Bitcoin explosion and ALT coins thread

[Cool Hand Luke]

Once you get to www.occ.gov it's the first news link:

Jan 04, 2021">News Release Jan 04, 2021
Federally Chartered Banks and Thrifts May Participate in Independent Node Verification Networks and Use Stablecoins for Payment Activities

so you're saying I should sell?

 

[Grassshoppa]

so you're saying I should sell?

No idea. I'm not a professional investor with years of experience and no knowledge of having made millions from millions. I think there is currently a gap in time in between Bitcoin's arrival/rise and when Interpretive Letter 1174 becomes translated to the every day person and it may never be circulated and translated for the every day person. But what the letter states is that one day the bank you have now will use the same block chain technology and provide stable coins that are backed, secure, and safe. I think Bitcoin is a speculative commodity. If I could have predicted the future I wish I could have made myself $300 million from Bitcoin. If I had a few million of "house money" to lose freely I'd invest in Bitcoin and see if it got to $100k a coin.

I think Interpretive Letter 1174 sheds some serious light and hard truth about what Bitcoin is and is not. As well as a time table.

 

[therealdope]

Bitcoin episode 3

The revenge of the banks

Someone mentioned this earlier in the thread.

 

[Grassshoppa]

so you're saying I should sell?

Is there a way to tell that the buying or selling of Bitcoin is increasing? Does the system become slow? I wouldn't know because I don't have Bitcoin. If I had Bitcoin I'd probably be more vigilant than usual about monitoring the speed of the network and price.

 

[Grassshoppa]

When I came across Interpretive Letter 1174 it made me think of the movie Wall Street. Is it the phone call that rings across all investors' desks? Who knows.

Blue Horseshoe loves Anacott Steel.

 

[THC]

great questions and I’d love to know also. I have the Binance.US app and Coinomi app but it’s unclear how to move assets into them for safe keeping


I also just discovered that you can buy Bitcoin straight off cashapp

I slung a few bucks down on bitcoin and bought $6 towards Tesla stock. And $5 on ethereum but planning on adding some more soon.

 

[therealdope]

When I came across Interpretive Letter 1174 it made me think of the movie Wall Street. Is it the phone call that rings across all investors' desks? Who knows.

Blue Horseshoe loves Anacott Steel.

hated that movie when I was younger but have come to appreciate it now.

Best parts of the film are the Lou Mannheim quotes.

 

[Grassshoppa]

hated that movie when I was younger but have come to appreciate it now.

Best parts of the film are the Lou Mannheim quotes.

What happens when you think you just created the only cure to cancer only to find out the next day everyone has the same formula? You can no longer sell your cancer drug for $1,000,000 a pill. You have to sell it for $5.

 

[therealdope]

What happens when you think you just created the only cure to cancer only to find out the next day everyone has the same formula? You can no longer sell your cancer drug for $1,000,000 a pill. You have to sell it for $5.

Part of my job involves building an IP portfolio for my tech company. So I would sue the shit of the people selling our formula.

 

[Grassshoppa]

so you're saying I should sell?

Looks like someone just transferred 9,000 BTC out.

https://www.financemagnates.com/cry...ser-transfers-9156-btc-just-before-the-crash/

Anonymous Bitcoin User Transfers 9,156 BTC Just before the Crash
The Bitcoin price crashed by more than 15% as an unknown user transferred $300 million BTC right before the crash.
Bilal Jafar | News ( CryptoCurrency ) | Monday, 04/01/2021 | 14:22 GMT+2

Photo: Finance Magnates
Share this article


Bitcoin price crashed below $30,000 on Monday as the world’s largest cryptocurrency lost $50 billion in market cap within hours. An anonymous Bitcoin user transferred 9,156 BTC worth nearly $300 million on Monday just an hour before the crash started.

According to the details provided by Whale Alert, a blockchain tracker and analytics system, an unidentified crypto holder transferred 9,156 Bitcoin on Monday 4 Jan 2021 06:59:39 UTC, hardly an hour before the recent dip in the cryptocurrency market.

The Bitcoin user shifted the amount to an unknown wallet and has not been spent since then. Similar transactions were reported by Whale Alert earlier today when anonymous cryptocurrency users transferred 4,000 Bitcoin and 2,000 Bitcoin respectively in two separate transactions.

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The volatility in the crypto market has increased significantly since the start of 2021, the price of Bitcoin jumped above $34,000 on Sunday and recorded a massive gain to reach an all-time high level. Finance Magnates earlier reported about Ethereum breaching the $1,150 mark as the world’s second-largest cryptocurrency gained more than 30% in 24 hours.

Bitcoin Crash
The price of Bitcoin dipped below $30,000 on Monday after the recent correction triggered a $70 billion sell-off in the crypto market. Bitcoin is currently trading above $30,000 as the market cap of the world’s largest cryptocurrency dipped from $615 billion to $560 billion. On the other hand, Ethereum is currently trading below $1,000, a significant drop from $1,150. The recent price rise in Bitcoin and Ethereum not only helped retail investors but also pushed the value of Grayscale’s crypto assets under management to a new high. Last week, the world’s largest crypto asset manager reported that the total value of its assets under management jumped above $20 billion. The latest data from Bybt shows that the value of Grayscale’s crypto assets under management has crossed $23 billion.

The recent market crash in cryptocurrencies shows that the market is set for a volatile 2021 due to growing demand and an uncertain regulatory environment.

 

[Grassshoppa]

Part of my job involves building an IP portfolio my tech company. So I would sue the shit of the people selling our formula.

Semantics. Rephrased below.

What happens when you think you just created the only cure to cancer, combustible engine, toothbrush, electric motor, etc. only to find out the next day everyone has the same technology? You can no longer sell your cancer drug for $1,000,000 a pill. You have to sell it for $5.

 

[Grassshoppa]

Be careful. Interpretive Letter 1174 was just released 5 hours ago. See the Bitcoin thread in the War Room. Banks are going to have the same technology and will issue stable coins attached to gold or the US dollar so they are stable. Banks will use the same technology, but will do this much, much better and safer. Bitcoin will remain a speculative commodity.

Here's the link to the letter. Decide for yourself after you read it:

https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-2a.pdf

Uploaded file for those who cannot access website.

 

[Grassshoppa]

so you're saying I should sell?

The letter just got tweeted to 24,000 followers.

https://www.trendsmap.com/twitter/tweet/1346296131878330368

 

[mmafan2000]

1. What is the difference between a bitcoin wallet on your smart phone (androind or app store) like bitcoin.com app versus an exchange like coinbase or bitstamp for example??

Those wallets that are in your smartphone or in your web browser are called "hot wallets." They are vulnerable because of viruses and hacking. If you click on a wrong link or something, someone may get access to your computer/smartphone and take all your assets.

Having your money in an exchange also have its cons. They can get hacked themselves, you can potentially get frozen out of your account, etc. Also some exchanges(like Robinhood) do not even let you take our your assets - instead they are holding the assets in your name. You don't actually own it.

The most secure way of storing your crypto is in what's called a "hardware wallet" or "cold storage." i.e. Nano Ledger, Trezor, etc. You alone have the "keys" to your account and only when you physically plug in your USB and enter the password (Nano Ledger, Trezor, etc) can someone take assets out of your account.

2. Is it safe to keep your bitcoin in an wallet app like bitcoin.com?

Safest way is cold storage/hardware wallet.

3. How long can a Trezor last for, will the battery die after 5 years then you are screwed?

Whenever you set up a hardware wallet like Trezor, they make you write down a randomized 24 word seed phrase. This is written down on a piece of paper which you will put someplace safe like a physical safe or safety deposit box or under your mattress (although I don't suggest that.)

If you lose your hardware wallet, it goes bad, it breaks, etc. All you need to do is buy another one and recover your old account with the original 24 word seed phrase.

I personally do not like the Trezor because of one thing I see as a flaw. When you input the 24 word seed phrase, you type it in on your computer as the Trezor is connected to your comp. That's a flaw IMO because if someone hacked your comp, they may be able to see what you type with a keylogger program. With that, they can steal everything you have.

On a Nano Ledger, you have to physically type in the seed phrase on the device itself. So the person would need physical access to your actual wallet to do anything.

On top of that, the Ledger has the most coins it supports over the other hardware wallets.

Good post. Thanks for sharing.

 

[MIKOM]

Please be careful. Interpretive Letter 1174 was just released 5 hours ago. See the Bitcoin thread in the War Room. Banks are going to have the same technology and will issue stable coins attached to gold or the US dollar so they are stable. Banks will use the same technology, but will do this much, much better and safer. Bitcoin will remain a speculative commodity.

Here's the link to the letter. Decide for yourself after you read it:

https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-2a.pdf

At the very least, read this letter that was just released by the government. If you still feel strongly about Bitcoin then go for it.

Bitcoin onramps.
Goody goody gumdrops.

 

[THC]

So I shouldn't have bought any bitcoin?

 

[Wreckless]

I slung a few bucks down on bitcoin and bought $6 towards Tesla stock. And $5 on ethereum but planning on adding some more soon.

Why even bother putting money if it's going be $5? Is your goal to reach $10 so you can buy a meal or something? Lol

 

[Cool Hand Luke]

Bitcoin onramps.
Goody goody gumdrops.

you mean bank backed vehicles to help make using bitcoing mainstream?

 

[Drain Bamage]

SO IS now a good time to buy?!?! AFter the crash, right?!?! THat's when you buy!

 

[Drain Bamage]

Or is it gonna crash more?

DAMN man i should have invtestd in 2013 when my old coworker told me. He hasnt had to work for years now fml