Bitcoins/Litecoins/Virtual Currencies

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swayze22

swayze22

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Gravel said:
Posts like that are depressing. You're comparing investing in the ownership of a company to hitting the lottery. If you're just "putting some dollars into this Google thing" you're a completely uninformed investor.

You'd be better to compare to with arbitrage, since you all keep claiming it's a currency.

"Let me just throw some money into this yuan thing and see what happens." Except you're also expecting it to exchange for hundreds of times it's current value for no apparent reason.
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you either don't know what speculating means and/or don't understand the example of thinking something will be big in the future and dipping your toes into it to try to get a piece.

It's the tech that is the comparison (internet and related applications/products) and previously that was available through equity purchasing. Now you can get a piece of what you think is valuable ("tech") through other means.
 
Arden

Arden

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Wtf is going on with the ETH chart?? Looks like it shot up to 3800 ten times in a row and each time immediately dropped back down to 3500.
 
James

James

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Gravel said:
"Let me just throw some money into this yuan thing and see what happens." Except you're also expecting it to exchange for hundreds of times it's current value for no apparent reason.
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Cryptocurrencies are digital scarcity, Bitcoin was the first time in history that we've achieved it, so it's not unlike land in the early 19th century. For many cryptocurrencies, there are very concrete reasons why the value would increase, e.g. for Truebit they've designed this system where the token is pegged to the cost of a task, and Ethereum is the token used for gas for any application running on top of it, and the applications it runs will do things like replace banks.

I get it, people are making money too fast it HAS to be a scam, but it's not, and if you don't take the time to learn about it now, you're going to learn about it eventually and not have any coins. I've been hodling since 2016, when there was no legitimate crypto use case and the only point was to sell for money. I will never sell my crypto for fiat.
 
Tmac

Tmac

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Gravel said:
This is such a stupid fucking retort.

You literally just said you had a whopping 20 hours of "understanding" about BTC. And then went on to "hope you become a hundred thousandaire."

Let's play a hypothetical where I don't need crypto to have a 500% return to make me rich, because I already have plenty of money. And let's say I've got a six figure check coming today. What reason do I have to put it into BTC? It's not a very stable store of value. I could hope it's a hedge against inflation, but it could just as easily dip 20% tonight and no one has any clue why. It's a volatile, speculative asset, and the vast majority of people are using it in hopes that it has some astronomical increase in value. Honestly, most of the shit in this thread reads very similarly to GME.

I'm not saying there is no use case for crypto, not that there isn't a future where we're all using it to replace fiat (although I've previously said there's no way BTC is the one that does it). All I'm saying is it looks like everyone is lying to themselves to pump this shit up in hope they can convince everyone else to make them rich.
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My point to James was that I'm not an expert. Not that I don't understand the implications or applications of crypto. And I don't need to be nor do I want to be an expert.

I didn't need to be an expert to understand the internet would be a thing in 1994, as a 9 year old. I don't need to be an expert to understand that crypto will be a thing in 2021, as a 36 year old.

I'm not here to tell anyone what to do with their money. I don't care how much you make or where you put it. And, I only care if you spend it wisely or frivolously as means to learn from without having to experince it myself. I personally made a goal a few years ago to "get in the game" so to speak when it comes to investments. So, now I have $11k in stonks and $20k in cryptos, which is probably more risk than someone older than me would take on, but I'm in my mid 30's and make $80k a year after taxes, so I'm willing to go big for a few years to see what comes of it.

Being deep in internet businesses, I wish I'd been more proactive with the stuff I liked or was into as a kid and teenager. I'm doing that as an adult with crypto. I think crypto is the internet of money, but I very much recognize I could be wrong. I'm obviously bullish, but I don't consider myself a pumper. Being so new to this, I see how I'm overly motivated by FOMO and REGRET and make decisions that I wouldn't otherwise make in a vaccuum. Like, when I invested in BTC at the 100 DMA versus investing in BTC when it was at the ATH. But, I'm in the game. I'm learning what to do and what not to do.

Ultimately, I'm here to play the game and learn and grow and make money with my money. If stonks let me do that better I'll change my ratio. But, atleast for now, crypto makes me more money than stonks.
 
Tuco

Tuco

I got Tuco'd!
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Gravel said:
What reason do I have to put it into BTC?
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To pump this ponzi scheme up.

Because you think that BTC is the perfect cryptocurrency or is good enough that competitors won't topple it before you get out of the pyramid scheme.

Because you don't live in a country like the USA with a solid currency and instead of storing your money in a shithole currency some banana republic dictator will fuck up overnight you'd rather rely on your lord and savior the blockchain.
 
Intrinsic

Intrinsic

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What other reason to you have to put money anywhere other than to make more money? This isn't philanthropy (and even then people with fuck you money use philanthropy to just make more money). I don't need to believe in BTC or ETH or QQQ or CDs. My belief only extends to will it make me money. This seems more philosophical than financial.
 
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Tmac

Tmac

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Gravel said:
Posts like that are depressing. You're comparing investing in the ownership of a company to hitting the lottery. If you're just "putting some dollars into this Google thing" you're a completely uninformed investor.

You'd be better to compare to with arbitrage, since you all keep claiming it's a currency.

"Let me just throw some money into this yuan thing and see what happens." Except you're also expecting it to exchange for hundreds of times it's current value for no apparent reason.
Click to expand...

Have you ever looked at how new crops compare to existing crops? They call them cash crops. When soy beans entered the market they exploded and totally detached itself from wall street fundamentals.

Have you ever look at how internet companies compared to pre-internet companies? They called it the dot come boom. When dot comes entered the market they exploded and totally detached themselves from wall street fundamentals.

Have you noticed how crypto reflects these trends? We've been here before. I know it totally breaks from the fundamentals and that's what seems to bother you the most bc it "doesn't make sense", but it does. These trends happen with new stuffs.
 
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swayze22

swayze22

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Tmac said:
My point to James was that I'm not an expert. Not that I don't understand the implications or applications of crypto. And I don't need to be nor do I want to be an expert.

I didn't need to be an expert to understand the internet would be a thing in 1994, as a 9 year old. I don't need to be an expert to understand that crypto will be a thing in 2021, as a 36 year old.

I'm not here to tell anyone what to do with their money. I don't care how much you make or where you put it. And, I only care if you spend it wisely or frivolously as means to learn from without having to experince it myself. I personally made a goal a few years ago to "get in the game" so to speak when it comes to investments. So, now I have $11k in stonks and $20k in cryptos, which is probably more risk than someone older than me would take on, but I'm in my mid 30's and make $80k a year after taxes, so I'm willing to go big for a few years to see what comes of it.

Being deep in internet businesses, I wish I'd been more proactive with the stuff I liked or was into as a kid and teenager. I'm doing that as an adult with crypto. I think crypto is the internet of money, but I very much recognize I could be wrong. I'm obviously bullish, but I don't consider myself a pumper. Being so new to this, I see how I'm overly motivated by FOMO and REGRET and make decisions that I wouldn't otherwise make in a vaccuum. Like, when I invested in BTC at the 100 DMA versus investing in BTC when it was at the ATH. But, I'm in the game. I'm learning what to do and what not to do.

Ultimately, I'm here to play the game and learn and grow and make money with my money. If stonks let me do that better I'll change my ratio. But, atleast for now, crypto makes me more money than stonks.
Click to expand...

To add on to this - equities have so much more sophistication and participation. That game is figured out. The old whites have been crushing it for 100+ years.

Circling to the philisophical aspect - crypto provides me a venue to use my capital and a chance to be "early" , using much less capital to potentially provide a far superior return compared to the equity market historically.

As the boomers continue to die off the true party starts in my opinion.
 
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James

James

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Front-running on Uniswap looks like this (Truebit aims to solve):
 

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Tmac

Tmac

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I have no idea what I'm looking at. *speaks for the room*
 
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James

James

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Bot sniffs incoming buys, places a buy order with higher gas in the same block to bump the price up for the sniffed buy order coming in, then the bot sells immediately after to profit on the difference. This trade made the bot almost 14 Eth. It's illegal IRL from what I understand, but really hard to stop on a public ledger.
 
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Mist

Mist

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James said:
It's illegal IRL from what I understand
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Tell that to Robinhood. Their business model is built on passing incoming trade data to a 3rd party Fintech company which then sells the data to hedge funds to front-run the trades.
 
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Jysin

Jysin

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Mist said:
Tell that to Robinhood. Their business model is built on passing incoming trade data to a 3rd party Fintech company which then sells the data to hedge funds to front-run the trades.
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*Correction* : EVERY broker that has "free" comissions are selling your order flow.

A day trading professional brokerage, like Lightspeed, you can pay for direct routing to the exchanges. You pay commissions on every trade, plus ECN fees based on the exchange, but it is the fastest direct routing available to us blebs. This is really meaningless if you are investing or even swing trading. If you're executing multiple orders every few seconds scalping, it makes all the difference.
 
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swayze22

swayze22

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Jysin said:
*Correction* : EVERY broker that has "free" comissions are selling your order flow.

A day trading professional brokerage, like Lightspeed, you can pay for direct routing to the exchanges. You pay commissions on every trade, plus ECN fees based on the exchange, but it is the fastest direct routing available to us blebs. This is really meaningless if you are investing or even swing trading. If you're executing multiple orders every few seconds scalping, it makes all the difference.
Click to expand...

There is no such thing as a free lunch.
 
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Borzak

Borzak

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Last edited:
Threelions

Threelions

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James said:
Bot sniffs incoming buys, places a buy order with higher gas in the same block to bump the price up for the sniffed buy order coming in, then the bot sells immediately after to profit on the difference. This trade made the bot almost 14 Eth. It's illegal IRL from what I understand, but really hard to stop on a public ledger.
Click to expand...
Never messed around with meta mask before (I use a hardware wallet mainly), but I like the idea of truebit. See if I can swing a trade myself. Thanks
 
James

James

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Hardware wallets aren't any more secure than software wallets, tbh. Smart contract wallets will be the future, when we get a good one of those retail will feel a lot safer jumping in.
 
LachiusTZ

LachiusTZ

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James said:
Hardware wallets aren't any more secure than software wallets, tbh. Smart contract wallets will be the future, when we get a good one of those retail will feel a lot safer jumping in.
Click to expand...

Why?
 
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