The Bitcoin is ‘as-good-as-gold’ myth is over

[AurumArgenti]

6 hours ago, Bigmarc said:

That was one exchange gateio. In the last hour I have just been told that another of my exchanges (kracken) has been hacked and the hackers have all my personal details. Now if anyone knows kyc then that's everything from passport to phone number to inside leg measurement. It's the bloody wild west, you don't get this visiting a coin fair on a Sunday afternoon. 

To be fair Mark everything from Ebay, DVLA to various banks have had data breaches and had customers data stolen.

Yours and everyone's else's data is probaby floating around the darkweb  already.

https://en.m.wikipedia.org/wiki/List_of_data_breaches

 

 

Edited November 19, 2022 by AurumArgenti
I can't spell

[Bigmarc]

1 hour ago, AurumArgenti said:

To be fair Mark everything from Ebay, DVLA to various banks have had data breaches and had customers stolen.

Yours and everyone's else's data is probaby floating around the darkweb  already.

https://en.m.wikipedia.org/wiki/List_of_data_breaches

 

 

Yes you are right but currently no exchange can be trusted it's just another nail in their coffin's. After much research I chose kracken as my on ramp and they seem to be the worst. Back to uniswap and pay the fees I think. 

[Bigmarc]

1 hour ago, BDTH said:

99.99% of “crypto” coins are just “blockchain” fiat on steroids. Any “coin” with a CEO is an unregistered security, and the SEC might just start taking an interest after Scam Bankrupt Fraud’s FTX fiasco, that syphoned $100,000,000s to Democrats, who syphoned $Bs to Ukraine, who invested in FTX 🤡. If you are looking for the next pump and dump sh!tcoin to get rich quick, good luck! 

Etherium has a CEO but does not pass the howdy test. I mostly have etherium (if I can ever get it off the exchanges) I need ethrium so I can pay fees to buy my sh*t coins. A clown face emoji is probably appropriate for me in this case but only really belongs on twitter. Most people help eachother here rather than gloat in others miss-fortune. 

[Arganto]

The fact that Bitcoin required the development of the lightning network so it could be used for micro-transactions is nuts. 

Personally I speculate that Bitcoin is another step in normalising digital transactions away from "hard" currency. It's anonymous creation screams spooksville. I think it started with debit and credit cards, progressed to currency exchanges like PayPal then moved on to "crypto". Digital creation, digital management, digital oppression. I'm not suggesting it's the exact same kabal behind each one but I do think it's a deliberate system of nudges. I am unsure if the current undoing of any existing public trust in crypto exchanges (thereby tarnishing the reputation of crypto for the normies in general) is a further nudge toward 'trustworthy' CBDC or something else entirely. Regardless it's never felt right for me, something smells bad.

I could be way off, but I've learned to act on instinct.

[AurumArgenti]

I've never thought Bitcoin was digital gold. I'm not sure who started the term probably one of the bitcoin zealots like Max Keiser or Michael Saylor?

It doesn't have to be in my mind either. It goes up and down like everything else. 

Joe public normally buys and sells on herd mentality and feel secure when everyone's wants to do the same thing.

Very few like to buy when its down though.

There are bad actors in every space. Isn't every investment viewed with the hope somebody will pay more for it later?

There will always in every market cycle be somebody left holding the bag? The stock market will crater again and the banks too probably?

Then the public will be left holding the bag to bailout the greed, fraud and incompetence.

Crypto is being integrated in the businesses and financial sector now.

It's not wishful thinking it's happening across the world.

There will be multiple winners and losers.🤷‍♂️ 

I'm fairly immune mentally to the fluctuations in crypto and precious metals.

If it gets to you that bad your more then likely over invested and over leveraged. 

Volatility creates opportunity to invest.

 

Edited November 19, 2022 by AurumArgenti

[Bigmarc]

2 hours ago, AurumArgenti said:

If it gets to you that bad your more then likely over invested and over leveraged.

Not necessarily, after some exposure some may understand the extent on the gamble. I say gamble because I don't see it as an investment at all anymore. Every bear market is triggered by an event. In the traditional markets it's usually by the economy. In the crypto market it's generally triggered by someone buggering off with all the money. Mt gox 850,000 BTC in bear market 2011, coincheck gets hacked for 500 million in 2017 and terra Luna collapse in 2021 followed by 3 arrows capital, voyager, celcius, ftx. Most are probably on the run. This 100% a gamble, basically keep throwing money at it and try and get out before the next crook disappears with it all. 

Just as a matter of balance, there was a couple of other bear markets when china tried to ban it and Elon musk sent a tweet. 

[BDTH]

12 hours ago, Bigmarc said:

Etherium has a CEO but does not pass the howdy test. I mostly have etherium (if I can ever get it off the exchanges) I need ethrium so I can pay fees to buy my sh*t coins. A clown face emoji is probably appropriate for me in this case but only really belongs on twitter. Most people help eachother here rather than gloat in others miss-fortune. 

maybe re-read the section before the clown emoji before insinuating any gloating at others misfortune. As someone said recently “this is a teachable moment”. If people’s misfortune leads to a better understanding, maybe that's the silver lining in the completely avoidable FTX fiasco

[BDTH]

10 hours ago, Arganto said:

The fact that Bitcoin required the development of the lightning network so it could be used for micro-transactions is nuts. 

Personally I speculate that Bitcoin is another step in normalising digital transactions away from "hard" currency. It's anonymous creation screams spooksville. I think it started with debit and credit cards, progressed to currency exchanges like PayPal then moved on to "crypto". Digital creation, digital management, digital oppression. I'm not suggesting it's the exact same kabal behind each one but I do think it's a deliberate system of nudges. I am unsure if the current undoing of any existing public trust in crypto exchanges (thereby tarnishing the reputation of crypto for the normies in general) is a further nudge toward 'trustworthy' CBDC or something else entirely. Regardless it's never felt right for me, something smells bad.

I could be way off, but I've learned to act on instinct.

I respectfully disagree. The UK National Grid has some very useful sections operating at 400,000,000V. My iphone requires 5V to charge. yes it is an analogy and can be picked apart, but the fact that there are several layers, at various voltages, is to me a useful way to understand that a multi-layered payment network is not necessarily “nuts”

[Bigmarc]

1 hour ago, BDTH said:

maybe re-read the section before the clown emoji before insinuating any gloating at others misfortune. As someone said recently “this is a teachable moment”. If people’s misfortune leads to a better understanding, maybe that's the silver lining in the completely avoidable FTX fiasco

Sorry mate. Just a bit frustrated that's all. No offence intended.

[BDTH]

5 hours ago, Bigmarc said:

Sorry mate. Just a bit frustrated that's all. No offence intended.

Edited November 20, 2022 by BDTH
no offence taken, it must be a very frustrating time for many people caught up it current crypto events

[BDTH]

My opinion: do not buy bitcoin because of what somebody else says

if you think bitcoin is a scam, a ponzi scheme, a psy-op, or whatever, because somebody said so, then you might be missing an opportunity

I think you really have to do your own homework if you want to make an informed decision one way or the other 

don’t trust, verify

[Roy]

Bitcoin has been a psychological rollercoaster hasn't it?

I've been up, I've been down, I've been round and round...

I only play with BTC because I'm an old man. I haven't got time for 30 years in stocks and bonds, I'm hoping to get rich quick lol

Perhaps I should do the lottery or the tracks?!

😊

[Bigmarc]

3 hours ago, BDTH said:

My opinion: do not buy bitcoin because of what somebody else says

if you think bitcoin is a scam, a ponzi scheme, a psy-op, or whatever, because somebody said so, then you might be missing an opportunity

I think you really have to do your own homework if you want to make an informed decision one way or the other 

don’t trust, verify

My opinion: the crypto space is an excellent opportunity the future for many but there are people trying to exploit the space from every angle. 

I am hoping the whole space takes a turn as there are some fantastic real world projects that can make a difference that all seem to be hanging on a thread because BTC takes a dump. 

Don't trust verify....

This is my problem, I don't trust. I have verified all my exchanges and proved I can get funds back to my account. Probably is I did this when liquidity was high. Now it seems not so easy. One exchange decided to update their kyc requirements after the crash and not tell anyone until you went hunting for the info hidden deep into the app. 

Put all my frustrations to one side, I will still be ploughing on with it. 

 

 

[BDTH]

A Bitcoin advert in The Wall Street Journal. I disagree with “So yes, you can trust bitcoin. But the truth is you shouldn’t have to”.

I don’t think anyone should trust bitcoin, or code, or anybody, in anything of any great importance, as a rule

It could be a scam, it could be fake, it might go to zero

The responsibility is on the individual to do their own due diligence, or not as they choose.

It is “not advisable” to go “all-in” on anything, but some do. Their choice, their responsibility, their risk, potentially their reward

[AurumArgenti]

On 20/11/2022 at 08:47, Bigmarc said:

My opinion: the crypto space is an excellent opportunity the future for many but there are people trying to exploit the space from every angle. 

I am hoping the whole space takes a turn as there are some fantastic real world projects that can make a difference that all seem to be hanging on a thread because BTC takes a dump. 

Don't trust verify....

This is my problem, I don't trust. I have verified all my exchanges and proved I can get funds back to my account. Probably is I did this when liquidity was high. Now it seems not so easy. One exchange decided to update their kyc requirements after the crash and not tell anyone until you went hunting for the info hidden deep into the app. 

Put all my frustrations to one side, I will still be ploughing on with it. 

 

 

I don't leave anything on exchanges unless im buying, selling or in a trade.

A ledger is must in my opinion.

I've never had any issues with Binance or Bitstamp. I do the KYC and no problems.

I've had strange problems over the years with coinbase pro though.

Never with withdrawing cash but on more then a few occasion various cryptos withdrawals.

Like glitches and problems that feel like they have put a holt on withdrawals but not officially if that makes sense.

Then a day or so later it works fine.

Sometimes I've had to transfer crypto over to my normal coinbase account to move it off.

They always tend to go down when theres large price movement too. 

I try and use my noggin and follow basic internet safety rules too. Use two factor authentication ect and be careful what you click on and download.

This space can wear on you I get it. I don't believe it will alway be this volatile though. But that's where the money is made or lost.

I'm happy just to trade a bit and hodle. Ride it up and down and wait.

It's been said that crypto is scam and will never amount to anything for a decade now.

But here it still is despite the BS and naysayers.

If we have a mega crash I'll be backing up the truck and buying some BTC, ETH, XRP and ADA.

I'm excited. 🙂

[AurumArgenti]

More on FTX SBF congress and the SEC.

 

[Bigmarc]

3 hours ago, AurumArgenti said:

don't leave anything on exchanges unless im buying, selling or in a trade.

I had stop losses and limit orders on three exchanges, I can easily withdraw from two of them and one is a pain in the arse. It's been 8 days now I have a feeling they are not disclosing they are caught up ftx scandal. Most of my funds are now moved to metamask which I have just linked to ledger recently. Kind of my fault as I hadn't proven it on that particular exchange. 

3 hours ago, AurumArgenti said:

I've never had any issues with Binance

A couple of years a go this was the first one I had trouble with. The stopped all withdrawals to the UK for quite some time. You could deposit easy enough but back then binance was really sniffy about meeting various countries legislation. 

 

The only issues ive had is with exchanges. I mostly have Eth and dot in wallets. The rest is speculative projects that I believe in and am willing to loose "if they fail" and not the exchanges. I only watch one YouTube channel and that tells me the crypto news and doesn't promote any coin. 

I know I can sometimes get heated but things in the space need to become easier and safer for the non tech savey (me). I also must admit that bitcoin is the safest bet although I have none and I secretly hope that the bank's digital dollar get accepted and all stables disappear. 

 

[AurumArgenti]

11 minutes ago, Bigmarc said:

I had stop losses and limit orders on three exchanges, I can easily withdraw from two of them and one is a pain in the arse. It's been 8 days now I have a feeling they are not disclosing they are caught up ftx scandal. Most of my funds are now moved to metamask which I have just linked to ledger recently. Kind of my fault as I hadn't proven it on that particular exchange. 

A couple of years a go this was the first one I had trouble with. The stopped all withdrawals to the UK for quite some time. You could deposit easy enough but back then binance was really sniffy about meeting various countries legislation. 

 

The only issues ive had is with exchanges. I mostly have Eth and dot in wallets. The rest is speculative projects that I believe in and am willing to loose "if they fail" and not the exchanges. I only watch one YouTube channel and that tells me the crypto news and doesn't promote any coin. 

I know I can sometimes get heated but things in the space need to become easier and safer for the non tech savey (me). I also must admit that bitcoin is the safest bet although I have none and I secretly hope that the bank's digital dollar get accepted and all stables disappear. 

 

 

I do remember not so long ago when binance halted GBP deposits and withdrawals because regulatory issues.

I used to send BTC and ETH for trading pairs that I couldn't get on other exchanges. The network fees just on moving BTC and ETH made me really dislike POW. Let alone the transaction speeds and confirmation times.

It worked at cheaper and faster to send xrp and go to USDT in most cases.

I like to watch multiple youtubers. Even ones that I feel are biased. I like to check my own confirmation  biased and hear other opinions.

I do draw the line on a few of the big names like Max Keiser and Pomp . I think the're intellectually dishonest and hypocrites.

All this FTX business seems like the excuse that they needed or created to pin down exchanges and crypto regs.

There has been a lot of correlation between the stock market and crypto until lately.

[AurumArgenti]

I'm not sure how true it is but Grayscale is looking insolvent apparently?

This ones going to hurt.. 

[MonkeysUncle]

Sod bitcoin, anyone for tulips?

[Happypanda88]

2 hours ago, MonkeysUncle said:

Sod bitcoin, anyone for tulips?

Yes, please! That black one 🤗 

Will you accept payment by any of my cryptos ?

Edited November 22, 2022 by Happypanda88

[AurumArgenti]

Apparently J.P Morgan, America's  largest multinational bank doesn't support tulips? 😄

https://www.kitco.com/news/2022-11-21/U-S-Patent-and-Trademark-Office-has-officially-approved-the-J-P-Morgan-Wallet.html

 

 

[BDTH]

8 hours ago, MonkeysUncle said:

Sod bitcoin, anyone for tulips?

yawn, as heard in 2012, 2013, 2014, 2018… ready to go back in the cupboard to be dusted off again in the next cycle

I remember not buying bitcoin at £50 because it was “too volatile”. fortunately I have learned a hell of a lot since then, I would’ve have almost certainly sold it for £100 and felt smug for a little while, or lost my private keys

I was lucky enough to know a guy who mined 3BTC on his laptop only to have them stolen as he didn’t secure his private keys, made me learn self-custody

another guy I know purchased 20BTC at a few £ each to pay for a dodgy film he and his wife watched, he is philosophical  about it

I am still learning a hell of a lot about bitcoin almost every day

stay humble, stack sats

[MonkeysUncle]

I was a one third owner of a BTC and Ethereum mining business. We saw the headwinds, especially energy prices and sold our kit and shut up shop Easter time. Now that was the best financial decision all year. 

The value of the mining rigs we sold is now substantially below half what we sold for.

We might might look at BTC again but from a mining point of view you'd need to locate in USA for cost effective mains electric or head to say sunny Africa and build a solar farm to power it.

[AurumArgenti]

21 minutes ago, MonkeysUncle said:

I was a one third owner of a BTC and Ethereum mining business. We saw the headwinds, especially energy prices and sold our kit and shut up shop Easter time. Now that was the best financial decision all year. 

The value of the mining rigs we sold is now substantially below half what we sold for.

We might might look at BTC again but from a mining point of view you'd need to locate in USA for cost effective mains electric or head to say sunny Africa and build a solar farm to power it.

Do you turn them rigs off at night in africa? 😉😄