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The Bitcoin Thread (price and other bitcoin related topics) - Printable Version

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RE: The Bitcoin Thread (price and other bitcoin related topics) - Pavlov's dog - 04-12-2021

(04-11-2021, 09:10 PM)billydingdong Wrote:
(04-11-2021, 01:21 AM)churros Wrote: How do you guys feel about leaving coins on an exchange i.e. binance? I've been taking advantage of their relatively good savings, but is the risk/reward worth it?

I didn't start pulling coins off the exchange into a hardware wallet until I had above $10k, but I'm also not a self-custody maximalist/absolutist.

My position is sizeable now, and I've left around 15% of the total value on coinbase. 

My reasoning is that if the exchange has never been hacked and is recognized as secure enough and if the price goes parabolic in a very short time, I may want quick access to trade and a convenient off-ramp to fiat. I wouldn't want to be scrambling to send the coins I want to trade from a wallet to the exchange when the networks are seeing high volumes.


Someone sent me bitcoin the other day via coinbase and they had to manually verify his transactions for no reason other than "lol pending". It took 2 hours for the transaction to transmit, then more time to confirm.

Pretty sure you're always better off with a 1st party wallet my man. I understand your logic but it starts to fall apart when these exchanges can just fuck you over (or just make you wait) on an extremely volatile asset for no other reason than they feel like it. Imagine if you were day trading and your broker randomly told you "Yeah we'll make your trade anywhere from 1-6 hours from now". Could easily fuck you out of some serious cash.

This shit would not fly with reputable financial intuitions or anywhere people kept serious money. But it does with coinbase and the like because there are very few regulations still and there's only a few games in town.

Of course if you use 1st party wallets you have to know a bit about security, if you're packing larger sums. So the trade-off may be worth it.

In my opinion though anybody with half a brain and more than 10k in crypto is silly for using a 3rd party wallet. Especially in the current climate.


RE: The Bitcoin Thread (price and other bitcoin related topics) - OviOs - 04-13-2021

(04-11-2021, 01:21 AM)churros Wrote: How do you guys feel about leaving coins on an exchange i.e. binance? I've been taking advantage of their relatively good savings, but is the risk/reward worth it?

Most people would say "no, control your own keys" but I'm comfortable with the risk and one of my long term diversification plans to basically pay my expenses with btc interest from various exchanges cashing out only the interest accrued leaving the btc principal to grow to where many "experts" think it will be in the future ($1MM USD/btc in 2025-2026).  That being said, I can see some of the players (like BlockFi and Ledn with ties to Grayscale Bitcoin) frequently adjust their pay rates downwards as the value per btc continues to grow.  Ideally, you'd want to place some of your btc into a secure storage solution like Casa for safekeeping and away from exchanges, governments and the like.


RE: The Bitcoin Thread (price and other bitcoin related topics) - churros - 04-15-2021

Binance is giving 0% margin trading loans for 500 USDT. Can I still fuck myself margin trading this deal?


RE: The Bitcoin Thread (price and other bitcoin related topics) - TurkishCoffee - 04-17-2021

(04-15-2021, 03:47 PM)churros Wrote: Binance is giving 0% margin trading loans for 500 USDT. Can I still fuck myself margin trading this deal?

Just because you don't pay interest on the margin doesn't mean Binance is eating your potential losses.


RE: The Bitcoin Thread (price and other bitcoin related topics) - Shifty - 04-18-2021

(04-15-2021, 03:47 PM)churros Wrote: Binance is giving 0% margin trading loans for 500 USDT. Can I still fuck myself margin trading this deal?

It's just extra leverage, you can get liquidated early though if the 500usdt represents a significant portion of your margin account balance, whereas if you only used your own money you are never really forced to sell.
If you are wondering if you will somehow end up owning money, it is extremely unlikely as far as I'm aware, binance terminates your position early though so you are fucked in the sense that you might be forced to sell at a bad price even if what you are invested in eventually recovers.


RE: The Bitcoin Thread (price and other bitcoin related topics) - Contrarian Expatriate - 04-19-2021

Looks like Turkey is the first country to ban payments in Bitcoin.  That led to the recent pullback.  April 30th will be the day it takes effect.  It will be interesting to see how many other countries choose to follow suit.

https://www.coindesk.com/bitcoin-price-drops-as-turkey-bans-crypto-payments-amid-currency-crisis


RE: The Bitcoin Thread (price and other bitcoin related topics) - churros - 04-19-2021

(04-18-2021, 07:16 PM)longships Wrote:
(04-18-2021, 12:57 AM)Shifty Wrote:
(04-15-2021, 03:47 PM)churros Wrote: Binance is giving 0% margin trading loans for 500 USDT. Can I still fuck myself margin trading this deal?

It's just extra leverage, you can get liquidated early though if the 500usdt represents a significant portion of your margin account balance, whereas if you only used your own money you are never really forced to sell.
If you are wondering if you will somehow end up owning money, it is extremely unlikely as far as I'm aware, binance terminates your position early though so you are fucked in the sense that you might be forced to sell at a bad price even if what you are invested in eventually recovers.

Churros, so did you fuck yourself?

With this flash crash, I mean?

Haha. No, I never pulled the trigger but I would have shorted after doge hitting all time highs.


RE: The Bitcoin Thread (price and other bitcoin related topics) - billydingdong - 04-19-2021

BTC dominance dipping below 50% today.

Change of the guard or are we in bubble alt season?

Guess we'll see.


RE: The Bitcoin Thread (price and other bitcoin related topics) - OviOs - 04-22-2021

(04-19-2021, 04:54 AM)billydingdong Wrote: BTC dominance dipping below 50% today.

Change of the guard or are we in bubble alt season?

Guess we'll see.

Pretty sure it's active traders targeting alts for higher returns while bitcoin has cooled off a bit recently.  If I were an active trader, I'd go long on bitcoin for May and beyond.


RE: The Bitcoin Thread (price and other bitcoin related topics) - OviOs - 04-22-2021

(04-19-2021, 01:24 AM)Contrarian Expatriate Wrote: Looks like Turkey is the first country to ban payments in Bitcoin.  That led to the recent pullback.  April 30th will be the day it takes effect.  It will be interesting to see how many other countries choose to follow suit.

https://www.coindesk.com/bitcoin-price-drops-as-turkey-bans-crypto-payments-amid-currency-crisis

It would be a terrible decision for any country to even use "fed speak" and hint at it.  The Turkish government is basically slapping their own citizens in the face with that decision and is forcing the populace to absorb their own central banking mismanagement.  Weak.  Bitcoin is a solid option to somewhat avoid all that nonsense.


RE: The Bitcoin Thread (price and other bitcoin related topics) - Contrarian Expatriate - 04-23-2021

(04-22-2021, 01:29 AM)OviOs Wrote:
(04-19-2021, 01:24 AM)Contrarian Expatriate Wrote: Looks like Turkey is the first country to ban payments in Bitcoin.  That led to the recent pullback.  April 30th will be the day it takes effect.  It will be interesting to see how many other countries choose to follow suit.

https://www.coindesk.com/bitcoin-price-drops-as-turkey-bans-crypto-payments-amid-currency-crisis

It would be a terrible decision for any country to even use "fed speak" and hint at it.  The Turkish government is basically slapping their own citizens in the face with that decision and is forcing the populace to absorb their own central banking mismanagement.  Weak.  Bitcoin is a solid option to somewhat avoid all that nonsense.

Turkey did not make it illegal to own or obtain Bitcoin, it just banned PAYMENTS in Bitcoin in commerce.  This is similar to many countries' banning payments in anything but the local, fiat currency.


RE: The Bitcoin Thread (price and other bitcoin related topics) - OviOs - 04-24-2021

(04-23-2021, 12:08 AM)Contrarian Expatriate Wrote:
(04-22-2021, 01:29 AM)OviOs Wrote:
(04-19-2021, 01:24 AM)Contrarian Expatriate Wrote: Looks like Turkey is the first country to ban payments in Bitcoin.  That led to the recent pullback.  April 30th will be the day it takes effect.  It will be interesting to see how many other countries choose to follow suit.

https://www.coindesk.com/bitcoin-price-drops-as-turkey-bans-crypto-payments-amid-currency-crisis

It would be a terrible decision for any country to even use "fed speak" and hint at it.  The Turkish government is basically slapping their own citizens in the face with that decision and is forcing the populace to absorb their own central banking mismanagement.  Weak.  Bitcoin is a solid option to somewhat avoid all that nonsense.

Turkey did not make it illegal to own or obtain Bitcoin, it just banned PAYMENTS in Bitcoin in commerce.  This is similar to many countries' banning payments in anything but the local, fiat currency.

Maybe they should just use Doge and call it a day.   Big Grin


RE: The Bitcoin Thread (price and other bitcoin related topics) - dingdongditch - 04-25-2021

Certainly biting the knife on this one, choosing to finally put some investment money in crypto on Friday. It’s 33% gone. Unreal. You’d think eleven years of due diligence was enough.

I bought my first BTC at $12 and cashed it out in 2020. Who knew I could buy a fucking house if I had just waited a little longer.


RE: The Bitcoin Thread (price and other bitcoin related topics) - akms76 - 04-25-2021

(04-25-2021, 12:35 AM)dingdongditch Wrote: Certainly biting the knife on this one, choosing to finally put some investment money in crypto on Friday. It’s 33% gone. Unreal. You’d think eleven years of due diligence was enough.

I bought my first BTC at $12 and cashed it out in 2020. Who knew I could buy a fucking house if I had just waited a little longer.

It's only gone up 4 times since your first buy point. That's not much. The Average house price in the US is around $330k to $350k USD. That's actually low imho for most states(unless you  want to live close to  white trash and thugs). Anyway, I don;t kno where you live. I'm just pointing out averages. My point is that you  would have had to put close to 100k into btc at your first buy point to buy that house at current prices. So you bought into it around 50k now(current prices) I personally think you'll make at least 4 times your money by the time the entire bubble pops. It will probably pop before or close to the bubble pop of the stock market. It's coming, probably around the time the FED starts raising rates and the yield curve inverts. The everything bubble is epic and everybody I see is getting into stocks or btc or the like(this is not a good thing). Great and scary times ahead. Good luck


RE: The Bitcoin Thread (price and other bitcoin related topics) - churros - 04-27-2021

Quote:SAN FRANCISCO — On Monday evening, a few days after a large cryptocurrency exchange listed its shares on the stock market, several hundred women gathered in a virtual conference room to talk about Bitcoin. Claire Wasserman, a co-founder of Ladies Get Paid, the company that co-hosted the event, marveled at the turnout, noting it showed “how committed you all are to getting wealthy.” She described a sweeping change in the way we live, work and transact — all driven by crypto. “I don’t want you to miss out on the future,” she said.
Attendees lit up the comments section to talk digital currency. One woman said she started investing after posing as a man in online forums for pickup artists.
“It was very YUCK,” she wrote, “but I learned a lot.”

We need a crash asap