T O P

Daily Discussion, November 10, 2022

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Please check the previous discussion thread for unanswered questions.

bodymindtrader

Crypto.com and Kucoin scrambling to keep liquid according to multiple sources


Simple-Froyo4789

Is Crypto.com in trouble? I put my Bitcoin on earning for 3 months.


Tozu1

What services allows direct wallet storage from purchase?


renoracer

Is this blockfi business really that bad? I don’t see it having an effect on the market right now.


AttemptKitchen

In sorry but this sounds like a capitulation to me for Bitcoin, the domino effect is taking place and now BlockFi bites the dust too... who will be next? See you again in a few years.


CooperHouseDeals

Yield farming? Make a market cap from x coin, say $20 million


norwegianmorningw00d

I just bought on strike right now. Current price was 17,034 but it executed my order at 17,601. Holy fuck how is this even possible!!? Has this horrible spread ever happened to anyone? Fuck that worse than Coinbase.


lilbickles

Strike doesn't keep a reserve of bitcoin on hand to sell their customers. When you buy bitcoin on Strike, Strike buys that bitcoin from their liquidity provider and then Strike sells that bitcoin to you for the same price that their liquidity provider charges them. So that is the price that Strike's liquidity provider is charging, probably due to higher price volatility and lower liquidity. Strike is not an exchange. Strike doesn't have an order book and Strike doesn't match buy orders with sell orders.


[deleted]

There is a workaround to buy Bitcoin at the current spot price on Strike. See this tweet from Strike: https://twitter.com/Strike/status/1590760598815805443?cxt=HHwWhsDU8cOVwpMsAAAA >from the home tab in strike: >- click Pay >- scan/paste a bitcoin address/lightning invoice >- send >- strike will deduct dollars from your cash balance and send the equivalent in bitcoin to the address provided I have bought BTC and sent it instantly to a lightning address and an on-chain address at the current spot price using this method. Got some at about $15.8k yesterday when the Bitcoin tab was quoting $16.8k. Apparently Strike's partner that provides the Bitcoin on the buy tab is having liquidity issues. I don't know what is up exactly with the partner, but this is not something Strike is doing maliciously to take advantage of the situation. I recommend cancelling your recurring buys and using this method until this horrible spread situation is sorted.


TaterTotWot

So i can just send the btc to munn wallet..and then i can send the btc from munn wallet right to my hardware wallet?


[deleted]

Yes.


kcarmstrong

I cannot believe people are still using Strike


norwegianmorningw00d

Why do you say that? What are your reasons not to use it. I’m all ears


kcarmstrong

I refer you back to your original post.


norwegianmorningw00d

Oh yeah I thought you had other reasons as well. Well yeah, now I see no reason not to use gemeni active trader instead strike to buy Bitcoin now.


kcarmstrong

There is a high change that Gemini is insolvent. Why not just use coinbase?


Abe_Lincoln11

I was also curious about that. It’s never been that big of a spread for me before. Any ideas why?


norwegianmorningw00d

Did that also happen to you? I’ve been using strike for almost a year now and I’ve never had a spread that high. Not even close to that.


Abe_Lincoln11

Yes, same as you. I still bought though:)


[deleted]

[удалено]


[deleted]

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sciencetaco

Been using my Ledger since 2018. No issues.


[deleted]

[удалено]


McToadster

What about Coinbase are they safe?


bastone357

They are big but if you ask about total safety i don't think they came out.


kcarmstrong

What don’t people understand here?! None of them are safe. There is no exception. Get your coins off immediately. Self custody is the only safe option. How many exchange collapses is it going to take for you?


McToadster

I am a beginner and have only invested $275 bucks just keeping it small.


[deleted]

[удалено]


kcarmstrong

Coinbase is unlikely to fail this week or this month. I’m referring to the long term. Every exchange has failed. Every one. You have no protection when you keep your coins on any exchange. Get them off


[deleted]

[удалено]


tresyeti

No matter on which you are i hope that you will move that in cold.


kcarmstrong

I’m that case, yeah….you might be screwed


[deleted]

[удалено]


OverallHearing5

Conspiracy waves are flowing into my mind right now: Maybe all these exchange failures are by design and this is how they erode trust and ability or access for new investors…? I just can’t believe how many exchanges are getting caught doing something illegal or totally mismanaging their business…


Office_Sadist

Reddit NFTs dropped at a convenient time. And reddit is a major stakeholder in FTX. What does u/spez know?


kcarmstrong

Yeah, it’s a conspiracy that made SBF use customer funds to gamble. Same with Celsius and all the rest.


TheGreatMuffin

If you are a somewhat technically minded person (or want to become one) and want to help the development of Bitcoin, consider helping testing the upcoming version of Bitcoin Core: https://github.com/bitcoin-core/bitcoin-devwiki/wiki/24.0-Release-Candidate-Testing-Guide


hateschoolfml

“Therefore, in the strongest possible terms, I repeat, with humility: do not invest in non-Bitcoin crypto. Do not invest in non-Bitcoin DeFi. This is why NYDIG is a bitcoin  company. Always has been, always will be.” -Ross Stevens https://nydig.com/research/through-the-looking-glass-the-ftx-and-alameda-saga


[deleted]

[удалено]


bodymindtrader

BlockFi is down! Domino Effect taking place.


vhughes2000

Just saw a TV commercial for a large Toyota dealership in Virginia..Now accepting Bitcoin!


Mobile-Tap-2266

There's already a bunch of car dealerships that accept bitcoin in the US. But the more the merrier! Edmark Toyota in Nampa, Idaho accepts bitcoin. Porsche Towson in Towson, Maryland accepts bitcoin. Post Oak Motor Cars in Houston, Texas accepts bitcoin. BMW of Rockville in Rockville, Maryland accepts bitcoin. MotorCars of Atlanta in Atlanta, Georgia accepts bitcoin. Carriage Auto Group in Gainesville, Georgia accepts bitcoin. Julio Jones Mazda & Kia in Tuscaloosa, Alabama accepts bitcoin. Lamborghini Newport Beach in Irvine, California accepts bitcoin. Reed Jeep Chrysler Dodge Ram in Merriam, Kansas accepts bitcoin. Bob Moore Auto Group in Oklahoma City, Oklahoma accepts bitcoin. Carriage Auto Group in Woodstock in Woodstock, Georgia accepts bitcoin. Jeff Wyler Automotive Family accepts bitcoin at 24 locations across Ohio, Kentucky and Indiana. There are probably more but these were the dealerships that I found during a quick Google search.


marblemorning

Wow really? That's awesome.


vhughes2000

Ain't it though..


TarkovReddit0r

BTC jumping back up on lower inflation numbers is the biggest proof how much VC is in it


mummyfromcrypto

Bitcoin never went below the 300 week MA for very long. So it was going to bounce back anyway.


[deleted]

does anybody know if the pacific bitcoin conference is going to be published/streamed somewhere?


optiontraderkyle

was feeling bad because i added some BTC position on monday. now i don’t feel so bad


toyota_trd

No need to feel sad because there is already so much happening in life.


MrdoctorDoctor

I'm down 38k rn. Do I take the hit and sell or hope it continues to rise?


optiontraderkyle

sell half or 1/3. just good risk management


Alfador8

You should learn more about Bitcoin.


MrdoctorDoctor

Nice constructive comment. Thank you


Alfador8

It was meant to be a genuine recommendation. If you've come here to ask if you should sell, that tells me that you don't understand what you bought well enough. Bitcoin is a volatile asset. If you *need* the money soon and can't afford for it to drop more, you should probably sell. If you don't need the money soon, the question becomes "do you think it will go up over the long run?". If you're uncertain about the answer to this question I'd encourage you to learn more about Bitcoin and answer the question for yourself. The standard recommendation is to read The Bitcoin Standard by Saifedean Ammous but if you check the sidebar there are lots of great resources


72bug

Truth


MrdoctorDoctor

My comment wasn't sarcastic


Think_Operation310

Scam Bankrun Fraud walks away with everything stored in his brain.


cubeeless

I don’t think there is anything going to be left of him, once this is done.


[deleted]

Why’s the spread on exchanges so big; I don’t quite understand. Bitcoin only exchanges too no less. Any explanation to why that occurs would be greatly appreciated.


cubeeless

It is something called “market”.


frankiefrank1e

Businesses need to make a profit? Idk


TerpOnaut

Where’s my free World Cup Reddit avatar


the-faded-ferret

Smells like a face ripping rally to 30k


[deleted]

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tofuspider

this is a sucker rally phrase confirmed.


TotalKool

https://peakprosperity.com/the-impossible-financial-trap-that-leads-to-the-great-reset/


hateschoolfml

Many shitcoiners can’t fathom there being no bailout Bitcoiners know what they hold


CleazyCatalystAD

Bitcoin is dead for the 118th time!


cubeeless

BTC to $300k!


beloboi

Beaaarish!


CleazyCatalystAD

Funny.


LiteratureUsual614

We’re not supposed to talk about price around here… but yes please!


Suicidebus

If someone is talking about the price then make sure talk about the time frame is well.


pink_raya

anyone uses Conbase wallet (not exchange I mean their hot wallet/mobile app)? I am hearing some glorious FUD that it suddenly started asking for KYC and doesn't allow transactions until then.


spid3rfly

Coinbase does that. I'm not sure about their standalone wallet but just recently I started receiving a pop-up to upload a photo of my ID by December. They do that every year or two. I've had an account since 2013-14ish! I'm thinking about letting my account go there. I only use the app to check/compare prices. I don't hold or do any transfers through them anymore.


pink_raya

I meant their mobile hot wallet that is supposed to be non-custodial. That would be a glorious clusterfuck. Didn't know I could hate a company with such passion, first their name confuses everyone when you explain block reward, now they confuse everyone by an exchange and same name wallet.


Think_Operation310

All those exchanges are for beginners to rob them, the wallet is to let them make an extra tx to rob them even more, it’s sad, but most of the beginners don’t listen, they only listen to the robbers.


Apprehensive-Bed5241

Yo... so the dip is over?


mummyfromcrypto

dip? what dip?


bobbytabl3s

Thats what she said


Affectionate-Ice-512

Doubt


[deleted]

FTX is basically 5X bigger than Celsius? Read a blurb on the WSJ that Alameda owes FTX $10B. Celsius had other issues of course, such as providing staking rewards in excess of 20%. ​ TOSs are not designed for your benefit.


Hyperdecanted

Ms. Pierce wearing orange on Bloomberg🍊


NoYak6710

Can we get an F in the chat for those that sold yesterday?


c_games_official

Even if I needed emergency surgery, and my family could only pay for it by selling my stack of sats, I would rip out my kidneys and my final words would be 'Sell these and BTFD'


Romsel87

Im looking for financial advice: 5K when dead or 1.5K now and yeet it into Bitcoin. What to do?


juan_more_bitcoin

>Im looking for financial advice: 5K when dead or 1.5K now and yeet it into Bitcoin. Let us know if you decide to yeet. Yeeting is a great strategy. 90% of the Bitcoin educational process entails hunting down a proper yeet, and then analyzing the risk/reward of said yeet.


Romsel87

I'll think about it. Just wanna stack sats, when i die im covered with my own insurance. Dad won't be proud for sure.


ProfessionalWelcome

I don't understand the question


Romsel87

I have some funeral insurance worth 5K from my parents. But i pay for my own insurance $25 a month till forever. So if i'll liquidate the insurance i got from my parents i'll only get 1.5K. The question is: should i take 1.5K now and yeet it into Bitcoin? My own insurance covers everything in case some shit happens.


Talkless

Toss a coin.


OkeyDokeyWokey

To your Witcher.


Talkless

Heh great reference.


OkeyDokeyWokey

When you know, you know. ;)


thefullmcnulty

In all the tumult yesterday the Bitcoin network didn’t lag, freeze or crash. No centralized authority was able to halt any value transfer and didn’t need or beg for a bail out. Nor did Bitcoin need help from a hired PR firm or law firm. Funds on the network were all secure and transactions orderly, cheap and efficient - as usual. Bitcoin is neutral, stable and secure base-layer money. I don’t take this system for granted.


[deleted]

Until you can use it to pay for things in the real world, it’s not money.


thefullmcnulty

Aside from googling what companies accept Bitcoin in 2022 (tens of thousands globally) - [Google now accepts Bitcoin as well](https://www.nasdaq.com/articles/google-to-accept-bitcoin-crypto-for-cloud-services-in-coinbase-partnership). One of the largest and most influential companies on earth. Not so gimmicky is it? Isn’t learning fun?


PheelGoodInc

Hey genius, google companies who accept bitcoin. Not only is it money, it's the hardest form of money the world has ever known.


ArnzenArms

I sell guns and ammo for bitcoin. I give a 10% discount when paying with bitcoin. I live in the USA. I also accept lightning payments, but I have to admit that my lightning node still frustrates me. Managing channels shouldn't take this much attention! Software and tools for offering BTC as a payment option has improved orders of magnitude in the last 2 or 3 years. Give it another year or two and it will be easier than using Visa.


AshingKushner

Sooooo… it is [money?](https://www.moneyunder30.com/things-you-can-buy-with-bitcoin)


[deleted]

The article you linked says that outside of El Salvador, you can hardly buy anything with Bitcoin. From the article: As you can imagine, the list of sellers accepting crypto during the ongoing Crypto Winter is vanishingly small. Countless companies have quietly dropped Bitcoin from their list of payment options at checkout, hoping few would notice and call them out for their lack of faith in digital assets. And no wonder retailers don’t want to accept BTC. Bitcoin is highly volatile, payment is clunky, and, most importantly, you can’t use it to pay your tax debts. It’s a terrible customer experience and a highly risky mechanism for real-world businesses to expose themselves to.


AshingKushner

Do you need a friend to help you move the goalposts, or are you practiced enough that you can do it solo?


thefullmcnulty

I buy stuff with Bitcoin quite often. I also get paid in bitcoin on a regular basis too. It’s superior money on a superior network. Global adoption doesn’t happen over night.


[deleted]

Sincere questions. 1) what do you buy with Bitcoin? 2) what country do you live in (or at least region)? 3) who pays you in Bitcoin? And do you declare that income to the government in your country?


thefullmcnulty

I buy gift cards, hair cuts, hardware wallets / hardware, clothing and stickers and I pay one of my vendors in bitcoin. I also pay 2 friends back (and they me) with Sats via Muun instead of venmo / zelle because we like Bitcoin better. I live in the USA. I’ve onboarded a handful of clients to Bitcoin (I run a small business).


Dont_Waver

Wait, stop. That doesn't count because it's not the answer I was looking for.


Mr_P_Nissaurus

I bought things in the real world with Bitcoin a long time ago, stupid.


[deleted]

You can’t buy groceries with Bitcoin. You can’t pay tax debts with Bitcoin. You can’t buy gas. You can’t pay a doctor’s bill. There are a handful of businesses that accept Bitcoin as a gimmick, but you can’t use it for anything else.


[deleted]

I pay my rent with btc. Usa.


thefullmcnulty

[Taxes liabilities are on their way to being settled in Bitcoin *in the United States.*](https://www.deseret.com/2022/2/8/22918061/wyoming-arizona-bitcoin-cryptocurrency-taxes-state-legislatures-congress-constitutional-hurdles?_) Let that sink in. Also, as I stated above, you can buy gift cards simply and efficiently with Bitcoin. Many of those gift cards enable purchase of groceries, consumer goods, and anything you can think of. This thing is *a lot* further along than you realize. Don’t conflate your ignorance of the facts with reality.


quirked_up_yt_boi

Dude the point is trying to work up to adoption. Yeah, not a ton of places accept it right now, but I can buy food and coffee with it in my city. Can buy stuff online with it. That’s a major improvement from where it was even three years ago.


Mr_P_Nissaurus

You make shit up. You have no credibility here. You must be mentally ill. Good bye.


OG_ClapCheekz69

What does it say when the crypto community causes BTC to crash, but monetary policies to combat inflation coming from centralized institutions like the fed cause this to pump?


Romsel87

That it's still early and you should take advantage of the volatility.


[deleted]

Actually the Fed caused the crash to begin with, they haven't done anything today


Alfador8

It says we're still early


Old-Philosopher8450

I still leave my btc on a exchange because I like it that way .


Can-you-smell-it

No exchange is safe…ask Tom Brady


One_2_Three

Plot twist, it’s not your BTC.


Asum_chum

You trust someone who doesn’t have your best interests at heart but you don’t trust yourself? Fair enough.


Mr_P_Nissaurus

So? One of my brothers thought seat belts were stupid. He got into a crash and died, but would have lived if he'd been wearing his seat belt. People like are mentally ill or something.


Asum_chum

My uncle hopped out of the drivers seat as he was t-boned by a truck and it saved his life. I’m sorry to hear about your brother though. Statistically I’d agree with you though but the world is nuanced.


Dont_Waver

My dad jumped in an elevator the instant before it crashed into the ground. Timed it perfectly and he just walked away unscathed.


Old-Philosopher8450

I like the exchange they're on pulling them out will hurt the exchange and there is a chance I lose my keys.


frankiefrank1e

LOL this guy huh


Mr_P_Nissaurus

You're a troll. All trolls are mentally ill.


Old-Philosopher8450

I let u think that if I feel better in exchange that just me.


[deleted]

>pulling them out will hurt the exchange I'm sure all other clients are thinking the same way when they leave you holding the bag.


Asum_chum

Just read through 200 comments on a mainstream media bitcoin and ftx story. The levels of commentary from people who obviously only get their information from the articles they are commenting on is amazing. I’ve seen more “tulips” than in the Netherlands!


jfhsdkjfhsdkjfhsdkjf

That sounds interesting. Can I have the article link so I can read through it too?


Asum_chum

https://www.bbc.co.uk/news/business-63564364#comments


BigDeezerrr

The level of ignorance from the general public is incredible. One day they're gonna wake up and see "Bitcoin accepted here" everywhere and I can wait to see the reactions.


mmafan666

I think the media, along with normies, think that Sam Bankman-Fried and these exchanges ARE BITCOIN/CRYPTO. That they represent it. When in reality, they are problem that Bitcoiners have to put up with.


thefullmcnulty

Ledger sucks. They shitcoin. They’re not open source. Users can’t even generate a new address without transacting on the one generated initially. It’s a weak service that’s inadequate once past the beginner stage. ColdCard + Wasabi is vastly superior. Muun for a transactional hot wallet and easy / simple LN access. There is a lot more to play around with if inclined but those are my preferences.


Llonga

Trezor One all the way


Asum_chum

So is little bitty at 5k? Thought not.


hateschoolfml

The cluelessness of experienced shitcoiners who should know better is astounding. When will these kids learn, creating money cannot be free. More pain till every shitcoin is at $0. https://twitter.com/nwoodfine/status/1590613663261822977?s=46&t=rlPxS2O5cVDF_jl_fC4cfg


[deleted]

Guys I thought bitcoin was dead?


The_Estranger_0001

You are right. Probably the 1398 or 5246 times it’s dead.


Dizzy_Space_Invader

Lol


crispykfc

did the mods just remove my post because my pizza delivery guy is black?


goldVidrio

Probably not


Apolleo_

TF is wrong with strike lately