Bitcoin is still early

[xraygoggles]

your definition of bubbles popped is clearly different than mine

zoom out

True.

I guess I was referring more to the general market sentiment, short-term volatility, increased bearishness, and popping of some of the bubbles.

Crypto I have no clue if the DeFi and shitcoin bubble is popping or not, but I've been cashing out as it froths up.

[CordMcNally]

I guess I was referring more to the general market sentiment, short-term volatility, increased bearishness, and popping of some of the bubbles.

I still haven't seen anything that'd I'd call a popped bubble.

[xraygoggles]

This. BTC versus alts is akin to AAPL vs speculative and even penny stocks or gold vs cubic zirconia (in some cases).

I would say Bitcoin & Ethereum vs alts. But even if you say Bitcoin vs alts, they all have a very high correlation, almost close to 1. It's more analogous to Bitcoin is S&P index and alts are Small-cap index. They both move in tandem, but one has a lot more relative volatility.

So in a sense they are all the same, at least for now. If Bitcoin matures even more and becomes a separate asset class, then it can be considered separate from crypto, but not currently.

[jacoavlu]

I would say Bitcoin & Ethereum vs alts. But even if you say Bitcoin vs alts, they all have a very high correlation, almost close to 1

rising tide lifts all ships but that doesn't mean I want to be in one of the dinghies when the storm comes.

[FreshPaint]

I still don’t fully buy into the idea, but understand it. I’m slowly allocating 1% of my net worth to btc/eth as schmuck insurance. As volatile as it is, I move things into BlockFi to get interest while crypto gets sorted out.

There has been chatter on twitter about BlockFi having liquidity issues during the recent tech sell off and subsequent GBTC negative premium. Apparently BlockFI's business model was to swap bitcoins for GBTC shares at NAV (with 6 month lockup) and then sell GBTC shares at premium on the secondary market. The loss of the premium could be dangerous for them. They've shut down new account signups but they're denying that it has anything to do with GBTC at this point.

I'm not sure if the above is true but I smell smoke.

[jacoavlu]

There has been chatter on twitter about BlockFi having liquidity issues during the recent tech sell off and subsequent GBTC negative premium. Apparently BlockFI's business model was to swap bitcoins for GBTC shares at NAV (with 6 month lockup) and then sell GBTC shares at premium on the secondary market. The loss of the premium could be dangerous for them. They've shut down new account signups but they're denying that it has anything to do with GBTC at this point.

I'm not sure if the above is true but I smell smoke.

sounds like a bunch of randoms speculating to me.

“could be dangerous” and “I smell smoke” sounds short sighted. That’s the type of stuff that shakes out weak hands, which is fine

[FreshPaint]

sounds like a bunch of randoms speculating to me.

“could be dangerous” and “I smell smoke” sounds short sighted. That’s the type of stuff that shakes out weak hands, which is fine

I'm still in bitcoin for far more than I should be

[NapoleanDynamite]

I'm still in bitcoin for far more than I should be

Blockfi is a company that may or may not make it. I believe they have a good business model and they could likely do very well over the next 10-20 years. But they are young in their lifecycle. They could also fail and this bump in the road may be just a small speed bump, or it could be the canary in the coal mine. Difficult to say. hodlhodl is another company that could do very well or fail going forward. They have a similar but more conservative concept.

There are many companies that will evolve from Bitcoin space. But picking winners and losers at this time is difficult.

[jacoavlu]

Blockfi is a company that may or may not make it... hodlhodl is another company that could do very well or fail going forward. They have a similar but more conservative concept.

blockfi and hodlhodl are very different in my view. I certainly would not call the latter “more conservative”

[Panscan]

sounds like a bunch of randoms speculating to me.

“could be dangerous” and “I smell smoke” sounds short sighted. That’s the type of stuff that shakes out weak hands, which is fine

Aren't you a couple months into your blockfi stuff, how is it going?

[jacoavlu]

Aren't you a couple months into your blockfi stuff, how is it going?

earned .08998 btc in interest thru end last month

[xraygoggles]

earned .08998 btc in interest thru end last month

I'm still undecided whether I should get the interest in BTC or USDC. Any reason you chose BTC as the interest payments?

I'm currently getting USDC for my stablecoins and Bitcoin at BlockFi.

[jacoavlu]

I'm still undecided whether I should get the interest in BTC or USDC. Any reason you chose BTC as the interest payments?

I'm currently getting USDC for my stablecoins and Bitcoin at BlockFi.

because I want more bitcoin

[Brains428]

jacoavlu ... why did you choose blockfi over celsius or Nexo (If you mentioned it somewhere else, just let me know... I'll go searching. Just too lazy after a 2.5 FTE day).

[jacoavlu]

jacoavlu ... why did you choose blockfi over celsius or Nexo (If you mentioned it somewhere else, just let me know... I'll go searching. Just too lazy after a 2.5 FTE day).

use celsius also

you have the wrong job