Bitcoin and other forms of digital currency

[zaphoid]

7 hours ago, Foreman Porgy said:

I’m staking CRO which is at 15.46% and seems like a really stable coin. I also have BTC staked on a 3 month term which is getting 4.5%. 

If you don't mind me asking what platform are you staking it for that % on?

[zaphoid]

1 hour ago, zaphoid said:

If you don't mind me asking what platform are you staking it for that % on?

I see now that it's actually the crypto.com coin so I'm guessing there.  Looks like current staking is 10%

[cladner]

lol - https://www.cnbc.com/2021/05/01/charlie-munger-calls-bitcoin-disgusting-and-contrary-to-the-interests-of-civilization.html - such a 97 yo drama queen.  

eth going to blow through $3k in a couple of hours .

Edited May 1, 2021 by cladner

[MarleyMoose]

The Dogfather SNL May 8th, I might have to watch SNL for once.

[elmaslıefendi]

11 hours ago, cladner said:

lol - https://www.cnbc.com/2021/05/01/charlie-munger-calls-bitcoin-disgusting-and-contrary-to-the-interests-of-civilization.html - such a 97 yo drama queen. 

He's 100% right. It is thin air. And people throw their hard earned cash at it like it's water in a desert. Family Mayer sells their gold coins in order to buy 0.2763 Bitcoin, because Michael Saylor said it was the future. Of course Saylor told them that after he bought & 10x-d his money. And he will also tell them he sold after he actually sold at the top.

I would also argue that Charlie Munger has a bit more investment knowledge than the average excited retail crypto warrior who bought eth at $2k a couple of weeks ago & is now a whole-hearted supporter of the 'movement' & the 'project' after they skimmed through the white paper for 45 minutes. Where were those guys at $30 eth? Anyway...

If the central server of your exchange dies, you have nothing left. If your ledger has a security issue, your funds are gone. Nobody will reimburse you for that, as it is 'decentralized'. Even lending your money to criminal banks & governments isn't as risky as this, as they are responsible for it to a certain degree. A decentralized system... created by whom exactly? God? No. What does decentralized mean then? It just came into existence without a human ever touching it? Of course not, but that's how people act.

So let me get this straight: a digital currency can just rise out of no where critisizing & rivaling fiat currencies, therefore rivaling & challenging governments, big corporations, the whole world basically & the creator(s), a multi-billionaire(s) by now, can just remain anonymous & tease the whole world with his/their new liberating form of payment without being punished for it by the powerful men in charge of this world?

Yeah, I'd rather believe Darth Vader is real before I believe this fairy tale. To me this whole market smells like easy mass dispossession. 

https://www.weforum.org/agenda/2016/11/how-life-could-change-2030/

This was my last post regarding this topic, I know many here don't like to read this stuff, but I feel like warning some now is better than shutting up. In the end, it's your choice.

Do what you think is right.

[KvHulk]

Doom and gloom! Doom and gloom!

[Foreman Porgy]

15 hours ago, zaphoid said:

I see now that it's actually the crypto.com coin so I'm guessing there.  Looks like current staking is 10%

You can also stake it with Defi. They give pretty good rates on certain coins. 

[Foreman Porgy]

Much Wow! 

[zaphoid]

So my kids are minors but we want to open crypto accounts for them, is anyone doing that or have ideas?

[bigboy61]

5 hours ago, zaphoid said:

So my kids are minors but we want to open crypto accounts for them, is anyone doing that or have ideas?

I've read about people doing this so there are others doing it. It's a smart idea! Way better than a college savings plan or the like. 

I do have one nitpick though ;). There are no such things as crypto "accounts" unless you are talking about a custodial account. They're keys (or you can call the public key an address). That being said, just get a Ledger Nano and transfer the coins to it from an exchange like Kraken or Binance US. Just make sure you don't lose the private key!  

 

If you have a Ledger already, just add another account and name it so that you know it's your childs (ironically enough, they call them accounts). Super quick and easy .

Edited May 6, 2021 by bigboy61

[zaphoid]

2 hours ago, bigboy61 said:

I've read about people doing this so there are others doing it. It's a smart idea! Way better than a college savings plan or the like. 

I do have one nitpick though ;). There are no such things as crypto "accounts" unless you are talking about a custodial account. They're keys (or you can call the public key an address). That being said, just get a Ledger Nano and transfer the coins to it from an exchange like Kraken or Binance US. Just make sure you don't lose the private key!  

 

If you have a Ledger already, just add another account and name it so that you know it's your childs (ironically enough, they call them accounts). Super quick and easy .

Thanks, I'm fairly new to this and it was my wife's idea to gift them coins for their birthdays.  And I appreciate the lesson as well.  I just have a coinbase account so it sounds like I need to do some additional work as well.

[Brystheguy]

1 hour ago, zaphoid said:

Thanks, I'm fairly new to this and it was my wife's idea to gift them coins for their birthdays.  And I appreciate the lesson as well.  I just have a coinbase account so it sounds like I need to do some additional work as well.

I bet they'll be pretty happy with one Bitcoin each. 😀

[bigboy61]

14 hours ago, zaphoid said:

Thanks, I'm fairly new to this and it was my wife's idea to gift them coins for their birthdays.  And I appreciate the lesson as well.  I just have a coinbase account so it sounds like I need to do some additional work as well.

If you are considering Coinbase, that is a custodial account (so you are correct), but I would highly, highly advise you not to store the coins in Coinbase for your child (or children). You won't be able to create a account for them (since they're minors), so you would have to store it in your own account. Additionally, although Coinbase is considered safe, it's always the best option to store the coins in a wallet you control. This way, if Coinbase suffers an major hack, your coins will be safe and you won't have to worry about trying to recover them from Coinbase (which is never a guarantee). 

 

You can for sure use Coinbase to buy the crypto, but I would definitely recommend buying a Ledger Nano and transferring the crypto to it for long-term storage. If you are dealing with multiple children and are allocating a percentage to each one, this would also make it easier to know who owns what when it's time for them to withdraw (since you can just add multiple "accounts" to the Ledger and name them). 

Edited May 6, 2021 by bigboy61

[Mark Twain]

14 hours ago, zaphoid said:

Thanks, I'm fairly new to this and it was my wife's idea to gift them coins for their birthdays.  And I appreciate the lesson as well.  I just have a coinbase account so it sounds like I need to do some additional work as well.

Cyrpto is pretty volatile for a long-term investment and the current thinking is once the market stabilizes and there is a recognized and accepted defacto Blockchain tech that receives widespread adoption that it will cause the floor to basically drop overnight on most coins. 

Why not instead open a Roth IRA and add funds to it once your children begin earning any type of income? This could be from mowing grass, babysitting, or other fractional summer work. You can add to their IRA up to what they earn if it is less than $6000 and your children will be able to draw on it for college, pay for their first house, or enjoy the benefit of accessing it tax free once they reach 59.5.  $6000 compounding for 40 or more years in a decent mutual fund with lifetime average returns at or above 10% is a good chunk of change. https://www.fidelity.com/retirement-ira/roth-ira-kids

[sodoubleoggood]

5 minutes ago, Mark Twain said:

Cyrpto is pretty volatile for a long-term investment and the current thinking is once the market stabilizes and there is a recognized and accepted defacto Blockchain tech that receives widespread adoption that it will cause the floor to basically drop overnight on most coins. 

While I totally agree that it is volatile investment, I have been following crypto extremely close since 2016 and I have never heard the "current thinking that once blockchain tech receives widespread adoption it will cause the floor to drop overnight." I respectfully disagree.  While I do agree that certain projects that don't have a solid use-case will drop, there are plenty of coins that have a unique function which will prevent the floor from dropping.  No one has a crystal ball and this is an emerging new asset class.  This is a once-in-a lifetime kind of happening.  

[zaphoid]

I feel I should state that we are talking about getting them about $50 of bitcoin, nothing extraordinary.  They already have savings accounts and 529 accounts for college.

[MrToes16]

8 minutes ago, zaphoid said:

I feel I should state that we are talking about getting them about $50 of bitcoin, nothing extraordinary.  They already have savings accounts and 529 accounts for college.

Back like 10 or so years ago, I used to get gifts for friends that became new parents 1 share of Disney stock on a nice piece of paper and framed. (Obviously it was probably a little cheaper then)

But I think regardless of volatility or what may or may not happen, $50 in Bitcoin is a great way to start off. Might actually be beneficial to be volatile to teach a lesson in price fluctuations as time goes on. Maybe even spread out a few bucks here and there to other crypto to make it look like a little portfolio.

[Mark Twain]

While I totally agree that it is volatile investment, I have been following crypto extremely close since 2016 and I have never heard the "current thinking that once blockchain tech receives widespread adoption it will cause the floor to drop overnight." I respectfully disagree.  While I do agree that certain projects that don't have a solid use-case will drop, there are plenty of coins that have a unique function which will prevent the floor from dropping.  No one has a crystal ball and this is an emerging new asset class.  This is a once-in-a lifetime kind of happening.  

It’s a once in a lifetime thing until the next thing that comes along. Let’s be honest, Bitcoin is old tech software at this point in crypto evolution and can’t do a number of things new 3rd generation coins can and no one really knows what innovations in AI will come along in the next decade and what those changes will mean for many of the day to day things we see. Once one gets adopted for widespread use it’s hard to see how the others will survive when the speculation fades.


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[OrangeChiliPeP]

[cmartin33]

On 5/6/2021 at 1:34 PM, Mark Twain said:

Cyrpto is pretty volatile for a long-term investment and the current thinking is once the market stabilizes and there is a recognized and accepted defacto Blockchain tech that receives widespread adoption that it will cause the floor to basically drop overnight on most coins.

I don't agree with this line of thinking. Many cryptocurrencies have unique use cases. For example, a crypto that is easy to spend at retailers is not going to be held by investors to accumulate wealth just like one uses fiat to buy things but doesn't consider fiat an investment.

[vincevaughn]

Governments are the biggest volatility in the wild wild west of crypto.  I don't doubt at some point there will be crippling regulation or an all out ban.  And trust me they have a list of wallets and who owns them despite what people will tell you.

Not saying don't put money in it.  I have descent positions in a few coins.  I just am not over extending or selling any of my other market assets in favor of coins....

[Foreman Porgy]

[LegoSteve]

🚀🚀🚀🚀

[MarleyMoose]

[elmaslıefendi]

LOL that's what happens when over 50% of dogecoin is stored in 5 wallets. You just get smoked. 23 billion liquidation in a few hours, someone's buying yachts & helicopters today.