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Old 10-15-2020, 04:53 PM   #37851
ThrowingRocks
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Re: Bitcoins - digital currency

Quote:
Originally Posted by The_Jackal21 View Post
I'd say that 10k is meaningful, it's psychological and it's been both support and resistance many times in the past. Similarly to 6k, once we broke back above that level it has held very strongly (sure corona blip, sent it under but it was back above very fast).

I think it's time that the new floor is 10k. If we dip again, I'd expect buyers to step in again and keep it above 10k!

Rocks, you sound so bitter with some of your comments, I can't help but think you buy local tops and sell when it goes down, you then come on here shouting "bitcoin is a fraud"
You fools say "don't trust, verifiy"

I have sent your friend skier proof of my claims as long as he verifies it, he should be coming back here with a apology shortly.
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Old 10-15-2020, 05:04 PM   #37852
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Re: Bitcoins - digital currency

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Originally Posted by ThrowingRocks View Post
You fools say "don't trust, verifiy"

I have sent your friend skier proof of my claims as long as he verifies it, he should be coming back here with a apology shortly.
You sent me a link to a private discord server which I have no interest in joining. If you wanna post some gain porn not sure why you can't just do that here publicly.
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Old 10-15-2020, 05:08 PM   #37853
ThrowingRocks
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Re: Bitcoins - digital currency

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Originally Posted by skiier04 View Post
You sent me a link to a private discord server which I have no interest in joining. If you wanna post some gain porn not sure why you can't just do that here publicly.
K so it's "Don't trust, won't verify" " Ill call you a liar"

No different than the other monkeys I been schooling
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Old 10-15-2020, 05:17 PM   #37854
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Re: Bitcoins - digital currency

It's time we leaned up this thread and banned some knuckleheads.
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Old 10-15-2020, 05:27 PM   #37855
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Re: Bitcoins - digital currency

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Originally Posted by MSchu18 View Post
It's time we leaned up this thread and banned some knuckleheads.
From both sides of the argument or just the ones who don't like bitcoin?
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Old 10-15-2020, 07:00 PM   #37856
ThrowingRocks
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Re: Bitcoins - digital currency

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Originally Posted by bahbahmickey View Post
From both sides of the argument or just the ones who don't like bitcoin?

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Old 10-16-2020, 12:11 AM   #37857
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Re: Bitcoins - digital currency

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Originally Posted by The_Jackal21 View Post
This dude literally goes over a 50-50 portfolio and why its not a good idea: https://www.youtube.com/watch?v=CETdBZIXhPo
Thanks I gave it a listen.
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Old 10-16-2020, 01:00 AM   #37858
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Re: Bitcoins - digital currency

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Originally Posted by The Apex View Post
They’re lending crypto and charging interest
Ok fair enough but who would « rent » bitcoin so you get at 6% return when you can have almost free money in real currency?

Yeah I guess I should read about bitcoin ...
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Old 10-16-2020, 01:16 AM   #37859
ThrowingRocks
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Re: Bitcoins - digital currency

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Originally Posted by Montrealcorp View Post
Ok fair enough but who would « rent » bitcoin so you get at 6% return when you can have almost free money in real currency?

Yeah I guess I should read about bitcoin ...
I can't figure out why anybody would borrow crypto at such a high rate when they can borrow fiat at such a low rate
The only thing I can think of is that the borrowers would never be qualified to get fiat loans due to terrible credit which makes me wonder if Blockfi is loaning others peoples money to big flight risk's but they don't care because they profit regardless if they default or not.

The BlockFi Interest account is the only cryptocurrency storage option that pays substantial interest and offer rates that are competitive with most non-cryptocurrency interest rates. For example, high-interest savings accounts Ally Bank (0.6%) and WealthFront (1.82%) pale in comparison, although they are FDIC-insured, whereas BlockFi’s cryptocurrency deposits are not.

With a 6% APY on BTC and 8.6% on stablecoins, the BlockFi Interest Account seems like a ray of sunshine for digital asset holders that have grown used to having their holdings slosh around with market volatility.

What happens to user funds during each of these scenarios? How are they protected?
Even if we trust a business, which there is little to indicate BlockFi can’t be trusted, the doomsday “what if’s” hold primary real estate in our brains.

We talked doomsday with the BlockFi team:

BlockFi gets hacked?: “Gemini is BlockFi’s primary custodian and BlockFi doesn’t hold private keys directly. Gemini keeps the vast majority of its assets in cold storage and is insured by Aon. Gemini is a licensed custodian and regulated by the NYDFS. They recently received SOC2 Type 1 compliance audit from Deloitte for their custody solution. We encourage users to read more about Gemini’s security. “

A user account is compromised?: “Since inception, BlockFi has not lost any customer funds. In the event that a user’s account is compromised, which our security protocols have caught in the past, we freeze the individual’s account for one week. Then, we conduct a Videoconference with the affected individual to verify their identity. We can then change their email address and password, so they can regain control of their account.”

Suddenly everyone defaults on their loans?: “When we lend crypto assets to generate yield, we have an extremely thorough risk management and credit analysis process. We only primarily lend to large, well-capitalized, institutional borrowers, or to counterparties willing to post collateral and provide the ability to margin call them on a 24/7 basis.”

“What that means is, if we are lending $1M worth of BTC to Firm XYZ, Firm XYZ collateralizes the loan (typically ~120%) by giving us ~$1.2M USD. If the loan were to then enter margin call and the borrower was unable to provide additional collateral (default), we would use their USD collateral to buy crypto.”

“We have actively lent since January of 2018, including throughout multiple periods of high volatility, without any losses across our entire lending portfolio. BlockFi is bound by NDA’s to discuss terms of specific borrowers/rates.


Would be nice if someone could explain what the hell "We only primarily lend to large well-capitalized, institutional borrowers" means

Last edited by ThrowingRocks; 10-16-2020 at 01:43 AM.
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Old 10-16-2020, 02:20 AM   #37860
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Bitcoins - digital currency

Quote:
Originally Posted by Montrealcorp View Post
Ok fair enough but who would « rent » bitcoin so you get at 6% return when you can have almost free money in real currency?

Yeah I guess I should read about bitcoin ...


no clue but businesses offer the service so someone out there wants it. People who don’t qualify for traditional lending for w/e reason? Maybe the process is much faster?
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Old 10-16-2020, 02:29 AM   #37861
ThrowingRocks
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Re: Bitcoins - digital currency

https://www.investopedia.com/terms/r...othecation.asp

Tread with caution

Alarm bells should go off in peoples heads when when they hear about ridiculous high rates, but in a lot of cases peoples own greed is what gets them in sticky situations and that greed leads them to throw caution to the wind.

Ask this guy about it.


Last edited by ThrowingRocks; 10-16-2020 at 02:53 AM.
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Old 10-16-2020, 12:54 PM   #37862
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Re: Bitcoins - digital currency

https://www.coindesk.com/okex-suspends-withdrawals


In the past, it would seem every single time an exchange has suspended withdrawals, they were declared insolvent shortly after. Maybe with this guy getting arrested it's slightly different. Although I think to myself, what happens if this guy dies? Is there some process to get access to his keys? It's like the fairly recent Quadriga incident where the owner "died" and nobody could get to the money.
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Old 10-16-2020, 02:40 PM   #37863
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Re: Bitcoins - digital currency

Quote:
Originally Posted by onemoretimes View Post
https://www.coindesk.com/okex-suspends-withdrawals


In the past, it would seem every single time an exchange has suspended withdrawals, they were declared insolvent shortly after. Maybe with this guy getting arrested it's slightly different. Although I think to myself, what happens if this guy dies? Is there some process to get access to his keys? It's like the fairly recent Quadriga incident where the owner "died" and nobody could get to the money.
there have been a number of times withdrawals have been paused and everything came up fine. coinbase, binance, recently kucoin have all done that.

Quadriga was a scam from the start. It's quite possible, probably even likely, that the founder isn't dead. Even if he is dead, they were a failed model. No big exchanges that are properly run have 1 guy that is the only person with the key(s) and no backup. I don't know how OKex is run, but aside from regulatory issues they may face, I'd bet pretty heavily the funds are safu.
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Old 10-16-2020, 03:50 PM   #37864
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Re: Bitcoins - digital currency

Quote:
Originally Posted by housenuts View Post
there have been a number of times withdrawals have been paused and everything came up fine. coinbase, binance, recently kucoin have all done that.

Quadriga was a scam from the start. It's quite possible, probably even likely, that the founder isn't dead. Even if he is dead, they were a failed model. No big exchanges that are properly run have 1 guy that is the only person with the key(s) and no backup. I don't know how OKex is run, but aside from regulatory issues they may face, I'd bet pretty heavily the funds are safu.
How long were withdrawals "paused" on coinbase, binance, and kucoin and for what reason? Okex has stopped them indefinitely.
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Old 10-16-2020, 06:40 PM   #37865
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Re: Bitcoins - digital currency

Found a pic of TR's bedroom
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Old 10-16-2020, 06:50 PM   #37866
ThrowingRocks
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Re: Bitcoins - digital currency

Culture Club is a great band, why you blowing up my spot, do you really want to make me cry?
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Old 10-17-2020, 04:40 AM   #37867
TalesWalk
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Re: Bitcoins - digital currency

Quote:
Originally Posted by ThrowingRocks View Post
I can't figure out why anybody would borrow crypto at such a high rate when they can borrow fiat at such a low rate
The only thing I can think of is that the borrowers would never be qualified to get fiat loans due to terrible credit which makes me wonder if Blockfi is loaning others peoples money to big flight risk's but they don't care because they profit regardless if they default or not.

The BlockFi Interest account is the only cryptocurrency storage option that pays substantial interest and offer rates that are competitive with most non-cryptocurrency interest rates. For example, high-interest savings accounts Ally Bank (0.6%) and WealthFront (1.82%) pale in comparison, although they are FDIC-insured, whereas BlockFi’s cryptocurrency deposits are not.

With a 6% APY on BTC and 8.6% on stablecoins, the BlockFi Interest Account seems like a ray of sunshine for digital asset holders that have grown used to having their holdings slosh around with market volatility.

What happens to user funds during each of these scenarios? How are they protected?
Even if we trust a business like renting a car in New York https://realcar.nyc/rent-a-range-rover-vogue-hse or something else, which there is little to indicate BlockFi can’t be trusted, the doomsday “what if’s” hold primary real estate in our brains.

We talked doomsday with the BlockFi team:

BlockFi gets hacked?: “Gemini is BlockFi’s primary custodian and BlockFi doesn’t hold private keys directly. Gemini keeps the vast majority of its assets in cold storage and is insured by Aon. Gemini is a licensed custodian and regulated by the NYDFS. They recently received SOC2 Type 1 compliance audit from Deloitte for their custody solution. We encourage users to read more about Gemini’s security. “

A user account is compromised?: “Since inception, BlockFi has not lost any customer funds. In the event that a user’s account is compromised, which our security protocols have caught in the past, we freeze the individual’s account for one week. Then, we conduct a Videoconference with the affected individual to verify their identity. We can then change their email address and password, so they can regain control of their account.”

Suddenly everyone defaults on their loans?: “When we lend crypto assets to generate yield, we have an extremely thorough risk management and credit analysis process. We only primarily lend to large, well-capitalized, institutional borrowers, or to counterparties willing to post collateral and provide the ability to margin call them on a 24/7 basis.”

“What that means is, if we are lending $1M worth of BTC to Firm XYZ, Firm XYZ collateralizes the loan (typically ~120%) by giving us ~$1.2M USD. If the loan were to then enter margin call and the borrower was unable to provide additional collateral (default), we would use their USD collateral to buy crypto.”

“We have actively lent since January of 2018, including throughout multiple periods of high volatility, without any losses across our entire lending portfolio. BlockFi is bound by NDA’s to discuss terms of specific borrowers/rates.


Would be nice if someone could explain what the hell "We only primarily lend to large well-capitalized, institutional borrowers" means
In other words it means "only to those people, we see a personal interest in" pretty much, huh
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Old 10-17-2020, 04:52 AM   #37868
Clashes2
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Re: Bitcoins - digital currency

Outside of BlockFi's lending account, does anyone know if they've suspended interest accounts or something?

I just went through the registration process and see a message "We are not able to offer you an account at this time. Please see our T&Cs"
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Old 10-17-2020, 07:20 AM   #37869
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Re: Bitcoins - digital currency

Guessing it has to do with where you live, I opened a BlockFi account yesterday and it went fine.
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Old 10-17-2020, 09:15 AM   #37870
ThrowingRocks
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Re: Bitcoins - digital currency

Quote:
Originally Posted by TalesWalk View Post
In other words it means "only to those people, we see a personal interest in" pretty much, huh
"We only primarily lend to large well-capitalized, institutional borrowers"


on·ly
/ˈōnlē/
Learn to pronounce
adverb
1.
and no one or nothing more besides; solely or exclusively.


pri·ma·ri·ly
/ˌprīˈmerəlē/
Learn to pronounce
adverb
for the most part; mainly.
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Old Today, 02:55 PM   #37871
onemoretimes
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Re: Bitcoins - digital currency

The market is down 1.2% but BTC is up 1.5%.. what gives TS? I thought BTC was just some shitty trading vehicle to follow the market and it made no sense to use it anymore?

You got too wrapped up in the daily moves and lost site of the big picture. It's not too late to buy back that imaginary BTC you sold at the lows. Just think of the 10 year outlook.

Once stimulus starts hitting people's bank accounts, your going to have to pay a lot more.

Last edited by onemoretimes; Today at 03:10 PM.
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Old Today, 03:16 PM   #37872
ToothSayer
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Re: Bitcoins - digital currency

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Originally Posted by onemoretimes View Post
The market is down 1.2% but BTC is up 1.5%.. what gives TS? I thought BTC was just some shitty trading vehicle to follow the market and it made no sense to use it anymore?
That's correct. Bitcoin trades like a retail loser high risk/junk asset. Today follows that pattern.



Risky junk assets are unusually strong today. Not really sure why, it's pretty unusual to see this disconnect between trash and a market selldown. Regardless, bitcoin did sell off quickly when the Pelosi news hit and the market dived. It was up a lot more.

Quote:
You got too wrapped up in the daily moves and lost site of the big picture. It's not too late to buy back that imaginary BTC you sold at the lows. Just think of the 10 year outlook.
I am thinking of the ten year outlook, it why I want nothing to do with bitcoin long term. It's fine to trade short term though.

Quote:
Once stimulus starts hitting people's bank accounts, your going to have to pay a lot more.
Yeah man, hyperinflation, stimulus, corona fear causing a buyup in March (result: -50% to match the market's -30%). All the Big Things just around the corner. For 3 years now.

Don't fool yourself about what bitcoin is. It's a retail junk hype asset and it trades like it. See for yourself above. I appreciate the sentiment of genuinely trying to help me out with what you believe though (that bitcoin will moon and to get in now is the best time). That's nice of you.
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Old Today, 04:01 PM   #37873
onemoretimes
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Re: Bitcoins - digital currency

LOL at now comparing BTC to random junk stocks because they also went up over the last 24 hours

Last edited by onemoretimes; Today at 04:12 PM.
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Old Today, 04:34 PM   #37874
MSchu18
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Re: Bitcoins - digital currency

It's hard to believe that the 1% club of BTC owners only own one or two full bitcoins....
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