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Sounds like a bunch of people on Coinbase got hacked and their accounts drained. Coinbase hasn’t done crap to help. I try to keep my mined coin in my own paper wallet, but that has risks as well.
Prices have been dropping. Seems the news along with some profit taking are pushing crypto lower. I’ll keep mining, but I don’t trust the exchanges at all.
What do you mean by "the vast majority of the investors"? Are you referring to those just now buying crypto for the first time with Bitcoin around $50k? If so, then I mostly agree. Or did you mean all crypto investors? Because in that case I'm not sure I would agree, unless you believe Bitcoin and crypto are eventually going to zero. There are many crypto investors who bought 2+ years ago and are currently sitting on massive profits. It is likely they will retain most of those profits even after the next "big crash". I have no idea what percentage of crypto investors are 2021 newbies versus multi-year investors, but I would suspect the long-term investors make up the majority.
I mean that there’s thousands of currencies out there. In the end, it will probably settle on a few, just like the other two industries that were pointed out. Tons of people’s investments will get wiped out in currencies that most will have never heard of as the dust settles.
Sounds like a bunch of people on Coinbase got hacked and their accounts drained. Coinbase hasn’t done crap to help. I try to keep my mined coin in my own paper wallet, but that has risks as well.
Prices have been dropping. Seems the news along with some profit taking are pushing crypto lower. I’ll keep mining, but I don’t trust the exchanges at all.
This is why you don't keep much on centralized exchanges. I don't know what coinbase can do? People got hacked, not coinbase. Those hacks were months ago.
HitBTC put their 12 word seed in the memo field of a transaction, someone saw it, drained a few million in DVPN from the exchange and the exchange tried to blame DVPN.
Makes sense. From my own perspective, I bought into crypto in early 2017 and most of my portfolio positions were purchased at a fraction of today's values. My cost basis average on BTC is below $10k. My highest (and last) buy order on Bitcoin was $17k in late 2020. I have not considered adding to Bitcoin since, although I do believe the price will continue to appreciate in the near-term (lets say next 3-6 months). However, the risk of a big crash after the current bubble bursts is too great for me to buy at today's levels. If Bitcoin goes to $100k plus which I think is very possible this year, it will most likely be very brief and will most likely crash 80% next year. So that brings price down to $20k, maybe $30-40k depending on the max height of the bubble. Nobody really knows exactly what will happen, but it is a risk-reward estimation for me.
All I know is more and more BTC gets locked away each day and there are still only 19 million available. I don't see the floor being that low going forward.
All I know is more and more BTC gets locked away each day and there are still only 19 million available. I don't see the floor being that low going forward.
Locked away isn't necessarily a good thing.
It's inducing an increase in value based on artificial scarcity in something that is still niche enough it can be manipulated.
What if a couple of those whales wanted to sell out?
Far larger adoption is necessary to bring higher price points that stick.
It's inducing an increase in value based on artificial scarcity in something that is still niche enough it can be manipulated.
What if a couple of those whales wanted to sell out?
Far larger adoption is necessary to bring higher price points that stick.
And said “whales” holding large amounts is what can lead to lower adoption by crowding out others. And large swaths of smaller “hodlers” does the same. If no one wants to sell because the price is “guaranteed to go up”, then it’s not being transacted, and this like any network reduces the value of the network, and the coin.
If that were the case, we might see enormous cycles up and down…over and over. Where the best way to make money is by forcing “people without diamond hands” to sell and/or convince Johnny come lately into the market at elevated levels by bombarding then relentlessly about how much they’re missing out on “easy” money. Hmmm.
In other words, a highly speculative endeavor that’s basically making money off massive churn/fear/and wild greed and not real world value of product/service provided.
It's inducing an increase in value based on artificial scarcity in something that is still niche enough it can be manipulated.
What if a couple of those whales wanted to sell out?
Far larger adoption is necessary to bring higher price points that stick.
Luckily many of those taking BTC off exchanges are not whales but your point is valid, it can cause the wild swings we see.
I am talking more about BTC locked away for DEFI purposes. Wrapped BTC (WBTC) is $9 billion in value now. This is used for earning more crypto. You can stake WBTC and earn interest, plus tokens from whichever platform you are staking on. Then you can borrow USDC or USDC (any coin really) for a low interest rate and still earn more of the platform tokens. In many cases your yield is positive, so you get paid to borrow.
Where would I buy bitcoin and what is the least I can put in?
Seek advice elsewhere.
Quote:
Originally Posted by hilgi
Luckily many of those taking BTC off exchanges are not whales but your point is valid, it can cause the wild swings we see.
I am talking more about BTC locked away for DEFI purposes. Wrapped BTC (WBTC) is $9 billion in value now. This is used for earning more crypto. You can stake WBTC and earn interest, plus tokens from whichever platform you are staking on. Then you can borrow USDC or USDC (any coin really) for a low interest rate and still earn more of the platform tokens. In many cases your yield is positive, so you get paid to borrow.
Where would I buy bitcoin and what is the least I can put in?
CashApp, Paypal or Venmo. Probably $5 minimums.
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