Bitcoin / Cryptocurrency Discussion (And Predictions)

[Antifragile]

So I had $11 stuck on another exchange I needed to move and clear out. Between security protocols, enter PIN#s, enter this, enter security codes sent to phone/email, Authenticator apps, it took me 31 minutes. 31 F*cking minutes to withdraw freaking $11. And this technology is going to revolutionize money? This technology is the "most secure" when I have to jump through 1,310 hoops to withdraw and move eleven bucks? And here's the thing, not even all of it was moved and part of it "needs approval" -- so awesome I need some 3rd party to approve moving 4 bucks.

Sometimes I wonder if hype just erases all common sense.

What an utter waste of time.

Why didn’t you just ignore it and not waste your time on $11? On an exchange…

If you said “I tried to move 2eth to a person”, I’d take your criticism of the technology.

 

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[MJ DeMarco]

Why didn’t you just ignore it and not waste your time on $11? On an exchange…

Sorry but I had no idea how much $$ was in the account. Half the time took getting into the damn account. Once I got in, I figured it would take me 2 minutes to move it, but it was another 15 minutes. Sunk cost did the rest.

 

[MTF]

So I had $11 stuck on another exchange I needed to move and clear out. Between security protocols, enter PIN#s, enter this, enter security codes sent to phone/email, Authenticator apps, it took me 31 minutes. 31 F*cking minutes to withdraw freaking $11. And this technology is going to revolutionize money? This technology is the "most secure" when I have to jump through 1,310 hoops to withdraw and move eleven bucks? And here's the thing, not even all of it was moved and part of it "needs approval" -- so awesome I need some 3rd party to approve moving 4 bucks.

Sometimes I wonder if hype just erases all common sense.

What an utter waste of time.

You're criticizing the exchange, not the technology behind crypto. It would be like criticizing US dollars because you can't withdraw your money from Wells Fargo.

 

[GPM]

Also, never hold anything on an exchange unless you plan on selling it or trading it. Keep anything in your own wallet. If it isn't in your wallet you don't own it.

 

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[Antifragile]

Sorry but I had no idea how much $$ was in the account. Half the time took getting into the damn account. Once I got in, I figured it would take me 2 minutes to move it, but it was another 15 minutes. Sunk cost did the rest.

That can happen to regular bank account and be even worse...
Too bad you had to waste this much time to find out there was so little in there. Shit coins suck. But then again, there was a time when people thought BTC was a shit idea and worthless.

 

[EmotionEngine]

Also, never hold anything on an exchange unless you plan on selling it or trading it. Keep anything in your own wallet. If it isn't in your wallet you don't own it.

I think that is part of the problem. That's like saying "Yeah, you just got your paycheck direct deposited into the bank but it's not yours until it's in your cow skin wallet." I own a crypto wallet and what you say is true, but it's actually quite sad.

Crypto has an annoying barrier to entry too for the less technical. The exchanges, 20k+ shit coins (Sushi coin?), fees, cold wallets, hot wallets, the eye sore hashes, hexadecimal addresses, and scams. My 72 year old mother couldn't figure all this out and I believe it's a barrier for many and preventing true mainstream adoption. Not to mention there is hard time proving why someone needs crypto right now, this very moment. It's sure not a hedge against inflation. The line bobs up and down anytime the fed says a peep.

 

[starttoday123]

Hey awesome people. Does anyone know if all short term crypto trading platforms require taxes be paid before any profits or principle be moved off the trading platform? Where is there more info on these regulations? CME Crypto is requiring I do this

 

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[starttoday123]

Following up on my last post since I can’t find answers anywhere else on the internet. Anyone know why my own principle can’t be used to pay Bitcoin trading profit taxes on the trading platform? What the heck? Is this normal?

 

[MJ DeMarco]

More crypto malfeasance...

At this point, there are more stories of theft, scam, and grift, than of utility and innovation.

My favorite of course, is Kardashian getting paid to talk about something she knows nothing about.

Former Coinbase manager, former brokers, great stuff!

Celsius Network execs made withdrawals pre-bankruptcy

The crypto lender has time and again insisted that it operates with clients in mind — yet the numbers, according to Celsius documents, tell a different story.

www.axios.com

SEC.gov | SEC Charges The Hydrogen Technology Corp. and its Former CEO for Market Manipulation of Crypto Asset Securities

www.sec.gov

SEC.gov | SEC Charges Eleven Individuals in $300 Million Crypto Pyramid Scheme

www.sec.gov

SEC.gov | SEC Charges Kim Kardashian for Unlawfully Touting Crypto Security

www.sec.gov

SEC.gov | Sparkster to Pay $35 Million to Harmed Investor Fund for Unregistered Crypto Asset Offering

www.sec.gov

SEC.gov | SEC Charges Former Coinbase Manager, Two Others in Crypto Asset Insider Trading Action

www.sec.gov

 

[S.Y.]

Hey awesome people. Does anyone know if all short term crypto trading platforms require taxes be paid before any profits or principle be moved off the trading platform? Where is there more info on these regulations? CME Crypto is requiring I do this

I haven't moved money out of my crypto account in a while, but I don't see why they should force you to pay taxes.

Here in Canada, sales of crypto are treated like capital gains. I don't recall reading about any taxes due upon withdrawal. I report them with my yearly filing. And pay taxes on what I owe for all my investments - crypto and non crypto.

 

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[starttoday123]

I haven't moved money out of my crypto account in a while, but I don't see why they should force you to pay taxes.

Here in Canada, sales of crypto are treated like capital gains. I don't recall reading about any taxes due upon withdrawal. I report them with my yearly filing. And pay taxes on what I owe for all my investments - crypto and non crypto.

Thanks so much, good to know.

This company is saying that I have to pay capital gains and only then they’ll allow my withdrawal and provide a certificate of proof of payment of the taxes to the IRS…I think I lost all the money I put in lol..

 

[MJ DeMarco]

Thanks so much, good to know.

This company is saying that I have to pay capital gains and only then they’ll allow my withdrawal and provide a certificate of proof of payment of the taxes to the IRS…I think I lost all the money I put in lol..

Wait a sec, a private company wants you to PAY THEM your capital gains taxes? This smells like a huge scam.

 

[starttoday123]

More crypto malfeasance...

At this point, there are more stories of theft, scam, and grift, than of utility and innovation.

My favorite of course, is Kardashian getting paid to talk about something she knows nothing about.

Former Coinbase manager, former brokers, great stuff!

Yes, I saw Kim Kardashian settled for a 1.26M fine last week for lack of transparency promoting crypto. Great stuff indeed lol

I think I’ve been scammed too, serves me right for not following FLM!

 

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[starttoday123]

Wait a sec, a private company wants you to PAY THEM your capital gains taxes? This smells like a huge scam.

Yes, if I pay it’ll probably disappear too

 

[GPM]

Yes, if I pay it’ll probably disappear too

Is it cash in an account? Use it to buy other crypto and transfer the crypto out to a different wallet?

 

[starttoday123]

Is it cash in an account? Use it to buy other crypto and transfer the crypto out to a different wallet?

Sounds like a good idea, thanks I’ll look into that. It’s now Tether/USDT

 

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[EmotionEngine]

Add another to the list:

"The US Securities and Exchange Commission is investigating Yuga Labs Inc., the creator of the popular Bored Ape Yacht Club collection of NFTs, over whether sales of its digital assets violate federal law.

The SEC is examining whether certain nonfungible tokens from the Miami-based company are more akin to stocks and should follow the same disclosure rules, according to a person familiar with the matter, who asked not to be named because the probe is private. Wall Street’s main regulator is also examining the distribution of ApeCoin, which was given to holders of Bored Ape Yacht Club and related NFTs."

Bored-Ape Creator Yuga Labs Faces SEC Probe Over Unregistered Offerings

www.bloomberg.com

 

[MoneyDoc]

@MJ DeMarco Another one! ~$100m.

https://twitter.com/i/web/status/1579979342423396352

View: https://twitter.com/mangomarkets/status/1579979342423396352?s=20&t=8gkt2PZSdAk3KSCaRm6xBQ


The "hacker" seems very well versed with the protocol. To be completely honest, I think a lot of these "DeFi Hacks" are INSIDERS from the team. After all, when you literally have access to $100m+ at your fingertips, it becomes tempting especially if you know a way to make it untraceable. Quite sad for the end user. People should think twice where they deposit their funds/crypto.

 

[Antifragile]

 

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[MoneyDoc]

View attachment 45476

Thanks for reminding me of my situation. LOL!

 

[Simon Angel]

View attachment 45476

I've invested in just one coin a year and a half ago and that's how it's going to stay. Unless that thing hits 10, 100x, or 1000x in returns, I'm not withdrawing. I have written off that money entirely.

 

[robjohn]

I've invested in just one coin a year and a half ago and that's how it's going to stay. Unless that thing hits 10, 100x, or 1000x in returns, I'm not withdrawing. I have written off that money entirely.

I don't have very many coins. I own some of the big two (BTC and ETH). The other coin for me is Lukso. It was talked about alot here. They (Lukso) still seem to have the lights on, making progress slowly. I know Antifragile and MoneyDoc also invested in Lukso last year.

I've also put a bit of money into XRP, since there seems to be a general feeling that Ripple is going to win SEC lawsuit.

 

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[Antifragile]

I know Antifragile and MoneyDoc also invested in Lukso last year.

Don't know about @MoneyDoc but I did not invest in Lukso, I gambled on Lukso and so far it's been a disaster! Win some, lose some when gambling, right?

Like any good gamble, only put in what you can lose without any impact on you or your family. That's why I've sold nothing, will keep these coins until it's either something worth of attention again, or nothing.

Crypto today is a great reminder, when you don't add value, the odds are not on your side. If you are hurting with crypto now, go back to basics, heed the lessons shared on this Forum! Read and re-read @MJ DeMarco books.

I invest in my business.

P.S. I really like blockchain tech and can't wait to find/create applications I can bring to RE. One idea that I have no time to pursue is the concept of rent to own. The transfer of value through blockchain can be seamless, cost efficient (remove lawyers and fees there) so that each month's rent can buy you small share of the unit itself. At some point, you can sell that equity or buy the unit itself. Concepts like this excite me and when I have too much free time, this is what I plan to pursue and invest in.

 

[robjohn]

Don't know about @MoneyDoc but I did not invest in Lukso, I gambled on Lukso and so far it's been a disaster! Win some, lose some when gambling, right?

Like any good gamble, only put in what you can lose without any impact on you or your family. That's why I've sold nothing, will keep these coins until it's either something worth of attention again, or nothing.

Crypto today is a great reminder, when you don't add value, the odds are not on your side. If you are hurting with crypto now, go back to basics, heed the lessons shared on this Forum! Read and re-read @MJ DeMarco books.

I invest in my business.

P.S. I really like blockchain tech and can't wait to find/create applications I can bring to RE. One idea that I have no time to pursue is the concept of rent to own. The transfer of value through blockchain can be seamless, cost efficient (remove lawyers and fees there) so that each month's rent can buy you small share of the unit itself. At some point, you can sell that equity or buy the unit itself. Concepts like this excite me and when I have too much free time, this is what I plan to pursue and invest in.

I agree with the last paragraph specifically. That's actually my goal as a programmer. I want to bring something to the table using the blockchain, and then I can stop worrying about price talk. Price will be irrelevant if you come up with something valuable that people use.

Also agree on your point about spending what you can afford to lose. Although I own a pretty big bag of Lukso, its not money that I'm losing sleep over. And I will be holding until the end.

 

[MoneyDoc]

Don't know about @MoneyDoc but I did not invest in Lukso, I gambled on Lukso and so far it's been a disaster! Win some, lose some when gambling, right?

Like any good gamble, only put in what you can lose without any impact on you or your family. That's why I've sold nothing, will keep these coins until it's either something worth of attention again, or nothing.

Crypto today is a great reminder, when you don't add value, the odds are not on your side. If you are hurting with crypto now, go back to basics, heed the lessons shared on this Forum! Read and re-read @MJ DeMarco books.

I invest in my business.

P.S. I really like blockchain tech and can't wait to find/create applications I can bring to RE. One idea that I have no time to pursue is the concept of rent to own. The transfer of value through blockchain can be seamless, cost efficient (remove lawyers and fees there) so that each month's rent can buy you small share of the unit itself. At some point, you can sell that equity or buy the unit itself. Concepts like this excite me and when I have too much free time, this is what I plan to pursue and invest in.

Yeah I sold my lukso bag around $30. Was too tempting not too. I did however not sell a few other projects around that time and got burned. Eventually decided to cut losses as I didn’t believe in the projects anymore.

Love that rent to own model! I think it's much needed in the industry, especially if it's offered directly by a builder. Could be a nice business model if you have "patient money" like you would say

 

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[starttoday123]

Well I fell for this crypto scam. Beware. But you all are probably way smarter than me lol I can’t believe I did that. Didn’t loose much at least

View: https://youtu.be/UBMzVdiXPnU

 

[MattR82]

Sorry but I had no idea how much $$ was in the account. Half the time took getting into the damn account. Once I got in, I figured it would take me 2 minutes to move it, but it was another 15 minutes. Sunk cost did the rest.

An old friend of mine from high school was partying with some random guy thst was talking up bitcoin a few years ago, and they both drunkenly bought about 300 bucks worth of bitcoin each. My friend is not tech savvy though, he can barely turn on a computer lol.

Anyway, fast forward to early this year or roundabouts, and someone reminded him of what he had done. Pretty cool! A drunken night out ends up in a nice little windfall, right?

Everyone was curiously excited to see how much he had but it took him weeks to figure out how to get access. Anyway, the day finally came and all he had done was deposit 300 bucks. Hadn't actually bought a damn thing, lol.

 

[robjohn]

I have a simple question. At this point, even my mailman, plumber, mechanic, acquaintances who never invested or know anything about crypto or the economy are predicting doom and gloom, and that the economy and the stock market, real estate, and everything is going to collapse very soon.

I’m pretty sure MJ mentioned or warned us in one of his books, that when this happens, its time to do the opposite. But few people are doing or talking about doing the opposite (and buying the bottom). What’s different about this time?

 

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[TinyTim]

Remember when everyone was calling for BTC to hit $1M? I couldn't go anywhere without people telling me to go all in and make easy money. Even Michael Saylor was telling people to sell their houses and buy BTC.

That's why I sold everything. I tried to convince a relative, but "this isn't the top yet". People are sheep. People are greedy. People hear what they WANT to hear, not what they need to hear.

Now, everyone is telling me that BTC is going to zero. Perhaps BTC goes down some more, perhaps not, but I'm starting to see similarities to the story above, as well as previous bear markets. Personally, I'd rather prices stay low for a whole so I can enter with real size, but it doesn't work like that.

 

[TinyTim]

Break out of a one-year trend? Let's see how it goes.