Bitcoin - a decentralised digital currency

2,256 posts in this topic

15 hours ago, wien4ever said:

 

 

None of those mainstream companies are *accepting* bitcoin. Bitrefill simply converts the BTC to Euros/Dollars , which is what they really accept.

 

And?  First I already said they do the conversion via gift cards.    And second, when I go to the Mexico no shop there takes Euros, I still pay with my Euros using my credit card which makes the conversion behind the scenes.

 

I guess haters gonna hate.

 

 

P.S., You can as well get a BTC Visa card and pay everywhere.

0

Share this post


Link to post
Share on other sites

End of free money is probably causing an end to one of the most speculative parts of the market - Crypto
bitcoin-drops-below-30000


I am waiting to see how solid Tether and other Stable coins are. UST is not as we can see : Luna lost >90% value in one day.
terra-ust-stablecoin-dives-below-1-peg

Mictrostrategie stock, from 850 high (Fe,21) to 145 today - a drop of 83%. aucch !
Sailor's plan wasn't that genius afterall 

 

bitcoin.png

0

Share this post


Link to post
Share on other sites
On 3/3/2022, 12:00:36, MikeMelga said:

Good point. Let's see how it evolves. Anyway, normal (reputable) business transactions won't happen in Bitcoin. So even if there is no ban, there are still strong sanctions.

 

Israeli banks were used for money laundering until the US pressured hard. The result is this

Quote

69-year-old Esther Freeman invested around $3,000 in Bitcoin eight years ago, but Israel's Bank Hapoalim is unwilling to accept her 100x profits, claiming there is a "risk of money laundering and terror financing" as she made her initial purchase in cash.

 

1

Share this post


Link to post
Share on other sites

BTC-Drama.png.26b63571594fa8ef1c071c386f

 

 

Is it this time of the year again?   The "Lets cherry-pick and compare this two points in time because it will look bad"?

 

Even at the current low prices, it is still almost 10x if you bought just 3 years ago.

 

0

Share this post


Link to post
Share on other sites
Quote

Highly unstable

This week’s implosion of TerraUSD is once again shaking confidence in crypto markets, and raising alarms about investor protection.

Crypto insiders say they saw this coming. TerraUSD, or UST, is supposed to be a stablecoin — a type of cryptocurrency meant to be pegged to a stable asset — that should not fluctuate in price. UST was pegged to the dollar. To maintain their pegs, custodial stablecoins are backed by reserves like dollars, U.S. Treasury bonds or other traditional assets. UST, though, is based on an algorithm that encourages traders to maintain its value. But a big sell-off in Luna, a sister currency linked to UST, plunged UST yesterday to a low of 23 cents.

  • Everyone knows that these algorithmic stablecoins aren’t safe,” said Ethan Buchman, a founder of Cosmos, a hub for blockchains, including Terra’s. “They have these downside dynamics. People call it ‘the death spiral.’”

https://www.nytimes.com/2022/05/12/business/dealbook/terra-crypto-stablecoin.html

 

Smells of a scam, behaves like a scam, must be the future!

0

Share this post


Link to post
Share on other sites
12 hours ago, MikeMelga said:

https://www.nytimes.com/2022/05/12/business/dealbook/terra-crypto-stablecoin.html

 

Smells of a scam, behaves like a scam, must be the future!

 

I will try to explain you what happened, but you are so closeminded you won't make the effort to try to understand it.

 

Some "stablecoins" are backed by real assets, like USDT, there are real US dollars, or TEFs or different type of investments backing the crypto.  But other ones are what is called "algorithmic" stablecoins, so they do not have any assets behind, one of them is UST, the one that created the current drama.

 

Even for stablecoins with real money behind them is difficult to keep the 1:1 stability, I assume you understand why, the market is not stable.  They keep fluctuating mostly between $0.995 and $1.005.   

 

Now the drama.  Citadel (very big hedge fund) and Blackrock (largest investment/asset manager in the world) wanted to buy a big amount of UST (algorithmic stablecoin), but they said what they wanted to buy was so much that they would disturb the market if they buy in the open market.  So they went and talked to the UST head and requested to buy OTC.   The request was accepted.  And then Citadel and Blackrock dumped the UST they bought, and that had catastrophic consequences in the algorithm.  And once UST felt to $0.98 people panicked and the snowball effect started.    LUNA is a token attached to TERRA in which UST runs.  So the only solution they came up to try to save the UST was to dilute LUNA which went to the floor in a really bad way.

 

And of course, a drama this size would create panic in all Cryptos, because most people who "invest" in cryptos have zero clue about what they are doing.  So the whole market went down.

 

So, right now might be a good time to buy some LUNA, because if they get out of this really bad situation and LUNA recovers it will be like buying Bitcoin at 2013 prices.  So even $50 might end up being a very good investment.   But who knows, at some point the whole TERRA blockchain was halted, so at the end the Crypto-World ended up being just the same as the tradicional investment world.

 

Citadel and Blackrock denied their involvement in this drama, of course.

 

However, to be fair, what happened is not clear, and the Citadel/Blackrock thing can be just a conspiracy theory.

0

Share this post


Link to post
Share on other sites

Gotcha, there is money to be made if you understand how it works. Money comes from the vast majority of uninformed investors, who invest in complex mechanisms which are very susceptible of being manipulated. Sounds all very healthy!

 

And while all these poor fellows are being tricked and losing their money, environment suffers and criminal activity is rampant! Hospitals being victim of bitcoin ransomware everyday! But it's the future!

0

Share this post


Link to post
Share on other sites
40 minutes ago, MikeMelga said:

Gotcha, there is money to be made if you understand how it works. Money comes from the vast majority of uninformed investors, who invest in complex mechanisms which are very susceptible of being manipulated. Sounds all very healthy!

 

And while all these poor fellows are being tricked and losing their money, environment suffers and criminal activity is rampant! Hospitals being victim of bitcoin ransomware everyday! But it's the future!

 

As I expected, it is a waste of time.   Nowadays there is all kind of investments in the crypto market, some are so "traditional" that even the most traditional investors already realised it and moved there.  For example you can buy stablecoins that are fully backed by real assets and then put them in a "Crypto EFT".  Your profits would be just slightly better than in the traditional market, but safe enough to convince people who are unsure.  I think our own @RenegadeFurtherhas some investments in this way, IIRC.

 

Or course there is the other extreme, the extreme volatile investments.   And to be honest, I myself do not have the balls to put anything really worthy there, I have made some decent money, for example, I bought Shiba Inu at a very low price, but it is a shitcoin (and it has been stuck for one year), so I would never risk anything big there, but If I had put 1000 EUR at the time I bought I wouldn't be talking to you here, I would be drinking Margaritas in a small beach in Belize.   Or course all these dramas with volatile cryptos is what shows up in the news.   And yes, people are losing money, but they shouldn't be investing money they can't afford to lose, specially not in such high risk "investments" that are just a lottery.

0

Share this post


Link to post
Share on other sites
4 hours ago, Krieg said:

  And yes, people are losing money, but they shouldn't be investing money they can't afford to lose, specially not in such high risk "investments" that are just a lottery.

But wait... aren't they advertised as hedge against inflation? And equivalente to cash?

If this were any other product on the market, governments would have long accused it of false advertisement!

0

Share this post


Link to post
Share on other sites
10 minutes ago, MikeMelga said:

But wait... aren't they advertised as hedge against inflation? And equivalente to cash?

If this were any other product on the market, governments would have long accused it of false advertisement!

 

You are cherry-picking, I already wrote two long posts explaining you there is the stable side, which is not really different from buying a TEF from a bank and there is the high risk super volatile market, which is extremely dangerous.    You can't compare USDT with Akita Inu.   It is like comparing buying shares from a 500 company with investing in a five people startup from Bangladesh.   I am sure you understand at least part of what I have explained, but your general anti-Crypto feelings does not let you see further.   They will stay and it is the future, maybe not exactly in the way they are now, maybe there will be e-Money run by the government parallel to the free cryptos, or whatever, no one knows. But they came to stay.   Same with the Blockchain, which you hate as well, it has grown a lot in the past couple of years basically in every sector, financial, health, entertainment, energy, manufacturing, retail, public sector, etc.   The pandemic accelerated the Blockchain development by a lot, mostly because of the uncertain times.

0

Share this post


Link to post
Share on other sites
45 minutes ago, Krieg said:

 

You are cherry-picking, I already wrote two long posts explaining you there is the stable side, which is not really different from buying a TEF from a bank and there is the high risk super volatile market, which is extremely dangerous.    You can't compare USDT with Akita Inu.   It is like comparing buying shares from a 500 company with investing in a five people startup from Bangladesh.   I am sure you understand at least part of what I have explained, but your general anti-Crypto feelings does not let you see further.   They will stay and it is the future, maybe not exactly in the way they are now, maybe there will be e-Money run by the government parallel to the free cryptos, or whatever, no one knows. But they came to stay.   Same with the Blockchain, which you hate as well, it has grown a lot in the past couple of years basically in every sector, financial, health, entertainment, energy, manufacturing, retail, public sector, etc.   The pandemic accelerated the Blockchain development by a lot, mostly because of the uncertain times.

 

Pointless, doesn't get it.  He'd rather crow about his investments in lithiumum lakes.

0

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now