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re: Crypto: Love it when protecting your users consists of pausing withdrawals

Posted on 11/12/22 at 5:31 am to
Posted by Ross
Member since Oct 2007
47825 posts
Posted on 11/12/22 at 5:31 am to
quote:

Once BTC/crypto became a speculative security, what BTC was created for went out the window


speculative bubble or not, as these bubbles pop what you are left with is the fundamentals of the underlying technology. You can either choose to use that technology as it was intended or put yourself at risk by handing your assets to irresponsible exchanges, or you can choose to leave the space entirely. I haven’t noticed the latter happening in my demographic, because while a lot of people did get swept up in the mania, a non-negligible subset of these people actually do see an appeal in the existence of the BTC network and think others will one day too.

I’ll just say there is a reason you can find Ledgers in Best Buy now, there is a demand for cold storage because in my view, as speculative bubbles pop, lessons are learned about best practices; and the market will inevitably converge to the what the fundamental value proposition of the technology is.
This post was edited on 11/12/22 at 5:42 am
Posted by Jag_Warrior
Virginia
Member since May 2015
4292 posts
Posted on 11/12/22 at 9:49 am to
quote:

I’ll just say there is a reason you can find Ledgers in Best Buy now, there is a demand for cold storage


So are most of you folks buying your crypto on a centralized exchange (using your country’s currency), and then storing it on a device? And when you want to sell or trade it, you then use a DEX?
Posted by LordSaintly
Member since Dec 2005
40667 posts
Posted on 11/12/22 at 9:58 am to
quote:

speculative bubble or not, as these bubbles pop what you are left with is the fundamentals of the underlying technology


Exactly. The internet didn’t die when the dot com bubble burst. The services with real utility and use cases survived.

BTC and ETH are going nowhere. It’s laughable to think otherwise.

Shiba Inu and DogeCoin will die.
Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
452104 posts
Posted on 11/12/22 at 10:21 am to
quote:

BTC and ETH are going nowhere. It’s laughable to think otherwise.

Shiba Inu and DogeCoin will die.

I've never claimed BTC and ETH will die, but it's more likely that these are the only 2 survivors of any real value than, say, 20 survive of any real value? Maybe 50?
Posted by JKLazurus
Member since Jun 2016
261 posts
Posted on 11/12/22 at 10:33 am to
quote:

Exactly. The internet didn’t die when the dot com bubble burst. The services with real utility and use cases survived. BTC and ETH are going nowhere. It’s laughable to think otherwise.


Is it really analogous? Is there any 90’s hardware or software that’s still in demand.
Posted by TSLG
Member since Mar 2014
6724 posts
Posted on 11/12/22 at 10:53 am to
quote:

So are most of you folks buying your crypto on a centralized exchange (using your country’s currency), and then storing it on a device? And when you want to sell or trade it, you then use a DEX?


Yup. I only use centralized exchanges to get fiat in and out.

I use a hardware device to hold several different stables, with USDC being my most trusted.

Then, I have 40-50 active metamask wallets for swapping on the dex side.
Posted by AllDayEveryDay
Nawf Tejas
Member since Jun 2015
8499 posts
Posted on 11/12/22 at 10:55 am to
Sounds like something everyone could just jump into.



Not.
Posted by LordSaintly
Member since Dec 2005
40667 posts
Posted on 11/12/22 at 10:56 am to
quote:

Is it really analogous? Is there any 90’s hardware or software that’s still in demand.


Competitors entered the space and won out. It doesn’t mean that the industry died or the tech suddenly stopped being useful.
This post was edited on 11/12/22 at 10:58 am
Posted by Jag_Warrior
Virginia
Member since May 2015
4292 posts
Posted on 11/12/22 at 11:40 am to
Thanks for the explanation.
Posted by DVinBR
Member since Jan 2013
14692 posts
Posted on 11/14/22 at 9:48 pm to
first MTGOX and now FTX

when will people learn?
Posted by tenderfoot tigah
Red Stick
Member since Sep 2004
11235 posts
Posted on 11/14/22 at 11:14 pm to
quote:

when will people learn?


Bitcoin is still up 162,172,942%.

Ethereum is still up 300,000%.

I'm wondering the same thing. When are more people going to invest in crypto and stop wasting their best years earning 10% in mutual funds.
Posted by DVinBR
Member since Jan 2013
14692 posts
Posted on 11/14/22 at 11:19 pm to
quote:

Bitcoin is still up 162,172,942%.


when are you going to stop lying to yourself that this can happen again?

just follow the cycle? greater fools pump it during a winter, it shoots up as new greater fools into during a winter, dump it

you only have so many greater fools
This post was edited on 11/14/22 at 11:22 pm
Posted by tenderfoot tigah
Red Stick
Member since Sep 2004
11235 posts
Posted on 11/15/22 at 2:54 am to
I guess I'm going to have to settle for 300,000% gains in 5 years.
Posted by MrLSU
Yellowstone, Val d'isere
Member since Jan 2004
28293 posts
Posted on 11/15/22 at 11:41 am to
Posted by CarRamrod
Spurbury, VT
Member since Dec 2006
57982 posts
Posted on 11/15/22 at 3:16 pm to
vegetarianism sucks. Get back to coding.
Posted by iPadThai
Member since Oct 2011
1036 posts
Posted on 11/15/22 at 6:37 pm to
quote:

Yup. I only use centralized exchanges to get fiat in and out.

I use a hardware device to hold several different stables, with USDC being my most trusted.

Then, I have 40-50 active metamask wallets for swapping on the dex side.

What's wrong with just investing in CocaCola, Apple, Chevron, Bank of America and such? Why go through all that? What if you lose your fricking USB stick with all the ones and zeros?

Call me old school, but unless you can show me you have got 10x or 100x better returns over a sustained period of time investing in crypto, tokens, DeFi and other shite, the stock market is good enough for me.
Posted by tenderfoot tigah
Red Stick
Member since Sep 2004
11235 posts
Posted on 11/15/22 at 8:45 pm to
quote:

Call me old school, but unless you can show me you have got 10x or 100x better returns over a sustained period of time investing in crypto, tokens, DeFi and other shite, the stock market is good enough for me.


Scroll up and read my posts.

Here is a chart for you with other commonly known projects:

Posted by down time
space
Member since Oct 2013
1914 posts
Posted on 11/15/22 at 9:33 pm to
quote:

What's wrong with just investing in CocaCola, Apple, Chevron, Bank of America and such?


The young people love coins and arent leaving. they can get a big win and then move to less volatile assets. It's player vs player gambling. Using margin and shorting fastest way to 0.



This post was edited on 11/15/22 at 9:48 pm
Posted by LordSaintly
Member since Dec 2005
40667 posts
Posted on 11/15/22 at 9:40 pm to
quote:

What's wrong with just investing in CocaCola, Apple, Chevron, Bank of America and such?


I do that too.
Posted by Hulkklogan
Baton Rouge, LA
Member since Oct 2010
43473 posts
Posted on 11/15/22 at 10:02 pm to
quote:

first MTGOX and now FTX

when will people learn?




That's what I'm saying. Self custody your coins, dont leave them on exchanges.
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