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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)


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8 minutes ago, Brisketexan said:

 

CRYPTO!

I was seriously the 4th grade crypto champion at my elementary school growing up. The other finalist said he had a headache that day but I know it was bullshit. He was scared to play me. 

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15 minutes ago, Anastasis said:

All the best and most reliable currencies are backed up by aircraft carriers. 

Historically (and using the analogs of the time), that's more right than wrong.  You don't have to like it to make it true.  "Power" is a pretty good backing.

And I've always loved the "crypto is better than the dollar, that's just backed by the full faith and credit of the United States!"  Hey, crypto bro.....if shit goes down that's significant enough to gut "the full faith and credit" of the United States....shit's gotten unspeakably bad.  Do you think that anyone's going to give a shit when you wave your digital wallet at them and say "but I have 50 bitcoins!" as they run you through with a sharpened stick and take whatever food you have?

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1 hour ago, bernorange said:

The big boys have enough trouble not crashing the economy with traditional financial instruments 

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4 hours ago, Brisketexan said:

Do you think that anyone's going to give a shit when you wave your digital wallet at them and say "but I have 50 bitcoins!" as they run you through with a sharpened stick and take whatever food you have?

Wait until I tell them of the folly of central bank monetary policies!

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15 hours ago, Brisketexan said:

Historically (and using the analogs of the time), that's more right than wrong.  You don't have to like it to make it true.  "Power" is a pretty good backing.

And I've always loved the "crypto is better than the dollar, that's just backed by the full faith and credit of the United States!"  Hey, crypto bro.....if shit goes down that's significant enough to gut "the full faith and credit" of the United States....shit's gotten unspeakably bad.  Do you think that anyone's going to give a shit when you wave your digital wallet at them and say "but I have 50 bitcoins!" as they run you through with a sharpened stick and take whatever food you have?


The dollar losing its WRC status due to inflation probably won’t result in lord of the flies shit but it will make everyone holding dollars poorer. On the bright side, it will reduce our wealth inequality

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3 hours ago, B00M said:


The dollar losing its WRC status due to inflation probably won’t result in lord of the flies shit but it will make everyone holding dollars poorer. On the bright side, it will reduce our wealth inequality

The dollar is not losing WRC status due to inflation. 

 

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19 hours ago, Brisketexan said:

Man.  Y'all STILL haven't figured out that the solution to all the world's problems, the key to universal happiness, wealth, and security?  Come on guys, you can say it with me.....

Crypto was my happy key today. 

Im not gonna claim the timing wasnt 95% luck, but a short position I initiated this week on Silvergate Capital - the traditional intermediary banking for the major crypto operators - paid off when the stock splooged 40% today.  

FTX contagion got to them and news confirmed their selling off assets to preserve liquidity. 

It funded my IRA contribution for this year. 

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20 hours ago, Brisketexan said:

Historically (and using the analogs of the time), that's more right than wrong.  You don't have to like it to make it true.  "Power" is a pretty good backing.

And I've always loved the "crypto is better than the dollar, that's just backed by the full faith and credit of the United States!"  Hey, crypto bro.....if shit goes down that's significant enough to gut "the full faith and credit" of the United States....shit's gotten unspeakably bad.  Do you think that anyone's going to give a shit when you wave your digital wallet at them and say "but I have 50 bitcoins!" as they run you through with a sharpened stick and take whatever food you have?

Food, water, and the tools to acquire food and water....  

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  • 2 weeks later...
Quote

...
Last week, at a crypto conference in St. Moritz, Switzerland, CNBC spoke to industry insiders who painted a picture of 2023 as year of caution. Bitcoin

is expected to trade within a range, be sensitive to the macroeconomic situation such as interest rate rises and continue to be volatile. A new bull run is unlikely in 2023.

However, experts are looking to next year and beyond with optimism.
...
Meltem Demirors, chief strategy officer at CoinShares, said bitcoin is likely to be rangebound trading at the lower end between $15,000 and $20,000 and on the upper end between $25,000 to $30,000.

She said a lot of the "forced selling" that happened in 2022 as a result of collapses in the market is now over, but there isn't much new money coming into bitcoin.

"I don't think there's a lot of forced selling remaining, which is optimistic," Demirors told CNBC Friday. "But again, I think the upside is quite limited, because we also don't see a lot of new inflows coming in."
...
In CNBC's interviews, several industry participants spoke about historical bitcoin cycles, which happen roughly every four years. Typically, bitcoin will hit an all time high, then have a massive correction. There will be a bad year and then a year of mild recovery.

Then "halving" will happen. This is when miners, who run specialized machines to effectively validate transactions on the bitcoin networks, see their rewards for mining cut in half. Miners get bitcoin as a reward for validating transactions. The halving, which happens every four years, effectively slows down the supply of bitcoin onto the market. There will ever only be 21 million bitcoin in circulation.

Halving usually precedes a bull run. The next halving event takes place in 2024.

Scaramucci called 2023 a "recovery year" for bitcoin and predicted it could trade at $50,000 to $100,000 in two to three years.
...

https://www.cnbc.com/2023/01/16/bitcoin-price-prediction-2023-investors-see-12000-to-30000.html

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On 1/5/2023 at 10:07 AM, B00M said:


The dollar losing its WRC status due to inflation probably won’t result in lord of the flies shit but it will make everyone holding dollars poorer. On the bright side, it will reduce our wealth inequality

We’re not losing our currency status. We will simply stoke whatever geopolitical instability is necessary to keep the house of cards standing. 

Edited by Anastasis
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If Genesis' bankruptcy destabilizes the USDC coin, it would likely trigger another implosion in the greater crypto market.  The tweet raises the possibility of it, but doesn't say that there is a known risk in that regards.

Gemini and Genesis have been embroiled in a spat for a while now:

https://www.kitco.com/news/2023-01-03/Gemini-Genesis-spat-goes-public-prompts-new-criminal-allegations-against-DCG-from-3AC-s-Zhu.html

The ripple effect of Genesis' bankruptcy *could* (I don't know that it will for sure) impact Gemini's Grayscale Bitcoin Trust (GBTC) which, again, could have ramifications for Bitcoin specifically and the crypto market as a whole.

https://www.kitco.com/news/2023-01-17/If-this-crypto-firm-collapses-then-a-massive-selling-event-in-Bitcoin-would-occur-Scott-Melker.html

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2 hours ago, Hefeweizen said:

I can’t understand a word of that salad.  I am starting to see how olds felt about the internet when it came around.

I have learned that when a tech dude stands in front of a blue or purple background, thinking deep thoughts while holding his hands like he's lying about a fish he caught, that it all translates into "give me money for some bullshit I am promoting."

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Quote

... the Ethereum Shanghai update scheduled to be implemented sometime in March, ...
...
The main goal of the Shanghai update is to enable staking withdrawals, which have been disabled since the launch of the beacon chain in Dec. 2020.
...
During the 99th Consensus Layer (CL) call on Dec. 1, Ethereum developers decided that they intended to roll out Ethereum staking withdrawals with the upcoming Shanghai hard fork due to the fact that some stakers have had their tokens locked for two years. At that time, the upgrade also included the implementation of "EVM Object Format" (EOF), which is a collection of Ethereum Improvement Proposals (EIP) designed to upgrade the Ethereum Virtual Machine (EVM) and make future upgrades easier.

On Jan. 6, developers held another call where they agreed to exclude the planned implementation of EOF from the Shanghai upgrade over concerns that its complexity would delay the implementation of withdrawals.

At the time of writing, data from Beaconcha.in shows that there are 16,149,561 Ether worth approximately $26.19 billion deposited into the Ethereum staking contract and currently unable to be withdrawn. According to Wennerge.com, the Shanghai upgrade will take place on March 31.

https://www.kitco.com/news/2023-01-24/Ethereum-devs-prepare-for-the-Shanghai-upgrade-with-the-launch-of-a-shadow-fork-for-testing.html

So if the Shanghai update is successful, there will likely be some short term pressure on ETH as folks liquidate ETH assets that have been locked for the last two years.  However, I'm pretty sure that the price of ETH was way higher when folks locked their coins on ETH2, so I don't think there will be a lot of "profit taking".  Longer term, I expect more investment into ETH staking as rewards can be realized, so it should be help drive more investment into ETH.

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