Crypto Megathread V14 - I’ve got 81000 problems but a BTC ain’t one

[Woldog]

Ankr is the 2nd highest gainer today. Did I miss some kind of memo lol.

 

[misterfurious]

Pancake swap won’t let me confirm swaps now. Before a screen would come up that let me confirm a swap, now nothing. I’m about to snap my phone in half.


Edit. Got it to work after I deleted my browser history. Fuuuuuuccccckkkkkk

I hope you bookmarked those albino midget porn sites first!

 

[Rygu]

So what do you guys think about YFI? Good investment or no?

I don't think I've ever once seen it brought up here or part of anyone's portfolio.

 

[Randlewand]

Cannot wait for GPU prices to come back down to earth

 

[Strychnine]

Cannot wait for GPU prices to come back down to earth

I've been waiting since Christmastime trying to get a new rig.

Looks like prices are sagging again. I'm hoping to check the dip in the A.M.

 

[Woldog]

Cannot wait for GPU prices to come back down to earth

So you can play Koikatsu party

 

[Randlewand]

So you can play Koikatsu party

In ultra high quality. Need to do it the justice it deserves.

 

[wildchild88]

Your question doesn't just apply to Vechain, it applies to pretty much all cryptocurrency. Part of your question has your answer baked in and you didn't even know it.

The reason why blockchains needs an asset pegged to them (crypto, token etc) is because it both helps secure the network and is used to pay transaction fees. Essentially, the asset helps keep the blockchain decentralized because it provides incentives for people to process transactions and since it's borderless you can have people from all over the world join in (hence decentralized). You can run a blockchain without a token, but there's no incentive for people process and verify transactions. Why would they waste their time trying to process transactions if they're not being rewarded?

So your question, "won't a complete ban on transacting it in China heavily impact the whole arrangement" the answer is no. Vechain has 101 Authority Nodes and those nodes verify and process transactions. Unless all 101 nodes are in China, the Chinese Government can't do anything to stop it. If they take out 10 nodes, the foundation will replace those nodes with 10 more in different areas. If the Chinese government decides to use their own blockchain, it will be centralized. The number 1 thing blockchain is trying to stop. You cant trust centralized data.

Hope that helps. Read up on why coins, tokens etc are a necessary byproduct of a blockchains foundation. It should help clear some things up.

Thanks Swami appreciate it dude

 

[deviake]

 

[TheMaster]

I bought some icp and ada today . Only two icp though will prolly just cost average in until I get like ten . Buy one a week or something

ICP looking good.
Holochain is a similar concept and both will be big I believe.

Ankr is the 2nd highest gainer today. Did I miss some kind of memo lol.

You were supposed to be the Ankr guy around here.
Anyway, found your memo

 

[MIKOM]

Irishman accent detected.

 

[EVIL WAR GOD]

Hypothetical question, not looking for financial advice.

You can only hold ALGO or VET. No DCAing or selling for at least a year. What do you hold onto out of those two?

 

[Anewt]

Hypothetical question, not looking for financial advice.

You can only hold ALGO or VET. No DCAing or selling for at least a year. What do you hold onto out of those two?

I have vet already... so vet.. but that's just because I have it lol

( sorry to be no help at all )

 

[kimocomplex]

For me personally, ALGO. Will likely pick up some more tomorrow

 

[Rob Battisti]

Hypothetical question, not looking for financial advice.

You can only hold ALGO or VET. No DCAing or selling for at least a year. What do you hold onto out of those two?

If I had $1000 without any ability to withdraw between now and a year?

VET

ALGO is a safer longterm prospect but VET has a higher chance of 10x especially at these prices. ALGO won’t 10x anytime soon.

[EDIT] what I meant by safer was that it will likely be more stable in its rises and falls. It won’t go up as much and won’t drop as much comparatively.

 

[BB in Crazy!!!!]

Hypothetical question, not looking for financial advice.

You can only hold ALGO or VET. No DCAing or selling for at least a year. What do you hold onto out of those two?

Tough choice considering those are my two biggest holds.

 

[TheMaster]

If I had $1000 without any ability to withdraw between now and a year?

VET

ALGO is a safer longterm prospect but VET has a higher chance of 10x especially at these prices. ALGO won’t 10x anytime soon.

I think it's a stretch to call Algo safer.
VET currently has far more use cases with dozens of bluechip corporations and industry and a deal with the Chinese government pending.

I'm sure you can make a case for Algo being as good a hodl but as for being safer I don't see what that's based on.

 

[Rob Battisti]

I think it's a stretch to call Algo safer.
VET currently has far more use cases with dozens of bluechip corporations and industry and a deal with the Chinese government pending.

I'm sure you can make a case for Algo being as good a hodl but as for being safer I don't see what that's based on.

Maybe “more stable” would be a better term. ALGO will fluctuate up and down 30% here and there. It won’t 2x or half very often compared to VET .04 to .25 to .07.

There is also the matter of 8% APY to consider. I think what I meant to say is it won’t swing as wildly as VET.

 

[Rygu]

World's central banks launch new campaign against cryptocurrencies

https://www.cbc.ca/news/business/bitcoin-crypto-bis-column-don-pittis-1.6076611

Central bank-owned Bank for International Settlements says cryptocurrencies 'work against the public good'

Recent moves by China to crack down on cryptocurrencies have been devastating to those who jumped on the bitcoin bandwagon this spring after a new buying frenzy had sent the digital units soaring to record highs.

And a report out Wednesday from the Bank for International Settlements (BIS), a Switzerland-based financial institution often described as "the central bankers' central bank," may mean the worries of digital coin holders are not yet over.

Owned by the Bank of Canada, the Federal Reserve and the rest, the internationally respected financial institution hinted it may launch a renewed challenge, declaring that crypto works against the public good.

Long-time crypto holders are still in the money, and those who sold near the top of the market are likely thrilled. But in markets, for every sale, there has to be a buyer and on Tuesday, those who backed BTC — as bitcoin is known to traders — near its $63,000 U.S., peak lost more than half their investments as it fell below $30,000 U.S.

Owners of others, such as Dogecoin, the cryptocurrency that started as a joke, suffered even more in percentage terms.

Forced sale as markets fall
The damage was worse for those who bought on margin, the process where investors borrow from their broker to invest, but are required by lenders to pay back part of what they owe if the value of their stake falls below a certain level. Such investors are forced to sell into a falling market unless they can cover their loans with new money.

Margin calls, as those demands for payment are called and which famously helped precipitate the Great Crash of 1929, have also accentuated volatility in the unregulated global crypto market where some Asian traders were borrowing at ratios of 100 to 1, the business news service CNBC reported.

• Bitcoin, other cryptocurrencies plunge after China announces ban

• El Salvador becomes the 1st country to approve Bitcoin as legal tender

That means for every dollar of your own money you invest, you can buy $100 worth of securities. That kind of leverage is stunningly lucrative when markets are going up, but in the recent plunge, margin traders lost their shirts. While brokerages in Canada don't offer those kinds of margins, in a global market everyone suffers the consequences.

Despite its latest reverses, crypto, and especially the most famous example, bitcoin, has shown that it may be down but not out, bouncing back above $34,000 US after grazing $29,000 on Tuesday.

Bitcoin also has had some successes. Earlier this month, El Salvador, which already uses the U.S. dollar as its currency, was also the first country to declare the cryptocurrency as legal tender.

"The government will guarantee the convertibility to the exact value in dollars at the moment of the transaction," said the country's president, Nayib Bukele, after the legislation passed.

Central bank digital alternative
The announcement came just in time for the latest bitcoin plunge, prompting jokes about the idea that Salvadorians who negotiated salary deals at BTC $60,000, may have regretted doing so if they were being paid the day it fell below $30,000. Volatility has always been one of bitcoin's problems as a unit of exchange.

But this week's report from the BIS, with the disarming title, Central bank digital currencies: an opportunity for the monetary system, poses what appears to be a new threat. It suggests not only that central banks can and will begin to issue their own digital coins in direct competition with bitcoin and its ilk, but they may take action to discourage crypto's use.

"Innovations such as cryptocurrencies, stablecoins and the walled garden ecosystems of big techs all tend to work against the public good element that underpins the payment system," declared the BIS report in its conclusions. Walled garden systems are a bit like Canadian Tire money — effectively, chits that you can only spend in-house.

Central bank-issued digital money, called CBDCs for short — an area where China has become a world leader — was first seriously mooted after Facebook proposed its own stablecoin, Libra, in 2019. Unlike cryptocurrencies, which can rise and fall unpredictably, the value of CBDCs are known. And unlike stablecoins, they can be spent anywhere as legal tender.

As described Wednesday by BIS research director and Korean economist Hyun Song Shin, central bank-issued digital coins would have many of the advantages of crypto without the disadvantages.

Sounds pretty bullish to me.

 

[Rob Battisti]

I think the “currency” side of crypto will be neutered in the future. I’ve always had doubts about BTCs “perfect store of value” claim.

It may be perfect, but CBs don’t give a shit about stores of value. They don’t WANT to be tied to anything, which is why it would take a financial revolution of change that.

CBDCs are coming. They won’t be built on top of BTC, but they may be built on something like ALGO.

My thoughts on the real value of crypto is that it will be in the technology itself and smart contracts. Currency is too centralized to be decentralized.