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Message
re: Why is crypto crashing?
Posted on 5/27/22 at 8:16 pm to tenderfoot tigah
Posted on 5/27/22 at 8:16 pm to tenderfoot tigah
quote:
If you have money in a bank account and you can purchase 7% less goods and services each year, that's stable to you?
That’s being generous
0
Posted on 5/27/22 at 9:29 pm to tenderfoot tigah
quote:Again, you seem fixated on making this personal somehow. The USD is the world's reserve currency. That's stable to the world.
If you have money in a bank account and you can purchase 7% less goods and services each year, that's stable to you?
By comparison, crypto is absolutely unstable. That's not busting on crypto. It's simple fact. Securities, most commodities, etc. are comparatively unstable.
Posted on 5/28/22 at 4:41 am to NC_Tigah
quote:
Again, you seem fixated on making this personal somehow. The USD is the world's reserve currency. That's stable to the world.
Adoption doesn't equate stability.
Posted on 5/28/22 at 4:42 am to NC_Tigah
quote:
By comparison, crypto is absolutely unstable. That's not busting on crypto. It's simple fact. Securities, most commodities, etc. are comparatively unstable.
I wouldn't be invested in crypto if it were stable. Why would I want that?
Posted on 5/28/22 at 6:48 am to tenderfoot tigah
quote:No.
Adoption doesn't equate stability.
Lack of volatility does.
Adoption as a RESERVE CURRENCY conveys global understanding of that fact.
Don't know why you've got your panties in a wad over this.
You acknowledge you're attracted to BTC instability (beta) as an investment, and NO ONE is arguing antithetically for holding idle USDs as an investment instead.
Most of those whom you find yourself spittling against simply prioritize alpha elevation and beta (downside risk) minimization as they invest. e.g., Portfolio diversification via solid broad-market holdings.
One can get rich, or at least grow wealth, with such a risk minimization strategy. Some of us have done quite well that way. But it certainly isn't a "get-filthy-rich-overnight" path.
OTOH, if someone landed 1M BTCs @ $3 and held them, they're happy-dancing on billionaire row right now.
Properly timing a truckload of GME or ARKK options over the course of several megatrades would do nicely too. Metaverse real estate investment might eventually turn out that way. Hats off to investors who do well with those things.
Posted on 5/28/22 at 9:14 am to tenderfoot tigah
quote:
But is also up 6,000,000x in 12 years. You are the one who said USD was stable. I never claimed BTC to be stable. It's just as ridiculous and claiming USD is stable.
And why is bitcoin down from 66,000 to 28,000?
As currencies go, The usd is relatively stable. It’s not an opinion . It is a fact.
If trading bitcoin is your intent then that’s one thing but accepting it as a currency is just bad business.
If I accept bitcoin as a currency at my business then I stand a chance to literally lose money in a matter of minutes because it is so unstable. That is not the case with the USD.
I dislike the fact that we print too many bills but I cannot get away from the fact that the USD is the most stable currency in circulation.
Posted on 5/28/22 at 9:38 am to SlidellCajun
quote:
If trading bitcoin is your intent then that’s one thing but accepting it as a currency is just bad business
I guess companies like AT&T, Microsoft, Home Depot, Tesla, PayPal, Etsy, Starbucks, Whole Foods, etc. all need to read this thread so they stop taking crypto payments.
Posted on 5/28/22 at 9:40 am to SlidellCajun
quote:
why is bitcoin down from 66,000 to 28,000?
Zoom out on your chart. It's still up 6,000,000x in a decade. Find me a better investment over that time.
Posted on 5/28/22 at 10:04 am to tenderfoot tigah
quote:you're getting downvoted for posting facts.
Zoom out on your chart. It's still up 6,000,000x in a decade. Find me a better investment over that time.
Posted on 5/28/22 at 11:00 am to tenderfoot tigah
quote:
I guess companies like AT&T, Microsoft, Home Depot, Tesla, PayPal, Etsy, Starbucks, Whole Foods, etc. all need to read this thread so they stop taking crypto payments
They don’t all accept bitcoin or other crypto currencies and if they do, there are large transaction fees that they use to offset the risk of accepting a highly volatile currency like the bitcoin or Ethereum or any of them.
But let’s say what you assert is true and they do accept any of the crypto currencies- why have they crashed?
And how does that gigantic drop in their market value help these companies?
I mean, Home Depot sells a lawnmower for $3,500 and accept the equivalent in bitcoin which at noon is worth that but at 4pm it’s dropped 10% in value…. Home Depot just lost $350 all because they thought it smart to accept bitcoin…. Smart business decision?
This post was edited on 5/28/22 at 11:10 am
Posted on 5/28/22 at 11:13 am to SlidellCajun
quote:
And how does that gigantic drop in their market value help these companies?
They are buying the dip like smart investors.
What about 6,000,000x in a decade don't you understand? You keep saying crash when there is no crash.
Posted on 5/28/22 at 11:13 am to tenderfoot tigah
quote:
I wouldn't be invested in crypto if it were stable. Why would I want that?
To have something that maintains value during economic disasters and keeps pace with inflation. Crypto has shown to neither in recent years. I've gotten better returns and more stable results in equities. Even better since market downturn in interest bearing accounts. They have lost to inflation, but not as much as crypto. Plus, I don't think crypto is as secure and "crypto" as people believe. And I have no doubt central bankers and gov'ts own it and manipulate it like every other investment we can own.
Posted on 5/28/22 at 11:16 am to SlidellCajun
quote:
They don’t all accept bitcoin or other crypto currencies and if they do, there are large transaction fees that they use to offset the risk of accepting a highly volatile currency like the bitcoin or Ethereum or any of them.
One of tons of articles on the subject. Do some research.
quote:
Microsoft
Around the end of 2014, cryptocurrencies had faced a lot of backslashes due to certain misinterpreted discrepancies. Most businesses and consumers were against investing in Cryptocurrencies.
During this critical phase, Microsoft took a risky plunge into the pool of crypto payments. The company started accepting payments for gaming and apps on Windows and Xbox platforms.
2. PayPal
With the ongoing pandemic and the rise in the demand for digital payments, PayPal, in 2020, announced their entry to the world of crypto payments.
Today PayPal stands to be one of the biggest cryptocurrency and crypto payment platforms. Apart from buying or selling cryptocurrencies, you can even make purchases using the same. PayPal accepts Bitcoin, Ethereum, Litecoin, etc.
3. Overstock.com
Coming to the Master of crypto payments - Overstock.com started accepting crypto payments in early 2014. Overstock.com beat Microsoft and PayPal in taking the risk of the crypto platform in partnership with Coinbase. In fact, it also has invested in Blockchain technology to help step up the world of Cryptocurrencies.
4. Starbucks
Fancy a Starbucks coffee? How about making it a bit fanier? In 2020, right at the beginning of the Covid-19 fiasco, Starbucks entered the mighty crypto dynasty with the help of Bakkt, the crypto exchange partner.
5. AT&T
AT&T is the first US-based telecommunications company that accept payments via cryptocurrencies. This initiation started in 2019 in association with BitPay as part of their brand services expansion.
6. Travala.com
Now you can book your hotels and flights on Travala.com via crypto payments in partnership with Binance Pay and crypto.com. Travala.com accepts Cardano, Bitcoin, Dogecoin, etc., and they also have their own cryptocurrency - AVA.
7. Shopify
Interested in shopping online? How about shopping on one of the biggest e-commerce platforms and paying via crypto payments? Yes, Shopify started accepting crypto payments as early as 2013. They currently accept Bitcoin.
8. AirBaltic
Crypto payments entered the aviation world with airBaltic in 2014. airBaltic has been very successful with their crypto payments, and they have made a good amount of successful transactions to date.
9. Pavillion Hotel and Resorts
How about staying in one of the luxurious hotels by paying via crypto payments? This Hong-Kong-based hotel chain extended its payment options to cryptocurrencies in 2021. Pavillion Hotel and Resorts is the first international hotel chain to welcome Crypto payments.
10. CheapAir.com
Another air and hotel booking platform to encourage crypto payments is CheapAir.com. They started accepting cryptocurrencies in 2013 and currently accept most coins, including Bitcoin, Ethereum, Dogecoin, etc.
11. Whole Foods
Did you imagine buying groceries via crypto payments any day? Well, if yes, then here is your reality. Whole Foods joined the club of crypto payments in 2019 via a platform that converted Bitcoins automatically to dollars. This technology also led many big retailers to accept crypto payments.
12. Newegg
Unknown to many, Newegg, one of the biggest retail companies, has been accepting crypto payments since 2014. Since then, they have constantly increased their crypto coin options successfully, including Bitcoin, Ethereum, Litecoin, etc., to the latest Shiba Inu Token. Unlike the rest of the companies listed, they have chosen to take a direct payment path without any gateway partner.
13. Mastercard
As a part of their customer loyalty program, Mastercard came in partnership with Amber, BitKub, and CoinJar in 2021 to facilitate crypto payments. Customers can now store cryptocurrencies in their digital wallets, along with buying and selling crypto coins.
14. AXA Insurance
People of Switzerland can now pay their insurance via crypto payments with the help of AXA insurance. This became the first major insurer to allow Cryptocurrency based insurance. Owing to the rapid digital financial transformation due to the pandemic, AXA insurance decided to welcome crypto payments with open hands.
15. Sotheby’s
In 2021, one of the finest auction companies, Sotheby’s, confirmed that they would accept crypto payments in collaboration with Coinbase. They started their crypto payment journey with Bitcoin and Ethereum.
Posted on 5/28/22 at 11:25 am to SmackoverHawg
quote:
To have something that maintains value during economic disasters and keeps pace with inflation. Crypto has shown to neither in recent years.
Why do people who know absolutely nothing about crypto keep chiming in.
Please do yourself a favor and look up USDT, USDC, BUSD, DAI. There are crypto tokens that do exactly what you are describing. And guess what, I'm earning 10% interest while hold them.
Posted on 5/28/22 at 11:54 am to tenderfoot tigah
quote:quote:Please do yourself a favor and look up USDT, USDC, BUSD, DAI
keeps pace with inflation
quote:Now THAT is of interest. How do you earn 10% int. with your stablecoins?
I'm earning 10% interest while hold them.
Posted on 5/28/22 at 12:04 pm to NC_Tigah
Voyager is the easiest place to earn it. On chain is much more complicated, but you can earn even more interest.
I'm moving one of my checking accounts over to Voyager. 1-3% cash back on the debit card + your account is held in USDC.
Play around with this website to check out your options for interest payments.
Coinmarketcap
I'm moving one of my checking accounts over to Voyager. 1-3% cash back on the debit card + your account is held in USDC.
Play around with this website to check out your options for interest payments.
Coinmarketcap
This post was edited on 5/28/22 at 12:07 pm
Posted on 5/28/22 at 1:34 pm to tenderfoot tigah
quote:
Why do people who know absolutely nothing about crypto keep chiming in.
To learn about crypto.
quote:
Please do yourself a favor and look up USDT, USDC, BUSD, DAI. There are crypto tokens that do exactly what you are describing. And guess what, I'm earning 10% interest while hold them.
Thanks.
That's helpful.Posted on 5/28/22 at 1:37 pm to tenderfoot tigah
quote:
Voyager is the easiest place to earn it. On chain is much more complicated, but you can earn even more interest.
I'm moving one of my checking accounts over to Voyager. 1-3% cash back on the debit card + your account is held in USDC.
Play around with this website to check out your options for interest payments.
Coinmarketcap
Have an upvote.
Posted on 5/28/22 at 1:53 pm to SmackoverHawg
quote:
To have something that maintains value during economic disasters and keeps pace with inflation. Crypto has shown to neither in recent years. I've gotten better returns and more stable results in equities.
That's only because you don't know what you are doing in crypto.
This post was edited on 5/28/22 at 1:54 pm
Posted on 5/28/22 at 2:02 pm to tenderfoot tigah
quote:
What about 6,000,000x in a decade don't you understand? You keep saying crash when there is no crash.
My god. Volatility like this in a currency ought to be a massive red flag but people actually tout is as a virtue. It’s not. It’s a glaring warning sign.
And this brings me to another question. Since crypto doubles as an investment and a currency, does that not make it subject to capital gains taxes for those accepting it as payment?
I would think so.
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