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  1. #2021
    Join Date
    Feb 2007
    Location
    Ashburn, VA
    I find the comparisons to the art market not really all that compelling - it's pretty apples and oranges, IMO.

    You're talking about a very niche space which only a tiny tiny percentage of the world's population has ever been involved in, vs. technologies (Bitcoin, NFT's, etc.) that their proponents expect to take on near-universal adoption. So yeah, every NFT pitch I hear that analogizes it to fine art (which are seemingly most of them) I pretty much just roll my eyes at. The fact that they're using it as their comparison to me highlights the fact they can't find something better and more relevant.


    In regards to the cult-like beliefs of certain adherents*, here's a couple pieces I've come across, but I've read tons more on this, I just don't happen to recall or have the links handy. Spend any amount of time on crypto-twitter (or just follow the /r/buttcoin subreddit for the mocking summaries) and you'll see plenty of it. Or just read anything by Michael Saylor.

    Financial Times - A Sceptic's Guide to Crypto (5 Part Series):
    Episode 1: Boom and bust
    Episode 2: The ‘smart’ money
    Episode 3: NFT Mania
    Episode 4: The Church of Bitcoin
    Episode 5: The Crypto Wild West

    Bitcoin myths: immutability, decentralisation, and the cult of “21 million”
    (and linked post early on to this conspiracy theory economics article)

    * There's a bunch of different crypto types out there, and obviously many are not cult-like. The below list is by no means exhaustive (and certain ones sometimes overlap though not always), but I've seen all of the following:
    1) The true extreme libertarian / anarcho-capitalist types
    2) The people who are generally distrustful of government and have libertarian-leaning tendencies, and find that a convenient anchor on which to justify trying to make a ton of money speculating on crypto
    3) People who don't care about any particular ideology and just want to get-rich-quick no matter what it takes... may use whatever language/message they feel is needed, whether they believe it or not
    4) Technocrats who mistakenly think technology can solve all political, social, and cultural problems
    5) Those who don't want to miss out on a potential "next big thing", put in some money, and then are somewhat committed to hoping for its success
    A text without a context is a pretext.

  2. #2022
    Join Date
    Feb 2007
    Location
    Washington, D.C.

    Interesting article

    On the Grayscale Bitcoin Trust, Gemini, Genesis, etc.

    https://newsletter.mollywhite.net/p/...trust-the-free

  3. #2023
    Join Date
    Dec 2009
    Location
    North of Durham
    I still think there is absolutely no basis for this change but I felt that it was fair to note that Bitcoin is up over 39% YTD to over $23,000. I'm still not buying it but there you have it.

  4. #2024
    Quote Originally Posted by CrazyNotCrazie View Post
    I still think there is absolutely no basis for this change but I felt that it was fair to note that Bitcoin is up over 39% YTD to over $23,000. I'm still not buying it but there you have it.
    In this case I believe it's a mix of no news is good news, risk-on and wash sales. There has been a marked increase in trading volume which seems suspect. It seems the Feds have paused (stopped?) rate hikes which probably helps.

  5. #2025
    Join Date
    Nov 2007
    Location
    Vermont
    Quote Originally Posted by Kdogg View Post
    In this case I believe it's a mix of no news is good news, risk-on and wash sales. There has been a marked increase in trading volume which seems suspect. It seems the Feds have paused (stopped?) rate hikes which probably helps.
    I think the value rises every time we go thru five days where a Crypto King isn't arrested. They're on a roll.

  6. #2026
    Join Date
    Feb 2007
    Location
    Washington, D.C.

    Tesla loses net $140 million in BTC in 2022

    https://cointelegraph.com/news/tesla...t-loss-in-2022

    Mods, feel free to move this to the Tesla thread or the Fate of Twitter thread!

  7. #2027
    Hi all!

    Newbie question here… I have a friend who is excited about XRP. Anyone have any thoughts on it? Thanks!

  8. #2028
    Quote Originally Posted by Lord Ash View Post
    Hi all!

    Newbie question here… I have a friend who is excited about XRP. Anyone have any thoughts on it? Thanks!
    This is not advise. Please don't take crypto investment advise from randos on the internet.

    Do you know why he's excited about Ripple? Is it because it's cheap or because he sees a future use case. I haven't been paying attention to it as of late. If I remember, it was being promoted for quick and cheap transactions between banks (and maybe institutions). It's not designed for individual peer-to-peer transactions but I don't see why you can't use it for that. Any upside will be dependent on how many banks adopt and use it to bypass the current infrastructure. I have no idea how XRP derives its value though. Ripple (the company) gets a very low percentage of each transaction that is processed on the network which is paid in XRP. Ripple is also the only source for XRP. It's not mined or staked. It's issued out of thin air. It's supposed to have a fixed supple but that's not hard coded nor is XRP particular scarce. I do also remember that it's defined as a security and the SEC has some sort of case against it. I guess if it wins the case and banks start using it there could be upside. Of course almost all crypto has had large gains since the first of the year.

    If we put crypto in tiers it would be: Tier 1: Bitcoin, Tier 2: Ethereneum, Tier 3: Ripple, Caraono, Dogecoin, Polygon Tier 4: Solana, Polkadot Avalance.

  9. #2029
    Join Date
    Sep 2007
    Location
    Undisclosed
    “Crypto exchange Binance will suspend U.S. dollar transfers”

    https://www.cnbc.com/2023/02/06/bina...transfers.html

    Binance US, a unit of the company that’s regulated by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), said in a tweet that it’s not impacted by the suspension. Thus, the move applies only to non-U.S. customers who transfer money to or from bank accounts in dollars.
    Impact or import, if any?

  10. #2030
    Quote Originally Posted by OldPhiKap View Post
    “Crypto exchange Binance will suspend U.S. dollar transfers”

    https://www.cnbc.com/2023/02/06/bina...transfers.html



    Impact or import, if any?
    Go long the Bolivian Boliviano!

  11. #2031
    “A top Fed official just compared ‘speculative’ crypto to baseball cards and had a stark warning for owners: ‘Don’t expect taxpayers to socialize your losses’.”

    IMO, this is a sincere warning since the Feds have basically kept crypto out of traditional banking.

    https://apple.news/AKL26OjiOSqy77C6buJt7Kg

  12. #2032
    Quote Originally Posted by Jeffrey View Post
    “A top Fed official just compared ‘speculative’ crypto to baseball cards and had a stark warning for owners: ‘Don’t expect taxpayers to socialize your losses’.”

    IMO, this is a sincere warning since the Feds have basically kept crypto out of traditional banking.

    https://apple.news/AKL26OjiOSqy77C6buJt7Kg
    At the end of the day, I don't think those in power really give a flip about crypto speculators. I'm just surprised the house of cards hasn't crashed yet.

    I will say this, at some point, the Greens are going to go after Crypto for their energy use. Regardless of how small as a total % it might be, they'll target everything they can and I doubt crypto miners will get any support from the general population.

  13. #2033
    Quote Originally Posted by PackMan97 View Post
    At the end of the day, I don't think those in power really give a flip about crypto speculators. I'm just surprised the house of cards hasn't crashed yet.

    I will say this, at some point, the Greens are going to go after Crypto for their energy use. Regardless of how small as a total % it might be, they'll target everything they can and I doubt crypto miners will get any support from the general population.
    As they should be. I refuse to believe the only way to make a viable alternative currency is to burn massive amounts of energy. They should make miners plant new trees to create a new coin. As more coins are created the # of trees that have to be planted per coin goes up exponentially.

  14. #2034
    It’s hard to imagine Larry David is not a great source for investment advice.

    “Tallying the losses after last year’s Super Bowl crypto-advertising bonanza.”

    https://apple.news/AscbfPOvbRoKZhQ_oeVf82g

  15. #2035
    Join Date
    Sep 2007
    Location
    Undisclosed
    Quote Originally Posted by Jeffrey View Post
    It’s hard to imagine Larry David is not a great source for investment advice.

    “Tallying the losses after last year’s Super Bowl crypto-advertising bonanza.”

    https://apple.news/AscbfPOvbRoKZhQ_oeVf82g
    Next you’ll tell me that I shouldn’t have done that reverse mortgage that Fred Thompson told me about. (Or done that payday loan at The Money Store that Phil Rizzuto hawked back in the day in the NYC media market).

  16. #2036
    Quote Originally Posted by OldPhiKap View Post
    Next you’ll tell me that I shouldn’t have done that reverse mortgage that Fred Thompson told me about. (Or done that payday loan at The Money Store that Phil Rizzuto hawked back in the day in the NYC media market).
    Like I told you, what I said, steal your face right off your head!

  17. #2037
    Join Date
    Sep 2007
    Location
    Undisclosed
    Quote Originally Posted by Jeffrey View Post
    Like I told you, what I said, steal your face right off your head!
    I can see the purple lighting from Candice now.

  18. #2038
    Join Date
    Nov 2007
    Location
    Vermont
    Quote Originally Posted by PackMan97 View Post
    At the end of the day, I don't think those in power really give a flip about crypto speculators. I'm just surprised the house of cards hasn't crashed yet.

    I will say this, at some point, the Greens are going to go after Crypto for their energy use. Regardless of how small as a total % it might be, they'll target everything they can and I doubt crypto miners will get any support from the general population.
    Crypto miners have already screwed up some upstate NY electric markets and they are being justifiably criticized for it . Locals forced to pay greatly increased rates.

  19. #2039
    Binance stablecoin backer ordered to stop issuing token
    By Tom Wilson and Elizabeth Howcroft


    LONDON, Feb 13 (Reuters) - New York's chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token, Paxos and the regulator said in separate statements on Monday.


    The Binance USD (BUSD) stablecoin, one of the world's biggest, is issued and redeemed by New York-based Paxos Trust Company, both of which are regulated by the New York Department of Financial Services (NYDFS).


    https://www.reuters.com/technology/b...eo-2023-02-13/

  20. #2040
    Join Date
    Feb 2007
    Location
    Washington, D.C.

    Congressional hearing – testimony of Duke Professor

    I thought some of you might be interested in reading today's testimony by Lee Reiners, the Policy Director at the Duke Financial Economics Center. Not surprisingly, his testimony and that of the other two witnesses is squarely in the public policy area, so I am not going to argue about it here. Nevertheless, I thought some of you might be interested, especially because he is from Duke.

    https://www.banking.senate.gov/imo/m...%202-14-23.pdf

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