Crypto Crashes

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8 minutes ago, Lemsta69 said:

lol. it's a modern expression, the equivalent of "talk to the hand". if you ain't a player you're a hater.

"Haters gonna hate is an informal way to express consolation, voice encouragement, or dismiss criticism. The phrase implies that criticism says more about the critic, or “hater,” than the person being criticized, i.e., that they are making judgements out of jealousy or their own negativity."

https://www.google.com/search?q=haters+gonna+hate&oq=haters+gonna+hate&aqs=chrome..69i57.3341j0j7&sourceid=chrome&ie=UTF-8

[fdsa]

3 minutes ago, Lemsta69 said:

4% commission? ouch.

The fee is so high if you want to buy "right now" and without any KYC-AML-WṪF.

If you are not in a hurry you could register on any cryptocurrency exchange such as totally legit and Thailand government approved Bitkub, and buy cryptocurrency with 1%. But it will take a few weeks because of KYC-AML-WṪF

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12 minutes ago, fdsa said:

 

 

 

Bitcoin really sucks in terms of transactions, as it is extremely slow (compared to other cryptos, not to the cfking banks) and expensive. It is good only as a store of value.

How is something that fluctuates so widely in value "good only as a store of value"?

[Lemsta69]

Just now, fdsa said:

The fee is so high if you want to buy "right now" and without any KYC-AML-WṪF.

If you are not in a hurry you could register on any cryptocurrency exchange such as totally legit and Thailand government approved Bitkub, and buy cryptocurrency with 1%. But it will take a few weeks because of KYC-AML-WṪF

oh Bitkub can take a long walk off of a short pier. they took ages to process my application and then wanted all sorts of silly documents. but I got KYC'd by Zipmex fairly quickly with just a passport and Bangkok Bank statement.

 

if you're in BKK I'm open to discussing OTC options in DM. I'll be needing THB soon to pay my exorbitant rent ????????????

[fdsa]

2 minutes ago, placeholder said:

How is something that fluctuates so widely in value "good only as a store of value"?

the fluctuations are visible only on a short time frame, and under "a store of value" I assumed holding it for several years.

[lkn]

18 minutes ago, fdsa said:

4% commission is approx 5 USD, plus transaction fees, so it will be about 7 USD to transfer 100 USD in Litecoins.

But the merchant does not want $100 worth of LTC sent to some wallet, they want $100 deposited to their bank account. So how do you achieve last step? Exchanges normally won’t pay out to accounts not in your name, also, you need to include the fee for converting back to USD, so I think it is clear that Kasikorn’s 250 baht fee is preferable.

[FritsSikkink]

23 minutes ago, Lemsta69 said:

lol. it's a modern expression, the equivalent of "talk to the hand". if you ain't a player you're a hater.

No, it is a dumb remark from people who don't value criticism and can't come up with a proper counter comment.

[lkn]

24 minutes ago, Lemsta69 said:

crypto is not just about money transfers it's about reshaping the world. taking the power from the haves to the have-nots. well that's the idea at least and I hope it succeeds because the 1% have had it too good for too long

It’s a nice idea, but that boat has long sailed.

 

Crypto has its own set of one percenters, and while you can accuse Wall Street and company of many things, a lot of the whales in crypto have much worse track records, they are just recreating banking without the regulation.

 

As they say, the problem with trustless finance is that it attracts all the people that you cannot trust.

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6 minutes ago, fdsa said:

the fluctuations are visible only on a short time frame, and under "a store of value" I assumed holding it for several years.

By your criterion, there's no difference between a "store of value" and an "investment". That doesn't make sense.

[fdsa]

4 minutes ago, lkn said:

But the merchant does not want $100 worth of LTC sent to some wallet, they want $100 deposited to their bank account. So how do you achieve last step? Exchanges normally won’t pay out to accounts not in your name, also, you need to include the fee for converting back to USD, so I think it is clear that Kasikorn’s 250 baht fee is preferable.

I thought that you have asked about "how to transfer $100 in the perfect world of cryptocurrencies".

If the merchant wants USD not crypto then yes - the total fee will be more than $7. Adding about 4% more for the exchange from crypto to USD and withdrawal to the bank will bring the total commission to more than 10 USD, maybe 500 THB total.

But still not $49

[Lemsta69]

16 minutes ago, fdsa said:

the fluctuations are visible only on a short time frame, and under "a store of value" I assumed holding it for several years.

we're currently in a state of flux. despite Satoshi's vision being only 13 or so years old it's a nascent technology and the benefits are not clear to the average punter. IMHO the value of a decentralised, trustless proof-of-work blockchain network will become realised in the not too distant future. in the meantime...

 

????????????????

Edited May 18, 2022 by Lemsta69
typo

[Lemsta69]

12 minutes ago, FritsSikkink said:

No, it is a dumb remark from people who don't value criticism and can't come up with a proper counter comment.

no it's a little bit more subtle then that but as I said to another member who called me stupid (hate speech), I CBF explaining the nuances. 

[Gecko123]

1 hour ago, Lemsta69 said:

ser, crypto is not just about money transfers it's about reshaping the world. taking the power from the haves to the have-nots. well that's the idea at least and I hope it succeeds because the 1% have had it too good for too long. 

According to the Vox article posted earlier:

 

"One paper in October 2021 found that, at the end of 2020, the top 10,000 investors owned about 5 million bitcoins, or about a third of what’s in circulation. That’s less than 0.1 percent of total bitcoin holders."

 

I was surprised by this concentration of ownership, much of which is probably in the hands of the very same top 1% whose clutches you are eager to be freed from. Those top 10,000 investors probably got in very early, making them filthy rich in the process. The other 15 mm bitcoins are being bid up by average Joe's trying to get in on the action. The way I see it, the top 10,000 investors have little incentive to add to their positions. They'd only be increasing their dollar cost average, right? But they have every incentive to hype and gin up enthusiasm in hopes that their shares increase further. The only reason I see for them to sell would be if they thought the share price was so high it couldn't go up any further.

 

I'd also point out that that concentration of ownership affords considerable power to manipulate the market price if or when desired, especially if the market is largely free from regulatory oversight.

 

Food for thought?

 

https://www.vox.com/the-goods/23071245/bitcoin-price-crypto-ethereum-nfts-defi-stablecoin

 

 

Edited May 18, 2022 by Gecko123

[Mac Mickmanus]

6 minutes ago, Gecko123 said:

According to the Vox article posted earlier:

 

"One paper in October 2021 found that, at the end of 2020, the top 10,000 investors owned about 5 million bitcoins, or about a third of what’s in circulation. That’s less than 0.1 percent of total bitcoin holders."

 

I was surprised by this concentration of ownership, much of which is probably in the hands of the same top 1% whose clutches you are eager to be freed from. Those top 10,000 investors probably got in very early, making them filthy rich in the process. The other 15 mm bitcoins are being bid up by average Joe's trying to get in on the action. The way I see it, the top 10,000 investors have little incentive to add to their positions. They'd only be increasing their dollar cost average, right? But they have every incentive to hype and gin up enthusiasm in hopes that their shares increase further. The only reason I see for them to sell would be if they thought the share price was so high it couldn't go up any further.

 

I'd also point out that that concentration of ownership affords considerable power to manipulate the market price if or when desired, especially if the market is largely free from regulatory oversight.

 

Food for thought?

 

https://www.vox.com/the-goods/23071245/bitcoin-price-crypto-ethereum-nfts-defi-stablecoin

 

 

Considering the anonymity of Bitcoin , how did the researchers find out who owns the Bitcoin ?

  Could one person set up numerous Bitcoin addresses and then hold vast amounts of bitcoin whilst it appears to be owned by numerous people ?

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7 hours ago, Neeranam said:

Oh dear, another clueless response. 

 

Don't you know that the Bitcoin transactions are fully recorded?

Obviously not. 

The chain of ownership is fully recorded, But not the names or other means of identifying the owners.

[Hummin]

5 minutes ago, Mac Mickmanus said:

Considering the anonymity of Bitcoin , how did the researchers find out who owns the Bitcoin ?

  Could one person set up numerous Bitcoin addresses and then hold vast amounts of bitcoin whilst it appears to be owned by numerous people ?

FBI made the Anom app, and as said many times, who is behind BTC? Is it a tool to track terrorists and other criminals? 

 

The backing story is to good to be true, considering the governments in the west doesn't care to stop it, even it's the only payment on most of the black web stores selling drugs and weapons.

[Mac Mickmanus]

3 minutes ago, Hummin said:

FBI made the Anom app, and as said many times, who is behind BTC? Is it a tool to track terrorists and other criminals? 

 

 

I must have missed that , who is behind BTC ?

[ozimoron]

1 hour ago, placeholder said:

How is something that fluctuates so widely in value "good only as a store of value"?

buy low and sell high like any other asset.

[ozimoron]

2 minutes ago, Mac Mickmanus said:

I must have missed that , who is behind BTC ?

Nobody, one of its main attractions.

[Hummin]

2 minutes ago, Mac Mickmanus said:

I must have missed that , who is behind BTC ?

That's the question ⁉️ who is behind BTC

 

Non of the investors seems to care much about it, there is an anonymous creator

 

 

[ozimoron]

2 minutes ago, Hummin said:

That's the question ⁉️ who is behind BTC

 

Non of the investors seems to care much about it, there is an anonymous creator

 

 

He is no longer anonymous but creating it and controlling it are two different things. Nobody controls it, nobody can destroy it and nobody can change the blockchain algorithm.

[Mac Mickmanus]

6 minutes ago, Hummin said:

That's the question ⁉️ who is behind BTC

 

Non of the investors seems to care much about it, there is an anonymous creator

 

 

Why do you keep laughing at my posts ?

It is rather rude. so could you please stop 

[Hummin]

3 minutes ago, Mac Mickmanus said:

Why do you keep laughing at my posts ?

It is rather rude. so could you please stop 

Laughing was not at you, it is quite amusing someone investing in something nobody knows who invented. Several claim they invented it, but so far no proof. 

[Hummin]

8 minutes ago, ozimoron said:

He is no longer anonymous but creating it and controlling it are two different things. Nobody controls it, nobody can destroy it and nobody can change the blockchain algorithm.

Can you give me a legit link to prove who it is.

[ozimoron]

1 minute ago, Hummin said:

Can you give me a legit link to prove who it is.

https://www.bbc.com/news/business-59571277

[Hummin]

4 minutes ago, ozimoron said:

https://www.bbc.com/news/business-59571277

He won the trial, but?

 

Craig Steven Wright (born October 1970) is an Australian computer scientist and businessman. He has publicly claimed to be the main part of the team that created bitcoin, and the identity behind the pseudonym Satoshi Nakamoto. These claims are regarded as false by much of the media and the cryptocurrency community.

 

https://en.m.wikipedia.org/wiki/Craig_Steven_Wright

[RafPinto]

2 hours ago, LarrySR said:

CoinBase stock +55.25% since May 12.

YTD 72% down. Latest quotation.

[ozimoron]

14 minutes ago, Hummin said:

He won the trial, but?

 

Craig Steven Wright (born October 1970) is an Australian computer scientist and businessman. He has publicly claimed to be the main part of the team that created bitcoin, and the identity behind the pseudonym Satoshi Nakamoto. These claims are regarded as false by much of the media and the cryptocurrency community.

 

https://en.m.wikipedia.org/wiki/Craig_Steven_Wright

Nobody's going to give him the coin. If he has possession of the wallet addresses then he has control of the coin.

[placeholder]

33 minutes ago, ozimoron said:

buy low and sell high like any other asset.

Unless you have access to a crystal ball or time machine, how do you when the price is at a low, and when it's at a high?

[Hummin]

3 minutes ago, ozimoron said:

Nobody's going to give him the coin. If he has possession of the wallet addresses then he has control of the coin.

Im waiting for his book where he tellls the story behind it.