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The cryptocurrency sell-off has exposed those swimming naked

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Re: The cryptocurrency sell-off has exposed those swimming naked

#71

Post by xiphias2 » Fri, May 20, 2022, 9:37 AM UTC

beefield wrote: post #62

xiphias2 wrote: post #52

Earlier quoted context omitted.

At this point it can be used for payments practically everywhere where Bitcoin accepted, but it’s not yet practical for payments over $100 as far as I know, so I still only use the base Bitcoin layer for paying for my travels. There are new algorithms in late research phase though for much larger payments (like $5000) that are expected to go into production this year. I’m waiting for that before switching to using li…

> For people in the US though they can just go into a Walmart or McDonald’s and use it right now. Am I right to assume that "use" here is in the same sense[1] that you can "use" "dollars" to pay your Big Mac in Paris with your US credit card? I.e. French McDonald's does not set the price in dollars but euros and does not need to touch dollars with a ten foot pole during the whole process and receives euros in their a…

Why doesn’t it make sense to use your USD based credit card in France? I use both EUR based credit card and my Bitcoin wallet while travelling in Mexico, Colombia, Brazil, Costa Rica, Panama, and setting up bank accounts in those countries would be infinitely harder.

Regarding hotels and flights, I book it on internet, and I don’t even know which country the travel agencies are located, and I don’t care.

Re: The cryptocurrency sell-off has exposed those swimming naked

#72

Post by beefield » Fri, May 20, 2022, 9:41 AM UTC

xiphias2 wrote: post #71

beefield wrote: post #62

Earlier quoted context omitted.

> For people in the US though they can just go into a Walmart or McDonald’s and use it right now. Am I right to assume that "use" here is in the same sense[1] that you can "use" "dollars" to pay your Big Mac in Paris with your US credit card? I.e. French McDonald's does not set the price in dollars but euros and does not need to touch dollars with a ten foot pole during the whole process and receives euros in their a…

Why doesn’t it make sense to use your USD based credit card in France? I use both EUR based credit card and my Bitcoin wallet while travelling in Mexico, Colombia, Brazil, Costa Rica, Panama, and setting up bank accounts in those countries would be infinitely harder. Regarding hotels and flights, I book it on internet, and I don’t even know which country the travel agencies are located, and I don’t care.

It does not make sense (to me) to say that you use dollars to buy a big mac in Paris. You use euros, which your credit card company conveniently bills from you as dollars.

Re: The cryptocurrency sell-off has exposed those swimming naked

#73

Post by d3nj4l » Fri, May 20, 2022, 9:42 AM UTC

ulzeraj wrote: post #63

Tether truthing the eminent doom of tether is all well and good but why aren't we talking more about YCombinator promoting startups that burned their customer's money by sending it to anchor protocol UST ponzinomics while lying that those investments were held in USDC and USD? https://twitter.com/fatmanterra/status/1527153694218797058 https://www.ycombinator.com/companies/stablegains Or is it bad to talk about such t…

It was one of the most upvoted threads just yesterday: https://news.ycombinator.com/item?id=31431224

Re: The cryptocurrency sell-off has exposed those swimming naked

#74

Post by ulzeraj » Fri, May 20, 2022, 9:44 AM UTC

d3nj4l wrote: post #73

ulzeraj wrote: post #63

Tether truthing the eminent doom of tether is all well and good but why aren't we talking more about YCombinator promoting startups that burned their customer's money by sending it to anchor protocol UST ponzinomics while lying that those investments were held in USDC and USD? https://twitter.com/fatmanterra/status/1527153694218797058 https://www.ycombinator.com/companies/stablegains Or is it bad to talk about such t…

It was one of the most upvoted threads just yesterday: https://news.ycombinator.com/item?id=31431224

That's not the link under the Latest news section on https://www.ycombinator.com/companies/stablegains

Re: The cryptocurrency sell-off has exposed those swimming naked

#75

Post by robbiep » Fri, May 20, 2022, 9:48 AM UTC

ulzeraj wrote: post #63

Tether truthing the eminent doom of tether is all well and good but why aren't we talking more about YCombinator promoting startups that burned their customer's money by sending it to anchor protocol UST ponzinomics while lying that those investments were held in USDC and USD? https://twitter.com/fatmanterra/status/1527153694218797058 https://www.ycombinator.com/companies/stablegains Or is it bad to talk about such t…

Definitely looks pretty bad - but on the other hand, an accelerator not making any bets in crypto is not a sensible accelerator. You need to make bets everywhere and hopefully some stick. The other side of that is some don’t stick, and some go proper pear shaped. Make enough bets, it has to happen.

I’ve got no idea what their original pitch is, I certainly wouldn’t back a crypto startup that ostensibly aims to do something like what it looks like they tried to do, but if I was making 300 bets a couple times a year I’d be silly not to do something in the space.

Whether a ycombinator seal of approval lead to investment which lead to consumers getting fleeced and culpability in that situation, I don’t know. It’s crypto. If you’re silly enough to think it’s a safe investment, you’re blind. A company can also say a lot of things differently from first pitch to accepting millions from consumers. As an investor with 10%ish equity, you’ve got some sway, but you don’t have much sway. And who is to say their bet isn’t the right one.

A stain, but I don’t know about righteous indignation, I don’t know how much culpability transfers back to yc… but I don’t feel it’s a whole lot

Re: The cryptocurrency sell-off has exposed those swimming naked

#76

Post by ulzeraj » Fri, May 20, 2022, 9:53 AM UTC

robbiep wrote: post #75

ulzeraj wrote: post #63

Tether truthing the eminent doom of tether is all well and good but why aren't we talking more about YCombinator promoting startups that burned their customer's money by sending it to anchor protocol UST ponzinomics while lying that those investments were held in USDC and USD? https://twitter.com/fatmanterra/status/1527153694218797058 https://www.ycombinator.com/companies/stablegains Or is it bad to talk about such t…

Definitely looks pretty bad - but on the other hand, an accelerator not making any bets in crypto is not a sensible accelerator. You need to make bets everywhere and hopefully some stick. The other side of that is some don’t stick, and some go proper pear shaped. Make enough bets, it has to happen. I’ve got no idea what their original pitch is, I certainly wouldn’t back a crypto startup that ostensibly aims to do som…

The problem here is not a bet on crypto but a company that basically went "oh hey sorry too bad the USD displayed on your account is actually UST. K thx bye".

Re: The cryptocurrency sell-off has exposed those swimming naked

#77

Post by xiphias2 » Fri, May 20, 2022, 9:53 AM UTC

xiphias2 wrote: post #71

beefield wrote: post #62

Earlier quoted context omitted.

> For people in the US though they can just go into a Walmart or McDonald’s and use it right now. Am I right to assume that "use" here is in the same sense[1] that you can "use" "dollars" to pay your Big Mac in Paris with your US credit card? I.e. French McDonald's does not set the price in dollars but euros and does not need to touch dollars with a ten foot pole during the whole process and receives euros in their a…

Why doesn’t it make sense to use your USD based credit card in France? I use both EUR based credit card and my Bitcoin wallet while travelling in Mexico, Colombia, Brazil, Costa Rica, Panama, and setting up bank accounts in those countries would be infinitely harder. Regarding hotels and flights, I book it on internet, and I don’t even know which country the travel agencies are located, and I don’t care.

(Replying to sibling comment)

> It does not make sense (to me) to say that you use dollars to buy a big mac in Paris. You use euros, which your credit card company conveniently bills from you as dollars.

I see your point. To be more precise I use the MasterCard payment network that uses a combination of Mexican Peso, USD, and EUR in the background to settle with the merchant’s bank periodically in the background (and as I use Revolut based Mastercard, it’s even more complex).

Last month the biggest POS company integrated the lightning network, an international payment network protocol, that uses Bitcoin as its settlement currency and Bitcoin network using Strike, and as the POS company does the settlement with the credit card company, the merchant in practice doesn’t see the difference between accepting credit card payment or lightning payment, as it doesn’t handle any of the two (the POS provider handles them).

Re: The cryptocurrency sell-off has exposed those swimming naked

#78

Post by lostcohort » Fri, May 20, 2022, 9:53 AM UTC

BrissyCoder wrote: post #9

xiphias2 wrote: post #5

,,The crypto slump has been brutal’’ I’ve been holding Bitcoin since 2013, and this 50-60% retracement from the all time high was nothing compared to what I (and other people) were living through. I advise people to look at past volatility of Bitcoin before making an investment decision.

People have such short memories... Was 2018 really that long ago... Even back then there was a tonne of MSM coverage.

When was long term memory ever a thing for people. People have completely forgotten about invading an entire country finding no WMDs and the recent Afghanistan debacle.

Re: The cryptocurrency sell-off has exposed those swimming naked

#79

Post by eternalban » Fri, May 20, 2022, 9:54 AM UTC

xiphias2 wrote: post #66

arethuza wrote: post #54

Earlier quoted context omitted.

Out of interest, do you set explicit targets like "if it gets to X I will sell"? Just wondering as I'd have thought a "peak" is only evident in retrospect?

I’m extremely bad at trading, but it didn’t stop me from achieving amazing returns. Just an example last year I had a target of $150k when it was at $50k, and also (like most people) I got a BTC based loan (it made sense for tax purposes as well). The problem was that everybody was doing it, and professional traders probably used those loans to short the market and trigger margin calls. I had multiple margin calls as…

r/trader/gambler

Re: The cryptocurrency sell-off has exposed those swimming naked

#80

Post by jokethrowaway » Fri, May 20, 2022, 9:57 AM UTC

bottled_poe wrote: post #49

xiphias2 wrote: post #5

,,The crypto slump has been brutal’’ I’ve been holding Bitcoin since 2013, and this 50-60% retracement from the all time high was nothing compared to what I (and other people) were living through. I advise people to look at past volatility of Bitcoin before making an investment decision.

So, past trends are the basis of this advice? Not trying to be snarky, just genuinely interested in why we would expect it to climb again.

There are still plenty of people who enjoy betting providing a bottom layer and whales are happy to buy low and sell high, so they have an incentive to ride trends. There is a lot of pumping going on in private telegram chats at multiple levels of wealth.

I guess it will crash to zero when governments start rolling out their own and declaring illegal all the other cryptocurrencies.

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