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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)


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6 minutes ago, B00M said:

I'll bet it was CR bullshit

He trolled the CR with shit about vaccinations among kids and people that previously had covid, and since many posters there can't actually debate the data they just crowd sourced him for trolling. 

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3 hours ago, Anastasis said:

He trolled the CR with shit about vaccinations among kids and people that previously had covid, and since many posters there can't actually debate the data they just crowd sourced him for trolling. 

spacer.png

Let's save this for another board. 

Crypto is swinging. 

 

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20 hours ago, XYZ said:

Is there such thing as shorting crypto? If yes, how is it done? Are there places where you can deposit your crypto and they lend it to someone else? I mean, I’m not interested in shorting, like at all, just curious how it’s done.

Yes, to both. Same financial instruments exist with BTC (including leverage) however many of the exchanges that do business in the US will not allow them. You would have to find an overseas one.

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I guess one advantage of crypto compared to stocks is that with crypto, if you keep it in your own wallet (as opposed to a “custodial” wallet), then there is no way for somebody to short your crypto. With stocks I don’t think you can prevent shorting.

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4 hours ago, XYZ said:

I guess one advantage of crypto compared to stocks is that with crypto, if you keep it in your own wallet (as opposed to a “custodial” wallet), then there is no way for somebody to short your crypto. With stocks I don’t think you can prevent shorting.

You can directly own shares of a lot of companies, and nobody buys or sells it except you.

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On 7/26/2021 at 7:30 PM, B00M said:

I'll bet it was CR bullshit

 Correct. Had people negging even non CR posts to do to. But I’m back. Just will stay away from that forum. I enjoy too much from the rest of the site to want to start a new handle. 
 

45 minutes ago, Burt Macklin said:

BTC passed 40k 3 times but couldn’t hold, so it looks like we might be heading back towards 30k for now unless some news breaks. I did see some positive news about the outflow of BTC from exchanges (ie people are storing it in long-term private wallets). 

This move was awesome. Bummed that I couldn’t post here during it. A slight pullback is expected, but the way we held above 28-30 despite multiple hits and terrible sentiment has me thinking we’ve bottomed. Famous last words. 

Edited by Muy Frio
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The big news currently in crypto is a small tax code change that politicians are trying to tuck into the large infrastructure bill being pushed through. Here is a good thread on what they’re attempting to pass and its implications. Hopefully these lobbyists can weigh in and stop it. Seems like a terrible move to knee cap whole crypto industry in US.  Especially right after China serves it up on a platter to us by banning mining and other trading. Dumb dumb dumb. 

 

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5 hours ago, Burt Macklin said:

BTC passed 40k 3 times but couldn’t hold, so it looks like we might be heading back towards 30k for now unless some news breaks. I did see some positive news about the outflow of BTC from exchanges (ie people are storing it in long-term private wallets). 

Maybe we are headed back to 30k but how that can be predicted by a 39.5 drop to 38.5.  I can understand that trend analysis or placed orders can demonstrate some momentum or lack of it, but that theory falls apart somewhat when analyzing amounts 25% below current levels. 

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5 hours ago, Burt Macklin said:

I did see some positive news about the outflow of BTC from exchanges (ie people are storing it in long-term private wallets). 

But is that really positive? I think I saw somewhere that the vast majority of BTC is laying very quietly. You take some more of it out of circulation and liquidity will suck.

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The Amazon rumor was not helpful for crypto:

https://www.cnn.com/2021/07/26/investing/amazon-cryptocurrency-job-posting/index.html

https://news.yahoo.com/bitcoin-reverses-rally-drop-below-093000531.html

Quote

Shalini Nagarajan

Tue, July 27, 2021, 3:30 AM·2 min read

Avishek Das/SOPA Images/LightRocket via Getty Images

Bitcoin fell below $38,000 on Tuesday after Amazon rejected talk it may be venturing into crypto.

The token surged above $40,000 on Monday after a report Amazon has specific plans to accept bitcoin as payment.

The online retailer said the report was "not true," but didn't deny it's exploring crypto developments.

Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin's price tumbled below $38,000 on Tuesday, retreating from the previous day's gains after online retail giant Amazon quelled rumours that it plans to accept crypto payments for purchases on its platform.

The coin was trading around $37,180 as of 3:20 a.m. ET, 4% lower than the same time Monday, according to Coinmarketcap data. That brought its year-to-date gains to 28%. Bitcoin is still about 42% below its high of nearly $65,000 in mid-April.

Bitcoin had briefly broken above $40,000 on Monday, rising above that level for the first time in six weeks. The surge was driven by a combination of positive developments, which included an Amazon job posting that indicated its interest in digital currencies and a report the US e-commerce giant had been working since 2019 on plans to accept bitcoin payments by the end of 2021.

That raised hopes among investors that cryptocurrencies could be more widely accepted as a means of payment, analysts said.

But Amazon rejected the report in an email to Insider on Tuesday. "Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true," a company spokesperson said.

Crypto promoters - loose with facts - hurt crypto. Integrity and credibility are extremely important to crypto at this juncture. 

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36 minutes ago, washparkhorn said:

Know you customer rules may have a positive impact for crypto. KYC rules bolster crypto's credibility in a nation that sees crypto as a tool for criminals. 

Adjust accordingly. 

KYC fanbois are the worst. Straight up Anti freedom. Probably hate cash  

 

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2 minutes ago, Muy Frio said:

KYC fanbois are the worst. Straight up Anti freedom. Probably hate cash  

 

And so you choose: Learn the hard way.

https://www.cnbc.com/2021/07/28/us-marshals-service-hires-custodian-to-hold-crypto-seized-in-criminal-activity.html

Spoiler

The U.S. Marshals Service, one of the primary law enforcement agencies of the Department of Justice, has hired custodian Anchorage Digital for cryptocurrency seized or forfeited in various criminal cases.

The Marshals Service has spent more than a year seeking a custodian and financial services provider for its stockpile of seized crypto. The contract was previously awarded to BitGo, which was acquired in May by Galaxy Digital.

The agency’s Asset Forfeiture Division removes financial incentives for crime operations, which often also include real estate, art, vehicles, jewelry and cash.

Anchorage will provide custody and liquidation services, which could include accounting, customer management, managing blockchain forks, transforming token assets into coin assets as well as future actions associated with the USMS virtual currency forfeiture process.

“Critical, reliable infrastructure will be the most important factor in a stable crypto asset class,” Anchorage Digital President and co-founder Diogo Monica told CNBC.

The agency has auctioned bitcoin since at least 2014. In addition to investing in dozens of crypto start-ups, much of venture capitalist Tim Draper’s bitcoin fortune came by winning the U.S. Marshals Service’s 2014 auction of 30,000 confiscated bitcoins from the now-defunct Silk Road.

The Marshals Service has seized and sold more than 185,000 bitcoins worth more than $7.2 billion since about 2014. It most recently auctioned 4,040 bitcoins in early 2020.

 

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17 minutes ago, washparkhorn said:

And so you choose: Learn the hard way.

https://www.cnbc.com/2021/07/28/us-marshals-service-hires-custodian-to-hold-crypto-seized-in-criminal-activity.html

  Hide contents

The U.S. Marshals Service, one of the primary law enforcement agencies of the Department of Justice, has hired custodian Anchorage Digital for cryptocurrency seized or forfeited in various criminal cases.

The Marshals Service has spent more than a year seeking a custodian and financial services provider for its stockpile of seized crypto. The contract was previously awarded to BitGo, which was acquired in May by Galaxy Digital.

The agency’s Asset Forfeiture Division removes financial incentives for crime operations, which often also include real estate, art, vehicles, jewelry and cash.

Anchorage will provide custody and liquidation services, which could include accounting, customer management, managing blockchain forks, transforming token assets into coin assets as well as future actions associated with the USMS virtual currency forfeiture process.

“Critical, reliable infrastructure will be the most important factor in a stable crypto asset class,” Anchorage Digital President and co-founder Diogo Monica told CNBC.

The agency has auctioned bitcoin since at least 2014. In addition to investing in dozens of crypto start-ups, much of venture capitalist Tim Draper’s bitcoin fortune came by winning the U.S. Marshals Service’s 2014 auction of 30,000 confiscated bitcoins from the now-defunct Silk Road.

The Marshals Service has seized and sold more than 185,000 bitcoins worth more than $7.2 billion since about 2014. It most recently auctioned 4,040 bitcoins in early 2020.

 

I don’t see what Bitcoin confiscated from criminal operations has to do with making everyone that transacts and holds cryptocurrency in any form, Including mining, submit to KYC? You can hold cash under your mattress. Why can you not hold your own keys without having to report to the government? 

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2 hours ago, Muy Frio said:

The big news currently in crypto is a small tax code change that politicians are trying to tuck into the large infrastructure bill being pushed through. Here is a good thread on what they’re attempting to pass and its implications. Hopefully these lobbyists can weigh in and stop it. Seems like a terrible move to knee cap whole crypto industry in US.  Especially right after China serves it up on a platter to us by banning mining and other trading. Dumb dumb dumb. 

 

That would be very bad news for crypto, I think. When I think of crypto, I think of “anonymous” and “decentralized”. That law would cut one of the two pillars off. It seems like running afoul of uncle sam is inevitable for bitcoin.

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2 minutes ago, XYZ said:

 It seems like running afoul of uncle sam is inevitable for bitcoin.

I am not sure running afoul is necessary. The money laundering temptation with crypto makes it a target for criminals and law enforcement. That issue is not going away. Crypto needs clean hands for legitimacy. 

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I wonder how much USD cash (paper notes) is out there, and how much is stacked up in piles of millions in illegal operations such as the Russian mafia in the John Wick movie, the other Russian mafia in the Bob Odenkirk movie, all the drug cartels, etc.

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3 minutes ago, XYZ said:

I wonder how much USD cash (paper notes) is out there, and how much is stacked up in piles of millions in illegal operations such as the Russian mafia in the John Wick movie, the other Russian mafia in the Bob Odenkirk movie, all the drug cartels, etc.

Agree 100%. And we see the attempts by the US to thwart the use of USD in criminal transactions. Know your customer rules are part of the enforcement effort.

Crypto has the same weakness to criminal usage as USD cash (and has more robust methods of evading scrutiny and enforcement). Regulation is inevitable, which might give some crypto more value if they play along. 

Just an opinion and certainly not investment advice. 

 

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I have bigger thoughts but I’m on vacation. 
 

Basically it’s going to be a bipolar world. On one hand there will be China and their digital Yuan which looks like it will be part of their panopticon.
 

On the other end will be whatever the US endorses. should it be a Chinese copy? Are we really copying everything their government does? That’s a bit of a CR thought. But we should embrace freedom. That will help us immensely in the long run. 

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13 hours ago, XYZ said:

That would be very bad news for crypto, I think. When I think of crypto, I think of “anonymous” and “decentralized”. That law would cut one of the two pillars off. It seems like running afoul of uncle sam is inevitable for bitcoin.

because of the ledger system, it has actually made it easier for the FEDs to seize vs traditional banking. 

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17 hours ago, XYZ said:

But is that really positive? I think I saw somewhere that the vast majority of BTC is laying very quietly. You take some more of it out of circulation and liquidity will suck.

BTC moved off exchange is being held.  BTC moved on exchange is going to be sold.  Less selling means existing buying pressure should elevate price as liquidity gets squeezed.  BTC always tanks when large amounts move from offline storage to the exchanges (and then is sold).

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8 hours ago, bernorange said:

BTC moved off exchange is being held.  BTC moved on exchange is going to be sold.  Less selling means existing buying pressure should elevate price as liquidity gets squeezed.  BTC always tanks when large amounts move from offline storage to the exchanges (and then is sold).

I guess what I’m trying to say is that it would be good for the health of the crypto ecosystem for lots of BTC to be spread among many hands and a good chunk to be moving around instead of dormant. What will happen the day that Satoshi Nakamoto dumps his bitcoin?

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18 minutes ago, XYZ said:

I guess what I’m trying to say is that it would be good for the health of the crypto ecosystem for lots of BTC to be spread among many hands and a good chunk to be moving around instead of dormant. What will happen the day that Satoshi Nakamoto dumps his bitcoin?

That may be so. The thing is, few people want to spend their .00020243 BTC on a Big Meaty Burger with Fries, because the idea is that you want to hold onto that .00020243 BTC until it's worth 10 Big Meaty Burgers with Fries, plus maybe a new TV.

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30 minutes ago, XYZ said:

I guess what I’m trying to say is that it would be good for the health of the crypto ecosystem for lots of BTC to be spread among many hands and a good chunk to be moving around instead of dormant. What will happen the day that Satoshi Nakamoto dumps his bitcoin?

The distribution of BTC has increased over time. Of course it started with just a handful of people mining and 50BTC blocks being created every 10 minutes! This chart shows smaller addresses growing over time.  

 

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5 hours ago, T’Boo Ted Marshall said:

Crept over $42k. Full steam ahead right?

Looking strong af now. The last 10 or so days it’s taken off. Right around when the Fed says inflation will be higher than they thought and not sure when it will moderate. Coincidence?

Edited by Muy Frio
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On 7/30/2021 at 12:00 PM, Muy Frio said:

The big news currently in crypto is a small tax code change that politicians are trying to tuck into the large infrastructure bill being pushed through. Here is a good thread on what they’re attempting to pass and its implications. Hopefully these lobbyists can weigh in and stop it. Seems like a terrible move to knee cap whole crypto industry in US.  Especially right after China serves it up on a platter to us by banning mining and other trading. Dumb dumb dumb. 

Shouldn’t this news have caused a major selloff in crypto?

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10 minutes ago, XYZ said:

Shouldn’t this news have caused a major selloff in crypto?

I was kind of surprised it didn’t. I guess the final draft isn’t done. Supposedly a lot of people have been mobilized to get it changed. 
 

Supposedly Portman from Ohio is one of them that needs convincing. Not sure why. 

Edited by Muy Frio
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I'm always amused at crypto enthusiasts constantly pining for governments and corporations to embrace cryptocurrencies (so that their own assets increase in value), all while screaming bloody murder when those same governments move to enact legislation making it easier to collect taxes on cryptocurrency transactions. You ain’t getting one without the other. As there is no doubt that tax compliance is a huge issue with cryptocurrencies (and collecting taxes is kind of their thing) it shouldn't really be a surprise, should it?

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42 minutes ago, Blotto said:

I'm always amused at crypto enthusiasts constantly pining for governments and corporations to embrace cryptocurrencies (so that their own assets increase in value), all while screaming bloody murder when those same governments move to enact legislation making it easier to collect taxes on cryptocurrency transactions. You ain’t getting one without the other. As there is no doubt that tax compliance is a huge issue with cryptocurrencies (and collecting taxes is kind of their thing) it shouldn't really be a surprise, should it?

You're not wrong. Also you reminded me of this meme for whatever reason.

 

Screenshot_20210801-130301.png

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9 hours ago, washparkhorn said:

Just looked it up. ugh. This market is swinging like a screen door in a hurricane. I suppose that helps with price discovery. 

Wonder who is selling? Anyone?

It seems like it was a good time to pull back a bit. Had 10 straight green days. But

 

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Quote

Wyden, who leads the chamber’s tax-writing panel, wants to be sure it’s clear the rules don’t apply to blockchain technology developers that may face difficulty complying, a problem that cryptocurrency lobbyists have highlighted in the days since draft text of the proposal began to circulate.

“Americans avoiding paying taxes they owe through cryptocurrency is a real problem that deserves a real solution,” Wyden said in a series of tweets Sunday, hours before senators unveiled the draft bill text. “The Republican provision in the bipartisan infrastructure framework isn’t close to being that solution. It’s an attempt to apply brick and mortar rules to the internet and fails to understand how the technology works.”

Good luck getting that crew to pick up on the finer nuances of blockchain infrastructure. Might have to call in cyber-czar Rudy to lead a refresher course. He doesnt have much going on these days. 

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11 hours ago, Muy Frio said:

It seems like it was a good time to pull back a bit. Had 10 straight green days. But

 

It’s interesting to look at the last time BTC spiked hard. It rallied about halfway down like it is here and then kept falling. Makes me wonder if this is the most similar to October 2017 or if we’re about to gear up for another big run that will blow past the high from a few months ago. Who fucking knows? 

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Anyone used Cash App App to buy and trade or use or sell Bitcoin?  Any pitfalls to watch out for?  Did a 50$ purchase within minutes of installing the app as a trial.  Trying again it is not letting me and I had to set up more stuff that is validating.

Am I asking for trouble with this app?

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5 hours ago, zork said:

Anyone used Cash App App to buy and trade or use or sell Bitcoin?  Any pitfalls to watch out for?  Did a 50$ purchase within minutes of installing the app as a trial.  Trying again it is not letting me and I had to set up more stuff that is validating.

Am I asking for trouble with this app?

I’ve used it in the past and no problems. Their ceo, jack dorsey, is a relatively early adopter of bitcoin so happy to support him. And unlike PayPal, Cash allows you to transfer the bitcoin off the app.

One thing that I don’t like about buying on the cash app is that it’s a 2 step process.  You have to fund your account and then make the buy. No big deal unless you want to stop at the last confirmation when you’ve seen the fees and final trading price. The money has already been withdrawn from your bank account.

If you decide to cancel at that last step, you can redeposit the funds back to your bank. In 3 days.

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