Is anyone else starting to become a bit worried? mod note in first post

cnocbui

A Samsung phone with Knox is about as good as a ledger, just store your wallet in the secure folder and use a long password.

HerrKuehn

The declining interest in crypto has been really noticeable over the last year. The forum here is practically dead and I barely hear anyone talking about crypto anymore.

antimatterx

https://www.boards.ie/discussion/comment/120656579#Comment_120656579

Normal in a pre halving year. It was the same in 2019. Apathy beckons.

HerrKuehn

https://www.boards.ie/discussion/comment/120656604#Comment_120656604

I think you are reading a bit too much into a pattern that has only happened a few times. Previously I would say there were lots of people who disliked crypto for whatever reason, now it's complete disinterest. Also, if you look at the progress of the technology since the initial big hype in 2017, it hasn't really gone anywhere other than various new meme type scams.

Dohnjoe

https://www.boards.ie/discussion/comment/120656579#Comment_120656579

That's because interest is correlated to price. Price is correlated to hype, which has come in waves (2013, 2017, 2021)

People are just hunkering down waiting for the next hype wave (if there is one), whereby a new layer of chumps get all excited over rising prices and jump on the scheme, driving prices higher, which generates news about it, which generates interest, which generates hype, more pile on and we fleece them.

99.9% of the interest in crypto is the possibility of making a ****-ton of money off other people (100x is possible), that's it.

HerrKuehn

https://www.boards.ie/discussion/comment/120656859#Comment_120656859

It could also be the case that rather than a big bang end of crypto that a lot of people expected, it is more like a slow puncture similar to what we see now. It is up about 60% since Jan, but not a whimper, declining trading volumes etc.

Dohnjoe

https://www.boards.ie/discussion/comment/120656887#Comment_120656887

Possibly, although I don't think crypto will ever "end", as long as there's money to be made and regulation allows it, there'll always be a market. Interest was as low as this in the other two big bears. Anyone with any semblance of experience just seems to be hunkering down and waiting until 2024/2025 to see if something picks up.

According to "crypto history", it's too early for any big rises anyway. Nuts as it is, the whole thing does run off herd psychology, and any sort of run now could take the wind out of the sails of the "big one" that many expect to occur in the future. Covid drove prices very low in March 2020 (40% drop in one day) that, coupled with the DeFi and NFT hype (and meme hype) helped generate the last self sustaining rises which drove the whole thing through the roof.

Unless hype or something new kicks in we may get a less inflated run in the future, lower than the previous, which would be a first

Then again the whole thing is fuelled by people's stupidity and impatience, so who knows.

erlichbachman

https://www.boards.ie/discussion/comment/120655652#Comment_120655652

I agree there is a need to simplify a lot of crypto management before it can go mainstream, if keys are lost then the crypto is gone, anything to prevent this is surely useful, however at the same time what they are doing is pretty much the same thing as your bank contacting you stating that they are going to share one letter of your password with multiple entities in case you lose it.

I could just be paranoid, which is somewhat necessary when managing crypto, but this would surely see ledger as the biggest payday of every 2 bit hacker in the world.

erlichbachman

https://www.boards.ie/discussion/comment/120656887#Comment_120656887

Or it could be that most economies are struggling with inflation and all stocks are trending sideways ant the moment, actually defi tvl has increased steadily by 20% from the beginning of this year, btc and eth 50%. Personally Id prefer a sideways period after the dramatics of ftx Luna etc, it gives an indication of a natural bottom.

Dohnjoe

https://www.boards.ie/discussion/comment/120657030#Comment_120657030

People can hold crypto on e.g. Revolut without the need for software wallets, remembering passwords from years ago, checking for malware, stress of hardware failure, etc.

It's headache free (for a slightly higher price). There is a risk that e.g. something could happen to Revolut as an entity, but in my experience (and view) that risk is relatively lower than user mistake/error with crypto (which I've personally seen dozens of times)

If Irish banks start acting as custodians for crypto for the general public, whereby your grandmother can walk up to the counter and say I'd like 5 pieces of crypto and it's done - then that'll open up the gambling to a wider audience and legitimise it "more". I know this is available with some services and entities now, but it's not widespread yet.

On the flipside, if crypto is to become more regulated and standardised, then it will likely lose it's crazy price volatility - which is the key driver of interest and hype. It doesn't do much else, so that's all it's got.

Potatoeman

https://www.boards.ie/discussion/comment/120654934#Comment_120654934

They pulled the update and said they would open the code up, no date set though. The massive bad press was a wake up call.

Previously they had client addresses leaked/hacked so make sure you don’t use your home address for any hardware wallet anyway.

Looks like CZ was being a bold boy.

antimatterx

Wait for another 30 - 40% drop and the price is a no brainer.

fritzelly

https://www.boards.ie/discussion/comment/120680083#Comment_120680083

Isn't it in their remit they have to sue someone every month

From a quick read it's all alleged....

antimatterx

https://www.boards.ie/discussion/comment/120680744#Comment_120680744

Except missing the boat on ftx because they were in bed together

LuckyLloyd

https://www.boards.ie/discussion/comment/120680744#Comment_120680744

Well yeah, that’s how it works. The SEC alleges a whole boatload of things and then they generally prove their allegations in court, This is extremely serious, if you have anything on Binance you should pull it.

erlichbachman

Binance will be fine, though I don’t hold anything meaningful on centralised exchanges anyways, kracken and Coinbase paid their fines, binance will too, But there is a part of me that would like to see CZ telling them to fcuk off, he should just claim they have no jurisdiction and pull out of US altogether.

HerrKuehn

https://www.boards.ie/discussion/comment/120682750#Comment_120682750

The US is such a small and unimportant market, particularly in the area of finance, that it makes perfect sense to do this.

Dohnjoe

https://www.boards.ie/discussion/comment/120682750#Comment_120682750

"FTX will be fine"

"Terra will be fine"

"Voyager will be fine"

"Axle will be fine"

"Three Arrows will be fine"

"Blockfi will be fine"

Potatoeman

https://www.boards.ie/discussion/comment/120682750#Comment_120682750

He would need to be careful how he words that. They could claim fxt collusion and avoidance as proof of something to hide.

https://www.boards.ie/discussion/comment/120682750#Comment_120682750

The allegations against Binance are far in excess to what the likes of Coinbase have been fined for. The allegations are equivalent to FTX, i.e. using customer funds for a wealth vehicle. That's not nothing, that's something. I don't think we know the scale yet however.

Potatoeman

https://www.boards.ie/discussion/comment/120682944#Comment_120682944

Also look at the fees for listing then the price crash after. It looks like they pump and dump on their users regularly.

Binance was commingling client and business funds, and some of that was sent to a fund controlled by CZ. Who then bought a yacht.

It’s only a matter of time before criminal charges are brought against him. If he knew that his exchange was being used by North Korea and Iran to launder money and accept payment for ransomware then he’s going to become an international fugitive.

Dohnjoe

https://www.boards.ie/discussion/comment/120682944#Comment_120682944

Yeah they are going after CZ, who seems to have been putting user funds at high risk to enrich himself. Am aware these are just claims for now, but in the crypto world they have a habit of turning out to be true.

Binance itself will prob continue although without CZ and without operating in the US.

It's the usual shitshow from crypto.

SEC now want all Binance.US assets frozen. If Binance and Binance.US were commingling client funds (and it does appear so) then I’d be getting everything you own off that exchange. It could get very nasty.

erlichbachman

Fairly scary that the closer we get to cbdc the stronger the attack on crypto.

Dohnjoe

https://www.boards.ie/discussion/comment/120686488#Comment_120686488

The same tiresome crypto-bro response to the latest shenanigans: "There's a conspiracy against crypto".

No there isn't. It's an unregulated market for private digital assets and currencies, what did anyone actually expect? That it wouldn't be filled to the brim with scammers and sharks.

Potatoeman

https://www.boards.ie/discussion/comment/120686745#Comment_120686745

I think the problem with the SEC will have is stuff like this:

https://www.coindesk.com/policy/2023/06/07/us-court-tells-sec-to-respond-to-coinbases-rulemaking-petition-within-a-week/

They want to regulate something that they won’t issue clear guidelines for. Then there is the question of what is a security and what’s a commodity as these are regulated by different departments. They should really clear this up first.

erlichbachman

https://www.boards.ie/discussion/comment/120686745#Comment_120686745

Just because your paranoid doesn’t mean they aren’t talking about ya

https://m.youtube.com/shorts/3f0rN9q-zc0

Dohnjoe

https://www.boards.ie/discussion/comment/120686884#Comment_120686884

How to regulate crypto? That's the real problem. The SEC is always playing retroactive catch-up in a giant grey area.

Tomorrow you can "mint" your own currency, create digital assets and market is as a currency, get it on exchanges, sell it to schmucks, rug-pull them (or not) and there's very little stopping anyone from doing that. Except for, ironically, private lawsuits.

Just don't be too big a fish (e.g. SBF) and you can get away with it.