Bitcoin?

[Claudia Schiffer]

Binance is a good example of this. People are clamoring that they can’t cash out their chips, being told to look for P2P in order to cash out. Just like a pyramid scheme. There needs to be more protection for investors. It makes me worry for the future of existing exchanges.

regarding binance, are you referring to US citizens that used binance.com using a vpn vs. binance.us like they are supposed to?

 

[Claudia Schiffer]

Here’s a long morning rant

Just as Charlie munger said about Robinhood...it terrible to lure people in with the so call free commissions trading And from the look of Reddit’s Wall Street bets raise it’s actually bad news for traders the free advertising ( good or bad it’s still publicity eg kardashian effect ) will lure more fishes into the pool . There are markets maker whales that will wait for the right time to gobble them up.

Binance it’s boarderline mtgox , a bad political situation can cause some exchange to collapse eg turkey . As many of these are build on unstable foundation. in China look what happen to jack ma and ant and a few other tech .

A shakedown of crypto will start at the top exchanges or the bubble pop and it will cause a big domino . crypto are like daytraders wet dream. Heavy leverage weak hands will lead some panic selling and margins calls .

As for the weak hands Lot of crypto millionaire didn’t have to do much to obtain it , although some with little work, luck ,hacking or illegal means. So they will treat it as such easy come easy go ( like a gambler mentality of justifying a $1000 lost with initial capital of $10 that build up to $1000 ) these folk will swing for the fence and get rich or loose it all trying, almost all will loose it all .( a side thought that most of those reddit WSB folks are gamblers and some got their money thru bitcoin and crypto)

smart people, if they have a significant amount of crypto, would not keep their holdings on a centralized exchange. if they are keeping large sums on an exchange like that, then they deserve what they get especially with something like binance.com.

edit: by deserve, i mean to a certain level of responsibility one should take for either not knowing what they are investing in and the basics of good crypto practices.

 

[evil wasabi]

regarding binance, are you referring to US citizens that used binance.com using a vpn vs. binance.us like they are supposed to?

That’s a different issue. People who used Binance with vpn were sent messages to liquidate their positions. That was also fucked up. If I live in Russia, they shouldn’t force me to use .us.

another problem with Binance is the processing time to deposit funds and make transactions.

the entire system of crypto trading needs evolution fast. Lower processing times, lower gas fees, and regulatory penalties for any exchange that promotes pyramid schemes. BTC and ETH are established. But some other coins are straight up theft.

 

[Claudia Schiffer]

That’s a different issue. People who used Binance with vpn were sent messages to liquidate their positions. That was also fucked up. If I live in Russia, they shouldn’t force me to use .us.

another problem with Binance is the processing time to deposit funds and make transactions.

the entire system of crypto trading needs evolution fast. Lower processing times, lower gas fees, and regulatory penalties for any exchange that promotes pyramid schemes. BTC and ETH are established. But some other coins are straight up theft.

well yes, at least 90% are either scams or dead ends with no future.

 

[racecar]

That’s a different issue. People who used Binance with vpn were sent messages to liquidate their positions. That was also fucked up. If I live in Russia, they shouldn’t force me to use .us.

another problem with Binance is the processing time to deposit funds and make transactions.

the entire system of crypto trading needs evolution fast. Lower processing times, lower gas fees, and regulatory penalties for any exchange that promotes pyramid schemes. BTC and ETH are established. But some other coins are straight up theft.

I think the long process time allows for some spread to tack on it taken off , Robinhood was pulling something of where a order is filled very slow and cost average more( due to change in price during that time ) as well compare to brokerage with fee like fidelity, say 1-5 cents adds up pretty quick it’s like that money siphoning round off in office space .

 

[evil wasabi]

I have a feeling that RH was shaving off pennies on HFT for the past 3 years.

 

[Lagduf]

Let’s make a ng.com coin. We’ll shill it to noobs and pump the fuck out of it.

As long as we can call it AEShole or FREAK COIN, I’m in. Think we can get Dion to invest?

 

[Fygee]

Kicking myself for selling my DOGE at 40 cents. Should have stuck it out.

Oh well, considering I bought in when it was 5 cents, I did alright.

 

[racecar]

Kicking myself for selling my DOGE at 40 cents. Should have stuck it out.

Oh well, considering I bought in when it was 5 cents, I did alright.

Would you have said the same when it tank ? Hindsight ... unrealized gain or lost it’s just number. Until the cash in your account . You can’t time the highs and low. But you sure can average up or down. Take some off the table as insurance . you want to gamble with your profit just take off half and let the rest ride .

 

[NeoSneth]

Kicking myself for selling my DOGE at 40 cents. Should have stuck it out.

Oh well, considering I bought in when it was 5 cents, I did alright.

You sure on that? Dogecoin is infinitely produced...

 

[Lastblade]

Would you have said the same when it tank ? Hindsight ... unrealized gain or lost it’s just number. Until the cash in your account . You can’t time the highs and low. But you sure can average up or down. Take some off the table as insurance . you want to gamble with your profit just take off half and let the rest ride .

Well said. No one has ever lost money selling at a profit

 

[SonGohan]

Not sure when to cash out on this DOGE I have left. I’m thinking of selling 50% of what I have when/if it hits $1. Then turning around and putting it into ETH.

I like DOGE for getting me into this arena but I think I’m hard gay for ETH now that I know more about crypto in general. Still, it’s funny to read experts pontificate on why it’s a shitcoin as it continues to go up...and up...and up lmao

 

[roker]

I wish I didn't sell doge so early, who the fuck would have thought it'd hit the heights it's hitting now?

I was at .18 and I was like, "fuck yeah, time to go!"

UFF!

 

[Claudia Schiffer]

dunno when it will be...but there will come a reckoning for doge. the newcomers in their discord are so facepalmingly idiotic that i can't see help but see a large contingent of them getting rekt.

 

[Claudia Schiffer]

Not sure when to cash out on this DOGE I have left. I’m thinking of selling 50% of what I have when/if it hits $1. Then turning around and putting it into ETH.

I like DOGE for getting me into this arena but I think I’m hard gay for ETH now that I know more about crypto in general. Still, it’s funny to read experts pontificate on why it’s a shitcoin as it continues to go up...and up...and up lmao

Yeah can't go wrong with ETH. but, i bought a couple ETH alternatives in case 2.0 gets delayed longer than i think it will take.

 

[evil wasabi]

dunno when it will be...but there will come a reckoning for doge. the newcomers in their discord are so facepalmingly idiotic that i can't see help but see a large contingent of them getting rekt.

https://twitter.com/i/web/status/1389635626698297344

Best thing I read this morning

 

[Claudia Schiffer]

https://twitter.com/i/web/status/1389635626698297344

Best thing I read this morning

accurate AF

 

[Tripredacus]

I have looked everywhere that I can think of and cannot find my old dogecoin wallet.

 

[racecar]

Looks like Uncle Sam want its cut ...
https://www.reuters.com/world/us/us...yers-who-have-used-cryptocurrency-2021-05-05/

 

[Tripredacus]

Better hope you're liquid to pay those back taxes coming at ya!

 

[evil wasabi]

The link from Racecar is apparently about the IRS targeting Kraken, which is one of the first to offer DOGE. So, I imagine that the IRS is angling for that DOGE arb.

 

[MetalSlugVet]

I bought $1,000 in doge today at 62 cents and now its valued at 72 cents...I hope Elon comments on it or they have a skit written for SNL..

 

[Lee Gray]

Missed the boat on that one, Again with all the scam and spam emails that I use to get in my folders I presumed this was just another one of them so ignored it But doing research recently and seeing how much even 1 coin is worth now compared to how much it would have cost. Its a real missed opportunity.

 

[evil wasabi]

I bought $1,000 in doge today at 62 cents and now its valued at 72 cents...I hope Elon comments on it or they have a skit written for SNL..

It’s a sell the news moment. By the time the episode finishes, Doge could be $0.32.

 

[SpamYouToDeath]

Missed the boat on that one, Again with all the scam and spam emails that I use to get in my folders I presumed this was just another one of them so ignored it But doing research recently and seeing how much even 1 coin is worth now compared to how much it would have cost. Its a real missed opportunity.

No, it's not. It's equivalent to seeing a drunk granny win at a slot machine. The right move is always not to play, even if someone just hit the jackpot.