03-26-2021, 11:59 AM
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#1301
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First Line Centre
Join Date: Nov 2007
Location: Airdrie, Alberta
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I was thinking about this recently as adoption was increasing like Tesla purchasing etc. Won't high profile adoption like this actually stop the price of BTC from increasing? at least in the spikes we are used to. Bitcoin is now getting backing of physical goods so there is no longer an invisible ceiling and in fact bitcoin prices should start dropping as adoption increases BTC would have to start coming more in line with FIAT currencies.
Isn't this the reason for cryptocurrency to have a decentralized currency? I mean that doesn't work if the value keeps skyrocketing.
lets say 95% still using Fiat currency and 5% using crypto until the number flips fiat currency is still going to affect crypto prices especially if goods can be bought with either. If a Tesla costs 100k then its would cost 1.4 bitcoin I would think by association that would keep the prices stable?
Thoughts?
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03-26-2021, 12:29 PM
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#1302
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Franchise Player
Join Date: Mar 2005
Location: Van City - Main St.
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Quote:
Originally Posted by Raekwon
I was thinking about this recently as adoption was increasing like Tesla purchasing etc. Won't high profile adoption like this actually stop the price of BTC from increasing? at least in the spikes we are used to. Bitcoin is now getting backing of physical goods so there is no longer an invisible ceiling and in fact bitcoin prices should start dropping as adoption increases BTC would have to start coming more in line with FIAT currencies.
Isn't this the reason for cryptocurrency to have a decentralized currency? I mean that doesn't work if the value keeps skyrocketing.
lets say 95% still using Fiat currency and 5% using crypto until the number flips fiat currency is still going to affect crypto prices especially if goods can be bought with either. If a Tesla costs 100k then its would cost 1.4 bitcoin I would think by association that would keep the prices stable?
Thoughts?
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I think the idea of Bitcoin being used for currency has largely passed.
Elon is just doing it to pump his holdings, both Bitcoin and Tesla. He's a master market manipulator.
The idea of Bitcoin as a gold like use case seems more prevalent and the reason for its large gains this year.
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The Following User Says Thank You to Winsor_Pilates For This Useful Post:
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03-26-2021, 12:32 PM
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#1303
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First Line Centre
Join Date: Nov 2007
Location: Airdrie, Alberta
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Quote:
Originally Posted by Winsor_Pilates
I think the idea of Bitcoin being used for currency has largely passed.
Elon is just doing it to pump his holdings, both Bitcoin and Tesla. He's a master market manipulator.
The idea of Bitcoin as a gold like use case seems more prevalent and the reason for its large gains this year.
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If he wanted to pump his holdings why did he stop the increase after he bought them by tweeting that bitcoin prices were high? 10% drop after that on his 1.5b. Was he just testing the extent of his ability to manipulate it?
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03-26-2021, 02:42 PM
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#1304
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Franchise Player
Join Date: Feb 2010
Location: Hyperbole Chamber
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Quote:
Originally Posted by Raekwon
If he wanted to pump his holdings why did he stop the increase after he bought them by tweeting that bitcoin prices were high? 10% drop after that on his 1.5b. Was he just testing the extent of his ability to manipulate it?
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So if Bitcoin price appears it has leveled off for a while, those holders will cash out some for Teslas and then up it goes again while he’s gained a ton of BTC.
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The Following User Says Thank You to topfiverecords For This Useful Post:
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03-28-2021, 11:09 AM
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#1305
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Our Jessica Fletcher
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Is there a limit on the amount of Bitcoin that 1 person can withdraw/transfer to USD/CAD per day?
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03-29-2021, 09:03 AM
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#1306
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Lifetime Suspension
Join Date: Jul 2012
Location: North America
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The Following 2 Users Say Thank You to Yoho For This Useful Post:
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03-29-2021, 11:21 AM
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#1307
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Franchise Player
Join Date: May 2004
Location: Marseilles Of The Prairies
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Quote:
Originally Posted by The Fonz
Is there a limit on the amount of Bitcoin that 1 person can withdraw/transfer to USD/CAD per day?
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I think how much you can sell to fiat might be more likely restricted by your bank/PayPal/etc. than the exchange.
I know CBPro has a cap of 200k USD per day in general transactions.
__________________
Quote:
Originally Posted by MrMastodonFarm
Settle down there, Temple Grandin.
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03-29-2021, 01:08 PM
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#1308
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Franchise Player
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I know people who have received million dollar wires from bitfinex in single transactions.
Not aware of any limit...I'm sure some exchanges have their own.
I have transferred over 500k of BTC between wallets in a matter of minutes...that is one of the major strengths of Crypto. I don't think there are limits with Bitcoin transfers...people have moved billions in a short period of time.
__________________
GFG
Last edited by dino7c; 03-29-2021 at 01:45 PM.
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03-29-2021, 02:15 PM
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#1309
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Scoring Winger
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Quote:
Originally Posted by Canadianman
I'm a bit of a privacy hawk, and I started reading about monero today. That led me down a rabbit hole of other privacy-focused coins. Anyone ever heard of mobilecoin? It's fairly new, but given it is a mobile-focused coin (with the intent of it being easier to use than current coins), I thought it might be worth investing a few bucks into.
Anyone ever heard of it? Thoughts/discussion? Or just feel free to post telling me that it has no fundamental value and will crash to -$10,000 soon.
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Up about 400% in 4 days. Crazy.
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03-29-2021, 02:27 PM
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#1310
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Powerplay Quarterback
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Quote:
Originally Posted by Canadianman
Up about 400% in 4 days. Crazy.
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If you invested in it, congrats.
Recalling the 2017 bull run and its famous "alt-season", it seemed like almost every coin will have its day in the sun with massive appreciation, for a time. However, if you look at the current prices of most coins, very few are above or even close to their all-time high as they didn't have staying power. The challenge of alt-coins has been getting in at the right time and getting out at the right time, and not get tied to a position as it corrects back down.
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03-30-2021, 11:14 AM
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#1311
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Had an idea!
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Quote:
Originally Posted by Yoho
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The Ethereum Blockchain has high fees.
I hope they go with the Crypto.org Mainnet eventually.
You can transfer for like $.001 right now.
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03-30-2021, 12:29 PM
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#1312
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Franchise Player
Join Date: May 2004
Location: Marseilles Of The Prairies
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ETH fees will become much lower around July when mining dies, but yeah for the time being, gas is unreal.
__________________
Quote:
Originally Posted by MrMastodonFarm
Settle down there, Temple Grandin.
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03-30-2021, 01:50 PM
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#1313
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Had an idea!
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How bad is the return on ETH mining supposed to get? I haven't read much into it.
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03-31-2021, 11:17 AM
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#1314
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Franchise Player
Join Date: Mar 2005
Location: Van City - Main St.
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Can someone explain the whole Etherium planned burn thing that's supposed to happen soon?
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03-31-2021, 02:16 PM
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#1315
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Scoring Winger
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GLQ anyone? Also, is the hype around Cardano something I should take more seriously?
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03-31-2021, 02:24 PM
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#1316
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Powerplay Quarterback
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Quote:
Originally Posted by Azure
How bad is the return on ETH mining supposed to get? I haven't read much into it.
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Quote:
Originally Posted by Winsor_Pilates
Can someone explain the whole Etherium planned burn thing that's supposed to happen soon?
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This post has a concise summary of the primary components of the current mining reward and what would change if EIP-1559 is adopted in the summer:
https://www.reddit.com/r/EtherMining...miner_revenue/
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The Following User Says Thank You to accord1999 For This Useful Post:
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03-31-2021, 03:22 PM
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#1317
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Franchise Player
Join Date: May 2004
Location: Marseilles Of The Prairies
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I wouldn't expect ETH to be the mining coin du jour if it's return is cut by 30% or more.
FIRO, Aeternity, Conflux and possibly even Raven could compete in that pricing sphere; they are mostly all ETH-20 based and most use the same miner software, though not all are on the biggest exchanges (but I'd argue that Gate.io and Bittrex are growing, especially internationally).
There are myriad factors that will play into the viability of ETH mining this summer vs other coins such as
- Price of ETH - If it goes over 2,000 USD and stays there, it becomes very attractive
- Other tokens increasing in value - All the tokens noted above jump around, but have the potential to become much larger
- Block Difficulty - ETH has only been getting progressively harder to mine (almost 3x harder than last April as of writing), and is now frequently over 6P the last week. It will only get worse
- Exchange Adoption - If you see any of those 4 coins get brought into say, the Coinbase ecosphere, their pricing will most likely jump as trading will become much easier
__________________
Quote:
Originally Posted by MrMastodonFarm
Settle down there, Temple Grandin.
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04-02-2021, 09:30 AM
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#1318
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Franchise Player
Join Date: May 2004
Location: Marseilles Of The Prairies
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Well, ETH did it. About 2070 USD as I write this. All the other coins I mentioned are up as well. Great time to mine right now!
__________________
Quote:
Originally Posted by MrMastodonFarm
Settle down there, Temple Grandin.
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04-02-2021, 11:28 AM
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#1319
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Franchise Player
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ETH finally taking off
__________________
GFG
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04-03-2021, 02:01 PM
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#1320
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Franchise Player
Join Date: Jun 2008
Location: Calgary
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So, let me ask you experts for some guidance. Let's say I am paranoid that the Bolshewoke Revolution happens, and they come for my assets, and/or degeneration of society continues to the point we have hyper-inflation, etc. Clearly, I don't want to be lugging around gold and silver coins in my backpack. How do I go about acquiring BTC? How safe is the BTC from hacking/theft? How safe is it from the POV of being seized by the "government" or by Google? If I were to have to make a run for it to ... Belorussia, how easy would it be to "safeguard" my assets in BTC? I can see the value in terms of a hedge against hyper-inflation, but is it a hedge against chaos? You still need a functional internet and a functional economy at a minimum, right?
Not coming from a point of criticism, but actually want to see a reason to buy some BTC. I have watched Lex Fridman interview Buterin, Pompliano, Carter, Maceli, so I am not completely ignorant, but I do not feel that I have adequate answers to the questions I asked in the first paragraph....
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