammy company going down in flames, as it should. Ugly ? yes. Free market ? yes. IMO. "Crypto" is a fraud (AKA "unregistered securities"), Bitcoin is the real deal, it's an asset not a security. This is what the SEC thinks at least.

One of my first moves in crypto was offloading everything into cold storage. I told everyone I knew, I begged them to do the same.

NONE of my friends followed suit. They thought somehow bad things only happen to other people, like they’re somehow immune to the most common issue plaguing crypto. “Not your keys not your coin” was seemingly just a joke to them. I watched them get rekt left and right and all I could do was offer the same advice: get a damn hardware wallet.

 

[Ing]

I foresee: I ll be broken soon!

 

[doster.zach]

I thought this was a very good synthesis of what happened with FTX.

TLDR: Smart young billionaire needs to have a high risk tolerance to get where he is, and when you invest with him you are going to have that risk projected onto you.

https://twitter.com/i/web/status/1590543512055214080

View: https://twitter.com/callicrates_/status/1590543512055214080

 

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[MJ DeMarco]

How the F*ck do you take customer's assets and trade them without their consent?

Guys like this should be sent away for 20 years.

But no, a slap on a the wrist and a nice cushy job at some VC firm awaits.

 

[MJ DeMarco]

Like a run on the banks in the 1920s...

Crypto Lender BlockFi Suspends Withdrawals in FTX Contagion

(Bloomberg) -- The crisis sparked by the collapse of Sam Bankman-Fried’s FTX crypto empire ensnared BlockFi, a troubled digital-asset lender once worth $3 billion but which has now limited activity on its platform.Most Read from BloombergMusk Warns Twitter Bankruptcy Possible as Senior...

finance.yahoo.com

Want your money? Nope. Can't have it.

 

[MTF]

Like a run on the banks in the 1920s...

Crypto Lender BlockFi Suspends Withdrawals in FTX Contagion

(Bloomberg) -- The crisis sparked by the collapse of Sam Bankman-Fried’s FTX crypto empire ensnared BlockFi, a troubled digital-asset lender once worth $3 billion but which has now limited activity on its platform.Most Read from BloombergMusk Warns Twitter Bankruptcy Possible as Senior...

finance.yahoo.com

Want your money? Nope. Can't have it.

The only people losing money in this are people who should have never invested in crypto. Two extremely simple rules:

• Not your keys, not your crypto.
• Don't keep cash on an exchange.

 

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[Antifragile]

The only people losing money in this are people who should have never invested in crypto. Two extremely simple rules:

• Not your keys, not your crypto.
• Don't keep cash on an exchange.

100% this. Anyone who’s done even a 15 min search on Google for top mistakes to avoid know these two rules.

I’ve never kept anything on exchanges more than the time needed to make a trade and move assets off. And I know of no people in my circle of friends who didn’t follow these simple rules. It’s literally crypto 101.

 

[socaldude]

Don’t listen to anybody that says liquidity and volatility in the crypto space doesn’t affect other markets.

It does.

There’s always some media schmuck that says “no one here cares about crypto”.

 

[MJ DeMarco]

The only people losing money in this are people who should have never invested in crypto. Two extremely simple rules:

• Not your keys, not your crypto.
• Don't keep cash on an exchange.

What wallets do you recommend? That appears to be another space rife with scammers if you read the reviews.

 

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[Antifragile]

@MJ DeMarco

Hardware Wallet & Crypto Wallet - Security for Crypto | Ledger

Secure your crypto assets such as Bitcoin, Ethereum, XRP, Monero and more. Give yourself peace of mind by knowing that your cryptocurrencies are safe

www.ledger.com

 

[doster.zach]

@MJ DeMarco

Hardware Wallet & Crypto Wallet - Security for Crypto | Ledger

Secure your crypto assets such as Bitcoin, Ethereum, XRP, Monero and more. Give yourself peace of mind by knowing that your cryptocurrencies are safe

www.ledger.com

Worked well for me, and setup was pretty quick.

 

[john3583]

To be honest I forgot I owned it until you posted

Also I had a thought, I think I would have lost more money if I bought property than I have buying crypto so it wasn’t the worst choice

 

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[MJ DeMarco]

@MJ DeMarco

Hardware Wallet & Crypto Wallet - Security for Crypto | Ledger

Secure your crypto assets such as Bitcoin, Ethereum, XRP, Monero and more. Give yourself peace of mind by knowing that your cryptocurrencies are safe

www.ledger.com

Several reviews say it is not compatible with iPhones. That true?

 

[Antifragile]

Several reviews say it is not compatible with iPhones. That true?

I deliberately only use a hard connection to my laptop as my frequency of transactions is very low. That is to say that while I can comfortably view balances on my Ledger Live on my iPhone, i've never use my iPhone to pair it to the hardware wallet. That is on purpose. I am a bit paranoid. Only a cord into my laptop ... then unplug when done.

This is a non-answer, but hopefully it helps.

A few more thoughts:
1. key words phrase - write it down but never take a photo of it (so it uploads to cloud and who knows who can see that!)
2. Hardware wallet can be thrown out as long as I have my key words phrase, so memorizing isn't a bad idea.

Sure, I may be way too paranoid for the crypto I got, but it's more about respecting the risks associated with this technology. Just like I wouldn't leave $100 bill on a counter at a coffee shop while going to a bathroom, why tempt fate by acting anything less than cautious?

 

[MTF]

What wallets do you recommend? That appears to be another space rife with scammers if you read the reviews.

Ledger or Trezor. I prefer Ledger.

Other than that, listen to @Antifragile. There's no need to use a smartphone for anything related to crypto. Buy it on an exchange on your computer and immediately take it off the exchange by sending it to your wallet. Done.

 

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[EmotionEngine]

I just got this moments ago. They really don't want folks moving their crypto!

 

[Ocean Man]

Ledger or Trezor. I prefer Ledger.

Other than that, listen to @Antifragile. There's no need to use a smartphone for anything related to crypto. Buy it on an exchange on your computer and immediately take it off the exchange by sending it to your wallet. Done.

+1 on Ledger. I believe I have the Ledger Nano X. But at the end of the day, it's about having your own wallet and having control over your assets & keys.

 

[EvanOkanagan]

A big lesson I learned after "investing" money in Bitcoin is that I should stick to investments I know. Sitting at a -64% return, and down 29k right now. I'm sure it's a lot worse for some people, luckily I didn't put any more into it.

HODLing until it either goes to zero or doubles my initial amount.

 

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[MitchC]

How the F*ck do you take customer's assets and trade them without their consent?

Guys like this should be sent away for 20 years.

But no, a slap on a the wrist and a nice cushy job at some VC firm awaits.

View attachment 45877

Wait till you find out what his Mum does and what he was doing with that money

Barbara Fried - InfluenceWatch

Barbara Fried is a Stanford Law School professor and a co-founder of Mind the Gap, a pro-Democratic super PAC. She is the mother of cryptocurrency investor Sam Bankman-Fried. Career After earning bachelor’s, master’s, and law degrees from Harvard University, Barbara Fried started her career as a...

www.influencewatch.org

 

[mguerra]

Wait till you find out what his Mum does and what he was doing with that money

Barbara Fried - InfluenceWatch

Barbara Fried is a Stanford Law School professor and a co-founder of Mind the Gap, a pro-Democratic super PAC. She is the mother of cryptocurrency investor Sam Bankman-Fried. Career After earning bachelor’s, master’s, and law degrees from Harvard University, Barbara Fried started her career as a...

www.influencewatch.org

 

[BAUCE]

@MJ DeMarco and everyone else for that matter. Don't buy Ledgers anywhere other than their website. People on Amazon have gotten hacked ledgers and lost everything.

 

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[BAUCE]

I just got this moments ago. They really don't want folks moving their crypto!
View attachment 45884

thank god, I was starting to think all exchanges were untrustworthy ...

 

[farmer79]

@MJ DeMarco and everyone else for that matter. Don't buy Ledgers anywhere other than their website. People on Amazon have gotten hacked ledgers and lost everything.

An even better idea is don’t buy crypto. What a dumpster fire it has turned into.

(I don’t mean this to run down your suggestion, thanks for the information.)