@cuddles_ndream
eventually so unnecessary unless they change.
Nope. You're forgetting the basic point of what a bank is. It's a place of safety for storing intangible wealth.
Does any crypto offer me 100% guarantee of getting all my money back (with zero financial cost to me) if all my possessions are destroyed in a fire and I forgotten my account number/password etc? It's a genuine question, I don't know the answer, although I understand that bitcoin offers you the certainty of losing everything if you leave your laptop on the bus or drop it on the floor. Or even just click the wrong button when updating Windows.
What are your thoughts on Xrp
I've never considered XRP as a legitimate part of the blockchain asset class due to the influence/ownership by Ripple the company. I really think its perseverance is primarily due to unit bias. I.e. you feel like you own a lot of something when really you don't due to circulating supply.
Having an end to crypto would shut down the dark web for sex trafficking, ransom ware demands and trafficking of minors.
It's estimated that criminal activity represents only 0.34% of crypto transaction volume. In contrast, it's 2-5% for fiat currency. The mainstream media, and some influential people who should know better, do not help with this misconception.
@CuddleDuncan I still stand behind my statement “making the banks look soo outdated & -eventually- so unnecessary”
(Eventually meaning they still play an important role today but are in a need to adapt)
However, you bring up great points as far as storage … since crypto is hitting the mainstream now we are still in the early stages , but for some of the concerns you just mentioned look up Anchorage Crypto Platform & also look up this bill that just passed a couple weeks ago in Nebraska called LB 649 … as of now banks themselves don’t offer 100% guarantee for your money, your money is just as safe as what’s insured by the FDIC (remember the financial crisis of 2008? Many banks in the U.S. folded)
I do think the custodial aspect of banks are under appreciated in the space. They have a great opportunity right now.
I have a multi-sig setup with several devices somewhat geographically distributed. And yet, I would enthusiastically move much of that to a traditional bank for custody. I value protection from myself (mistakes) and others ($5 wrench attack).
The banks definitely have to evolve and change. And retail banks are not good at waking up and smelling coffee.
I don't have any actual concerns - I have no crypto and don't foresee any time when I might, at least as an investment. Perhaps in twenty years time I will have small account because you have to in order to participate in modern society, and I'm fine with that.
Deposit insurance schemes vary from country to country and nobody has ever said that a bank was 100% safe from the perspective of bank failure. I remember 2008 very well: at one point we were about three days away from money ceasing to work. Crypto might have staggered on for a few days longer.
The sec lawsuit has kept me away from ripple, even though I think the sec is just trying to make an example out of ripple to try & hurt the industry just like it did with Kin … but Xrp has far more resources and its showing in the court proceedings … McCaleb keeps dumping his Xrp , I think he’s genius so I got into Xlm, even though I think Xlm is the charity and regulation abiding version of Xrp (time will tell) …
and yes When Anchorage becomes available to the masses , not just high net worth, in essence it’ll be “a bank” but not in the traditional sense … there are already competitors popping up but I’m impressed with them , and they are backed by Andreessen Horowitz which is a huge stamp of approval amongst others & I envision a couple of years from now me moving my entire portfolio over to them & living off staking rewards … Traditional banks (like say chase) & financial institutions (like say western Union) are slow and expensive with wire transfers / sending money abroad / business payments ect …
Crypto is making it possible to make a transfer virtually instantly (say 2 seconds) for less than a penny (say .0001) so a money transfer from u.s. to India that would cost $50.00 & takes up to 3 days now will be done for less than a penny / instantly / with no middle man taking profits from sending / to receiving & exchange , with the exchange happening) So yes traditional bank custody is not a problem , ridiculous fees from point A to point B is, & speeds do no justice. Remember $xdc (hovering .05 cents right now) & remember $tel (hovering .03 cents right now) I just gave you guys GOLD!! But this is just my opinion not financial advice lol
I don't, no plans to get into crypto.
@CuddleDuncan I don’t remember exactly the cause of the Enron disaster wheather it was bad accounting or derivatives ... I do remember their bankruptcy , took market averages down with them . I don’t understand bitcoin except that they are “mined” . Point I was making is if there is a bitcoin crash it S probably going to affect the stock market averages
A bitcoin/crypto crash probably would give the stock market the jitters, since markets don't like change, uncertainty or crashes even if they don't technically affect the market in question. Not sure how long the effect would last though, don't know enough about crypto.
International payments have long been little more than a scam. Incomprehensibly slow and expensive.
@squeakytoy I decided to masochistically attach my hard-earned money to the random tweakings of Zero Hedge-influenced BS artists, as an exercise in learning to not care about money. So far, I'm in the early stages where it hurts to look at the price.
Also, I've taken to calling it doggy-coin because I feel that it makes more sense than dozhe-coin
I am invested in dogecoin, I bought in at 5 cents then some more around 32 cents, and then more the day before Elon Musk's SNL appearance at 69 cents. I am now a long-term doge holder 🤡. On the bright side, I saw a real doge dog (a shiba inu) at the beach the other day and it felt like a celebrity siteing. Also I am thinking of turning my dog into a cryptocurrency and calling it "cookiecoin" ( her name is Cookie) is anyone interested in buying it?
Lololol 😅 not gonna lie I’m greatful for doge because it led me into the game , wanted to buy at .05 but than I decided to learn this … because I gained some understanding I didn’t , Elon blows it it to over .70 …. Do I regret not making a quick buck @ .50 - absolutely …. Do I think there’s any value in doge til this day? Absolutely not … but one thing it did accomplish was bring crypto into the mainstream and as much as I look up to & admire Elon I wish he stops influencing the space lol … & now I’m craving cookies 🍪 😋
I’m truly curious. With respect to people who have crypto, what percentage use it regularly for the purchase of goods and services? I don’t get paid in crypto. Dollars go into my bank account. Dollars leave my bank account. For me it seems that the purchase of crypto would be an unnecessary middle step. Personally, I don’t see the benefits of adopting crypto in my everyday life. Unless, of course, my employer starts paying me in dogecoin. But if they start doing that, I’ll probably look for another job. I happen to prefer cats. As for the untraceable aspect of it, it’s not really a concern for me. Yeah, I’m not proud that I took advantage of the 2 Impossible Whopper meal deal. But I’m not overly concerned if anyone finds out. But aside from all that, people tell me I have to get into crypto as an investment vehicle. That’s cool. But I see far too many people who know little about crypto getting into the game. The frenzy feeds the appreciation. But where does this reach a stable point? According to most believers, the sky is the limit. Correction, it’s the moon these days. Even this poll had an approximate 6-fold increase in 4 years as the LOWER bound. The interesting phase will come when the vast accumulation of crypto wealth starts seriously competing with dollars and such for the the same goods and services. The inevitable outcome IMO is inflation. So far, the impacts of inflation have not been felt because people’s relationship with crypto has been to have and to hold (and not so much to spend). Additionally, government regulation has been minimal to nonexistent. But when governments feel that their financial systems are threatened, they will react. And the impact on crypto is undefined. Anyway this is just my two cents. Oh wait, I meant my 0.00000059 ₿.
Unless, of course, my employer starts paying me in dogecoin
@cualtzin I've heard of employers making people's jobs more difficult to try and get them to quit instead of firing them (to skirt severance pay), but this would be pretty next level
@UCpaaHVg6u0 @xandriarain Oh no, I'd only asked that as a joke!! My sympathies!!
@cualtzin
I have a debit card whereby the funds are not held by the bank but entirely by me. Within that account I have USDC, a crypto backed by the US dollar one-to-one with regulatory oversight. While it sits there, it receives interest way above traditional bank offerings from being lent out in decentralised markets (e.g. Aave) and used within liquidity pools of decentralised exchanges (e.g. Uniswap). All while remaining entirely in my custody through smart contract assurances.
While not particularly relevant to my circumstances, hypothetically this setup would allow me to carry my net worth around the world in a stable form without worry of border restrictions or banking issues. I can imagine that being valuable for residents in less privileged parts of the world.
I also hold native crypto, like Ether. If I want to buy a car, I can use that crypto as collateral to get a near zero interest loan using a decentralised protocol (e.g. MakerDao, Liquity). This type of loan is analogous to getting equity from your home. In a recent development, you can even get a loan that gradually repays itself off from the interest generated by the lender using your collateral.
There's a lot of utility in crypto when you get past the introductory boring Bitcoin story.
I'm in BITCOIN since 2013, bought again March 2019 and March 2020. Also investing in Ethereum and Ripple since around the same time. Dodgecoin since January 2021 and some other Altcoins most people didn't hear about just yet. I'm really grateful that I've been brave enough to join this "bubble" like some call it. (I disagree)...made me nothing but profits just yet. Also got part of my family into investing. And I agree with those who are saying this is just the beginning. Experts predict Bitcoin is going through the roof and probably gonna hit 1 Mio in the next 10 years. Like every other Investment it has it's ups and downs, just like stocks, futures, bonds...whatever you wanna trade. You don't have to buy a whole bitcoin to invest, I know people buying just small contracts of it and doing amazing. Never invest money you need, only money you can afford to lose. Not saying that you gonna lose it but by the time you put it in the market you should not touch it for a while and just leave it in there. The most important thing is that you educate yourself about it, not just reading some articles but actually take your time and get into it, because it's not gambling when you know what you do and have a great risk management.
@cualtzin mark said it best theres very little for me to add …. I do admit i am more motivated in crypto as an investor than as in use case … I think every major country will develop its own cbdc on its own or with the help of established crypto projects so if they decide to do this we will all be in crypto with or without wanting to …. My lowest performing crypto is giving me staking rewards of 6% & the highest one 14% … this isn’t usdc & I don’t want to mislead that it is, but I love the fact that my crypto is gaining in value & I could sell / compound / or hodl my stake rewards …. If everything works out exactly how I envision it / & to make a very long story short / if my portfolio hits an average of $7.05 & holds, & my avarrage staking rewards is .05% I don’t have to work anymore I would be comfortable & a traditional bank has never offered me this opportunity ever.
$GME is inevitable.
@European_Amazon I’m jealous!! lol …. I have a family member who told me about ethereum when it was just $18.00 & I passed …. I got in at $2000 & converted it to something I really wanted at $2700 although I know it’ll hit 10k but I had to make a decision i couldn’t do both …. Today the market is very down & all I can think of is (yesss opportunities lol ) & I agree Bitcoin will eventually hit $1 million and Not because of use case but because of scarcity at 21 million & the fact that it is the one that started it all …..
@Mark I truly wish that a highly educated participant such as yourself were the rule rather than the exception. Maybe that’s the case and I’m just surrounded by the wrong crowd. Could be the result of an unfortunate career decision way back when 😕. But the people with whom I interact inevitably follow a well worn path: Buy it, watch it grow (hopefully), and dream of wealth to follow. I’m just waiting for the situation to stabilize so that we can get past the speculation and euphoria. Then people can focus on the advantages of this new financial instrument, instead of just watching for the daily ups (and sometimes downs).
One personal benefit I see: Many times in my life I’ve needed to move money across borders (for legitimate purposes of course 🙂). It’s always been an expensive hassle. I wouldn’t mind transferring via crypto and having the receiving party convert to native currency. That would truly make me smile.
@squeakytoy Yeah, getting paid in dogecoin would take the cake. Or rather the biscuit. On an unrelated note, another way to nudge employees out the door: Take away their health insurance and explain to them that you’ve given them “ownership” over their healthcare.
Wondering what coins 🪙 you guys invested into & why, as well as what coins you look forward to getting … (you don’t have to share what price you got in or how many you have ect or even answer at all, just wanting to see if I can learn about high potential ones not on my radar) @Mark @MissAdventurous @valkyrievixen @European_Amazon or anyone else reading that may be in …
@cuddleanurse if you don’t mind sharing , how did you come across such an amazing opportunity & are you in it now (regardless if stable coins or alt coins) or decided it was a missed opportunity & didn't, thanks.
This is basically all I know about cryptocurrency.
Being as I don't own any, I have no idea how useful it is for its owners. I guess it must be pretty handy.
@squeakytoy Oh. How droll!
Maybe that’s the case and I’m just surrounded by the wrong crowd.
I think your perception is fair but it's based on a crypto bull market. When the bear market hits, and all the projects without fundamentals (99%+) die off, you're left with the people that have genuine interest in the industry.
I wouldn’t mind transferring via crypto and having the receiving party convert to native currency.
Yeah, it's really good. Last year I did a test transaction to a US bank and it's still literally just missing.
Last week I paid for services with USDC and they received it in minutes with proof of receipt.
you guys invested into & why
Almost entirely Ether. For the sake of others outside crypto, this recent document (4 pages) makes the case in very simple language.
Other meaningful holdings: Yearn - they're fun and have possibly the best team in DeFi. I also took part in their genesis. IDLE - simplicity of the product with long safety record. This was airdropped (gifted) to me due to early participation. I'm not entirely confident of the investment proposition other than they are way under the radar in proportion to their offering.
Less meaningful holdings (also airdropped): BANK, Gitcoin, UMA, Badger.
Thanks for that recent 4 page document, I just followed Ryan & Vivek … if it is true that profit margins increase by 99% on a $20 billion revenue than I think I’m done with alt coins & need to shift all my attention on ethereum!! Ive felt for a while now that ethereum was wayyy undervalued, & that 10k would happen 4 quarter this year or 1st quarter next, but if everything plays out than it’ll sky rocket … kinda regretting trading my eth holdings for 2 altcoins I really wanted , but than again I could trade back so I don’t … guessing I just need to get in because end of 2021 is right around the corner and they mention they are 5 & a half years in to a 6 year plan for the changes / upgrade to happen … & than you’ll hear everyone (including myself) how we had the chance to get in at 2,500 & didn’t lol
Also thanks for listing your other holdings, uma got my attention … pretty cool you have been part of a genesis, I’m trying my best to join my 1st offering with Aleph Zero (look them up if you like) I feel they’ll be monsters … it is crazy how both you and my mentor do not speak on the projects I’m really excited about lol he’s set on Ada , you’re set on Eth … I believe in both but I also have my own favorites which include Xdc / Tel/ & I have my foot in the door with Ada / Algo / Xlm / Zil / Mana / hbar (as a just in case because of their institutional partnerships not really too excited with Hbar ) / and I’m looking to get into internet computer (ICP) but only if the price hits $25 …I’m very impressed with all the stakeholders involved & their 20 year roadmap ect
My priority list has changed
1 Eth 2 Aleph Zero (if I can join their 3rd offering) 3 icp (no more than $25) 4 finish my goals as far as amount I want for the ones I already have which isn’t much
Great point about bull/bear … we’ve definitely been on a bull market for some time now , the bear market 📉 will come any time now, feels like its been happening in the last few weeks and today) many people will feel like they highly overpaid and sell at an incredible loss / & just get turned away from crypto & what will remain are enthusiast who are very knowledgeable with an accurate understanding in fundamentals ect and people who are eager to learn & surround themselves with said enthusiasts … I have long wayyys to go but one thing I feel confident about is that blockchain is here to stay.
@Mark Thank you.
curious, there's only positive and hyper bullish options on your poll. That's a bad investment mindset to have, to think crypto/stocks/etc can only go up. Any investment has risk, and you have to be ok with the possibility of also losing money. Don't invest more than you can afford to lose, and don't put all your eggs in one basket
For me, I'm out of crypto completely at this time. I don't want the extra tax hassle. I'd rather stick with stocks which are more tried and true and have a tangible behind them (owning a portion of the company). When I was in crypto, it was a small amount of my portfolio.
I'd rather stick with stocks which are more tried and true and have a tangible behind them (owning a portion of the company).
There's definitely something very satisfying and comforting about owning a share of hundreds of businesses through a low cost index fund. In crypto, productive assets and cash flows are only just starting to emerge. It's amusing to see a quarterly report from the DeFi sector in traditional format.
My priority list has changed ... 1 Eth
💪
Thank you
I think what is so fascinating about the Crypto world is that we can be a part of this emerging market that truly has the potential for global change. Can you imagine being privy to the birth of the stock market and being able to participate? Historically, financial institutions have been created by the wealthy and powerful to service the other wealthy and powerful, but now we have this unknown variable that is gaining global support that was started by an anonymous tech visionary that interrupts the traditional transfer of power! Amazing!
We have been subject to the centralized FIAT system for centuries, and many of the developing nations of the world have been left in the dust. Blockchain technology has now made it possible for anyone with a cell phone to participate in financial investments, real time trading or long term investments for individuals, companies or even sovereign nations. Instead of begging for the backing of a bank and being held captive by their rules, people can work directly with other people who share their mind set and finance their vision through secure decentralized cryptocurrency! Whether this will take us closer to the global utopia or dystopian nightmares is yet to be seen. I have a very optimistic view even if I think it will be a rocky ride, but either way we can participate in history.
I have chosen to invest in some fun stuff, but really focus on finding projects I would love to see come to fruition and then buy their coin. Most of my portfolio is based in Ethereum or 2 layer coins based on the ERC-20 protocol. I do have holdings in Cardano’s ADA too, which is a direct competitor to ETH. I have even garnered some tokens which have value based on NFT collectibles that are less volatile than the undulations of the crypto market as a whole.
Anyway, I think digging in and doing some serious education on what crypto is and what it is/isn’t capable of is obviously good advice for anyone thinking of investing. But I’m of the thinking that even if you’re not...it would be a good idea just so you don’t get caught up in and possibly contribute to a lot of the FUD out there. AND... It’s history in the making!