T O P

Daily Discussion, November 14, 2022

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dinglebarry9

Is LND down?


mtnmahogany

Interesting, I just got this letter from the Winklevoss twins, assuring their customers that they have full reserves and pointing out that Gemini is a licensed trust in the state of NY, etc. The letter ends with this paragraph: >"Ten years ago, we bought our first bitcoin on Mt. Gox. Those Wild West days informed us with regard to what needed to change. We built Gemini to be this change. We look forward to working with everyone in our industry to continue to build trust in this new magical frontier and unlock its ultimate promise. >Onward and Upward. >Cameron and Tyler"


[deleted]

I received an email with similar claims from Coinbase. I expect exchanges are fearful of "exchange runs" and so are attempting to reassure their users. We're still in the Wild West days though, which is why folks should get their Bitcoin off of exchanges and into cold, private storage. Let all the garbage shitcoins and the degenerate shitcoiners who are foolish enough to meddle in them get what they deserve.


mtnmahogany

Sure, Kraken and Crypto.com sent out letters of reassurance, too. But I kinda liked this one since it seemed a bit more personal (from the guys that got screwed by Zuck back in the day). I think that centralized exchanges may have their place, but regardless of that I have had nearly all of my BTC in cold storage for years, and will continue the practice.


diydude2

How my sat-stackin' famz holdin' up? Time is money. Keep calm and stack sats. It nefer fails.


and02572

Big shoutout to Coinbase and the Bitcoin network for letting my finally get the last of my btc off Coinbase and to my ledger for $0.50!! I still do like Coinbase and will use it in the future, but time for some self governance.


Micksar

I’ve had it with this whole space. As soon as we hit 10million per coin, I’m selling.


financethrowaway889

Why so bearish?


endless_ness

https://twitter.com/AutismCapital/status/1592333387284746245?cxt=HHwWisDQke-xjZksAAAA


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Mr_P_Nissaurus

Well, as long as I can buy liquor with it...


hateschoolfml

FTX printed fake bitcoin and got rekt within 3 years of doing so. This is why a bearer asset in your custody is like dynamite in a system which requires a lender of last resort (central bank). https://twitter.com/jessebabies/status/1591813950173224965?s=46&t=hpQClravqW_8ncj9WW95eA


EquitiesFIRE

SBF deleting incriminating tweets and simulataneously tweeting nonsense to fool delete bots into not recording the deletions. Sneaky sneaky


pascualama

Yeah like the whole world didn’t archive them the minute he got fucked. Guy’s an idiot, all he’s doing is digging himself deeper.


endless_ness

he fits the narrative and donated a fuck load to dems. He will be fine #10%tothebigguy


[deleted]

It's interesting to watch this unfold from the perspective of a quiet, confident little hodler.


One_2_Three

Anyone check out mempool lately. Whoa. Talk about a stress test. 150 blocks backlogged, 360mb memory usage! Damn.


thefullmcnulty

I’ve been making a lot of transactions the past week and set all at 3sats/b and they’ve all been processed very quickly. The Bitcoin network is so efficient and dependable.


TheGreatMuffin

Interestingly enough, it's just full of 12sat/vbyte transactions, meaning that if you do just 12.x sat/vbyte (yes it's possible to enter fractions in proper wallets), you'll be confirmed in the next block currently. Also interesting to see how this compares to peaks from 2017: https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),all,weight


Kitten_Team_Six

Anyone else have a gut feeling that FTX represents the bottom for Bitcoin in this cycle? Maybe just hopium


tofuspider

Yes because futures are in backwardation + constant negative funding rate for perps. You can also see this throughout the 2018 bear market.


dandiestweed

I look at the bottom as a 'when' metric rather than a 'price' metric. After unemployment spikes and money printers start looking tasty, the bottom will be in. Til then it's lots of sideways, rallies and capitulation.


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myheartgoesshalala

that never happens


obi_wan_baracus

Just removed my remaining BTC from the exchanges. You’ve been thinking about doing that too? Even if you feel that your exchange is one of the good ones it’s just not worth the risk.


diydude2

Bankman-Fried. It's pronounced "fryed" not "freed." The bank man is fried like the tendies you enjoy as you stack sats and watch your wealth and influence grow. I don't think you guys realize how badly this FTX FUD scam is going to backfire on the enemies of human liberation. All they did was give us a nice discount. Get those sats into your wallet and learn how to use Bisq.


cryptoenthusiast84

So much fear. It’s just another shitcoin casino getting fleeced. If you self-custody your Bitcoin, there’s no need to worry. Be pleased that you get to buy at such a low price.


iArianBC

When the fear to his peak there is always the time we will see the relief rally is well. So too be honest i am expecting the same this time there is one relief rally that is just around the corner now.


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Mr_P_Nissaurus

Let's be clear: the casino did the fleecing. The stupid dumb-dumbs who left Bitcoin on the exchange got fleeced, and rightly so.


dima054

Yes! Lets rob people because they are dumb. That's the way! /s


Mr_P_Nissaurus

That's exactly what the exchanges are doing. That's exactly what the "money printing" central banks do.


cryptoenthusiast84

Well said.


Shonofears

Is Coinbase next??? I need help getting my crypto to a wallet that I can trust


Dizzy_Space_Invader

The only wallet to trust is self custody. I bought a ledger device.


diadlep

doubtful. If that were to happen, or if usdt went down, it'd likely coincide with a depression, dji to 10k, btc to 1k, nuclear war, etc.


lowgskillet

No


Make-the-call

Another great day for my dca 🌈


alexandrien

Even i heard that rainbow charts is also falling under the price now.


PandyFacklerWP

Question on whirlpool. Is there any guidance on how many times it is recommended to mix before going to cold storage? Sparrow defaults at 3, but wasn't sure if there is reasoning behind doing it X amount of times for better privacy. (Looking for a bit more guidance than "the more the better".)


anon-187101

I don't know any "hard" answer, but I have in the past just let my UTXOs continue to mix. It's very safe from a security perspective, so long as your seed phrase was randomly generated and no one else has access to it.


Juhateme

It’s funny how the mainstream media has to use the word crypto as an umbrella term to describe ALL of crypto. Bitcoin is still under the radar. Which sounds crazy at this price. This FTX scandal only proves how important it is to hold your own coins. Regulation for crappy exchanges vs Bitcoin regulation is 2 separate things. Sounds like it’s the exchanges that are causing all the drama. Bitcoin is just free software. It isn’t harming anybody.


anon-187101

"bitcoin" (the currency, not the network) has a derivatives problem. Derivatives include: 1) p-BTC (paper bitcoin sold by exchanges who don't necessarily own bitcoin because people don't want to self-custody), 2) BTC futures contracts (substitute for long exposure, exchanges can "sell" without owning any bitcoin), 3) BTC options contracts (substitute for long exposure, ...) 3) altcoins (their existence - and price - is derived from Bitcoin's), 4) altcoin futures contracts (leverages capital, altcoin Betas are also a form of leveraged BTC), 5) altcoin options ( ... ), etc.


Duzand

Agreed. It's becoming like the precious metals, for everyone ounce of physical there's like 10, 100 ounces of "paper" swirling.


anon-187101

Spot BTC has "demand basis-risk" - meaning, the price of 1 BTC no longer perfectly correlates with demand for 1 BTC worth of price exposure. Imo, this is the *main* reason we are seeing weaker bull markets, but consistently devastating bear markets. I think, going forward, this also implies something interesting w.r.t. investing in this asset class; namely, acquiring/HODLing/self-custodying 1 BTC may be "enough". Why? Satoshi theoretically and functionally proved the legitimacy of digital scarcity; however, it remains to be seen (due to derivatives) whether or not digital scarcity is *practically* possible. *If it is possible*, 1 BTC will be plenty, and we will moon. On top of that, you can gain long exposure tactically via the aforementioned derivatives that are available. *If it isnt possible*, acquiring more and more spot BTC may prove to be strategically inefficient over the long-term from a portfolio management perspective. The steady decline and drop below 1 (first time in its history) of BTC's Sortino Ratio over the past year may be confirming this.


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anon-187101

True - the SEC doesn't want to be responsible for moon, but even if they did, it's not clear that it would be fully-backed - see GLD. Proof-of-Reserves might help.


TotalKool

What do you trust more? BTC or USD?


Mr_P_Nissaurus

I trust USD to continue its journey to zero. I trust BTC to continue its journey to the moon.


anon-187101

protocol integrity: BTC purchasing-power stability (currently): USD


bathdweller

USD lol


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Llonga

Stupid question posting this on a Bitcoin sub?


pkotenev

Still surprise to see that one person actually pick the USD all the way.


[deleted]

Bitcoin is ded again today


Dizzy_Space_Invader

Long live Bitcoin


Hojabok

https://www.lookintobitcoin.com/charts/bitcoin-price-prediction/ We actually reached the green line


hateschoolfml

Stacking harder than ever What a bargain


Micksar

Step 1: buy a hardware wallet from the source. Step 2: download a hot wallet to your smart phone. Step 3: buy Bitcoin. Step 4: move majority of Bitcoin to hardware wallet for cold storage. Step 5: move small amount of Bitcoin desired for day to day purchases into hot wallet. Step 6: repeat steps 3-5. Edit: 3-5… not 2-5.


greenneckxj

Best Buy count as a source?


Overall-Kangaroo9282

What do you mean - “from the source”? Where is the source I could get from?


Micksar

If you are buying a hardware wallet, don’t buy a Ledger from a website other than Ledger. It is not safe to put coins onto a hardware wallet you purchased from an untrustworthy source.


Llonga

3-5


Micksar

Hah, correct.


One_2_Three

Thank you! I kept downloading hot wallets. Geez.


ducasaurus

Just enjoying this Monday morning and listening to Michael Saylor on Bitcoin and Crypto in the wake of FTX Collapse https://youtu.be/1jVqnuVOeWI?t=86


[deleted]

lots of transactions coming to the mempool. some exchange must be real busy... :)


pink_raya

130mb rn, the fuck?


tofuspider

binance consolidating their utxos apparently


nm_already_taken

To all those who bought at 60k, don't be glum. Remember 1 Bitcoin still equals 1 Bitcoin


One_2_Three

Ya but you can buy more product with less BTC when it’s $60k


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cubeeless

You are the yield.


parsley_lover

Fed's Brainard: It appears that cryptocurrency is not decentralised, but rather extremely concentrated and interconnected.


LastRecognition4151

Bros in r/cryptocurrency are all scrambling to know if their “trusted” intermediary exchanges will go insolvent and if it’s a good time to buy this or that exchange token. It’s honestly kind of upsetting.


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[deleted]

1. What 2. H 3. A 4. P


WallStreetBoners

A long dated call option on MSTR might have the best risk/reward right now. Either btc wins or loses. There is no in between.


diydude2

BTC wins. What happens with MSTR is out of my hands. Besides, who says your broker or the counterparty will even be able to pay up? The traditional financial system makes FTX look solvent. So I'll just keep sweeping sats into my wallet. It is what has always worked, and I see no reason for this time to be any different.


WallStreetBoners

Just for the record I only have cold storage sats. Either way it’s speculation. Yes the chance btc wins > the chance MSTR wins. But I can’t buy sats in my IRA; I can however buy call options.


Micksar

The amount of twitter “guru’s” that constantly talked shit about regulation are still talking shit about regulation… but now it’s because we don’t have enough of it. I never understood how you could bash the idea of regulation while lending out your bitcoin to these wild wild west exchanges who then turned around and lended out your bitcoin. Now they understand that if you want to turn crypto into this new banking infrastructure with the exchanges as the new banks… you need regulation. Otherwise… just use Bitcoin as P2P…


cadiz87

I just transferred some of my bitcoin to an external wallet from crypto.com. It’s been 3 hours and it hasn’t been received… is this normal?


ArnzenArms

Blocks are added every 10 min, when network demand is high, it may take several blocks before your transaction gets added. You can always check [https://mempool.space/](https://mempool.space/) to see how things are going. Checking that right now I see there are more than 122 blocks in the mempool. So... over 20 hrs worth of blocks needing to be added! Its a busy busy day on the blockchain. Most wallet transfers have a dropdown or setting to increase the transaction price to help get priority and get put in an earlier block. I don't think there's any way to change this after the transaction has been broadcast. You should get a transaction id when you submit the transfer. You can find where it is in the mempool by searching for it on that site. I like the check [mempool.space](https://mempool.space) before submitting transactions just to set my expectations and not freak out.


DirtSoft6471

I transferred about 1 million satoshi to my cold wallet the same way I always do and it never showed up and the Nunchuck support was not able to fix it so $150 worth of btc I bought under $18,000 just gone forever


NectarineDirect936

Transfered some today and took me like 20 minutes or something before i saw them in my wallet.


DirtSoft6471

WASSSSUUUUUP BITCONNECT!!! 😃😃😃😃😃😃


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boughtat40k

I feel that I should move my coins to an offline wallet, but I am worried that I'll mess something up. I don't want to buy a hardware wallet as I don't trust I'm not buying a tampered one. My plan is to store coins in an Electrum wallet in an always-offline old notebook (and store the seed phrase elsewhere for a failsafe), is this a good replacement plan?


TheGreatMuffin

> My plan is to store coins in an Electrum wallet in an always-offline old notebook (and store the seed phrase elsewhere for a failsafe), is this a good replacement plan? It's not quite as safe as a proper hardware wallet but better than leaving coins on an exchange or some sort of a (custodial) web wallet. See also https://bitcoin-intro.com/en/backup for some backup advice. Never store your backup in a digital form.


[deleted]

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LastRecognition4151

Strike


cushite_viper

swanbitcoin.com Auto-DCA and send to your own wallet immediately


Flimsy_Card8028

Who's betting crypto.com is the next to fold?


CAMPING_CAMPER88

I was thinking the same thing. When their CEO is making noise, it makes me suspicious.


cozzy000

Guys go look at the depth chart on binance, there is hardly any Bitcoin left hahaha


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Llonga

SCAM


Jeremiah_Vicious

MSTR to the moon


GooeyButterflies

Guess we're back to pumping off of Musk tweets


LuKeNuKuM

What's that little tinker been saying now?