Is anyone else starting to become a bit excited?

stockshares · 16-01-2021 12:23AM

makeorbrake wrote: »

Well, that's debatable also. The suggestion is that btc price will go up!....as some of that $ would find its way into btc....at least initially.

I'm far from an expert on it.

I can't see though why anyone would accept USDT in that situation even with the discount mentioned by Bob24.

BrandonBay86 · 16-01-2021 12:42AM

stockshares wrote: »

I'm far from an expert on it.

I can't see though why anyone would accept USDT in that situation even with the discount mentioned by Bob24.

Could cause a few issues for exchanges / those accepting it alright.

Very tricky one to predict.

km991148 · 16-01-2021 12:54AM

Dante7 wrote: »

FFS, a car. If I still had the BTC I spent on crap and lost in 2013 I could now buy a housing estate.

Sounds like a different sort of market altogether :pac:

makeorbrake · 16-01-2021 02:34AM

stockshares wrote: »

I'm far from an expert on it.

I've been glued to this shít for quite a few years now and the more time I spend on it, the less I realise I know!

stockshares wrote: »

I can't see though why anyone would accept USDT in that situation even with the discount mentioned by Bob24.

The market trades 24/7 in real time. Not everyone will know what the hell is going on at the same time. Beyond that, some might see it as an opportunity (not for quite a while but it has wobbled in the past - and there was fatter arbitrage than normal to be had) - in the belief that its fud and all will return to normal.
There's $24 billion in Tether right now. If a couple of billion of that was to make its way to btc quickly, then the btc price would shoot up.

BrandonBay86 wrote: »

Could cause a few issues for exchanges / those accepting it alright.

Exchanges just match orders so shouldn't be an issue for them but the ultimate bag holders, for sure their funds would vapourise if there was a total USDT collapse.

maninasia · 16-01-2021 02:36AM

KilOit wrote: »

Few wealthy people now with that coin. Got an airdrop of it back in jan 2018, remember looking at the wallet in 2019 and it dropped to. 003 cents per old Aave coin, mental to think if I put €100 in it then it'll be worth 50k now

True story. I once held 1 million Aave at the start of it all. I wanted to have a million coins to boast to other LEND holders on the telegram and I was in the top fifty and ddefinitely top 100 of shareholders'...I wanted to be a whale.ðŸ˜ðŸ˜‚
This took most of my crypto investment at the time so I quickly came to my senses and diversified. Never put too much in one pot.
I have a tiny fraction of that now but still pretty happy about it. I kept a small part of my investment only because because I trust in Stani, the founder of AAVE, he personally assured me when they became a company that he would make sure the value of AAVE would be kept in the coin not the company and he was true to his word. Legend. Stani could one day become the richest guy in Finland.
What's very important in crypto, just like all walks of life, is if you can trust people. I trust Stani will continue to drive AAVE to new heights.

https://twitter.com/defislate/status/1349729394953134080?s=09

Mellor · 16-01-2021 03:29AM

stockshares wrote: »

If its ever confirmed that it's not backed fully by USD then I presume BTC price would collapse.

Wasn’t that already confirmed?

cnocbui · 16-01-2021 03:47AM

makeorbrake wrote: »

I've been concerned about Tether for over four years now. I thought why the hell can't it just publish recognised 3rd party audits and be done with it. However, we all have to appreciate the history its had in trying to exist (along with many crypto companies). Its had banking withdrawn at various stages - leaving them high and dry. It seems to have become a target as far as various regulatory entities within the US are concerned. So it makes sense that they would keep things tight. It doesn't seem to have done much wrong but of course, its centralised so that means that for crypto its always a risk (and very much goes against the whole ethos).

Beyond all that, some folks that seem credible to me in the space are suggesting that its role isn't as significant as it has been in the past and that it won't make any difference if (not if but when..) its taken down. I'd imagine that even if this is true, such an eventuality would cause some short term panic at the very least.

Nonsense: nothing would do more to appease regulatory entities and banks than open and audited disclosure.

I can't understand why anyone would take Tethers word or deal in it - apart from greed, of course. Idiots, IMO.

makeorbrake · 16-01-2021 05:08AM

Mellor wrote: »

Wasn’t that already confirmed?

Their 1:1 backing reduced to 74% once the powers that be froze capital the company had on account with a Panamanian shadow banking outfit (Crypto Capital) in 2019.

cnocbui wrote: »

Nonsense: nothing would do more to appease regulatory entities and banks than open and audited disclosure.

You mean that by opening up their books, they couldn't do themselves harm when it comes to regulators? I'm not defending them but my suggestion is NOT nonsense. US regulatory reach has a long arm.

cnocbui wrote: »

I can't understand why anyone would take Tethers word or deal in it - apart from greed, of course. Idiots, IMO.

Just to be clear, I have not suggested anyone ever takes Tether/Bitfinex' word for anything. However, how anyone interprets that ongoing saga is relevant to their own trading situation.

maninasia · 16-01-2021 07:52AM

makeorbrake wrote: »

Their 1:1 backing reduced to 74% once the powers that be froze capital the company had on account with a Panamanian shadow banking outfit (Crypto Capital) in 2019.

You mean that by opening up their books, they couldn't do themselves harm when it comes to regulators? I'm not defending them but my suggestion is NOT nonsense. US regulatory reach has a long arm.

Just to be clear, I have not suggested anyone ever takes Tether/Bitfinex' word for anything. However, how anyone interprets that ongoing saga is relevant to their own trading situation.

It's a concern.
But you can't let it keep you up at night in this game.
Right now it's time to make hay while the sun shines.

And if tether blows up or not, use cases like defi and platforms like ethereum will still be there. Bitcoin will still be there and other stable coins such as Dai will do juDt fine.

makeorbrake · 16-01-2021 08:10AM

maninasia wrote: »

It's a concern.
But you can't let it keep you up at night in this game.
Right now it's time to make hay while the sun shines.

And if tether blows up or not, use cases like defi and platforms like ethereum will still be there. Bitcoin will still be there and other stable coins such as Dai will do juDt fine.

For sure. The Roubini's of this world think (hope!) it will spell the end but that's not the case. It represents as much of a trading opportunity as it does a threat to trading position (should there be some level of panic - and it's crypto so that's the nature of it).

Bruno Mannheim · 16-01-2021 09:49AM

Str8outtaWuhan wrote: »

which exchanges listing DGB?

Binance
Bittrex

Str8outtaWuhan · 16-01-2021 09:50AM

Does Link have legs in its current run or is 18/19 where people think it will start to be cashed out? I have a monkey in it since OCT @10 quid so not worried about losing the stake but was hoping enough for a holiday in August.

Thargor · 16-01-2021 10:29AM

I've been selling a chunk every time ETH hits €1k and buying it back when it drops for the last couple of days and today it added up to 1 free ETH.

Bob24 · 16-01-2021 10:30AM

stockshares wrote: »

I can't see though why anyone would accept USDT in that situation even with the discount mentioned by Bob24.

It depends on the scenario.

But I don’t think the most likely scenario is one whereby it is like flicking a switch: one second everyone fully trusts and accepts USDT, and the next second all market participants are adamant they don’t want it no matter what (even at a discount).

IMO the most likely scenario is a slightly more gradual one whereby trust starts to erode due to negative information, but is not completely wiped out (either because there still is some hope Tether will be OK, because some people are not aware yet, or because some gateways from USDT to USD are still functioning ... all of which give arbitrage opportunities). I am not saying it would take months to play out (maybe hours, days, or weeks depending on how the situation evolves), but IMO it is likely not to happen instantly. And during the transition there would be price adjustments based on the chances for the situation to recover or to dump discounted USDTs to another party.

Dante7 · 16-01-2021 10:32AM

Thargor wrote: »

I've been selling a chunk every time ETH hits €1k and buying it back when it drops for the last couple of days and today it added up to 1 free ETH.

I was doing the same with LINK, and am now left with a chunk of USDT and buy orders that are unlikely to be filled.

mdmix · 16-01-2021 11:20AM

Exchanges could run into trouble if they hold too much tether, but as I don’t keep any crypto on exchange I’m not too bothered. What really concerns me is wether crypto lenders may be over exposed as they generally offer loans in tether. Could this cause a run on Celsius, blockfi or other lenders where customers rush to pull their assets out?

Irish_rat · 16-01-2021 11:24AM

Thargor wrote: »

I've been selling a chunk every time ETH hits €1k and buying it back when it drops for the last couple of days and today it added up to 1 free ETH.

Yeah I'm thinking of swapping to USDT for a few days and see if I can get more when it dips.

deathbomber · 16-01-2021 11:28AM

Thargor wrote: »

I've been selling a chunk every time ETH hits €1k and buying it back when it drops for the last couple of days and today it added up to 1 free ETH.

Nightmare for your tax return though, profits will be eaten unless you intend on not declaring of course

Irish_rat · 16-01-2021 11:32AM

deathbomber wrote: »

Nightmare for your tax return though, profits will be eaten unless you intend on not declaring of course

Well one eth is within the 1270 exemption

deathbomber · 16-01-2021 11:34AM

Frozen Veg wrote: »

What's the appeal with DOT?

Dot??? It's well on it's way to being the next ethereum, parachain is the future:pac: momentum building. Circulating suppy is more but if eth accelerates, dot will follow. Could be a $500 mark by year end.

deathbomber · 16-01-2021 11:56AM

Irish_rat wrote: »

Well one eth is within the 1270 exemption

Each event is taxable though, anyway, just be mindful

Mellor · 16-01-2021 12:03PM

deathbomber wrote: »

Nightmare for your tax return though, profits will be eaten unless you intend on not declaring of course

ggg
Why would his profits be eaten annoy more than if he did it in one trade?

ie Buying 5 @900 and selling at 1080 is +900
Buying 5 @900 and micro-trading until you can buy 6 @900 is also +900.

And you haven’t actually made any capital gains until you cash out in some form.

Dohnjoe · 16-01-2021 12:20PM

deathbomber wrote: »

Dot??? It's well on it's way to being the next ethereum, parachain is the future:pac: momentum building. Circulating suppy is more but if eth accelerates, dot will follow. Could be a $500 mark by year end.

Which would put it's market cap at almost 450 bn, or over 3x Eth's current market cap, yeah I'm not so sure. Also, every other coin is the "next Ethereum".

deathbomber · 16-01-2021 12:23PM

Mellor wrote: »

ggg
Why would his profits be eaten annoy more than if he did it in one trade?

ie Buying 5 @900 and selling at 1080 is +900
Buying 5 @900 and micro-trading until you can buy 6 @900 is also +900.

And you haven’t actually made any capital gains until you cash out in some form.

Possibly, but each event is taxable, regardless when "cashing out", if audited, they will go through them all, can get messy. Obviously if you only have a few transactions, all good, - the more you do, the messier it gets

deathbomber · 16-01-2021 12:26PM

Dohnjoe wrote: »

Which would put it's market cap at almost 450 bn, or over 3x Eth's current market cap, yeah I'm not so sure. Also, every other coin is the "next Ethereum".

Personally i see eth at circa 10k within 2 - 3 years. The space is still in its infancy. Dot is the challenger and project leading the way. I actually only have a small bag myself but there is no denying it's potential, it's definitely going there. My prediction may be a bit early but it will achieve it unless there is a calamitous f up

RasTa · 16-01-2021 12:36PM

I bought a lot more tezos at £1.48 on the 3rd. Hopefully the climb starts now. Although I wouldn't buy at the current price.

cnocbui · 16-01-2021 12:45PM

Mellor wrote: »

ggg
Why would his profits be eaten annoy more than if he did it in one trade?

ie Buying 5 @900 and selling at 1080 is +900
Buying 5 @900 and micro-trading until you can buy 6 @900 is also +900.

And you haven’t actually made any capital gains until you cash out in some form.

Some other countries allow trading accounts where tax only applies to withdrawls from the account. Ireland is not one of them. Every chargeable event is CGT liable, including on-exchange conversions between different coins.

Mellor · 16-01-2021 01:02PM

deathbomber wrote: »

Possibly, but each event is taxable, regardless when "cashing out", if audited, they will go through them all, can get messy. Obviously if you only have a few transactions, all good, - the more you do, the messier it gets

Being more complex doesn’t mean more tax is due. Only the profit on each “sell” is taxable. So whether it adds up over 100 trades, or one trade. It’s the same.

cnocbui wrote: »

Some other countries allow trading accounts where tax only applies to withdrawls from the account. Ireland is not one of them. Every chargeable event is CGT liable, including on-exchange conversions between different coins.

That’s makes no difference to the above.
Amount is the same whether it’s applies to the total gain, or each individual trade.
The easiest way to work it out is open and close positions for the year.

makeorbrake · 16-01-2021 01:13PM

mdmix wrote: »

What really concerns me is whether crypto lenders may be over exposed as they generally offer loans in tether. Could this cause a run on Celsius, blockfi or other lenders where customers rush to pull their assets out?

This is an issue all of its own. The return with all of these crypto lenders looks very attractive but when you look at the counterparty risk you're taking on, it's a poor relative return.

Caitlin Long has been warning about this for a couple of years already. In November, crypto lender Cred filed for bankruptcy. Most likely anyone who had deposited with it won't be getting any of their crypto back. These guys are instituting rehypothecation/fractional reserve lending practices. That makes a mockery of the 21 million BTC hard cap. Furthermore, the practice is likely to leave depositors high and dry as these lenders get caught out as the BTC price moves upwards.

BrandonBay86 · 16-01-2021 01:23PM

makeorbrake wrote: »

This is an issue all of its own. The return with all of these crypto lenders looks very attractive but when you look at the counterparty risk you're taking on, it's a poor relative return.

Caitlin Long has been warning about this for a couple of years already. In November, crypto lender Cred filed for bankruptcy. Most likely anyone who had deposited with it won't be getting any of their crypto back. These guys are instituting rehypothecation/fractional reserve lending practices. That makes a mockery of the 21 million BTC hard cap. Furthermore, the practice is likely to leave depositors high and dry as these lenders get caught out as the BTC price moves upwards.

Any time I say not your keys not your coins with relation to defi nobody wants to hear about it. It literally goes against what Bitcoin & other cryptos stand for.

Is anyone else starting to become a bit excited?

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