Crypto Sponsorship for the AFL - and now NFTs

[Chief]

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[WillHayward]

There's also a bunch of buy/sell limit orders on their order books. There are places you can view these online.

There's massive walls of buy orders at lower bitcoin prices, for example. That's why you see the price keeps bouncing off certain levels.

It takes one second to cancel a buy order.
Most buy orders are there to give the impression of support to give people confidence . It's psychological.
It's means nothing.

 

[Kram]

It takes one second to cancel a buy order.
Most buy orders are there to give the impression of support to give people confidence . It's psychological.
It's means nothing.

Yeah often see the same thing with stocks on the sell side with large blocks that aren't really there wanting to be sold, always kept a little out of reach. Just sitting there for appearances to make the side look larger.

 

[bzparkes]

Yes. But… every time you buy, it’s from someone who is wanting to sell (and vice versa). It’s not the actual ‘exchange’ who purchases the bitcoin to make it liquid.

That's completely wrong, you're describing the stock market.

The Excchange actually does purchase, or get provided, the tokens for trade. Otherwise, how on earth do you think you can send it to a private wallet?

You can always sell in crypto without someone having to buy.

Seems a LOT of people Don't understand this.

 

[bzparkes]

The exchanges hold cash

Lol what?

You have no clue.

They have to hold the crypto to be able to trade it on their exchange.

Seriously, just stop. You have NFI.

 

[Pessimistic]

Let’s trade players and draft picks in crypto

 

[HairyO]

That's completely wrong, you're describing the stock market.

The Excchange actually does purchase, or get provided, the tokens for trade. Otherwise, how on earth do you think you can send it to a private wallet?

You can always sell in crypto without someone having to buy.

Seems a LOT of people Don't understand this.

Who puts the money in the exchange which ends up with you when you sell your coins to the exchange ?

 

[Ghost Patrol]

Who puts the money in the exchange which ends up with you when you sell your coins to the exchange ?

You need to put money into the exchange to buy crypto in the first place.

 

[HairyO]

You need to put money into the exchange to buy crypto in the first place.

So in other words there needs to be buyers and sellers for transactions to take place.

bzparkes and you seem to be saying 2 very different things.

 

[bzparkes]

So in other words there needs to be buyers and sellers for transactions to take place.

bzparkes and you seem to be saying 2 very different things.

No, we're not. There's a liquidity pool you can swap tokens into, it doesn't require another buyer, as the exchange will swap cash for crypto and vice versa.

 

[HairyO]

No, we're not. There's a liquidity pool you can swap tokens into, it doesn't require another buyer, as the exchange will swap cash for crypto and vice versa.

And the cash comes from... ?

 

[rank and file]

Let’s trade players and draft picks in crypto

Need Cyrpto Pride round for sure.

 

[The 747]

Here is my basic gripe.
Crypto bros claim Bitcoin can replace "fiat" for transactions.
Ok kind of. I'll ignore the totally obvious issues with that... (Taxation etc)

1 No chance it will replace fiat.
2 It is already taxed in Australia, capital gains same as any investment.

 

[bzparkes]

And the cash comes from... ?

People buying obviously, however when an exchange first starts up the exchange itself provides the initial liquidity, otherwise people can't trade.

they are actual assets you can move off the exchange and store in a private wallet.

You only need to look at the available supply of Bitcoin and how it's steadily decreasing as people move it off the exchanges and into cold wallets.

What's your point exactly?

 

[Mordecai]

Post the new data then. Would appreciate it.

Superb.

I doubt it’s changed significantly

Here is my basic gripe.
<snip>

 

[happy_eagle]

View attachment 1323661

Bitcoin and Bitcoin lightning are two different things.

 

[Mr Magic]

1 No chance it will replace fiat.
2 It is already taxed in Australia, capital gains same as any investment.

Crypto is fiat, how many substitutes are there?

 

[mouncey2franklin]

View attachment 1323661

What is the greatest number of transactions per second ever performed in real life with this 'lightning network'?

 

[Usayed Givashe]

Until the whole thing crashes.

You are a misery, aren’t you Cam.

 

[bzparkes]

Bitcoin and Bitcoin lightning are two different things.

So are Fiat and Visa.

How many transactions per second can you do down at Woolies, or at the bar, with cash directly from your wallet?

 

[Mordecai]

Bitcoin and Bitcoin lightning are two different things.

The Lightning Network requires Bitcoin as it's a layer 2 solution.

What is the greatest number of transactions per second ever performed in real life with this 'lightning network'?

Good question regarding adoption of the second layer Lightning Network of Bitcoin. The suggestion here is adoption is between 0 and 1% at the moment. With further adoption I guess the fundamental value of Bitcoin goes up still more? I like your left field thinking mouncey2franklin

 

[Power Raid]

There's also a bunch of buy/sell limit orders on their order books. There are places you can view these online.

There's massive walls of buy orders at lower bitcoin prices, for example. That's why you see the price keeps bouncing off certain levels.

if I understand correctly it takes 51% of bitcoin owners to approve/ confirm another transaction

how is that effective or even possible as an actual currency


it is for this reason bitcoin (and the fixed number of units) will fail

 

[Ghost Patrol]

if I understand correctly it takes 51% of bitcoin owners to approve/ confirm another transaction

how is that effective or even possible as an actual currency


it is for this reason bitcoin (and the fixed number of units) will fail

No, that's incorrect.

 

[The 747]

Crypto is fiat, how many substitutes are there?

Nah

 

[Mordecai]

Bitcoin Lightning Network goes live on Cash App

The Lightning Network makes BTC transactions faster and cheaper compared to the main Bitcoin blockchain.

cointelegraph.com

We might get some real world numbers shortly mouncey2franklin

 

[Mr Magic]

Nah

Yeah, prove me wrong? Cause Max Keiser, says so? lol

Just because the US dollar might collapse does not mean crypto will replace it

Don't listen to me, keep buying million dollar worthless NFT's if it makes you happy