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Bitcoin-Explain to me how to buy these things (1 Viewer)

That is interesting.  
 

One of the negatives I had read about crypto was that it was making these cyber attacks more common.  
 

Maybe this will start to ease that narrative?
Or it will scare the hell out of people knowing that their wallets aren't safe and their transactions can be reversed by a 3rd party.

 
Also in crypto news, the FBI has apparently recovered the BTC payment that Colonial Pipeline paid the hackers back in May.  They were able to get a warrant to seize the funds from the virtual wallet it was being held in. It was worth 4.4MM when they paid it. Now ~2.3MM. I guess they gotta HODL till it spikes again, right? 
I thought part of the allure of crypto-currencies was supposed to be that they are an asset class that can't be "seized" by the government? 

 
If there's one lesson I wish I would have learned immediately when I started investing in this arena, it's that this (large pullbacks) is the time to be putting your money in.  You make money by buying the dips, not piling in after the market has run up 2-10X.  The market is giving us a wonderful 50-80% off sale which is precisely when the smart money is moving their chips in.   

 
I thought part of the allure of crypto-currencies was supposed to be that they are an asset class that can't be "seized" by the government? 
Maybe some of the more crypto-educated can speak to this, but it was my understanding that if they had stored their crypto in a cold wallet, rather than leaving it on the exchange's wallet, then they were untouchable. IDK if they thought they were untouchable, or just maybe that they had more time. 

 
Good lord what a brutal day. Where is the bottom for BTC/ETH. (rhetorical question)

Of COURSE I got the GF's IRA involved yesterday 😂 

Just added a bit more in another account of mine to DCA but I think I've reached the point I've got all the chips involved Im willing to put in. 

 
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Good lord what a brutal day. Where is the bottom for BTC/ETH. Of COURSE I got the GF's IRA involved yesterday 😂 

just added a bit more in another account of mine to DCA but I think I've reached the point I've got all the chips involved Im willing to put in. 
I'm just waiting for Cap'nCranks to tell me when I can buy.

 
I'm just waiting for Cap'nCranks to tell me when I can buy.
Ha.  From a trading perspective, we're at a somewhat low risk entry point with $30K providing obvious support.  There's decent odds we continue to chop through this 30-40K zone, so swing traders are likely buying here with the hopes they can unload in the high $30s.  If $30K doesn't hold, it could be a swift ride to the low $20s, so you can bet they'll have their stop losses ready.

From a longer term perspective, I remember thinking, "Damn, it would be so great to have 2 BTC to just hold.  At the time it would have cost me nearly $110K.  At current prices it will only take $64K. As Michael Saylor puts it, when BTC is worth $500K, are you really going to be complaining that you bought at $30K instead of $20K?  Now he speaks with way more certainty than I do, but the risk/reward of the trade certainly suggests you get long here.

I mentioned before, I'd like to have more dry powder than I do.  I'm at 15% and I wish I was at 30%.  If I was at 30%, I would definitely be buying here.  Since I'm only at 15%, I'm gonna hold out to see if we do fall into the $20s at which point I'll be pushing in the 15% and then some.  

 
at 30%.  If I was at 30%, I would definitely be buying here.  Since I'm only at 15%, I'm gonna hold out to see if we do fall into the $20s at which point I'll be pushing in the 15% and then some.  
Over 50% stable, 25% ada cost averaged at 1.58, cake ecosystem, more feg than eth. It's not very clever diversification. It will feel good to fix this.

On a Feggy note. I saw a soccer fan crypto called Football Stars hit the "daily gainers" list yesterday. I almost bought some via Cake just for the name, but no, I needed to dig in a little. It's looking to do with soccer what top shot did with NBA. I watched it go up ... ... over 50,000%. And then back down. A pump and dump? Wth. I need to look closer, but this may be the end of my eth.

 
Over 50% stable, 25% ada cost averaged at 1.58, cake ecosystem, more feg than eth. It's not very clever diversification. It will feel good to fix this.

On a Feggy note. I saw a soccer fan crypto called Football Stars hit the "daily gainers" list yesterday. I almost bought some via Cake just for the name, but no, I needed to dig in a little. It's looking to do with soccer what top shot did with NBA. I watched it go up ... ... over 50,000%. And then back down. A pump and dump? Wth. I need to look closer, but this may be the end of my eth.
Gonna be honest.  I'm jealous of your stablecoin portfolio.  

What do you like about CAKE?  I've kinda cast them off as just a temporary play as Binance sheds activity from ETH during periods of high gas fees.  With ETH 2.0 looming and DOT and ADA about to hit the ground running, I wouldn't be surprised if CAKE's market share drifts back down.  Of course, I haven't spent much time researching the project which is why I'm wondering why you like them.  

 
Gonna be honest.  I'm jealous of your stablecoin portfolio.  

What do you like about CAKE?  I've kinda cast them off as just a temporary play as Binance sheds activity from ETH during periods of high gas fees.  With ETH 2.0 looming and DOT and ADA about to hit the ground running, I wouldn't be surprised if CAKE's market share drifts back down.  Of course, I haven't spent much time researching the project which is why I'm wondering why you like them.  
I'm about to get some sleep, long drive to Tahoe soon. So, I linked an article a page or three back about Uni vs Cake. It explains what I like clearly. And tbh, it was Cake that made me more than anything I've ever invested in but real estate. I got in very early for the 220% apr when the max they would let "approved" stakers stake was 15k. I bought more that wasn't staked to put me in at 25. It was worth over half a mil at one point (just 3 and a half months later). It kept up with Doge during that run. I agree defi swap exchanges are getting diluted, but cake has a big head start, a silly fun ecosystem that this weird new retail world seems to prefer, and a massive loyal following. As dogers chant for dollar doge, cakers chant overtake uni. It was around 50th in Cap when we headed down. It's creeped up to 35th since. Cake at $50 when/if things charge up again is a given, I think. That's nothing special in this game, but for me, the special already happened. 

 
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I'm about to get some sleep, long drive to Tahoe soon. So, I linked an article a page or three back about Uni vs Cake. It explains what I like clearly. And tbh, it was Cake that made me more than anything I've ever invested in but real estate. I got in very early for the 220% apr when the max they would let "approved" stakers stake was 15k. I bought more that wasn't staked to put me in at 25. It was worth over half a mil at one point (just 3 and a half months later). It kept up with Doge during that run. I agree defi swap exchanges are getting diluted, but cake has a big head start, a silly fun ecosystem that this weird new retail world seems to prefer, and a massive loyal following. As dogers chant for dollar doge, cakers chant overtake uni. It was around 50th in Cap when we headed down. It's creeped up to 35th since. Cake at $50 when/if things charge up again is a given, I think. That's nothing special in this game, but for me, the special already happened. 
tl;dr - Let them eat Cake

 
copy and paste from an email newsletter summary:

El Salvador’s decision to make bitcoin legal tender could shake up US taxes, corporations

On Tuesday, El Salvador became the world’s first country to adopt bitcoin as legal tender.

Per CNBC, this change means that “prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.”

The country’s president, Nayib Bukele, marked the occasion by putting “laser eyes” -- a popular way to show support for Bitcoin -- on his Twitter profile. Why not!?

It’s not just profile pictures that are changing

There could be huge implications for the US, as explained by Forbes’ Avik Roy:

Taxation: Today, the IRS classifies bitcoin as property. If you use it to transact -- like buy a Starbucks coffee -- and the price of bitcoin has changed since you first acquired it, that’s a taxable event. But as legal tender, bitcoin can be used in commerce without being taxed (AKA much less friction).

Corporate balance sheets: Current accounting rules are unfavorable to crypto assets. If the price rises, you are unable to mark it up as an unrealized gain. If the price falls, though, you have to write it down. From a corporate accounting perspective, that’s all downside.
However, if bitcoin is considered a foreign currency -- because it’s legal tender in El Salvador -- corporations can hold it on the balance sheet under more favorable accounting guidelines.

Bitcoin’s future: With the US dollar as the world’s reserve currency, it ideally transacts with all of the currencies of foreign nations. As an official currency for El Salvador, it may become harder for the US to ban bitcoin.

El Salvador itself only has a GDP of $27B, smaller than any US state. It’s yet to be seen how the US government will respond but -- with El Salvador’s big crypto move -- the questions are in play.
:popcorn:  

 
I now Im the only one in HEX.  But I have to share because im psyched.

$2000 investment.

current value $65K

If I hold to the dates I agreed to...  Current value $112K  :eek: :clap:

 
Alts are really lagging here.  I'm concerned that the mid and micro caps are in for some real pain if BTC can't carry us into the 40s.  

BTW, I haven't forgotten about my assignment to research a project each week.  I probably should have waited a little because I just bought a house and am knee deep in renovation work atm.  

 
Alts are really lagging here.  I'm concerned that the mid and micro caps are in for some real pain if BTC can't carry us into the 40s.  

BTW, I haven't forgotten about my assignment to research a project each week.  I probably should have waited a little because I just bought a house and am knee deep in renovation work atm.  
While Crypto is far from a closed system with fresh capital entering the market daily, am I wrong in thinking we could see some assets pulled from micro/speculative into a perceived buying opportunity BTC/ETH given the huge pullback there? 

Seems there can be a bit of an ebb/flow in that manner at times. 

 
While Crypto is far from a closed system with fresh capital entering the market daily, am I wrong in thinking we could see some assets pulled from micro/speculative into a perceived buying opportunity BTC/ETH given the huge pullback there? 

Seems there can be a bit of an ebb/flow in that manner at times. 
Absolutely.  There are definitely intra-crypto cycles that occur where money moves from BTC to blue cap alts to micro cap alts and vice versa.  We saw that a bit in March and April where money moved out of BTC into alts which continued to scream higher while BTC treaded water.  Ultimately, however, BTC is the leader and while there might be a lag, alt coins will eventually follow its trajectory. 

 
Love that this whole thing just revolves around one toolbag’s occasional comments. 
That and the fact that so many of these coins have huge holders is part of the skepticism of them truly taking over. I mean the whole Bitcoin = $1M predictions are where Bitcoin basically takes over all fiat currency. I don’t want Michael Saylor, Musk and the Winklevi twins ruling the world.

 
That and the fact that so many of these coins have huge holders is part of the skepticism of them truly taking over. I mean the whole Bitcoin = $1M predictions are where Bitcoin basically takes over all fiat currency. I don’t want Michael Saylor, Musk and the Winklevi twins ruling the world.
"Winklevi Twin powers, activate! Form of....King HODLer of the world!"

 
That and the fact that so many of these coins have huge holders is part of the skepticism of them truly taking over. I mean the whole Bitcoin = $1M predictions are where Bitcoin basically takes over all fiat currency. I don’t want Michael Saylor, Musk and the Winklevi twins ruling the world.
$1M BTC is $20T market cap which is roughly 2X gold's current market cap.  I don't think a price that high implicates a takeover of all fiat currency.  

 
"Winklevi Twin powers, activate! Form of....King HODLer of the world!"
When evil hedge fund folks come to mind, they and their family rises to the top. Same with Saylor. Dude was involved in fraud that actually contributed to the dot com bubble bursting as people started to realize numbers were inflated. Saylor owns 18,000 BTC so anyone thinking he’s doing all the pump out of the goodness of his heart are mistaken.

 
$1M BTC is $20T market cap which is roughly 2X gold's current market cap.  I don't think a price that high implicates a takeover of all fiat currency.  
I might have the price incorrect (there have been some wild projections), but I do recall during the $20k run up there were a lot of folks saying that it would take over everything. This current run up has switched from currency/transactions to store of value/gold.

 
I might have the price incorrect (there have been some wild projections), but I do recall during the $20k run up there were a lot of folks saying that it would take over everything. This current run up has switched from currency/transactions to store of value/gold.
I think BTC was created to supplant fiat currency.  However, its technology can't process enough transactions (only 7 per second or something like that) to serve that purpose without secondary layers.  Thus, the narrative has changed to "store of value".

 
I feel like it's been positioned/sold as "Digital Gold" for at least a couple of years by those in the space. Now maybe the general public is just hearing about that in the last several months. 

 
I feel like it's been positioned/sold as "Digital Gold" for at least a couple of years by those in the space. Now maybe the general public is just hearing about that in the last several months. 
I think it has been 2020 and 2021 that you’ve heard that a lot more but that wasn’t the last run up a few years ago. That and prior was always about replacing fiat and having people transact in BTC. I think the limitations there and lack of movement has changed the story the past couple years.

 
Love that this whole thing just revolves around one toolbag’s occasional comments. 


The whole point of decentralized digital virtual currency is so that no one individual or government can exploit the markets, pump or inflate values, and otherwise keep a lid on the corruption and profiteering done by bankers on fiat currencies. Right? But now spaceboy tweets and sells and prices go haywire. 

Points to a significant flaw in the original design argument for sure.

 
The whole point of decentralized digital virtual currency is so that no one individual or government can exploit the markets, pump or inflate values, and otherwise keep a lid on the corruption and profiteering done by bankers on fiat currencies. Right? But now spaceboy tweets and sells and prices go haywire. 

Points to a significant flaw in the original design argument for sure.
I think you took some liberties with your "whole point of digital virtual currency."

 
Is there a way to set price alerts on Coinbase? I've looked, albeit not that hard, and didn't see anything on the app.

 
Came here looking for the same answer.  Big losses across most all of the major ones I’m tracking.  
I think the big concern now is the rising dollar and posturing by the Fed for higher interest rates.  That's moving everyone out of risk assets.  

FTR, I've been buying.  Got some ETH, SOL, and THETA.  Wouldn't mind filling my sack with $1 ADA if it gets there.  

 
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I put about 60 percent of my portfolio in Tether when bitcoin was at $46k.  Looking to get back in around $26k. 
I did this with just under 90% also at 46 and change (mostly busd, not tether). Two sell offs cost averaged there. BUT, I jumped in on ADA too soon and couldn't resist getting back into Cake at $22. Also dumped a bunch of ETH for a microcap homerun swing (feg) that's just gone down down down. I should have held the stablecoins. Meh, still 50% stable which is a nice win countered by the not so nice losers. Undecided if I want to cost average ADA again or diversify, but I'm staying patient, avoiding the daily noise, and seeking promising under the radar projects.

 

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