Cryptocurrency mega-thread

[LongBombFromOutside50]

I get what youre saying (and agree in theory) but this is hilarious really. "Eliminates any kind of manipulation", every week is a different scam in crypto

Sure, and there are many scams in tradfi as well. But the irony of all those scams (particularly the FTX fraud) is that it reinforces the need for crypto as trustless and decentralised ledger technology. Does it not?

 

[LongBombFromOutside50]

I've bought a small bag, but looking for bigger buys around the $3-$5 range.

You must think bitcoin is headed for $12 - $14k in that case!

 

[Evolved1]

Bitboy hunting down SBF. Never a dull moment in crypto.

 

[Pugz89]

Few months away and wow I've missed some craziness. Trolls included. Hope y'all avoided disaster.

 

[Evolved1]

Few months away and wow I've missed some craziness. Trolls included. Hope y'all avoided disaster.

AFIAK nobody here lost big on FTX. We lost through hodling though.

 

[PoppedCorn]

Anyone familiar with updating an address once the tokens in ledger ?

I have a token in ledger and it's the old one and they have a new token address now so while i can see the amount I have it shows me nothing

Where do I update it so can see the new one and it's value/details etc

Anyone had to do something like this?

 

[beez]

Bitboy hunting down SBF. Never a dull moment in crypto.

What do you make of his thoughts on Solana?

I have no idea about the veracity or lack thereof of any protocol, but I've found it interesting that Eth and Solana have come in for stronger-than-normal criticism from certain parties. I dunno, maybe it's just maxis that do this every cycle?

 

[Evolved1]

What do you make of his thoughts on Solana?

I have no idea about the veracity or lack thereof of any protocol, but I've found it interesting that Eth and Solana have come in for stronger-than-normal criticism from certain parties. I dunno, maybe it's just maxis that do this every cycle?

Who, Bitboy? I don't watch his videos, but I'll have a look if you have a link to share.

 

[beez]

Who, Bitboy? I don't watch his videos, but I'll have a look if you have a link to share.

I don't watch his videos either, but he's been quite active on Twitter. Obviously he's just one person, and I very much dislike him, but if you're not really in the know, that's cool. I'm just fascinated.

 

[Evolved1]

Brazil Approves Bill Regulating Use Of Bitcoin As Payment

Brazilian lawmakers have approved a complete regulatory framework for crypto, regulating the use of bitcoin as payment.

bitcoinmagazine.com

 

[Evolved1]

Exclusive: Sam Bankman-Fried says he's down to $100,000

The former CEO tells Axios about what helped lead to FTX's collapse.

www.axios.com

 

[BobbyMorri]

There is but traditional banking is no different in regards to liquidity, they just know the government will bail them out, unlike crypto currently.

https://www.apra.gov.au/sites/default/files/APS%2520210%2520FINAL.pdf

Errrr....No. If you need a decent sleep, perhaps read the above legislation.

Would love it if FTX had anything like the rules or regulations that banks(especially Aus Banks) have to follow.

perhaps then, people would not have lost everything at the first sneeze.

 

[bzparkes]

https://www.apra.gov.au/sites/default/files/APS%2520210%2520FINAL.pdf

Would love it if FTX had anything like the rules or regulations that banks(especially Aus Banks) have to follow.

perhaps then, people would not have lost everything at the first sneeze.

I agree completely with having to follow the rules.

A mate of mine however is an exec at at top 4 bank and we spoke about this after the FTX debacle and he said banks do exactly the same thing because they know they'll just get bailed out.

 

[Evolved1]

https://www.apra.gov.au/sites/default/files/APS%2520210%2520FINAL.pdf

Errrr....No. If you need a decent sleep, perhaps read the above legislation.

Would love it if FTX had anything like the rules or regulations that banks(especially Aus Banks) have to follow.

perhaps then, people would not have lost everything at the first sneeze.

I think you'll find all the regulars here support stronger regulation of centralised exchanges. They're a weak link in crypto.

 

[ash_1050]

I agree completely with having to follow the rules.

A mate of mine however is an exec at at top 4 bank and we spoke about this after the FTX debacle and he said banks do exactly the same thing because they know they'll just get bailed out.

‘The same thing’ as in fractional reserve banking, or ‘the same thing’ as in massive regulatory oversights and ignorance, tax dodging via foreign entities, paying salaries via emoji, wiping all chat history at regular intervals, and using customer funds as your own personal bank account? Bit of a difference between the two.

 

[bzparkes]

‘The same thing’ as in fractional reserve banking, or ‘the same thing’ as in massive regulatory oversights and ignorance, tax dodging via foreign entities, paying salaries via emoji, wiping all chat history at regular intervals, and using customer funds as your own personal bank account? Bit of a difference between the two.

The same thing I am referring to is the leveraged trading, which lead to the downfall of FTX.

Lehmann Bros in the GFC is the most famous example of this.

 

[Caesar]

More importantly, what reason is there to believe crypto won't recover given it has consistently done so over the past 13 years? Why is this time different?

…if you are asking this question you really shouldn’t be entrusted with money to invest

 

[Evolved1]

…if you are asking this question you really shouldn’t be entrusted with money to invest

Why do you say that?

I view crypto as a legitimate market that isn't going away any time soon. Even if there's a 50% chance bitcoin ends up at zero and a 50% chance it ends up at $100k, it's a good long term investment at this point.

Every time the market takes a dump, which it often does, people come out of the woodwork with their reasoning as to why these Ponzi's are worthless and going to zero. Then we recover and those same people disappear or come up with their own grift.

'Case in point is Jordan Belfort, the Wolf of Wall Street. Around the peak of the bubble in 2017-18, he spent months explaining why "this time is different' and crypto was going to zero. In the most recent cycle, he was spruiking his own NFT shite.

 

[Evolved1]

Chart stolen from thecrpytosniper who has turned bullish in the short to mid term.

 

[The Dice Man]

One of my coins did 220% today. I've been buying as much Ftm as I could at the 17/17.5c range in the last month and that's up almost 50%. Of course I have a shit load of FTM I bought at higher levels like $1.. even some at $2 and 'took profits' into other shitcoins that are way down.

I'm still bullish on FTM for the next cycle.

 

[Caesar]

Why do you say that?

because ‘it’s recovered before so therefore it will recover again’ is just terrible logic, especially given leverage levels

there is just too much debt and too little fundamental value in the sector to expect crypto to keep defying economic gravity

 

[FRUMPY]

Why do you say that?

I view crypto as a legitimate market that isn't going away any time soon. Even if there's a 50% chance bitcoin ends up at zero and a 50% chance it ends up at $100k, it's a good long term investment at this point.

Every time the market takes a dump, which it often does, people come out of the woodwork with their reasoning as to why these Ponzi's are worthless and going to zero. Then we recover and those same people disappear or come up with their own grift.

'Case in point is Jordan Belfort, the Wolf of Wall Street. Around the peak of the bubble in 2017-18, he spent months explaining why "this time is different' and crypto was going to zero. In the most recent cycle, he was spruiking his own NFT shite.

people who love crypto go very quiet when there is a downturn as well.....this thread is a key indicator of that

 

[Evolved1]

because ‘it’s recovered before so therefore it will recover again’ is just terrible logic, especially given leverage levels

Expecting market cycles to continue is about as logical as any pattern of thought I can think of. Bull and bear markets are a facet of human psychology.

there is just too much debt and too little fundamental value in the sector to expect crypto to keep defying economic gravity

Well, that is only true if you think crypto is currently overvalued. In the case of most shitcoins, I'd agree. In the case of bitcoin and ethereum, I disagree. I think $17k USD per bitcoin and $1300 USD per ethereum will look like good buying points in a few years time.

Do I think we go lower? Yes. Will we go to zero? No. Will the market recover and go to new all time highs? I'm 98% sure it will.

When was the last time you bought or sold any crypto?

 

[Evolved1]

people who love crypto go very quiet when there is a downturn as well.....this thread is a key indicator of that

I'm still posting regularly like the crazy crypto nut I am, along with several others. I suspect the more sane posters are either broke, quietly accumulating, or praying to break even so they can sell.

 

[Caesar]

Expecting market cycles to continue is about as logical as any pattern of thought I can think of. Bull and bear markets are a facet of human psychology.

Well, that is only true if you think crypto is currently overvalued. In the case of most shitcoins, I'd agree. In the case of bitcoin and ethereum, I disagree. I think $17k USD per bitcoin and $1300 USD per ethereum will look like good buying points in a few years time.

you are missing the point