Bitcoin....who's gotten into it?

[pureantigravity]

Read an article last week about a guy heavily invested in btc. But the article was a deep dive into teather. He got so spooked he liquidated

I’ll try to dig it up. Interesting read.

Edit. Here it is

https://crypto-anonymous-2021.medium...e-f8dcf78a64d3

This article has been widely debunked by industry experts for using garbage data. And of course the author is anonymous. Probably a douchebag with a short position that likely just got liquidated.
...

Probably!

[stalefish3169]

Probably!

"There's an infinite amount of cash at the Federal Reserve."

https://www.youtube.com/watch?v=BX0AkD4jp64

Who is full of shit? A publicly available ledger that anyone can examine? Or the Federal Reserve?

https://fred.stlouisfed.org/graph/?g=dZn

[Garbowski]

I remember everyone freaking out when Tether came out. It's still here. Whatever this new one USDC is, it doesn't seem any different- the "audit" will uncover that it is involved in only permitted financial schemes- those never blow up. In my dumbass opinion, the whole point of these is to provide liquidity, which is something that really should be built into a digital coin.

[MontuckyFried]

So anyone watching this Dogecoin funny business? (A) I think it's kind of hilarious, but (B) I kinda wanna throw a few bucks at said stonks just for the hell of it. More fun than scratch offs and no more of a waste of money, so what the heck. Why not?

So, how would one go about purchasing such a "commodity?" I've never played with crypto.

[skaredshtles]

So anyone watching this Dogecoin funny business? (A) I think it's kind of hilarious, but (B) I kinda wanna throw a few bucks at said stonks just for the hell of it. More fun than scratch offs and no more of a waste of money, so what the heck. Why not?

So, how would one go about purchasing such a "commodity?" I've never played with crypto.

[stalefish3169]

So anyone watching this Dogecoin funny business? (A) I think it's kind of hilarious, but (B) I kinda wanna throw a few bucks at said stonks just for the hell of it. More fun than scratch offs and no more of a waste of money, so what the heck. Why not?

So, how would one go about purchasing such a "commodity?" I've never played with crypto.

I would really avoid DOGE, it's one of the most pump and dump cryptos there is. With that being said, many pro traders with high time frames place large limit orders at very low prices and wait months/years for them to get filled. Then when some celebs or whomever start elevating it, they sell for good gains. I've never bought any but think you can get it on Robinhood and Binance US. It's also not a stock. DOGE is a complete joke and the "founders" just copied the Bitcoin code, then used find and replace to change all the references of BTC to Doge. But it hasn't had any meaningful code maintenance or security updates for years, IIRC.

Sent from my Pixel 4 XL using Tapatalk

[MontuckyFried]

Lol. Exactly. Fully aware it's a complete joke. NOT taking it seriously.

I would really avoid DOGE, it's one of the most pump and dump cryptos there is. With that being said, many pro traders with high time frames place large limit orders at very low prices and wait months/years for them to get filled. Then when some celebs or whomever start elevating it, they sell for good gains. I've never bought any but think you can get it on Robinhood and Binance US. It's also not a stock. DOGE is a complete joke and the "founders" just copied the Bitcoin code, then used find and replace to change all the references of BTC to Doge. But it hasn't had any meaningful code maintenance or security updates for years, IIRC.

Gotcha. Thanks. Seriously though. If I played with it, I'm literally looking it as monopoly money and really don't care what happens. Along for teh lulz.

[MontuckyFried]

So I guess there's a bunch of services to exchange crypto. Any tips on what the best services are? Especially since we can't trust Robinhood to not screw us over.

[stalefish3169]

So I guess there's a bunch of services to exchange crypto. Any tips on what the best services are? Especially since we can't trust Robinhood to not screw us over.

Robinhood won't actually let you withdraw crypto anyway. It's just an IOU. Not that it matters for most people on Robinhood, but worth noting, as it's a big downside for more experienced traders.

I think Binance US and Kraken are the only major US based exchanges they will let you buy DOGE. I think they are pretty backed up wrt onboarding new users right now though.

Sent from my Pixel 4 XL using Tapatalk

[Kinnikinnick]

"There's an infinite amount of appreciation in Bitcoin."

FIFY

Sent from my iPhone using TGR Forums

[MontuckyFried]

Robinhood won't actually let you withdraw crypto anyway. It's just an IOU. Not that it matters for most people on Robinhood, but worth noting, as it's a big downside for more experienced traders.

I think Binance US and Kraken are the only major US based exchanges they will let you buy DOGE. I think they are pretty backed up wrt onboarding new users right now though.

Sent from my Pixel 4 XL using Tapatalk

Gotcha. What IS cool is there are a bunch of crypto ATMs showing up all over town so I definitely want to be able to utilize that at some point. That could be my Vegas money. Lol.

Sent from my Pixel 3 using TGR Forums mobile app

[skaredshtles]

<snip>
Gotcha. Thanks. Seriously though. If I played with it, I'm literally looking it as monopoly money and really don't care what happens. Along for teh lulz.

Have you fully funded your IRA for the year? Have you funded the kids' 529's?

If the answer to either is "no" then GTFO with this Dogecoin gambling horseshit.

[Brock Landers]

Thanks dad!


Buzzzzzzkill

[AKPogue]

Bittrex also sells Doge. You can even do instant buy on their website which means you won't have to buy from the market which can be a little confusing.

[stalefish3169]

If anyone wants to start stacking some sats with zero risk, the Fold Card Visa Debit card is a great way to to do so. I just got mine a little bit ago and have already made over $50 in BTC from stuff I was going to buy anyway. There is a waitlist, but referring people moves forward in the queue. You also get better rewards from more refs. If anyone wants to use my ref link you can get a 5000 sat signup bonus. You can also download the app and get rewards on gift card purchases before you get the card as well as get a spin a day on the spin wheel for free money.

https://use.foldapp.com/r/URNNAR9U


BlockFi also has a rewards Visa credit card coming out soon. I'm on the waitlist, but nothing yet.

Lolli is also a great zero-risk way to stack sats. I stacked a bunch of sats during 2019 that went about -5x for me. Thinking the same will happen over a couple of year timeframe. Ten dollars in sats signup bonus on this one.


https://www.lolli.com/share/LeQiuquAgY

[MontuckyFried]

Have you fully funded your IRA for the year? Have you funded the kids' 529's?

If the answer to either is "no" then GTFO with this Dogecoin gambling horseshit.

Thanks dad!


Buzzzzzzkill

Haha. For real. Skaredshtles must've been one of the peeps who got caught with his pants down shorting GME so does not quite appreciate the finer points of bullshit market hilarity. Don't be such a buzzkill. This is the TGR Padded Room. We're all here for the silliness.

Oh, and skaredshtles: 529 plans are for suckers. Putting all that money in mutual funds and stuff so if my kids decide to fuck off instead of going to Uni or trade school, then daddy gets a Cyan P1800 or new Lamborghini. Check mate.

[skaredshtles]

<snip>
Oh, and skaredshtles: 529 plans are for suckers. Putting all that money in mutual funds and stuff so if my kids decide to fuck off instead of going to Uni or trade school, then daddy gets a Cyan P1800 or new Lamborghini. Check mate.

[Dantheman]

If you don't use the 529 for qualified education expenses (includes trade schools and a lot of other stuff, not just college) you have to pay tax on the gains (which seems totally reasonable), but also have to pay a 10% penalty on the gains (which, IMO, is totally facked). IIRC you have 3 kids so you're unlikely to encounter this problem. But, overfunding a 529 is definitely possible.

eta: If my kid forgoes college the 529 is definitely not going to a fancy car.

[Timberridge]

You can buy Bitcoin with it then = everybody wins.

Or a Tesla.

[stalefish3169]

Just another small-time company getting into crypto. Probably nothing.

https://www.marketscreener.com/quote...n-It-32411281/

Mastercard Inc Says This Year Co Will Start Supporting Select Cryptocurrency Payments Directly On Its Network

[skaredshtles]

If you don't use the 529 for qualified education expenses (includes trade schools and a lot of other stuff, not just college) you have to pay tax on the gains (which seems totally reasonable), but also have to pay a 10% penalty on the gains (which, IMO, is totally facked). IIRC you have 3 kids so you're unlikely to encounter this problem. But, overfunding a 529 is definitely possible.

eta: If my kid forgoes college the 529 is definitely not going to a fancy car.

I'm *definitely* not gonna be a sucker, 'cause the 529s are *already* being depleted at a fairly alarming rate around here.

[tetzen]

More talk on the power consumption issues.

https://www.bbc.com/news/technology-56012952

The solution should be to scale back the mining rewards and up the processing fee awards. Less incentive to just churn numbers for the sake of getting the reward.

[stalefish3169]

More talk on the power consumption issues.

https://www.bbc.com/news/technology-56012952

The solution should be to scale back the mining rewards and up the processing fee awards. Less incentive to just churn numbers for the sake of getting the reward.

This article is horribly misinformed. And David Gerard is an idiot who has made a career out of fudding BTC.

"This process involves solving puzzles, which, while not integral to verifying movements of the currency, provide a hurdle to ensure no-one fraudulently edits the global record of all transactions."

The whole solving puzzles analogy needs to die. And the "puzzles" are actually cryptographic calculations to find a hash that...wait for it...verifies the transactions. The mining fees ARE the processing fees.


Edit:

This is a pretty good simplified version of what happens during mining.

https://www.youtube.com/watch?v=TD09...ature=youtu.be

Sent from my Pixel 4 XL using Tapatalk

[3213256479+8]

David Gerard is puregravity

[3213256479+8]

Something about power mgmt, environmentalism and humanism... you can pick two. You can't have all three. If you suppress power generation, you suppress living standards going up for the bottom 3 quartiles on the planet. If you encourage investment in power and an aggregate lift in worldwide power generation and consumption, you enable living standards improvements for the poor across the Americas, Africa & Asia. The cost being you may negate the environmental movement's goals.

It makes me wonder what the environmentalists prioritize: higher living standards for the poor or achieving environmental KPIs.

On the btc energy thing, you *do not know* what the medium to long term effects of btc energy investment would be. It may lift aggregate demand for energy internationally to the point where unlocking stranded renewables & improved living standards + reduced waste on nonsensical warfare has a net benefit on climate mgmt. Pretending as though you understand the dynamics of changes in both the quantity and location of energy investment is dishonest.