Bitcoin is still early

[CordMcNally]

lol of course your right about the number that’s what I get while trying to do maths while drinking bud light and doing electric work on a Sunday

I will set a reminder for the date, I guess we presume WCI forum will still exist

Be careful turning those breakers back on. ;-)

I'm also ok with doing whichever is more out of $100 or 333,000 Satoshis, you know, in case one of them isn't around in the next few years. If they're both gone, we'll can do 100 Tether.

[jacoavlu]

Be careful turning those breakers back on. ;-)

I'm also ok with doing whichever is more out of $100 or 333,000 Satoshis, you know, in case one of them isn't around in the next few years. If they're both gone, we'll can do 100 Tether.

sounds like a deal. Breakers came back on its ok I’m still alive

[Tim]

I did. Did you?

Yes. What did you think? Give you a warm fuzzy feeling? This is not an “audit”.
”In our opinion, the CRR as prepared by the management of Tether Holdings Limited group as of 31 December 2021 at 11:59 PM UTC, is presented in accordance with the criteria set out therein and is, in all material respects, fairly stated.”

There is no generally accepted accounting principles etc. “Criteria set out therein “ is a flag.
The only thing they say is one specific point of time this is what we saw and this is what we did.
No clue where the business came from or where it is going. Not assuring any thing else. Could be, could disappear tomorrow. Got paid for it and low risk report.

[NapoleanDynamite]

FWIW - LUNA had to liquidate approx 80,000 bitcoins last week. Whoops. How's that for some market shock. Gives an idea of what things might be like when the 140K Mt Gox coins hit the market over the next 12 months.

[jacoavlu]

Yes. What did you think? Give you a warm fuzzy feeling? This is not an “audit”.
”In our opinion, the CRR as prepared by the management of Tether Holdings Limited group as of 31 December 2021 at 11:59 PM UTC, is presented in accordance with the criteria set out therein and is, in all material respects, fairly stated.”

There is no generally accepted accounting principles etc. “Criteria set out therein “ is a flag.
The only thing they say is one specific point of time this is what we saw and this is what we did.
No clue where the business came from or where it is going. Not assuring any thing else. Could be, could disappear tomorrow. Got paid for it and low risk report.

i thought you were asking about the NY lawsuit

but anyway regarding the report youre talking about there's not a lot of incentive for tether to do anything different.

[Zaphod]

My favo tether bit is that they say in the whitepaper they might "abscond with the reserves", lol, this is amazing and basically guaranteed at some point.

[xraygoggles]

I'm curious X-ray,
What has been your % return on crypto investments to date and do you still have much left? Are you still in HFEA ?

I didn't have the mental flexibility to buy BTC when I realized it was a bubble (around 2017).
In retrospect though, that was a mistake.
Anyway, I'm not that good so, but I wish I was.

The most I am aiming for is to pick up some more uranium specs in a washout if VIX>40. The rest of my portfolio does well if there isn't a crypto blow-up, so I don't mind either way.

This is more comfortable than 2000 for me, when I was naive, held internet tech, rode it all the way down (even bought more), before reaching my pain threshold and selling in disgust somewhere around 2002. What's concerning about the crypto marketing is that it's been far more egregious than the 1990's hype, and most of it not subject to SEC regulation, so I think a lot of retail investors will get hurt.

I hope this time it's different for the crypto sector investors.

Thinking about it more, it's very hard to pivot between tech and commodities. Don't know many who can pivot between the 2. I'm not one of them, wish I was.

I have allocated 5% to crypto, but I had a much higher amount during the cycle - I started buying earlyish - 400 eth, 12k btc - and more importantly, Doge/Luna/other shitcoins very early on. My largest % return was Doge - 150-200x. Luna was another good one (bought the Ponzi sub $2 from a friend's recommendation).

There is nothing wrong with speculating in crypto as long as you follow the 2 central tenets of shitcoinery:
1) Get in early on the Ponzi, & (more importantly)
2) Get out after retail FOMOs in & pumps ur bags.

The biggest ROI this cycle were in meme shitcoins (Doge & Shib), NFTs, and Binance scamcoins. Next cycle there will be other new "innovations" to Ponzi into. But in the meantime, there will likely be pain ahead next year or two, as most coins go to zero, and top 2 drop 80%.

[abds]

FWIW - LUNA had to liquidate approx 80,000 bitcoins last week. Whoops. How's that for some market shock. Gives an idea of what things might be like when the 140K Mt Gox coins hit the market over the next 12 months.

How so? Daily trading volume of bitcoin is around what $5B? I’ve seen much higher and much lower numbers but for some reason 5 sticks in my mind…. Anyway Luna sold $2.5B, which is less than 10% of the volume for the week. And last week the price was volatile hourly/daily but overall hovered around $30k for 7 days.

Im not an expert in “if the supply of bitcoin goes up 10% then the price goes down x%” but explain to me how this event was a market shock.

[zlandar]

I have allocated 5% to crypto, but I had a much higher amount during the cycle - I started buying earlyish - 400 eth, 12k btc - and more importantly, Doge/Luna/other shitcoins very early on. My largest % return was Doge - 150-200x. Luna was another good one (bought the Ponzi sub $2 from a friend's recommendation).

There is nothing wrong with speculating in crypto as long as you follow the 2 central tenets of shitcoinery:
1) Get in early on the Ponzi, & (more importantly)
2) Get out after retail FOMOs in & pumps ur bags.

The biggest ROI this cycle were in meme shitcoins (Doge & Shib), NFTs, and Binance scamcoins. Next cycle there will be other new "innovations" to Ponzi into. But in the meantime, there will likely be pain ahead next year or two, as most coins go to zero, and top 2 drop 80%.

Crypto sounds real legit lol.

[xraygoggles]

Crypto sounds real legit lol.

Free market at work bro.

[chocolatebear11]

FWIW - LUNA had to liquidate approx 80,000 bitcoins last week. Whoops. How's that for some market shock. Gives an idea of what things might be like when the 140K Mt Gox coins hit the market over the next 12 months.

Why is mt gox btc getting sold the next several months?

[Tim]

Free market at work bro.

100% correct. However, you be you.
Some things cross a line that makes me take a step back. One opportunity was in payday lending. Very very profitable, but the business is so sleazy. Pick the right locations and you can get blood out of a stone.
FSER are another. I have no problem with paying a higher price for convenience. With the balance billing being legal, the business practices of some were at best misleading. Not all.
Just don’t like things where the goal is to take others money, legal or not.

[Dont_know_mind]

- and more importantly, Doge/Luna/other shitcoins very early on.

That’s a candid take and impressive return on the ahem, “coins”.

I’ve been pretty happy if an individual investment does 10X over 15 years. Except lately, when I’ve compared my returns to the coin craziness.

Well done there, maybe just call it a day if you won. Is 5% stepping away from the table?

[xraygoggles]

100% correct. However, you be you.
Some things cross a line that makes me take a step back. One opportunity was in payday lending. Very very profitable, but the business is so sleazy. Pick the right locations and you can get blood out of a stone.
FSER are another. I have no problem with paying a higher price for convenience. With the balance billing being legal, the business practices of some were at best misleading. Not all.
Just don’t like things where the goal is to take others money, legal or not.

Speculating in cryptocurrencies is no different than picking individual stocks, except - the returns are mind-boggling if you get in early. I also speculated in meme stocks and did okay. Investing should be rational - no emotions in the game.

[xraygoggles]

That’s a candid take and impressive return on the ahem, “coins”.

I’ve been pretty happy if an individual investment does 10X over 15 years. Except lately, when I’ve compared my returns to the coin craziness.

Well done there, maybe just call it a day if you won. Is 5% stepping away from the table?

Oh well I consider altcoins as short term trades.

I hold mainly BTC because at this point, it seems unlikely to go to zero anytime soon - in fact, its more likely to continue its slow & steady adoption. & if Wall Street decides that it's a store of value like gold, then there's still potential for 5-10x returns if it can reach gold market cap.