I'm backing up a few feet and expecting another worse crash. The market has started crashing ever since the asians started to wake up. I suspect that after we see the asians crash the market tonight, the americans will wake up and make it worse. With my heavy stake in ETH, I am fine being wrong and ETH and everything else shooting up... But, I'll hedge my bets. Took my coinbase money out of everything earlier, before the asians woke up, so I can have some spending money available if we see a 1200 ETH sometime in the next day or week.
Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Jive Turkey
Karen
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I have my own conspiracy theory. We are seeing an alignment of the desires between a set of superwealthy corporations and the government and we're the victim. There was research around 2 or 3 months ago about exactly how little actual capital it would take to push the crypto market (in this case they were researching ETH) up or down 1%. It was kinda shockingly low. Now here are a couple premises...
1) Big corporations want into the crypto space, but also want to get in cheaper (profit motive). They also don't want any pesky normies screwing with their game like those WSB assholes... They have not only the capital to push, but also connections to make sure the right FUD and news hits with the right timing. Their fear is that even in the lightly regulated world of Crypto the governments could still step in and cause them a stink from a market manipulation standpoint.
2) Governments want control. They want a mandate to come regulate as tightly as they can these crazy crypto markets because they know crypto gaining widespread adoption is a direct threat to the biggest monopoly they have, that being money. But they can't just go nuts regulating without some kind of mandate. They also want to buy time to position a CBDC as the "safe" crypto and force everybody onto it.
The devils bargain here is an easy one. Government looks the other way long enough for the big players to destroy the market and liquidate the "little guys", swoop in and get all they want at bargain prices. The evil of this can easily be pawned off and blamed on the Chinese/Russians/Caw Farts, but will give the government it's reason to come in and "protect the little guys!". Of course that's like the Red Cross showing up after smallpox infested blankets have wiped out the native tribes to "protect the natives!". Instead they will erect regulatory "controls" which will act like gating, exactly like the stock market, making market and real liquidity access even harder for the everyday person.
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Daezuel
Potato del Grande
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We need a greatest hits of crypto advice from this thread lol.
Where is the FOH Crypto newsletter and faq?
I signed up to be on the waitlist to stake my ETH on coinbase. Need to keep reading but I don't really see a huge downside if you're planning on holding your ETH until ETH 2.0. In fact I can't really see why you wouldn't be trying to get as much ETH as possible before that happens.
Still mining on nicehash but debating just straight mining ETH until I can't anymore.
Where is the FOH Crypto newsletter and faq?
I signed up to be on the waitlist to stake my ETH on coinbase. Need to keep reading but I don't really see a huge downside if you're planning on holding your ETH until ETH 2.0. In fact I can't really see why you wouldn't be trying to get as much ETH as possible before that happens.
Still mining on nicehash but debating just straight mining ETH until I can't anymore.
Lanx
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Rajaah
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The FOH Crypto newsletter and FAQ is: Buy Ethereum and pump it up like a savings account, don't paperhands it like a moron, have some long-term confidence and long-term goals in mind.
That's me this week when I merged everything into MATIC (first VET, later Eth) and it largely kept me from nosediving into the negative. It took a while, but going under $1.60 this evening I'm FINALLY slightly in the red on it averaged-out (because of the late Eth merge). It still worked out better than it would have by leaving everything alone. Gonna buy some more Eth/VET/MATIC on Friday and then check back in 6 months.
If I understand correctly, which I probably don’t, your eth has to sit in Coinbase’s exchange, i.e. not in a different digital wallet or cold storage, in order to stake eth through them right now. No idea how much this actually matters to most people but I’d be curious to know.
Well Flobee just linked some well written criticism for you, but nobody wants to read. They just want to watch candles go up and down.
Bitmex research also puts out some of the highest quality analysis in this space and is fairly agnostic:
The primary criticism of Ethereum is that it's taking half a trillion (well, used to be half a trillion) of assets into unknown territory by switching to unproven tech. PoS is not well tested. Generally speaking you want to see something working and proven before investing large amounts of capital into it. More complexity = less security = more testing required. Ethereum is migrating to PoS, AND sharding, AND importing their PoW legacy chain to the new one at roughly the same time. If they pull it off that's super bullish. If they fuck it up? Not a risk I want to take. Consider that serious problems may not even manifest until many months after the transition. PoW has 12 years of confidence.
Additionally there is the argument that with PoS, a massive amount of capital is tied up in staking instead of being put to use. That's fine for a smart contracts blockchain I suppose, but not for a store of value blockchain used for buying things that aren't related to smart contracts. It's conceivable that Ethereum could 'flip' bitcoin and become worth more (I doubt it, but whatever) because Ethereum 'does stuff' while bitcoin is still used as the gold replacement coin. Equities are worth more than gold after all. (although Bitcoin continues to get smarter, just at a slower pace)
Ethereum also started with a ridiculously large premine-- 72 million coins. The current circulation is 115m after years of mining. Any other coin doing this would be laughed out of the room but Ethereum has a cool name and an autist cult leader that picked up mandarin in a week or whatever. With PoS you want the coins to be spread out considerably, so a premine is counter to this. Unless of course you're one of the premine ICO buyers or original devs, then you fucking love PoS with the premine, because your cohort will be getting almost all of the newly minted coins from now on and your control over the network increases. PoW miners in contrast are forced to sell the vast majority of what they mine shortly after mining it because of operating costs, thereby diluting ownership. Bitcoin gets less concentrated with time.
If you think wealth concentration isn't a big deal, then consider this: these super large whales who got their coins very very cheap in the early days have the power to take massive dumps on the price at any given time or otherwise have the power to keep the price suppressed. Furthermore they're going to have information before you will. It's also undesirable for a money coin to be concentrated. Bitcoin's dispersion is a huge advantage over rivals as they cannot replicate it.
Another thing to note: People think that miners have all the power in bitcoin. This isn't true. In 2017 a supermajority of miners wanted to increase the block size, but a majority of node operators did not. Miners lost that war, hence why we have Segwit. (is also why bitcoin cash exists and failed) Node operators have a lot of power in bitcoin. With PoS, the power will be entirely in the hands of stakers who must run nodes 24/7 with no downtime; particularly when Ethereum nodes require MUCH beefier systems to run. The largest stakers will be exchanges or places that collectively stake coins for people who can't (or won't) run a node 24/7 (which is basically all the small fish) and they'll have a tremendous amount of influence over the network, unlike bitcoin where exchanges have basically zero.
Lastly, the entire point of these networks is to decentralize control; you can mock us for mentioning Vitalik so much, but the fact that his name is brought up so often is indicative of a problem. The Bitcoin dev in charge of the repo just stepped down recently because he thought he was becoming too much of an authority figure and none of you can even name him. Do you think multibillionaires are going to put the bulk of their generational wealth in the hands of Vitalik? I don't
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LachiusTZ
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Sanrith Descartes
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The market is never the problem. It's leverage. It's always leverage.
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LachiusTZ
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Sanrith Descartes
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The thing people should take from this is how much leverage there is and look at how big a drop those margin calls caused.
LachiusTZ
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It's minute compared to all the shenanigans in equities.
That's why I kind of expected this, tbh it's prolly healthy long term so long as it doesn't outright kill crypto
TheBeagle
JunkiesNetwork Donor
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Yes, we're going to look back at 2021 as Revenge of the Boomers. Better off just buying Wal Mart and Exxon stocks.
swayze22
Elite
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LINK + HBAR
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Chainlink Labs Furthers Enterprise Focus, Joins Hedera… | Hedera
San Francisco, CA and Dallas, TX – 20 May 2021 – Chainlink Labs, the industry-leading oracle solution, has joined the Hedera Governing Council, which…
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Sanrith Descartes
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Oh. I know the leverage in equities is there. But, the difference is you have so much of equities tied up in institutional investors like pension funds who have zero leverage that it provides a wide base of stability in quality names.
Sanrith Descartes
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