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

[pureantigravity]

I somehow input the pin to a Ledger wallet incorrectly 3 times and got locked out......then I must have written down my recovery words incorrectly because those wouldn't work. I went into a damn near meltdown.

I had some internet crypto nerd work some math magic and figure out which of my recovery words was incorrect. The dude fucking saved me. I tipped him 3 ETH.

Shit scares me still. I think my next wallet I will have the recovery words laser etched on a steel plate and then bury the plate somewhere in the mountains with a couple copies of the location also hidden in different places. Something crazy like that.

Maybe that is what the Utah Monolith really was - Elon's recovery word stash?

[skaredshtles]

I somehow input the pin to a Ledger wallet incorrectly 3 times and got locked out......then I must have written down my recovery words incorrectly because those wouldn't work. I went into a damn near meltdown.

I had some internet crypto nerd work some math magic and figure out which of my recovery words was incorrect. The dude fucking saved me. I tipped him 3 ETH.

Shit scares me still. I think my next wallet I will have the recovery words laser etched on a steel plate and then bury the plate somewhere in the mountains with a couple copies of the location also hidden in different places. Something crazy like that.

Sounds like a fine feature of a currency...

[alpinevibes]

I don't feel that bad for these guys, but it's incredible to think of having $220M to your name but you couldn't remember how to access it. Maybe those Nigerian 419 scammers were on to something??

https://www.nytimes.com/2021/01/12/t...-fortunes.html

Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million.

The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago, when it passed its previous all-time high of around $20,000.

The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail. “I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”

Gabriel Abed, 34, an entrepreneur from Barbados, lost around 800 Bitcoin — now worth around $25 million — when a colleague reformatted a laptop that contained the private keys to a Bitcoin wallet in 2011.

For Mr. Abed and Mr. Thomas, any losses from mishandling the private keys have partly been assuaged by the enormous gains they have made on the Bitcoin they managed to hold on to. The 800 Bitcoin Mr. Abed lost in 2011 were a small fraction of the tokens he has since bought and sold, allowing him to recently buy a 100-acre plot of oceanfront land in Barbados for over $25 million.

Mr. Thomas said he also managed to hold on to enough Bitcoin — and remember the passwords — to give him more riches than he knows what to do with.

[skaredshtles]

So... according to the laws of stupidity, eventually *all* 21 million bitcoins will be permanently lost... sweet.

[Ireallyliketoski2]

So... according to the laws of stupidity, eventually *all* 21 million bitcoins will be permanently lost... sweet.

Maybe put it in your sock drawer?

[stalefish3169]

Bullish Engulfing Pattern Definition



https://www.investopedia.com/terms/b...%20candlestick.

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[stalefish3169]

Would have been nice to break upwards out of the wedge, but guess it wasn't in the cards this time. Seems the FUD trifecta of ill-informed Yellen comments (honestly I think she's just mad that she's a BTC meme), double spend nonsense, and Tether allegations were too much resistance. Almost seems like BTC is going to zero... but it's still over 30k.

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[LeeLau]

Would have been nice to break upwards out of the wedge, but guess it wasn't in the cards this time. Seems the FUD trifecta of ill-informed Yellen comments (honestly I think she's just mad that she's a BTC meme), double spend nonsense, and Tether allegations were too much resistance. Almost seems like BTC is going to zero... but it's still over 30k.

BTC is now bought by too big to fail institutions. Now Blackrock funds can hold it. Next Manulife and a bunch of other boomer funds. Yellen can say what she wants and of course she will since its not like the USD is a bedrock of trust

[MakersTeleMark]

The Yellen Dessa song on Marketplace today was quite hilarious.

[pureantigravity]

Can someone explain or simplify this for someone that doesn't understand what all the finance terms mean?

[JimmyCarter]

Can someone explain or simplify this for someone that doesn't understand what all the finance terms mean?

1. Grayscale markets the fund as "you own 1 share, you have a claim on [not the real number] 1BTC". In this construct, the NAV (value per share) should be equal to the value of 1BTC

2. Everyone assumes that once access is opened, the fund will trade at a premium to NAV. That is, because BTC is illiquid and certain investor classes have no other way of really investing in it (they cant just buy and hold BTC in a wallet or Coinbase account), the shares will be worth more than the assets backing them. So each share will price at 1.2BTC instead of 1.

3. As more money poured in, the premium actually expands. When BTC price is expanding, everyone wants to get in, meaning price per share outpaces growth of underlying BTC holdings. Premium got up to 40+% (eg share with a claim on 1 BTC prices at 1.4 BTC).

4. When demand falls, the premium evaporates. So if you invested in it at a 40% premium, and investors start pulling funds, that premium drops much lower. So holders in GBTC lose more than if they had just held BTC, because not only did the underlying asset drop, but the premium dropped as well. So instead of a share worth 1.4x$40,000 they now have a share worth 1.03x $30,000

[stalefish3169]

DeFi anyone? #GME

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[Name Redacted]

DOGE is soaring.

[stalefish3169]

DOGE is soaring.

Much gains. Many wow.

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[LeeLau]

DeFi anyone? #GME

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I think GME profits will scale into BTC. It's quite the fuck you system play. Such a bounce

[stalefish3169]

I think GME profits will scale into BTC. It's quite the fuck you system play. Such a bounce

For sure. Wish I could see the Robinhood liquidity outflows right now. But I think only Citadel gets access to that.

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[stalefish3169]

Probably going to zero any second now.



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[Name Redacted]

BTC diving due to India saying they’ll ban cryptos and create their own digital currency.

[Core Shot]

McAfee should have eaten his own dick by now

But he is in prison.

[stalefish3169]

BTC diving due to India saying they’ll ban cryptos and create their own digital currency.

I honestly don't think that's driving the price action much. India has "banned crytpo" a few times in the last couple of years. Technical analysis, and correction from ATH are the biggest influences on price right now, IMO.

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[pureantigravity]

Is Elon the only sane person stonking BTC or are there other futurists shilling it?

[stalefish3169]

Tell me more about your DeFi experiences? Considering moving some cash into USDC and letting it grow with the interest rates they are offering on a few platforms.

After the big Q4 run-up I decided to spread things around a bit and opened a BlockFi account. So far it's been awesome. Really cool to earn interest on crypto and it compounds automatically. Being able to collateralize your crypto and take out a loan on it without selling anything is pretty awesome as well.

In other parts of the #DeFi landscape I bought some Uniswap and Aave about 3 weeks ago and they've been really good to me so far. Definitely a lot of momentum and if ETH breaks out they are going to go even more nuts. FWIW, Mark Cuban is a DeFi (and NFT) bull now. Will be interesting to see what happens when ETH futures go live on CME, the biggest futures market in the world, on Feb. 8th. Coincidentally, the same event marked the top for BTC in 2017. But institutions we're really investing in crypto like they are today.

I'm also a long-term holder of EOS. It's one of the most hated projects in crypto, but that means it has a ton of upside from here with very little downside. The parent company Block One had the highest grossing ICO ever and now has approximately 240k BTC for treasury...so basically unlimited funding. They also have over 300 employees outside of DC and in Hong Kong. B1 previously settled with the SEC, now has a waiver unlike other companies (XRP) and has been working closely with regulators. They are expected to launch a DeFi product very soon, that is supposed to be regulatory compliant, and could be a place to trade tokenized securities. Once it gets officially announced price is almost certain to go up. Former CIO of goldman sachs just joined board of B1 in November (https://block.one/team/martin-chavez/).

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[stalefish3169]

Thanks for the feedback. I think I'm going to do a 50/50 split of stablecoin deposits in BlockFi and AAVE. My savings account is down to 0.50% now which is frankly bullshit...both of those are offering 8+%. Fuck it.

Sounds like a good plan. Shitty interest rates from traditional savings accounts and bonds are definitely a big bart of the crypto bull case.

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[pureantigravity]

Thanks for the feedback. I think I'm going to do a 50/50 split of stablecoin deposits in BlockFi and AAVE. My savings account is down to 0.50% now which is frankly bullshit...both of those are offering 8+%. Fuck it.

Have you considered a GIC account? They usually offer better than 1% and they don't nosedive for no reason for the next three years ... like some block and chain anti-harmonic balanced quantum pomp eeet schemes like the ones talked about by real financial experts here that actually make and grow fake fiat. Ah yes - fiat. Fiat. FIAT. All we really want is more fiat, right? Fiat. Fiat. Fiat.
FIAT. FATT FIAT WALLETS.
FEEEAAAATTTTT
FEE AT
FREE AT
FREE YOUR WALLET WITH FIAT.
Oh, right. crypto thread. Never mind.

[pureantigravity]

Is GIC a Canadeh thing? Not seeing many US based results for that. Every financial assest is a house of cards propped up by low interest rates right now and crypto printer go brrrr so might as well capitalize while the gettings good. Eventually it will blow up spectacularly but hey I might escape before it does.

Ah yes - for Canuckistan only. CDs for south of the border. They suck, but they are safe - too safe to do anything exciting.
Are you saying that my Kikkoman shares aren't backed by real soya sauce?
True enough about crypto printer go brrrr.
crypto printer go brrrr. tether printer go brrrr.
Good luck.