Is anyone else starting to become a bit worried? mod note in first post

Irish_rat

antgal23 wrote: »

Am I starting to get a but worried? No

A bit cautious, yes.

I don't plan on holding a bag of crypto when the market crashes, and it will crash.

New people will learn expensive lessons when they get their faces ripped off.

I am not going to argue with the fact that the market will reach higher highs after it crashes but that process will take years, just like it did in 2013 , 2017 and in 2021.

The emotions and hysteria on Twitter and forums is borderline childish.

In a zero sum game somebody has to lose

The strategy I'm working with is to dca in and not go mad. Then is there is a massive dip I'll have enough savings in fiat to buy everything cheap.

Im not selling anything

Stormington

Amira Young Picnic wrote: »

any more on the NYAG v Tether case? been waiting for a verdict on that before getting involved.

Expect nothing until BTC hits 63k ish.

tcawley29

Did anyone ever get anything back from cryptopia

Irish_rat

For the Bitcoin maxi's in here which I know there is a few.

Bitcoin Will Die The Minute An Altcoin Flips It, Cardano Founder Says

"Bitcoin is only valuable because it’s valuable. It has no technological advantages. In fact, it’s the least advanced of all cryptocurrencies, the least futuristic. There is no reason for it other than the fact that it exists."

"The minute that it gets flipped by another cryptocurrency, unless they can find a way to innovate again, Bitcoin will die because there is no reason to hold it over its neighbors."

“Bitcoin lost some of its earliest and best people over just the block size-a system parameter. It just tells you, if you can’t even agree on something so trivial as a block size, then how do you get post-quantum crypto when quantum computers come,? How do you get smart contracts?”

Source

Nermal

Irish_rat wrote: »

it's the least advanced of all cryptocurrencies

Translation: it's the most proven.

grindle

Nothing they don't know already. Bitcoin is still "the brand" of crypto no matter how useless it is and the fact it's largely been taken over by a single company doesn't seem to matter. Narrative has changed from "bank the unbanked" P2P currency to a store of value only rich people can move around when it's busy - it all makes no difference as long as BTC is the brand people pour money into.

It's interesting as an ongoing experiment into how far a brand and social engineering can take a groundbreaking idea that's intentionally hobbled.

cnocbui

Irish_rat wrote: »

For the Bitcoin maxi's in here which I know there is a few.

Source

So by that logic, Cardano will die if another POS flips it, right? As just happened when Polkadot flipped Cardano. Bitcoin capitalisation is 62% of the crypto market - 4 times that of Etherium, it's closest rival and so far higher than Cardanos 2.6% it's not funny.

Bob24

Irish_rat wrote: »

For the Bitcoin maxi's in here which I know there is a few.



Source

He is omitting many points whereby bitcoin has strong advantages, but I think a key one is that thanks to being the original cryptocurrency and given the mystery around its creator (as well as sticking to basic functionality) BTC is more neutral than any other cryptocurrency around.
I.e. no single person or centralised entity is trying to gain financial or social/political leverage from it.

A simple illustration is that there is no single front man or front women regularity representing bitcoin in the media and saying “my cryptocurrency will prevail” (while the very article your posted demonstrates that the same isn’t true of Cardano).

This type of neutrality and simplicity (meaning security) is critical in the context of a digital gold narrative.

It doesn’t mean other cryptos can’t become very successful and even potentially grow a larger market cap than bitcoin. But that would most likely be based on different use cases, and saying Bitcoin would necessarily die as a consequence is quite a bit of a stretch IMO.

makeorbrake

Irish_rat wrote: »

For the Bitcoin maxi's in here which I know there is a few. Bitcoin Will Die The Minute An Altcoin Flips It, Cardano Founder Says

As an enthusiastic btc minimalist, I find Hoskinson to be a credible figure. However, I listened to the podcast where he expressed that view and I'm inclined to disagree.

BTC is deliberately limited in what it can do - that's by design. It's found at least one of its use cases. It can also act as a settlement layer when it comes to large capital movements. It may still garner relevance as we go forward for micro-transactions via layer 2 (albeit I accept this remains much less clearcut).

I honestly think that it has achieved network effect already. Its narrative is easy to understand (which is important in terms of perception and take-up). Ethereum (and Cardano, Polkadot, etc.) have far more potential in very different ways - with the ability to underpin the rebuilding of entire financial systems. However, the narrative is not clearly defined yet - and they're still not there yet (even if they're well on their way).

Long story short, I think his project and some of the others have every chance of being incredibly successful. However, I don't see them as playing in the same arena as btc - so don't even understand how this comparison is always made.

antgal23

Hope lads didn't take a hiding today

Interesting to note where some coins found support

Big Round Numbers
Link - 25

BTC - 50 ish

ETH - 15

cnocbui

antgal23 wrote: »

Hope lads didn't take a hiding today

Interesting to note where some coins found support

Big Round Numbers
Link - 25

BTC - 50 ish

ETH - 15

Nope. Thanks for your concern.

Thargor

This return to last weeks prices has probably ruined a few lives though.

Irish_rat

antgal23 wrote: »

Hope lads didn't take a hiding today

Gotta love the bears.

It's not that dreadful yet.

Rob2D

Irish_rat wrote: »

It's not that dreadful yet.

Look again. Ouch. Painful drop last night.

Bob24

Rob2D wrote: »

Look again. Ouch. Painful drop last night.

BTC price is currently about the same as it was 7 days ago.

(not ignoring the flash-crash or saying it can't go further down, but just to put things in perspective)

Rob2D

Bob24 wrote: »

BTC price is currently about the same as it was 7 days ago.

(not ignoring the flash-crash or saying it can't go further down, but just to put things in perspective)

Oh for sure. I'm still in a nice profit but it's always hard to watch that profit go down 8K over a single weekend :pac::pac:

But I'm holding until next year. Rain or shine.

AH92

If the dips continue and we get a bear market I'll just keep having nibbles of BTC , ETH and LINK.

dirk_dangler

Its no doubt painful at first look, but then pull out on the charts and i see i'm up still 13% for the month, panic not needed.......yet

makeorbrake

PSA: It's with a heavy heart that the Makeorbrake household would like to confirm that we won't be vacationing in the South of France this Summer.

seannash

makeorbrake wrote: »

PSA: It's with a heavy heart that the Makeorbrake household would like to confirm that we won't be vacationing in the South of France this Summer.

I feel this. I pulled most out though and I'm waiting to see where it is around 1pm today. Can still get the attic converted and a few other pricey bits done around the house with just profits so I'm happy enough. Keeping a good chunk in it too. My ADA stash is still there. I wont be touching that for another while

tcawley29

tcawley29 wrote: »

Did anyone ever get anything back from cryptopia

bump

unkel

tcawley29 wrote: »

bump

I tried to gain access again to prove I was me when that process opened up a few months ago. Had to answer a load of questions online, but how the hell would I remember what balances I had or what trades I made when?

I failed the test, so I have no access. Thankfully I had feck all on the exchange, maybe worth €30 or so

tcawley29

unkel wrote: »

I tried to gain access again to prove I was me when that process opened up a few months ago. Had to answer a load of questions online, but how the hell would I remember what balances I had or what trades I made when?

I failed the test, so I have no access. Thankfully I had feck all on the exchange, maybe worth €30 or so

That was my problem. I haven't a clue of the balances.

However what I did have with them was DOGE coin which has massively appreciated in value since I bought it.

Would I have been getting todays value or whenever GT took it over?

unkel

Access to your coins. So today's value. Perhaps discounted with the share of the overall loss that the company made when it went belly up and the costs of the liquidators, any preferred creditors like the revenue, etc.

Anyway, I don't know but I presume above as that's roughly the way it works with "normal" companies that are liquidated

Dades

I don't fancy my chances of them giving me access when I do get to the question stage.

I had a lot of Dogecoin on Crytopia.

tcawley29

Surely they can't be allowed to do this. Whats wrong with emails and passwords?

What happens our funds if we don't/can't claim them?

unkel

tcawley29 wrote: »

What happens our funds if we don't/can't claim them?

It will be eaten up over time by the consultancy fees from the liquidator firm(s), the billable hour clock keeps ticking...

Unless you can access it now, grab what you can and run. Otherwise I'd say forget about what you had there and write it off.

DyldeBrill

Does anyone know the best platform to buy Rubic (RBC)?

Looking at a few but will take any suggestions.

How is everyone's crypto going at the moment. I sold all of my BC, ETH (way too early but a profit nonetheless).

I have very little in crypto now currently. Have bought 2 Litecoin for the long term and spread the rest over XLM & GRT. I'm not looking for a quick profit earner - more a slow burner that will pay off :-)

Rob2D

Uh oh. F2Pool dumping more. We could be seeing red all over again.

el diablo

DyldeBrill wrote: »

Does anyone know the best platform to buy Rubic (RBC)?

Looking at a few but will take any suggestions.

How is everyone's crypto going at the moment. I sold all of my BC, ETH (way too early but a profit nonetheless).

I have very little in crypto now currently. Have bought 2 Litecoin for the long term and spread the rest over XLM & GRT. I'm not looking for a quick profit earner - more a slow burner that will pay off :-)

Use CoinGecko for information on exchanges.

https://www.coingecko.com/en/coins/rubic#markets

Why did you sell all your BTC and Ether if you're not looking for a quick profit earner?

bosco12345

Rob2D wrote: »

Uh oh. F2Pool dumping more. We could be seeing red all over again.

Looks like you were right. Red everywhere late last night and this morning. Another sale on

antgal23

If 40 K BTC isn't a support level for continuation of up trend next level I see is the 30 K

seannash

antgal23 wrote: »

If 40 K BTC isn't a support level for continuation of up trend next level I see is the 30 K

It may creep all the way down to that level alright similar to 2018. People are looking at the stimulus package in the US as a mechanism to reverse this downward trend but the appetite for crypto may be dropping off for the regular Investor

bosco12345

Looks like $43k was the floor this time round. Has risen to $45k the last hour now

Pintman Paddy Losty

The tether scam is starting to unfold badly. The whole thing is going to collapse very soon. If I had crypto I'd be selling it fairly sharpish.

Bob24

Pintman Paddy Losty wrote: »

The tether scam is starting to unfold badly. The whole thing is going to collapse very soon. If I had crypto I'd be selling it fairly sharpish.

Bitfinex just settled with the NY attorney general this week, meaning the Tether case is now closed ... not exactly what I’d call “unfold badly”.


The agreement specifies that at times Tether wasn’t properly backed, but also effectively accepts that it is now backed - as it allows them to keep operating and requires them to keep publishing the same backing documents which they provided as part of the investigation:

“Publication of Tether’s Reserves: On at least a quarterly basis for a period of two (2) years following the effective date of this Settlement Agreement, Tether will publish the categories of assets backing tether (e.g., cash, loans, securities, etc.), specifying the percentages of each such category, and specifying whether any such category constituting a loan or receivable or similar is to an affiliated entity, in a form substantially similar to that previously presented to the OAG.”

https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf

Dohnjoe

Pintman Paddy Losty wrote: »

The tether scam is starting to unfold badly. The whole thing is going to collapse very soon. If I had crypto I'd be selling it fairly sharpish.

You were telling people BTC was going to zero also, when it was 3k EUR.

The bear fundamentalists and bull fundamentalists are almost as bad as each other..

makeorbrake

Pintman Paddy Losty wrote: »

The tether scam is starting to unfold badly. The whole thing is going to collapse very soon. If I had crypto I'd be selling it fairly sharpish.

Jaysus Paddy you're losing your touch. I think the loss of Johnnyflash has hit you hard. As the fellas above have stated, the Tether FUD has been dealt with.

el diablo

Pintman Paddy Losty wrote: »

The tether scam is starting to unfold badly. The whole thing is going to collapse very soon. If I had crypto I'd be selling it fairly sharpish.

Welcome back Paddy.

https://www.youtube.com/watch?v=LkcXjholnGk

donnaille

Bob24 wrote: »

Bitfinex just settled with the NY attorney general this week, meaning the Tether case is now closed ... not exactly what I’d call “unfold badly”.


The agreement specifies that at times Tether wasn’t properly backed, but also effectively accepts that it is now backed - as it allows them to keep operating and requires them to keep publishing the same backing documents which they provided as part of the investigation:

“Publication of Tether’s Reserves: On at least a quarterly basis for a period of two (2) years following the effective date of this Settlement Agreement, Tether will publish the categories of assets backing tether (e.g., cash, loans, securities, etc.), specifying the percentages of each such category, and specifying whether any such category constituting a loan or receivable or similar is to an affiliated entity, in a form substantially similar to that previously presented to the OAG.”

https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf

Very strange read of this? Tether has been banned from doing business in New York and has agreed to an impossible level of transparency. Nowhere does it effectively accept that it is now backed.

Tether printing also appears to be paused since the settlement....there's quite a bit more to run on Tether I feel.

As to the effect it will continue to have on the crypto ecosystem - TBC.

Bob24

donnaille wrote: »

Very strange read of this? Tether has been banned from doing business in New York and has agreed to an impossible level of transparency. Nowhere does it effectively accept that it is now backed.

I think the document is written in a way whereby the rhetorics allow the NYAG to claim victory while leaving Tether off the hook (so that everyone can happily move on).

As far as I understand they were already effectively not directly dealing with NY residents/institutions (bit-licence and all, reason why many crypto businesses don't have dealings there), so this ban from NY doesn't change anything from the status-quo.

And by saying that regularly publishing the the same kind of documentation which was provided as part of the inquiry is a sufficient condition for them to keep operating, the NYAG is implicitly accepting that as of today and based on what was provided, they don’t have an issue with Tether's financial position (if they weren't satisfied with that documentation, why on earth would they agree to settle and close the case?). The document refers to previous periods whereby the backing was a bit dodgy, but doesn’t mention any issue as of 2021.

So I'd see the main impacts on Tether are the cash payment (not very large in the grand scheme of things) and the fact that they will need to maintain the same level of transparency they have shown as part of the inquiry (might be somewhat bothersome for them, but I'd see it as positive for the industry as a whole).

CoinTelegraph's take seems to be similar to mine: https://cointelegraph.com/news/tether-to-report-reserves-and-pay-18-5m-fine-after-settlement-with-nyag

donnaille

Bob24 wrote: »

I think the document is written in a way whereby the rhetorics allow the NYAG to claim victory while leaving Tether off the hook (so that everyone can happily move on).

As far as I understand they were already effectively not directly dealing with NY residents/institutions (bit-licence and all, reason why many crypto businesses don't have dealings there), so this ban from NY doesn't change anything from the status-quo.

And by saying that regularly publishing the the same kind of documentation which was provided as part of the inquiry is a sufficient condition for them to keep operating, the NYAG is implicitly accepting that as of today and based on what was provided, they don’t have an issue with Tether's financial position (if they weren't satisfied with that documentation, why on earth would they agree to settle and close the case?). The document refers to previous periods whereby the backing was a bit dodgy, but doesn’t mention any issue as of 2021.

So I'd see the main impacts on Tether are the cash payment (not very large in the grand scheme of things) and the fact that they will need to maintain the same level of transparency they have shown as part of the inquiry (might be somewhat bothersome for them, but I'd see it as positive for the industry as a whole).

CoinTelegraph's take seems to be similar to mine: https://cointelegraph.com/news/tether-to-report-reserves-and-pay-18-5m-fine-after-settlement-with-nyag

The document doesn't refer to any issue as of 2021, as that isn't the period that was under the NYAG investigation. The documentation that Tether had provided was sufficient in proving that Tether did mislead the public around the cash reserves held.

My only axe to grind in all of this is against voices in the Bitcoin community who are trying to paint this as a win for Tether/Bitfinex/Bitcoin. An $18.5mn fine is not insignificant for a firm that has never been able to show reserves above ~$61mn - we don't know how much cash they actually have on hand.

Perhaps this will all prove to be FUD when the first transparency report is published in 3 months time.

I'm ignoring the Deltec leak rumours in all of this as I haven't really been following that story develop around the real/forged documents.

Nothing against CoinTelegraph, but it's far from a neutral source.

Bob24

As I said, it would be a very strange behaviour on the part of the NYAG to close the case and litigate if they hadn’t been shown documentation to satisfy them that things are now in order. If they thought there was an ongoing issue, their duty would have been to kept going.

donnaille

Bob24 wrote: »

As I said, it would be a very strange behaviour on the part of the NYAG to close the case and litigate if they hadn’t been shown documentation to satisfy them that things are now in order. If they thought there was an ongoing issue, their duty would have been to kept going.

I don't disagree, but I also don't believe the now being in order was part of this investigation.

I don't remember whose take it was but it was along the lines of the settlement being a win for both sides. It's another way for Tether to buy time, while the NYAG has set its trap.

This is why I believe nothing is resolved until the first transparency report rolls out in 3 months time

makeorbrake

donnaille wrote: »

The document doesn't refer to any issue as of 2021, as that isn't the period that was under the NYAG investigation. The documentation that Tether had provided was sufficient in proving that Tether did mislead the public around the cash reserves held.

I don't like defending a centralised entity because centralised entities are exactly why btc came into play. That said...
Remember that the banking set tried to lock crypto companies out of banking services for years. I'm sure there are no angels at Tether/Bitfinex but they were walking a tightrope over an extended period due to those challenges.
They had legitimate funds on account with a panamanian based shadow bank- and those funds were seized by the US/Poland/Portugal. That triggered the loan from tether to bitfinex.
It's not smart to trust any such entity but ironically, they haven't done so much wrong (although that can never be a guide for the future as such).

donnaille wrote: »

My only axe to grind in all of this is against voices in the Bitcoin community who are trying to paint this as a win for Tether/Bitfinex/Bitcoin. An $18.5mn fine is not insignificant for a firm that has never been able to show reserves above ~$61mn - we don't know how much cash they actually have on hand.

Isn't the market cap of tether 106 billion today? In that context, is that fine a big deal?

donnaille wrote: »

Perhaps this will all prove to be FUD when the first transparency report is published in 3 months time.

The transparency reports they volunteered to provide - they weren't ordered to provide. I don't give a fiddlers for tether/bitfinex. Any centralised entity will act in its interest and not for the greater good sooner or later.

Having said that, there is also no doubt in my mind that some have been using this saga to tar and feather bitcoin/crypto - without any proper knowledge of whether there is an issue. Nouriel being a prime example.

cnocbui

donnaille wrote: »

The document doesn't refer to any issue as of 2021, as that isn't the period that was under the NYAG investigation. The documentation that Tether had provided was sufficient in proving that Tether did mislead the public around the cash reserves held.

My only axe to grind in all of this is against voices in the Bitcoin community who are trying to paint this as a win for Tether/Bitfinex/Bitcoin. An $18.5mn fine is not insignificant for a firm that has never been able to show reserves above ~$61mn - we don't know how much cash they actually have on hand.

Perhaps this will all prove to be FUD when the first transparency report is published in 3 months time.

I'm ignoring the Deltec leak rumours in all of this as I haven't really been following that story develop around the real/forged documents.

Nothing against CoinTelegraph, but it's far from a neutral source.

It's pure win compared to the atlernative that was on the table. This here's your call mate, Lamar.

cnocbui

Amira Young Picnic wrote: »

The fine is a slap on the wrist but the findings of the investigation are surely the bigger story? if in 2017 only 18% of tether issued($442mil) was backed how much of it was backed in 2020 when it printed billions per week?

Enough to satisfy the authorities doing the investigation?

donnaille

makeorbrake wrote: »

I don't like defending a centralised entity because centralised entities are exactly why btc came into play. That said...
Remember that the banking set tried to lock crypto companies out of banking services for years. I'm sure there are no angels at Tether/Bitfinex but they were walking a tightrope over an extended period due to those challenges.
They had legitimate funds on account with a panamanian based shadow bank- and those funds were seized by the US/Poland/Portugal. That triggered the loan from tether to bitfinex.
It's not smart to trust any such entity but ironically, they haven't done so much wrong (although that can never be a guide for the future as such).

The banking set are regulated - so I see this from both sides. It's not as simple a case as many try to make it out.

makeorbrake wrote: »

Isn't the market cap of tether 106 billion today? In that context, is that fine a big deal?

I haven't seen that number before? I struggle with the terminology market cap in relation to crypto and even more so in relation to a stablecoin. Last I saw it was somewhere in the region of $35bn USDT in circulation - but these aren't company assets. I think it's difficult to say how big a deal the fine is as Tether's business model is not transparent.

makeorbrake wrote: »

The transparency reports they volunteered to provide - they weren't ordered to provide. I don't give a fiddlers for tether/bitfinex. Any centralised entity will act in its interest and not for the greater good sooner or later.

Having said that, there is also no doubt in my mind that some have been using this saga to tar and feather bitcoin/crypto - without any proper knowledge of whether there is an issue. Nouriel being a prime example.

I don't believe they volunteered to provide anything, it's a requirement of the ruling - unless I'm misunderstanding this point?

Agree on your last point - I mentioned the voices in the Bitcoin community earlier who are passing this off as a win, there's the other side too (Nouriel & crew) using it as the beginning of the demise of crypto. Both as bad as each other, and damaging to credibility of the space.

donnaille

cnocbui wrote: »

It's pure win compared to the atlernative that was on the table. This here's your call mate, Lamar.

What was the alternative and to what extent are we sure it's been avoided yet?

ILikeBananas

Anyone else see the recent splurge on NFTs as a red flag? $69m for a digital piece of art last week; $85 for someone's fart noises.

They kind of seem like the things that people will look back on after a crash and say "That was probably the time to get out".