Crypto Currency Thread (Vol.2)

[halo34]

Bluedot said:

I think the good thing about this thread is the lack of shilling to the moon crap.
Every Alt coin has great prospects, great team, great market cap blah blah blah.

Good with that bit, reddit is a good place if you want to see some of that or some discord groups.

[Bluedot]

halo34 said:

Bluedot said:

I think the good thing about this thread is the lack of shilling to the moon crap.
Every Alt coin has great prospects, great team, great market cap blah blah blah.

Good with that bit, reddit is a good place if you want to see some of that or some discord groups.

I know, every FB/Reddit/Discord/Telegram group I've looked at or joined is just full of posts constantly shilling.

[Vanity Projects]

Unless I’m misremembering, I just took some money out of Binance and there’s now a 1.5% on bank transfers out?

I recall it being there on card but not bank transfer? Was only £50 coming out for (wife’s) beer money so might be under a threshold.

Anyone else noticed this? Could quite easily be confusing it with Coinbase pro withdrawals though.

[loudlashadjuster]

Vanity Projects said:

Unless I’m misremembering, I just took some money out of Binance and there’s now a 1.5% on bank transfers out?

I recall it being there on card but not bank transfer? Was only £50 coming out for (wife’s) beer money so might be under a threshold.

Anyone else noticed this? Could quite easily be confusing it with Coinbase pro withdrawals though.

Yes, they applied this recently as part of their 'oh st we're hugely exposed' package of changes.

post_on_7_June said:

Read some worrying stuff on Binance's exposure on their interest-bearing and margin lending accounts. Fees have been added, the interest rates have been slashed and where they used to pay in USD stablecoins they've suddenly switched to BNB, with some assuming it's because backup fund coffers have been emptied by BTC's recent dip and the subsequent liquidations.

https://www.binance.com/en/support/announcement/90...

If a Binance can wobble after only a mild BTC crash...

[Zumbruk]

Can I just say that I am am deriving huge pleasure from reading this thread; watching clueless idiots arguing about things they have no idea about is always a good laugh. And it hardens my determination to have nothing whatever to do with Dunning-Krugerands.

[Condi]

Bluedot said:

halo34 said:

Bluedot said:

I think the good thing about this thread is the lack of shilling to the moon crap.
Every Alt coin has great prospects, great team, great market cap blah blah blah.

Good with that bit, reddit is a good place if you want to see some of that or some discord groups.

I know, every FB/Reddit/Discord/Telegram group I've looked at or joined is just full of posts constantly shilling.

Of course it is, because until these things have a fundamental value the only way people can value them is basic supply and demand, and the only way they go up in price is by encouraging more money to flow in. It's all people talking their own positions and encouraging "greater fools" to buy in, who then need more people to buy in for them to get out with a profit.

Take away the "social" element of it, and the constant hype and shilling, then you realise that all you own is some computer code which only has value if someone else will pay you for it. You can't eat it, you can't burn it, you can't live in it.

[loudlashadjuster]

Zumbruk said:

Dunning-Krugerands.

[halo34]

Condi said:

Of course it is, because until these things have a fundamental value the only way people can value them is basic supply and demand, and the only way they go up in price is by encouraging more money to flow in. It's all people talking their own positions and encouraging "greater fools" to buy in, who then need more people to buy in for them to get out with a profit.

Take away the "social" element of it, and the constant hype and shilling, then you realise that all you own is some computer code which only has value if someone else will pay you for it. You can't eat it, you can't burn it, you can't live in it.

There are many similar groups doing the same for stocks, shares and other nonsense too - tis not just crypto matey. It may be more predominant but the gamestop scenario was driven by reddit.

There is a thread where you can argue about value with yourself endlessly if I remember right

[Bluedot]

Condi said:

Bluedot said:

halo34 said:

Bluedot said:

I think the good thing about this thread is the lack of shilling to the moon crap.
Every Alt coin has great prospects, great team, great market cap blah blah blah.

Good with that bit, reddit is a good place if you want to see some of that or some discord groups.

I know, every FB/Reddit/Discord/Telegram group I've looked at or joined is just full of posts constantly shilling.

Of course it is, because until these things have a fundamental value the only way people can value them is basic supply and demand, and the only way they go up in price is by encouraging more money to flow in. It's all people talking their own positions and encouraging "greater fools" to buy in, who then need more people to buy in for them to get out with a profit.

Take away the "social" element of it, and the constant hype and shilling, then you realise that all you own is some computer code which only has value if someone else will pay you for it. You can't eat it, you can't burn it, you can't live in it.

I know
I was just saying it's refreshing this thread isn't full of that crap.
And hopefully it can stay that way.

[whatxd]

Zumbruk said:

Can I just say that I am am deriving huge pleasure from reading this thread; watching clueless idiots arguing about things they have no idea about is always a good laugh. And it hardens my determination to have nothing whatever to do with Dunning-Krugerands.

Suppose it's something to do before you pass on.

[jammy-git]

loudlashadjuster said:

Vanity Projects said:

Unless I’m misremembering, I just took some money out of Binance and there’s now a 1.5% on bank transfers out?

I recall it being there on card but not bank transfer? Was only £50 coming out for (wife’s) beer money so might be under a threshold.

Anyone else noticed this? Could quite easily be confusing it with Coinbase pro withdrawals though.

Yes, they applied this recently as part of their 'oh st we're hugely exposed' package of changes.

post_on_7_June said:

Read some worrying stuff on Binance's exposure on their interest-bearing and margin lending accounts. Fees have been added, the interest rates have been slashed and where they used to pay in USD stablecoins they've suddenly switched to BNB, with some assuming it's because backup fund coffers have been emptied by BTC's recent dip and the subsequent liquidations.

https://www.binance.com/en/support/announcement/90...

If a Binance can wobble after only a mild BTC crash...

I'm not sure I'd call BTC losing more than half its value a mild crash. If USD lost half its value in a matter of weeks/months it would be a global catastrophy.

[dimots]

whatxd said:

Suppose it's something to do before you pass on.

[Zumbruk]

whatxd said:

Zumbruk said:

Can I just say that I am am deriving huge pleasure from reading this thread; watching clueless idiots arguing about things they have no idea about is always a good laugh. And it hardens my determination to have nothing whatever to do with Dunning-Krugerands.

Suppose it's something to do before you pass on.

Better than watching 22 overpaid borderline rapists punting a pigs bladder round a field.

Edited by Zumbruk on Friday 25th June 12:32

[Fentalogue chic]

Zumbruk said:

Better than watching 22 overpaid borderline rapists punting a pigs bladder round a field.

You'd rather be watching Sumo wrestlers grapple, no need to keep it a secret.

[Ari]

halo34 said:

There are many similar groups doing the same for stocks, shares and other nonsense too - tis not just crypto matey. It may be more predominant but the gamestop scenario was driven by reddit.

There is a thread where you can argue about value with yourself endlessly if I remember right

Possibly, but the crucial difference is that stocks and shares generally have value beyond just crossing your fingers and hoping for bigger fools piling in behind you.

[jammy-git]

Ari said:

halo34 said:

There are many similar groups doing the same for stocks, shares and other nonsense too - tis not just crypto matey. It may be more predominant but the gamestop scenario was driven by reddit.

There is a thread where you can argue about value with yourself endlessly if I remember right

Possibly, but the crucial difference is that stocks and shares generally have value beyond just crossing your fingers and hoping for bigger fools piling in behind you.

Do they though? I realise the value of stocks and shares is supposed to be based on the value of the assets of the business. But ultimately, that's not really true is it? The value of stocks and shares is entirely based on the confidence investors have in that business. Which is exactly the same with crypto.

[Condi]

jammy-git said:

Do they though? I realise the value of stocks and shares is supposed to be based on the value of the assets of the business. But ultimately, that's not really true is it? The value of stocks and shares is entirely based on the confidence investors have in that business. Which is exactly the same with crypto.

But when you buy a share you buy a physical thing, you buy part of the assets of the business and you buy a percentage of the future profits. You can also influence the direction of the business via the AGM, voting for proposals, voting for directors etc. Businesses also generate a return via economic activity- they buy materials for £5, add £2 of labour and sell it for £10. There is far far more than just "confidence", although that does have an impact.

Crypto on the other hand does not generate returns, does not buy you anything physical, does not allow you to influence any future direction of the thing you've just bought. It relies entirely on someone else buying in at a higher price, and yet while businesses enhance value, Bitcoin by it's very nature has to take money out the system to pay the miners.


The 2 are nothing like the same.

[halo34]

You know what I hanker for, is another thread about the value of crypto - if only we had one in the past....oh wait we did.

It has a value - its value is what its worth on the charts in that minute.

[Condi]

halo34 said:

It has a value - its value is what its worth on the charts in that minute.

It has a price, not a value. Price and value are different things, if you understood that maybe you'd see a different point of view as to what it is you're buying.

[jammy-git]

I think it's naive to think that's how the value of stocks and shares operate. As a shareholder of some Twitter shares a few years ago, you would have owned a tiny portion of a loss making business, with no real influence on the future direction of the company. The only thing that gave Twitter shares the high value was the investor confidence that at some stage down the line, the company would eventually figure out a way to make some profit.

Same with Deliveroo right now. A company that was tailored made for the pandemic and yet they've still made a huge loss. The only thing giving their shares any value is investor confidence that they can eventually turn a profit.

AMC has been a great example of how investor confidence can take a share price close to nothing, and close to bankrupting the company, and then flip it around and give the company a market cap greater than what it should be according those those traditional beliefs about how a company should be valued.