Bitcoin/cryptocurrency thread

[gaz5]

.
Out of interest - how easy is it to convert crypto to hard currency?

There are a few variables to that, like where it is. I have mine mostly in private wallets so I'm the custodian. That would need to be transferred to an exchange first and the speed of that depends on the network.

But if it's on exchange already then it takes minutes. Sell it for fiat and faster payments to my bank, funds available to spend in 5-10 minutes.

There are other options, like having a crypto debit card with someone like Crypto.Com. with that, you just shift some coin from your trading account into your card account and use the card in any shop like any other. It just converts the fiat spend into the crypto you hold on the backend.

Binance also have a card.

There are also services like Nexo, where you can hold your Crypto for interest between 4-12% APY. And they have a Dex built into the service so you can market sell for fiat at any time without sending to an exchange. Then ready to faster payments again to your bank if that's your thing.

Interestingly, none of the banks I use have any issue getting money from crypto exchanges, even though some of them have issues with me sending it, for my own "protection" of course. But that's another story. [emoji846]

Spending crypto is nowhere near as hard as a lot of people would have you believe.

[DeeTillEhDeh]

There are a few variables to that, like where it is. I have mine mostly in private wallets so I'm the custodian. That would need to be transferred to an exchange first and the speed of that depends on the network.

But if it's on exchange already then it takes minutes. Sell it for fiat and faster payments to my bank, funds available to spend in 5-10 minutes.

There are other options, like having a crypto debit card with someone like Crypto.Com. with that, you just shift some coin from your trading account into your card account and use the card in any shop like any other. It just converts the fiat spend into the crypto you hold on the backend.

Binance also have a card.

There are also services like Nexo, where you can hold your Crypto for interest between 4-12% APY. And they have a Dex built into the service so you can market sell for fiat at any time without sending to an exchange. Then ready to faster payments again to your bank if that's your thing.

Interestingly, none of the banks I use have any issue getting money from crypto exchanges, even though some of them have issues with me sending it, for my own "protection" of course. But that's another story. [emoji846]

Spending crypto is nowhere near as hard as a lot of people would have you believe.

I would assume, that like transfers with hard currency, there will be limits on daily transfers to prevent money laundering?

[gaz5]

I would assume, that like transfers with hard currency, there will be limits on daily transfers to prevent money laundering?

Well, I've never transferred anywhere near enough to trigger that personally. Fingers crossed for the future [emoji1787]

But I am in a group with a number of OG's with large (7-9 figures) accounts and I was speaking to one the other day who regularly transfers large amounts.

The first time he did, he had to tell the bank it was coming, who accepted it, but he was flagged by HMRC for a tax audit. But again, tax is another consideration.

These days (certainly in my experience) you have to KYC with every service to be allowed to transfer out any significant figure and part of that KYC process is providing proof of initial funding. I've KYC'd with all 9 exchanges I use in order to be allowed to transfer larger amounts.

So the money laundering aspect is covered at both the sender and receiver end nowadays.

[DeeTillEhDeh]

Well, I've never transferred anywhere near enough to trigger that personally. Fingers crossed for the future [emoji1787]

But I am in a group with a number of OG's with large (7-9 figures) accounts and I was speaking to one the other day who regularly transfers large amounts.

The first time he did, he had to tell the bank it was coming, who accepted it, but he was flagged by HMRC for a tax audit. But again, tax is another consideration.

These days (certainly in my experience) you have to KYC with every service to be allowed to transfer out any significant figure and part of that KYC process is providing proof of initial funding. I've KYC'd with all 9 exchanges I use in order to be allowed to transfer larger amounts.

So the money laundering aspect is covered at both the sender and receiver end nowadays.

Aye HMRC can be a pain - full stop.

Just had them on to me for transfers from my mum that paid off my mortgage - £40k - had to prove that it wasn't a permanent transfer but a loan.

[Detournement]

5 hours ago, gaz5 said:

But I am in a group with a number of OG's with large (7-9 figures) accounts and I was speaking to one the other day who regularly transfers large amounts.
 

9 figures 

Multi Level Marketing is a hell of a drug. 

[gaz5]

9 figures [emoji23]
Multi Level Marketing is a hell of a drug. 

Remember, that's only your opinion.[emoji6]

Burn the witch, where's my trapanning drill and all that.

You should at least consider the possibility that in 10-15 years you'll have to admit you got this one wrong, like many before you in technology driven "new markets" of the past.

[Detournement]

11 minutes ago, gaz5 said:

Remember, that's only your opinion.

Burn the witch, where's my trapanning drill and all that.

You should at least consider the possibility that in 10-15 years you'll have to admit you got this one wrong, like many before you in technology driven "new markets" of the past.

A guy in an online investment group told you he had made over a hundred million dollars. This particular investment requires ever increasing amounts of new investors. I would suggest if you actually believe the claim you are extremely gullible.

As we see in the media from Cop26 the planned future economy is based on Central Bank Digital Currency and tradeable carbon credits. This will involve technology similar to Blockchain. It will not stop Tether and BTC from being a Ponzi scheme.

[gaz5]

A guy in an online investment group told you he had made over a hundred million dollars. This particular investment requires ever increasing amounts of new investors. I would suggest if you actually believe the claim you are extremely gullible.
As we see in the media from Cop26 the planned future economy is based on Central Bank Digital Currency and tradeable carbon credits. This will involve technology similar to Blockchain. It will not stop Tether and BTC from being a Ponzi scheme.

Yes, I'm gullible, I've not seen the evidence, I just took him at his word. [emoji1787][emoji1751]

But it's interesting that taking his word in an online group would make me extremely gullible, where taking yours wouldn't. [emoji1787]

Bottom line, I do my own research and from a risk perspective I'm happy with my position. If you're right (which I'm open to) I've taken a position with the mindset of "no more than you can afford to lose it all".

Listen, we all know you are anti crypto and think everyone involved is an idiot because "it's a Ponzi".

That's absolutely fine if that makes you feel better, sitting on the sidelines hurling insults.

But a few things you can't in any way refute:

1. Crypto is far more than BTC and Tether and you know this, because it's clear you're not an idiot. Tarring an entire market as a Ponzi because of your distain for 2 instruments within it, out of more than 12,000, is a little disingenuous even if they do have an influence over the market that needs to change (a point on which I agree and have said many times I believe will change over time)

2. Cryptocurrency is a cyclical market, so most money isn't made by new investors coming in and buying what people have, it's made by existing market participants knowing when to cycle between assets at different phases of the cycle. Yes, there will be people who get this wrong and end up holding a red bag to the next cycle, but that is true of ANY market. There are winners and losers in equities trading, or ForEx, or Commodities. That's how markets work. Some winners and some losers isn't unique to cryptocurrency.

3. Market cap in crypto rising by $1T does NOT mean (or need) $1T of new money coming in. So market cap numbers for that measure are useless. Market Cap is simply circulating supply multiplied by current price. In a supply and demand market, which it is, if people aren't selling but people want to buy the price goes up and this market cap with it. The market cap of crypto can change by trillions of $ with nowhere near that amount of money changing hands, never mind requiring new money to come in.

4. CBDC's are not cryptocurrency, but their development is being led by current cryptocurrency projects working alongside Central Banks. You only have to look at the lineup of speakers at this coming Thursdays Digital Pound Foundation event (which I'm going to BTW). CBDC's will come, no doubt, but they won't replace cryptocurrency, they will operate alongside it and in fact are likely to rely on non CBDC's for it to work at all for settlement and remittance, because CDBC's will be centralised and controlled by their own governments (basically digital fiat with all the same fiat problems).

[iron mike python]

1 hour ago, Detournement said:

A guy in an online investment group told you he had made over a hundred million dollars. This particular investment requires ever increasing amounts of new investors. I would suggest if you actually believe the claim you are extremely gullible.

As we see in the media from Cop26 the planned future economy is based on Central Bank Digital Currency and tradeable carbon credits. This will involve technology similar to Blockchain. It will not stop Tether and BTC from being a Ponzi scheme.

Possibly the worst post in any online forum. Really terrible reading of a variety of situations.

Firstly, I'm also in Telegram groups with many "whales", its quite a common thing in an industry with exponential growth whilst you cry on the sidelines about other people learning a new technology and being incentivised financially to do so.

Yield will be generated from open source decentralised protocols and CBDC's will need to utilise these to stay relevant. 

 

 

[Detournement]

1. The whole of Crypto is tainted by Tether. Tether admitted recently they are using unbacked Tether to buy Bitcoin then using that BTC to buy ALTs. 

2. The trading you are describing is a zero sum game minus the costs of mining and exchange fees. Good luck to the winners but it's not creating any new wealth and overall the traders are losing money due to costs. 

3. The entire market cap of BTC is based on Tether which is monopoly money. It's a Ponzi scam. Everyone knows that now so it's just a case of how long Tether can keep the bubble from bursting.

4. You might be right but I don't see central banks aligning themselves with the shady characters who dominate crypto. 

@gaz 7

Edited November 6, 2021 by Detournement

[welshbairn]

My alter ego is a whale on Telegram on a 9 figure crypto profit.

[Detournement]

1 hour ago, iron mike python said:

 

Firstly, I'm also in Telegram groups with many "whales", its quite a common thing in an industry with exponential growth whilst you cry on the sidelines about other people learning a new technology and being incentivised financially to do so.

 

 

So definitely not a multi level marketing scam then.....

[gaz5]

1. The whole of Crypto is tainted by Tether. Tether admitted recently they are using unbacked Tether to buy Bitcoin then using that BTC to buy ALTs. 
2. The trading you are describing is a zero sum game minus the costs of mining and exchange fees. Good luck to the winners but it's not creating any new wealth and overall the traders are losing money due to costs. 
3. The entire market cap of BTC is based on Tether which is monopoly money. It's a Ponzi scam. Everyone knows that now so it's just a case of how long Tether can keep the bubble from bursting.
4. You might be right but I don't see central banks aligning themselves with the shady characters who dominate crypto. 
[mention=42808]gaz 7[/mention]

1. In your opinion (for a Ponzi that has been investigated repeatedly and but find to have committed any offence yet, it can't be that obvious. You know I have concerns over Tether and I expect their influence on the market to wane, but at the moment you can only play by the rules of the day)

2. In your opinion (all markets are zero sums and the majority of retail traders lose money n every market. You don't think new wealth is being created, Google the fuckin island boys. Jesus Christ.)

3. In your opinion (and further everyone in crypto expects the bubble to burst, like it does every 4 years)

4. Well yes, but not everyone in Crypto is shady and they're currently working with some of the leading crypto companies. For example, the UK Central Bank is working with Ripple, among others, on CBDC.

Ultimately, you've made your feelings on crypto clear and that's absolutely fine. I've no reason to want to convince you otherwise, in my opinion that'll come in time.

Hopefully though you've at least seen from this discussion that, despite your pre conceived idea of all crypto traders being idiots, actually there are plenty who both know what they're doing and know more about the market than you do.

[Fraser Fyvie]

Happy SOL time high.

Name me a more beast coin.

I’ll wait.

[gaz5]

Happy SOL time high.

Name me a more beast coin.

I’ll wait.

VRA. [emoji1787]

Hopefully.

[Fraser Fyvie]

Aped in to Merit Circle $MC, a DAO for play-to-earn games, on the thesis that gaming/metaverse is going to be the next big narrative play.

$3.75 to $9.10 since this post btw.

But muh valuation.

Few.

[DiegoDiego]

Happy SOL time high.

Name me a more beast coin.

I’ll wait.

Solana 10xed for me not long ago. When I was fairly new to all this I bought a reasonable amount of SOL simply because Kevin Rose kept mentioning it and I figured he knew a lot more than I did.

[gaz5]

Solana 10xed for me not long ago. When I was fairly new to all this I bought a reasonable amount of SOL simply because Kevin Rose kept mentioning it and I figured he knew a lot more than I did.

Nice.

Hope you've taken a bit of risk off to lock something in. [emoji846]

[iron mike python]

3 hours ago, Fraser Fyvie said:

Happy SOL time high.

Name me a more beast coin.

I’ll wait.

Congratulations.

AXS is a good shout for being more of a beast though, its basically the national currency of the Philippines at this point. Just constantly going up blurring the line between game coins and real world currency.

[Fraser Fyvie]

Congratulations.
AXS is a good shout for being more of a beast though, its basically the national currency of the Philippines at this point. Just constantly going up blurring the line between game coins and real world currency.

Yeah that’s fair, AXS is relentless too.