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Ready Player 1 and 2 are right in line with the metaverse garbage. Scary.
Be ahead of the curve
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Re:crypto, on it's own merits I subscribe to the "rat poison squared" views....an entirely technical trade (FOMO based) that has no fundamentals. That said......
as a physician-scientist, I must entertain all scenarios (no matter how improbable) as not being impossible.
As much lip service as our politicians pay to controlling costs and debt, I believe the REAL agenda is to explode the deficit, try to put money in the hand of the consumer, juice the economy, reinforce confidence, and stimulate GDP/employment (this time using a "trickle-up" approach. Thus.......
I cannot definitively rule out the idea that central banks are quietly and covertly juicing the crypto market (stock market too😉 in an attempt to encourage perceived wealth. If anything close to this were the case, such a distorted market could go to the moon.
Just mentally spitballing here.
as a physician-scientist, I must entertain all scenarios (no matter how improbable) as not being impossible.
As much lip service as our politicians pay to controlling costs and debt, I believe the REAL agenda is to explode the deficit, try to put money in the hand of the consumer, juice the economy, reinforce confidence, and stimulate GDP/employment (this time using a "trickle-up" approach. Thus.......
I cannot definitively rule out the idea that central banks are quietly and covertly juicing the crypto market (stock market too😉 in an attempt to encourage perceived wealth. If anything close to this were the case, such a distorted market could go to the moon.
Just mentally spitballing here.
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Bitcoin isn’t the only cryptocurrency breaking records this month.
On Friday, the value of a single ether token hit an all-time high of $4,461.96, bringing the second-most valuable digital token’s market cap above $520 billion.
If you bought ether a year ago, you’ve enjoyed very strong gains over the past 12 months. A $1,000 ether purchase on Oct. 29, 2020 — at a price of $382.82, according to crypto exchange Coinbase — would have gotten you 2.61 coins. At Friday’s peak, those coins would be worth $11,645.71, representing an increase of more than 1,000%.
That return is more than three times better than bitcoin, where a $1,000 purchase a year ago would be worth around $4,476 today.
On Friday, the value of a single ether token hit an all-time high of $4,461.96, bringing the second-most valuable digital token’s market cap above $520 billion.
If you bought ether a year ago, you’ve enjoyed very strong gains over the past 12 months. A $1,000 ether purchase on Oct. 29, 2020 — at a price of $382.82, according to crypto exchange Coinbase — would have gotten you 2.61 coins. At Friday’s peak, those coins would be worth $11,645.71, representing an increase of more than 1,000%.
That return is more than three times better than bitcoin, where a $1,000 purchase a year ago would be worth around $4,476 today.
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Any explanation for why the all the money for this anti-inflation blooming technology is going in to ****coins with inflationary structures and no meaningful use? Is crypto just a giant meme? If someone made a company that sold shiba Inu Jpeg files and it was in the Fortune 500 in less than a year from its existence would that make sense to anyone else?
a lot of it is fanboi meme wallstreetbets style trading by people hoping to front run momentum and make a quick buck. Pump and dump schemes in the modern world.
That doesn't mean everything to do with crypto falls into the category, but a large pile of it does.
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Looks like ADA just passed SOL again…
Personally, I wouldn’t touch SOL right now. It’s up 12,643% YTD - how much higher do you think it will go?
I don’t like buying anything at/near ATH. I would wait for a pullback.
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I think central banks are threatened by cryptocurrencies rather than trying to "juice" the market. They're running out of levers to pull to control the runaway problem of inflation vs servicing the government's debt. Crypto is an alternative financial system that more and more people are turning to. Those who are getting disillusioned with government spending out of control, banks offering close to 0 yield on "savings" accounts, and inflation being felt, are looking to preserve their wealth and to "put their money to use."
Narratives drive everything in crypto and traditional fundamentals go out of the door. You can't use "value investing" metrics or "fundamentals" in crypto.
The current narratives driving crypto adoption start with bitcoin, which has become mainstream enough that everyone has heard of it. Bitcoin's current narrative is that it is the best sound money there is, a digital store of value. There is a defined emission schedule, hard cap (21M), decentralized, immutable. This is the perfect foil to the US dollar.
Those who do their research go down the rabbit hole more look into Ethereum. It is a separate layer 1 blockchain platform that introduces a huge important layer that is different than bitcoin: smart contracts. They are self executing agreements/contracts written in code and allow for much more complex operations that bitcoin's simple send/receive functionality. This is also decentralized and permissionless, meaning anyone can write contracts and launch products. Those who do further research look into other layer 1s (Solana, Avalanche, Cardano, etc) and the burgeoning NFT and Decentralized Finance projects on these platforms.
Those who do not do the research and just go into coinbase and buy the "cheapest" token get suckered into meme coins like DOGE and SHIBA.
The barriers to entering crypto is education. It's a whole new set of concepts and has lots of vocabulary that most boomers and WCI folks don't understand. There is incredible information asymmetry that leads to outsized returns. This means the time is ripe now to get the most gains from it.
But also beware of the scams, pump and dumps, smart contract exploits that are going to happen. The volatility is also extreme and will be difficult to stomach for most people. But if you do choose to dive in and go down this path, I'm betting it will pay off the in long run compared to just VTSAX and chill.
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I'm an old dog so crypto is one I prefer to observe from the sidelines. I do think that, regardless where one stands, it is an interesting experiment in human psychology.
I fully agree with the premise of seeking a store of value against fiat. I have my own approach😉
Maybe crypto was created by a freedom fighter looking to put pressure on central banks or...
maybe the architect (s) of crypto have ties to foreign (or domestic for that matter) powers that are seeking to manipulate them as a wealth transfer tool or ...
maybe the architects have more nefarious intent....regardless, it makes for an interesting distraction.
I have read about Blockchain and understand the narrative....I simply think anyone advanced enough to write the code could easily have had the wherewithal to program backdoor(s) that might give them limitless options. In fact, they would have been foolish not to🤔.
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It definitely is an interesting experiment! Great descriptor of this all.
The pioneers of crypto are self described cypherpunks (Cypherpunk - Wikipedia) who are pro-privacy, anti-government, anti-censorship, libertarian folks. Elizabeth Warren likes to describe them as "shadowy super coders". I don't think the original intent is to be tied to central banks. It likely was to be an experiment in a completely separate system. Crypto code is open source and transparent, even though the minority knows how to read and understand it. Bitcoin is the oldest, most scrutinized, and largely immutable, so it holds its place as the best store of value.
There are definitely shady actors in the smart contract spaces that write backdoor(s) into their contracts to scam people. Caveat emptor!
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SOL already pulled back from 174 to 115 so I kinda missed that boat.
ETH is still 8x the market cap of SOL. SOL is a more advanced version of ETH. ETH needs to do something about its gas fees. SOL has lots of adoption unlike ADA. I think it will at least flip BNB.
What is Solana – One Of Ethereum’s Major Rivals
Solana is one of the leading cryptocurrencies in the world and its programmable blockchain is currently a better alternative to Ethereum. The SOL token recently rallied to a new all-time high at $213 while others were dumping.
How fast is Solana?
Solana is currently one of the fastest programmable blockchains in the world. It can process more than 50,000 transactions per second (TPS). The developers say the transaction speed can reach 700,000 TPS as the network grows. This is far better than Ethereum, which currently processes between 15 to 45 TPS.
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SOL will be $1k in a couple months
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I'm all about that Loopring.
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That’s really bullish
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People are saying BTC 150k, ETH 10k. SOL 1k would be about 300bil market cap, still way less than current ETH market cap.
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deleted641888
SOL already pulled back from 174 to 115 so I kinda missed that boat.
ETH is still 8x the market cap of SOL. SOL is a more advanced version of ETH. ETH needs to do something about its gas fees. SOL has lots of adoption unlike ADA. I think it will at least flip BNB.
What is Solana – One Of Ethereum’s Major Rivals
Solana is one of the leading cryptocurrencies in the world and its programmable blockchain is currently a better alternative to Ethereum. The SOL token recently rallied to a new all-time high at $213 while others were dumping.finance.yahoo.com
How fast is Solana?
Solana is currently one of the fastest programmable blockchains in the world. It can process more than 50,000 transactions per second (TPS). The developers say the transaction speed can reach 700,000 TPS as the network grows. This is far better than Ethereum, which currently processes between 15 to 45 TPS.
Except that Solana's network recently had a downtime of about 17 hours. The touted "TPS" becomes meaningless when a single spam bot can bring down the network for hours on end. Also, if you look at the token distribution, about 50% of the SOL supply is held by VCs/insiders, which doesn't help the decentralization narrative (if you care about that stuff--which you should, IMO) nor the fact that they can dump on retail when they see something shinier.
I'm not saying you won't make money investing in SOL. Quite the opposite as I think most people don't really care about decentralization, and it probably has plenty of room to run. Just don't be the last one out.
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Despite its fairly recent meteoric rise and success, I’m still hesitant to put Solana in the same class as BTC and ETH. I get it - it’s the hot coin of 2021, but whether it has staying power remains to be seen. Let’s see what happens to it in the next bear market.
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Isn't BTC pretty much the same?
Whales Holding Over 1,000 Bitcoin Could Fuel Another Rally, Data Suggests
Bitcoin’s largest holders currently have 42.56% of the cryptocurrency’s existing supply. What Happened: These Bitcoin whales each hold over 1,000 Bitcoin (CRYPTO: BTC) and have the power to influence the digital asset’s next rally. According to data from on-chain analytics platform Santiment...
"Bitcoin’s largest holders currently have 42.56% of the cryptocurrency’s existing supply."
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deleted641888
Isn't BTC pretty much the same?
Whales Holding Over 1,000 Bitcoin Could Fuel Another Rally, Data Suggests
Bitcoin’s largest holders currently have 42.56% of the cryptocurrency’s existing supply. What Happened: These Bitcoin whales each hold over 1,000 Bitcoin (CRYPTO: BTC) and have the power to influence the digital asset’s next rally. According to data from on-chain analytics platform Santiment...
"Bitcoin’s largest holders currently have 42.56% of the cryptocurrency’s existing supply."
Maybe, maybe not.
Meanwhile, Solana VCs joke about dumping their SOL bags. Maybe they dump, maybe they don't, but even the full clip of them discussing Solana tells you everything you need to know--that they don't know much about the project beyond the "it's better than Ethereum" narrative. Smug billionaries profiting from indirect investments in SOL isn't my idea of a solid investment, but what do I know? Absolutely nothing. Just a bad gut feeling and nothing more. Like I said, there's probably still a lot of money to be made on SOL, but I'm staying out of it with zero regrets if it actually does overtake ETH or BTC.
Edit: there is also some recent discussion [on old news] about Solana misrepresenting the initial total circulating supply (~8M) when in actuality it was closer to ~21M with roughly 13M hidden away in a wallet, meaning roughly 60% of the actual circulating supply was hidden from public view and only addressed by the team after its discovery. They apologized and promised to be more transparent "next time." Not a good look, IMO.
Again, I'm re-iterating that even DOGE, SHIBA INU, and AKITA INU can make you a lot of money despite their limited uses. Curious to see what happens in the next few years and to re-visit this thread after the next bear market is in full swing.
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deleted641888
I'd be careful about posting actual numbers. I say that out of an abundance of caution. You never know who's lurking, and I know for a fact that I'm traceable on here if you look hard enough. I will say that my portfolio is heavy in crypto, and if I'm right about the future, I may be able to retire or go part-time much, much sooner than anticipated. I will probably disappear from the internet forever if that happens.
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Seriously, I'd be concerned about some hacker tracking you down online and boom, you suddenly have 0 of all those things.
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Noted, thanks.
It's funny there are SHIB bagholders now. They could have bought BTC or ETH and chilled
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Serious question… I’m not arguing, I’m genuinely curious:
How does knowing how many of a certain coin I have make it any easier for a hacker to hack me??
How does knowing how many of a certain coin I have make it any easier for a hacker to hack me??
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It gives someone an incentive to try and find out who is behind the username.
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Okay so hypothetically, if I said: “my real name is Joe Smith, I live in Atlanta Georgia, and i own exactly 37 ETH.”
How would you hack me??
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$5 Wrench Attack
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Doesn't make it any easier or harder to hack you. It puts a target on your back, so that if an unsavory individual with exception skills came across your internet persona, you could regret it later. Do what you want.
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https://www.coindesk.com/business/...o-but-has-no-plans-to-buy-it-for-the-company/
Apple CEO Tim Cook has disclosed that he owns cryptocurrency, but said the investment was from a “personal point of view” and not indicative of Apple having crypto ambitions.
The comments came during the New York Times DealBook conference on Monday morning ET in a recorded interview with Andrew Ross Sorkin.
Asked if he personally owns bitcoin or ether, Cook responded, “I do. I think it’s reasonable to own it as part of a diversified portfolio.”
He continued, however, “I wouldn’t go invest in crypto [for Apple], not because I wouldn’t invest my own money, but because I don’t think people buy Apple stock to get exposure to crypto.” Cook went on to say Apple has no immediate plans to accept crypto payments.
Cook’s crypto comments lit up Twitter discussions. MicroStrategy CEO Michael Saylor was among the voices weighing in and tweeted, “If Apple were to add support for Bitcoin to the iPhone and convert their treasury to a Bitcoin Standard, it would be worth at least a trillion dollars to their shareholders.”
Apple doesn’t currently have any crypto products or services. Early this year, an Apple job posting showed that the payments unit was looking for a crypto-savvy person to lead partnership efforts.
Apple CEO, has been “interested” in crypto for awhile, holds crypto, but has no immediate plans blah blah blah. Still early….
Apple CEO Tim Cook has disclosed that he owns cryptocurrency, but said the investment was from a “personal point of view” and not indicative of Apple having crypto ambitions.
The comments came during the New York Times DealBook conference on Monday morning ET in a recorded interview with Andrew Ross Sorkin.
Asked if he personally owns bitcoin or ether, Cook responded, “I do. I think it’s reasonable to own it as part of a diversified portfolio.”
He continued, however, “I wouldn’t go invest in crypto [for Apple], not because I wouldn’t invest my own money, but because I don’t think people buy Apple stock to get exposure to crypto.” Cook went on to say Apple has no immediate plans to accept crypto payments.
Cook’s crypto comments lit up Twitter discussions. MicroStrategy CEO Michael Saylor was among the voices weighing in and tweeted, “If Apple were to add support for Bitcoin to the iPhone and convert their treasury to a Bitcoin Standard, it would be worth at least a trillion dollars to their shareholders.”
Apple doesn’t currently have any crypto products or services. Early this year, an Apple job posting showed that the payments unit was looking for a crypto-savvy person to lead partnership efforts.
Apple CEO, has been “interested” in crypto for awhile, holds crypto, but has no immediate plans blah blah blah. Still early….
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Nah not enough of a dip for me.
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Waiting on the loopring announcement of who they are working with (likely gme, that saga ain't over). It's a very exciting time.
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deleted641888
During a gold rush, sell shovels. All roads eventually lead back to ETH.
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deleted641888
I’ll be honest. I read about LRC hype sub $0.50, but I’m comfortably invested in ETH and one other crypto that I won’t shill. I’m up >100% in less than a year with probably much, much more room to grow over the next 5-10 years, expecting a lot of turbulence and 70-80% to the downside in those years as well. My risk tolerance is higher than most on here.
I could probably shave off about 10 years of working full-time if I just sold now and dumped it into the S&P, but I’m going big. Hoping to be able to do this anesthesia gig part-time and travel the rest of the time. If it all goes to zero, I don’t know how I’ll be able to get by with my lowly mid/high six figure income.
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I had a decade long thesis when I entered this space. I’ll just say things are happening a lot faster than I thought they would. When I started this thread I predicted nation states would probably dip their toes around 2024. We have in 2021 nations putting it on their balance sheets. US mayors getting paid in it. It’s absolutely crazy for me to see this when I was thinking about it a few years back. This is mainstream adoption. Crypto in one form or another is here to stay
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Yep and pension funds and university endowments too.
Harvard, Yale, Brown Endowments Have Been Buying Bitcoin for at Least a Year: Sources
University endowments that backed blockchain VCs in 2018 have started buying crypto directly from Coinbase.
finance.yahoo.com
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https://www.coindesk.com/business/...bitcoin-yield-from-miamicoin-to-its-citizens/
Miami to Give ‘Bitcoin Yield’ From MiamiCoin to Its Citizens
The city’s mayor, Francis Suarez, announced the news on CoinDesk TV on Thursday.
By Helene Braun
Nov 11, 2021 at 10:32 a.m. EST
Updated Nov 11, 2021 at 11:31 a.m. EST
Miami Skyline (Getty Images)
The City of Miami will soon give out a “bitcoin yield” from the staking of its cryptocurrency to its citizens, Miami Mayor Francis Suarez announced on CoinDesk TV Thursday morning.
“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez said.
The yield comes from the staking of the city’s own cryptocurrency, MiamiCoin, which was introduced early this year and has already earned over $21 million in the past three months for Miami. Suarez noted that if you were to annualize that revenue, it would equal roughly one-fifth of Miami’s total annual tax revenue of $400 million.
0 seconds of 8 minutes, 51 seconds
The city will make the payments through a digital wallet and will work with a variety of cryptocurrency exchanges to allow its residents to acquire a wallet, register and get verified, the mayor said.
“[Mayor Suarez] just turned his city into an oil-producing country that gives bitcoin yield to its citizens. That’s incredible,” Community Lead for CityCoins Patrick Stanley told CoinDesk TV. CityCoins is the organization that set up and runs MiamiCoin.
In the long run, Suarez said the approach could potentially eliminate the need for Miami residents to pay taxes, which would be “revolutionary.”
“I do see very quickly a world where the satoshi system is what is used to make payments,” Mayor Suarez said. “We need for people to understand that … yes, we want you to hold bitcoin but we also want to increase the utility of bitcoin.”
We’re going parabolic
Miami to Give ‘Bitcoin Yield’ From MiamiCoin to Its Citizens
The city’s mayor, Francis Suarez, announced the news on CoinDesk TV on Thursday.
By Helene Braun
Nov 11, 2021 at 10:32 a.m. EST
Updated Nov 11, 2021 at 11:31 a.m. EST
Miami Skyline (Getty Images)
The City of Miami will soon give out a “bitcoin yield” from the staking of its cryptocurrency to its citizens, Miami Mayor Francis Suarez announced on CoinDesk TV Thursday morning.
“We’re going to be the first city in America to give a bitcoin yield as a dividend directly to its residents,” Suarez said.
The yield comes from the staking of the city’s own cryptocurrency, MiamiCoin, which was introduced early this year and has already earned over $21 million in the past three months for Miami. Suarez noted that if you were to annualize that revenue, it would equal roughly one-fifth of Miami’s total annual tax revenue of $400 million.
0 seconds of 8 minutes, 51 seconds
The city will make the payments through a digital wallet and will work with a variety of cryptocurrency exchanges to allow its residents to acquire a wallet, register and get verified, the mayor said.
“[Mayor Suarez] just turned his city into an oil-producing country that gives bitcoin yield to its citizens. That’s incredible,” Community Lead for CityCoins Patrick Stanley told CoinDesk TV. CityCoins is the organization that set up and runs MiamiCoin.
In the long run, Suarez said the approach could potentially eliminate the need for Miami residents to pay taxes, which would be “revolutionary.”
“I do see very quickly a world where the satoshi system is what is used to make payments,” Mayor Suarez said. “We need for people to understand that … yes, we want you to hold bitcoin but we also want to increase the utility of bitcoin.”
We’re going parabolic
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So they just made up a coin that magically makes free money
Riiiiight
Riiiiight
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Miami coin is a smart contract protocol built on top of bitcoin (bitcoin is the base layer of money) that is like municipal bond open to anyone on the bitcoin network (and the know your customers (KYC) dividends are paid out to token holders in the form of bitcoin (base layer money).
This allows Miami to raise funds on a global scale with bonds held as Miamicoin tokens. This expands Miami’s reach for capital raises to pretty much anyone.
I am personally interested in lending money to a poorly run city that is perhaps the single most endangered in the world in terms of property value regarding loss to rising sea levels. Great investment idea!
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So I still don't know why crypto is worth so much, I just follow the price trend.
What makes one BTC worth 65k compared to a year ago when it was 9k? Is it simply supply and demand? What about all the coins that have no supply cap?
What makes one BTC worth 65k compared to a year ago when it was 9k? Is it simply supply and demand? What about all the coins that have no supply cap?
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Because there are a limited supply of BTC. After the year 2026 there will never be anymore btc produced. It will eventually exceed the market cap of gold.
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Logistical and security question: How do you actually go about buying Bitcoin? I get leery of the idea of giving Strike my bank account info for example so what are people using to avoid excessive fees (compared to Strike) and are you setting up extra bank accounts or something so the exchange you use doesn't have direct access to your real money (sorry not trolling here lol)?
There is so much BS noise in the crypto space that I feel like important questions like this are missing.
There is so much BS noise in the crypto space that I feel like important questions like this are missing.
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Setting up a separate bank account seems like a fairly smart option, that way you'll only keep in that account what you plan to invest. I don't know of any "cheap" options, all the exchanges have their own fees.
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So if I make sdncoin and only make 1 million coins, it's worth a lot of money because it is limited?
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