Crypto Crypto News 2021

Yeah crazy stuff. I guess the miners can see the writing on the wall with POS coming sometime (don't want to say soon) in the future and are stuffing their faces as much as they can before that happens, but still - come on!

This **** sure is the future of crypto

 

I was a cynic about crypto currencies but I am ready to admit I have misread the room on this one. A couple of genuine questions for you: have any of you actually cashed out real and significant gains in the form of cash into your bank accounts; and what are the main risks (and causes for these) you see as crypto investors in the future?

 

I did NOT see that coming

Tether and Bitfinex reach settlement with New York Attorney General's Office | Tether

 

"Contrary to online speculation, there was no finding that Tether ever issued tethers [USDT] without backing, or to manipulate crypto prices,' said Weinstein, a former federal prosecutor."


Well, mind blown, but great news!!

 

Hi Bunbury - I am in a similar position. I have since invested earlier this year (after previously thinking crypto was not a good idea). I am currently ahead (over double the amount I put in). The main risks I see so far are
-someone hacking your account if you buy on an exchange eg Coinspot (however having Google 2 Factor Authentication would likely reduce that risk);
-technical complexity trying to buy from Uniswap (I haven’t done it - I am not very tech savvy myself);
- losing wallet if you store crypto off the exchange;
- government regulation/suppression of crypto;
- general volatility of the crypto market.
I am sure there are other risks I am not aware of!

I have found it helpful to watch some intro to crypto material on YouTube and coingecko has useful information on prices. While there are certainly risks, I am glad we have invested.

 

I was a cynic and still am one when it comes to Crypto but it doesn't stop me from gambling with it and following the money while not being stupid about it.

I have lost and also made money before, this time around I stopped chasing every new **** coin that gets listed and only gambling on projects that have some value in them. Started mid last year, made many times my initial capital - withdrew my capital and currently playing with the "winnings" so to speak. 6x so far on my initial investment of low 5 figures. Just loaded up some more in the recent flash crash.

I'll start unloading towards the end of this year when every man and his dog is buying crypto and FOMO'ing big time.

Capital is at 100% risk not necessarily because of poor performance but any number of external factors like cyber security, fraud or just plain loosing the unrecoverable master password.

Once you sign up with an exchange and start playing with 100 bucks or so, you'll get the hang of it. I've written about Exchanges a bit more in another thread.

 

https://twitter.com/NewYorkStateAG/status/1364199641634508800

"We're ending @bitfinex and @Tether_to's virtual currency trading in New York after the companies covered up about $850 million in losses around the globe and deceived the market by overstating reserves. Those trading virtual currencies in New York cannot avoid our laws, period."

- NY AG James

 

Interesting.
Seems contrary to the settlement with admission of no wrong doing, but I have only limited understanding of the matter. Seems like a win for Tether.
Plus my understanding is that Tether has not been doing business in the state of NY for years. realistically in the US there are lots of better options for USD stable coins.
My understanding is that tether is a much bigger thing in Asia than it is in the US.

 

Tether is used as way to skim a lot more in fees than what's quoted. For example, Binance lists most if not all pairs in USDT but not necessarily USD...

 

F2pool supports EIP-1559

Staying on the (b)right side of history: EIP-1559

looking better by the day for the London fork scheduled for the northern hemisphere summer

 

Just have to ask a question as i was at a deceased estate auction a few days ago at night and about ten bitcoin coins in a numbered case came up..
So i guess the question is do these physical metal coins as the are embedded in plastic with a code and a small hologram have any value ?..

 

The coins, plastic and hologram have zero value.
The code may contain 2 things:

• Public key: allows you to confirm the BTC balance held
• Private key: gives you full access to transact that BTC

 

chylld, thankyou for that as i only bought a few for a very low cost ..I'll just put them in the safe for the grand-kids to play with as i know nothing about the coins or how the system works..thanks again..

 

My take on this now is that the longer it sits under 60k the more likely we will see another massive liquidation. If serious players that were wanting to take profit at 60k get anxious they will wait until there are enough sellers and then push the price back up to get retail to go long again and then start to unload again around the 55 - 57 mark. Incredible that it did not even retest the 2017 high, manipulated to the core IMO

 

Just to add to the information above. These could contain Bitcoin, but the physical coins themselves can actually be highly collectible and sell for upwards of many hundreds of dollars (independent of any Bitcoin loaded on them), depending on their type. e.g. Casascius Brass .5 Bit Coin Peeled / Unfunded - Holo & Key Inc -Like BTCC, Titan | eBay

 

That's pretty awesome that the coins themselves are collectible!

Note: don't buy a coin and then fund it yourself (assuming it comes with the private key)... whoever has seen the private key can withdraw whatever you put in.

 

The Mary fork is about to take place for Cardano (tomorrow in Aussie time).

Kevin O'Leary of Shark Tank fame, previously said "Bitcoin is garbabge" has turned his tune and has admitted to investing 3% of his portfolio into BTC.

Still awaiting Warren Buffett to change his tune - he who previously said absolute no to investing in tech companies and went decades loving his traditional media stocks and owning coca cola for as long as I've been alive (I'm an 80s child); then his Berkshire Hathaway's biggest equity investment is in Apple. Hypocrisy knows no bounds in the chase of the allmighty dollar.

Awaiting the collective smugness of those in digital currencies now - presumably of younger age on this planet, stating "I told you so" to the old boomers when they come around.

 

Can you actually cashout that money in actual US/AUD dollars ?

 

Yes. I cash out actual money in AUD everyday; sometimes several times a day depending on my trade volume.

As of this calendar year, 2021 - my primary source of income is crypto trading. I am awaiting demolition and rebuilding of my PPOR in NSW (still in the application to council stage because of some dang trees); meanwhile on paper I'm currently residing in VIC but for a while there were lockdowns preventing my physical return from NSW without a lot of hassles so I'm currently short term renting/motels and with just a laptop and an internet connection I am managing to get by day to day. My folio is 7% in value up for the month of Feb, when BTC infamously slid down 30% from its all time high (and attracted a lot of panic selling).

 

I've cashed out about AU$100k so far in 2021. Debt recycled some of the home loan.