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There was a spike like that on Sunday too, it just went down afterโ€ฆ
hm, even if itโ€™s flat earth?
I got alert about move 9% in past hour, from Revolut I think.
Hmmm.. not familiar with the flat earth model ๐Ÿ˜›
I guess it could still go under the earth somehow.. Maybe there are 2 moons in factโ€ฆ ๐Ÿค”
i like this idea.. earth is like peanut butter, sandwiched between two moons
i mean, bitcoin is a good idea. just wish this moon stuff will end
Nah, hehe
I think with anything you are always going to have a spectrum of people.
and what happens is something in the middle and it can disappoint everyone. Though I think there is an issue with crypto people that since a lot of them are genuinely intelligent they base their projections not on current reality but on their ability to come up with smart justifications. A smart person can come up with smart reasons for being right and still be wrong. Also a smart person who can win debates doesn't necessarily mean they are right it just means they are a better debater.
I went to a crypto conference and a lot of these people sound like Marx academics who completely dismiss the human component. People will move to Crypto because of <list of reasons> but then you realize if all people had that kind of insight knowledge of money in general, credit card debt wouldn't exist.
Or people who will say it is better to invest than pay off debt because the math works but fail to acknowledge cost of living and cash flow restraints that make it nearly impossible to actually do such a thing and end up doing neither.
It seems like bitcoin has proven itself as sound money. Like gold it is somewhat a safe haven in times of crisis, not including a liquidity crisis. If your currency is consistently dropping in value and btc is increasing it seems like a good idea to have a little in btc.
Maybe, but I mean it just collapsed in the face of a crisis. People are probably buying right now because they think the trillion or billion whatever from the US government will completely kill the dollar.
All this is good - but have we really found a few practical use cases where bitcoin/other crypto being used in the real world?
I know banks are researching heavily, investing heavily etc - I'm already invested too and want to buy more, but really need better reasons and applications to understand it
tburzujk BTC is accepted by 10,000 companies in Japan.
Though I haven't researched it recently with the down turn in value.
For awhile there was some credit cards that would draw from your BTC balance out of singapore.
Though, it should be noted, that Japan is not always a leading of indicator of things that will take hold in the world. They do all kinds of stuff that stays in Japan.
Bitcoin isn't liquid at all.
It's incredibly hard to liquidate large volumes of BTC to cash.
stable coins
Don't know enough about stable coins.
all stable coins are supposed to be backed by reserves of fiat
when you sell bitcoin its usually into a stable coin
Doesn't that....defeat the purpose of crypto?
So essentially a stable coin is a gift card.
they are bit more practical than a gift card
they are pegged to the usd
How big is the pool for these stable coins?
$5.96B USDT
seems.. low
So if I add all their marketcaps together I am seeing 7B, if that's the total available for liquidity, that's not that much.
I agree. We cant say bitcoin isnt a safe haven if gold also went down. People just needed cash in their hand and panicking selling.
? Not sure what needs to be explained.
BTC volume is extremely high, hows it hard to liquidate?
High compared to what?
Daily BTC volume is roughly equal to about 1.5 of a SINGLE blue chip stock.
Also BTC volume is not just USD > BTC, it is all BTC transactions.
The vast majority of BTC volume is most likely person to person BTC transactions, not BTC to fiat and vice versa.
You wouldn't know it based on the media attention but BTC is still pretty much a speck in the world.
I know through an investor someone who is sitting on over a hundred million in BTC (probably not so much now) and they can't do anything meaningful with it. Not only because of liquidity issues but regulatory issues as well because the moment you try and convert large amounts of BTC to fiat, it needs to go into a regulated bank and there are massive tax implications.
If you wanted to sell large amounts of BTC on any major exchange youโ€™d have no issues. Of course the price would move at larger amounts.
Why would there not be tax implications? I own a crypto company and we had to do heavy KYC for banking. Itโ€™s part of the game.
What tax implications are there that are unique to BTC?
I believe in the UK if you try and liqudate BTC they consider it a capital gain.
As opposed to what?
Same goes in US... short term vs long term cap gains
You are missing it. If someone pays you in BTC and then you liqudate to fiat, you get hit with a capital gains tax.
If you raise money via BTC and want to use fiat to fund your operations, you are hit with a capital gains tax.
Yea but the cap gains tax is only on the gains
I donโ€™t see why thatโ€™s surprising
So let's say you do a raise and you accumulate say 50 million worth of BTC, cool, but now you need fiat. If you liquidate on an exchange you are going to be hit with a 50% capital gains tax.
So what some of these companies are doing is illegally laundering to get around it, they liquidate to cash, and then put it into their bank account and instead of declaring it as capital gains, they declare it as sales revenue.
I donโ€™t disagree with any of this ๐Ÿ˜
But itโ€™s all how it โ€œshouldโ€ work
Obviously tax sucks
No, it shouldn't work this way because BTC is essentially be classed like a security and not currency. If I want to give funding to your company and instead of giving you 1 million directly, I first buy BTC and hand it off to you, when you convert it back to fiat you are going to be hit with a massive tax.
If you have to pay a 50% tax when you are liquidating BTC, that doesn't make BTC liquid, that makes it stupid.
The equivalent would be like, I want to fund your startup but instead of giving you cash, I am going to buy TSLA stock and gift it to you.
Right but as I said before youโ€™re only paying tax on gains.
You lose no money compared to if you were paid in $โ‚ฌยฃยฅ
Assuming you liquidate immediately but because it is an asset if you liquidate and it is up you get hit with a tax when it is up and if goes down, you lose money. That is not the same as just keeping cash.
Yes I agree
Why I am skeptical that exchanges can actually handle large amounts is because of this:

They actually think it wasn't 108 million, they think it was only 10 million leveraged to 100 million.

To put this in perspective, AAPL by itself before this madness would regularly have 100 million dollar days.

I mean most people are not throwing around 100 million dollars or I would say even multiple millions especially with the hodl culture, it's liquid in the sense that it can handle millions, it is not liquid in the sense that it can handle hundreds of millions or billions.
Time for another nosedive?
Something happen?
Bill gates talking about crypto live
looks like a scam
:o that's true
Im checkin the YouTube channel and is totally a scam
I cant delete slack messages :/
just flagged it to youtube
here comes the new "privileged" class
About what was posted above ^:
> There is a study led by HZI Braunschweig in cooperation with other institutes in Berlin that aim to test 100,000 people in order to see how many have developed antibodies - to further clarify how social immunity against covid-19 is progressing and how soon can normality return. There are no โ€œcertificatesโ€ whatsoever.
> It is also said that current tests may very well result in false positives as they cross-react with other harmless coronaviruses in circulation.
> Shame on you, Telegraph.
This has nothing to do with crypto
you guys think theyโ€™ll try something unproven like crypto vs inked stamps?
That also ๐Ÿ˜›
Anyone speculating rise in crypto as a result of unlimited QEs?
it's only logical
but it will take time because of the Cantillon effect
Good job wearing masks
After the crisis clears, there will most likely be a recession which will cause deflation. If crypto goes up, it is probably not going to have anything to do with what the FED is doing right now.
I expect crypto to tank hard.
Now that it has been established that it is not a safe haven and when hyper inflation doesn't happen, I think a lot of the crypto prophets are going to be struggling to justify its value. According to all the dogma I have heard if crypto was going to rise this should of been the moment but it turns out there is way more faith in the current monetary system vs this notion that everyone is just waiting for its inevitable collapse.
I can spend dollars. Any trading partner in the world will take dollars. Some weird crypto thing that isnโ€™t transferable without a conversion which merely turns them back into said dollars anyway.. why would I care about all the blockchain stuff when dollars spend just fine from my corporate account.
Iโ€™m curious if any crypto believers end up still taking ppp
It's an ok vehicle for forex or piping money, the problem is the volatility is so crazy and the volume so low you can only do small amounts and liquidate immediately or risk tanking the price if you are moving large MM amounts. Also a minor detail is that with crypto I am depending on consensus and popularity for value and with the dollar there is a multi-billion (trillion?) dollar military enforcing its value.
I'm still long-term bullish
Any ideas what will happen post the Bitcoin halving scheduled in a few weeks? Any quick resources to understand the concept too?
kedakplz CoinMetrics' latest coinmetrics.substack.com/p/coin-metrics-state-of-the-network-e18|State of the Network> has a pretty good summary
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