To get back to the initial topic:
Yes, I’m DCAing on a weekly basis into BTC, until we reach a certain BTC dominance.
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What’s your target?
Considering there are close to 20k altcoins, I feel the btc dominance measure to be really misleading nowadays
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60 - 70% - the crypto space needs indeed to wash out a looot of worthless sh*coin-projects
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Bear markets = bullshit cleanup
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After suspending all customer withdrawals last month, crypto lender Celsius Network filed for bankruptcy on Wednesday. Now, its 1.7 million customers are left wondering when and if they’ll get their money back.
It’s not looking good. The company owes $4.7 billion to its customers (and has $5.5 billion in total liabilities), but its current assets are only worth $4.3 billion—down from $25 billion in October. Most of those assets are tied up in bitcoin-mining rigs and other crypto projects; Celsius said it has just $167 million of cash on hand.
Bankruptcy court proceedings could take years, and Celsius has reminded customers that they could be considered “unsecured creditors”—a classification that would put them low on the priority list to get repaid. They would “have no earmarked rights to any funds or anything,” James Van Horn, a partner at Barnes & Thornburg in Washington, told Reuters.
Zoom out: The implosion of crypto companies who owe customers billions is a new phenomenon, and the decisions courts make regarding repayment will set a precedent. That precedent could be applied pretty widely, because crypto firms are falling like college students when “Tubthumping” comes on: Celsius was the third major crypto company to file for bankruptcy in the past two weeks.—JW
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Though then you’re not investing but rather speculating on price. It’s like keeping gold in a safe: it won’t multiply and produce other useful assets.
The concept behind the semantics actually matters but I see your point. Enjoy your evening/night.
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Not your keys not your crypto is gonna die, full decentralization is an option but not the goal.
Compliant and user friendly Cexs already exist, soon insurance will cover losses.
We won’t need to stay in the Far West mode where you burry your gold because the stagecoach gets robbed
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But then, in such a scenario, what would even be the point of crypto? If you are going to trust intermediaries, might as well use regular fiat currencies, with reserve currencies as a fall back.
You can’t have your cake and eat it. Either cryptos are there to remove the need for trust from financial transactions, and it is facing a lot of challenges but may have some use, or it is just another way to transfer funds and enforce contracts while still relying on trusted intermediaries, and then it is far from the most efficient way to do so.
Either cryptos have a use, or they are a fad. I’m all for arguing for their use but please stop pretending being a fad has an intrinsic use. Getting more valuable because more people put value into it driving even more people to put value into it is the exact way Sam Bankman-Fried described yield farming, and also the exact definition of a pyramid scheme. We’re way past that, schemers have had their time, now, please, start making some sense (not speaking for true cryptos advocates like @Oliv who actually make some sense when laying out their arguments).
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It’s called “access”. And you still have the options of full decentralization.
In your scenario, you need an internet connection and a relationship with a trusted intermediary. That is not much different from needing a relationship with a bank, which could be a foreign one. If autocratic governments can prevent the second one to be effective, they can take action against the first in much the same way.
Maybe I’m blind but I fail to see how someone who would have access to a regulated crypto exchange couldn’t have access to USD (or another reserve currency).
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Not only access to banking infrastructure, access to some kind of services that TradFi only proposes to the super wealthy.
I’m cool with the one I use, way better than UBS, way cheaper, way faster and with passive incomes.
lol check your definition of pyramid scheme, you just described “speculation” which drives its fair share of the global economy (not that SBF is wrong about yield farming, he knows well as a borderline crook)
The kind of passive income that celsius was providing?
He said it’s the traditional financial system that’s ripping people off by taking their deposits, using them to make money, and then claiming it can only pay tiny interest rates. “Somebody is lying,” Mashinsky said. “Either the bank is lying or Celsius is lying.”
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No I don’t want to loose my money. Never touched this shit, nor crypto.com, nor anchor, nor all the Binance, Coinbase, FTX etc that rip off their clients by trading against them, on fees and even worse kind of shit
I’m not a degen farming ponzi on the BSC
Speculation can have other components in it. I can speculate on products that have some sort of returns by betting that they’ll develop a new functionality, or get some regulatory approval that will boost their returns without the returning money coming from the new people signing into the scheme.
Pyramid schemes are a kind of speculation that is doomed to fail from the start: it relies on an ever growing flow of new money to pay “returns” to the previous participants. Cryptos can fall in one or the other bucket depending on our outlook on them. I fail to see where actual returns would come from in your proposal.
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If you want something, you have to put something. What is the difficulty of writing down in a piece of paper a seed phrase and store in two different physical places (your home and that of your parents for instance).
I cannot accept people saying cryptos are complicated while doing FIRE with ETFs is WAY way way more complicated.
Find a reputable broker, find the tax matters and do them, check fees, learn all the things about ETFs, learn about difference between those and bonds, learn about indices, what is Vanguard?, What is TER?, distributing? picking up the ones you want or you think you want, rebalance portfolios, etc.
On top of that guess what would happen with your money if the broker you chose would go bankrupt.
Seriously? A hardware wallet is up and running in minutes. A software wallet like MyCrypto or Wasabi takes 5 minutes to get up and running.
If someone has the knowledge to invest in ETFs, he can learn the basic crypto things in a few days.
Edit: I am referring to a scenario where you are not planning to put all your life savings on a crypto wallet. That is absurd unless you plan to speculate.
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You are supposed to write it in a way that it doesn’t look like a BTC seed phrase man. You are not going to put it in an envelope “THIS IS MY BTC WALLET SEED PHRASE”.
Btw, you still need your password besides the passphrase.
The latest interviews of Ben Felix with Rational Reminder are eyes opening.
It is worth listening.
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You can go seedless as well if you choose a multisig, it works pretty well but I understand it is not for everyone. That’s why the news that postfinance will offer custody to their clients is quite important, it will help many