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Is anyone else starting to become a bit excited?

q85dw7osi4lebg

As per title, have we reached the bottom ?

Don't think we'll see the likes of $3200 ever again.

$5150 at time of posting.

Back in the mainstream media once more.

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Flossy Flossy

Dohnjoe wrote: »

Eth possibly taking another stab at ATH. Usually there's a drop on Sundays but will see if it can be breached. If it does go over, hopefully it takes a similar route to BTC and keeps going (before the fun ends)

It's broken the market cap ATH already

Thargor

crushproof wrote: »

Years ago I dabbled in attempting to mine Bitcoin but either got bored or couldn't fathom what it was all about. Found my old old old laptop yesterday and voila, there was a Bitcoin coin wallet from 2013. Took me hours to figure out how to access it and eventually found the old 12 word passphrase.

Hands were shaking as I finally got to reveal the amount of Bitcoin..... total amount, 0.00 BTC. Kicking my younger self for not having the patience to look into it further!

I had a powerful pc that was always on for 4 years when I was in college, thought about doing some bitcoin mining many times as we used to use it to buy our herbal supplies from the Silk Road back then (used to have to get the bus into Dublin and try finding a working bitcoin ATM in one or two gadget shops to buy with FIAT back then). Never fecking did it, I feel like crying sometimes when I think about it, you could knock out a coin or two a week back then even on a non-dedicated pc.

Did the same with Ethereum after reading a few "Bitcoin 2.0 has arrived" type articles on Stackoverflow and a few other places about it back when ETH was a few cents, always said I should buy some, never got around to it, it was around $100 when I bought my first stack

Dohnjoe

Most sites put Eth ATH at $1420 to $1480 (depending on factors like Korean averages). So looks like $1500 Eth would make it "official".

Irish_rat

It's all relative, there is a good few projects that could be life changing if you invest now.

One More Toy

I'm a long tíme in cryto (if 8 years counts) but I don't understand defi. How does one take a loan out against their crypto?

Spanishpoint

Irish_rat wrote: »

It's all relative, there is a good few projects that could be life changing if you invest now.

What projects do you think could be a life changer?

Dnxncofiruwvx

One More Toy wrote: »

I'm a long tíme in cryto (if 8 years counts) but I don't understand defi. How does one take a loan out against their crypto?

Basically you use your crypto as collateral against the loan.

For example - You want to take out a loan of 1000 euro, you deposit 2000 euro worth of BTC into a smart contract on a lending platform, and you get back 1000 euro in stablecoins in return. Pay back the loan, get your crypto back, don’t pay back the loan, they keep the collateral.

*Ratio doesn’t have to be 2:1, some platforms offer lower rates for a lower loan to value ratio. You’ll always need to put in more than you take out though, that’s to cover the lenders end in case you don’t pay it back.

BrandonBay86

Dnxncofiruwvx wrote: »

Basically you use your crypto as collateral against the loan.

For example - You want to take out a loan of 1000 euro, you deposit 2000 euro worth of BTC into a smart contract on a lending platform, and you get back 1000 euro in stablecoins in return. Pay back the loan, get your crypto back, don’t pay back the loan, they keep the collateral.

*Ratio doesn’t have to be 2:1, some platforms offer lower rates for a lower loan to value ratio. You’ll always need to put in more than you take out though, that’s to cover the lenders end in case you don’t pay it back.

* & not your keys, not your coins.

Dutchy

Blood on the dance floor.

Dohnjoe

Dutchy wrote: »

Blood on the dance floor.

Or just another Sunday evening in crypto

Dutchy

Yes, Sunday / Monday are the optimum days for the DCA'ers

Dnxncofiruwvx

BrandonBay86 wrote: »

* & not your keys, not your coins.

True, but given it’s a smart contract the platform doesn’t have access to the collateral either. It only gets released once the loan is paid or you default. Of course if they exit scam you’ll lose it anyway.

antimatterx

I've signed up for Kraken, but what do people use for a wallet? Should I move all funds I buy to a wallet?

Spanishpoint

antimatterx wrote: »

I've signed up for Kraken, but what do people use for a wallet? Should I move all funds I buy to a wallet?

yes, always move your funds to a wallet!

scwazrh

On iOS , coinbase exchange app has a wallet but there is also a coinbase wallet app .Are these the same type of wallet?

Dohnjoe

Spanishpoint wrote: »

yes, always move your funds to a wallet!

And never move large amounts in one go
Make sure you will be able to remember your password in several years
Backup the wallet file on multiple sources in case of hardware failure
Make sure you to back up your current phone 2FA (authenticator never SMS)
Make sure to keep the PC clean of malware/viruses
Double-check every sending address (malware can replace a copy paste with another address)

"Be your own bank" is literally that.

Bandara

If your serious about this you should have a trezor hardware wallet

BrandonBay86

Bought at 35k. Easy 3x over the next 4 years

[Deleted User]

BrandonBay86 wrote: »

Bought at 35k. Easy 3x over the next 4 years

Guaranteed mate

antgal23

Could be wrong but I think BTC will hit 35 K tomorrow

BrandonBay86

antgal23 wrote: »

Could be wrong but I think BTC will hit 35 K tomorrow

It hit 34200 90 mins ago

Mucashinto

Dnxncofiruwvx wrote: »

Basically you use your crypto as collateral against the loan.

For example - You want to take out a loan of 1000 euro, you deposit 2000 euro worth of BTC into a smart contract on a lending platform, and you get back 1000 euro in stablecoins in return. Pay back the loan, get your crypto back, don’t pay back the loan, they keep the collateral.

*Ratio doesn’t have to be 2:1, some platforms offer lower rates for a lower loan to value ratio. You’ll always need to put in more than you take out though, that’s to cover the lenders end in case you don’t pay it back.

And how secure are smart contracts? Like In the event of not meeting repayments the collateral reverts to them, so how are the repayments, or any of the other contract terms/obligations, verified - is it different with these new systems and transactions are verified through blockchain technology or just the outcome (however it’s confirmed) is put on the blockchain?

And is it currently unregulated, so no reserve requirements for the lenders etc?

I lodged some ETH to CEL and when I was doing it I told myself there’s a risk I could never see it again, but I’ve no idea what’s really going on tbh. They have a display of their assets and liabilities, but is that just them saying it or can be seen independently on the blockchain or something? Will my actual deposit be matched in a corresponding loan or is it a general pool from there on etc?

You probably don’t want a highly volatile asset for this kind of thing also surely? Price starts tanking and all the borrowers realise it’s more economic to default than repay.

Dnxncofiruwvx

I’ll preface by saying I’m by no means an expert, and I’m sure someone else here will be able to give you better answers, but my understanding is this -

Mucashinto wrote: »

And how secure are smart contracts? Like In the event of not meeting repayments the collateral reverts to them, so how are the repayments, or any of the other contract terms/obligations, verified - is it different with these new systems and transactions are verified through blockchain technology or just the outcome (however it’s confirmed) is put on the blockchain?

A smart contract is a self executing program built on the relevant blockchain protocol (eg Ethereum, Cardano etc). It’s essentially a piece of code, and I’m guessing in the case of loans it’s an expanded IF ELSE statement, ie IF loan value is repaid, revert collateral to depositor, ELSE revert collateral to lender. Some (most? all? I’m not sure) smart contracts are placed onto a coding repository so people can see how they are coded and audit them.

Mucashinto wrote: »

And is it currently unregulated, so no reserve requirements for the lenders etc?

As far as I know crypto lenders operate outside of regulation and don’t have a Financial Services Licence. Celsius did make a big deal about reminding everyone they were registered with the SEC once the ripple fiasco went down, but that doesn’t equate to financial regulation as such.

Mucashinto wrote: »

I lodged some ETH to CEL and when I was doing it I told myself there’s a risk I could never see it again, but I’ve no idea what’s really going on tbh. They have a display of their assets and liabilities, but is that just them saying it or can be seen independently on the blockchain or something? Will my actual deposit be matched in a corresponding loan or is it a general pool from there on etc?

So Celsius do offer loans, but when you deposit into Celsius it’s a bit different to taking out a loan. Your money isn’t locked up and you are free to take it out at any time. Celsius make money in two ways - 1) They give loans to retail and charge small interest rates (around 1% on the value iirc) and 2) Use your deposited crypto to lend out to institutions who want to borrow crypto as an investment for a short period of time. This process is known as rehypothecation and happens with regular banks on a massive scale. The difference between Celsius and regular banks is that Celsius give back 80% of the profit to depositors hence the high rates of return, while regular banks, under near 0% interest rates, give back almost nothing. Obviously there’s still risk involved in this from a depositor point of view, and Celsius reputation at the moment looks to hinge on its founder Alex Machinksy being sound and having a good track record with startups, which as worrying as it sounds is about as good as it gets in crypto land.

I think with Celsius your ETH will just be mixed with other people ETH and lent out, it won’t be specifically matched to a same value loan.

Mucashinto wrote: »

You probably don’t want a highly volatile asset for this kind of thing also surely? Price starts tanking and all the borrowers realise it’s more economic to default than repay.

Very good point, and this is exactly the reason the lender will ask for two or three times the value of the loan in collateral as it will cover themselves if the price tanks and the debtor decides to walk away.

Again, not an expert so don’t take my word for it, just my understanding of the process!

Also, fwiw I also hold deposits in Celsius for the high returns (currently making 16% apr on Synthetix). It is a risk and a worry, although it seems like as reputable a company as you’ll find in the space. But nothings a scam until it is, so it all depends on your appetite for risk.

Mucashinto

Dnxncofiruwvx wrote: »

I’ll preface by saying I’m by no means an expert...

This is great, thanks a lot!

My understanding of smart contracts was based around a simple bet. So we want to bet against each other on Manchester Utd v Liverpool so we need to agree on 1) who determines the result (say the Premier League in this case) and then 2) that needs to be codified in some way that neither of us can influence/dispute so that it can trigger an event in the contract. Just wondering are the loan repayments coded in this way, so you can never get in a situation of I say I did repay, you say I didn't etc.? I'm guessing they are surely. Thinking about it now, crypto seems to be very punitive to administrative mistakes

. Bit of a double-edged sword with the no reversals, what happens if there's a typo in the contract :eek:

Celsius has been perfect for me so far. Everything is reassuringly slick imo and I am being rewarded for my risk so no complaints. How many withdrawals they could handle tomorrow though I do wonder. Same as the banks obviously (without the deposit guarantee) but is defi supposed to better or just newer...

Spanishpoint

Any thoughts on ADA/Cardano?

baalad

Spanishpoint wrote: »

Any thoughts on ADA/Cardano?

Great project in my opinion! Should explode this year after the announcement of gougen

Thargor

There's the drop, feck it anyway.

SpacialNeeds

Had six grand this time yesterday now I've only five

makeorbrake

SpacialNeeds wrote: »

Had six grand this time yesterday now I've only five

Get used to it!

This is where you get tested re. the conviction you have in your trading position and the underlying asset. I had buddies ask me about selling off since 17k ...I said no - but on the basis that it can still work against you. This had to come. I'm kind of relieved that it has happened.

psychology 101.

Mellor

SpacialNeeds wrote: »

Had six grand this time yesterday now I've only five

No you didn't. You had 1/5 of a bitcoin, and you still have 1/5
Thinking of the daily fluctuations in your pocket is bad. The buy/sell price is what counts.