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TBF, I didn't see the collapse of FTX coming. The image of a "modest CEO" on too many youtube videos and interviews, including with CNBC just 2 months ago made me think that there weren't any problems. I didn't have an account on FTX, and I keep absolutely minimal amounts of crypto on exchanges.
I personally think that now is the time to step back and sort of "smell the coffee" figuratively speaking. I'm just wondering, "How many coins do we need that can do all of the same things that Ethereum can do like Matic or BSC or anything else that uses the EVM?"
I also feel somewhat responsible for indoctrinating people into cryptocurrency and then them losing money. I basically would tell them, "Buy bitcoin, but Ethereum, and hold it for several years." Then they ask me a few months later, "Hey, what do you think of meme coin/new coin/new meme coin? My spouse bought it because Elon tweeted it."
I've been trying to tell people that I believe only Ethereum, Bitcoin, some L2s and stablecoins are useful for remittance purposes, but not all remittance use cases.
Bigger returns faster is not always a good thing.
Title.
This is the conversation nobody is really having. And while the example posted to the title of this thread is oversimplified, it is true. The question is, do we have any kind of industrial-level auditors that can come out and say, "Hey we don't only want to see your reserves, we also want to see your balance book and make sure you guys are above water."
I wouldn't be surprised to see that many of you guys are thinking, "We wouldn't be in this situation now if people just stopped margin trading, leverage trading, and other options." but I hate to break it to you, when i joined my first centralized exchange back in 2019, one of the first things upper management told me and the new people joining was, "We won't make enough money to pay bills by simply offering spot trading and trading crypto-to-crypto trading pairs. You need to come up with an actually unique product that builds an ecosystem or you need to create ultra speculative products to generate profits."
In other words, the spot exchanges you guys are trading on that also offer leverage trading, yeah, those are casinos. Binance is a casino, Kucoin, Huobi, whatever. If it offers margin trading, it's a casino. The only way you can opt out is not to invest in risky options like those, and instead just buy and HODL promising projects.
Now then, is anyone able to step up to the plate and actually audit all the centralized exchanges to make sure their reserves are on-par with their balances?
https://www.youtube.com/watch?v=kR_FvmGTwsM - This video got big on /r/bitcoin yesterday. The following is the response that I posted as a comment in that thread as well:
This is an excellent time to remind you about why it is a good idea to keep some of your money in bitcoin.
When we see banks in a world superpower screwing people over with regards to their money - it's time to make sure you have your wealth in an asset that cannot be confiscated.
Some of you may be thinking, "Oh but I mean China is communist, that's not a problem I would have in Europe or America."
In case you don't know what a bail-in is, here's an explainer in 2 minutes, 12 seconds: https://youtu.be/j6aTCOjUaoU
That last bit that Mr. Wolff said is not wrong, it is perfectly legal for banks to confiscate your funds to deal with their problems, both in America and the European Union: https://www.investopedia.com/articles/markets-economy/090716/why-bank-bailins-will-be-new-bailouts.asp
The provision for bank bail-ins in the Dodd-Frank Act was largely mirrored after the cross-border framework and requirements set forth in Basel III International Reforms 2 for the banking system of the European Union. It creates statutory bail-ins, giving the Federal Reserve, the FDIC, and the Securities and Exchange Commission (SEC) the authority to place bank holding companies and large non-bank holding companies in receivership under federal control.
This isn't some "pro-bitcoin propaganda". Unfortunately, the fact of the matter is that getting some or getting none is a largely binary decision. No one here in this sub is trying to be smug with you, we are just avidly aware that we need to be hedging against very real possibilities.
Since not everyone here is a BTC maximalist, I'm going to just add in here that if you think putting your money in a volatile asset isn't a good idea, then you can consider properly collateralized stablecoins. If I had to put money in a stablecoin, I would personally use USDC since they are properly collateralized.
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I’ve posted 2 comments on separate occasions where OP has let’s say over $10k and wants their money to earn interest over time, while also being liquid if they ever need it.
I suggested that they look into stablecoins, as the value is not going to be volatile, and using the stablecoins to stake on an exchange platform. Speaking as a New Yorker, I think the only platforms I can get this from an exchange are Coinbase and Gemini. Coinbase offers 4% for USDC and Gemini 8.05% GUSD.
I mentioned how I have used Gemini the past 6 months, getting interest compounded daily and just recently had a smooth transaction withdrawing my money from staking and coming in my bank account in what takes no longer than 2 weeks. I informed OP he should do his own research as it doesn’t come without risk, as the money is not FDIC insured so of course he should not be putting ALL his money in an account like this if he is not comfortable.
Every time I am met with downvotes and people spreading misinformation about cryptocurrency in general. It just pisses me off how people can be so misinformed so confidently and stifling discussions. Have do you have the ignorance to boast that a .05% ‘high savings’ bank is the best offer in the market?
Clearly, they need to adjust however they get their information as the times are changing. I’ll keep enjoying my stablecoins gains. :)
TLDR - r/personalfinance hates crypto, as does 99% of all subs on Reddit
Edit: I violated the rules on r/personalfinance and I shouldn’t be shilling people on volatile suggestions when there are risk free options. I appreciate the discussion in the comments as we only get to learn when we discuss.
With all the hate Robinhood is getting its easy to forget that they singled handly took down the stock trading commission and started a new era for retail traders. Because of this most stock brokerage is now zero commission and they've master the art of easy to use app.
However in one moment of greed they pretty messed up their reputation to the point of no return and this will be talked about for years in business school.
But you know what? Not all is lost. What if it started over and this time completely different than anything that has come before it; what if a bunch of people got together and buy it through a DAO?
This is an idea modified from another idea a few months ago about purchasing reddit with a DAO. So I'm thinking why not purchase robinhood instead?
Think about it. It already has a state of the art platform and with the current price and trajectory is going to mostly likely plummet some more, to a point where purchasing with enough capitol would be possible.
Here a list of really cool thing we can do with a robinhood DAO. Propose as a roadmap.
- first thing is to fire the CEO and any management who was involved in the whole GME fiasco.
- dig out and information of foul play and disseminate it to the public. Show the dirt behind all the trading that goes on.
- prioritize personal wallets
- allow staking
- the tokens created for DAO can also be put to use as gas for trading.
- everyone profits.
- ???
Hello all friends
If you are None US, I do have a question about buying Crypto in your native currency (Fiat ) how much do you lose in transfer fees or exchange fee's
I was having a conversation with a friend who is not a us citizen and they said when they try to buy crypto from their native banks they lose money since the crypto exchange will change the native currency to Euro or US Dollars first then sell whatever crypto they trying to buy example XRP Or ADA or BTC.
Please note i am not talking about Crypto buying fees or gas fees i am talking about convert rate fee in fiat
I wanted to understand this bit more and that is what brings me here to ask this question to see if you guys can explain this bit more to me
Thanks in advance
So these guys want support providers working for free? Just got this via email:
Binance needs your help to continue growing into an ever stronger exchange. As a supporter and part of the community we would like to ask you to consider becoming a Binance Angel. We are looking for volunteers to become our Binance Angels.
What are Binance Angels? Binance Angels are passionate volunteers from our community who support our platform in various ways, mainly by promoting the Binance ecosystem and helping our users with questions and problems. Binance Angels are community builders at heart. They are everyday users from all walks of life, countries, cultures and ethnic backgrounds who give voice to both our Binance ecosystem and our valued Binancians.
With all the craziness taking place, I figure at at a handful of folks using the Coinbase card haven’t considered updating their reward options with Coinbase.
I know 4% is better than the 1% for BTC, but if things fail to improve, at least I’m getting more BTC per purchase due to its lowered price and if GRT (my previous reward choice) fails to survive, then I’ll have been flushing free money down the toilet.
I suppose the same consideration applies to any other options out there that let you choose your reward option.
I’m no expert, if there is someone that feels my opinion isn’t logical, please explain why.
Russian president Vladimir Putin has raised hopes for crypto by making positive remarks about digital currencies, following the recent news coming out of the country about possibly banning both cryptos and mining.
On 26 January, in a meeting with members of the Russian government, the president began proceedings by saying, “I would like to start with an issue that is currently in the spotlight – the regulation of cryptocurrencies.”
Putin then said: “Of course, we also have certain competitive advantages here, especially in the so-called mining. I mean the surplus of electricity and the well-trained personnel available in the country.”
Russia is well positioned for crypto mining compared to other nations, due to the country’s cheaper electricity. According to GlobalPetrolPrices.com, the price of electricity in Russia in 2021 was $0.06 per kilowatt-hour (kWh) for households and $0.09 for business use. However, in France, for example, one kWh of electricity costs $0.2 for households and $0.14 for business use.
The Russian president also called on the Central Bank of the Russian Federation, also known as the Bank of Russia, to meet with his government in the near future to see whether they can come to a consensus over the use of crypto. Source
Coinbase just sent out an email with a notice of an update to their user agreement, including arbitration and dispute resolution. If you have had problems with them in the past, please beware of the heading text,
“Last updated: January 25, 2022
For all users signing up on or after January 31, 2022, the below User Agreement shall immediately govern.
For all users who sign up prior to January 31, 2022, the previous version of the User Agreement shall apply until you accept our updated terms of service which will govern from January 31, 2022.”