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Are members invested in Bitcoin/crypto?
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Bugbait
·
Same mistakes over and over, greed driven policies. Due to the highly volatile nature of crypto-assets, banks and financial institutions (FIs) would need to hold a large reserve of low risk collateral to back them. Are the regulators going to get this ratio right? Unlikely. Will it overleverage the system like toxic mortgage collateral in 2007/8? Quite possibly.
My concerns aren't with allowing FIs to trade and hold crypto-asset reserves. It's with the ability of the regulator to provide the right level or guidance around it. "Too big to fail" all over again. Just look at the state of the global derivative market, largely fostered into existence by the US regulators. The majority of it is there just to make money, it provides little to no productive value for the underlying asset. Sound familiar to the current state of the crypto market?
To reiterate, I like the idea of crypto technology but not the current state in which it operates.
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AlphaToOmega
·Quant is a better option now. Proper fundamentals and business case use. Partnered with Oracle and AWS and not reliant on crypto, but on distributed ledger technology. As CBDC's come on stream they will fly.
In a nutshell they allow blockchains to communicate with one another and they have a significant first mover advantage.
You can thank me in 5 years time.
In a nutshell they allow blockchains to communicate with one another and they have a significant first mover advantage.
You can thank me in 5 years time.
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Walrus
·Same mistakes over and over, greed driven policies. Due to the highly volatile nature of crypto-assets, banks and financial institutions (FIs) would need to hold a large reserve of low risk collateral to back them. Are the regulators going to get this ratio right? Unlikely. Will it overleverage the system like toxic mortgage collateral in 2007/8? Quite possibly.
My concerns aren't with allowing FIs to trade and hold crypto-asset reserves. It's with the ability of the regulator to provide the right level or guidance around it. "Too big to fail" all over again. Just look at the state of the global derivative market, largely fostered into existence by the US regulators. The majority of it is there just to make money, it provides little to no productive value for the underlying asset. Sound familiar to the current state of the crypto market?
To reiterate, I like the idea of crypto technology but not the current state in which it operates.
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Observer
·Gold is a volatile asset, yet nobody complains if banks hold it. The volatility of BTC mainly carries risk to reckless people who leverage their positions, and as far as I’m concerned, they deserve to lose. Maybe they should short some penny stocks, too.
If banks merely hold crypto in custodial accounts for their clients, what could go wrong?
If banks merely hold crypto in custodial accounts for their clients, what could go wrong?
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Walrus
·Gold is a volatile asset, yet nobody complains if banks hold it. The volatility of BTC mainly carries risk to reckless people who leverage their positions, and as far as I’m concerned, they deserve to lose. Maybe they should short some penny stocks, too.
If banks merely hold crypto in custodial accounts for their clients, what could go wrong?
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Observer
·I don’t look at it as so much something “going wrong” I just see it as moving into the legacy financial which it was meant to be separate from but again as things evolve and going from a “oh it’s just for drugs and crimes” to pension funds buying it it’s really not up to me to say this is a bad thing. For greater adoption Bitcoin needs more of the population involved and perhaps for some being your own bank and having complete control over your funds is a barrier. I would be concerned if banks start a form of fractional reserve as the FDIC is actually considering insuring some crypto. So just more stuff going on, I’ve been getting a little deeper in defi just to find out what it’s about and I am amazed at the rabbit hole it can take you down. I though 6.8% on SOL was impressive well you start getting into some off these dapps and you can blow that out of the water. I don’t know where it’s going or if regulation will sink it but it’s amazing to check out. I mentioned prior a buddy of mine, well he’s an intern on the job, but he’s into building on these things and he gives me some basic tutorials I really don’t think he should be in my field as he can write code in his sleep but it’s just his hobby.
Banks can get into crypto or fall by the wayside. Blockfi (for example) is paying 8% on USDC and more people are signing up for that kind of deal every day. The old ways are inefficient and primarily benefit the big players. A disruptive new technology is here. We can adapt or be left behind.
I've done a little bit of defi but prefer to aim for capital gains. I cashed out one token (AXS) over 10,000%. Still holding another (MATIC). Defi will interest me someday after things have settled down, but it's gains are miniscule compared to what can still be made on emerging projects. Gaming NFTs are developing into a monster.
I engage in this conversation in a lot of different places, mostly crypto related forums. It's interesting to compare those places to people's reactions here where we share an appreciation for inaccurate machines that have largely been replaced by technology that is superior in every practical way.
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Walrus
·Well, the US dollar is the currency of drugs and crime. No cryptos come close to rivalling it. Nobody repeating that line can be taken seriously.
Banks can get into crypto or fall by the wayside. Blockfi (for example) is paying 8% on USDC and more people are signing up for that kind of deal every day. The old ways are inefficient and primarily benefit the big players. A disruptive new technology is here. We can adapt or be left behind.
I've done a little bit of defi but prefer to aim for capital gains. I cashed out one token (AXS) over 10,000%. Still holding another (MATIC). Defi will interest me someday after things have settled down, but it's gains are miniscule compared to what can still be made on emerging projects. Gaming NFTs are developing into a monster.
I engage in this conversation in a lot of different places, mostly crypto related forums. It's interesting to compare those places to people's reactions here where we share an appreciation for inaccurate machines that have largely been replaced by technology that is superior in every practical way.
I’m glad I wasn’t in idiot and mocked the NFT which I was doing for a while as had I these guys would not have taken the time to explain to me how things went for them last month, which was an impressive story. If you (me) make up your mind too soon and start spouting off what a waste a certain thing is you can miss a lot of good information. Interesting times. Could end up being something quite fascinating over time.
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blubarb
··IG: #blubarb19Yep, BTC, Shib, Sol, XRP and a few others. I don't know enough to get into deep discussion, I just bought in ages ago wth what I was prepared to lose but that hasn't happened yet, not by a long shot.
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Walrus
·Yep, BTC, Shib, Sol, XRP and a few others. I don't know enough to get into deep discussion, I just bought in ages ago wth what I was prepared to lose but that hasn't happened yet, not by a long shot.
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Observer
·https://www.coindesk.com/tech/2021/...-intent-on-testing-code-is-law-in-the-courts/
Interesting case. I had a few bucks involved, like vintage mediocre Seamaster money. I’ve written it off, but will be watching this. My guess is that it will be a solid loss for the hacker if for no other reason than the fact that he’s up against what’s good for the big banks and investment houses.
Interesting case. I had a few bucks involved, like vintage mediocre Seamaster money. I’ve written it off, but will be watching this. My guess is that it will be a solid loss for the hacker if for no other reason than the fact that he’s up against what’s good for the big banks and investment houses.
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Walrus
·https://www.coindesk.com/tech/2021/...-intent-on-testing-code-is-law-in-the-courts/
Interesting case. I had a few bucks involved, like vintage mediocre Seamaster money. I’ve written it off, but will be watching this. My guess is that it will be a solid loss for the hacker if for no other reason than the fact that he’s up against what’s good for the big banks and investment houses.
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Spacefruit
··Prolific Speedmaster HoarderWow, ya that’s why I’m just messing around with defi to get a feel for it. That case is pretty mind blowing the knowledge and ability that kid possesses seems like he could use that to better himself in much more positive measures. I was in DAO for a while myself but after some gains I moved to Eth. I hope the kid just returns it I don’t know anything of the Canadian legal system but the US court system can be a real bummer. Two weeks ago I spent 5hrs in court just working out a deal for someone to pay a 100 dollar fine. I’m not a lawyer or anything but my job puts me in these positions I would hate to think of the possible legal consequences of being convicted of stealing 16 million when your basically a kid, it is impressive in a way (tech wise) but you can’t put a price on freedom.
Reading the story, the kid thinks he didn't steal it, he exploited an arbitrage opportunity that arose as a result of incompetent coding.
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Observer
·Reading the story, the kid thinks he didn't steal it, he exploited an arbitrage opportunity that arose as a result of incompetent coding.
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Walrus
·Reading the story, the kid thinks he didn't steal it, he exploited an arbitrage opportunity that arose as a result of incompetent coding.
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blubarb
··IG: #blubarb19Have you staked any SOL yet? There are a few wallets that pay a pretty good apy. I’m not giving any advice as I was just sitting on it for quite a while and just started staking SOL which lead me to some other things you can do with it.
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321Only
·Today, 13 years ago
„I've been working on a new electronic cash system that's fully
peer-to-peer, with no trusted third party.
The paper is available at:
http://www.bitcoin.org/bitcoin.pdf“
- Satoshi Nakamoto
https://satoshi.nakamotoinstitute.org/emails/cryptography/1/
„I've been working on a new electronic cash system that's fully
peer-to-peer, with no trusted third party.
The paper is available at:
http://www.bitcoin.org/bitcoin.pdf“
- Satoshi Nakamoto
https://satoshi.nakamotoinstitute.org/emails/cryptography/1/
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Walrus
·Well see what happens
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Walrus
·I’ve been fascinated with Tesla for quite a while. My wife and I got some stock in Tesla a few years back. (Not enough unfortunately) since then I tend count Teslas on the road, admire them in parking lots and on occasion talk to owners if the opportunity presents itself. Today I had an interesting discussion. A female in her 40’s noticed me checking out her Tesla outside the coffee shop. She let me see the interior and the doors go up and started it up showed me the dash etc. she asked if I was in the market for one I just said maybe someday I just have a little of the stock and find the company fascinating. She went on to tell me she got her first Tesla in 2017. She said she was so blown away she emptied her portfolio and 401k which at the time amounted to 200k. Today she is sitting on 3.2 million dollars. Ha ha. Good on her I hear enough crappy stories nice to hear something positive. I don’t know why a stranger would tell me all that, she had out of state plates maybe she thought she’d never see me again but the plates were from the state my mother lives in. Damn I hope I don’t see her up there she’s gonna think I’m stalking her.
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kev1976t
·I’ve been fascinated with Tesla for quite a while. My wife and I got some stock in Tesla a few years back. (Not enough unfortunately) since then I tend count Teslas on the road, admire them in parking lots and on occasion talk to owners if the opportunity presents itself. Today I had an interesting discussion. A female in her 40’s noticed me checking out her Tesla outside the coffee shop. She let me see the interior and the doors go up and started it up showed me the dash etc. she asked if I was in the market for one I just said maybe someday I just have a little of the stock and find the company fascinating. She went on to tell me she got her first Tesla in 2017. She said she was so blown away she emptied her portfolio and 401k which at the time amounted to 200k. Today she is sitting on 3.2 million dollars. Ha ha. Good on her I hear enough crappy stories nice to hear something positive. I don’t know why a stranger would tell me all that, she had out of state plates maybe she thought she’d never see me again but the plates were from the state my mother lives in. Damn I hope I don’t see her up there she’s gonna think I’m stalking her.