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PurpleXVI posted:So no, I will forever not believe anyone who says "it's easy to turn (non-trivial amounts of) bitcoins into real money!!!!" Yes, there are exchanges where you can turn bitcoins into real money. Coinbase did $1.2B in volume in the past 24h (to/from USD, not one of the stablecoins). Coinbase is about as legit as crypto exchanges get, but this does mean that they may ask you where your money comes from before putting dollars into your bank account. Obviously for some people the answer is "I did some crimes" and they will not get any dollars. There are also closed systems that dont let you move crypto in or out of their app, which avoids that problem (Paypal, Cash App, Robinhood). And there are ETFs now, which are required by regulation to do a "cash create" which means when they create or destroy shares, it must go to or from cash (no bitcoin, no stablecoins, no promises from sbf written on a napkin). 10 years ago, the narrative that there was little to no real money in crypto was absolutely true. There is still fake/shady money in crypto, but also real/legit money too. I mean honestly we have had a million laughs in this thread at people who have lost a bunch of money in crypto, and I suspect most of us know people in our lives who put real money into it as well (I know several). As a reasonably rational person, its hard to believe people would really exchange dollars for bitcoins, but there is no bottom to the number of morons, gamblers, and junkies out there.
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Mar 16, 2024 17:56
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Scratch Monkey posted:Also it’s apparently still really hard to turn bitcoins into actual money. In cases like that you might as well proclaim bitcoin is worth a million billion trillion dollars each because it’s equally impossible to actually do anything with them except hodl and post about it this is no longer true. it is disturbingly easy, in fact, to convert bitcoins into Actualmoney for example the various bankruptcy estates have sold like hundreds of millions at a shot
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Mar 16, 2024 18:01
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I'm getting so many mixed signals about got dang cryptocurrency
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Mar 16, 2024 18:04
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Schiavona posted:Outside of Dubai, God ain’t making new waterfront property. So unless the flooding is so bad that your lot is gone and now the neighbor behind you looks out over the water from their porch, the value stays pretty high. Plenty of exactly that is happening all over. I've watched the Atlantic claim multiple beachfront properties along the beach road in Kill Devil Hills and other areas of the outer banks. Those lots are still underwater and the houses across the street are the new beachfront. This has been happening literally as long as people have been building along beaches, no climate change is even necessary. This is how coastal and barrier island erosion works and always has. It's just accelerating now for obvious reasons.
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Mar 16, 2024 18:09
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Motronic posted:You seem to grossly misunderstand the conversation. Of course you can BUY bitcoin and "trade" it into other shitcoins, even the one the pretends to be USD. I'm talking about actually geting real money out. What makes you think that Fidelity would run into a liquidity crisis and not allow people to cash out? They aren't a startup run by techbros who implemented a get_current_assets(): return random(big_number, bigger_number) function to get the current value of its holdings or whatever. $2M being moved into/out of Fidelity is probably pocket change amounts. Boris Galerkin fucked around with this message at 18:39 on Mar 16, 2024 |
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Mar 16, 2024 18:31
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Boris Galerkin posted:Are you aware of what Fidelity is and what they do? If they say you can make $2M worth of trades in a single transaction then it is very likely that you'll be able to cash out the entirety of whatever money is leftover after you sell $2M worth of bitcoins. They aren't going to run into a liquidity crisis. This isn't a FTX type thing run by techbros. Are you aware you can only buy Fidelity's bitcoin, do nothing at all with it other than hodl it, and then trade it back out? This isn't what is being discussed when we're talking about bitcoin liquidity. It's en entirely closed ecosystem. You can't move your bitcoin to your "fidelity wallet" and cash out.
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Mar 16, 2024 18:38
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Motronic posted:Are you aware you can only buy Fidelity's bitcoin, do nothing at all with it other than hodl it, and then trade it back out? This isn't what is being discussed when we're talking about bitcoin liquidity. It's en entirely closed ecosystem. You can't move your bitcoin to your "fidelity wallet" and cash out. Here is what you said: quote:Really? Actual amounts of money, not play amounts? We're talking about people putting their entire retirement portfolios into this. When/how/where do I cash out $150k+ in bitcoin? How much does it cost? Is it even possible in one transaction? In response to: quote:it's really not hard to turn bitcoins into real money, but you lose more in fees than with other things to speculate on like gold or stocks. it's also easier to get scammed So no, it is not hard to cash out large amounts of actual real money unless you don't consider $2M to be real money, or unless you thought Fidelity was going to have liquidity issues. Nobody has been talking about using bitcoins for any other purpose, just about cashing in and cashing out.
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Mar 16, 2024 18:42
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I understand nothing about any of this, but know deep in my heart that KYC stands for Kill Your Credit
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Mar 16, 2024 18:43
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Boris Galerkin posted:Here is what you said: Good job, buddy, you sure got me there! I didn't carefully specifcy things enough to keep the goalposts from being moved, and that's on me of course. I change my mind: I'm all in on bitcoin now.
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Mar 16, 2024 19:00
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Baddog posted:Oh man, let's not do 5 pages of arguing about bitcoin, it's tedious as gently caress. Goons have argued about bitcoin for decades now. Moneyball posted:Therefore, without further ado, here are the BWM thread guidelines: Moderator, probe thyself
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Mar 16, 2024 19:41
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With regret I must inform you that bitcoin is now very roughly in line with gold as far as ease of speculation. If you have small amounts of btc/bullion it's easy to move (though bid/ask spreads may suck). If you have large amounts of btc/bullion it's easy to move, so long as you yourself are large. But really if you, average goon, want exposure, you're probably going to be using the ETFs or futures. It ain't 2014 anymore
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Mar 16, 2024 20:33
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Weatherman posted:Moderator, probe thyself Lol! If you get moneyball to post again, I'll eat a probe. But I'm just stating facts and saying everyone up till then has kind of a point, not calling anyone dumb  an iksar marauder posted:it's like 10 posts worth of people having a non hostile conversation dude, chill out sometimes it's good to try to head poo poo off *before* motronic and boris get in a slapfight, dude. Baddog fucked around with this message at 20:40 on Mar 16, 2024 |
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Mar 16, 2024 20:37
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What is the lawful utility of bitcoin relative to other such entities?
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Mar 16, 2024 20:41
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Discendo Vox posted:What is the lawful utility of bitcoin relative to other such entities? Second Law of thermodynamics, particularly, increasing entropy! 
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Mar 16, 2024 20:46
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Agronox posted:With regret I must inform you that bitcoin is now very roughly in line with gold as far as ease of speculation. If you have small amounts of btc/bullion it's easy to move (though bid/ask spreads may suck). If you have large amounts of btc/bullion it's easy to move, so long as you yourself are large. But really if you, average goon, want exposure, you're probably going to be using the ETFs or futures. yeah this $IBIT has about $16b aum of spot bitcoin and you can buy as much as you want at any non-VG broker and cash out to straight greenbacks just as easily as you can with a S&P 500 ETF for any amount of money. it's just like trading or investing in anything else now (ignoring tax treatments) https://www.ishares.com/us/products/333011/ishares-bitcoin-trust also I agree bitcoin talk sucks so I'm filing this under ETF chat
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Mar 16, 2024 20:50
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Discendo Vox posted:What is the lawful utility of bitcoin relative to other such entities? It's the financial instrument equivalent of being really into feet
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Mar 16, 2024 22:48
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podophilia is arguably more socially acceptable
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Mar 16, 2024 23:21
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Um, actually it’s called epheetophilia
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Mar 16, 2024 23:34
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dpkg chopra posted:Um, actually it’s called epheetophilia
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Mar 16, 2024 23:52
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dpkg chopra posted:Um, actually it’s called epheetophilia
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Mar 17, 2024 00:14
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I do enjoy the irony that goons hate bitcoin but it's the only reason that these here dead forums are still up
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Mar 17, 2024 00:32
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Itaipava posted:I do enjoy the irony that goons hate bitcoin but it's the only reason that these here dead forums are still up It’s only the goons that post in the long term retirement and bwm threads. It’s a selected group.
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Mar 17, 2024 00:36
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My main appreciation for crypto is getting Matt Levine’s recaps of obvious cryptocrimes that were snuffed out decades ago, or exponentially harder to do, in regulated financial markets.
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Mar 17, 2024 00:37
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Democratic Pirate posted:My main appreciation for crypto is getting Matt Levine’s recaps of obvious cryptocrimes that were snuffed out decades ago, or exponentially harder to do, in regulated financial markets. Mine is how crypto aficionados basically speedrun creating the financial apparatuses they originally railed against Followed closely by things like NFTs being so decrepit that someone can deposit a corrupted file in your wallet and if you do anything to it, it will steal everything in it. Can't delete it, can't transfer it, can't sell it, it's just a landmine you can't click on forever.
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Mar 17, 2024 01:05
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DarkHorse posted:Followed closely by things like NFTs being so decrepit that someone can deposit a corrupted file in your wallet and if you do anything to it, it will steal everything in it. Can't delete it, can't transfer it, can't sell it, it's just a landmine you can't click on forever. Is this a thing? Where can I read about this.
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Mar 17, 2024 01:09
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Agronox posted:With regret I must inform you that bitcoin is now very roughly in line with gold as far as ease of speculation. If you have small amounts of btc/bullion it's easy to move (though bid/ask spreads may suck). If you have large amounts of btc/bullion it's easy to move, so long as you yourself are large. But really if you, average goon, want exposure, you're probably going to be using the ETFs or futures. If only we could sanction buying bitcoins like Krugerrands in the 80s yes i know lots of people got around sanctions buying that but gently caress it
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Mar 17, 2024 01:28
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Boris Galerkin posted:Is this a thing? Where can I read about this. It's somewhere in this video I'm pretty sure, sorry I can't give a specific time stamp. https://youtu.be/YQ_xWvX1n9g?si=hcFgtA1oXk6nyRnQ I might watch it again just to find it though, it's a good video
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Mar 17, 2024 01:34
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Boris Galerkin posted:Is this a thing? Where can I read about this. so most of these "opened nft and now my wallet is gone" are basically people who are too sheepish to admit that they got an nft in their wallet, they clicked on it, a couple of prompts pop up where they ignore what they say and just accept it and for some reason hours later their wallet is empty. part of it was an issue with openseas, but it required you to click a bunch of dialog boxes. people just forgot they said, "yes" to all the prompts and then got confused about how they got hacked later on. https://www.theverge.com/2021/10/13/22723092/opensea-nft-vulnerability-gift-security-researchers-wallet-hack
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Mar 17, 2024 01:35
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Bubblyblubber posted:I understand nothing about any of this, but know deep in my heart that KYC stands for Kill Your Credit Know your customer. Basically, whenever you open an account with a financial institution, all your provided info gets scrubbed against public records and internal and external watchlists. This is due to the Patriot Act. Truthfully, though, it's more to reduce identity theft, fraud, and keep known assholes that you don't want to do business with from coming back. If something doesn't match up, it gets kicked out to some poor sap who reviews it according to a bunch of specific procedures. They then either decide you are OK, decide they need more info, or just shut the account down because you're clearly a bot or we're pretty sure you are way more trouble than you're worth. Source: I was a poor sap in this line of work for nearly a decade. Someone investing in a Fidelity Crypto ETF will probably not have massive problems with KYC Crypto rules preventing withdrawals because Fidelity is putting you through a federally approved and heavily audited program prior to you ever investing in said ETF. Hopefully. The wisdom of investing in crypto itself is a completely separate thing.
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Mar 17, 2024 05:07
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Bitcoin is pretty insulated now it's a toy for rich kids to play with.
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Mar 17, 2024 08:25
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Strong Sauce posted:so most of these "opened nft and now my wallet is gone" are basically people who are too sheepish to admit that they got an nft in their wallet, they clicked on it, a couple of prompts pop up where they ignore what they say and just accept it and for some reason hours later their wallet is empty. ahahahahaha how many nftees do you own edit: sorry, "own" (USER WAS PUT ON PROBATION FOR THIS POST)
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Mar 17, 2024 09:40
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Weatherman posted:ahahahahaha how many nftees do you own ?
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Mar 17, 2024 10:32
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https://www.telegraph.co.uk/books/authors/georgian-graffiti-scandal/ posted:Graffiti could speak to scandal, and wade in on public debate. When one gentleman wrote on the wall of a Chelsea tavern of his personal losses during the collapse of the South Sea Bubble – an investment frenzy in 1720 that ended in financial disaster and catastrophic national debt – one anonymous customer simply responded beneath with “Ha! Ha! Ha!” The 18th century comments section
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Mar 17, 2024 18:19
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Oh my God it finally happened, I met one in the wild. Someone making close to 500k/year who has a 401k (+match) and has never actually invested the money they contribute. In their “defense” they work 80 hours a week and are from a country that has pensions so this is not something they ever had to think about, but my face when they told me must have been something because they were very upset. The bright side is that they said I could come back next week and help them choose what to invest in (target fund). My God, 3+years of this, so much money wasted.
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Mar 18, 2024 02:16
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Japan has the same thing, if you dont tell them what to invest in they just... don't and a lot of people here for 5+ years were pissed when they found that out.
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Mar 18, 2024 02:47
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It's not like I've seen that many 401ks, but the ones I've seen put you into a target date mutual fund by default. Was there some fiduciary duty determination that made that common?
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Mar 18, 2024 03:28
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Guy Axlerod posted:It's not like I've seen that many 401ks, but the ones I've seen put you into a target date mutual fund by default. Was there some fiduciary duty determination that made that common? The US government employee equivalent, the TSP, used to put you in government bonds by default until 2015 for civilians and 2018 for military. Pretty sure the government will never call companies doing something similar a breach of fiduciary duty. https://www.tsp.gov/bulletins/20-u-1/
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Mar 18, 2024 03:38
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reddit posted:Edit: to clarify, these are not payday loans with insanely high APR or where I pay in monthly installments. These are “we advance you $100, you pay us $110 on your payday” type loans. Apps like Earnin and Moneylion. Back when this all started I borrowed around $800 across all of these apps, so what I end up paying is around $900 each paycheck, and then I take out as much as I’m able to again to put more money back in my account.
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Mar 18, 2024 05:58
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10% per pay period sounds pretty high to me.
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Mar 18, 2024 06:04
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withak posted:10% per pay period sounds pretty high to me. 1191% APR nbd definitely not insane
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Mar 18, 2024 07:04
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