Hi All,
I see massive losses in the last month and wonder if it's the end of golden crypto era?
Would love to hear your thoughts.
SBF arrested.The movie is going to be awesome.
Quickbooks as their accounting system, I guess I expect my criminal masterminds to be a bit more clever.
https://twitter.com/TheStreet/status/1602693770524377091?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
Allegedly he donated an equal amount to Republicans, albeit anonymously. Of course this is according to SBF and the mans forever talking complete twaddle.
I don't think the Bahamas extradite to the US, which is why he went there. He let every Bahamian customer withdraw their funds and likely paid off a lot of government over there too so it remains to be seen if he doesn't weasel his way out of it somehow.
I’m a committed nocoiner, but I’d recommend you liquidate everything you have on Binance and get it sent back to your bank account. Pay tax on it, etc, if you need to.
I have very little on CEX's, but Binance seems to be holding up pretty well at the moment, 60B in cold storage apparently
As soon as they announced that, people where questioning the liabilities they and their users hold. I don’t expect them to go bust but as always it’s better to be holding your own assets.
Like an atheist outside a church shouting there is no God, yet never to realise they are more fundamentalist than the people they criticise.
Bear markets are when you should be buying in. If you want out then you wait for a bull market.
I wonder if these 2 things (extending the investigation and SBF arrest) are linked.
They have SBF over a barrel, I wonder what he knows.
The paper is on the wall. The bubble has burst.
You might still be able to recover some of your investments but you need to withdraw asap. Waiting will mean you get between less and nothing out of your original investment
I'm pretty sure you said the same in 2018. Not saying you're wrong of course, perhaps it has this time.
Or perhaps people never learn and keep returning to casinos.
Conversely as for those saying "buy now", I wouldn't touch it with a bargepole until it's at least 50% less than current.
I love listening to proper arguments pro and anti Crypto, but this type of post is the equivalent of "To the moon"
You might be getting your wish
It does not matter if its a bear or bull market, you should buy when assets go on sale but since you are not investing but rather trading in a currency with no intrinsic value even that does not matter. There is nothing wrong with having a flutter, everyone does it from time to time, but confusing it for actual investing, failing to diversify the risk and being surprised when it goes pear shaped is an expensive exercise.
Over my years I've realised I am not actually investing in crypto, but in people going nuts for it every few years
Three to four year cycle, good money to be made. Invest monthly in the down months such as now....This how I picked up some ETH at 80 USD in the last cycle (and more than recovered my horrific initial 80% losses by investing at the top at the end of 2017). If I ran away then I would just have screwed myself completely.
Rough rule of thumb is things are pretty 'down' when close to or below the top of the previous cycle. That goes for both BTC and ETH currently.
Ethereum L2 is picking up well.
Future looks bright for network usage.
What it is being used for I don't know.
But they are being used!
Deep...
The best thing about crypto is the way it can always be used to bring in new plebs. MtGox wiped out the first round of mostly drug dealers, libertarians and men who wanted to pay for child abuse. 2017 was the peak of crypto - Walton Chain being my personal favourite. 2021 saw Bitcoin reach almost 70k, and the idea of NFTs becoming almost an idea.
The second money was sent into any of them was the second it was cashed out. Like it's not exactly a complex scam.
It worked on and off. In one example I selected coins where you could get "a lot" of them per dollar. I noticed friends were more likely to buy an alt where you could get a "million" of it rather than 0.2 of a coin.
Stuff like that. Most who pile into crypto every 3 or 4 years aren't experts or specialists, they are just ordinary people who buy stuff in a frenzy. I consider what they'd be attracted to. And then there's the overall view that it doesn't matter how bad crypto is, as long as people can make stupid gains from over-exuberance and panic drops, then people will always be attracted to it regardless.
Basically I'm investing in people going nuts every few years rather than the underlying fundamentals of crypto itself if that makes any sense.
You aren't actually coming across there as well as you think you are.
It makes sense if you believe crypto is a ponzi and you are willing to put your money in with a belief that there will always be someone coming after you, that's basically what you are saying, you are a willing contributor towards what you believe to be a crypto ponzi because you have no understanding or belief in the product, but will outsmart it because you understand it to be a ponzi?
Yes. For example, look at Doge, it was made as a joke, it has no supply cap, it's makes no logical sense if you look at it from a proper investing point of view. But if you looked at it through the eyes of some dumb kid caught up in a crypto hype wave who wanted to make money, it did.
I'm not just speaking in hindsight, I shared views about this 2017, 2018, etc.
Market cap doesn’t represent value. There are plenty in the top twenty that you could cull and it would be of no loss the overall market, probably better for it. The other side of this is that there are others that are completely undervalued. The space needs more informed users.
Every single coin out there is over valued. They all have no fundamental use apart from some marketing hype and fools chasing the magic beans story
Would instaneous transfer of for example stablecoin to anywhere in the world be a fundamental use as opposed to snail pace of fiat transfer?
Isn't Revolut instant? What's the advantage to me paying someone in Bitcoin via an app versus revolut via an app? Both are instant
Indeed. I just transferred money for my nephews from Perth WA to Dublin and my sister had it instantly
Revolut international transfers take anywhere from 3-5 business days with the larger transfers taking up to 10. Revolut to Revolut takes about 45 minutes. Charges are considerable at over .3%. Money sent. Institutions wouldn’t have Revolut Also getting large amount into Revolut is difficult.
Sepa inst is instantaneous transfers across the Sepa payment system. Ireland is behind on its introduction but it's used widely across the rest of the EU.
I’m nearly sure eu paperless transfers take up to two working days. Revolut card to card is 30 minutes.
Maximum time for transaction to complete is 10 seconds. Max transfer is 100k though. Available 24/7/365
https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer
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