Bitcoin / Cryptocurrency Discussion (And Predictions)

[OverByte]

I think @ChrisV post deserves more consideration from the perspective of what happens if gov (like the US) bans the use of crypto. Forget whether it is likely to happen, just assume it did happen and try to figure out the consequences of that, because it is a very real possibility. I can't say the odds, but I can say with certainty that it is a possibility this could happen. And if you think in terms of incentives, it actually makes a lot of sense for a gov to ban it. Fiat gives significant flexibility to monetary policy. So I think it's worthwhile to consider the implications of this.

I however, disagree with many of the posts about BTC as a currency (ie medium of exchange) and what it buys. BTC is not a scalable currency, nor will any proof of work based cryptocurrency ever be. It will never usurp Visa, etc. It's just not possible from a technical standpoint as the PoW algorithm is designed to be inefficient. Now it is possible that you could have a cryptocurrency that is backed by the value of BTC but that transactionally can achieve scalability (there are already examples of this), which could certainly have some value (and influence the value of BTC). But people transacting on a large scale frequent basis with BTC directly is never going to happen unless there is a fundamental change in the tech. Look up the number of transactions per second BTC can support, it's single digits and it's designed to be that way. Even if you consider the transactions can be reconciled later its infeasible to achieve meaningful scale with that sort of bandwidth. Just because some vendors are allowing purchases in BTC, it's a novelty not an actual solution, the transaction costs and delays will never scale. Sidenote - ETH 2.0 is addressing problems with its scalability via sharding (scalability) and proof of stake (transaction efficiency).

I think BTC as a store of value is a much more sound argument and I think holds water particularly due to the current monetary policies in place (which no gov is going to want to slow down due to short term incentives). So if BTC is a hedge against a major currency crisis and if BTC is not deriving its value as a medium of exchange. What would the impact be if the gov banned it? I'm not sure it would matter that much if it is banned as a medium of exchange, since it isn't a realistic one anyway, but I'm not sure how many retail investors have realized this... It would be impacted if the gov banned owning it as an asset however, I'm not sure if this is nearly as probable.

Anyway, I wrote this post as I think it would make for a valuable discussion to hear the forums thoughts around where they think BTC is headed if the US gov did ban it in some capacity (and why), if anyone is interested in sharing them...

 

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[csalvato]

think @ChrisV post deserves more consideration from the perspective of what happens if gov (like the US) bans the use of crypto. Forget whether it is likely to happen, just assume it did happen and try to figure out the consequences of that, because it is a very real possibility. I can't say the odds, but I can say with certainty that it is a possibility this could happen. And if you think in terms of incentives, it actually makes a lot of sense for a gov to ban it. Fiat gives significant flexibility to monetary policy. So I think it's worthwhile to consider the implications of this.

There are long threads on this, if you're interested. Here's one excerpt where I go down the rabbit hole on what this looks like:

HOT! - INVESTING - Reddit r/WSB bankrupts Hedge Fund using Robinhood

You have a strange definition of the word fast. :rofl: Lol. This is what happens when you use Google as a teacher, but you don't actually click on the headline. As you can see below it was adopted by the American financial markets in 1937 with the restriction that you could only short a rising...

www.thefastlaneforum.com

In short, I believe the highest probability, by far, is that the price goes down transiently, then rockets up (as everything else that's been banned has reacted for centuries). The countries that ban bitcoin will be left behind, so, as an individual, it's up to you to figure out how to weather that storm and get embarrassingly rich.

 

[csalvato]

I think @ChrisV post deserves more consideration from the perspective of what happens if gov (like the US) bans the use of crypto. Forget whether it is likely to happen, just assume it did happen and try to figure out the consequences of that, because it is a very real possibility. I can't say the odds, but I can say with certainty that it is a possibility this could happen. And if you think in terms of incentives, it actually makes a lot of sense for a gov to ban it. Fiat gives significant flexibility to monetary policy. So I think it's worthwhile to consider the implications of this.

I however, disagree with many of the posts about BTC as a currency (ie medium of exchange) and what it buys. BTC is not a scalable currency, nor will any proof of work based cryptocurrency ever be. It will never usurp Visa, etc. It's just not possible from a technical standpoint as the PoW algorithm is designed to be inefficient. Now it is possible that you could have a cryptocurrency that is backed by the value of BTC but that transactionally can achieve scalability (there are already examples of this), which could certainly have some value (and influence the value of BTC). But people transacting on a large scale frequent basis with BTC directly is never going to happen unless there is a fundamental change in the tech. Look up the number of transactions per second BTC can support, it's single digits and it's designed to be that way. Even if you consider the transactions can be reconciled later its infeasible to achieve meaningful scale with that sort of bandwidth. Just because some vendors are allowing purchases in BTC, it's a novelty not an actual solution, the transaction costs and delays will never scale. Sidenote - ETH 2.0 is addressing problems with its scalability via sharding (scalability) and proof of stake (transaction efficiency).

I think BTC as a store of value is a much more sound argument and I think holds water particularly due to the current monetary policies in place (which no gov is going to want to slow down due to short term incentives). So if BTC is a hedge against a major currency crisis and if BTC is not deriving its value as a medium of exchange. What would the impact be if the gov banned it? I'm not sure it would matter that much if it is banned as a medium of exchange, since it isn't a realistic one anyway, but I'm not sure how many retail investors have realized this... It would be impacted if the gov banned owning it as an asset however, I'm not sure if this is nearly as probable.

Anyway, I wrote this post as I think it would make for a valuable discussion to hear the forums thoughts around where they think BTC is headed if the US gov did ban it in some capacity (and why), if anyone is interested in sharing them...

Calling it a "currency" depends on your definition. In one definition, it means "general use", in which case it wouldn't technically be a currency.

But as a medium of exchange, it doesn't mean you have to use it to exchange for *everything*.

BTC was never built for you to buy milk. That doesn't mean it's not used as a medium of exchange. It's just a currency that's far more suitable for larger transactions.

As shown above, it's already being used as a medium of exchange for larger transactions (aka doing exactly what it should be).

I don't get this obsession with the sentiment that BTC isn't valuable unless it can usurp Visa, and be used to buy a pack of gum. That was never BTC's values prop, and BTC is immensely valuable without ever filling that need (which it still may via Lightning Network or another innovation).

 

[Kak]

Leave the lottery mentality to the slowlaners.

Bingo.

While I disagree about inherent nefariousness in crypto, I do agree that there are no real shortcuts. It isn’t some walk in the park to make millions of dollars. The people that think they can just buy a Bitcoin and get rich, are just trying to will something to happen more than they are looking at reality. They may end up right, but they may end up very wrong.

The reality is there are a LOT of headwinds for crypto that many in the crypto community willfully ignore, dismiss or even laugh at. The government is absolutely the single biggest headwind right now. The government hates competition. They have a well documented history of doing everything in their power to destroy competition in all forms.

Let me be clear, I’m not a crypto bear. I would actually describe myself on the bullish side of the median. I think it is cool as can be. I think it belongs in the portfolios of people seeking certain objectives, but the crypto community is, without question, a confirmation bias echo chamber.

I know this post won’t get much love, and that is ok. Just know if this very objective post pisses someone in this thread off, they prefer comforting lies to uncomfortable truth.

 

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[AceVentures]

Bingo.

While I disagree about inherent nefariousness in crypto, I do agree that there are no real shortcuts. It isn’t some walk in the park to make millions of dollars. The people that think they can just buy a Bitcoin and get rich, are just trying to will something to happen more than they are looking at reality. They may end up right, but they may end up very wrong.

The reality is there are a LOT of headwinds for crypto that many in the crypto community willfully ignore. The government is absolutely the single biggest headwind right now. The government hates competition. They have a well documented history of doing everything in their power to destroy competition in all forms.

Let me be clear, I’m not a crypto bear. I think it is cool as can be. I think it even belongs in the portfolios of people seeking certain objectives, but the crypto community is a confirmation bias echo chamber.

I know this post won’t get much love, and that is ok. Just know if this very objective post pisses someone in this thread off, they prefer comforting lies to uncomfortable truth.

I think if you look at some countries that tried to ban bitcoin - you'll see what happened thereafter and how their stance changed.

China, India, Pakistan, a few countries with some of the largest populations on the planet. Tried to ban crypto. And it blew up in their face. In Pakistan, they banned crypto and mining exploded in the country. So much so that they country created their own crypto mining infrastructure and changed the laws around it.

The US can ban it. They can try to ban it. But the train has left the station. It would only delay US users ability to exchange their fiat to crypto. Which they will still do - just have to jump through a couple of extra hoops. At which point the US will have to change laws, because their relevance and authority via their fiat will decrease in any future outcome.

This is akin to saying that the government is gonna ban the internet. The government doesn't design or operate the internet. You don't even have to follow the money to find the answers here, follow the brains. Where are the brains going? There are armies of developers building on blockchain. And a handful of fat dudes in a suit in Washington are going to somehow stop this future from manifesting?

 

[csalvato]

There are no real shortcuts. It isn’t some walk in the park to make millions of dollars. The people that think they can just buy a Bitcoin and get rich, are just trying to will something to happen more than they are looking at reality.

I feel like we are beyond the "buy bitcoin and get rich" phase.

More often, I hear from people "Nah, I'm not going to get involved because I already missed that boat" because they "missed the boat" before at $500 and $5000.

The people I know, who I convinced to put 6+ figures into BTC, all invested because they think the dollar is going to shit and they need something more stable.

And they aren't dumb people. Some are the smartest people I know, personally.

I don't personally hear many people still banging the drum of driving lambos within a few months. That was more of a 2017 narrative.

Maybe I'm missing it, idk.

 

[GPM]

@csalvato

That is why I have crypto, gimme that lambo son!!

On a side note, I started hobby mining with GPU's in like 2018 or something. I never thought to increase my card count now but I just took a look at the local used card market. I can get a couple extra cards as I have some headroom on one of my computers, they will pay out in roughly 3 months if prices stay around that 2k CAD mark. I figure there is at least enough time in this bull run to pay these bad boys off and leave me with the hardware!

Not a big purchase by any stretch of the imagination, but I can fit 3 more 1070 cards, so why not?

 

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[James Fake]

Hey guys,
Coming back to share a old fractal that has playing out fairly close, but today, its reached to the point where I have begun to reduce almost all my crypto positions back into fiat. And continuing to go full throttle bull 'grabbing any and all profits' I can with quick in and out daytrades (sometimes a 2-3 day swing trade) in the stock market instead.

Before the technicals; just sharing a few fundamentals.

US Dollar

1. The US Dollar has rallied hard.
2. Although the US Dollar currency can be correlated to inflation, its not necessarily a 100% representation of it because the supply of the dollar is only one of a few factors that determine the price of the US Dollar.
3. The US Dollar currency is a reflection of the US Economy's strength compared to other country's economic strength (their currency).
4. US Economy really only has one way to go from here. Upward into an economic expansion phase over the next years.
5. US Dollar will ultimately continue going up. It has bottomed. I do not believe (unless a US Economic crash happens) that the US Dollar will "collapse" as many, if not everyone's mother, believe it will be.

Stock Market

1. Running really greedy with an exponential inflood of new retail "investors" with no experience of any side of the market other than bull. Blind money.
2. Earnings week is over next week. Stocks tend to go down after earnings.
3. Robinhood hearing 2/18. I only see neutral to major downside to the outcome of this. Best case scenario; they conclude a "it was what it was" event and get a verbal warning. Worse case; they conclude further investigation with verbal commitment that Robinhood will have to reduce "gamification" of trading and will need to reduce risk exposure to new traders via severely limiting margin, more trade restrictions, etc. Could be a good "catalyst" for dumps or (what I think) the S&P will have topped already and beginning a small downtrend but this catalyst starts the legs (aka falling of a cliff) type movement of the correction.
4. Tax day 2/12. For whatever reason; it appears all equities tend to dip sometime from 1-2 weeks post tax day. Why? I don't know. If an investor/trader/entrepreneur is doing well, it makes more sense to wait as long as possible into April to file to access Q1 capital before any ES tax.
5. If a correction were to happen; in an environment like now with 0% interest, more stimulus hanging right on the edge to come out, QE still flying around.. it would be less likely a "crash" than more so a strong 10-15% pullback.

Crypto

1. Much of the rise in the last days to $38k bounce was due to "Hype". Meaning, had GME continued to go up (or have never crashed) and investors were turned away from the manipulation market of stocks then the interest in crypto would still be regular level.
2. These same people trade it as an equity and not necessarily investing it in as an inflation sensitive asset. They just want something to trade that can't be stopped essentially.
3. After Bitcoin topped in 2017; alts had their big runs up.
4. The Alt mania continued with pumps from one word mentions from Musk or Cuban, followed by almost a 100% retrace days after. This shows the market is full of hype chases, a sign of much froth.

With that all said... Let's look into the technicals next keeping with all that in mind:

 

[James Fake]

This is Bitcoin of today vs. Bitcoin of 2017/2018. The crosshairs are on where I suspect a point that could very well match today. Yes, the price action from a macro standpoint matches, but the volume action is eerily similar as well. The gigantic red dildo bar (at the bottom) during the first sell off from the tippy top. A huge red dildo like that indicates an area where the "I mad enough money from my low entry, let me get the F*ck out while the going is good" vs. the "this thing is only just getting started" crowd clashes.

Also note; the Moving Averages: 20/50/100/200. Lines: pink/blue/orange/grey area.




Now let's take it a step further. And overlay the S&P at that time. You can see that during that time; it was an overall equities rally where S&P and Bitcoin both went up. But notice: (although not super identical, the macro actions are still the same) the S&P takes a breather and goes flat when Bitcoin tops out and enters a multiple week dip area. There is one hard dip from the S&P before it begins rocketing upwards again breaking the All Time High it consolidated under. In both cases; the S&P leads upwards first, followed shortly by Bitcoin.

We know the S&P right now is very frothy will likely a 10-15% correction due to slowly begin sometime in the next 1-2 weeks. With froth, comes the top that always runs higher than one imagined. The S&P has much fuel left to continue running up before the correction. Then look at 2017/2018 as the S&P began a 10% correction. Something we know that is likely and inevitably going to happen in the next weeks, and its coincidence with Bitcoin having topped out and failing it's bear market rally (what I believe Bitcoin is in now).



Now lets go a step further. I overlay the US Dollar DXY (blue line) over both. Is it a coincidence that the US Dollar was in a huge overall downtrend, one with almost the same strength as a Covid US Dollar?

(You can't see it in this screenshot but) Also; in 2017/2018; that US Dollar was approaching the final bottom of that downtrend and does a reversal back to a big uptrend. Something that; if we take into consideration the fundamentals of how our economic path is going; will likely lead us into a stronger economy over the next 6-7-8 years. As we look at Europe who have been shutting down almost completely (which not only affects their economy right now, but will also have side-effects lingering long after opening), and China.. well no one trusts them.



So now lets wrap it all up with a close up chart.

1. US Dollar did a sharp (and mostly unexpected) rise then. Same.
2. US Dollar also rose as equities rose where most of the time, not all, the US Dollar runs inversely. Same.
3. S&P approaches All Time High, and consolidates flat underneath before breaking up into a rally that breaks past it as Bitcoin enters a Bear Market Rally from its tippy top. Today, possible.
4. Bitcoin prints a huge indecisive candle right at the top of the Bear Market Rally. Same.
5. Bitcoin's MACD and RSI profile match almost exactly the same as well. (not show). Right as this indecisive daily candle prints, the MACD actually turns back down (a momentum fake out essentially).

To sum it all up; there is a big chance that Bitcoin has hit the Top of a Bear Market Rally. And will continue a macro down trend over the next months. The S&P will enter into a 10-15% correction in the coming weeks, and will do a double bottom back; followed by more macro uptrend. The US Dollar may bounce up here from a huge inverse head and shoulders, or may look to do one more leg down to retest the amount of seller exhaustion before reversal into macro uptrend.

The question is: How long does Bitcoin's downtrend last if history repeats itself? If Bitcoin stays down for months and months; then how is Inflation? Does it even happen? Or does it happen much much slower than one anticipates and creates the rise of Bitcoin out that bear market?

Why is Grayscale pushing ads so hard to the public? "Go digital, go Grayscale".

 

[GPM]

Bitcoin, and by default pretty much all of cryptocurrency, is sitting at 25% search popularity when compared to the peak in 2018... dumb money has not started to enter this market yet.

Oh, and for anyone mining, my good friend who I told to start mining with his GPU today literally just figured out how to get extra coins for free that never used to work before. Boost clock on your GPU did not matter with ethereum back when I set my computers up, apparently now it does. I just got close to 10% extra out of my stuff with about a 2% increase in power usage by changing a few settings and adding Boost Clock!! I will do some fiddling tomorrow to find the sweet spot, but holy hell does something for nothing ever get me excited.

The moral of the story? An absolute rookie spent a few minutes looking at something and ended up increasing my earnings by 10%, meanwhile I've been at this for years. Fresh eyes from an intelligent individual go A LONG WAY!!

 

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[Timmy C]

I just can't see us entering a bear market for some time. It doesn't make sense to me.

Imagine being bearish with all of the institutions pilling in, the developments on DEFi, mayor of Miami adopting crypto.

Just seems crazy to me that we could dump hard already. Just getting started.

It doesn't mean we can't pull back temporarily, but we will have a super cycle next, I ain't sitting on the sidelines that's for sure.

 

[csalvato]

I just can't see us entering a bull market for some time. It doesn't make sense to me.

Did you mean bear market?

 

[Timmy C]

Did you mean bear market?

Yes lol

 

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[csalvato]

Yes lol

The world makes sense again.

 

[jsk29]

Bingo.

While I disagree about inherent nefariousness in crypto, I do agree that there are no real shortcuts. It isn’t some walk in the park to make millions of dollars. The people that think they can just buy a Bitcoin and get rich, are just trying to will something to happen more than they are looking at reality. They may end up right, but they may end up very wrong.

The reality is there are a LOT of headwinds for crypto that many in the crypto community willfully ignore, dismiss or even laugh at. The government is absolutely the single biggest headwind right now. The government hates competition. They have a well documented history of doing everything in their power to destroy competition in all forms.

Let me be clear, I’m not a crypto bear. I would actually describe myself on the bullish side of the median. I think it is cool as can be. I think it belongs in the portfolios of people seeking certain objectives, but the crypto community is, without question, a confirmation bias echo chamber.

I know this post won’t get much love, and that is ok. Just know if this very objective post pisses someone in this thread off, they prefer comforting lies to uncomfortable truth.

• I agree that Bitcoin is neither an effective nor efficient way to get rich. My personal view is it's essentially digital gold and has deviated far from Satoshi's original vision of it becoming 'digital cash'
• By "The government" I'm inferring you mean the U.S. government. IMO the U.S. government isn't a headwind, at best it's a light breeze. They had the chance to take it seriously and attempt to stop it 10 years ago but it's practically impossible to 'stop' now
• I agree that the U.S. government hates competition, especially Russia and China. Unless all three (perhaps India as well) agree to ban BTC completely, I don't see the U.S. government taking the initiative. I feel they have a 'wait and see' approach while regulating where necessary (eg. centralized on-ramp exchanges) and aren't attempting a full out ban due to FOMO on substantial economic growth opportunities. And the longer they wait, the harder the possibility of a ban
• I think the biggest threat to crypto is the persistence of centralization via BTC adoption
  • https://www.forbes.com/sites/billybambrough/2021/02/03/visa-reveals-bitcoin-and-crypto-banking-roadmap-amid-race-to-reach-network-of-70-million/?sh=f9d857c401cd
  • I'm much more excited about DeFi projects like Uniswap (Uniswap). I fear the centralized corps + banks + gov will decide to embrace BTC as the much lesser (and easier to regulate) threat and attempt to crack down on the DeFi projects in their current infant stages

 

[Frinys]

While I disagree about inherent nefariousness in crypto, I do agree that there are no real shortcuts. It isn’t some walk in the park to make millions of dollars. The people that think they can just buy a Bitcoin and get rich, are just trying to will something to happen more than they are looking at reality. They may end up right, but they may end up very wrong.

In hindsight, Bitcoin was a way to get rich quick. But no one could know that in 2009. Some people gambled and got it right, some people bought something else and lost.

Any asset that increases as much as crypto has done in the last 12 years will gain attention from people that want to get rich quickly. I think you are referring to these people.

Today, Bitcoin is neither a way to get rich quick nor a gamble. It's an investment, just like stocks are. I think most of the people in this thread think that crypto currently is a better long term investment than stocks, but not that it is a way to get rich quick.

The reality is there are a LOT of headwinds for crypto that many in the crypto community willfully ignore, dismiss or even laugh at. The government is absolutely the single biggest headwind right now. The government hates competition. They have a well documented history of doing everything in their power to destroy competition in all forms.

It's not dismissed. It is just that it's not that concerning. Bitcoin is based on Peer-to-Peer communication, much in the same way as torrents are.

Now, tell me, how did governments stop digital piracy? They couldn't.
Do they want to? Yes. But they can't unless they prevent people from accessing the internet completely.

Unlike piracy, which is illegal for obvious reasons, I mean, it's literally theft. Cryptocurrencies, on the other hand, have no obvious reason to be illegal, except that "The government wants control.". If the government of the USA is unable to stop digital piracy, how are they going to stop digital currencies?

Let me be clear, I’m not a crypto bear. I would actually describe myself on the bullish side of the median. I think it is cool as can be. I think it belongs in the portfolios of people seeking certain objectives, but the crypto community is, without question, a confirmation bias echo chamber.

I know this post won’t get much love, and that is ok. Just know if this very objective post pisses someone in this thread off, they prefer comforting lies to uncomfortable truth.

I hope you don't take the replies you have gotten as people being pissed off. I think it's very nice and important that you are raising concerns and that we get a debate where both sides are discussed and accepted.

 

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[Timmy C]

Eth has good potential, but it can't scale for shit right now.

Gas fees are absurd.

 

[James Fake]

Bitcoin, and by default pretty much all of cryptocurrency, is sitting at 25% search popularity when compared to the peak in 2018... dumb money has not started to enter this market yet.

I just can't see us entering a bear market for some time. It doesn't make sense to me.

Imagine being bearish with all of the institutions pilling in, the developments on DEFi, mayor of Miami adopting crypto.

Ah yes, very good points. Along with both your points; there are a few other factors that contradict my bearish sentiment as well (inflation flies high quickly vs. slowly building up, etc.)

I'll watch how Bitcoin does at this specific $38k price point. If it breaks up clean with volume, then a good chance my whole prediction is invalidated by next week. If this thing starts going down to close the candle red today from $38,190 and/or the entire weekend is two solid red daily candles then it might get ugly next week.

 

[Frinys]

Eth has good potential, but it can't scale for shit right now.

Gas fees are absurd.

Long term, compared to historical prices, yes.

But the upcoming switch to Eth 2.0 makes it a riskier investment than may seem at first glance. In the best and most probable case, the switch will go just fine and sharding + Proof of Stake will lead to better transaction capacity and lower fees. In that case, Ethereum may compete with Bitcoin in regards to market cap.

But in the absolute worst case, the switch to Eth 2.0 fails. We don't know exactly how sharding is going to affect further development on the chain. And new attack vectors can exist that we don't know about yet. If that happens, we may see a new community split as we did when ETC emerged.

And we do know that miners will move away from Ethereum (To newcomers: it is not possible to mine Proof of Stake coins). So a part of the Ethereum community will disappear no matter what.

I think Ethereum should be in any portfolio, but I also think it's a much riskier investment now than it has been in the last 3-4 years.

 

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[Timmy C]

Long term, compared to historical prices, yes.

But the upcoming switch to Eth 2.0 makes it a riskier investment than may seem at first glance. In the best and most probable case, the switch will go just fine and sharding + Proof of Stake will lead to better transaction capacity and lower fees. In that case, Ethereum may compete with Bitcoin in regards to market cap.

But in the absolute worst case, the switch to Eth 2.0 fails. We don't know exactly how sharding is going to affect further development on the chain. And new attack vectors can exist that we don't know about yet. If that happens, we may see a new community split as we did when ETC emerged.

And we do know that miners will move away from Ethereum (To newcomers: it is not possible to mine Proof of Stake coins). So a part of the Ethereum community will disappear no matter what.

I think Ethereum should be in any portfolio, but I also think it's a much riskier investment now than it has been in the last 3-4 years.

Cardano is a hedge against Ethereum and I do like what I am seeing from them.

I will get some ADA eventually.

 

[MTF]

A German man is keeping $60 million in bitcoin from police by never revealing his password

Without a password, the bitcoin are trapped in an encrypted digital wallet.

www.theverge.com

@csalvato

But then there's that:

Kraken Identifies Critical Flaw in Trezor Hardware Wallets

Kraken Security Labs has devised a way to extract seeds from both cryptocurrency hardware wallets offered from industry leader Trezor, the Trezor One and Trezor Model T. The attack requires just 15 minutes of physical access to the device. This is the first time that the detailed steps for a...

blog.kraken.com

Obviously it was a flaw that will be fixed but it shows that your hardware wallet can still be insecure.

Nigerian government doesn't like crypto:

Nigeria's Central Bank Orders Banks to Close Accounts of All Crypto Users

Any breaches of the order would face "severe regulatory sanctions," the central bank warned.

www.coindesk.com

 

[csalvato]

A German man is keeping $60 million in bitcoin from police by never revealing his password

Without a password, the bitcoin are trapped in an encrypted digital wallet.

www.theverge.com

@csalvato

But then there's that:

Kraken Identifies Critical Flaw in Trezor Hardware Wallets

Kraken Security Labs has devised a way to extract seeds from both cryptocurrency hardware wallets offered from industry leader Trezor, the Trezor One and Trezor Model T. The attack requires just 15 minutes of physical access to the device. This is the first time that the detailed steps for a...

blog.kraken.com

Obviously it was a flaw that will be fixed but it shows that your hardware wallet can still be insecure.

Yeah for sure. From the article:

It does mean that you should keep it away from other people, and that you should enable the BIP39 passphrase, which Kraken says can protect against the attack.

For those who hold bitcoin in a hardware wallet, use BIP39 (which is now turned on by default).

Security is def a cat and mouse game. In this case, it looks like the hardware this guy used is not susceptible to such an attack.

 

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[GPM]

Has anyone used Bitpay before? I see that Newegg takes bitpay, and apparently you can get Amazon gift cards as well. Turning crypto to Amazon gift card essentially means you can buy nearly anything with crypto now

 

[Timmy C]

Has anyone used Bitpay before? I see that Newegg takes bitpay, and apparently you can get Amazon gift cards as well. Turning crypto to Amazon gift card essentially means you can buy nearly anything with crypto now

Can't say I have mate no.

 

[Timmy C]

ETH CME futures soon.

Dump or pump?

 

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[Sethamus]

ETH CME futures soon.

Dump or pump?

Stop losses might help if it dumps, then buy back in close to where it levels out. Everyone comparing it to bitcoin futures that dumped before a run back up. Doesn't ever hurt to take come guaranteed gains imo.

Edit: This is my reply to someone who watches it as closely as you do @Timmy C . If someone else reading this is a long term holder and you do not check on it daily then I would just continue to hold. I sold some, and have a few limit orders for on the way back down. One got filled at 1600.

 

[Thinh]

I've spent about an hour scanning people's opinion on Twitter, and just as you might imagine, there's one half of people thinking it's going to skyrocket, and the other one thinking a huge dump is in the works.
The only thing clear is that no one seemed to put forth a convincing case.
With that said, I'm probably going to set up at stop loss order just in case (that's what I suggest you to do rather than just panicking and selling right away).

 

[AceVentures]

I've spent about an hour scanning people's opinion on Twitter, and just as you might imagine, there's one half of people thinking it's going to skyrocket, and the other one thinking a huge dump is in the works.
The only thing clear is that no one seemed to put forth a convincing case.
With that said, I'm probably going to set up at stop loss order just in case (that's what I suggest you to do rather than just panicking and selling right away).

Everybody and their momma has an opinion on what Bitcoin will do this week, next week, and the week after.

You know what about the fundamentals behind the investment rationale changes on a weekly basis? Nothing.

If you understand the principles behind your investment, and you're not running on fumes in your checkings account, there should not be any panic.

 

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[Timmy C]

If there was a shitcoin Olympics.

I would be the leader.

I'm balls deep in these scam coins!

 

[Shivam Pawar]

Hi Guys,

I am newbie about cryptocurrencies.
Do you suggest any book or forum to understand well this argument

*1. Bitcoin is a Non- Productive Asset*


Buffett invests in stocks issued by corporations that produce something of value. In the process, they produce earnings and dividends for shareholders.


Buffett believes bitcoin is valuable only because the person buying it thinks they'll be able to sell it for even more than what they paid at some point.


*2. Bitcoin is a speculation, not an Investment*


Bitcoin isn't exactly a buy-and-hold investment. Its price is highly volatile.


Ultimately, Buffett is fine with it if you want to buy yourself some bitcoin. Just don't call it investing.


*3. Bitcoin is not a Currency*


Just because you call something a currency doesn't mean it is one.


It has to be a stable store of value that people actually use to buy things with. Bitcoin falls on this account. So, it's not a digital currency which we say usually to Bitcoin.