Crypto mania !

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banook
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Re: Crypto mania !

Post by banook »

HomerJ wrote: Tue May 11, 2021 10:33 am
Gadget wrote: Tue May 11, 2021 8:36 am We stay and discuss here with all the crypto detractors because this website has some of the most rational and best investors on it. If we wanted to hear all sunshine and rainbows, we'd stay on reddit where 50% of posts are a shill about how XYZ coin will rocket to some insane value.
Lot of new posters here only talking about crypto... I don't want this place to turn into reddit.
I appreciate the diverse feedback here, both the bulls and the bears and the skeptics and the critics. I think it's great. I asked a question about commodities the other day (some play - as I am worried about inflation and got good feedback on traditional ways to protect from inflation) and exit risk last week. I think it's interesting too there's a lot of questions/post right now around crypto perhaps because of short-term inflationary worries * some level of mania in the market. Many of us have never seen inflation like the 1970s because we were not alive for it. I am inexperienced with this aspect of the economy. There was next to nothing in posts on crypto in 2018 when I had lost much/learned only some. So thank you Homer, watchnerd, txhill, Prahasaurus and many more.
decapod10
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Re: Crypto mania !

Post by decapod10 »

watchnerd wrote: Tue May 11, 2021 10:13 am
banook wrote: Tue May 11, 2021 10:08 am I use Coinbase (for BTC/ETH) and Daedalus specifically for Cardano (ADA). I do keep some BTC offline in a hard wallet. I would recommend understanding what a hard wallet is for those wanting to buy/invest/trade crypto, the mechanics of moving crypto between wallets and platforms. Pick 1 or 2 to start. I recommend starting with small amounts. I recommend learning as you go. I would also recommend that you are/would be comfortable with whatever amounts you buy/invest/trade you be ok with potentially never having access to again, i.e. losing it all. There are a number of good resources here on BH and there are many more resources out there. I have enjoyed learning, and continue to learn, perhaps others will too. For the skeptics, failures are a type of learning, sometimes the most important type of learning.
I'm using MetaMask right now.

Do you have a hard wallet you recommend?

I also get concerned about electro magnetic loss.
Almost everyone uses Trezor or Ledger at this point, Trezor is the trendier pick these days. Ledger had a "hack" of sorts, but nothing to do with their wallets, someone stole customer info off of their website (I think it was a Shopify issue). Anyway, I have a Trezor Model T which works well.

Electro magnetic loss isn't an issue with hardware wallets. If the hardware wallet gets damaged/lost/stolen, you can just get a new one and reprogram it with your seed phrase. Lots of people just buy 2 and leave one unopened, so they can use a new one easily if something happens to their old one.
mikejuss
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Re: Crypto mania !

Post by mikejuss »

banook wrote: Tue May 11, 2021 10:08 amI use Coinbase (for BTC/ETH) and Daedalus specifically for Cardano (ADA). I do keep some BTC offline in a hard wallet. I would recommend understanding what a hard wallet is for those wanting to buy/invest/trade crypto, the mechanics of moving crypto between wallets and platforms. Pick 1 or 2 to start. I recommend starting with small amounts. I recommend learning as you go. I would also recommend that you are/would be comfortable with whatever amounts you buy/invest/trade you be ok with potentially never having access to again, i.e. losing it all. There are a number of good resources here on BH and there are many more resources out there. I have enjoyed learning, and continue to learn, perhaps others will too. For the skeptics, failures are a type of learning, sometimes the most important type of learning.
I'm clearly new to all of this, but why wouldn't you use Coinbase to purchase any and all forms of crypto, including Cardano?
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nisiprius
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Re: Crypto mania !

Post by nisiprius »

mikejuss wrote: Tue May 11, 2021 10:52 am Would it be possible to create a crypto index fund? :?:
Probably not in the United States unless and until the SEC changes its mind. They've been rejecting all applications for crypto ETFs, of any kind, since 2013.

The crypto fans keep expecting this to change Real Soon Now. (It's always been right around the corner). Much was made of the appointment of Hester Peirce to the SEC in 2020, but it didn't happen. Then much was made of the appoint of Gary Gensler to head the SEC in April of 2021.

So far the SEC has always felt that cryptocurrency did not meet the standards for inclusion in ETFs and mutual funds, because of lack of transparency and the potential for manipulation in the exchanges. I think the most recent rejection was in 2020:
The Commission concludes that NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest.'
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decapod10
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Re: Crypto mania !

Post by decapod10 »

mikejuss wrote: Tue May 11, 2021 11:04 am
banook wrote: Tue May 11, 2021 10:08 amI use Coinbase (for BTC/ETH) and Daedalus specifically for Cardano (ADA). I do keep some BTC offline in a hard wallet. I would recommend understanding what a hard wallet is for those wanting to buy/invest/trade crypto, the mechanics of moving crypto between wallets and platforms. Pick 1 or 2 to start. I recommend starting with small amounts. I recommend learning as you go. I would also recommend that you are/would be comfortable with whatever amounts you buy/invest/trade you be ok with potentially never having access to again, i.e. losing it all. There are a number of good resources here on BH and there are many more resources out there. I have enjoyed learning, and continue to learn, perhaps others will too. For the skeptics, failures are a type of learning, sometimes the most important type of learning.
I'm clearly new to all of this, but why wouldn't you use Coinbase to purchase any and all forms of crypto, including Cardano?
Not all crypto is available at every exchange. Cardano (ADA) wasn't traded on Coinbase until mid-March I think. You can't buy DOGE on Coinbase for example nor Polkadot (DOT).
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Re: Crypto mania !

Post by Prahasaurus »

mikejuss wrote: Tue May 11, 2021 10:52 am Would it be possible to create a crypto index fund? :?:
Many already exist. But it's tricky, and I'm not so happy with what is available. For example, most don't include BTC. Or they include tokens that should not be part of a long term index fund, or they are only focused on DeFi, etc.

However, Indexed Finance will be releasing their "Future of Finance" fund soon, which will include Ethereum, Bitcoin, and a smattering of blue chip DeFi tokens. I am very excited about this, as I can finally recommend this index fund to people who want to invest in just one index to get exposure to crypto.

I asked on their Telegram channel and I believe it will go live soon, hopefully in 2-3 weeks. I'll update here once it goes live with more info, including how to buy.

Full disclosure: I own some NDX (Indexed Finance) tokens.

I actually own $DEGEN, a small/mid cap index fund from Indexed Finance. I've been quite happy with Indexed Finance and I've gotten to know the team a bit. Because I provide liquidity at Uniswap with my DEGEN tokens, I've been earning NDX tokens, as well. Or rather was earning NDX tokens, as they had a 2-month incentive for people who provided liquidity on Uniswap, paying them with NDX tokens, based on the amount staked. I didn't earn a lot over those 2 months, basically around 3k USD in NDX tokens for providing liquidity. I only bring this up to note that I'm now a (very small) token holder in Indexed Finance, so keep that in mind as I recommend their products. :happy

More on Indexed Finance here: https://indexed.finance

Once their Future of Finance fund goes live, if people are interested, I will post a summary of how you can invest, how you can provide liquidity and earn additional NDX tokens (if they offer that incentive, which they likely will to boost liquidity), etc. I think it could be quite educational and fun, as you'll need to learn MetaMask, how to buy, how to stake, etc. Depending on where gas prices are, however, I probably wouldn't recommend this for amounts under 5k USD.
Last edited by Prahasaurus on Tue May 11, 2021 11:13 am, edited 1 time in total.
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HomerJ
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Re: Crypto mania !

Post by HomerJ »

Prahasaurus wrote: Tue May 11, 2021 10:54 am Ren, on the other hand, is a very risky project that has seen massive returns over the past year. Ren is up 1000% from 12 months ago. However, REN (the token) does carry a lot of risk, similar to a high growth stock. If you operate a node - which means you have locked 100k REN in your node - you earn fees from managing that node and "staking" your REN to serve as a bond on the network. At current payouts, that is equivalent to around 14% APY, assuming you buy your REN today. So the good news is you have both a high growth asset (REN) that also pays a dividend at around 14% or so. So you can benefit from both capital appreciation and monthly de facto dividends, based on monthly volume going through Ren nodes. However, with REN, there is no guarantee the price of REN will go up! It can fall as well, and has fallen on many occasions during the past 12 months. Yes, it's up 1000%, but it hasn't been a straight line.... So REN is similar to a high growth stock that pays a dividend.
This is what I'm talking about.

You mention 1000% gains TWICE, and you use the phrase "both a high growth asset that also pays a dividend at around 14% or so" and compare it to a "high growth stock with a dividend".

You briefly mention that REN can fall, but immediately follow that up with the 1000% gain line again, insinuating, "Sure it falls sometimes, but the general line is upwards, not a straight line, but you still made 1000% by sticking with it!"

Your discussion of the actual risks are woefully underdeveloped.
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banook
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Re: Crypto mania !

Post by banook »

mikejuss wrote: Tue May 11, 2021 11:04 am
banook wrote: Tue May 11, 2021 10:08 amI use Coinbase (for BTC/ETH) and Daedalus specifically for Cardano (ADA). I do keep some BTC offline in a hard wallet. I would recommend understanding what a hard wallet is for those wanting to buy/invest/trade crypto, the mechanics of moving crypto between wallets and platforms. Pick 1 or 2 to start. I recommend starting with small amounts. I recommend learning as you go. I would also recommend that you are/would be comfortable with whatever amounts you buy/invest/trade you be ok with potentially never having access to again, i.e. losing it all. There are a number of good resources here on BH and there are many more resources out there. I have enjoyed learning, and continue to learn, perhaps others will too. For the skeptics, failures are a type of learning, sometimes the most important type of learning.
I'm clearly new to all of this, but why wouldn't you use Coinbase to purchase any and all forms of crypto, including Cardano?
It's new and for learning purposes of what is out there in terms of what is "optimal" or "best" or "most trustworthy". I don't somehow view Coinbase as a Vanguard/Fidelity/Schwab. Further, you can't stake ADA on Coinbase, learning proof of stake vs proof of work (BTC) is best experienced by staking. When you stake you can earn rewards or APR. You can stake ETH on Coinbase relatively easily, but it is also locked in there for a bit. Movement of crypto is also a key test of trust of these platforms and exchanges, for me it boils down to - be a wise and curious consumer at all your hobbies, which this is mostly for me (I'm realizing this - the way I describe it - it's really more of a hobby like fishing or biking). It really depends how much time and appetite you have for learning. If you don't have a lot of time - pick one exchange like Coinbase and stick with it, that works.

Again, I am emphasizing learning first for me, by playing in the sandbox with an amount I can afford to lose (that I do not count in my net worth which is mostly composed of passive index funds at a reasonable AA for my age and risk). I do not think crypto is a "set it and forget it" style of "investing" like low ER passive index funds. I would urge caution if you do have that view - though that may be a good test for it to pass for what you want it to be. It's just not my view.
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watchnerd
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Re: Crypto mania !

Post by watchnerd »

Prahasaurus wrote: Tue May 11, 2021 11:12 am
mikejuss wrote: Tue May 11, 2021 10:52 am Would it be possible to create a crypto index fund? :?:
Many already exist. But it's tricky, and I'm not so happy with what is available. For example, most don't include BTC. Or they include tokens that should not be part of a long term index fund, or they are only focused on DeFi, etc.

However, Indexed Finance will be releasing their "Future of Finance" fund soon, which will include Ethereum, Bitcoin, and a smattering of blue chip DeFi tokens. I am very excited about this, as I can finally recommend this index fund to people who want to invest in just one index to get exposure to crypto.

I asked on their Telegram channel and I believe it will go live soon, hopefully in 2-3 weeks. I'll update here once it goes live with more info, including how to buy.

Full disclosure: I own some NDX (Indexed Finance) tokens.

I actually own $DEGEN, a small/mid cap index fund from Indexed Finance. I've been quite happy with Indexed Finance and I've gotten to know the team a bit. Because I provide liquidity at Uniswap with my DEGEN tokens, I've been earning NDX tokens, as well. Or rather was earning NDX tokens, as they had a 2-month incentive for people who provided liquidity on Uniswap, paying them with NDX tokens, based on the amount staked. I didn't earn a lot over those 2 months, basically around 3k USD in NDX tokens for providing liquidity. I only bring this up to note that I'm now a (very small) token holder in Indexed Finance, so keep that in mind as I recommend their products. :happy

More on Indexed Finance here: https://indexed.finance

Once their Future of Finance fund goes live, if people are interested, I will post a summary of how you can invest, how you can provide liquidity and earn additional NDX tokens (if they offer that incentive, which they likely will to boost liquidity), etc. I think it could be quite educational and fun, as you'll need to learn MetaMask, how to buy, how to stake, etc. Depending on where gas prices are, however, I probably wouldn't recommend this for amounts under 5k USD.

How much of a cut does Indexed Finance take as their piece of the index fund?

i.e. what's the ER?

I see a swap fee of 2% on some of them, seems analogous to a mutual fund load.
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Prahasaurus
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Re: Crypto mania !

Post by Prahasaurus »

HomerJ wrote: Tue May 11, 2021 11:13 am
Prahasaurus wrote: Tue May 11, 2021 10:54 am Ren, on the other hand, is a very risky project that has seen massive returns over the past year. Ren is up 1000% from 12 months ago. However, REN (the token) does carry a lot of risk, similar to a high growth stock. If you operate a node - which means you have locked 100k REN in your node - you earn fees from managing that node and "staking" your REN to serve as a bond on the network. At current payouts, that is equivalent to around 14% APY, assuming you buy your REN today. So the good news is you have both a high growth asset (REN) that also pays a dividend at around 14% or so. So you can benefit from both capital appreciation and monthly de facto dividends, based on monthly volume going through Ren nodes. However, with REN, there is no guarantee the price of REN will go up! It can fall as well, and has fallen on many occasions during the past 12 months. Yes, it's up 1000%, but it hasn't been a straight line.... So REN is similar to a high growth stock that pays a dividend.
This is what I'm talking about.

You mention 1000% gains TWICE, and you use the phrase "both a high growth asset that also pays a dividend at around 14% or so" and compare it to a "high growth stock with a dividend".

You briefly mention that REN can fall, but immediately follow that up with the 1000% gain line again, insinuating, "Sure it falls sometimes, but the general line is upwards, not a straight line, but you still made 1000% by sticking with it!"

Your discussion of the actual risks are woefully underdeveloped.
You are arguing with ghosts. I have no idea what you are reading into my posts, but my assumption is on Bogleheads we are all adults, and we can all assess risk properly. And if I say "the price of REN can fall" only once, but say "it has risen 1000% over the past 12 months" twice, Bogleheads are smart enough to process that information accordingly. If this were a forum for 16 year olds, I might emphasize "risky investments can go to zero" a bit more.

But just to be crystal clear:

The likelihood of your DAI or USDC stablecoins losing their peg to the US dollar is incredible small, but not zero.

Assets like REN, AAVE, SNX, BTC, and ETH are highly volatile, as anyone who looks at a long term graph of each can very easily surmise. Be careful out there if you choose to invest in these high risk assets, as they don't just go up!

For the typical Boglehead, my recommendation is to keep about 5% of your total portfolio in crypto, no more. But I would not rebalance unless that 5% grows to something that becomes too stressful to manage.
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MortgageOnBlack
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Re: Crypto mania !

Post by MortgageOnBlack »

Everyone and their mom is in on this now. Last week, my neighbor asked me while I was landscaping if I was into Crypto. I posted a meme on my Facebook about crypto and woke up 2 private messages from people asking me if I was in on it. The shoe shine boy is giving crypto advice now - take this information how you would like. On a side note, I bought $250 of Ethereum is I'm about $50 now... All I'm in. Not going to lie and say FOMO hasn't crept up in my head during this mania (would have, should have, could have). I just don't think I could ever forgive myself if I went all in with what I've worked so hard for over the past 15 years and watch it evaporate overnight.
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nisiprius
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Re: Crypto mania !

Post by nisiprius »

Prahasaurus, a fictional finance expert named Lloyd Osterhag, played by Elon Musk wearing eyeglasses, appeared in a comedy sketch on SNL. It riffed on the question "but what is Dogecoin?" The punch line is "Osterhag" saying at the end "Yeah, it's a hustle."

In your opinion, is this particular cryptocurrency--Dogecoin--a hustle?
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worthit
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Re: Crypto mania !

Post by worthit »

How are you guys/gals reporting gains and or losses to the IRS? Especially if one is trading these coins few times a month. A friend of mine suggested cryptotradertax.com, but wondering if such platforms or safe. This platform has been hacked once.

For that matter, I am not even sure if any of the wallets are safe enough. Coinbase doesn't even offer live customer service at this point!

So how secure are folks about all the various platforms out there?
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watchnerd
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Re: Crypto mania !

Post by watchnerd »

worthit wrote: Tue May 11, 2021 11:40 am How are you guys/gals reporting gains and or losses to the IRS? Especially if one is trading these coins few times a month. A friend of mine suggested cryptotradertax.com, but wondering if such platforms or safe. This platform has been hacked once.

For that matter, I am not even sure if any of the wallets are safe enough. Coinbase doesn't even offer live customer service at this point!

So how secure are folks about all the various platforms out there?
Reporting is awful.

The CSV file I can download from Coinbase requires some financial help to turn it into something that allows me to calculate what I need to report.

I turned off recurring purchases in Coinbase as soon as I realized what a reporting PITA it was going to create, so I'm only doing lump sum now.
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Prahasaurus
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Re: Crypto mania !

Post by Prahasaurus »

watchnerd wrote: Tue May 11, 2021 11:22 am
Prahasaurus wrote: Tue May 11, 2021 11:12 am
mikejuss wrote: Tue May 11, 2021 10:52 am Would it be possible to create a crypto index fund? :?:
Many already exist. But it's tricky, and I'm not so happy with what is available. For example, most don't include BTC. Or they include tokens that should not be part of a long term index fund, or they are only focused on DeFi, etc.

However, Indexed Finance will be releasing their "Future of Finance" fund soon, which will include Ethereum, Bitcoin, and a smattering of blue chip DeFi tokens. I am very excited about this, as I can finally recommend this index fund to people who want to invest in just one index to get exposure to crypto.

I asked on their Telegram channel and I believe it will go live soon, hopefully in 2-3 weeks. I'll update here once it goes live with more info, including how to buy.

Full disclosure: I own some NDX (Indexed Finance) tokens.

I actually own $DEGEN, a small/mid cap index fund from Indexed Finance. I've been quite happy with Indexed Finance and I've gotten to know the team a bit. Because I provide liquidity at Uniswap with my DEGEN tokens, I've been earning NDX tokens, as well. Or rather was earning NDX tokens, as they had a 2-month incentive for people who provided liquidity on Uniswap, paying them with NDX tokens, based on the amount staked. I didn't earn a lot over those 2 months, basically around 3k USD in NDX tokens for providing liquidity. I only bring this up to note that I'm now a (very small) token holder in Indexed Finance, so keep that in mind as I recommend their products. :happy

More on Indexed Finance here: https://indexed.finance

Once their Future of Finance fund goes live, if people are interested, I will post a summary of how you can invest, how you can provide liquidity and earn additional NDX tokens (if they offer that incentive, which they likely will to boost liquidity), etc. I think it could be quite educational and fun, as you'll need to learn MetaMask, how to buy, how to stake, etc. Depending on where gas prices are, however, I probably wouldn't recommend this for amounts under 5k USD.

How much of a cut does Indexed Finance take as their piece of the index fund?

i.e. what's the ER?

I see a swap fee of 2% on some of them, seems analogous to a mutual fund load.
See here: https://ndxfi.medium.com/are-you-a-degen-7ce66b896d01

There is a .5% burn fee if you burn DEGEN to obtain the underlying assets. If you simply sell DEGEN (the token) on an exchange, there is obviously no fee.
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Re: Crypto mania !

Post by Prahasaurus »

nisiprius wrote: Tue May 11, 2021 11:38 am Prahasaurus, a fictional finance expert named Lloyd Osterhag, played by Elon Musk wearing eyeglasses, appeared in a comedy sketch on SNL. It riffed on the question "but what is Dogecoin?" The punch line is "Osterhag" saying at the end "Yeah, it's a hustle."

In your opinion, is this particular cryptocurrency--Dogecoin--a hustle?
Dogecoin is a joke, but it has always been an honest joke. I like Dogecoin. Sadly, I don't own any.
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banook
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Re: Crypto mania !

Post by banook »

watchnerd wrote: Tue May 11, 2021 11:52 am
worthit wrote: Tue May 11, 2021 11:40 am How are you guys/gals reporting gains and or losses to the IRS? Especially if one is trading these coins few times a month. A friend of mine suggested cryptotradertax.com, but wondering if such platforms or safe. This platform has been hacked once.

For that matter, I am not even sure if any of the wallets are safe enough. Coinbase doesn't even offer live customer service at this point!

So how secure are folks about all the various platforms out there?
Reporting is awful.

The CSV file I can download from Coinbase requires some financial help to turn it into something that allows me to calculate what I need to report.

I turned off recurring purchases in Coinbase as soon as I realized what a reporting PITA it was going to create, so I'm only doing lump sum now.
DCA monthly, not daily nor weekly. Keeps that bureaucracy down a bit, but a bit "safer" than LSI. Daedalus does the csv export as well, and I think now although I missed it this year there's a new "import csv" app for tax purposes - I assume auto populates a 1099. We don't do our own taxes (various LLCs/in 2 states), our tax person is the best and I will never leave her, worth the cost per time. I used to do my own taxes when my situation was simpler.
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Re: Crypto mania !

Post by watchnerd »

banook wrote: Tue May 11, 2021 12:01 pm DCA monthly, not daily nor weekly. Keeps that bureaucracy down a bit, but a bit "safer" than LSI. Daedalus does the csv export as well, and I think now although I missed it this year there's a new "import csv" app for tax purposes - I assume auto populates a 1099. We don't do our own taxes (various LLCs/in 2 states), our tax person is the best and I will never leave her, worth the cost per time. I used to do my own taxes when my situation was simpler.
I'm just going to lump every quarter.

My big RSU payouts come annually, and those get converted into VT/VTWAX.

But I have much smaller quarterly RSU payouts, too, after quarterly earnings are filed. I've flipped the January and May into crypto and will plan to do that going forward.
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Gadget
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Re: Crypto mania !

Post by Gadget »

decapod10 wrote: Tue May 11, 2021 11:03 am
watchnerd wrote: Tue May 11, 2021 10:13 am
banook wrote: Tue May 11, 2021 10:08 am I use Coinbase (for BTC/ETH) and Daedalus specifically for Cardano (ADA). I do keep some BTC offline in a hard wallet. I would recommend understanding what a hard wallet is for those wanting to buy/invest/trade crypto, the mechanics of moving crypto between wallets and platforms. Pick 1 or 2 to start. I recommend starting with small amounts. I recommend learning as you go. I would also recommend that you are/would be comfortable with whatever amounts you buy/invest/trade you be ok with potentially never having access to again, i.e. losing it all. There are a number of good resources here on BH and there are many more resources out there. I have enjoyed learning, and continue to learn, perhaps others will too. For the skeptics, failures are a type of learning, sometimes the most important type of learning.
I'm using MetaMask right now.

Do you have a hard wallet you recommend?

I also get concerned about electro magnetic loss.
Almost everyone uses Trezor or Ledger at this point, Trezor is the trendier pick these days. Ledger had a "hack" of sorts, but nothing to do with their wallets, someone stole customer info off of their website (I think it was a Shopify issue). Anyway, I have a Trezor Model T which works well.

Electro magnetic loss isn't an issue with hardware wallets. If the hardware wallet gets damaged/lost/stolen, you can just get a new one and reprogram it with your seed phrase. Lots of people just buy 2 and leave one unopened, so they can use a new one easily if something happens to their old one.
Just to add some clarification for any new people... The hardware wallet is not to protect your seed phrase. It's to protect your seed phrase from being compromised if you transfer/use any crypto. Think of it as a device that protects your seed phrase from being stolen, even if you are using a PC riddled with malware. If you simply use metamask on your PC, you can be tricked with malicious software to enter your seed phrase and all your funds would be gone.

Someone could also steal your hardware wallet and couldn't get into it without knowing the pin. If they steal your seed phrase backup though, it's game over.

Even with a hardware wallet, you need to protect your seed phrase. Most people have varying degrees of paranoia for this. The recommended solution is etched on steel plates and put in a bank box or something. Personally, I think storing it in a password manager is best as long as you ensure the one time you copy it to the password manager you're using a clean chromebook/PC with no malicious extensions.

I've tried Trezor Model T, Bitbox02, and Ledger Nano X. I recommend Trezor Model T for ease of use. I'd recommend Ledger for biggest selection of altcoins if that's your thing. Bitbox02 was easier to use than a Ledger, but not as convenient as a Trezor. That said, the Trezor Model T is the most expensive too.
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Re: Crypto mania !

Post by YRT70 »

nisiprius wrote: Tue May 11, 2021 11:38 am Prahasaurus, a fictional finance expert named Lloyd Osterhag, played by Elon Musk wearing eyeglasses, appeared in a comedy sketch on SNL. It riffed on the question "but what is Dogecoin?" The punch line is "Osterhag" saying at the end "Yeah, it's a hustle."
And then he goes on to tweet about Dogecoin on Monday and Tuesday. On Monday he tweeted:
SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!
https://twitter.com/elonmusk
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Re: Crypto mania !

Post by watchnerd »

Gadget wrote: Tue May 11, 2021 12:14 pm The recommended solution is etched on steel plates and put in a bank box or something.
Printing it on paper and putting that in a bank box isn't good enough?

That sounds like something out of a movie plot.
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Re: Crypto mania !

Post by watchnerd »

YRT70 wrote: Tue May 11, 2021 12:17 pm
nisiprius wrote: Tue May 11, 2021 11:38 am Prahasaurus, a fictional finance expert named Lloyd Osterhag, played by Elon Musk wearing eyeglasses, appeared in a comedy sketch on SNL. It riffed on the question "but what is Dogecoin?" The punch line is "Osterhag" saying at the end "Yeah, it's a hustle."
And then he goes on to tweet about Dogecoin on Monday and Tuesday. On Monday he tweeted:
SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!
https://twitter.com/elonmusk
I think Doge is a unique and interesting way for Musk to monetize his fan base.

Instead of selling merch like an indy band, or becoming a brand ambassador for Nike or Rolex, like a pro athlete....well, those don't really move the needle for a billionaire.

This takes merch marketing to the next level.
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Re: Crypto mania !

Post by Gadget »

watchnerd wrote: Tue May 11, 2021 12:20 pm
Gadget wrote: Tue May 11, 2021 12:14 pm The recommended solution is etched on steel plates and put in a bank box or something.
Printing it on paper and putting that in a bank box isn't good enough?

That sounds like something out of a movie plot.
I mean I don't disagree. I recommend storing it in a password manager.

But a steel plate stored in a safe place seems to be the most recommended solution on reddit.

I suppose I did once see a bank hit by a tornado. Vault appeared to survive, but the tornado was mixed with a torrential downpour, so who knows if the bank boxes were waterproof.
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Re: Crypto mania !

Post by decapod10 »

watchnerd wrote: Tue May 11, 2021 12:20 pm
Gadget wrote: Tue May 11, 2021 12:14 pm The recommended solution is etched on steel plates and put in a bank box or something.
Printing it on paper and putting that in a bank box isn't good enough?

That sounds like something out of a movie plot.
Well, I think it depends on how much it is and how paranoid you are:

https://www.nytimes.com/2019/07/19/busi ... theft.html

I think most of the time, I've seen people recommend a safety deposit box as a backup place for a seed phrase (keep 1 at home and 1 in the bank) if you are going to use one.

I would say the most common advice I've seen given is to use something metal like Cryptosteel or ColdTi and store it home somewhere, but it just depends on your personal preference

There's another thread that talks about seed phrase storage:
viewtopic.php?f=11&t=347406
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Re: Crypto mania !

Post by watchnerd »

decapod10 wrote: Tue May 11, 2021 12:56 pm

Well, I think it depends on how much it is and how paranoid you are:

https://www.nytimes.com/2019/07/19/busi ... theft.html

I think most of the time, I've seen people recommend a safety deposit box as a backup place for a seed phrase (keep 1 at home and 1 in the bank) if you are going to use one.

I would say the most common advice I've seen given is to use something metal like Cryptosteel or ColdTi and store it home somewhere, but it just depends on your personal preference

There's another thread that talks about seed phrase storage:
viewtopic.php?f=11&t=347406
A tattoo on some private body part seems easier....
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Re: Crypto mania !

Post by decapod10 »

watchnerd wrote: Tue May 11, 2021 12:58 pm
decapod10 wrote: Tue May 11, 2021 12:56 pm

Well, I think it depends on how much it is and how paranoid you are:

https://www.nytimes.com/2019/07/19/busi ... theft.html

I think most of the time, I've seen people recommend a safety deposit box as a backup place for a seed phrase (keep 1 at home and 1 in the bank) if you are going to use one.

I would say the most common advice I've seen given is to use something metal like Cryptosteel or ColdTi and store it home somewhere, but it just depends on your personal preference

There's another thread that talks about seed phrase storage:
viewtopic.php?f=11&t=347406
A tattoo on some private body part seems easier....
Hopefully you won't need to change it, lol
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Re: Crypto mania !

Post by Gadget »

watchnerd wrote: Tue May 11, 2021 12:58 pm
decapod10 wrote: Tue May 11, 2021 12:56 pm

Well, I think it depends on how much it is and how paranoid you are:

https://www.nytimes.com/2019/07/19/busi ... theft.html

I think most of the time, I've seen people recommend a safety deposit box as a backup place for a seed phrase (keep 1 at home and 1 in the bank) if you are going to use one.

I would say the most common advice I've seen given is to use something metal like Cryptosteel or ColdTi and store it home somewhere, but it just depends on your personal preference

There's another thread that talks about seed phrase storage:
viewtopic.php?f=11&t=347406
A tattoo on some private body part seems easier....
Be unfortunate if you ever need to transfer to a new wallet with a new 24 word seed phrase...
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Re: Crypto mania !

Post by surfstar »

decapod10 wrote: Tue May 11, 2021 12:56 pm
watchnerd wrote: Tue May 11, 2021 12:20 pm
Gadget wrote: Tue May 11, 2021 12:14 pm The recommended solution is etched on steel plates and put in a bank box or something.
Printing it on paper and putting that in a bank box isn't good enough?

That sounds like something out of a movie plot.
Well, I think it depends on how much it is and how paranoid you are:

https://www.nytimes.com/2019/07/19/busi ... theft.html

I think most of the time, I've seen people recommend a safety deposit box as a backup place for a seed phrase (keep 1 at home and 1 in the bank) if you are going to use one.

I would say the most common advice I've seen given is to use something metal like Cryptosteel or ColdTi and store it home somewhere, but it just depends on your personal preference

There's another thread that talks about seed phrase storage:
viewtopic.php?f=11&t=347406
Ah yes, exactly how crypto will help the unbanked throughout the world.
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Re: Crypto mania !

Post by YRT70 »

watchnerd wrote: Tue May 11, 2021 12:22 pm
YRT70 wrote: Tue May 11, 2021 12:17 pm
nisiprius wrote: Tue May 11, 2021 11:38 am Prahasaurus, a fictional finance expert named Lloyd Osterhag, played by Elon Musk wearing eyeglasses, appeared in a comedy sketch on SNL. It riffed on the question "but what is Dogecoin?" The punch line is "Osterhag" saying at the end "Yeah, it's a hustle."
And then he goes on to tweet about Dogecoin on Monday and Tuesday. On Monday he tweeted:
SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!
https://twitter.com/elonmusk
I think Doge is a unique and interesting way for Musk to monetize his fan base.

Instead of selling merch like an indy band, or becoming a brand ambassador for Nike or Rolex, like a pro athlete....well, those don't really move the needle for a billionaire.

This takes merch marketing to the next level.
I agree. But strange that he would call it a hustle on national TV.
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Re: Crypto mania !

Post by hilink73 »

PerchiN wrote: Mon May 10, 2021 7:13 pm
mikejuss wrote: Mon May 10, 2021 6:59 pm What is the forum's consensus on the safest way to buy cryptocurrency? Coinbase, Gemini, Robinhood?
I use Coinbase pro for the lower fees vs regular Coinbase. You can always transfer it to coinbase for free as well if you're interested in staking some of your crypto there.

I would avoid Robinhood as I read that you don't actually own the crypto you buy on their platform. You basically just trade it and can't transfer out.
kraken.com is much cheaper than CB pro, I think.
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Re: Crypto mania !

Post by txhill »

Gadget wrote: Tue May 11, 2021 12:56 pm
watchnerd wrote: Tue May 11, 2021 12:20 pm
Gadget wrote: Tue May 11, 2021 12:14 pm The recommended solution is etched on steel plates and put in a bank box or something.
Printing it on paper and putting that in a bank box isn't good enough?

That sounds like something out of a movie plot.
I mean I don't disagree. I recommend storing it in a password manager.

But a steel plate stored in a safe place seems to be the most recommended solution on reddit.

I suppose I did once see a bank hit by a tornado. Vault appeared to survive, but the tornado was mixed with a torrential downpour, so who knows if the bank boxes were waterproof.
I have come around on using 2FA and address whitelisting on trustworthy online services, although it requires some constant work to monitor your services (and news about them). But with 2FA/whitelisting, it would be quite hard for a bad actor to move my funds without me having a week to react. I do keep some in cold storage still, but not as much as I used to.

I think using a bank deposit box is not a good idea if you are putting your whole seed phrase in a single location. A 2-of-3 approach like I described in the other thread on this topic is a reasonable approach if you are storing a ton. But if that sounds daunting then just use a trustworthy service with 2FA/whitelisting.
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Re: Crypto mania !

Post by Freefun »

hilink73 wrote: Tue May 11, 2021 1:04 pm
PerchiN wrote: Mon May 10, 2021 7:13 pm
mikejuss wrote: Mon May 10, 2021 6:59 pm What is the forum's consensus on the safest way to buy cryptocurrency? Coinbase, Gemini, Robinhood?
I use Coinbase pro for the lower fees vs regular Coinbase. You can always transfer it to coinbase for free as well if you're interested in staking some of your crypto there.

I would avoid Robinhood as I read that you don't actually own the crypto you buy on their platform. You basically just trade it and can't transfer out.
kraken.com is much cheaper than CB pro, I think.
Yes, it is.
Remember when you wanted what you currently have?
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Re: Crypto mania !

Post by Gadget »

hilink73 wrote: Tue May 11, 2021 1:04 pm
PerchiN wrote: Mon May 10, 2021 7:13 pm
mikejuss wrote: Mon May 10, 2021 6:59 pm What is the forum's consensus on the safest way to buy cryptocurrency? Coinbase, Gemini, Robinhood?
I use Coinbase pro for the lower fees vs regular Coinbase. You can always transfer it to coinbase for free as well if you're interested in staking some of your crypto there.

I would avoid Robinhood as I read that you don't actually own the crypto you buy on their platform. You basically just trade it and can't transfer out.
kraken.com is much cheaper than CB pro, I think.
Kraken is also a PITA to transact because it only accepts wire transfers. No ACH.
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Re: Crypto mania !

Post by decapod10 »

Gadget wrote: Tue May 11, 2021 1:09 pm
hilink73 wrote: Tue May 11, 2021 1:04 pm
PerchiN wrote: Mon May 10, 2021 7:13 pm
mikejuss wrote: Mon May 10, 2021 6:59 pm What is the forum's consensus on the safest way to buy cryptocurrency? Coinbase, Gemini, Robinhood?
I use Coinbase pro for the lower fees vs regular Coinbase. You can always transfer it to coinbase for free as well if you're interested in staking some of your crypto there.

I would avoid Robinhood as I read that you don't actually own the crypto you buy on their platform. You basically just trade it and can't transfer out.
kraken.com is much cheaper than CB pro, I think.
Kraken is also a PITA to transact because it only accepts wire transfers. No ACH.
Yeah, it's annoying. I have both Coinbase/Coinbase Pro and Kraken, I mainly use Coinbase Pro over Kraken unless there's something at Kraken I can't buy at Coinbase
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Re: Crypto mania !

Post by Freefun »

I don’t know anyone with significant sums of crypto that uses bank safety deposit boxes for them.

Or tattoos.
Remember when you wanted what you currently have?
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Re: Crypto mania !

Post by worthit »

banook wrote: Tue May 11, 2021 12:01 pm
watchnerd wrote: Tue May 11, 2021 11:52 am
worthit wrote: Tue May 11, 2021 11:40 am How are you guys/gals reporting gains and or losses to the IRS? Especially if one is trading these coins few times a month. A friend of mine suggested cryptotradertax.com, but wondering if such platforms or safe. This platform has been hacked once.

For that matter, I am not even sure if any of the wallets are safe enough. Coinbase doesn't even offer live customer service at this point!

So how secure are folks about all the various platforms out there?
Reporting is awful.

The CSV file I can download from Coinbase requires some financial help to turn it into something that allows me to calculate what I need to report.

I turned off recurring purchases in Coinbase as soon as I realized what a reporting PITA it was going to create, so I'm only doing lump sum now.
DCA monthly, not daily nor weekly. Keeps that bureaucracy down a bit, but a bit "safer" than LSI. Daedalus does the csv export as well, and I think now although I missed it this year there's a new "import csv" app for tax purposes - I assume auto populates a 1099. We don't do our own taxes (various LLCs/in 2 states), our tax person is the best and I will never leave her, worth the cost per time. I used to do my own taxes when my situation was simpler.
I hear you watchnerd. I went through it once and came to the same conclusion. Lumpsum is the way to go but a lot of folks are suggesting DCA.

Why do think DCA is a bit safer than LSI? Can you elaborate please?
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Re: Crypto mania !

Post by qwerty123 »

Freefun wrote: Tue May 11, 2021 1:12 pm I don’t know anyone with significant sums of crypto that uses bank safety deposit boxes for them.

Or tattoos.
Do people with significant sums of crypto typically tell you that they have significant funds, and if so, do they tell you where they store their backups seeds? I can't imagine many would...
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Re: Crypto mania !

Post by hilink73 »

watchnerd wrote: Tue May 11, 2021 12:20 pm
Gadget wrote: Tue May 11, 2021 12:14 pm The recommended solution is etched on steel plates and put in a bank box or something.
Printing it on paper and putting that in a bank box isn't good enough?

That sounds like something out of a movie plot.
I'd recommend: https://cryptosteel.com

No etching required...
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Re: Crypto mania !

Post by Freefun »

qwerty123 wrote: Tue May 11, 2021 1:22 pm
Freefun wrote: Tue May 11, 2021 1:12 pm I don’t know anyone with significant sums of crypto that uses bank safety deposit boxes for them.

Or tattoos.
Do people with significant sums of crypto typically tell you that they have significant funds, and if so, do they tell you where they store their backups seeds? I can't imagine many would...
A few have... most do not. Some also have a 25th word passphrase. I know some folks that have wallets in a bank but the passphrase is not there (same with wallets in a home).
Remember when you wanted what you currently have?
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Re: Crypto mania !

Post by watchnerd »

YRT70 wrote: Tue May 11, 2021 1:02 pm
I agree. But strange that he would call it a hustle on national TV.
I don't think he wrote the dialog.

But I can see his lawyers loving it.

"Look, we can't appear to be doing anything that resembles a pump and dump on national TV, so if you *say* it's a hustle, that gives us plausible deniability."
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SuperSaver
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Re: Crypto mania !

Post by SuperSaver »

:confused
WHICH ALT-Coins WILL BE AROUND AFTER NEXT BEAR Market??

Outside of ETH/BTC, and meme stuff.

Anyone familiar with the technology enough to comment?

Hard to decipher on Reddit how much is pump-n-dump.

But I gather:

ADA
LINK
AAVE
DOT


Thoughts (preferably only from those who actually have skin in game)
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starboi
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Re: Crypto mania !

Post by starboi »

Palantir accepts Bitcoin as payment, considering adding to balance sheet

https://www.cnbc.com/2021/05/11/palanti ... sheet.html
ballons
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Re: Crypto mania !

Post by ballons »

Prahasaurus wrote: Mon May 10, 2021 11:08 pm Yes, the cooperative model of ownership in crypto is key! That is why profits are typically shared out to users in a big way. It's why I make 8-10% at Aave and my detractors here are happy to make .1% at their traditional, US bank. While that bank's CEO is making hundreds of millions each year. The DAO is one of the major innovations we've seen from crypto, and this is evolving in real time.

...

Crypto will eat traditional finance because of how responsive it is to users, how innovative. The users are typically the owners. I have no doubt traditional finance will go after this model in a big way, once they realize how disruptive it will be to them. I also have no doubt regulators will favor traditional finance, since politicians are bribed (sorry, lobbied) by traditional finance. Those CEO's earning hundreds of millions (bailed out regularly by taxpayers) will definitely do whatever they can to protect their privileged lives.

And sadly, many of the people getting crumbs will defend our current system out of fear and ignorance. That is clearly one takeaway I have from participating in discussions here on crypto. The slave mentality is real...
Banks and CEO's are evil so buy into crypto so you can get a share of being a bank and being evil? I like how you compare cypto to FDIC bank accounts.
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Re: Crypto mania !

Post by banook »

worthit wrote: Tue May 11, 2021 11:40 am

I hear you watchnerd. I went through it once and came to the same conclusion. Lumpsum is the way to go but a lot of folks are suggesting DCA.

Why do think DCA is a bit safer than LSI? Can you elaborate please?
Certainly back in 2017, LSI was not the way to go for me - but I did. Call it a failure/learning. I LSI'ed into BTC back in the first run/mania. It was. An experience. LSI can be a "safer" less bureaucratic route - fewer rows on the csv - for some people. I am not knocking it. But even if I view crypto as a hobby/sandbox now, the DCA behavior might have been engraved by that experience/feelings at the time. I can say similar things about other hobbies, where I bit off more than I could chew the first go round (at least 2 real world analogies of "I'm never doing that again" outside of crypto, and "next time I will do this"). Even if you did the math for me on my own "investment" here - and showed me LSI vs DCA if held for period X is equivalent, I'd not give in to this rational information. It's DCA behavior because of 2017.
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Re: Crypto mania !

Post by watchnerd »

SuperSaver wrote: Tue May 11, 2021 1:40 pm :confused
WHICH ALT-Coins WILL BE AROUND AFTER NEXT BEAR Market??

Outside of ETH/BTC, and meme stuff.

Anyone familiar with the technology enough to comment?

Hard to decipher on Reddit how much is pump-n-dump.

But I gather:

ADA
LINK
AAVE
DOT


Thoughts (preferably only from those who actually have skin in game)
Nobody really knows, of course.

I hold ADA, LINK and AAVE by market weight.

That's how 'the market' is betting the future will evolve.

Just like with stocks.
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Re: Crypto mania !

Post by decapod10 »

SuperSaver wrote: Tue May 11, 2021 1:40 pm :confused
WHICH ALT-Coins WILL BE AROUND AFTER NEXT BEAR Market??

Outside of ETH/BTC, and meme stuff.

Anyone familiar with the technology enough to comment?

Hard to decipher on Reddit how much is pump-n-dump.

But I gather:

ADA
LINK
AAVE
DOT


Thoughts (preferably only from those who actually have skin in game)
Those are all relatively well respected cryptocoins, if that are what you are asking. Not like DOGE or Shiba Inu or whatever. I don't own any of them, but I can give you a rundown:

ADA (Cardano) - I think proponent fall into a couple major camps. One is that Cardano is technologically superior to Ethereum and will eventually replace it. The other camp is using ADA as a hedge in case the Ethereum 2.0 merge fails.

LINK (Chainlink) - This is a so-called "oracle" blockchain. Part of the problem with blockchain is that although transactions can happen trustlessly, they have a hard time obtaining the data they need to make decisions. Like there was a gambling website where you could bet on a team to win, that's a pretty simple transaction, except for the fact that the blockchain doesn't know if a team won or lost, so it still require human input to trigger the transaction. The idea behind oracles is to help deliver data to the blockchain to say "Yes, The Tampa Bay Buccaneers won the Super Bowl", so then the blockchain knows that it needs to pay everyone that bet on Tampa Bay.

DOT (Polkadot) - It can do a lot of the same things as Ethereum, but it mainly positions itself as a way to help different types of blockchain interact with each other. Right now, Ethereum and Cardano side by side, it's difficult for assets on different chains to interact with each other. Polkadot attempts to help with this problem.

AAVE - A DeFi app where you can borrow/lend, one if the big names.



LINK and DOT are somewhat agnostic to which chains "win", so that is an advantage they have, since they are meant to work along side most Layer 1 chains rather than compete against them. Someone who I respect was a bit skeptical about LINK because they felt that what LINK does is easily replicated, but of course you can find detractors of any of these really. But right now, DOT and LINK really don't have a lot of well-known competitors in their space. I think the bigger question is how useful their function will be.

ADA (Cardano) I think in some ways is the most likely to completely fail because it is in direct competition with Ethereum, but also if Ethereum falters or proves insufficient, ADA will skyrocket.

AAVE - I don't know as much about the various DeFi apps to give you an reasonable response, but it's definitely a "name-brand" in the space so I would be surprised if it just completely collapsed.
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Re: Crypto mania !

Post by Kookaburra »

I’m curious how cryptocurrency appeal fares across different age groups/generations. Is there anyone on here over the age of 50 who owns crypto? If so, what % of portfolio and which coin(s)?
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Re: Crypto mania !

Post by OohLaLa »

YRT70 wrote: Tue May 11, 2021 1:02 pm
watchnerd wrote: Tue May 11, 2021 12:22 pm
YRT70 wrote: Tue May 11, 2021 12:17 pm
nisiprius wrote: Tue May 11, 2021 11:38 am Prahasaurus, a fictional finance expert named Lloyd Osterhag, played by Elon Musk wearing eyeglasses, appeared in a comedy sketch on SNL. It riffed on the question "but what is Dogecoin?" The punch line is "Osterhag" saying at the end "Yeah, it's a hustle."
And then he goes on to tweet about Dogecoin on Monday and Tuesday. On Monday he tweeted:
SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!
https://twitter.com/elonmusk
I think Doge is a unique and interesting way for Musk to monetize his fan base.

Instead of selling merch like an indy band, or becoming a brand ambassador for Nike or Rolex, like a pro athlete....well, those don't really move the needle for a billionaire.

This takes merch marketing to the next level.
I agree. But strange that he would call it a hustle on national TV.
There is a lot of misconception surrounding that SNL episode, Musk's acting and their impact on DOGE. It's being repeated throughout this thread, too.

1- Shows like SNL are scripted. The actors are not expected to veer off the rails. Musk was not there to promote DOGE.

2- Musk is definitely not anti-Dogecoin. The idea is absurd when you look at the things he posts and says. A particular interpretation of one skit, which is very debatable, is not indicative of a change. "Hustle" means different things and has an either positive or negative connotation. He ends the skit by exclaiming "to the mooooon!" People keep omitting that.

3- The dump did not take place during the episode but at the onset. This was a classic pump and dump or more innocently "buy on the rumor, sell on the news". Nothing new. The media, and some folks who repeat what they say, are presenting the loss in value as being directly linked to Musk's performance, which is demonstrably false.

4- DOGE is actually presenting strong resistance during, and following, such a hyped event. Fallout from the 4/20 pump was actually much worse than during SNL. I wonder how much of it is due to the wider community and how much is simply big holders playing a game. I wouldn't be surprised if there is a solid floor on this thing, and it's not 0. :shock:
YRT70
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Re: Crypto mania !

Post by YRT70 »

OohLaLa wrote: Tue May 11, 2021 2:28 pm
YRT70 wrote: Tue May 11, 2021 1:02 pm
watchnerd wrote: Tue May 11, 2021 12:22 pm
YRT70 wrote: Tue May 11, 2021 12:17 pm
nisiprius wrote: Tue May 11, 2021 11:38 am Prahasaurus, a fictional finance expert named Lloyd Osterhag, played by Elon Musk wearing eyeglasses, appeared in a comedy sketch on SNL. It riffed on the question "but what is Dogecoin?" The punch line is "Osterhag" saying at the end "Yeah, it's a hustle."
And then he goes on to tweet about Dogecoin on Monday and Tuesday. On Monday he tweeted:
SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!
https://twitter.com/elonmusk
I think Doge is a unique and interesting way for Musk to monetize his fan base.

Instead of selling merch like an indy band, or becoming a brand ambassador for Nike or Rolex, like a pro athlete....well, those don't really move the needle for a billionaire.

This takes merch marketing to the next level.
I agree. But strange that he would call it a hustle on national TV.
There is a lot of misconception surrounding that SNL episode, Musk's acting and their impact on DOGE. It's being repeated throughout this thread, too.

1- Shows like SNL are scripted. The actors are not expected to veer off the rails. Musk was not there to promote DOGE.
I'm not disagreeing with any of that but still I find it strange that he said hustle. Sure it was scripted but it's not like they're putting a gun to his head to say it. I think his tweets on Monday and Tuesday are him trying to repair some of the damage.
JBTX
Posts: 11227
Joined: Wed Jul 26, 2017 12:46 pm

Re: Crypto mania !

Post by JBTX »

Economist article on govt issued digital currency.


https://www.economist.com/leaders/2021/ ... hat-matter

One could take this several ways. It could mean the end of usefulness of alternative coins. Or, it accelerates digital finance, and as such legitimizes it, and established coins like Bitcoin and Ether stay popular as a store of value against depreciating govt currencies.

This is still nothing but a speculative narrative, but it is the first one I've seen that could plausibly attach real value to crypto currency.
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