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Over to you crypto fanboys

Susco

By Susco
in Cryptocurrency News

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GrandPapillon Platinum Member

GrandPapillon

Posted
Posted

you still want the ability to buy cryptos with cash instead of relying on cross crypto rates, that are often distorted by each exchange activities

 

prices and rates are not uniform and difficult to compare if you don't use a base currency as the benchmark for making comps

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Susco
Susco

Elon Musk, one of the biggest crypto defenders, seems to have wised up on the real future of crypto currencies.   If he really considered it a success story, of course he would accept it as

The Cipher
The Cipher

There were a number of ways I thought about replying to this, but I'll try and actually be helpful this time ????.   So I have a pretty classic Wall Street background and was a crypto skepti

tomazbodner
tomazbodner

To me, what is far more interesting in all of this is, that when it comes to stock market, a few "financial analysts'" opinion can swing the stock prices, and when it comes to cryptocurrencies, someon

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mjnaus Silver Member

mjnaus

Posted
Posted
6 minutes ago, GrandPapillon said:

you still want the ability to buy cryptos with cash instead of relying on cross crypto rates, that are often distorted by each exchange activities

 

prices and rates are not uniform and difficult to compare if you don't use a base currency as the benchmark for making comps

 

Again, you only need centralized exchanges as an on-ramp; ie to convert fiat (USD/EUR/GBP) into crypto. Once you have your crypto assets, you won't need the centralized exchanges until you want to convert crypto into fiat. 

 

The world of crypto, and DeFi is extremely sticky in the sense that once fiat has been converted into crypto, the majority stays in crypto. During down turns, corrections and longer bull markets, a large number of people move into stable coins rather than converting back into fiat. And obviously one does not need a centralized exchange to use a fiat currency as a cost base to make comps.

GrandPapillon Platinum Member

GrandPapillon

Posted
Posted (edited)
8 minutes ago, mjnaus said:

 

Again, you only need centralized exchanges as an on-ramp; ie to convert fiat (USD/EUR/GBP) into crypto. Once you have your crypto assets, you won't need the centralized exchanges until you want to convert crypto into fiat. 

 

The world of crypto, and DeFi is extremely sticky in the sense that once fiat has been converted into crypto, the majority stays in crypto. During down turns, corrections and longer bull markets, a large number of people move into stable coins rather than converting back into fiat. And obviously one does not need a centralized exchange to use a fiat currency as a cost base to make comps.

I beg to differ. Fools might use "stable" coins as storage between trades, but that's being very naive and foolish. You would need a base currency to "store" your gains and make your next move. What you are saying is very worrying that anyone could be stupid enough to cross cryptos using dodgy "stable" coins. It doesn't make things safer. Those "stable" coins could collapse at any time.

 

Jesus, that crypto tech is full of security holes and latent black swan risks, it's just amazing how anyone could be crazy enough to engage with those exchanges in any capacity. You just can't win ????

Edited by GrandPapillon
mjnaus Silver Member

mjnaus

Posted
Posted
1 minute ago, GrandPapillon said:

I beg to differ. Fools might use "stable" coins as storage between trades, but that's being very naive and foolish. You would need a base currency to "store" your gains and make your next move. What you are saying is very worrying that anyone could be stupid enough to cross cryptos using dodgy "stable" coins. It doesn't make things safer.

 

Jesus, that tech is full of security holes and latent black swan risk, it's just amazing how anyone could be foolish to engage with those exchanges in any capacity. You just can't win ????

 

You can beg all you want my friend. That does not change anything though. The beauty of crypto, and DeFi, is that it is all happening on chain, for the entire world to see. Chain analyses clearly show that the majority of DeFi users does indeed use stable coins, or even ETH, to bridge trades. 

 

But alas, we can't all be as smart as the brilliant @GrandPapillon who apparently has all the answers. 

I am throwing in the towel though. There's just no point arguing about the merits and issues of crypto and DeFi with someone who clearly hasn't made a single crypto trade in his life. 

  • Haha 1
GrandPapillon Platinum Member

GrandPapillon

Posted
Posted
Just now, mjnaus said:

But alas, we can't all be as smart as the brilliant @GrandPapillon who apparently has all the answers. 

I am throwing in the towel though. There's just no point arguing about the merits and issues of crypto and DeFi with someone who clearly hasn't made a single crypto trade in his life. 

I am not smart or brilliant, I just have experiences in trading assets on exchanges and know how to "manage" risks ????

 

I understand the average crypto trader doesn't have those very basic financial skills ????

 

what's the point of making large gains if you are going to lose it all on "stable" coins or an exchange hack ????

 

anyway, crypto and DeFi is a religion based on faith, crypto enthusiasts are just the preachers ????

Heng Star Member

Heng

Posted
Posted
5 hours ago, GrandPapillon said:

amazing, but transferring your cryptos from the exchange to your offline wallet every time you complete a trade sounds a bit like a pain, and very cumbersome

 

 

It's all done on your phone taking about 3 minutes per transaction start to finish.  

Heng Star Member

Heng

Posted
Posted
19 minutes ago, GrandPapillon said:

yes when someone answers, after a 45min wait ????

 

Bud Fox, the subject was transferring crypto from an exchange wallet to an offline/cold wallet.   You don't need to talk to anyone to do that.   

fdsa Gold Member

fdsa

Posted
Posted

these cráp news about blocking of one of the subsidiary companies belonging to Binance are not worth discussing - the lawyers will find their way.

I've got a more interesting one to discuss:

 

> Mircea Popescu, a supposed owner of 1 million Bitcoins, died in Costa Rica. His family claims they do not have access to his crypto assets.

 

- if that is true, then the total amount of Bitcoins became 20 millions, not 21 million as it was before. Add all the other deaths, hard disk fails, losses of the private keys, and the total amount of Bitcoins becames more like 15 millions. Take that into account when making 10+ years long predictions :D

Tanomazu Silver Member

Tanomazu

Posted
Posted

Investment legend Michael Burry, who predicted the 2008 sub-prime mortgage crisis and made 479 million by betting on a housing collapse has now made a shock prediction that Bitcoin will crash:

 

https://fortune.com/2021/03/01/bitcoin-bubble-michael-burry-big-short-investing-btc/

 

"$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history," he wrote. "If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

ukrules Star Member

ukrules

Posted
Posted
4 minutes ago, Tanomazu said:

Investment legend Michael Burry, who predicted the 2008 sub-prime mortgage crisis and made 479 million by betting on a housing collapse has now made a shock prediction that Bitcoin will crash:

 

https://fortune.com/2021/03/01/bitcoin-bubble-michael-burry-big-short-investing-btc/

 

"$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history," he wrote. "If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

Burry has made many. many predictions during his career.

 

I believe he was correct once, the rest were garbage.

Tanomazu Silver Member

Tanomazu

Posted
Posted
3 minutes ago, ukrules said:

Burry has made many. many predictions during his career.

 

I believe he was correct once, the rest were garbage.

 

Everyone of his predictions was correct. He predicted the sub-prime mortgage crisis. He was correct. He then predicted Gold would go up in 2010. He was correct. He predicted Gamestop would go up, and made millions being right again. He predicted Tesla's shares will fall, again he made millions being right.

 

However, he may be wrong in Bitcoin. Because his main beef is the leverage in Bitcoin. Now it is true that bitcoin traders routinely leverage 100:1, however, almost the entire foreign exchange market is traded with 100:1 or 200:1 leverage. I don't see why Burry is concerned about Bitcoin, but not, say, Gold, where 200:1 leverage is no rarity.

  • Haha 1
Caldera Ruby Member

Caldera

Posted
Posted
52 minutes ago, Tanomazu said:

Investment legend Michael Burry, who predicted the 2008 sub-prime mortgage crisis and made 479 million by betting on a housing collapse has now made a shock prediction that Bitcoin will crash:

 

https://fortune.com/2021/03/01/bitcoin-bubble-michael-burry-big-short-investing-btc/

 

"$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history," he wrote. "If you do not know how much leverage is involved in the run-up, you may not know enough to own it.”

 

Now? That article is from early March!

  • 2 weeks later...
fdsa Gold Member

fdsa

Posted
Posted

Bitcoin fell below $30k: $29,696.52. So this is officialy an end of the cryptocurrency era. You could delete your wallets.

  • Haha 2
silenzo Rookie Member

silenzo

Posted
Posted
17 minutes ago, fdsa said:

Bitcoin fell below $30k: $29,696.52. So this is officialy an end of the cryptocurrency era. You could delete your wallets.

Time to buy the dips

  • 1 month later...
The Cipher Silver Member

The Cipher

Posted
Posted

Stan Chart released an Ethereum investor guide this week.

 

It's a little more technical than discussion on here has tended to be, but just thought I'd share in case anyone finds it to be interesting reading. The link is here.

GrandPapillon Platinum Member

GrandPapillon

Posted
Posted (edited)
31 minutes ago, The Cipher said:

Stan Chart released an Ethereum investor guide this week.

 

It's a little more technical than discussion on here has tended to be, but just thought I'd share in case anyone finds it to be interesting reading. The link is here.

the question of cryptos has never been technical, since the technical doesn't address the actual issues in our modern society, but it makes great <Delete***> material for geeks ????

 

Will go have a laugh and read it, it's going to be full of tangents and half truth to "promote" their crapware ????

Edited by GrandPapillon
GrandPapillon Platinum Member

GrandPapillon

Posted
Posted

done reading another crappy "sell-side" report ????

 

babbling and masturbating with the usual non-sense, it felt like reading an analysis report for ENRON in 1999, weeks before it was outed as a fraud ????

fdsa Gold Member

fdsa

Posted
Posted

Cryptocurrency is so dead that its subforum was even moved from the "Informational Technologies" somewhere far away to the "World News" :biggrin:

 

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