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gopher
Coffee Bean Extraordinaire



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: gopher]
#28224927 - 03/11/23 10:11 AM (10 months, 13 days ago) |
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Holy shit my paxg is up, people must be flocking to it, its $100 above gold right now
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
Edited by gopher (03/11/23 10:53 AM)
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ashfiken
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#28224934 - 03/11/23 10:18 AM (10 months, 13 days ago) |
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There's no real reason to assume contagion though right? So if that's the case the biggest loss that could be incurred is the 23% on the dollar to .77c where it is insured and backed at, per their treasury note balance... With a circulating balance that high 3 bil doesn't seem like alot, but to me with a "stable" coin and all the questions we've had regarding them, it seems that even if the circulating balance is much more things get hairy, bc it's an asset ppl on in and out of quickly
-------------------- hmm... "I'm naked and fearless... And my fear is naked." "life isn't worth living without the threat of death" "I got my plans in a ziploc bag, let's see how unproductive we can be" "nobody lives their lives fully except for bull fighters" My Trade List
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gopher
Coffee Bean Extraordinaire



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ashfiken]
#28224939 - 03/11/23 10:22 AM (10 months, 13 days ago) |
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Think I should sell half my paxg? I was going to do the same when silver was up but I chickened out and it went back down
I think I should sell half my paxg what do you guys think?
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ashfiken] 2
#28224943 - 03/11/23 10:27 AM (10 months, 13 days ago) |
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The contagion risk lies with other companies and/or banks who may have exposure to the failed bank, who then have to sell other assets of their own, or draw down accounts at other depository institutions to fulfill near term obligations. It's a knock on effect, and if companies are adequately diversified in how and where they hold their assets, and in particular are not highly leveraged, then things should be fine... but as we have seen, fractional reserve banking leads to a system that works, until it doesn't. If too many people request redemptions (i.e. withdraw) from any given institution in too short of a time period, that institution risks being undercapitalized and unable to fulfill the redemption withdrawals.
This issue doesn't have to do with crypto directly, although because parts of crypto are integrated into the legacy financial system, there is some associated risk, as we are seeing with USDC now, and as we saw with FTX recently as well (although there appeared to be a lot of "unsanctioned" fraud in the FTX collapse). I would note that as of this writing, USDC is already trading up to $0.95, well off of its morning lows at $0.87, indicating that arbitrageurs have faith that the SVB failure will not materially affect USDC as a going concern.
Compounding the problem for banks, is the Fed's interest rate hike policy. Because banks hold a lot of their reserves in treasury notes, if they are exposed to longer dated notes that were purchased before the Fed started hiking, those bonds are now underwater, and if the bank needs to raise capital (for example when a lot of depositors ask for their money all at once), they end up having to liquidate those bonds at a loss. The higher the Fed pushes rates, the more often this will occur, until the excess leverage is flushed out of the system.
This all circles back to having interest rates set too low for too long, as banks and companies got drunk on "free money"... which wasn't really free, but it appeared so until rates started going up, because as a company's debt came due, they could simply refinance at near zero interest to kick their debt down the road (or take on even more!). Now that rates are up, you can't do that anymore, and a portion of bank reserves are trending underwater as explained in the prior paragraph.
PS. I have no recommendations on your PAXG holdings, or any other holdings for that matter. The market is in a risk off, volatile mode right now. I generally don't like to do much at all during these periods, other than watch and learn. However, you must consider your individual near term financial needs, as well as your original investment thesis (i.e. plan your trade & trade your plan), in order to determine whether you should be liquidating your own assets.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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gopher
Coffee Bean Extraordinaire



Registered: 11/22/17
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#28224957 - 03/11/23 10:43 AM (10 months, 13 days ago) |
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I decided to sell, 0.07paxg ($183)
I'm justlooking at it inflated from gold thinking it has to come back down
Hopefully gold dosnt rise to catch up lol
But looking at the 1 week, 3 month, 1 year charts made me want to sell
Now I can either wait for paxg to come back down and rebuy
Or I can buy bitcoin rn while bitcoin is down around my original purchess price, down on the 1 month but still up on the 3 month
I think I'm going to wait and see if paxg comes down
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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gopher
Coffee Bean Extraordinaire



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: gopher]
#28224964 - 03/11/23 10:52 AM (10 months, 13 days ago) |
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I bought $30 bitcoin with my $180, I'm saving the last $150 for paxg
Plus my xlm is doing horrible, like is it on sale right now or in a slow death decline lol, I bought some this year and it just dropped
I'm afraid to put more in xlm, I also dont want to sell, I'm going to ride what I have in xlm to rags or to riches
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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budmanman
OTD Masterbater



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: gopher]
#28225153 - 03/11/23 01:37 PM (10 months, 13 days ago) |
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Silicon Valley Bank collapsed and caused USDC to go from 1 dollar to 84c and is now at 98c because unconfirmed news that USDC will be fine
Tech start ups are now failing as they have lost all their money and have no way to get new capital.
The collapse ripples through the economy as it waxes and wanes throughout.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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gopher
Coffee Bean Extraordinaire



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
#28226255 - 03/12/23 10:46 AM (10 months, 12 days ago) |
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The paxg is back up, maybe I shouldnt have sold, maybe I just need to give it a few weeks and reevaluate
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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CapSlinger


Registered: 05/17/11
Posts: 983
Loc: Colorado rocky mountain high
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: gopher] 1
#28226676 - 03/12/23 05:18 PM (10 months, 12 days ago) |
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Great explanation thanks geo.

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ballsalsa
Universally Loathed and Reviled



Registered: 03/11/15
Posts: 20,837
Loc: Foreign Lands
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: CapSlinger]
#28226693 - 03/12/23 05:40 PM (10 months, 12 days ago) |
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https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm
Quote:
Washington, DC -- The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.
Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.
The U.S. banking system remains resilient and on a solid foundation, in large part due to reforms that were made after the financial crisis that ensured better safeguards for the banking industry. Those reforms combined with today's actions demonstrate our commitment to take the necessary steps to ensure that depositors' savings remain safe.
--------------------
Like cannabis topics? Read my cannabis blog here
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geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ballsalsa]
#28226737 - 03/12/23 06:29 PM (10 months, 12 days ago) |
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And so the leaning house of cards gets patched up, yet again.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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gopher
Coffee Bean Extraordinaire



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#28227502 - 03/13/23 09:17 AM (10 months, 11 days ago) |
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If xlm is going to come out of a rut I think it might be soon, my crypto portfoil is up 12% across the board
My xlm is only negative $11 right Now
My ETH is up $3
And bitcoin up $12
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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tomnl
Beginner



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: gopher]
#28227506 - 03/13/23 09:20 AM (10 months, 11 days ago) |
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-------------------- Been away so long I hardly knew the place Gee, it's good to be back home Leave it till tomorrow to unpack my case Honey disconnect the phone I'm back in the USSA You don't know how lucky you are, boy Back in the US Back in the US Back in the USSA
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budmanman
OTD Masterbater



Registered: 02/07/07
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: tomnl]
#28228230 - 03/13/23 05:44 PM (10 months, 11 days ago) |
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They gonna ride the wave up under the guise of looking out for your best interest.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
#28228326 - 03/13/23 06:56 PM (10 months, 11 days ago) |
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-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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gopher
Coffee Bean Extraordinaire



Registered: 11/22/17
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
#28229152 - 03/14/23 10:15 AM (10 months, 10 days ago) |
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Anyone know if crypto is gonna keep going up, I sold 180 paxg and paxg dropped a bit but my bitcoin raised up a bunch since I bought $30 when I sold paxg
My etherium, in which I only have like $30 maybe is up too
My xlm, which is still down for me, isnt down nearly as much
What I'm wondering is if I should use the $150 left from selling thepaxg to buy btc and xlm
The xlm seems to follow all Cryptos as a whole, so will it veable to raise my minus 10 into the positives?
If so I should drop maybe $50 right now
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: gopher] 6
#28229187 - 03/14/23 10:41 AM (10 months, 10 days ago) |
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gopher, I know you mean well, but so long as you are looking for answers to your trade options outside of yourself (especially if you're looking for absolutes), you're not likely to improve yourself into a better money/asset manager, let alone make sound investment/allocation decisions.
No one is going to care more about your money than you are, and no one is going to understand your own individual needs, goals and process better than you are. Thus, while I think it's awesome to discuss the relative merits between various assets and why anyone may prefer one over another; it is counterproductive to seek an impossible answer to a binary query such as "is crypto going to keep going up?" No one knows, and moreover, the actual movement of any asset is only relevant when considered relative to your intended time frame for holding it.
Further, if you are focused on building wealth, you would do better not to concern yourself with the short-term movements of ethereum vs bitcoin vs paxg vs xlm. With the exception of PAXG which is a token/mirror asset intended to track the silver commodity price, the rest of these assets will more or less move together as they are all tightly woven into the same sector.
To reliably build wealth, you need to have a longer term thesis and plan to invest accordingly. Constantly jumping in and out of trades can be OK under certain circumstances, but to make that sort of trading worth the while, you really need to be better capitalized than it appears that you are, because the amount of time you are dedicating to trading $50 worth of assets is very likely worth WAY more as time, than it is with regard to whatever gain you may reap from the hyperactive trading.
It is my opinion that crypto as an asset class is not going away, and that the long term risk/reward is favorable. But in order to capitalize on that, you need to be risk tolerant because this asset class is very volatile and, at least with regard to my plan, requires the ability to remain calm and steadfast in the face of often huge and rapid swings. If I were you, I would absolutely contribute some capital to crypto, regularly, in accordance with what I could afford to lose. And I would concentrate those contributions toward bitcoin and ethereum. For my part, I don't think XLM offers a good value proposition relative to the leadership of the asset class, i.e. bitcoin and ethereum. I do think some alternative crypto assets such as solana and koinos do have unique value propositions; namely considerably higher throughput including a minimal to zero fee structure.
Bottom line is, you need to plan your trade and trade your plan. Don't ask other people to make your decisions for you. It simply won't work. Keep in mind also, that even the best traders go through difficult periods of time where they will lose money. It's just part of the process. You will develop your process if you continue to study, learn and interact with the markets. Your success will depend on finding a process that follows in accordance with your own personal levels of risk tolerance and ability to maintain a disciplined approach in executing your process. This involves a tremendous amount of patience. You can't be worrying about one of your crypto assets being down while another one is up and then thinking you should immediately reallocate. That level of hyperactive trading is akin to grasping at any ol' shiny object and will grind you down, both mentally as well as financially, over time.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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Asante
Mage


Registered: 02/06/02
Posts: 86,795
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 1
#28229341 - 03/14/23 12:44 PM (10 months, 10 days ago) |
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Quote:
Binance will remove and cease trading on the following spot trading pairs at 2023-03-16 03:00 (UTC): Spot Pairs: APE/BRL, CITY/BNB, ONT/ETH, PROM/BNB
Please note:
Users can still trade the above assets on other trading pairs that are available on Binance.
Binance will terminate strategy trading services for the aforementioned spot trading pairs at 2023-03-16 03:00 (UTC), where applicable. Users are strongly advised to update and/or cancel their trading strategies prior to the cessation of strategy trading services to avoid any potential losses.
Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
-------------------- Omnicyclion.org higher knowledge starts here
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Asante
Mage


Registered: 02/06/02
Posts: 86,795
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#28229405 - 03/14/23 01:21 PM (10 months, 10 days ago) |
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Sage advice, all of it!
Quote:
geokills said:
With the exception of PAXG which is a token/mirror asset intended to track the gold commodity price, the rest of these assets will more or less move together as they are all tightly woven into the same sector.
The best indicator for most cryptos is what bitcoin is doing. if it rises or drops, many others follow suit.
PAXG is tokenized gold, independent of the crypto economy. Even if all cryptos would tank, paxg wouldnt because its pegged to gold, not bitcoin or dollars.
-------------------- Omnicyclion.org higher knowledge starts here
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Big_Dub
I'm just some guy



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Asante]
#28234390 - 03/17/23 10:16 PM (10 months, 6 days ago) |
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Eth going up!
-------------------- split_by_nine said: click me you fuck do the right thing
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