Bitcoins/Litecoins/Virtual Currencies

Haus

Haus

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Rajaah said:
How secure is Coinbase? As in, people who have large sums of money in their Coinbase wallet, what are the odds of getting hacked and losing your life savings?
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The general idea should be that if you're accumulating then you would buy there, and send to a wallet for storage..... To echo others "Not your keys, not your coins".


Threelions said:
I used to keep all of my funds on the exchange, but realized it’s just not worth it in the end. Look into Trezor or ledger products for cold storage. Unless you are trading every day, keep your coins off the exchange.
Personally I keep my. BTC and ETH and ADA off the exchange and play with $Link and MANA daily on Coinbase pro.
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This is essentially my strategy in a nutshell. Value store coins (BTC and ETH for me) are in wallets, along with ADA since you can store that in your own wallet and still stake it for income. My little longshots are on exchanges right now. (although in the long run I will probably move those too at some point.)
 
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Flobee

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flying lets go GIF by John Artur
 
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Caliane

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Rajaah said:
How secure is Coinbase? As in, people who have large sums of money in their Coinbase wallet, what are the odds of getting hacked and losing your life savings?
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only something hackers know.
lol.

people do love the "not your keys" argument. But there is also the reverse. who is more likely to fuck up the storage of your keys? you or coinbase?

Are your keyphrases stored in corrosive resistant steel? are they copied in triplicate, and spread out 3 locations across the country/world to prevent loss to being stolen, fire, flood, natural disaster?

Exchanges have been hit. but theres also a million more stories of, "I lost my key, or accidently my hardrive in the dump"
 
Flobee

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Caliane said:
people do love the "not your keys" argument. But there is also the reverse. who is more likely to fuck up the storage of your keys? you or coinbase?
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I would argue the real threat of keeping your coins on an exchange at this point is more likely to be getting trapped in a walled garden if such a thing forms than the exchange bailing in on you or getting hacked. If that doesn't bother you, and there are good arguments that it shouldn't, then you're probably alright.
 
Sanrith Descartes

Sanrith Descartes

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Flobee said:
I would argue the real threat of keeping your coins on an exchange at this point is more likely to be getting trapped in a walled garden if such a thing forms than the exchange bailing in on you or getting hacked. If that doesn't bother you, and there are good arguments that it shouldn't, then you're probably alright.
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Just keep your passwords locked in your gun safe with your guns. Simple.
 
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Arden

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Flobee said:
Just more slow building of the narrative. The Fed saying that BTC is replacing Gold in its role as a non-sovereign hedge is not insignificant, but it is pretty lukewarm overall in the short term.
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Yeah, I mean I'd go so far as to even say that it seems significant but BTC has been puzzling me a bit recently. Despite several recent things I'd think of as catalysts it hasn't really budged. Maybe it's just slow to react. The catalysts could be preventing what may have otherwise been a larger pullback for all we know. In such a case, BTC would appear stagnant when in reality it's just solidifying a higher floor.
 
Louis

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Cme futures expire this Friday. Pretty much a guarantee its gonna break it out of this 3k range it's been stuck in.
 
Flobee

Flobee

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Arden said:
Yeah, I mean I'd go so far as to even say that it seems significant but BTC has been puzzling me a bit recently. Despite several recent things I'd think of as catalysts it hasn't really budged. Maybe it's just slow to react. The catalysts could be preventing what may have otherwise been a larger pullback for all we know. In such a case, BTC would appear stagnant when in reality it's just solidifying a higher floor.
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Short term movements never really make much sense imo. However my magic ball says we'll see the second leg of this run late summer into the fall. Followed by a significant crash around end of year. Institutional money could change how the cycle works (super cycles theories suggest this) but who knows. Its obviously all conjecture, I'm just confident it will be worth more in 10 years than it is now.
 
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Flobee

Flobee

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So this kind of regulatory body is how you end up with the walled garden. This is likely the biggest threat to crypto in the short to medium term. Its going to be international, non-elected bodies that try to wreck things. I think they lose in the end, but the fight is inevitable.

www.coincenter.org

A quick analysis of FATF’s 2021 draft cryptocurrency guidance

An undemocratic process results in stronger calls for even more mass warrantless surveillance
www.coincenter.org www.coincenter.org
 
Sanrith Descartes

Sanrith Descartes

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Flobee said:
So this kind of regulatory body is how you end up with the walled garden. This is likely the biggest threat to crypto in the short to medium term. Its going to be international, non-elected bodies that try to wreck things. I think they lose in the end, but the fight is inevitable.

www.coincenter.org

A quick analysis of FATF’s 2021 draft cryptocurrency guidance

An undemocratic process results in stronger calls for even more mass warrantless surveillance
www.coincenter.org www.coincenter.org
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Any threat to the global political power structure will be dealt with. Thinking crypto is anything but a threat long-term is misguided.
 
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Haus

Haus

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I think the central banks are trying to hedge and stall. They are all going to announce their own digital currencies. Because of this they can't turn the public against the concept of purely electronic money, but at the same time they can't have people moving into assets that they can't manipulate. So they're in a tightrope walk right now.

Part of me worries that we'd be seeing the beginning of the bear now if not for all the hype trains and new pops the crypto space is getting. Especially with the next halvening looming next year IIRC. But at the same time if institutional players really are moving in they're going to want more stability than in the past. With that said, one of the big banks (JPMC I believe) did a study on how much cash it would take them to make Bitcoin move up or down by 10%, and the number ended up being something like $200m (which is only a fraction of a percent of the total BTC market cap). Knowing that and that the SEC is still trying to figure out how to regulate the market would it be beyond a group of the "big boys" deciding to tank the market and buy it on the cheap? Would it be beyond a nation state like China?

One thing my conspiracy theory brain has noted in the last week. Three different "influencers" I follow who have always been nothing but shameless shills and hype men ALL put up videos talking about "preparing for the top" or "how to make money when the bear arrives" and such....

With all that taken into account, my bet based on some seemingly level headed and numerically backed up analysis I've seen makes me believe the top will happen when we have a hyperbolic run to around $115k on BTC. Then the bear comes to down, and we probably see a precipitous drop. How far will depend on how deep those wishing (and able) to manipulate the market drive it. My personal goal will be to take a lot of profits and hide in USDC as close to the peak as I can and see how it sorts.
 
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Tmac

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Haus said:
With all that taken into account, my bet based on some seemingly level headed and numerically backed up analysis I've seen makes me believe the top will happen when we have a hyperbolic run to around $115k on BTC. Then the bear comes to down, and we probably see a precipitous drop. How far will depend on how deep those wishing (and able) to manipulate the market drive it. My personal goal will be to take a lot of profits and hide in USDC as close to the peak as I can and see how it sorts.
Click to expand...

Share the analysis breh.
 
Haus

Haus

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Tmac said:
Share the analysis breh.
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It was me reading a lot of "going down the rabbit hole" and videos, but this guy does a good run through of most of it. Start around 20 minutes in for talking about the current short term/medium term. He has another where he essentially explains the concept of a $110k-$120k blow off top happening in around 6-7 months. (i.e. what I believe would be a "Macro Reversal") I'll try to find that one. I'll start parsing my insane notebook I scribble in and see if I can coalesce it into something presentable. Pre warning, this guy starts to get to a "ranting autist" level.

Here's a decent link of his... Mostly talking short and mid term predictions, but touching on some of the high talk.
odysee.com

🛑LIVE🛑 Bitcoin TROUBLE AHEAD? [if this happens..] March 2021 Price Prediction & News

CT True Strength Indicator (Free) https://www.tradingview.com/script/1Cjn8fdf-CT-Reverse-True-Strength-Indicator/
odysee.com odysee.com

Still need to find the rabbit hole I went down that justified the $115k prediction high. But it made enough sense to my head it stuck.
 
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Flobee

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Sanrith Descartes said:
Any threat to the global political power structure will be dealt with. Thinking crypto is anything but a threat long-term is misguided.
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My Grandfather used to always tell me "No matter what, the Big Man is going to get his". It's true so far as I can tell, but the Big Man doesn't always win. Crypto is a threat and it sure could get squashed, but progress happens when innovation occurs that they can't stop.

I see crypto as a fundamentally defensive technology. It allows a normal person to protect their wealth behind a wall of cryptography where even a nation state can't easily take it from them. Not too different than the steel armor and castle technology available in the west after the fall of the Roman Empire. What order that was able to be maintained in those times came from those with the means to wield this technology to carve out their own little kingdom. The supremacy of these defensive technologies lasted until gunpowder in the 15th century.

If things go tits up, defensive technologies will be important again. The Sovereign Individual does a pretty good job of laying out the thesis for why crypto is quite possibly going to work. It was written in 1999, and predicted almost everything that has been happening.
 
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Flobee

Flobee

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Regardless of your opinion of Jim Cramer his conversion to BTC bull is a big deal for the overall narrative.

 
Flobee

Flobee

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This is the kind of use cases that really drive home what BTC and honestly crypto in general could have. The disruption is going to be massive. This kid created Strike which runs on the lightning network (BTC layer 2)

 
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