231–240 of 598 posts
Why do so many of the comments here and journalists assert that crypto and exchanges are the same thing? Doesn't keeping coin in an exchange (as opposed to in a wallet, locally) sort of violate the ideology of crypto? Wasn't this shit invented to circumvent the banks? I don't get it, using something meant to circumvent the banks, just to invest it in a less regulated form of a bank Isn't to say I have a problem with…
Earlier quoted context omitted.
Crypto investing should die. But I would also want to see derivatives die. Like what it even mean to "invest" in QQQ or VIX? This is just gambling (unless you have market inside knowledge).
In what sense is QQQ a derivative?
Why do so many of the comments here and journalists assert that crypto and exchanges are the same thing? Doesn't keeping coin in an exchange (as opposed to in a wallet, locally) sort of violate the ideology of crypto? Wasn't this shit invented to circumvent the banks? I don't get it, using something meant to circumvent the banks, just to invest it in a less regulated form of a bank Isn't to say I have a problem with…
Exchanges are what make crpyto usable, to the extent it is.
> Doesn’t keeping coin in an exchange (as opposed to in a wallet, locally) sort of violate the ideology of crypto?
Maybe, so what? “Exchanges as a venue for, um, exchange” and “keeping coin in an exchange” aren’t the same thing (except to the extent that exchanges make it difficult to move coin off the exchange, which AFAIK usually isn’t an issue for crypto so much as it is sometimes is for fiat.)
> Wasn’t this shit invented to circumvent the banks?
That’s been part of the marketing, sure, and not just banks but the financial services industry more generally. But, as it turns out, you need a lot of those services for anything money-like to be usable, especially when its not the primary currency of the economy you are trying to operate in. A lot of the marketing of cryptocurrency is…not particularly realistic. (Of course, a lot of it is done by the people running the crypto-community versions of financial services, so…)
Earlier quoted context omitted.
What other kinds of ‘crypto gaming company’ _could_ there be?
Steam but where you actually own, and so can resell, your game licenses. And where other supply-side companies can take over providing the game-download-delivery logistics if the original company providing that service goes belly-up. Or: Pokemon, but you can trade the pokemon outside the game itself; and the game can prove that your competitive mon were authentically caught and raised, rather than hacked in, because…
Where’s the need for crypto in this business model?
> Pokemon, but you can trade the pokemon outside the game itself; and the game can prove that your competitive mon were authentically caught and raised,
So… cheating protection? Every notable multiplayer game in the world already does hat.
> so that people playing can easily cash back out of the game
Sounds a lot like a cinema where you can resell your ticket after the show is over – why would any content creator do that?
Why do so many of the comments here and journalists assert that crypto and exchanges are the same thing? Doesn't keeping coin in an exchange (as opposed to in a wallet, locally) sort of violate the ideology of crypto? Wasn't this shit invented to circumvent the banks? I don't get it, using something meant to circumvent the banks, just to invest it in a less regulated form of a bank Isn't to say I have a problem with…
I'm honestly curious, at first glance this looks that could potentially affect cryptocurrencies in a sizable way downwards. I checked CoinMarketCap and it seems that the trend is comparatively stable. Can someone explain this? Please do take into account that I'm not very well versed with cryptocurrencies and I usually need an explainer in several financial concepts.
2) Crypto cannot be killed due to its decentralized nature and every attempt makes it more clear how anti-fragile it is. You cut off one head in the US, two more will spring up in other countries.
Bitcoin solves this. Sorry I just had to. I think crypto as an investable asset class is finished. SEC is sending a very clear signal here. It’s entirely the community’s fault for failing to properly manage this space. They actually earned public’s trust (sometime during the pandemic). And then they threw it all away for a few bucks.
How do I get some Bitcoin? I can't afford to mine it anymore. What if I want to buy some more? Or sell some of what I have? What can I spend Bitcoin on? What does Bitcoin solve for me?
There are bitcoin-only exchanges, e.g. Bitaroo. There are also P2P exchanges that don't hold user's funds, like LN2bot (this one is very handy because it supports Lightning, so fees are ridiculously low, and trades very fast for not being a SPOT exchange).
> I can't afford to mine it anymore.
Right, it's a professional industry now; hobbyists can still do it, but at a loss.
> What if I want to buy some more? Or sell some of what I have?
See the aforementioned exchanges above, in my first answer.
> What can I spend Bitcoin on?
Anything, really. For example you can buy flights & book hotels with travala.com. Or buy things in Amazon with a discount thanks to purse.io .
> What does Bitcoin solve for me?
Not being affected by events like SVB closures (or worse: smaller banks that may not be bailed out[1]); not being affected by QE in the medium-long term (e.g. put your savings in it and forget about for 4 years[2]).
[1] If you don't believe it, watch this: https://twitter.com/Stromens/status/1664977520750370816
[2] Try to find 2 points in the historic data of a BTCUSD chart, which differ by 4 years, the oldest point is never higher value than the newest point.
Why do so many of the comments here and journalists assert that crypto and exchanges are the same thing? Doesn't keeping coin in an exchange (as opposed to in a wallet, locally) sort of violate the ideology of crypto? Wasn't this shit invented to circumvent the banks? I don't get it, using something meant to circumvent the banks, just to invest it in a less regulated form of a bank Isn't to say I have a problem with…
I can't find the original source, but a while ago I read a really compelling article (linked from here) which explained why centralization is inevitable. I think it's relevant here, because if centralization is inevitable then it's reasonable to treat crypto as interchangeable with the exchanges. Essentially, the thesis was that a decentralized protocol can never evolve and adapt as quickly as a centralized platform,…
I'm pretty anti-crypto, but tested the water with Voyager USDC because of the absurd APY. Took my money and ran when Celsius hinted at having issues, luckily. Funnily enough there was some amount, less than a dollar IIRC, left in Voyager when they folded. I received an email telling me it was being taken over by...Binance. Never bothered to login and even check it. Guess it really is scams all the way down.
Why would you see it as an investment signal, rather than a massive red flag and an indication of a Ponzi scheme?
The SEC was meeting with SBF and failed to protect US citizens who sent money to FTX. So far Binance hasn't pulled a ponzi scam (they existed before Alameda/FTX and have never stolen anyone's money). So basically the SEC failed to protect people from that ponzi scammer boy SBF was, but they're going after the like of Binance and Coinbase, who, so far, never stole a cent from anyone?