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

**Core Shot** · 02-08-2021, 06:51 PM

I wonder if musk holds that 1.5 billion long term.

He moved doge coin. Maybe he’s using tsla to move btc?

PS. Is it hard to move that much money to btc? I assume it was in bites.

**Ireallyliketoski2** · 02-08-2021, 09:23 PM

Anyone will sell you anything for 1.5 billion. I'm holding onto my: 0.56865571 BTC, with Papa Musk behind it now it's going to 100k from here.

**stalefish3169** · 02-08-2021, 11:58 PM

Originally Posted by Core Shot

I wonder if musk holds that 1.5 billion long term.

He moved doge coin. Maybe he’s using tsla to move btc?

PS. Is it hard to move that much money to btc? I assume it was in bites.

It was probably in bytes.

For real though. Yeah, not easy to buy that much. Most big buys have been done OTC in the past but seems like OTC brokers are running pretty thin these days. Some of the big boys have been buying on Coinnase for sure with strategic moves to avoid slippage.

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**pureantigravity** · 02-09-2021, 07:59 AM

I'm trying to understand this. Is anyone good at explaining this is layman's terms? Does it really take $50M per day to keep Bitcoin from blowing up right now?

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**Cono Este** · 02-09-2021, 08:14 AM

I’m really behind on crypto, I’m going to read up on it now. Can anyone share the best link as to how it’s used, traded, and cleared? Are there derivatives on it yet?

I read that vanity fair article, on that guy Hayes bring indicted, it reminds me a lot of the world sports exchange and other offshore internet book makers starting up and getting indicted. I was a small investor in the wsex and worked with its founders.

Seems us govt has a hard on for persecuting these type of American entrepreneurs.

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**stalefish3169** · 02-09-2021, 08:39 AM

Originally Posted by Cono Este

I’m really behind on crypto, I’m going to read up on it now. Can anyone share the best link as to how it’s used, traded, and cleared? Are there derivatives on it yet?

I read that vanity fair article, on that guy Hayes bring indicted, it reminds me a lot of the world sports exchange and other offshore internet book makers starting up and getting indicted. I was a small investor in the wsex and worked with its founders.

Seems us govt has a hard on for persecuting these type of American entrepreneurs.

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Andreas is good for an introduction to the tech. What bitcoin did podcast has a lot of the prominent industry leaders as guests.

https://www.whatbitcoindid.com/podca...e-need-bitcoin

Chris Dunn has some grest approachable videos on trading crypto, and stonks.

https://www.youtube.com/watch?v=X0S6...ature=youtu.be

https://www.youtube.com/watch?v=Eu2z...ature=youtu.be

Josh Rager and Cantering Clark are some of my favs for advanced trading discussion. They are in Twitter more than YouTube though.

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

Finally, I posted it a few times above, but this video with Micheal Saylor, who just orange pilled Elon, and Ross Stevens is a must watch. It lays out the macro case as good as it's ever been done.

https://www.youtube.com/watch?v=B2I0...ature=youtu.be

There are definitely options and derivatives in crypto now. Most of the bleeding edge defi stuff is happening on ETH. The St. Louis fed just released this nice synopsis.

https://research.stlouisfed.org/publ...d-b70fcf0c0a27

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**jm2e** · 02-09-2021, 10:55 AM

If a complete newb had a grand to invest right now, what sage advice would mags give? I’m talking, “go to this site, open account, buy this thing” rather than, “read these essays, stalk this blog, weigh your options, make an informed decision”.
Some people want to be pushed into the pool before learning how to swim.

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**stalefish3169** · 02-09-2021, 11:10 AM

Originally Posted by jm2e

If a complete newb had a grand to invest right now, what sage advice would mags give? I’m talking, “go to this site, open account, buy this thing” rather than, “read these essays, stalk this blog, weigh your options, make an informed decision”.
Some people want to be pushed into the pool before learning how to swim.

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Use BlockFi to buy BTC and put in 6% APY interest account with automatic compounding.

https://blockfi.com/crypto-interest-account/

**Cono Este** · 02-09-2021, 01:50 PM

Originally Posted by stalefish3169

Use BlockFi to buy BTC and put in 6% APY interest account with automatic compounding.

https://blockfi.com/crypto-interest-account/

How do crypto deposits earn 8%.

What are they doing with it?

Thks

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**frorider** · 02-09-2021, 01:59 PM

Originally Posted by Cono Este

What are they doing with it?

Hookers and blow

**stalefish3169** · 02-09-2021, 02:08 PM

Originally Posted by Cono Este

How do crypto deposits earn 8%.

What are they doing with it?

Thks

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They provide loans based on crypto collateral. It's one of the most basic forms of #DeFi. They also provide liquidity for market makers.

https://blockfi.com/crypto-loan-calculator

https://blockfi.com/blockfi-live-ris...ement-overview

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**jm2e** · 02-09-2021, 02:59 PM

Originally Posted by stalefish3169

Use BlockFi to buy BTC and put in 6% APY interest account with automatic compounding.

https://blockfi.com/crypto-interest-account/

So, I put a grand in there like it’s a real saving account and earn interest.
Then I buy $1G worth of BTC?
Do I keep earning interest, or only on the uninvested cash?
Would you really recommend purchasing something at its record high?

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**stalefish3169** · 02-09-2021, 03:10 PM

Originally Posted by jm2e

So, I put a grand in there like it’s a real saving account and earn interest.
Then I buy $1G worth of BTC?
Do I keep earning interest, or only on the I invested cash?

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https://blockfi.com/crypto-interest-account/

You can buy 1 grand worth of BTC and put in in a BlockFi interest account. The 6% interest on BTC is paid out once a month and it compounds automatically. Of course the value of your BTC savings account is tied to the price of BTC.

Alternatively, putting USDC, which is a stable coin pegged to USD earns 8.6% APY. But the price is tied to USD.

**AKPogue** · 02-09-2021, 03:13 PM

Originally Posted by jm2e

Would you really recommend purchasing something at its record high?

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That's the trillion dollar question and I wouldn't trust anyone that said yes to this. I wouldn't put any money into crypto that you're not prepared to lose.

**Garbowski** · 02-09-2021, 03:23 PM

Originally Posted by stalefish3169

https://blockfi.com/crypto-interest-account/
Alternatively, putting USDC, which is a stable coin pegged to USD earns 8.6% APY. But the price is tied to USD.

Celcius seems to be offering 16%+ APY for Tether deposits (USDT which looks to be another "stable coin")

What is the history on rate changes? Other than Mt.Gox, have any of these places imploded? 16% (or even 8%) effectively denominated in USD sounds too good to be true...what is the catch? USDT/USDC/the whole thing going to zero? I see no FDIC insurance, but that holds for all coins.

**stalefish3169** · 02-09-2021, 03:49 PM

Originally Posted by Garbowski

Celcius seems to be offering 16%+ APY for Tether deposits (USDT which looks to be another "stable coin")

What is the history on rate changes? Other than Mt.Gox, have any of these places imploded? 16% (or even 8%) effectively denominated in USD sounds too good to be true...what is the catch? USDT/USDC/the whole thing going to zero? I see no FDIC insurance, but that holds for all coins.

https://bitcompare.net/versus/blockfi-vs-celsius

I like BlockFi over Celcius because you can get interest paid in BTC rather than the Celcius token Cel.

As far as stable coins go, USDC is generally regarded as much more trustworthy than Tether and they are US based. Tether has been repeatedly criticized for not having full reserves and is the cream in every crypto bear's coffee.

This gives a bit of information on the insurance aspect and other stuff. Gemini is the Winklevoss bros, FYI.
https://coincentral.com/blockfi-review/

I personally trust BlockFi with a good chunk of change. But AK Pogue said it well. It's crypto, so don't invest more than you're willing to lose completely. And of course, DYOR.

**stalefish3169** · 02-09-2021, 04:06 PM

Originally Posted by jm2e

Would you really recommend purchasing something at its record high?

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That depends entirely on your risk tolerance and portfolio. I am personally still buying and most people whose opinions I value suggest that this bull market has a decent amount of time left in it. Big wall street banks and legendary traders have 6 figure targets. FWIW, the 2017 bull market had 3-4 major corrections and this current one just had its first. Had the weekly BTC close on Sunday failed to print a higher high, it would've made me much more cautious for sure, and wary of a reversal. Of course the joke on all of the market cycle charts is the "new paradigm" at the top, however, Tesla's announcement on Monday makes the new paradigm scenario a lot more likely.

I've posted it multiple times already. But here it is again because it's so damn good. It's the best BTC bull case I've ever heard.

https://www.youtube.com/watch?v=B2I0FB2Wn50

**Cono Este** · 02-09-2021, 04:32 PM

I talked to a client who just got divorced and put all he had left in crypto 3 yrs ago! He was a referral from a financial advisor who is courting him, but Damn! Can’t imagine what he made.

I bet he doesn’t regret the divorce too much now.

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**pureantigravity** · 02-09-2021, 04:34 PM

Originally Posted by jm2e

So, I put a grand in there like it’s a real saving account and earn interest.
Then I buy $1G worth of BTC?
Do I keep earning interest, or only on the uninvested cash?
Would you really recommend purchasing something at its record high?

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>Do I keep earning interest, or only on the uninvested cash?
Sort of. They are actually called DPKs (Dunning Kruger Points).

> Would you really recommend purchasing something at its record high?
Yes - buy it at its all time high.

The best part - in the near future, the Russians, the Chinese, the Euros and the US will all want some of your tokens.
It's like you will be one of the first to own the worlds most scarce commodity - guarded by the careful inspection of a line of code by a select group of steampunks and basement dwellers.

PS - It went from $20000 to about $3800 from 2017 to 2018. It has gone from $3800 to $45000 this year. So you be the judge, the volatility seems to be getting worse, not better. Volatility is what it does - because it has no other use.

**Cono Este** · 02-09-2021, 04:34 PM

Originally Posted by stalefish3169

They provide loans based on crypto collateral. It's one of the most basic forms of #DeFi. They also provide liquidity for market makers.

https://blockfi.com/crypto-loan-calculator

https://blockfi.com/blockfi-live-ris...ement-overview

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Thanks.

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**stalefish3169** · 02-09-2021, 04:42 PM

Originally Posted by puregravity

The best part - in the near future, the Russians, the Chinese, the Euros and the US will all want some of your tokens.
It's like you will be one of the first to own the worlds most scarce commodity - guarded by the careful inspection of a line of code by a select group of steampunks and basement dwellers.

https://twitter.com/saifedean/status...590531?lang=en

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**Skidog** · 02-09-2021, 04:47 PM

Originally Posted by tetzen

Thanks for that. I was wondering if there was a comparison between BTC transaction energy usage and regular old credit-card usage. Quite insightful, and I think one of the remaining barriers to widescale adoption.

The real question I think is, what will quantum computing do in regards to this energy consumption? Will it scale the energy usage back down to reasonable levels? Wholesale/retail level quantum computing still seems as if it is a few years away.

Also, I agree, just because Elon has hit the motherlode a few times with his businesses doesn't make him a genius in every endeavor. People need to stop fondling his nutsack so much.

The power consumption is hardly news. Any third world country is fair game. They were browning and blacking out parts of argentina a few years back. I keep hearing about optimizing for power but still elusive it appears. Bitcoin might make some rich, but it cost a lot....

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**pureantigravity** · 02-09-2021, 05:15 PM

Originally Posted by tetzen

Thanks for that. I was wondering if there was a comparison between BTC transaction energy usage and regular old credit-card usage. Quite insightful, and I think one of the remaining barriers to widescale adoption.

The real question I think is, what will quantum computing do in regards to this energy consumption? Will it scale the energy usage back down to reasonable levels? Wholesale/retail level quantum computing still seems as if it is a few years away.

Also, I agree, just because Elon has hit the motherlode a few times with his businesses doesn't make him a genius in every endeavor. People need to stop fondling his nutsack so much.

Originally Posted by Skidog

The power consumption is hardly news. Any third world country is fair game. They were browning and blacking out parts of argentina a few years back. I keep hearing about optimizing for power but still elusive it appears. Bitcoin might make some rich, but it cost a lot....

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Quantum won't change the power requirements either. The hashrate goes up as the price goes up because the economics of them are entwinned. Hashrate goes up because people keep adding miners to make money, not because hashrate needs to go up. There will always be as many miners as there is opportunity to earn money by mining.

It currently takes $50M per day to pay off miners on the network. Unless there are $50M of inputs in the system, the price will start to drop. Of course, as the price goes up, so does the need for more inputs.

(It is a hungry beast - feed it inches, feed it well! But McAffee's dick was only so big and he is in jail now. Other people are trying to feed it their giant schlongs now.)

The fact that quantum makes the current wallet scheme useless and void does not mean that it can't be changed to quantum. Of course, they might also change a few lines of code including the one that says 21M bitcoin max. Gasp! What? You mean code can be changed? I thought it was a store of value? Ha ha.

Then you will have a system protected by quantum miners, trying to keep 50% of the hashpower in friendly hands, hoping that the price doesn't crash so that they have to finance mining at a loss like the last 3 years when people were giving away mining machines in the US and China on the used-equipment sites.

The energy needs to maintain the mining system also won't change things like the 4 to 5 transaction per second limit. That isn't a result of hashrate or the network, it is a result of the fact that it uses a blockchain with certain sized blocks.

It is always in their interest to ensure that the system doesn't become useful currency - it would cease to offer any gains then and any other invented token (Dogecoin) has the exact same utility. Dogecoin has a fury dog and that has some utility with dog lovers.

**Core Shot** · 02-09-2021, 07:00 PM

Originally Posted by Garbowski

Celcius seems to be offering 16%+ APY for Tether deposits (USDT which looks to be another "stable coin")

What is the history on rate changes? Other than Mt.Gox, have any of these places imploded? 16% (or even 8%) effectively denominated in USD sounds too good to be true...what is the catch? USDT/USDC/the whole thing going to zero? I see no FDIC insurance, but that holds for all coins.

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

**stalefish3169** · 02-09-2021, 07:32 PM

Originally Posted by Core Shot

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.

https://twitter.com/nic__carter/stat...067602433?s=19

https://twitter.com/krugermacro/stat...566757377?s=19

"So a guy who is clueless about the crypto market, doesn't know you can't use leverage on Coinbase, and thinks VPNs are bad ...

tells you he had "most of his wealth" in bitcoin, bought a lot of bitcoin at the March bottom, and sold it at the top

And you believe him ???"

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