Bitcoins/Litecoins/Virtual Currencies

Jackie Treehorn · May 5, 2021

Opinions on Polygon / MATIC? I bought a boatload of it yesterday around 70 cents and have it in AVAVE accumulating wrapped MATIC as Polygon is giving some major incentives to do right now.

First time I’ve actually took crypto off an exchange, which feels nice as I won’t be tempted to sell it as it’s a pain in the ass to get back. Had to get it off the Ethereum mainnet onto the Polygon system.

Got a hardware wallet and hooked it up to Metamask. I arbitraged 900 coins yesterday by getting a small loan in USDT, converting them to MATIC, price of MATIC raised significantly overnight, then repaid the loan with less MATIC than I paid with, thus gaining coins.

The hilarious part is of course the loan APY is totally offset by a bonus of wMATIC for having it in the first place. The bonus is only supposed to last until July or something like that.

Cool part is I can very easily switch this to something else with QuickSwap. Everything I’m reading is saying this project will grow a lot especially with such a low market cap, and it follows Ethereum up.

Tmac · May 5, 2021

Arden said:
Wow big news. Pretty much verifies everything I was just saying.

I feel like this signals imminent mainstream adoption of crypto- at least as an investment option (if not a currency). Even so, what will start as an investment option will 100% evolve into a currency for lots of reasons that get discussed here all the time. The Wild West is about to get a lot more civilized. Get your cheap crypto while you can, it won't last long. You only get one shot at the crypto version of the Oklahoma Land Rush or the 1849 Gold Rush. Once it's gone, it's gone.

Yeah, it def seems like the obvious next step of the crypto journey.

I don't think the play here would be BTC though, right? It'll be the better transactional currency. ETH? LINK? XRP?

OU Ariakas · May 5, 2021

Tmac said:
Yeah, it def seems like the obvious next step of the crypto journey.

I don't think the play here would be BTC though, right? It'll be the better transactional currency. ETH? LINK? XRP?

At this point why wouldn't it be DOGE?

Tmac · May 5, 2021

Jackie Treehorn said:
Opinions on Polygon / MATIC? I bought a boatload of it yesterday around 70 cents and have it in AVAVE accumulating wrapped MATIC as Polygon is giving some major incentives to do right now.

First time I’ve actually took crypto off an exchange, which feels nice as I won’t be tempted to sell it as it’s a pain in the ass to get back. Had to get it off the Ethereum mainnet onto the Polygon system.

Got a hardware wallet and hooked it up to Metamask. I arbitraged 900 coins yesterday by getting a small loan in USDT, converting them to MATIC, price of MATIC raised significantly overnight, then repaid the loan with less MATIC than I paid with, thus gaining coins.

The hilarious part is of course the loan APY is totally offset by a bonus of wMATIC for having it in the first place. The bonus is only supposed to last until July or something like that.

Cool part is I can very easily switch this to something else with QuickSwap. Everything I’m reading is saying this project will grow a lot especially with such a low market cap, and it follows Ethereum up.

I think that's the most confusing post I've read here in a while.

Care to provide a little background and context? AVAVE accuulating wrapped MATIC? Converting USDT to MATIC?

Tmac · May 5, 2021

OU Ariakas said:
At this point why wouldn't it be DOGE?

Have been thinking that actually.

The only reason I haven't gotten back in is bc I was originally in it at $0.04 and psychologically getting in now feels like a loss.

ITS MY EMOTIONS MAN.

LachiusTZ · May 5, 2021

Imo, right now, BTC is the value buy

Flobee · May 5, 2021

Tmac said:
Yeah, it def seems like the obvious next step of the crypto journey.

I don't think the play here would be BTC though, right? It'll be the better transactional currency. ETH? LINK? XRP?

Banks are adding Bitcoin, not crypto. They know something that most of the public seems to refuse to acknowledge. Other cryptos will exist, there will be only one king.

Arden · May 5, 2021

Tmac said:
Yeah, it def seems like the obvious next step of the crypto journey.

I don't think the play here would be BTC though, right? It'll be the better transactional currency. ETH? LINK? XRP?

If banks follow the same pattern that PayPal and others have followed, they will hold a few different coin options. If you think banks are going to hold BTC and not ETH too, you're crazy. I've made no secret of the fact that I think ETH is going to flippen BTC and become the top dog crypto. IMO, it's easily the best play for long-term crypto holds. That said, it's not like BTC is a bad choice either. BTC will 100% keep going up, just like ETH. Ultimately, this is fantastic news for all crypto.

Flobee · May 5, 2021

Arden said:
If banks follow the same pattern that PayPal and others have followed, they will hold a few different coin options. If you think banks are going to hold BTC and not ETH too, you're crazy. I've made no secret of the fact that I think ETH is going to flippen BTC and become the top dog crypto. IMO, it's easily the best play for long-term crypto holds. That said, it's not like BTC is a bad choice either. BTC will 100% keep going up, just like ETH. Ultimately, this is fantastic news for all crypto.

ETH will 100% be held by banks. ETH represents regulatory capture as a coin. Number will go up, but you'll be a bagholder eventually if you believe in it fundamentally. I've explained in depth why it is no better than USD or china-coin. Vitalik and pals are waiting to dump on you. Its your money, but when I'm right just remember I was here trying to save your tendies. All those neato financial tools built on ETH aren't needed in a sound money system. It won't last. Fantastic news for all of crypto though, yes.

Ethereum co-creator Vitalik Buterin is now the world's youngest crypto billionaire amid ether's 350% year-to-date surge

Buterin holds 333,521 ETH worth some $1,125,299,854 as of Wednesday's coin price.

EDIT: I hold all the ETH I've ever purchased FWIW. I will eventually sell as I have low conviction on the coin, but I've made plenty and still benefit from pumps

Jackie Treehorn · May 5, 2021

Tmac said:
I think that's the most confusing post I've read here in a while.

Care to provide a little background and context? AVAVE accuulating wrapped MATIC? Converting USDT to MATIC?

I spent an entire evening after work figuring all of that out. Literally finished work around 3:30 pm and before I knew it, it was midnight and I still wasn’t done.

Essentially but will still be confusing:

Bought MATIC on Binance. Transferred it to my hardware wallet. MATIC is an Ethereum ERC20 token that can be sent to an Ethereum wallet, either on the Ethereum mainnet or Polygon’s own mainnet.

Transferred to Polygon through Matic’s portal. At this point you can do things like deposit it into AAVE.

https://aave.com/

AAVE gives you APY and bonus APY (in the form of wMATIC) for just having it there.

With this collateral you can take out loans of other coins. These coins have variable rates but for about another month or two they actually give you more in bonus than the APY of the loan, in an effort to get people using the system.

So there’s lots of fuckery you can do. At some points the APY on Matic is so low you borrow matic with your matic and simply make bonus on it.

DeFi resurgence lifts Maker, Aave and Compound price to new highs

As Ethereum rallied to new highs, the total value locked in multiple DeFi platforms surged above $10 billion, lifting MKR, AAVE and COMP toward new all-time highs.

www.google.com

Arden · May 5, 2021

Tmac said:
The only reason I haven't gotten back in is bc I was originally in it at $0.04 and psychologically getting in now feels like a loss.

Not blaming you at all, but this right here is the most distilled explanation as to why there aren't more crypto millionaires. Crypto is such an interesting beast. It doesn't follow the same rules as equities and that throws people.

People see their crypto investment triple and cash out with the intent to buy back in. You can't really blame people for cashing out when their money triples, especially when it does so virtually overnight. I mean, in any typical investment scenario that's an insanely great return!

But what happens is they cash out and their coin gets a huge bump afterwards and then they feel exactly like you described. They feel like they can't buy back in without taking a loss (which is technically true), so they move on to another coin or another use for their money and the coin they initially invested in keeps going up.

Don't get priced out of the best coins. Buying and hodling is the only way.

Jackie Treehorn · May 5, 2021

Arden said:
Not blaming you at all, but this right here is the most distilled explanation as to why there aren't more crypto millionaires. Crypto is such an interesting beast. It doesn't follow the same rules as equities and that throws people.

People see their crypto investment triple and cash out with the intent to buy back in. You can't really blame people for cashing out when their money triples, especially when it does so virtually overnight. I mean, in any typical investment scenario that's an insanely great return!

But what happens is they cash out and their coin gets a huge bump afterwards and then they feel exactly like you described. They feel like they can't buy back in without taking a loss (which is technically true), so they move on to another coin or another use for their money and the coin they initially invested in keeps going up.

Don't get priced out of the best coins. Buying and hodling is the only way.

I feel way better having most of my stuff off an exchange now. The temptation to keep buying / selling / day trading is taken away.

Arden · May 5, 2021

Flobee said:
ETH will 100% be held by banks. ETH represents regulatory capture as a coin. Number will go up, but you'll be a bagholder eventually if you believe in it fundamentally. I've explained in depth why it is no better than USD or china-coin. Vitalik and pals are waiting to dump on you. Its your money, but when I'm right just remember I was here trying to save your tendies. All those neato financial tools built on ETH aren't needed in a sound money system. It won't last. Fantastic news for all of crypto though, yes.

Ethereum co-creator Vitalik Buterin is now the world's youngest crypto billionaire amid ether's 350% year-to-date surge

EDIT: I hold all the ETH I've ever purchased FWIW. I will eventually sell as I have low conviction on the coin, but I've made plenty and still benefit from pumps

I dunno man, I think you could have the same worry about China dumping on BTC. And frankly I trust Vitalik more than I trust China.

Flobee · May 5, 2021

Arden said:
I dunno man, I think you could have the same worry about China dumping on BTC. And frankly I trust Vitalik more than I trust China.

China doesn't have control of Bitcoin. Vitalik has control of Ethereum.

China may own some large amount of BTC, but they can't decide to change the monetary policy or stop trading on all exchanges. Vitalik can, these are very different levels of control. Its not a question of Vitalik's integrity. The entire point of creating Bitcoin (and the spinoff of crypto) was removing centralized control of the money. ETH is just trading the Fed for Vitalik + pals.

LachiusTZ · May 5, 2021

Have you seen Vitalik?

Dude is autism personified.

Caliane · May 5, 2021

LachiusTZ said:
Imo, right now, BTC is the value buy

yeah. i was going to make a larger post the other day, after there was a slew of new discussions. instead deleted the longer one, and just left the eth staking one.

one of the topics was, ETH Breaking away. its market cap versus BTC's marketcap.
while ETH had been outperforming BTC for some time. like aug of last year iirc? It had still maintained pairing with BTC. and sat at 25% of BTC's marketcap for months, since jan at least.
This recent spike in Eth has moved it to 38% of BTC's marketcap or so.
and btc which had hit 64k, is now 57. quite a bit down.

BTC seems to be quite a bit down for sure, and I would expect it to follow Eth to some degree.
however, theres still two things to look at.

marketcap. it would take ALOT of money to move BTC to 100% up to 110k. it'd take much less to get Eth to do another 100%. and even less for other alt coin moonshots, if you can manage to predict it..
And in general, ETH has action going on. EIP 1559 in july. It changes how Eth gas fees work. which "should" make it cheaper. And, in theory, I would expect the price of Eth to skyrocket before/after. and then the continued rollout of Eth 2.0 phases, in oct and feb. Which I would expect to cause Eth to have much more demand.
while BTC has some layer 2 stuff going on, I don't see it having nearly as much momentum.

Arden · May 5, 2021

Flobee said:
China doesn't have control of Bitcoin. Vitalik has control of Ethereum.

China may own some large amount of BTC, but they can't decide to change the monetary policy or stop trading on all exchanges. Vitalik can, these are very different levels of control. Its not a question of Vitalik's integrity. The entire point of creating Bitcoin (and the spinoff of crypto) was removing centralized control of the money. ETH is just trading the Fed for Vitalik + pals.

As Mike Green (and others) have mentioned, a BTC-rich agent (in this case China) who is immune to economic incentive could catastrophically disrupt a global financial system that is based on BTC. And they could do it with mind-blowing ease.

Both BTC and ETH (and every other crypto) has limitations and risks- just like the current economic paradigm has its issues. Pick your poison. In the end, I think ETH has the best combination of scalability, use case, and adaptability. I think ETH is the most likely candidate to move beyond a mere investment vehicle into a transactional juggernaut because it has shown that it can work with the current paradigm. I've said it before: there will be no revolution, only an evolution. And as the more adaptable of the two bigs, ETH is the best-suited for evolution.

Jackie Treehorn · May 5, 2021

Arden said:
As Mike Green (and others) have mentioned, a BTC-rich agent (in this case China) who is immune to economic incentive could catastrophically disrupt a global financial system that is based on BTC. And they could do it with mind-blowing ease.

Both BTC and ETH (and every other crypto) has limitations and risks- just like the current economic paradigm has its issues. Pick your poison. In the end, I think ETH has the best combination of scalability, use case, and adaptability. I think ETH is the most likely candidate to move beyond a mere investment vehicle into a transactional juggernaut because it has shown that it can work with the current paradigm. I've said it before: there will be no revolution, only an evolution. And as the more adaptable of the two bigs, ETH is the best-suited for evolution.

And from what I’m gathering and I’m curious of your thoughts...ETH alone won’t be able to keep up without the help of other coins based off of it even with 2.0. Idea being that as ETH grows; layer 2 coins (ie Polygon) will grow also.

I keep seeing references to ETH being the interstate, but it needs highways (layer 2 coins) to keep growing.

Arden · May 5, 2021

Jackie Treehorn said:
And from what I’m gathering and I’m curious of your thoughts...ETH alone won’t be able to keep up without the help of other coins based off of it even with 2.0. Idea being that as ETH grows; layer 2 coins (ie Polygon) will grow also.

I keep seeing references to ETH being the interstate, but it needs highways (layer 2 coins) to keep growing.

100%. I posted this a while back:

Arden said:
Plus I think people need to ditch the "one crypto" idea. The beautiful thing about blockchain tech is that there are so many different ways to use it, and you can attach a monetary system to all of them.

Jackie Treehorn · May 5, 2021

Arden said:
100%. I posted this a while back:

All this stuff is finally starting to sound less foreign the more I’ve read about it over the past couple of months.

Finally getting some of the lingo down.

When I first started reading about crypto I was like WTF are all these made up words and terms.

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Bitcoins/Litecoins/Virtual Currencies

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