Cryptocurrency

[BobbyCoins]

29 minutes ago, wiscotitansfan said:

Exact same way the SEC regulates the market. Just because something is global doesn't mean laws shouldn't apply

 

I don't trade stocks so that doesn't tell me much.

People need to be better stewards of their money themselves without the government holding their hands. If somebody put all their money into Bitcoin at 50k and someone tweets some bullshit that spooks the market down to 45k... well, first of all the market needs to stop listening to the whims of people who eat ass burgers. But secondly whose fault was it that they put all their money in at 50k? There's a reason DCA is such a recommended way of investing crypto. Maybe it is with stocks too, idk, but DCA is a way of protecting against losing all your shit in a few dips.

But I understand that people need to be protected from bad actors. I'd just like to understand how best to do that without destroying the positive growth aspects by hanging a bureaucratic milestone around its neck.

@titanruss

Thoughts?

[titanruss]

1 hour ago, NashvilleNinja said:

 

I don't trade stocks so that doesn't tell me much.

People need to be better stewards of their money themselves without the government holding their hands. If somebody put all their money into Bitcoin at 50k and someone tweets some bullshit that spooks the market down to 45k... well, first of all the market needs to stop listening to the whims of people who eat ass burgers. But secondly whose fault was it that they put all their money in at 50k? There's a reason DCA is such a recommended way of investing crypto. Maybe it is with stocks too, idk, but DCA is a way of protecting against losing all your shit in a few dips.

But I understand that people need to be protected from bad actors. I'd just like to understand how best to do that without destroying the positive growth aspects by hanging a bureaucratic milestone around its neck.

@titanruss

Thoughts?

 

Yes its your responsibility to invest wisely. If it wipes people out.. it wipes them out. Probably because they over-extended themselves or didnt do research.

 

Same story as any investment. Dont be a fool.

 

I dont think the regulation we are talking about here would hurt the crypto space or growth at all. It would actually help it probably because more people would feel it is becoming more validated at that point. Now of course that depends on the level of regulation...

 

But all regulation really is is just a way for those with the most money to get a head start on moves before the public finds out. At least musk is blatantly saying things and its pretty predictable how it works out. I'd much rather that happen than closed door insider trading that actually blindside fucks peoples whole lives. .. and only gets prosceucted when they accidentally fuck over the wrong powerful person.

 

 

[abenjami]

4 hours ago, titanruss said:

Guarantee you they bought the dip they helped create. (there were several other factors including binance for the dip) We'll probably find out in 3 months they added 300 mill to their position.

 

 

This wouldn't surprise me.  Look at the BTC chart for May 12 and 13.  Someone clearly had large buy orders sitting cued up at $46k and $47k

 

[BobbyCoins]

For those wondering about taxes on crypto:

 

 

 

[Jamalisms]

10 hours ago, abenjami said:

But why wouldn't people trust Binance anyway?

 

https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in

[OILERMAN]

8 hours ago, NashvilleNinja said:

 

How would you improve regulation? And can you define "being the wild west"? 

 

Here's an example

 

 

[abenjami]

12 hours ago, abenjami said:

But why wouldn't people trust Binance anyway?

 

1 hour ago, Jamalisms said:

 

https://www.bloomberg.com/news/articles/2021-05-13/binance-probed-by-u-s-as-money-laundering-tax-sleuths-bore-in

 

You mean to tell me crypto can be used for illegal activities and there's no way for the authorities to get your money back if someone rips you off?

[Jamalisms]

Just now, abenjami said:

You mean to tell me crypto can be used for illegal activities and there's no way for the authorities to get your money back if someone rips you off?

Nah, just that Binance is being specifically targeted and it specifically related to the rhetorical question.

[BobbyCoins]

21 minutes ago, OILERMAN said:

 

Here's an example

 

 

 

Yikes... that's not a good look.

Still, it's not like people don't have other options. There's the $USDC stablecoin that's founded by Circle and Coinbase. On the https://www.centre.io/ website they state:
 

Quote

USD Coin is an ERC-20 stablecoin brought to you by Circle and Coinbase. It is issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency.

 

I'm sure Tether said something similar, but idk much about them or who they are backed by. Coinbase being a founder of USDC seems like a pretty big deal. But if it's such a worrisome thing then maybe the US government needs to get off its lazy ass and create its own official stablecoin to put into the marketplace. Although if that somehow fucked with the USD printing press I doubt they'd bother. They don't seem to be bothering at this point anyway so whatever.

And fyi, I'm not talking about them making a FedCoin/CBDC. Fuck that shit with a sandpaper dildo.

[9 Nines]

Is there a bitcoin waifus? 

[abenjami]

If Cardano keeps up this recent insane growth rate, me and @NashvilleNinja are gonna be really rich in about 9-10 months.  LOL

[BobbyCoins]

1 minute ago, abenjami said:

If Cardano keeps up this recent insane growth rate, me and @NashvilleNinja are gonna be really rich in about 9-10 months.  LOL

 

I'm buyin an F12tdf with my first big reward. Or if it moons I'll get a Jesko. 

You know, ETH is moving to proof of stake, and you'll be able to stake on Coinbase. But Cardano is already there with staking and they are supposedly close to finally getting smart contracts on their network. Cardano is also a lot faster with their transactions and fees are dirt cheap compared to ETH.

One of the best features about about some of these altcoins is the staking. People are so caught up in whether or not an altcoin will surpass Bitcoin and be more valuable, but does that even really matter? The only people who either are or will ever be generationally wealthy off Bitcoin, or even rich from it really, are the ones who got in years ago. Especially as it climbs higher in value. But people could buy into altcoins now that may never take you to the moon but could give you a pretty decent passive income. Many may even give you a decent livable income, especially some of the poorer/less wealthy folks out there. People keep talking about UBI... well, crypto could be the way there, at least for some.

And apparently, after a quick Google search, people already had this thought a few years ago. https://medium.com/@pauljlamb/can-universal-basic-income-through-cryptocurrency-save-our-economic-future-2057e49663b8

 

Quote

In theory the use of UBI cryptocurrency could actually save the government money, by substituting a portion of government welfare payments with independent cryptocurrency payments. This could mean significant savings for safety net programs, which cost the Federal government $366 billion dollars in 2016 alone, not including Medicaid and Medicare.

 

But replacing government payments with cryptocurrency subsidies has potential disadvantages too. As we know from the recent wild bitcoin ride in cryptocurrency markets, volatility is a major challenge. For someone on a fixed income relying on a monthly subsidy, a sudden cryptocurrency market correction and a resulting loss of value of their UBI tokens could be devastating. Of course an increase in value of the cryptocurrency could do the opposite by making one’s regular subsidy worth even more.

 

The cryptocurrency volatility issue could be addressed in two ways. First, by using “stable coins” for UBI payments. Stable coins are cryptocurrencies pegged to the U.S. dollar or other fiat currencies, which can be used as an alternative to more volatile currencies like bitcoin.

 

Yet another reason for the US to get off its ass and create its own stablecoin and pull the rug out from under dodgy crypto platforms like Tether. Or they could just officially back Coinbase's USDC.

[titanruss]

@OILERMAN

 

the tether thing is such an interesting case. they got into trouble and were fined but now technically via the us Govt... what they are currently doing is OK. they weren't but now they have enough "cash equivalent" to be legal.

 

But i dont think the  FED should be ok with it.

 

IOUs and such are not actual cash. sure, they could exchange and get close to the amount of tether to usd.. but I still dont know how they are fine with it not being real cash. I guess its the same as a ton of banks and gold purchases.

 

The fact they released their numbers willingly and everyone is fine with it says they are either too big to fail r they have made the minimum effort to accommodate for the govts worries.

 

 

[wiscotitansfan]

2 hours ago, abenjami said:

If Cardano keeps up this recent insane growth rate, me and @NashvilleNinja are gonna be really rich in about 9-10 months.  LOL

I'm so pissed at an old coworker of mine who turned me onto it said he got in at .03.... Fucker didn't tell me to get in until .17 and took me a bit to get an account going and transfer money till it was double that.

[wiscotitansfan]

On 2/17/2021 at 1:40 PM, wiscotitansfan said:

And I'm also am hoping that BTC becomes so ingrained in corporate balance sheets for companies that are too big to fail that there's no ifs ands or buts about the UN and other governments across the globe stepping in and making sure there are regulations to avoid such volatility.

 

Ideally in that situation, those who are in crypto specifically for the decentralized currency will then start migrating away from BTC to likely ETH (but hopefully Cardano too lol). Not sure how those regulations can possibly be implemented but theres no way it can stay this volatile while fortune 500 companies will have billions invested in it.

Still holds true!