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Posted: 11/28/2022 7:09:22 PM EDT
[#1]
Quote HistoryConsidering the spam of emails I've gotten from them since FTX, im not surprised. |
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USA
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Posted: 11/30/2022 10:21:25 AM EDT
[#2]
https://www.blockchaincenter.net/en/bitcoin-rainbow-chart/
Rainbow Chart – A New Dawn As you may have noticed: The original Bitcoin Rainbow Chart is dead! The chart, which was based on a model developed in 2014, held for quite some time. But after a brutal 2022 in the crypto industry it was just no longer valid. Since then, we have a lot of new Bitcoin price data. So instead of letting the rainbow chart die or simply add more colors (indigo, ultraviolet anyone?), we remodeled the Bitcoin Rainbow Chart! So, what’s new? The Rainbow Chart V2 is based on a completly new formula, fitted with data until 2022 The new fit explains every move so far (the old one had a couple of wicks outside the rainbow) But due to the recent events the potential trajectory for the Bitcoin Price is not as bullish as the old one You can now zoom and pan into the chart as you like You can add more years to the rainbow chart What hasn’t changed? We kept the legend labels and the colors (still no indigo)! The rainbow is still not a full rainbow that goes back down, because that is not how Bitcoin works! How does the new model work? We fitted two curves. One that is the best fit for all of Bitcoin highs (red) and one that includes only the lows (blue). The rest we just interpolated. The result is this beautiful rainbow that will hopefully have a brighter future than the old one. As you can see, even in the new model we are in the lowest “Fire Sale” band, so fingers crossed! If you have any questions, feel free to hit me up on Twitter or contact our PR Department. The Rainbow Chart is not investment advice! Past performance is not an indication of future results. You can not predict the price of Bitcoin with a rainbow! It is meant to be be a fun way of looking at the historical long term price movements. Just like the old Rainbow Chart, someday it might not be correct anymore. |
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USA
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Posted: 11/30/2022 1:15:41 PM EDT
[#3]
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USA
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Posted: 11/30/2022 5:08:36 PM EDT
[#4]
So guys.
GNS If you had held for one year you would be currently up 740% on your investment. Just saying. GNS is not finished on its moon mission. |
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WY, USA
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Posted: 11/30/2022 5:28:28 PM EDT
[#5]
Quote HistoryOriginally Posted By Knife_Sniper: So guys. GNS If you had held for one year you would be currently up 740% on your investment. Just saying. GNS is not finished on its moon mission. What is the ROI in the last 6 months, sir? |
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WY, USA
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Posted: 11/30/2022 5:29:53 PM EDT
[#6]
Wow, 495%, nice!
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WY, USA
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Posted: 11/30/2022 5:32:58 PM EDT
[#7]
Quote HistoryOriginally Posted By Knife_Sniper: So guys. GNS If you had held for one year you would be currently up 740% on your investment. Just saying. GNS is not finished on its moon mission. Don't miss out on $UP! https://coinstats.app/coins/upsorber/ |
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USA
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Posted: 11/30/2022 5:33:37 PM EDT
[#8]
Quote HistoryOriginally Posted By Knife_Sniper: So guys. GNS If you had held for one year you would be currently up 740% on your investment. Just saying. GNS is not finished on its moon mission. And if you bought Doge pretty much anytime before 2021 and held you would be up 2,200%. Just saying.  |
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WY, USA
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Posted: 11/30/2022 5:35:09 PM EDT
[#9]
Not many coins are positive the last 6 months, let alone 500% positive. That is impressive
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MN, USA
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Posted: 11/30/2022 5:36:37 PM EDT
[#10]
Been out of the crypto game for a year or more now, with everything crashing I’m thinking of dipping my toes in again, what altcoins are looking promising these days?
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NT, USA
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Posted: 11/30/2022 5:38:34 PM EDT
[Last Edit: TechOps]
[#11]
Quote HistoryOriginally Posted By EconProf: Been out of the crypto game for a year or more now, with everything crashing I'm thinking of dipping my toes in again, what altcoins are looking promising these days? CUMROCKET! SPOOGEMOON! ROCKETMOON! MOONMOON! |
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WY, USA
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Posted: 11/30/2022 5:41:38 PM EDT
[Last Edit: YourFriendHenry]
[#12]
Quote HistoryOriginally Posted By EconProf: Been out of the crypto game for a year or more now, with everything crashing I’m thinking of dipping my toes in again, what altcoins are looking promising these days? Matic Avax Tezos Hedera Polka Dot Fantom Near |
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USA
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Posted: 11/30/2022 5:54:39 PM EDT
[Last Edit: Knife_Sniper]
[#13]
Gains is no cumrocket.
It's a decentralized exchange that offers leverage to traders. It currently makes almost a million in profit each month and sends it to GNS token holders. Paid in DAI (dollars). It lets you trade stocks, forex, and crypto. The next chain to host gains will be Arbitrum where our competitor GMX is currently sitting. It has 4 pairs of assets. Gains has 70+ Also FTX was our competitor. It's gone. This is not financial advice.  |
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Posted: 11/30/2022 5:58:42 PM EDT
[Last Edit: talontsi_95]
[#14]
Glad I got out of CRO where I got in. $.19
I have a feeling its gonna go down. Edit: wish I cashed out at $.90 or even $.45 |
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WY, USA
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Posted: 11/30/2022 6:24:57 PM EDT
[#15]
Quote HistoryOriginally Posted By Knife_Sniper: Gains is no cumrocket. It's a decentralized exchange that offers leverage to traders. It currently makes almost a million in profit each month and sends it to GNS token holders. Paid in DAI (dollars). It lets you trade stocks, forex, and crypto. The next chain to host gains will be Arbitrum where our competitor GMX is currently sitting. It has 4 pairs of assets. Gains has 70+ https://miro.medium.com/max/1100/0*h1pSGLk7MsACIKBZ Also FTX was our competitor. It's gone. This is not financial advice. What is a good price to enter? |
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ZWE
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Posted: 11/30/2022 6:31:53 PM EDT
[#16]
Quote HistoryOriginally Posted By Trunalimunumaprzure: https://www.blockchaincenter.net/en/bitcoin-rainbow-chart/ Rainbow Chart – A New Dawn As you may have noticed: The original Bitcoin Rainbow Chart is dead! The chart, which was based on a model developed in 2014, held for quite some time. But after a brutal 2022 in the crypto industry it was just no longer valid. Since then, we have a lot of new Bitcoin price data. So instead of letting the rainbow chart die or simply add more colors (indigo, ultraviolet anyone?), we remodeled the Bitcoin Rainbow Chart! So, what’s new? The Rainbow Chart V2 is based on a completly new formula, fitted with data until 2022 The new fit explains every move so far (the old one had a couple of wicks outside the rainbow) But due to the recent events the potential trajectory for the Bitcoin Price is not as bullish as the old one You can now zoom and pan into the chart as you like You can add more years to the rainbow chart What hasn’t changed? We kept the legend labels and the colors (still no indigo)! The rainbow is still not a full rainbow that goes back down, because that is not how Bitcoin works! How does the new model work? We fitted two curves. One that is the best fit for all of Bitcoin highs (red) and one that includes only the lows (blue). The rest we just interpolated. The result is this beautiful rainbow that will hopefully have a brighter future than the old one. As you can see, even in the new model we are in the lowest “Fire Sale” band, so fingers crossed! If you have any questions, feel free to hit me up on Twitter or contact our PR Department. The Rainbow Chart is not investment advice! Past performance is not an indication of future results. You can not predict the price of Bitcoin with a rainbow! It is meant to be be a fun way of looking at the historical long term price movements. Just like the old Rainbow Chart, someday it might not be correct anymore. not sure if gay or sign from God? |
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AL, USA
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Posted: 12/1/2022 9:32:54 AM EDT
[#17]
Had a bit of a scare today. Logged into my Coinbase Pro account after a few days of traveling and nothing was in there. Showed transfers on the 28th. Logged into my Coinbase account and it's all in there now. Guess I didn't get that memo.
Just thought I'd mention it before anyone else has a mild heart attack.
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Posted: 12/1/2022 9:39:54 AM EDT
[#18]
Quote HistoryOriginally Posted By Trunalimunumaprzure: Kraken laying off 30% of workforce. https://blog.kraken.com/post/16442/business-update/  Attached FileYeah, like I didn't see this one coming |
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Posted: 12/1/2022 9:41:19 AM EDT
[#19]
Quote HistoryOriginally Posted By TechOps: CUMROCKET! SPOOGEMOON! ROCKETMOON! MOONMOON! Quote HistoryOriginally Posted By TechOps: Originally Posted By EconProf: Been out of the crypto game for a year or more now, with everything crashing I'm thinking of dipping my toes in again, what altcoins are looking promising these days? CUMROCKET! SPOOGEMOON! ROCKETMOON! MOONMOON! Are those porn-star altcoins? Just asking for a friend |
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Posted: 12/1/2022 2:10:02 PM EDT
[#20]
Quote HistoryOriginally Posted By TechOps: CUMROCKET! SPOOGEMOON! ROCKETMOON! MOONMOON! Quote HistoryOriginally Posted By TechOps: Originally Posted By EconProf: Been out of the crypto game for a year or more now, with everything crashing I'm thinking of dipping my toes in again, what altcoins are looking promising these days? CUMROCKET! SPOOGEMOON! ROCKETMOON! MOONMOON! Originally Posted By Obo2: Originally Posted By Trunalimunumaprzure: https://www.blockchaincenter.net/en/bitcoin-rainbow-chart/ Rainbow Chart – A New Dawn As you may have noticed: The original Bitcoin Rainbow Chart is dead! The chart, which was based on a model developed in 2014, held for quite some time. But after a brutal 2022 in the crypto industry it was just no longer valid. Since then, we have a lot of new Bitcoin price data. So instead of letting the rainbow chart die or simply add more colors (indigo, ultraviolet anyone?), we remodeled the Bitcoin Rainbow Chart! So, what’s new? The Rainbow Chart V2 is based on a completly new formula, fitted with data until 2022 The new fit explains every move so far (the old one had a couple of wicks outside the rainbow) But due to the recent events the potential trajectory for the Bitcoin Price is not as bullish as the old one You can now zoom and pan into the chart as you like You can add more years to the rainbow chart What hasn’t changed? We kept the legend labels and the colors (still no indigo)! The rainbow is still not a full rainbow that goes back down, because that is not how Bitcoin works! How does the new model work? We fitted two curves. One that is the best fit for all of Bitcoin highs (red) and one that includes only the lows (blue). The rest we just interpolated. The result is this beautiful rainbow that will hopefully have a brighter future than the old one. As you can see, even in the new model we are in the lowest “Fire Sale” band, so fingers crossed! If you have any questions, feel free to hit me up on Twitter or contact our PR Department. The Rainbow Chart is not investment advice! Past performance is not an indication of future results. You can not predict the price of Bitcoin with a rainbow! It is meant to be be a fun way of looking at the historical long term price movements. Just like the old Rainbow Chart, someday it might not be correct anymore. not sure if gay or sign from God?  This is the kind of discourse you don't find at MarketWatch. |
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USA
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Posted: 12/1/2022 3:45:14 PM EDT
[#21]
Quote HistoryOriginally Posted By Enzo300: This is the kind of discourse you don't find at MarketWatch. Quote HistoryOriginally Posted By Enzo300: Originally Posted By TechOps: Originally Posted By EconProf: Been out of the crypto game for a year or more now, with everything crashing I'm thinking of dipping my toes in again, what altcoins are looking promising these days? CUMROCKET! SPOOGEMOON! ROCKETMOON! MOONMOON! Originally Posted By Obo2: Originally Posted By Trunalimunumaprzure: https://www.blockchaincenter.net/en/bitcoin-rainbow-chart/ Rainbow Chart – A New Dawn As you may have noticed: The original Bitcoin Rainbow Chart is dead! The chart, which was based on a model developed in 2014, held for quite some time. But after a brutal 2022 in the crypto industry it was just no longer valid. Since then, we have a lot of new Bitcoin price data. So instead of letting the rainbow chart die or simply add more colors (indigo, ultraviolet anyone?), we remodeled the Bitcoin Rainbow Chart! So, what’s new? The Rainbow Chart V2 is based on a completly new formula, fitted with data until 2022 The new fit explains every move so far (the old one had a couple of wicks outside the rainbow) But due to the recent events the potential trajectory for the Bitcoin Price is not as bullish as the old one You can now zoom and pan into the chart as you like You can add more years to the rainbow chart What hasn’t changed? We kept the legend labels and the colors (still no indigo)! The rainbow is still not a full rainbow that goes back down, because that is not how Bitcoin works! How does the new model work? We fitted two curves. One that is the best fit for all of Bitcoin highs (red) and one that includes only the lows (blue). The rest we just interpolated. The result is this beautiful rainbow that will hopefully have a brighter future than the old one. As you can see, even in the new model we are in the lowest “Fire Sale” band, so fingers crossed! If you have any questions, feel free to hit me up on Twitter or contact our PR Department. The Rainbow Chart is not investment advice! Past performance is not an indication of future results. You can not predict the price of Bitcoin with a rainbow! It is meant to be be a fun way of looking at the historical long term price movements. Just like the old Rainbow Chart, someday it might not be correct anymore. not sure if gay or sign from God? This is the kind of discourse you don't find at MarketWatch.
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Posted: 12/1/2022 3:55:02 PM EDT
[#22]
So I acquired a Ledger Nano Plus hardware wallet. Not your keys, not your crypto, right?
Transferred my small coinbase balance to it, and redeemed a free $20 Black Friday BTC gift card. The feature that lets you get quotes for purchases and sales is sweet. Ramp seems to be most competitive. I tried to make a small purchase with a CC, which it says often won't work and it didn't. Are these guys possibly safe to give bank account info to?? Does anyone buy tokens using the Ledger app? |
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Posted: 12/2/2022 12:13:46 PM EDT
[Last Edit: Jagrmaister]
[#23]
If Bitcoin can stay at this level for another 423 days... I'll have my next goal. Best speed this up...Halvings are afoot.
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TX, USA
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Posted: 12/2/2022 12:21:36 PM EDT
[#24]
Quote HistoryOriginally Posted By Jagrmaister: If Bitcoin can stay at this level for another 423 days... I'll have my next goal. Best speed this up...Halvings are afoot. What, no plans to go all in on the LTC halving before BTC in 2024!?
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Posted: 12/2/2022 12:24:25 PM EDT
[Last Edit: woodsie]
[#25]
Quote HistoryOriginally Posted By Trunalimunumaprzure: https://www.blockchaincenter.net/en/bitcoin-rainbow-chart/ Rainbow Chart – A New Dawn As you may have noticed: The original Bitcoin Rainbow Chart is dead! The chart, which was based on a model developed in 2014, held for quite some time. But after a brutal 2022 in the crypto industry it was just no longer valid. Since then, we have a lot of new Bitcoin price data. So instead of letting the rainbow chart die or simply add more colors (indigo, ultraviolet anyone?), we remodeled the Bitcoin Rainbow Chart! So, what’s new? The Rainbow Chart V2 is based on a completly new formula, fitted with data until 2022 The new fit explains every move so far (the old one had a couple of wicks outside the rainbow) But due to the recent events the potential trajectory for the Bitcoin Price is not as bullish as the old one You can now zoom and pan into the chart as you like You can add more years to the rainbow chart What hasn’t changed? We kept the legend labels and the colors (still no indigo)! The rainbow is still not a full rainbow that goes back down, because that is not how Bitcoin works! How does the new model work? We fitted two curves. One that is the best fit for all of Bitcoin highs (red) and one that includes only the lows (blue). The rest we just interpolated. The result is this beautiful rainbow that will hopefully have a brighter future than the old one. As you can see, even in the new model we are in the lowest “Fire Sale” band, so fingers crossed! If you have any questions, feel free to hit me up on Twitter or contact our PR Department. The Rainbow Chart is not investment advice! Past performance is not an indication of future results. You can not predict the price of Bitcoin with a rainbow! It is meant to be be a fun way of looking at the historical long term price movements. Just like the old Rainbow Chart, someday it might not be correct anymore. Even though I subscribe to this approach in general, one big flaw in it is that it has never been tested by a recession. If you can excuse the COVID anomaly in 2020, the market for Bitcoin has never been tested by a recession or as aggressive of Fed action as we are seeing today. It's a new factor that could disrupt the long term trend, even if only temporarily until these external conditions resolve. I don't think you can take it by itself anymore but have to follow the macro situation as well. Maybe in 2024 if inflation is down and the Fed is loosening monetary policy can you go back to just looking at "the rainbow". Until then, you can't ignore the other stuff going on. It is good that they are re-fitting to new data though in any case. Even before "the rainbow chart" there were attempts as far back as 2014 to fit all data to a curve. They were more right than wrong but still required revision as more data becomes available. Here's one I saved from 2014.  Attached FileYou can certainly remark that $100k in 2021 didn't happen but you also have to keep in mind that this was created back when Bitcoin was like $400 so to even get close 7 years later says something about the validity of the approach as being a lot better than throwing darts at a board. |
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Posted: 12/4/2022 3:05:08 PM EDT
[#26]
The blockfi thing is disappointing. How is crypto supposed to be used as currency if there's no safe way to loan it out? I got burned on this one. Ya. I know, not your keys not your coins
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Posted: 12/4/2022 3:14:02 PM EDT
[#27]
It is disappointing. Both Celsius and BlockFi. I didn’t get burned but it sure doesn’t bode well for the space. Or, some would argue, it does, as it was getting rid of business models that were corrupt from the get-go. Some would argue getting rid of these lending-types is necessary for a healthy move forward for crypto. I admit, the amount of money I was pulling in every Monday morning from Celsius was… weird. I always felt like something wasn’t right, and it wasn’t.
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Posted: 12/4/2022 3:22:26 PM EDT
[#28]
Quote HistoryOriginally Posted By Detached: The blockfi thing is disappointing. How is crypto supposed to be used as currency if there's no safe way to loan it out? I got burned on this one. Ya. I know, not your keys not your coins The ability to borrow against crypto was one of the most exciting things about this cycle to me. Taking out fiat equity to use in the real world without having to sell and create a taxable event. Unfortunately, most of the companies offering this have completely collapsed. Coinbase just started offering this service but I really wish there was a decentralized way with native BTC. I do occasionally do this with ETH on AAVE on various chains (Ethereum, Polygon, Avalanche, Arbitrum). Starting to use Polygon more since Coinbase lets you withdraw USDC straight there with super low fees. |
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HI, USA
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Posted: 12/4/2022 7:53:57 PM EDT
[#29]
Quote HistoryOriginally Posted By beastman: The ability to borrow against crypto was one of the most exciting things about this cycle to me. Taking out fiat equity to use in the real world without having to sell and create a taxable event. Unfortunately, most of the companies offering this have completely collapsed. Coinbase just started offering this service but I really wish there was a decentralized way with native BTC. I do occasionally do this with ETH on AAVE on various chains (Ethereum, Polygon, Avalanche, Arbitrum). Starting to use Polygon more since Coinbase lets you withdraw USDC straight there with super low fees. Quote HistoryOriginally Posted By beastman: Originally Posted By Detached: The blockfi thing is disappointing. How is crypto supposed to be used as currency if there's no safe way to loan it out? I got burned on this one. Ya. I know, not your keys not your coins The ability to borrow against crypto was one of the most exciting things about this cycle to me. Taking out fiat equity to use in the real world without having to sell and create a taxable event. Unfortunately, most of the companies offering this have completely collapsed. Coinbase just started offering this service but I really wish there was a decentralized way with native BTC. I do occasionally do this with ETH on AAVE on various chains (Ethereum, Polygon, Avalanche, Arbitrum). Starting to use Polygon more since Coinbase lets you withdraw USDC straight there with super low fees. LOL! Lending money to an unknown entity with no hard asset backing the loan, what could possibly go wrong? It wasnt like people werent warned about the likelihood of failure on this very board many months ago. And to argue that these sh!tcoins were anywhere close to approximating a currency was/is a logical fallacy as well. |
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Posted: 12/4/2022 8:59:13 PM EDT
[#30]
Quote HistoryOriginally Posted By Cataly5t: LOL! Lending money to an unknown entity with no hard asset backing the loan, what could possibly go wrong? It wasnt like people werent warned about the likelihood of failure on this very board many months ago. And to argue that these sh!tcoins were anywhere close to approximating a currency was/is a logical fallacy as well. All of the loans I'm talking about are over collateralized. If you fall under the liquidation threshold your collateral can be bought at a discount to settle the debt. I usually do 25-50% LTV when the threashold is 80% for ETH. What got Celsuis and FTX in trouble is that they were creating their own tokens out of thin air and using those to secure billions in loans. |
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Posted: 12/4/2022 9:46:13 PM EDT
[#31]
Quote HistoryOriginally Posted By beastman: What got Celsuis and FTX in trouble is that they were creating their own tokens out of thin air and using those to secure billions in loans. If that’s all they were doing they wouldn’t be in trouble. Printing money with their own tokens was the smartest thing they did and made them a shit ton of money. Money they then lost with bad trades, bad investments, and excessive employee compensation. Which they tried to cover up with customer deposits. When the customers started wising up and pulling their money out, the bank run left them with nothing. |
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Posted: 12/4/2022 10:06:08 PM EDT
[#32]
Quote HistoryOriginally Posted By Fallen: If that’s all they were doing they wouldn’t be in trouble. Printing money with their own tokens was the smartest thing they did and made them a shit ton of money. Money they then lost with bad trades, bad investments, and excessive employee compensation. Which they tried to cover up with customer deposits. When the customers started wising up and pulling their money out, the bank run left them with nothing. It made them vulnerable to other entities that held those tokens and wanted to be able to acquire their assets for pennies on the dollar. FTX imploded shortly after CZ announced on Twitter that he was dumping all of his FTT. Of course he was doing that because he knew they were an insolvent house of cards but that was the moment the cracks showed for the rest of the world. He then attempted to buy them out but realized it was even worse than he realized and just let them collapse. All of these exchanges and corporate entities were intermingled and helping pump the prices of everything. Gemini has a $900M hole in their balance sheet from Genesis who are probably the next shoe to drop. Genesis is who pretty much everyone used for "lend" programs and got most of the yield from the GBTC premium carry trade that turned to shit. |
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Posted: 12/4/2022 11:10:23 PM EDT
[#33]
Quote HistoryOriginally Posted By beastman: It made them vulnerable to other entities that held those tokens and wanted to be able to acquire their assets for pennies on the dollar. FTX imploded shortly after CZ announced on Twitter that he was dumping all of his FTT. Of course he was doing that because he knew they were an insolvent house of cards but that was the moment the cracks showed for the rest of the world. He then attempted to buy them out but realized it was even worse than he realized and just let them collapse. All of these exchanges and corporate entities were intermingled and helping pump the prices of everything. Gemini has a $900M hole in their balance sheet from Genesis who are probably the next shoe to drop. Genesis is who pretty much everyone used for "lend" programs and got most of the yield from the GBTC premium carry trade that turned to shit. If FTX was anywhere code to solvent, they could have shrugged it off. Remember that in order for CZ to dump FTT he had to buy it first. If FTX had keep a tenth of what they made from selling FTT, in reserve, they could have bought every token CZ sold and laughed while counting all the money they made from that trade. |
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ARG
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Posted: 12/5/2022 10:10:09 AM EDT
[#34]
Quote HistoryOriginally Posted By Fallen: If FTX was anywhere code to solvent, they could have shrugged it off. Remember that in order for CZ to dump FTT he had to buy it first. If FTX had keep a tenth of what they made from selling FTT, in reserve, they could have bought every token CZ sold and laughed while counting all the money they made from that trade. Binance was one of the original investors in FTX. When FTX bought out their investment, FTX just printed more FTT tokens. I won't say Binance "never" bought FTT tokens; but that is not how the majority of their FTT token holdings were acquired. Accountant |
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Posted: 12/5/2022 10:35:02 AM EDT
[#35]
Quote HistoryOriginally Posted By Detached: The blockfi thing is disappointing. How is crypto supposed to be used as currency if there's no safe way to loan it out? I got burned on this one. Ya. I know, not your keys not your coins The basic idea of taking customer deposits and lending to other people and collecting a spread between interest rates on both ends is a reasonable business. Frankly, it should have been an easy business considering how perfect the collateral on those loans should have been compared to the collateral that banks normally have. I'd love to know how exactly they screwed it up but one of the things I pointed out awhile back last year was that high interest rates they were paying were very likely an intentional burn of investor dollars in order to attract users to their service. Maybe they flew too close to the sun with that strategy, I don't know. I'm sure there was other stuff going on as well. |
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Posted: 12/5/2022 10:58:40 AM EDT
[Last Edit: woodsie]
[#36]
Quote HistoryOriginally Posted By Cataly5t: LOL! Lending money to an unknown entity with no hard asset backing the loan, what could possibly go wrong? It wasnt like people werent warned about the likelihood of failure on this very board many months ago. And to argue that these sh!tcoins were anywhere close to approximating a currency was/is a logical fallacy as well. Quote HistoryOriginally Posted By Cataly5t: Originally Posted By beastman: Originally Posted By Detached: The blockfi thing is disappointing. How is crypto supposed to be used as currency if there's no safe way to loan it out? I got burned on this one. Ya. I know, not your keys not your coins The ability to borrow against crypto was one of the most exciting things about this cycle to me. Taking out fiat equity to use in the real world without having to sell and create a taxable event. Unfortunately, most of the companies offering this have completely collapsed. Coinbase just started offering this service but I really wish there was a decentralized way with native BTC. I do occasionally do this with ETH on AAVE on various chains (Ethereum, Polygon, Avalanche, Arbitrum). Starting to use Polygon more since Coinbase lets you withdraw USDC straight there with super low fees. LOL! Lending money to an unknown entity with no hard asset backing the loan, what could possibly go wrong? It wasnt like people werent warned about the likelihood of failure on this very board many months ago. And to argue that these sh!tcoins were anywhere close to approximating a currency was/is a logical fallacy as well. The collateral isn't necessarily the problem. Certain cryptos are excellent as collateral (for the lender) because they can be liquidated instantly if the LTV even approaches a level of being at risk of going underwater. For the borrower, that kind of sucks because crypto is so volatile but that's not the lender's problem. I'll lend you any amount of money you want if you give me BTC as collateral along with language in our loan agreement that you must maintain a particular loan to value ratio otherwise I can liquidate your collateral. That's an easy proposition for a lender, even in a volatile market and my recollection is that this is how BlockFi loans were set up. There are plenty of other problems for them though and I'm sure we are going to hear about lots of them. One I know of is that they were intentionally burning investor cash to offer higher yields to depositors than what they were getting on the other end from borrowers. I also don't see how they had any particular protections against depositors fleeing during bad times and wiping out their reserves to unsustainable levels. Traditional banks inherently have the same exact problem but the FDIC mostly covers that for them. |
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Posted: 12/10/2022 12:59:37 AM EDT
[Last Edit: Brahmzy]
[#37]
What’s with all the Bitcoin “jumps up” or “falls” BS every other day in the news? My farts have more volatility than BTC has had in 3 months. Slow news. I mean if we see a $16,800-$17,200 swing in any given week it’s big news. Give me a break.
You haven’t seen volitity until you’ve watched massive wealth reduction in seconds happen. Shiiiiii….. |
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Posted: 12/10/2022 1:22:30 AM EDT
[#38]
Quote HistoryOriginally Posted By Brahmzy: What’s with all the Bitcoin “jumps up” or “falls” BS every other day in the news? My farts have more volatility than BTC has had in 3 months. Slow news. I mean if we see a $16,800-$17,200 swing in any given week it’s big news. Give me a break. You haven’t seen volitity until you’ve watched massive wealth reduction in seconds happen. Shiiiiii….. Everyone anticipates $12k-15k bitcoin. Who really gives a shit. You seen Android Lightning wallets yet? |
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Posted: 12/10/2022 7:10:17 PM EDT
[#39]
Quote HistoryOriginally Posted By Brahmzy: What’s with all the Bitcoin “jumps up” or “falls” BS every other day in the news? My farts have more volatility than BTC has had in 3 months. Slow news. I mean if we see a $16,800-$17,200 swing in any given week it’s big news. Give me a break. You haven’t seen volitity until you’ve watched massive wealth reduction in seconds happen. Shiiiiii….. Bear markets are boring. Have to report on something I suppose. |
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Posted: 12/13/2022 12:04:36 PM EDT
[#40]
Celsius users- bad news on retail clawbacks:
 Celsius Retail Clawbacks Update Join group at link in video |
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Posted: 12/14/2022 11:17:32 AM EDT
[#41]
Max Kaiser is interviewed by Tucker Carlson about bitcoin.
He also warns to reject CBDC as if your life depends on it; because it does! |
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Posted: 12/14/2022 11:32:05 AM EDT
[#42]
Quote HistoryOriginally Posted By Riter: Max Kaiser is interviewed by Tucker Carlson about bitcoin. He also warns to reject CBDC as if your life depends on it; because it does! Anyone with half a brain should know that but then again we are talking about the American populace. |
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Posted: 12/14/2022 4:31:42 PM EDT
[Last Edit: vim]
[#43]
Quote HistoryOriginally Posted By Fallen: If FTX was anywhere code to solvent, they could have shrugged it off. Remember that in order for CZ to dump FTT he had to buy it first. If FTX had keep a tenth of what they made from selling FTT, in reserve, they could have bought every token CZ sold and laughed while counting all the money they made from that trade. Dunno about SBF specifically, but Caroline Ellison apparently had an amphetamine problem. This is known to cause changes in risk assessment behavior. |
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HI, USA
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Posted: 12/14/2022 8:03:59 PM EDT
[#44]
Quote HistoryOriginally Posted By woodsie: The collateral isn't necessarily the problem. Certain cryptos are excellent as collateral (for the lender) because they can be liquidated instantly if the LTV even approaches a level of being at risk of going underwater. For the borrower, that kind of sucks because crypto is so volatile but that's not the lender's problem. I'll lend you any amount of money you want if you give me BTC as collateral along with language in our loan agreement that you must maintain a particular loan to value ratio otherwise I can liquidate your collateral. That's an easy proposition for a lender, even in a volatile market and my recollection is that this is how BlockFi loans were set up. There are plenty of other problems for them though and I'm sure we are going to hear about lots of them. One I know of is that they were intentionally burning investor cash to offer higher yields to depositors than what they were getting on the other end from borrowers. I also don't see how they had any particular protections against depositors fleeing during bad times and wiping out their reserves to unsustainable levels. Traditional banks inherently have the same exact problem but the FDIC mostly covers that for them. Quote HistoryOriginally Posted By woodsie: Originally Posted By Cataly5t: Originally Posted By beastman: Originally Posted By Detached: The blockfi thing is disappointing. How is crypto supposed to be used as currency if there's no safe way to loan it out? I got burned on this one. Ya. I know, not your keys not your coins The ability to borrow against crypto was one of the most exciting things about this cycle to me. Taking out fiat equity to use in the real world without having to sell and create a taxable event. Unfortunately, most of the companies offering this have completely collapsed. Coinbase just started offering this service but I really wish there was a decentralized way with native BTC. I do occasionally do this with ETH on AAVE on various chains (Ethereum, Polygon, Avalanche, Arbitrum). Starting to use Polygon more since Coinbase lets you withdraw USDC straight there with super low fees. LOL! Lending money to an unknown entity with no hard asset backing the loan, what could possibly go wrong? It wasnt like people werent warned about the likelihood of failure on this very board many months ago. And to argue that these sh!tcoins were anywhere close to approximating a currency was/is a logical fallacy as well. The collateral isn't necessarily the problem. Certain cryptos are excellent as collateral (for the lender) because they can be liquidated instantly if the LTV even approaches a level of being at risk of going underwater. For the borrower, that kind of sucks because crypto is so volatile but that's not the lender's problem. I'll lend you any amount of money you want if you give me BTC as collateral along with language in our loan agreement that you must maintain a particular loan to value ratio otherwise I can liquidate your collateral. That's an easy proposition for a lender, even in a volatile market and my recollection is that this is how BlockFi loans were set up. There are plenty of other problems for them though and I'm sure we are going to hear about lots of them. One I know of is that they were intentionally burning investor cash to offer higher yields to depositors than what they were getting on the other end from borrowers. I also don't see how they had any particular protections against depositors fleeing during bad times and wiping out their reserves to unsustainable levels. Traditional banks inherently have the same exact problem but the FDIC mostly covers that for them. TrumpWrong.jpg Youre only thinking about yourself as the lender and not considering the whole picture and in particular the lending platform which allows you to lend to some random degen gambler. Say you lend 1 bitcoin. Does that bitcoin become custody of the lending platform and they promise at the end to return you 1 bitcoin (not necessarily the original one you had) plus interest earned? I dont know the answer to that but they probably use their own "stable" coin as an intermediary and issue that based on the dollar amount of the bitcoin at the time of the transaction for the degen gambler to run wild with - while your bitcoin is in their custody. At least thats how I think it might work. Anyway, the platform has to hedge the hell out of this risk due to the fact that some degen is likely going to lose his azz with this amount he borrowed and that the collateral itself is volatile AF. Of course they might lock down the volatility by only agreeing to the transaction in dollar terms at the time of the agreement and not based in coin terms (that is, the coin being used as collateral). Or maybe its in their "stable" coin terms, since they can create those out of thin air. Again, dont know what they do but they have to mitigate their risk and that also means they have to skim a good amount from both sides of the transaction or they go belly up pretty quick. Regardless, its a cluster and no one could have seen this trainwreck coming
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Posted: 12/14/2022 11:54:27 PM EDT
[#45]
Posted in the mortgage thread but definitely applies here.
Ron Paul article on Mother of All Economic Crises Nom. Nom. Nom. |
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Posted: 12/17/2022 9:39:26 AM EDT
[Last Edit: muddywings]
[#46]
Quote HistoryOriginally Posted By muddywings: Celsius users- bad news on retail clawbacks:  https://www.youtube.com/watch?v=Z0PUZ96GQyMJoin group at link in video Bumping this for the weekend
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Posted: 12/21/2022 4:02:51 PM EDT
[#47]
 This ad always makes me laugh, mad, sad, and confused. This problem is already solved. |
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Posted: 12/27/2022 7:19:01 AM EDT
[#48]
Merry late Christmas crypto bros ..
May ‘23 be filled with volatility and good deals leading up to a new ATH sometime in ‘24. |
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USA
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Posted: 12/29/2022 8:06:46 PM EDT
[#49]
Quote HistoryOriginally Posted By Brahmzy: Merry late Christmas crypto bros .. May ‘23 be filled with volatility and good deals leading up to a new ATH sometime in ‘24. 100% |
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Posted: 1/1/2023 1:43:15 AM EDT
[Last Edit: Jagrmaister]
[#50]
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