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Bitcoin-Explain to me how to buy these things (5 Viewers)

Appreciate the thoughtful reply. The gaming use cases makes sense I guess, although they mostly seem like ways to entice people to dump fiat currency into the gaming companies' ecosystems and entice players to spend and play more so the gaming companies make more money. Back in the 80s I could send pictures to Activision of my Pitfall high scores and they'd send me patches. Maybe I could have sold the patches in a speculative, secondary market. But really it was just to keep me playing Pitfall and buying their next game so I could get more patches. This just seems like the evolution of that, but I'm not a gamer and finally got my 25-year old, VR goggle-wearing step son out of my garage last year, so I admittedly don't understand that world. (cue old man yelling at clouds meme)

Most of the examples that really make sense to me are really more about blockchain technologies. Money transfer, supply chain/inventory tracking, that kind of thing. But why do we need all these coins for that? From my admittedly limited understanding, BTC and ETH are so inefficient and slow that they're still essentially useless at processing transactions at scale. And yet many seem to think those are the two "blue chips" of the crypto world. As you said there are much faster blockchain projects in existence and in the works, but it seems so fragmented I'd be curious how any of them gain enough market share to be relevant, especially as so many around them are pure ****coin "projects" at best and scams at worst.

My gut tells me that in the end, governments will just issue their own stable coins that can be used to support most use cases, and all of these others will fade away. Doesn't mean some money can't be made speculating along the way, of course, which is the whole reason I've dabbled.

Even the slowest and most inefficient crypto currencies are orders of magnitude faster than electronic money transfers now. Right now, they take weeks. We just don't notice because companies have created a business out of fronting that money to give the illusion of transferring it quickly. When you send me money via Venmo, that money doesn't actually get transferred from you to me instantly. The bank behind Venmo just fronts me the money, trusting that eventually the money you sent them will get there, or they will come after you for it.

With crypto, those companies wouldn't really need to exist anymore (though they still could if you wanted it even faster). But where it all really breaks down in the current system is with larger transactions. Because Venmo is willing to front me $20 from you and if your $20 never makes it then hey, it's only 20 bucks. But if you want to transfer $100,000 to me then they're not going to do that, and we're going to have to wait the 2 weeks it takes to actually move that money.

I work in real estate and deal with 6+ figure transactions every day. Even most 5 figure transactions require waiting on the money to actually move. It is a NIGHTMARE. Everything takes forever. Banks constantly decline transfers, set arbitrary limits on when you can move money and how much, etc. The blockchain solves all of that. Even the slowest currencies.

The other thing to note is with most currencies switch to proof of stake, the transactions get faster the more people use it (and stake their currency). People get paid to stake their currency (instead of banks getting paid to hold the currency), which makes the network faster for everyone and better at quickly handling transactions that are publicly verified on the global ledger (instead of, again, a bank being required to privately verify them).


Regarding gaming, we're maybe a few years too late on the biggest application for gaming. That is, ownership of digital assets. Because I used to be able to buy a video game and, when I was done, trade it in to a store or give it to a friend, etc. That was the big sticking point for the move to digital games, people wanted to actually own them instead of just a non-transferable license. But eventually, the convenience of digital games was just too much to pass up, and people gave up and accepted "you buy this product, but you don't actually own it". NFTs could have solved that, but probably too late now as companies aren't going to give back that control now that the consumer has given it up.

The other big use case though is digital items compatible across games. Right now if you buy a skin for a game, and you stop playing that game or the game gets old and they take down the servers, that skin just fades away into nothingness. But what if you could take that skin into another game and use it there? Or what if you could take the currency you earned in one game and into another? Or what if you could sell those assets to someone else even if there wasn't a marketplace built for that game (you can sell World of Warcraft items on ebay, but not Madden items or thousands of other games).

Being able to create ownership of digital assets has been a problem that we've been trying to solve since the internet became popular. And now we have it, but everyone has just kind of forgotten, because they gave up a few years ago and just accepted "we don't ever get to own anything digital" as the answer.

What can that do for us? I've provided some major examples on previous pages of this thread. But I'll go back to my favorite clip here: https://www.youtube.com/watch?v=tgODUgHeT5Y

13 years after the internet was created, and even with the idea of digital media right in front of their face, everyone laughed at the idea of the internet having an impact on media consumption. We had radio and tape recorders, why do we need this stupid internet thing? Netflix, Spotify, YouTube, streaming TV, these people couldn't even DREAM of these things one day being the primary (and FAR better) way they consumed their media.

The best use cases for the blockchain haven't even been dreamt up yet.
 
My gut tells me that in the end, governments will just issue their own stable coins that can be used to support most use cases, and all of these others will fade away. Doesn't mean some money can't be made speculating along the way, of course, which is the whole reason I've dabbled.


I meant to touch on this as well. I agree on this. As I've said on prior pages, a digital USD on the blockchain I believe is the most likely outcome of all this (USD is already digital, just on a much worse system than the blockchain). And I'm fine with that. It solves all my problems.

The BTC/ETH/Global currency thing is really a much bigger issue outside of America. We live in a pretty sweet country where we don't really have to worry about the government seizing all of our assets because we criticized the president on twitter. And despite recent inflation struggles, we don't really have to worry about hyper-inflation making our currency completely worthless.

But you can see why people in many other countries would prefer the currency they earn and invest and trade to be outside of the control of their local government. Vladamir Putin can't seize your ethereum because you posted a tweet of him getting beaten up by Zelenskyy. Venezuela can't print unlimted bitcoin until bitcoin is inflated to worthlessness.
 
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My guy said yesterday he's deploying about 50% of his capital into the market. Most indicators are now showing bullish and we broke a major support line (~21K). He's still 50/50 on whether it's a long term bull. He mostly thinks it will come back down (which agrees with the majority above) bc of macro economy conditions, but enough bullish signal that he deployed some funds, so as not to miss a close-to-bottom buying point before it heads all the way up.

Picked up a few off my watch list including some more GALA, VRA, IC, VET, CHZ, AGIX.
 
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~$25K seems to be the next sticking point. If BTC breaks through that, should be a significant runup. Until then, we capitulate back and forth in this 21-23K range, and could very well fall back into the teens.
 
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HEX Price
$0.033417
23.10%
HEX Price
$0.040965
Boom :drive:

+115.08%
for the month
HEX Price
$0.041204
3.82%

Im looking to sell at 25C

caveat that I have stakes coming up in July and august where I may also sell.

At current price looking to pay off my HELOC. Give me 10C and I will probably sell in AUG too to pay off house. But I will still have some locked up for the next few years (y)
 
So, I think this will launch pretty soon (I hope). been waiting like 2 years

I "sacrificed" for it, so I do have something to gain if the price goes up.

I'll be posting updates as I buy and sell it. But for friends I wanted to make a simple instructions on how to gamble on it. "its kinda complicated to buy"

So I just purchased this to help. It will simply be instructions so I don't have to type them out to my friends.
 
Not sure how much ill be posting here since I think im going to cut back my day to day stuff.

Just for my own thoughts.

Here are the 3 things I have like a huge amount (for me) gambling money in. been waiting 2 years and have reason to believe there is some good news coming.

1 https://pulsechain.com/ I have quite a bit invested/sacrificed in this. When this launches, the other 2 will also, right away. they are waiting for this. this is a level 1
2 https://pulsex.com/ which will be on the pulsechain network
3 https://www.liquidloans.io/ which will allow people to use their crypto to take out loans against it

1a https://nomics.com/assets/hex-hex Hex. I have a bunch locked up and a bunch liquid. Im going to try and just hold. its tough for me. I like to trade. its up +149.62% in the last month and im hoping that is because of good things for the 3 above.

I will of course post when any real action happens in regards to this ecosystem

Good luck to all :moneybag:
 
@SFBayDuck or any other Blockfi guys keeping up with this claim stuff? I'm in over my head with a lot of this. I get emails...and from the looks of it I'm entitled to make a claim (obviously). I didn't do the loan, or anything like that. I just parked my BTC in Blockfi to draw some interest.

It gave me an amount, which I believe was my balance when the withdraws were halted. It says as long as I don't dispute that amount (and I don't) no action from me is necessary. It can't possibly be that easy to have my money recovered is it? I don't care for this false hope.
 
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Everything down bigly. added to my HEX
Will be more of the same in the 20-24999 range. Boring.. take some profits if you feel like it. I'm still stacking and hoping for the bigger dip that I still think is coming now that it didn't break 25K.
Im out of play money. so id need to sell hex in order to play around. Right now its about 5c.

I might play the sell at 5.5 and buy in the 3s and 4s.

but hex can shoot up like 30% at any time. So im sitting on my hands trying to chill:violin:
 
@SFBayDuck or any other Blockfi guys keeping up with this claim stuff? I'm in over my head with a lot of this. I get emails...and from the looks of it I'm entitled to make a claim (obviously). I didn't do the loan, or anything like that. I just parked my BTC in Blockfi to draw some interest.

It gave me an amount, which I believe was my balance when the withdraws were halted. It says as long as I don't dispute that amount (and I don't) no action from me is necessary. It can't possibly be that easy to have my money recovered is it? I don't care for this false hope.

That's my understanding as well, the claims are automatically being filed and we only need to take action if we don't agree with the amounts. I have two claims since I had ETH earning interest and BTC in a wallet.
 
Huge pump this afternoon, not sure why, but we are now REALLY close to the critical $25K point of resistance. Could happen tonight when Asian markets wake up. The short term play is probably to take some profit if you are so inclined. But be careful. For the first time in BTC history, the 200 week moving average has fallen below the 50 week moving average, which usually strongly indicates downward movement upcoming. That said, the Relative Strength Indicator has also just passed the monthly moving average above the trend line, and the last time(s) that happened, it was off to the races.

I'm so conflicted now. The economy is still a poop show and I don't think that is going to get better.

Lol as I typed that, my guy I'm listening to literally said "conflict all over the place" and he is not sure what to do here. Uncharted territory. Keep a watch over the next few days/weeks. It may be time to take some profits, but also very possible we see some retracement back down. The main reason he's skeptical is because the USD (DXY) is also pumping currently. This usually does not happen. DXY and BTC are usually inversely related. He suspects this could be some BTC whale market manipulation. Be careful out there GBs and good luck with your investments!
 
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Thoughts?
Not sure. But I suspect that this will go back and forth in courts before it gets settled. From what I've been able to discern, some cryptos should definitely be securities and some definitely should not. I think that's the main crux of the argument. Regulation is needed (and wanted) but the nuts and bolts will be argued for a while, I'm afraid before anything concrete happens. I'm hoping the Ripple case may lend some help to the process.
 
Huge pump this afternoon, not sure why, but we are now REALLY close to the critical $25K point of resistance. Could happen tonight when Asian markets wake up. The short term play is probably to take some profit if you are so inclined. But be careful. For the first time in BTC history, the 200 week moving average has fallen below the 50 week moving average, which usually strongly indicates downward movement upcoming. That said, the Relative Strength Indicator has also just passed the monthly moving average above the trend line, and the last time(s) that happened, it was off to the races.

I'm so conflicted now. The economy is still a poop show and I don't think that is going to get better.

Lol as I typed that, my guy I'm listening to literally said "conflict all over the place" and he is not sure what to do here. Uncharted territory. Keep a watch over the next few days/weeks. It may be time to take some profits, but also very possible we see some retracement back down. The main reason he's skeptical is because the USD (DXY) is also pumping currently. This usually does not happen. DXY and BTC are usually inversely related. He suspects this could be some BTC whale market manipulation. Be careful out there GBs and good luck with your investments!
Im conflicted too. im up very nice like 80 or 100% this month in my crypto. hmmmm. :shrug:
 
on the SEC stuff from yesterday, here's what one of my crypto sources had to say (no link, bc it's from an email blast):

After turning a blind eye to FTX for years, Gary and the SEC finally start taking some taking action. Their targets? Two central sectors of DeFi.

1. Staking-as-a-service
Kraken is the 3rd-largest Ethereum staker.

They provided a centralized staking service for customers. The SEC went after them, claiming it was a security.

According to SEC: Kraken offered outsized returns in comparison to the economic reality. At the same time, Kraken retained the right to pay no returns at all. They also didn't provide any insight into the financial condition of the service.

But Kraken is good actor with decade-long reputation. They are actually solvent (Pretty important in crypto). They invented the use of Merkle Root data to create verifiable proof of reserves.

In the end, Kraken bent the knee. They agreed to pay a $30 million fine, and to stop the staking service for US customers.

Kraken controls 7.39% of all staked Ether. They are forced to sell these after the unlock. It'll have wide-ranging consequences.
  • $ETH tanked after the news while decentralized LSD providers mooned.
  • This event illustrated the opportunity for decentralized staking options such as Rocketpool. While staking on a centralized service is convenient, it comes with regulatory risks.
SEC may go after other centralized staking providers. If they do, Coinbase has said that they'll fight the SEC in court. Brian's not afraid of the smoke, and they have the $ to fight back.
Here’s the next outrageous action taken by the SEC.

2. Next Target: Stablecoins

BUSD is the 3rd largest stablecoin by market cap ($16B). The SEC claims BUSD is an unregistered security, and they're suing Paxos (BUSD issuer).

The Howey test determines if something's a security:

"investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others."

If you hold $1,000 of Stablecoins, are you expecting any profits? No, its job is to hold its value.

However, this doesn't automatically mean that BUSD can't be a security - this will be solved through a long legal battle.

Paxos, not Binance

BUSD is NOT issued or redeemed by Binance. It is issued and managed by Paxos Trust. Think of it like a licensing deal.

The New York Department of Financial Services (NYDFS) has ordered them to stop minting BUSD. And they're complying. They will also stop their relationship with Binance over BUSD as well.

This lawsuit has direct implications for the CeFi:
  • Binance will move away from using BUSD as the main pair for trading.
  • Binance will explore other issuers for a stablecoin. They are considering non-USD stablecoins as well.
  • If BUSD is ruled as a security by courts, it will have profound impact on how crypto develops.
You can see how people are moving away from BUSD. The big winner in this is USDT as people are seeing it as a safer haven compared to USDC and BUSD.

These regulatory scares won't stop crypto - it will only force us to innovate and build better solutions that cannot be censored.

Possible 2nd order effects:
  • Crypto Companies moving away from US and towards Crypto friendly places such as Hong Kong and Dubai.
  • Decentralized Stablecoins increase in usage: CrvUSD and Aave's GHO can't come fast enough.
  • The rise of Non US Stablecoins. Most stablecoins are pegged to the USD. Could we see the rise of stablecoins pegged to the Singaporean Dollar or Swiss Franc instead?
Anyways, Gary's facing a lot of heat for sleeping at the wheel over FTX and last year's CeFi's disaster. So these attacks could be him trying to overcompensate / show that he's being hard on Crypto.

He's driving Crypto innovation away from the U.S.
 
Looks like we broke $25K for a hot second this morning, but went right back below it so... :shrug: Will take 2 daily candles closing above 25k to confirm.
 
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Watching a video about a guy named "god whale"

they looked up his wallets on etherscan. I wanted to see what he has besides the $56MM of ETH :oops:

SNX
DAI
REN
SWAP

might be worth looking into

actually, im going to dabble into some REN
 
Watching a video about a guy named "god whale"

they looked up his wallets on etherscan. I wanted to see what he has besides the $56MM of ETH :oops:

SNX
DAI
REN
SWAP

might be worth looking into

actually, im going to dabble into some REN


DAI is a stablecoin, so that's just a holding place for making his other moves

Haven't heard of SNX or REN but supply numbers look decent at quick glance and both are on a lot of watchlists on CoinMarketCap. I'd say SNX looks best at quick glance. Going to do some more digging on those. :thumbup:

SWAP, I'm not sure on. Seems less popular. But the all time high was almost $5 and it's sitting at .20 right now so... maybe worth a flyer for a gambler :lol:
 
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DXY still pumping. S&P crashing in relation. There's no legitimate reason for BTC to be pumping. It almost has to be whale manipulation. :tinfoilhat:

IMO, anyone saying with any degree of certainty that this is a bull crypto market, you should make a mental note of it.
 
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Watching a video about a guy named "god whale"

they looked up his wallets on etherscan. I wanted to see what he has besides the $56MM of ETH :oops:

SNX
DAI
REN
SWAP

might be worth looking into

actually, im going to dabble into some REN


DAI is a stablecoin, so that's just a holding place for making his other moves

Haven't heard of SNX or REN but supply numbers look decent at quick glance and both are on a lot of watchlists on CoinMarketCap. I'd say SNX looks best at quick glance. Going to do some more digging on those. :thumbup:

SWAP, I'm not sure on. Seems less popular. But the all time high was almost $5 and it's sitting at .20 right now so... maybe worth a flyer for a gambler :lol:
purchased 1100 SNX
 

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