Crypto Currency Thread (Vol.2)

Crypto Currency Thread (Vol.2)

Author
Discussion

bitchstewie

50,767 posts

209 months

Thursday 23rd June 2022
quotequote all
Largechris said:
"Untraceable, untaxable, two fingers up at the capitalist system"

Oh, maybe not.
Well quite but I just wanted a small amount of exposure so I wasn't doing it with any of that stuff in mind.

Largechris

2,019 posts

90 months

Thursday 23rd June 2022
quotequote all
bhstewie said:
Largechris said:
"Untraceable, untaxable, two fingers up at the capitalist system"

Oh, maybe not.
Well quite but I just wanted a small amount of exposure so I wasn't doing it with any of that stuff in mind.
Yep, if you only want to lose small amounts of money, paypal is a decent answer.

But if you're a more serious player wanting to lose serious stacks of wonga, a cold chain wallet, coinbase etc. is the way to go.

Seventyseven7

866 posts

68 months

Thursday 23rd June 2022
quotequote all
Ari said:
Seventyseven7 said:
He couldn't afford to put money into Bitcoin tbh. Shame really.
How interesting. What makes you say that? smile
Things you've said during your 18,000 posts on PH.

Just not someone who is flush with money to throw at Bitcoin, just bobbing along. Best to keep your money for a rainy day.

rossub

4,400 posts

189 months

Thursday 23rd June 2022
quotequote all
Condi said:
g4ry13 said:
Also bought some stuff to stake at 18%. It certainly beats the bank!
Did Celsius not teach you that high interest rate (ie high return) is a reward for high risk, and in the crypto world those risks are the likelihood of losing your entire investment??


Greed is the undoing of many men.
Reminds me of the Icelandic Banks before the financial crash. That ended well.

Condi

17,083 posts

170 months

Thursday 23rd June 2022
quotequote all
Seventyseven7 said:
Ari said:
Seventyseven7 said:
He couldn't afford to put money into Bitcoin tbh. Shame really.
How interesting. What makes you say that? smile
Things you've said during your 18,000 posts on PH.

Just not someone who is flush with money to throw at Bitcoin, just bobbing along. Best to keep your money for a rainy day.
You're going to stoop that low? Says more about you than Ari.

Besides, I thought the whole point of Bitcoin was it could be traded in whatever quantity you wanted. If people in El Salvador and Central African Republic can use it as legal tender, I'm sure anyone in the West can afford some. wink

g4ry13

16,887 posts

254 months

Thursday 23rd June 2022
quotequote all
Condi said:
g4ry13 said:
Also bought some stuff to stake at 18%. It certainly beats the bank!
Did Celsius not teach you that high interest rate (ie high return) is a reward for high risk, and in the crypto world those risks are the likelihood of losing your entire investment??


Greed is the undoing of many men.
I don't pay attention to crap projects.

Some Gump

12,671 posts

185 months

Thursday 23rd June 2022
quotequote all
I do enjoy it when threads descend into a slanging match.
Those are the most interesting threads.
Most.
Interesting.

Yetski

597 posts

162 months

Friday 24th June 2022
quotequote all
DonkeyApple said:
So long as Revolut still exists. wink
Please can you elaborate, I'm unaware of any issues.


Edited by Yetski on Friday 24th June 06:48

WY86

1,317 posts

26 months

Friday 24th June 2022
quotequote all
So glad i got into MATIC early, nice little pump
Up.

911r

241 posts

24 months

Friday 24th June 2022
quotequote all
WY86 said:
So glad i got into MATIC early, nice little pump
Up.
Well thx for the tip bricktop

DonkeyApple

54,916 posts

168 months

Friday 24th June 2022
quotequote all
Yetski said:
DonkeyApple said:
So long as Revolut still exists. wink
Please can you elaborate, I'm unaware of any issues.


Edited by Yetski on Friday 24th June 06:48
No one ever is. biggrin

It's a pocket money institution. No one in their right mind would have any financial exposure beyond pocket money. Same with all the children of lax regulatory enforcement.

Yetski

597 posts

162 months

Friday 24th June 2022
quotequote all
DonkeyApple said:
Yetski said:
DonkeyApple said:
So long as Revolut still exists. wink
Please can you elaborate, I'm unaware of any issues.


Edited by Yetski on Friday 24th June 06:48
No one ever is. biggrin

It's a pocket money institution. No one in their right mind would have any financial exposure beyond pocket money. Same with all the children of lax regulatory enforcement.
Understood, just thought I might have missed something.

DonkeyApple

54,916 posts

168 months

Friday 24th June 2022
quotequote all
Yetski said:
DonkeyApple said:
Yetski said:
DonkeyApple said:
So long as Revolut still exists. wink
Please can you elaborate, I'm unaware of any issues.


Edited by Yetski on Friday 24th June 06:48
No one ever is. biggrin

It's a pocket money institution. No one in their right mind would have any financial exposure beyond pocket money. Same with all the children of lax regulatory enforcement.
Understood, just thought I might have missed something.
Nothing overt. Just the standard risk of a fintec built on the back of anomalous 'interpretations' of local regulations combining with a regulator that's been woken up and a business that is reliant on the bulk of their customers not only not understanding how stuff works but not wanting to know etc.

It's also a business that is loss making in most divisions, has some 'interesting' backers and reliant on the exact customer base that has been hit hardest by global inflation.

It's one of those businesses that overtly ticks pretty much every box to not overly exposed to. Very much a micro transaction business.

Ari

19,328 posts

214 months

Friday 24th June 2022
quotequote all
Seventyseven7 said:
Ari said:
Seventyseven7 said:
He couldn't afford to put money into Bitcoin tbh. Shame really.
How interesting. What makes you say that? smile
Things you've said during your 18,000 posts on PH.

Just not someone who is flush with money to throw at Bitcoin, just bobbing along. Best to keep your money for a rainy day.
Well, you are clearly a very wise and astute individual. smile

Us hairdressers struggle by on a pittance you know, not like you titans of finance, with your savvy investment nous! Good of you to remind me of my lowly place. wink

Ari

19,328 posts

214 months

Friday 24th June 2022
quotequote all
Condi said:
You're going to stoop that low? Says more about you than Ari.

I guess when it's all you've got left... smile

Seventyseven7

866 posts

68 months

Friday 24th June 2022
quotequote all
Ari said:
Seventyseven7 said:
Ari said:
Seventyseven7 said:
He couldn't afford to put money into Bitcoin tbh. Shame really.
How interesting. What makes you say that? smile
Things you've said during your 18,000 posts on PH.

Just not someone who is flush with money to throw at Bitcoin, just bobbing along. Best to keep your money for a rainy day.
Well, you are clearly a very wise and astute individual. smile

Us hairdressers struggle by on a pittance you know, not like you titans of finance, with your savvy investment nous! Good of you to remind me of my lowly place. wink
No problem, anytime cool

jammy-git

29,775 posts

211 months

Sunday 26th June 2022
quotequote all
Thought you guys would appreciate this:


Ari

19,328 posts

214 months

Monday 27th June 2022
quotequote all
I lolled! biggrin

Hoofy

76,253 posts

281 months

Monday 27th June 2022
quotequote all
hehe

Condi

17,083 posts

170 months

Monday 27th June 2022
quotequote all
Some interesting stuff on Bloomberg about crypto this evening, and about money (coins, cash, etc) held on exchange's. First interesting point is that if the exchange goes bust you become a regular creditor - your assets are considered part of the bankrupt company, not ring fenced as per banks. This bit was interesting too, and talks about the risks of unregulated DeFi. Basically the mistakes of pre 2008 banking system are being repeated but at a much greater risk because there is not even any basic risk management - 26 year old former porn stars excluded, of course. At the moment the crossover risks into regular financial systems are fairly low, but as I said ageeeees ago, crypto will go one of 2 ways - it will either end up being regulated in the same way as the normal finance system, or it will end up being a wild west which will never achieve mainstream acceptance.

Anyway, to quote;

Bloomberg said:
.....Broadly speaking crypto banking (and quasi-banking) is like banking in the state of nature, with no clear rules about seniority and depositor protection. But it attracts money because people are used to regular banking. When they see a thing that looks like a bank deposit, but for crypto, they think it will work like a bank deposit. It doesn’t always.

Elsewhere here is the Financial Times on the crypto “credit crisis”:

Investors could juice their returns by taking out multiple loans against the same collateral, a process called “recursive borrowing”. This freedom to recycle capital with little restraint led investors to stack up more and more yields in different DeFi projects, earning multiple interest rates at once.

“As with the subprime crisis, it’s something really appealing in terms of yield and it looks like and is packaged like a risk-free financial product to ordinary people,” said Lennix Lai, director of financial markets at crypto exchange OKX.

The financial gymnastics left huge towers of borrowing and theoretical value teetering on top of the same underlying assets. This kept going while crypto prices sailed higher. But then inflation, aggressive interest rate rises and geopolitical shockwaves from the war in Ukraine washed across financial markets.

“It all worked during the bull run where the prices of all the assets went up only. When the prices started going down, a lot of people wanted to take their assets out,” said Marcin Miłosierny, head of market research at crypto hedge fund ARK36.

As token values plummeted, the lenders called in their loans. The process has led to the removal of more than 60 per cent, or $124bn, of the total value locked on the ethereum blockchain since mid-May in a “Great Deleveraging”, according to research firm Glassnode.