Cryptocurrency mega-thread

[Bostonian]

Sounds like the rest of the crypto industry. Unsustainable interest rates that have to be propped up by risky trading and loans.

You just railed against government and how you don't need them for anything, but you're happy to invest in a scheme that is subject to government regulation?

All USD deposits are insured.

Sounds like a bank?

The best way to disrupt the current systems is to be in and around it so that policies regarding it aren't formulated by the like of some people in this thread who don't seem to be that educated on the the whole space.

You might not want decentralised finance but for others disrupting what exists is a good thing.

 

[Seeds]

What a load of s**t.

People had possessions and land before governments existed.

To think that if you work your guts off to earn $10,000 to invest and take all the risk when investing it that those dog politicians have any right to anything you might make from your money you obviously come from a long line of serfs.

Bred into you.

yes they had possessions they could carry. Thats it. And then they lost those possessions if someone bigger wanted them. And there was nothing that could be done about it.

before proper governments existed people had to group together and build giant castles on hills to protect the few possessions they had cos they was no protection from a government or rule of law. The expense of doing so was enormous.

 

[Chief]

Staking provides you with free tokens.

You can sell those tokens for cash.

But dividends provides you with actual cash from the profits of the business. You can only sell those tokens for cash if the tokens are valued by the markert.

This is exactly how Celsius and others operated.

"Here's our company note that you can sell to others in exchange for money."

There is no advantage in crypto over money if it's all just trying to operate under regulations anyway. It looks like complicated flim-flam to entertain compulsive gamblers while the exchange siphons off money.

Bosto how are you getting 10% with FTX if they have a max of 8% for the first $10k? Is there another avenue for earning? Are you relying on the Swag Wheel?

Kroll Restructuring Administration

ftx.com

Free swag NFTs: stakers can spin the non-fungible swag wheel for a chance to win a free NFT, redeemable for FTX-themed swag or resellable at the NFT marketplace.

So legit!

Wow:

"Unstaking FTT takes 14 days. FTT scheduled for unstaking will not contribute to staking rewards. You can pay a fee to unstake immediately."

Given the rapidity with which other exchanges fall, a 14 day block on withdrawals looks pretty dangerous. How much is the "give me my tokens now" fee?

 

[Bostonian]

But dividends provides you with actual cash from the profits of the business. You can only sell those tokens for cash if the tokens are valued by the market. Profits dont rely on the markets valuation of your stock. They simply come from the net revenues of your business.

Actually dividends can also be paid with more shares of that company.

So exactly as is happening in crypto.

 

[Chief]

Actually dividends can also be paid with more shares of that company.

So exactly as is happening in crypto.

But the company generates money through business activity. It holds tangible and intangible assets.

FTX seems to hold your crypto in their own wallet? You handed over the keys to your money? This seems to be a big no-no in the crypto world.

Are you on their US exchange, not the bigger International platform registered in the Bahamas? Or is it Gibraltar?

https://help.ftx.com/hc/en-us/articles/360056976411-Jurisdiction-regulations-licensing-and-practices

I'm just scrolling through various articles so of course I won't have the full picture. I'm sure with a bit more time I could work out what they do in each jurisdiction and which are off limits.

It definitely looks like they are happy to submit to control of governments around the world.

Here is the FTX CEO admitting all crypto is a ponzi scheme:

 

[Bostonian]

Bosto how are you getting 10% with FTX if they have a max of 8% for the first $10k? Is there another avenue for earning? Are you relying on the Swag Wheel?

Kroll Restructuring Administration

ftx.com

Gotta slow down and read better mate!

I said I had 10k at 8%

So legit!

Wow:

"Unstaking FTT takes 14 days. FTT scheduled for unstaking will not contribute to staking rewards. You can pay a fee to unstake immediately."

Given the rapidity with which other exchanges fall, a 14 day block on withdrawals looks pretty dangerous. How much is the "give me my tokens now" fee?

Risk v reward.

I don't worry that FTX is going under.

You might be right about some smaller ones but that's what I factor into my research.

 

[Mofra]

Actually dividends can also be paid with more shares of that company.

That requires an opt-in to the DRP from the investor. It's never a default option.

 

[Mofra]

Oh the irony in posting a comment from buffet who believes crypto is completely worthless.

Buffett famously doesn't invest in anything he doesn't fully understand.

He missed the dot.com bubble (people called him mad) then the bust (people called him great) because of it.

 

[Bostonian]

But the company generates money through business activity. It holds tangible and intangible assets.

FTX seems to hold your crypto in their own wallet? You handed over the keys to your money? This seems to be a big no-no in the crypto world.

Are you on their US exchange, not the bigger International platform registered in the Bahamas? Or is it Gibraltar?

https://help.ftx.com/hc/en-us/articles/360056976411-Jurisdiction-regulations-licensing-and-practices

I'm just scrolling through various articles so of course I won't have the full picture. I'm sure with a bit more time I could work out what they do in each jurisdiction and which are off limits.

It definitely looks like they are happy to submit to control of governments around the world.

Here is the FTX CEO admitting all crypto is a ponzi scheme:

FTX makes money from transaction fees.

FTX will be making money from traditional stock market trading in the future.

Through holding the FTT token and staking it you get trade benefits as well as air drops.

The more people that stake the more FTT is that gets locked up and it's scarcity "could" impact the price if more people wish to take up the staking benefits.

 

[Bostonian]

That requires an opt-in to the DRP from the investor. It's never a default option.

Yet it's still a thing.

 

[Bostonian]

Oh the irony in posting a comment from buffet who believes crypto is completely worthless.

And yet Berkshire Hathaway put 1 billion into digital bank Nubank who have BTC ETFs.

 

[Carn The Berries]

How's your personal fraud squad going? I assume you have all the requisite skills to pursue white collar crime that might be committed against you?

#defundthepolice

C'mon Chief surely you know there isn't any crime in utopia. Or power, or water, or law...

 

[Carn The Berries]

Why would I need that?

I don't put my money anywhere I won't wear the consequences for.

The only things that's ever ripped me off in life is the government.

The Police are useless. They won't protect you from s**t. Seen it first hand many a time. More than you in your sheltered life would.

What about when your employer decides that you don't need all the money that you currently earn? Wouldn't it be great to have a system of laws in place and a body that can implement them.

Wonder how we're gonna pay for that...

 

[Chief]

And yet Berkshire Hathaway put 1 billion into digital bank Nubank who have BTC ETFs.

Yeah but looking at a couple of articles just now, Nubank is not "a crypto bank". It's a traditional bank with technology tweaks.

 

[Carn The Berries]

Well given we're in a cypto thread what about the Government banning privacy crypto from being sold on Australian exchanges?

This was at the behest of the major banks which just shows how in bed they are with each other.

The freedom to not turn up to vote without financial penalties and prop up these s**t campaigners called politicians.

You still have the freedom to not turn up... or pay the fine... There are just consequences if you don't. It's not like the government comes to you home and drags you to the polling place.

 

[Bostonian]

You still have the freedom to not turn up... or pay the fine... There are just consequences if you don't. It's not like the government comes to you home and drags you to the polling place.

If there are consequences that isn't freedom of democracy.

 

[Bostonian]

Yeah but looking at a couple of articles just now, Nubank is not "a crypto bank". It's a traditional bank with technology tweaks.

It's a digital bank.

So not really traditional as it has no need for branches like traditional banks.

 

[Chief]

It's a digital bank.

So not really traditional as it has no need for branches like traditional banks.

Most banks are closing branches. There have been other online-only banks. Seems like a bit of hype, but either way it's not a crypto-based bank.

 

[Bostonian]

Most banks are closing branches. There have been other online-only banks. Seems like a bit of hype, but either way it's not a crypto-based bank.

It's crypto friendly. Their model obviously has no issues in offering it to their customers.

Crypto is only on its infancy.

Through web3 development if it succeeds crypto through blockchain will be accepted far more readily than it is now.

 

[Chief]

It doesn't solve any problems. The technology might be good for something, some day. But it's not good as money.

 

[Ghost Patrol]

Creator of beancoin prefers money!

 

[Carn The Berries]

If there are consequences that isn't freedom of democracy.

Democracy doesn't exist without.... drumroll please... government!

 

[bzparkes]

Sounds like the rest of the crypto industry. Unsustainable interest rates that have to be propped up by risky trading and loans.

This is exactly how the banks operate though and how the sub-prime mortgage crisis lead to the GFC.

The difference in crypto is that when you do the lending (usually in the form of yield farming/providing liquidity) you take 99% of the profit.

When the bank lends your money, you get what, 1.27%? Pittance.

Having said that, there are real risks in providing liquidity, so you damn well better know what you are doing or you just get straight up rekt.

Definitely not something for amateurs.

 

[Chief]

This is exactly how the banks operate though and how the sub-prime mortgage crisis lead to the GFC.

Banks have been making actual profits and have legislation, oversight, and deposit insurance.

The oversight often proves inadequate, but it's there.

Celsius seems to be one example of this wild speculation and massive interest returns on "deposits" (AKA loans to Celsius by handing them the keys to your coins).

 

[bzparkes]

Banks have been making actual profits and have legislation, oversight, and deposit insurance.

The oversight often proves inadequate, but it's there.

Celsius seems to be one example of this wild speculation and massive interest returns on "deposits" (AKA loans to Celsius by handing them the keys to your coins).

Sure the banks make profits.

They make them at YOUR expense and give nothing back.

They also lend out more than they actually have, by borrowing on margin from other banks/lenders.

What happens when they **** it up? You lose your money and the CEO gets a 400m golden handshake.

The difference with crypto is that at least you're the one making the decision and taking the profit the bank would otherwise take on your behalf.

As I said though, it's not for noobs. You actually need to fully understand what you are doing, otherwise you'll just lose the lot.

Same as if you were a lender for a bank and didn't understand anything about lending.