Bitcoins/Litecoins/Virtual Currencies

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Flobee

Flobee

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1687287675931.png

 
Arden

Arden

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The plan was never to kill crypto, it was to clean it up and take it over.
 
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reavor

reavor

I'm With HER ♀
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You'd best start believing in a world of bitcoin adoption... you're in one!
 
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Flobee

Flobee

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Banks talking about Lightning... things moving fast all of the sudden

www.santander.com

The Lightning Network: introduction to layer 2 solutions

Lightning Network is a layer 2 payment and communication protocol built on the Bitcoin blockchain.
www.santander.com www.santander.com

With banks coming in, beware paper Bitcoin. Hold your own keys or you'll inevitably get rugged. Current ETF vehicles I've seen proposed only allow for spot redemptions for "qualified investors" thats not you.
 
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Flobee

Flobee

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Prime Trust just got the same treatment FTX got from Binance. Not entirely sure what the ramifications, if any, would be from this as I believe all exchanges have moved away from Prime Trust at this point.



Its worth noting that a number of former Prime Trust customers moved to Fortress Trust which I believe is being accused of stealing a lot of information/clients from Prime Trust (CEO of Prime Trust left to form Fortress Trust). May be worth paying attention to this if you're holdings are in custody.

EDIT: Prime Trust has frozen all crypto + fiat withdrawals. Non-zero possibility that custodied assets that are on, or recently were withdrawn from Prime Trust to another custodian could be clawed back via bankruptcy filings. PT is likely insolvent and misrepresented how much BTC they actually held vs what they claimed to have. Could end up getting ugly but I don't think this has really happened before with a qualified custodian, we'll see

 
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Flobee

Flobee

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Hits keep coming. DCG (parent company of $GBTC) is in default and likely insolvent. Future of GBTC is in question at this point. Paper BTC getting wrecked all over the place

 
Haus

Haus

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I'm no Bitcoin maxi but.....

Looking at the overall landscape, right now what are the compelling reasons for existence for essentially any altcoins? (ETH included here). Outside of pump and dump fodder, what real use are they moving towards? At one point I honestly felt that ETH with MATIC (Polygon) on top as an L2 was going to blossom into a viable platform for payments and value. But now that seems to be floundering as well with the fed actively attempting to crush the segment outside of Bitcoin.
 
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Flobee

Flobee

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Reaction GIF by MOODMAN


I don't like TA but this guy in particular has a pretty good read on things.



TLDW - Bitcoin dominance is rising, alt liquidity is and will continue to bleed into bitcoin as the relatively safe asset in the space. Historically speaking, this will continue until the next bull run (likely after halving). Even if BTC price is going down, alts will go down more.

Crypto is largely scam garbage, you can make money but you're gambling. BTC is the only thing of any real value right now. Even if your alt of choice has some potential, it will bleed against BTC. Just hold Bitcoin you goobers
 
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Sanrith Descartes

Sanrith Descartes

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Haus said:
I'm no Bitcoin maxi but.....

Looking at the overall landscape, right now what are the compelling reasons for existence for essentially any altcoins? (ETH included here). Outside of pump and dump fodder, what real use are they moving towards? At one point I honestly felt that ETH with MATIC (Polygon) on top as an L2 was going to blossom into a viable platform for payments and value. But now that seems to be floundering as well with the fed actively attempting to crush the segment outside of Bitcoin.
Click to expand...
BTC was always the only answer with a chance to make it out to the other side.
 
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Flobee

Flobee

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I thought the part of this article about Basel III was very interesting. If true and it goes through I would argue that "They" (whoever you think runs things) know exactly what is coming and they're hitching USD to the fastest horse.

BASEL III​

“Basel III is an international capital requirement we should go ahead and complete.”
- Jerome Powell, June 21, 2023
Click to expand...
As American commercial banks begin to integrate digital assets such as bitcoin and dollar-derivatives such as stablecoins, the need to ensure the public that on-sheet liquidity for speculative action on commodities exists creates a unique opportunity to tilt regulation in the favor of the dollar. Basel III would require any bank wanting to hold bitcoin, other digital assets, or even gold, would also be required to hold an equal-part dollar to dollar-denominated valuation of their investments.

This sudden comment on adoption of this international capital requirement would force a net-demand for dollars in the U.S banking system, despite a high monetary inflationary environment. For banks or registered investment vehicles looking to offset inflationary effects by purchasing alternative reserve assets such as bitcoin, this regulation would mean that an increase of valuation of bitcoin in a dollar-pair would also increase the need for dollar liabilities on their balance sheet. Want to run a responsible bank and meet capital requirements while also holding bitcoin on your balance sheet? Better be prepared to also hold a lot of dollars.

The idea of the Bitcoin-Dollar is a parallel to the petro-dollar system, which was upheld from the gold window closing via the Nixon shock until only somewhat recently. By creating a monopoly on the in’s and out’s of oil to strictly U.S. dollars, the U.S. was essentially able to re-peg their inflating dollar to an ever-demanded energy commodity, and create a mass buyer of dollars. As the Fed and SEC circle the waters on both regional banks and private issuers of stablecoins, the downstream effect of Basel III will create permanent demand for dollars, even in a “hyperbitcoinization” environment. Powell mentioned the Fed doesn’t have specifics on proposals for capital requirements at this time, but that there will be a future proposal that comes to the Fed board later this summer.
Click to expand...
EDIT: Bitcoin-Dollar article linked in the quote is relevant and worth a read as well
 
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fris

fris

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i read teh white paper, they'll release 1 coin per email unemotionally deleted. shouldn't result in too much inflation.
 
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