Bitcoins/Litecoins/Virtual Currencies

T

Torrid

Molten Core Raider
926
611
The DeFi contracts they made do actually work: you can use them permissionlessly. You don't actually need Uniswap's website to exist to use the contracts and exchange tokens, it's just that it takes some technical ability to do so. Uniswap in fact banned some tokens from their frontend website to avoid scrutiny, but they're still tradable using the contracts. It's possible to cache an old copy of their website and use it to trade, or simply download the website from github and run it locally.

If push came to shove they could decentralize the frontend further but it would be less convenient to use. They simply thought the entire thing was decentralized enough as-is in this supposedly free country, since the blockchain is doing all the heavy lifting, not the website. It's a cat and mouse game the feds will lose. There are Uniswap clones everywhere already. DeFi is coming to bitcoin in a big way very soon. The only thing the feds can do is tank the value of Uniswap's token and financially punish the American devs for having made it out of spite. The actual service is unstoppable. Defi doesn't need a token to work in the first place.
 
Foler

The_Black_Log Foler

Stock Pals Senior Vice President
<Gold Donor>
43,767
40,697
Hell ya, everything is tanking and it’s awesome. Gonna get some bargain buys
 
Foler

The_Black_Log Foler

Stock Pals Senior Vice President
<Gold Donor>
43,767
40,697
Flobee Flobee thoughts on Trezors option to use BIP39 passphrase? I accidentally enabled it with a super weak 4 digit paraphrase. Debating on whether I should wipe my wallet and go without a paraphrase, wipe and make a better one or just keep it
 
Tmac

Tmac

Adventurer
<Gold Donor>
9,332
15,858
Arden said:
everyone might want to plan on holding their crypto for a while, unless you fancy a loss
Click to expand...

I already took my profit on this last spike, and I’ve been waiting for it to drop, so I’m pretty happy about it.
 
Arden

Arden

Blackwing Lair Raider
2,647
1,941
Tmac said:
I already took my profit on this last spike, and I’ve been waiting for it to drop, so I’m pretty happy about it.
Click to expand...

Sounds like you timed it well, congrats. I've been delaying, which I knew was risky based on macro stuff that has pretty clearly been careening towards an event like this. I've been up big since Jan but I've been trying to stretch it out long enough to avoid cap gains.

If this storm ends up passing pretty quickly we will get a huge rebound. If not, we could easily end up back in a crypto winter. If we get a crypto winter BTC will be fine (and probably ETH too) but alt coins...
 
Tmac

Tmac

Adventurer
<Gold Donor>
9,332
15,858
Arden said:
Sounds like you timed it well, congrats. I've been delaying, which I knew was risky based on macro stuff that has pretty clearly been careening towards an event like this. I've been up big since Jan but I've been trying to stretch it out long enough to avoid cap gains.

If this storm ends up passing pretty quickly we will get a huge rebound. If not, we could easily end up back in a crypto winter. If we get a crypto winter BTC will be fine (and probably ETH too) but alt coins...
Click to expand...

It’s a tale as old as time. I know it’s true, I’ve seen it over and over again and I’m tired of letting my emotions rule me, so I’ve added some rules.

When we hit at ATH I sell, when it drops below my sales price I buy. I haven’t really determined what my buy back is, but we’re getting close.
 
  • 1Like
Reactions: 1 user
Flobee

Flobee

Vyemm Raider
2,607
2,996
Foler said:
Flobee Flobee thoughts on Trezors option to use BIP39 passphrase? I accidentally enabled it with a super weak 4 digit paraphrase. Debating on whether I should wipe my wallet and go without a paraphrase, wipe and make a better one or just keep it
Click to expand...
BIP 39 is a separate layer of encryption. So if your seed is compromised the wallet generated would be empty as the hash from your passphrase is required to generate the correct keys.

In other words so long as you dont compromise your seed it doesn't matter. If you do it will look empty even with a weak passphrase. If the person that compromises it decides its worth digging for a valid wallet by brute forcing passphrase its just a matter of time. The strength of your passphrase just determines how long that takes.

You're probably in more danger of forgetting it yourself than you are of it mattering in a compromise scenario.
 
  • 1Like
Reactions: 1 user
Foler

The_Black_Log Foler

Stock Pals Senior Vice President
<Gold Donor>
43,767
40,697
Flobee said:
BIP 39 is a separate layer of encryption. So if your seed is compromised the wallet generated would be empty as the hash from your passphrase is required to generate the correct keys.

In other words so long as you dont compromise your seed it doesn't matter. If you do it will look empty even with a weak passphrase. If the person that compromises it decides its worth digging for a valid wallet by brute forcing passphrase its just a matter of time. The strength of your passphrase just determines how long that takes.

You're probably in more danger of forgetting it yourself than you are of it mattering in a compromise scenario.
Click to expand...
Thanks. Gonna just use a standard wallet with no passphrase.
 
Foler

The_Black_Log Foler

Stock Pals Senior Vice President
<Gold Donor>
43,767
40,697
Flobee Flobee what’s up with the dip the past two days across crypto? Scares on uniswap situation?
 
Flobee

Flobee

Vyemm Raider
2,607
2,996
Foler said:
Flobee Flobee what’s up with the dip the past two days across crypto? Scares on uniswap situation?
Click to expand...
Number goes up, and number goes down. /shrug I think pretty often people generate the narratives to explain market moves rather than the narrative moving the market.

That being said the halving is coming up and since most people don't understand what it is perhaps the price is just being moved to catch ignorant traders offsides. Could be regulation fear too I suppose.

Nothing has fundamentally changed that I'm aware of but I'm not paying a ton of attention right now either.
 
  • 1Like
Reactions: 1 user
Foler

The_Black_Log Foler

Stock Pals Senior Vice President
<Gold Donor>
43,767
40,697
Flobee said:
Number goes up, and number goes down. /shrug I think pretty often people generate the narratives to explain market moves rather than the narrative moving the market.

That being said the halving is coming up and since most people don't understand what it is perhaps the price is just being moved to catch ignorant traders offsides. Could be regulation fear too I suppose.

Nothing has fundamentally changed that I'm aware of but I'm not paying a ton of attention right now either.
Click to expand...
Yeah that’s kinda the vibe I was getting when trying to do some research.. People just latching onto whatever narrative they can in an attempt to explain fast downward movement.

What are your thoughts on the upcoming halving this week? Think ETFs will come in and buy a ton of the over counter supply post halving? Seems like the trend is BTC goes up after halving over a period of 6 months or so.
 
Flobee

Flobee

Vyemm Raider
2,607
2,996
Foler said:
Yeah that’s kinda the vibe I was getting when trying to do some research.. People just latching onto whatever narrative they can in an attempt to explain fast downward movement.

What are your thoughts on the upcoming halving this week? Think ETFs will come in and buy a ton of the over counter supply post halving? Seems like the trend is BTC goes up after halving over a period of 6 months or so.
Click to expand...
Short version is I expect significant number-go-up over the next 1-1.5 years.

The longer version is that we are, IMO, clearly in "this time its different" territory. ETFs have brought in an entirely different class of investor and we'll have to see how they handle the volatility that we're likely to see. Daily "new" supply generated is going to be cut in half, and an oversimplification of the situation would be that this means that the size of the tradeable margin available to move without changing the price will be cut in half. That's bullish for sure.

Worth keeping an eye on the ETF approval in Hong Kong. If you've followed what's going on with Chinese capital trying to flee Chinese assets (see gold ETF) then there is a decent chance a Hong Kong ETF is going to see massive inflows. We'll see I guess
 
Last edited:
  • 1Like
Reactions: 1 user
You must log in or register to reply here.