Master Thread tfsf/cryptostreetbets - FLR has finally arrived

[HumasButthole]

Let’s get it started

I dropped several thou on XVG back in 17 and need to redeem myself

 

[Cazvol]

I had several hundred LINK back in 2018 for about $.25 each and it's now close to $20.00 each. I should have hodl.

 

[Crich73]

Tripled what I've put in so far since 2020. Pulled out most in late 2018, but bought back in in June.

 

[ChicagoFats]

The Bit Short: Inside Cryptoâs Doomsday Machine

This is the story of a Bitcoin tradeâââthe most financially impactful trade Iâve ever made in my life. Itâs also the story of theâ¦

crypto-anonymous-2021.medium.com

Anyone use tether?

 

[Npklee]

I had several hundred LINK back in 2018 for about $.25 each and it's now close to $20.00 each. I should have hodl.

I had 5500. I know have 100. Feelsbadman

 

[Rusty Strings]

The Bit Short: Inside Cryptoâs Doomsday Machine

This is the story of a Bitcoin tradeâââthe most financially impactful trade Iâve ever made in my life. Itâs also the story of theâ¦

crypto-anonymous-2021.medium.com

Anyone use tether?

The whole point of that article is it doesn't matter if you individually use Tether. If Tether is artificially inflating the value of BTC,ETH etc. The no matter what coins you're in you could see a massive crash if Tether is cut off.

 

[Whiskey&Weed]

The Bit Short: Inside Cryptoâs Doomsday Machine

This is the story of a Bitcoin tradeâââthe most financially impactful trade Iâve ever made in my life. Itâs also the story of theâ¦

crypto-anonymous-2021.medium.com

Anyone use tether?

So based on the balance sheets included in the website, It looked like they had some cash reserves. With those cash reserves they are creating additional funny money used to acquire bitcoins. This is no different than when a bank uses the money contributed by customers to make loans. So long as the borrowers repay on their loan, the bank will get its money back, otherwise the customer will be on the hook.

Tether is doing a similar lending practice. Tether takes good clean cash from customers and converts it into invisible tether cash. The Tether cash is then inflated and used to purchase Bitcoins, The miraculous thing is that bitcoin accepts these tethers, without requiring an underlying security in the cash itself. This all works well and good as long the bit coin price appreciates and all customers don't pull out their cash out of bitcoin or tether at once. In such instance, Bitcoin will go to Tether and redeem their tether cash for actual cash, when such actual cash reserves held by Tether are also needed to pay out real cash to customers for their bitcoin appreciation. Basically, Tether appears to be converting $1 real dollar into like $5-10 imaginary dollars which are accepted by Bitcoin and drive up the price. Because the bitcoins it owns can be sold on the open market, and Tether owns more bitcoin than it actually should be able to have purchased, Tether can always sell those bitcoins to create cash needed to pay off its customers. Again this all works fine so long as the price of Bitcoin continues to increase enough to offset the amount of imaginary Tether cash used to purchase the bitcoins.

 

[LouArmstrong]

All this tether fud reminds me of 2017....literally the same stuff being said

 

[ChicagoFats]

So based on the balance sheets included in the website, It looked like they had some cash reserves. With those cash reserves they are creating additional funny money used to acquire bitcoins. This is no different than when a bank uses the money contributed by customers to make loans. So long as the borrowers repay on their loan, the bank will get its money back, otherwise the customer will be on the hook.

Tether is doing a similar lending practice. Tether takes good clean cash from customers and converts it into invisible tether cash. The Tether cash is then inflated and used to purchase Bitcoins, The miraculous thing is that bitcoin accepts these tethers, without requiring an underlying security in the cash itself. This all works well and good as long the bit coin price appreciates and all customers don't pull out their cash out of bitcoin or tether at once. In such instance, Bitcoin will go to Tether and redeem their tether cash for actual cash, when such actual cash reserves held by Tether are also needed to pay out real cash to customers for their bitcoin appreciation. Basically, Tether appears to be converting $1 real dollar into like $5-10 imaginary dollars which are accepted by Bitcoin and drive up the price. Because the bitcoins it owns can be sold on the open market, and Tether owns more bitcoin than it actually should be able to have purchased, Tether can always sell those bitcoins to create cash needed to pay off its customers. Again this all works fine so long as the price of Bitcoin continues to increase enough to offset the amount of imaginary Tether cash used to purchase the bitcoins.

Reminds me of the housing crises .... banks actually had models that would not compute negative housing prices. Like they couldn’t go down.

Bitcoin may be legit, but it’s far from certain. I own small just as part of diversification. Not betting the farm on it.

Thinking about shorting tether though. They don’t make it easy to sign up on exchanges that trade it.

 

[ChicagoFats]

The whole point of that article is it doesn't matter if you individually use Tether. If Tether is artificially inflating the value of BTC,ETH etc. The no matter what coins you're in you could see a massive crash if Tether is cut off.

Yes. Agreed

 

[Hutchhawk]

Had to cash out of my 5dimes account last October so I transferred $500 into a BTC account. It’s currently at give or take $1500 . Cash out and run or ride the wave. Thanks in advance

 

[Scratchmyvolsroughly]

in 3-5 years its will be $25,000

 

[ttyh]

Take your initial $500 out and let the rest ride. Profit.

 

[Tag]

Definitely ride the wave.

 

[BoiseGator]

I got Etoro today OP, doing bank transfer tomorrow.

Here’s to good times ahead.

 

[Crich73]

Honestly, split it between Ethereum and Link. Both are gonna out perform btc short term and then you can switch back to btc at end of year and hodl.

 

[Taggart]

What's everyone's favorite crypto site? Currently using Coinbase but have read it sucks so what should I be using? Should I transfer my current holdings to a different "vault"?

 

[Hutchhawk]

I'm currently using Exodus.

 

[ttyh]

I'm on Gemini, Coinbase Pro, Bittrex and Kucoin.

 

[Luciano]

Exodus is at the top for a wallet. Not sure if you can exchange on it tho. Gemini your purchase and link it to your Exodus wallet.
Keep your $500 in the play and enjoy the ride.

 

[Rusty Student]

Exodus is at the top for a wallet. Not sure if you can exchange on it tho. Gemini your purchase and link it to your Exodus wallet.
Keep your $500 in the play and enjoy the ride.

Is it possible to directly transfer it from Gemini to a hardware wallet?

 

[Sandford’s_Finest]

I use Coinbase Pro and have had no issues.

Also, Ethereum to the

 

[BoiseGator]

I use Etoro and just copy the professional coin traders. I’ve had it three days and really like it.

I also think coin base currency will have a good bump with stimulus checks and a minimum wage hike.

 

[Luciano]

Is it possible to directly transfer it from Gemini to a hardware wallet?

I never have with Gemini, but I would be shocked if you couldn't transfer to a hard wallet with any exchange.

 

[ChicagoFats]

Anyone know anything about AAVE? Mark Cuban mentioned it in his AMA on reddit yesterday and I have been doing some reading about it. As i understand it, it is a ledger powered by Ethereum block chain that supports both borrowing and lending. Coud be competition for the banks in the future. The De-Fi movement is starting to make sense to me now.

 

[LVRebel]

I'm a total newb to crypto, but wouldn't mind dabbling in it a little bit at least to get started. What sites and products would you recommend? Do you have to link a bank account to these sites, or what do you use in order to transfer money into them to get started? Thanks in advance.

 

[ChicagoFats]

I'm a total newb to crypto, but wouldn't mind dabbling in it a little bit at least to get started. What sites and products would you recommend? Do you have to link a bank account to these sites, or what do you use in order to transfer money into them to get started? Thanks in advance.

I am fairly new to crypto also. I use Coinbase and link it to my bank account. Its pretty user friendly and easy to use

 

[LVRebel]

I am fairly new to crypto also. I use Coinbase and link it to my bank account. Its pretty user friendly and easy to use

I'm a little skepticle to link it to a bank account. Do you set up a separate bank account just for crypto transactions, in the event of a hack or something?

 

[ChicagoFats]

I'm a little skepticle to link it to a bank account. Do you set up a separate bank account just for crypto transactions, in the event of a hack or something?

I have my regular bank account linked to a lot of places, so coinbase is just another brick in the wall.

Nothing is fool proof, but banks are pretty secure and you are probably protected by the FDIC up to $250k I would think.

Coinbase has a lot of security in place to guard against crypto theft. Again nothing is fool proof, but they have 2 factor authentication, and the ability to store your crypto in a vault etc. To me it is secure, but I understand your concern.

 

[Luciano]

I'm a total newb to crypto, but wouldn't mind dabbling in it a little bit at least to get started. What sites and products would you recommend? Do you have to link a bank account to these sites, or what do you use in order to transfer money into them to get started? Thanks in advance.

Binance US, Coinbase,Gemini are all good ones. Coinbase having the highest gas prices (Fees). Its very easy to use with a debit card on file. No need to use your bank account but your daily purchase ceiling will be limited with just the use of a debit. A bank account will allow alot more play if a coin goes into serious bear territory and you need to jump on it quick without serious spending limits. To me alot of these bigger coins I'm in for the long play so don't freak out on large drops.
Gemini has a ad out stating that $1000 in Bitcoin 5 years ago would equal to $45,000 cashout today. Also dont over look AAVE, Link, XMR, and BAT coins.

 

[Luciano]

I'm a little skepticle to link it to a bank account. Do you set up a separate bank account just for crypto transactions, in the event of a hack or something?

I wouldn't worry to much about linking your bank account. Just keep your debit on file to make a purchase like you would with Amazon. You will have spending limits with Coinbase tho. Keep in mind that most of my big player acquaintances use their bank account and some have a separate account with a different bank, but their dropping large amounts when the opportunity presents itself.

 

[Taggart]

Anyone know anything about AAVE? Mark Cuban mentioned it in his AMA on reddit yesterday and I have been doing some reading about it. As i understand it, it is a ledger powered by Ethereum block chain that supports both borrowing and lending. Coud be competition for the banks in the future. The De-Fi movement is starting to make sense to me now.

Seeing lots of good things about the AAVE coin... makes sense at the AAVE platform looks pretty revolutionary.

 

[ttyh]

I'm a little skepticle to link it to a bank account. Do you set up a separate bank account just for crypto transactions, in the event of a hack or something?

You’ll be fine.

 

[noelnole]

I'm a little skepticle to link it to a bank account. Do you set up a separate bank account just for crypto transactions, in the event of a hack or something?

your skepticism is justified. one of the reasons crypto more specifically bitcoin was invented was anonymity. if you provide an exchange such as coinbase your providing all your info drivers license, credit card etc and your no longer anonymous, and that means they can tax you.

i started crypto back in 17 and of course purchased btc at its ATH, my goal was long term tho. ive held since then even when btc went back down to 4k. look at her now and shes only gonna keep climbing.

so if all possible remain anonymous, this prevents you from being taxed while still making profits.

if anyone needs help on an anonymous set up so you can maximize crypto purchases i.e. computer, browser, search engine, crypto wallets, crypto exchanges etc just send me a dm, i have a buddy that does just that

 

[ChicagoFats]

your skepticism is justified. one of the reasons crypto more specifically bitcoin was invented was anonymity. if you provide an exchange such as coinbase your providing all your info drivers license, credit card etc and your no longer anonymous, and that means they can tax you.

i started crypto back in 17 and of course purchased btc at its ATH, my goal was long term tho. ive held since then even when btc went back down to 4k. look at her now and shes only gonna keep climbing.

so if all possible remain anonymous, this prevents you from being taxed while still making profits.

if anyone needs help on an anonymous set up so you can maximize crypto purchases i.e. computer, browser, search engine, crypto wallets, crypto exchanges etc just send me a dm, i have a buddy that does just that

How hard is it? Is it possible to move it from coin base to some other place and be anonymous? I am interested

 

[Old Glory]

I use Coinbase Pro and have had no issues.

Also, Ethereum to the

What is the difference between Coinbase and Coinbase Pro? I was looking at the fees and Pro seems quite a bit lower which strikes me as odd. Are they related?

 

[muscnd]

What is the difference between Coinbase and Coinbase Pro? I was looking at the fees and Pro seems quite a bit lower which strikes me as odd. Are they related?

Coinbase Pro is just a little harder to navigate. It is a branch of Coinbase for more advanced traders, but its fees beat all the other ones bc its .5% across the board whereas the other sites are more, unless they have reduced their fees. Regular Coinbase site charges 1.5% I think. I use Pro to purchase and the regular one to check prices. I don't know why its broken up like that but it is.

 

[muscnd]

Binance US, Coinbase,Gemini are all good ones. Coinbase having the highest gas prices (Fees). Its very easy to use with a debit card on file. No need to use your bank account but your daily purchase ceiling will be limited with just the use of a debit. A bank account will allow alot more play if a coin goes into serious bear territory and you need to jump on it quick without serious spending limits. To me alot of these bigger coins I'm in for the long play so don't freak out on large drops.
Gemini has a ad out stating that $1000 in Bitcoin 5 years ago would equal to $45,000 cashout today. Also dont over look AAVE, Link, XMR, and BAT coins.

I haven't check in months, but Binance US and Gemini charge less than .5% fees on transactions? Curious to know bc I thought they were higher than that

 

[noelnole]

How hard is it? Is it possible to move it from coin base to some other place and be anonymous? I am interested

how hard is what? to move your coins out of CB?

you need to transfer your coins out of CB asap in to a secure wallet (exodus, MEW etc). you could even relocate them to a cold storage wallet like a ledger wallet. cold storage means access is on a thumb drive type of hard ware not connected to the internet.

if this is what your asking its not difficult at all, its quite simple

 

[Mordain]

how hard is what? to move your coins out of CB?

you need to transfer your coins out of CB asap in to a secure wallet (exodus, MEW etc). you could even relocate them to a cold storage wallet like a ledger wallet. cold storage means access is on a thumb drive type of hard ware not connected to the internet.

if this is what your asking its not difficult at all, its quite simple

I almost need a step by step. (fucking hate asking). My goals: long term holding and secure as you described. Is $2500 too little to start?