Bitcoin and all that

[BlueRiver]

10 minutes ago, hughesie27 said:

Isn't this Farming?

Yep I've posted about it a fair bit in here before. Be coming up to a year since I bought in. 

I was about the same time. I have reduced my holding quite a lot through the 12 months since but that was more because I decided to have something of a strategy for how I wanted my portfolio to be split. 

[hughesie27]

Just now, BlueRiver said:

I was about the same time. I have reduced my holding quite a lot through the 12 months since but that was more because I decided to have something of a strategy for how I wanted my portfolio to be split. 

Probably made a decent bit of profit then on it. Could be a decent time to reinvest as seems the wheels are turning again after a poor 6 months.

Still think it could be massive. 

[IronJambo]

Greening are hosting their very first AMA today at 15:00 on telegram.

 

https://twitter.com/GreeningMariao/status/1560028207356706818?t=qsiqc-C-Dfg5a9rXA31F4g&s=09

[Dennis Reynolds]

 

 

[Greedy Jambo]

Old news bro.

Apparently they've been bought over. 

 

Still quite funny though. I cashed out a while ago, so I get to laugh now. 

[Watt-Zeefuik]

18 minutes ago, Greedy Jambo said:

Old news bro.

Apparently they've been bought over. 

 

Still quite funny though. I cashed out a while ago, so I get to laugh now. 

 

Nope, Binance agreed to buy them, then a few hours into due diligence said, NOPE and walked away.

 

https://defector.com/crypto-is-running-out-of-dominoes/

 

It feels like we're just a few steps away from the entire crypto ecosystem effectively disappearing.

 

[il Duce McTarkin]

19 minutes ago, Led Tasso said:

 

Nope, Binance agreed to buy them, then a few hours into due diligence said, NOPE and walked away.

 

https://defector.com/crypto-is-running-out-of-dominoes/

 

It feels like we're just a few steps away from the entire crypto ecosystem effectively disappearing.

 

 

Is it not just a big ponzi scheme anyway?

[Greedy Jambo]

35 minutes ago, Led Tasso said:

 

Nope, Binance agreed to buy them, then a few hours into due diligence said, NOPE and walked away.

 

https://defector.com/crypto-is-running-out-of-dominoes/

 

It feels like we're just a few steps away from the entire crypto ecosystem effectively disappearing.

 

 

I don't think it's going to disappear, there's still people pumping money into it on the daily. 

It will be interesting to see who's left though. 

[Watt-Zeefuik]

35 minutes ago, Dirk McClaymore said:

 

Is it not just a big ponzi scheme anyway?

It’s about 95% ponzi scheme. There’s just enough reality there to fool people.

[Shooter McGavin]

45 minutes ago, Dirk McClaymore said:

 

Is it not just a big ponzi scheme anyway?

I think so.

 

And the whole NFT thing just seems like money laundering too.

[Dusk_Till_Dawn]

4 hours ago, Dennis Reynolds said:

 

 

[That thing you do]

2 minutes ago, Dusk_Till_Dawn said:

It is. They were leverage trading their adopters money for pure greed. Alameda will go down as well.

 

Get the cowboys out in this bear and get decent genuine products to move it forward next cycle.

[Lone Striker]

1 hour ago, Greedy Jambo said:

 

I don't think it's going to disappear, there's still people pumping money into it on the daily. 

It will be interesting to see who's left though. 

 ..... which is the very definition of a Ponzi scheme.    

[jack D and coke]

Was a time I believed in crypto. I bought in early and laughably cashed out before the massive rises! I’d have a made a right few quid if I’d left it especially my ethereum. Always seemed the better option than BC to me. 

Ever since the bigger investors have used it and manipulated it I now wouldn’t touch it. 
I believe govts etc have ensured it’s failure. 
 

[Sooperstar]

Are folk suggesting that crypto is a load of shite? Surely not. Nope, can't be. You just don't understand it, man.

 

 

 

[il Duce McTarkin]

1 hour ago, Sooperstar said:

Are folk suggesting that crypto is a load of shite? Surely not. Nope, can't be. You just don't understand it, man.

 

 

 

 

Like the Harry Potter movies.

[Watt-Zeefuik]

4 hours ago, Sooperstar said:

Are folk suggesting that crypto is a load of shite? Surely not. Nope, can't be. You just don't understand it, man.

DO UR OWN RESEARCH DOOD

 

11 hours ago, jack D and coke said:

Was a time I believed in crypto. I bought in early and laughably cashed out before the massive rises! I’d have a made a right few quid if I’d left it especially my ethereum. Always seemed the better option than BC to me. 

Ever since the bigger investors have used it and manipulated it I now wouldn’t touch it. 
I believe govts etc have ensured it’s failure.

 

Plenty of governments tried to adopt it. The problem is it doesn't actually do any of the things it claims to do very well. A currency should be easy to exchange and be a durable store of value. It turned out cryptocurrency was hard to exchange and was a volatile store of value.

[BlueRiver]

There was a superb interview (superb in the sense of enough to get alarm bells ringing if they weren’t already) between the FTX chairman and some Bloomberg financial guys a few months ago. 
 

He essentially described DeFi and yield farming as a ponzi-scheme. No bones were made about it. 
 

As a space it’s full to the brim with utter conmen, fraudsters, and idiots. Hands up I might fall somewhat into the latter as I do have holdings in 4 or 5 of the “big” players. 

[BlueRiver]

20 minutes ago, Led Tasso said:

DO UR OWN RESEARCH DOOD

 

 

Plenty of governments tried to adopt it. The problem is it doesn't actually do any of the things it claims to do very well. A currency should be easy to exchange and be a durable store of value. It turned out cryptocurrency was hard to exchange and was a volatile store of value.

See this is what I’ve always struggled with. My friends went into it full throttle and I was somewhat caught up in the hype (thankfully to now where near the same extent) and would tell me how it was the future. I could never work out how. I could never see what it did that the existing banking system didn’t.

 

Even the idea of privacy it brings is a complete nonsense, wallet ids and transactions are forever there to see on the blockchain. I watch a guy on YouTube called CoffeeZilla who is pretty critical of it and I’ve watched him trace transactions made to and by YouTube stars that were promoting some of the scam tokens and NFTs. If anything there’s less privacy than a bank because any Joe Bloggs could manage to do likewise with just a little bit of information. 

 

 

[IronJambo]

1 hour ago, BlueRiver said:

See this is what I’ve always struggled with. My friends went into it full throttle and I was somewhat caught up in the hype (thankfully to now where near the same extent) and would tell me how it was the future. I could never work out how. I could never see what it did that the existing banking system didn’t.

 

Even the idea of privacy it brings is a complete nonsense, wallet ids and transactions are forever there to see on the blockchain. I watch a guy on YouTube called CoffeeZilla who is pretty critical of it and I’ve watched him trace transactions made to and by YouTube stars that were promoting some of the scam tokens and NFTs. If anything there’s less privacy than a bank because any Joe Bloggs could manage to do likewise with just a little bit of information. 

 

 

I'm not sure how someone's going to be able to put my name to my defi wallet. They can look at it all they want but there's no way they're going to know who's it is.

[BlueRiver]

Just now, IronJambo said:

I'm not sure how someone's going to be able to put my name to my defi wallet. They can look at it all they want but there's no way they're going to know who's it is.

Aw I know if you put nothing out there it will be impossible to say with certainty. However people can see this information freely. It’s more public than a bank and with enough tracing something along the way could rumble it. 
 

I think overall I just don’t understand where the idea of enhanced privacy with it comes from. 

[BlueRiver]

https://markets.businessinsider.com/news/currencies/crypto-news-binance-reserves-are-mostly-busd-binancecoin-cz-sbf-2022-11?amp
 

 

40% of your reserves made up by your own token…

[IronJambo]

50 minutes ago, BlueRiver said:

Aw I know if you put nothing out there it will be impossible to say with certainty. However people can see this information freely. It’s more public than a bank and with enough tracing something along the way could rumble it. 
 

I think overall I just don’t understand where the idea of enhanced privacy with it comes from. 

Maybe that it's a lot harder for a government to dig into/freeze a defi wallet that they don't know you have than it is for them to dive into your regulated bank account that's linked to your name and address.

[hughesie27]

58 minutes ago, IronJambo said:

I'm not sure how someone's going to be able to put my name to my defi wallet. They can look at it all they want but there's no way they're going to know who's it is.

The average member of public will struggle but websites like Coinbase/Binance have a Know Your Customer responsibility to help protect against fraud. It means you wallet has a direct link to you if the Gov need to know who you are for tax reasons for example.

[IronJambo]

3 minutes ago, hughesie27 said:

The average member of public will struggle but websites like Coinbase/Binance have a Know Your Customer responsibility to help protect against fraud. It means you wallet has a direct link to you if the Gov need to know who you are for tax reasons for example.

Those are both centralised exchanges. Hence the kyc. 

I'm talking about using decentralised exchanges with wallets such as metamask. No DEX or wallet I've ever used has any of my details. My name doesn't belong with my wallet address.

[Watt-Zeefuik]

Bank Man Fried.

 

https://www.cbsnews.com/news/sam-bankman-fried-arrested-bahamas-ftx/

[Ministryofdad]

Anyone following sbf and the ftx farce. 

 

There's a ama on twitter where coffeezilla nails him. 

On his YouTube page. 

[BlueRiver]

30 minutes ago, Ministryofdad said:

Anyone following sbf and the ftx farce. 

 

There's a ama on twitter where coffeezilla nails him. 

On his YouTube page. 

 

I've been watching it mainly via Coffeezilla.

 

If I'm honest my attention has turned more towards Binance...curious stuff afoot. 

[Tommy Brown]

On 13/12/2022 at 01:00, Led Tasso said:

Bank Man Fried.

 

https://www.cbsnews.com/news/sam-bankman-fried-arrested-bahamas-ftx/

Bankman Jailed more like.

[Ministryofdad]

41 minutes ago, BlueRiver said:

 

I've been watching it mainly via Coffeezilla.

 

If I'm honest my attention has turned more towards Binance...curious stuff afoot. 

They have their house in order. They hold all coin in a 121 wallet. BNB is going stronger than ever. 

[Angry Haggis]

Never bet what you can’t afford to lose. 

[BlueRiver]

1 hour ago, Ministryofdad said:

They have their house in order. They hold all coin in a 121 wallet. BNB is going stronger than ever. 

 

What are their reserves though? 

[Unknown user]

2 hours ago, Ministryofdad said:

Anyone following sbf and the ftx farce. 

 

There's a ama on twitter where coffeezilla nails him. 

On his YouTube page. 

 

Yeah it's been fascinating, that dude's funny looking bursd has got a legal team put together already, she's not even been nipped yet

[Madjambo21]

10 hours ago, Smithee said:

 

Yeah it's been fascinating, that dude's funny looking bursd has got a legal team put together already, she's not even been nipped yet

Word is she could already be testifying against him lol.

Rats off a sinking ship

[Ministryofdad]

10 hours ago, BlueRiver said:

 

What are their reserves though? 

Currently 3.4 billion with another 4 billion in the holding. 

If the exchange was regulated and granted a licence only the 

Saudi and Swiss Bank hold more capital. 

 

Binance will be around for a very long time. Take that to the bank 

[BlueRiver]

4 hours ago, Ministryofdad said:

Currently 3.4 billion with another 4 billion in the holding. 

If the exchange was regulated and granted a licence only the 

Saudi and Swiss Bank hold more capital. 

 

Binance will be around for a very long time. Take that to the bank 

 

Yeah but if those holdings are in token form what's to stop a similar event? I seen a lot of their reserves are in BNB, BUSD, and Tether. Fine if things go well but its not USD ultimately. 

[Unknown user]

1 hour ago, BlueRiver said:

 

Yeah but if those holdings are in token form what's to stop a similar event? I seen a lot of their reserves are in BNB, BUSD, and Tether. Fine if things go well but its not USD ultimately. 

 

We only have to look at FTX to see that blind faith in the honesty and competence of unvetted individuals is required.

 

[Unknown user]

 

These guys were in control of billions

[That thing you do]

On 11/11/2022 at 16:02, Greedy Jambo said:

 

I don't think it's going to disappear, there's still people pumping money into it on the daily. 

It will be interesting to see who's left though. 

Been in since 2016 and still in.

[IronJambo]

Crypto still has a bright future. The FTX collapse is only making people think about their investments and how to hold them. Do they want to control them and actually own them or do they want to be in receipt of a credit note from a centralised exchange? Binance look rock solid, they've dealt with mass withdrawals with relative ease. This will only make them stronger, would anyone trust another CEX ahead of them after seeing this?

[BlueRiver]

12 minutes ago, IronJambo said:

Crypto still has a bright future. The FTX collapse is only making people think about their investments and how to hold them. Do they want to control them and actually own them or do they want to be in receipt of a credit note from a centralised exchange? Binance look rock solid, they've dealt with mass withdrawals with relative ease. This will only make them stronger, would anyone trust another CEX ahead of them after seeing this?

 

Our definitions of rock solid may be a bit different. As noted, if BNB or another of their reserve tokens loses serious value what are the reserves? Why are the financial reports so murky? Reports that a CFO didn't even have full access. I'm sure FTX looked solid, right up until it wasn't. 

 

I think if any are sound its Coinbase. 

[IronJambo]

18 minutes ago, BlueRiver said:

 

Our definitions of rock solid may be a bit different. As noted, if BNB or another of their reserve tokens loses serious value what are the reserves? Why are the financial reports so murky? Reports that a CFO didn't even have full access. I'm sure FTX looked solid, right up until it wasn't. 

 

I think if any are sound its Coinbase. 

Binance dealt with withdrawals of $3b in a 24 hour. They're still here standing strong. I don't have a binance account or hold their coin but that looks rock solid to me. 

[Greedy Jambo]

Thoughts on Crypto.com and their coin Cro?

I don't have anything invested anymore, but i can't say that i'm not tempted when the coin is down to under 5p. 

[BlueRiver]

4 hours ago, IronJambo said:

Binance dealt with withdrawals of $3b in a 24 hour. They're still here standing strong. I don't have a binance account or hold their coin but that looks rock solid to me. 

 

They withstood that well. The underlying issues with just how their reserves are structured though remains. It's a lot of ifs and maybes but without additional transparency I certainly wouldn't be going near them. 

[BlueRiver]

6 minutes ago, Greedy Jambo said:

Thoughts on Crypto.com and their coin Cro?

I don't have anything invested anymore, but i can't say that i'm not tempted when the coin is down to under 5p. 

 

For me same transparency and reserve issues as Binance. 

[Greedy Jambo]

The only other coin i would be interested in is Polygon's MATIC, it seemed to be going up when most of the other big guns were going down, it has gone down a bit now, so could be worth investing in, maybe. 

 

[That thing you do]

Bitcoin trying to reach its bear market resistance, Ethereum crossed so if you want to get into crypto markets, while I wouldnt say its up from here (there will be pull backs) if it crosses $18,400 we know $15k is likely (95% the 5% being a black swan event) the bottom of the bear.

 

Ive aalready loaded up at 16k on BTC and others so if this is the signal that we start the market leading up to the halving, Ill be very happy.

[Watt-Zeefuik]

Justice department in Seattle is investigating Binance on charges it facilitated money laundering.  (Shocked, SHOCKED to find that going on in here.) Probably not enough to knock it over but not the kind of thing you want going on in a storm. https://www.msn.com/en-us/news/us/us-attorney-s-office-in-seattle-reportedly-part-of-ongoing-investigation-into-binance/ar-AA1695Dr

 

Meanwhile it's bleeding assets at an alarming rate: https://www.forbes.com/sites/javierpaz/2023/01/10/binance-is-bleeding-assets-12-billion-gone-in-less-than-60-days/?sh=26692bd553c3

 

 

[That thing you do]

1 minute ago, Led Tasso said:

Justice department in Seattle is investigating Binance on charges it facilitated money laundering.  (Shocked, SHOCKED to find that going on in here.) Probably not enough to knock it over but not the kind of thing you want going on in a storm. https://www.msn.com/en-us/news/us/us-attorney-s-office-in-seattle-reportedly-part-of-ongoing-investigation-into-binance/ar-AA1695Dr

 

Meanwhile it's bleeding assets at an alarming rate: https://www.forbes.com/sites/javierpaz/2023/01/10/binance-is-bleeding-assets-12-billion-gone-in-less-than-60-days/?sh=26692bd553c3

 

 

It would actually be a good thing in a way. If you keep crypto on an exchange you dont own the keys. People should know to cold store long term assets and only use hot wallets/exchanges for trading.

 

Decentralised exchanges DEx and in wallet direct staking is coming so that your coins dont leave your address.

 

Each of these failed businesses frauds are centralised and take custody of your tokens.

 

 

[That thing you do]

On 11/01/2023 at 19:53, That thing you do said:

Bitcoin trying to reach its bear market resistance, Ethereum crossed so if you want to get into crypto markets, while I wouldnt say its up from here (there will be pull backs) if it crosses $18,400 we know $15k is likely (95% the 5% being a black swan event) the bottom of the bear.

 

Ive aalready loaded up at 16k on BTC and others so if this is the signal that we start the market leading up to the halving, Ill be very happy.

This appears to have aged well.

 

Nearly at $20k now.

 

Will see it retrace a bit soon but I think worst is over in crypto.

 

This year will be a crawl up. Maybe 30k end of year.