Reply With QuoteBTFD.
Store of value looking empty, I blame Brexit
BTFD.
Raffe it’s a shame you’re not in the UK. You could be bidding on this.
https://dvlatimedauction.co.uk/auction/B244/SE11BTC
Yup - been selling gradually last month. Only keeping the ones I believe will hold value long term, and flipping any projects I get WL on. Pretty relaxed about the market atm - been converting to stables and earning 20% APY while I wait for the real blood to occur.Originally Posted by Raffe
The OS phishing hack didnt affect me - I know not to click ANY email links.
$200 Mio worth of NFTs stolen from Opensea. Just another day in cryptoland.
Someone who lies about the little things will lie about the big things too.
Store of value is storing value. Big time.Hello!
Someone who lies about the little things will lie about the big things too.
When Hicham Zerouali?
Sent from my EVR-L29 using Tapatalk
No Putin no!
Buying more bitcoin today
Same here and some ETH
Picked up some SOL and MATIC
I'm tempted to go in with more ADA but something tells me BTC could take a serious dip dragging everything else down with it, reports of a bear market lasting until 2025 look realistic too..
Everything on sale, fill your bags. Not financial advice.
Status quo returns next week. Don’t let putin steal yo bag….
I always imagine when btc touches 35 raffe gets all excited and is then sad when it immediately bounces after a few bil of abracadabra tethers appear.
Them Floki drops still cutting deep but the ultimate two asset portfolio at the moment is still crypto and gold.
I have no position, no chance of getting me excited.
Someone who lies about the little things will lie about the big things too.
But satisfaction is the greatest position!
No, my biggest positions are short Tesla and long GOLD and NG.
Been long bitcoin as late as last week, but stopped myself out above $40k.
Someone who lies about the little things will lie about the big things too.
Do you know about the changes from last month by the Basel committee that make it more attractive for financial firms to hold physical and less desirable to write contracts?
Gold to the moon!
What change would that be?
Someone who lies about the little things will lie about the big things too.
I get the feeling you have an understanding broadly about banks and capital requirements. Without going in loads of boring detail.
Historically banks could classify gold (physical and paper) as bank capital, which is loss absorbing. Banks could hold the asset and classify it as capital. They were free to write contacts and etc etc without any haircut on their position. Which is how the contracts market for gold is significantly larger than the physical market.
The jist of it is…
The Basel committee has decided now that if banks want to write gold contracts they can’t be considered risk free on the risk weighted assets. They effectively need to take account of the market risk amongst other factors, as such physical gold now qualifies as tier1 of bank capital (paper is tier 3). Contracts of gold are subject to a haircut making them more expensive to write.
I’m not convinced more than about 3 people at various consultancy firms really understand bank capital rules and probably not even the bank for international settlements that decides the rules so this is just my interpretation. In the next few years I think 3 to 4k usd an Oz.t is not unreasonable.
Plus consider who would benefit from a revaluation of gold…central banks around the world. The same banks/governments that are crippled with corona debts. Those liabilities won’t be so scary if the assets of the bank get boosted.
Last edited by Sean89; 23rd February 2022 at 00:48.
Seriously?
Sorry but what you wrote is a load of tosh.
The changes to risk weighted assets for bank balance sheets have been decided back in 2019 and have been rolled out in Europe in 2021, it was just the UK that has adopted it in 2022 only. The effect on the gold price when this came in force in June 2021 was..... exactly zero. And that is exactly what the market expected, except for some gold bugs who have been masturbating about this change since it was announced in 2019. You are correct, physical gold is a tier 1 capital - however with a risk weighting that is higher than equities. Laughable to think that banks will hold this in any meaningful way on their balance sheets. You know why? It doesn't produce income, it is a commodity, and safe-keeping of physical gold is extremely cumbersome and expensive. It also makes no sense from an investment perspective for banks to hold this in any meaningful way. In fact, banks have disposed of physical gold on their balance sheets as result of this change as they are now allowed to allocate their gold reserves to specific clients, just like securities which they are holding in custody. As such, the change was beneficial to banks as they don't need to hold their client's gold anymore on their balance sheet. And the treatment of gold derivatives hasn't changed at all.
And finally, central banks don't benefit from the change because it doesn't apply to them.
I don't know where you read your financial news but I recommend an upgrade.
Someone who lies about the little things will lie about the big things too.
But the dailymash has the best kittens and fractional reserve banking are inherently evil opinion pieces.
Who did this
In the immortal words of James May ‘oh cock’Who did this
Digital good doing its thing?
My gold mines are going through the roof, crypto not so much.
Someone who lies about the little things will lie about the big things too.
I would say this drop was innevitable. Lots FOMOing in looking to buy coins they know nothing about with the sole purpose of selling them on to a mug for more.
It will keep dropping.
Is it the future of currency? I believe so. But most of these assets are overpriced garbage with market caps of huger organisation. There will be opportunities to make money from crypto but buy when people arent. Not when a bunch of people late to the game are ploughing in.
Someone who lies about the little things will lie about the big things too.
24h returns:
BTC: -10%
ETH: -14%
ADA: -19%
Doge: -18%
FLOKI: -33%
Gold: +3.5%
Silver: +5.25%
Someone who lies about the little things will lie about the big things too.
Hope my pension man bought gold
Gold dorrah ath soon. 🎉
Only people panicking are those that bet the farm with leverage.
Bargains to be had…
Only if you cashed out!
RIAC
I own two ETH, I'll swop them for a sub, trade value 8k in about 5 years , PM for details
Bitcoin is down 10% whether you cashed out or not.
Someone who lies about the little things will lie about the big things too.
Indeed but that’s not a return is it?
RIAC
Yes it is. Completely irrelevant if you sold or not, the value of the portfolio has changed.
We can discuss that a million times, but it's still true.
Someone who lies about the little things will lie about the big things too.
Apologies if it seems pedantic but the post said 24hr Returns and nothing is returned till cashed in. What it varies by daily represents change relavtive to what it was at not what it is returning
RIAC
Returns are irrelevant of selling.
Why don't you stop trying to educate people about things that you have zero clue about?
https://www.investopedia.com/terms/r/return.asp
https://en.wikipedia.org/wiki/Rate_of_return
Someone who lies about the little things will lie about the big things too.
Thanks for educating me. I just cant keep up with all these experts on making money with my CSE in woodwork.
RIAC
Gold is down 1% since this morning. Should I sell everything.
There are more important things now than crypto hence the declines. Markets will recover. People will stay dead forever.
My son has begged me to buy his student loan portfolio off him, I have
Colleague of mine told me his son lost half of his student allowance with crypto. He's bar tending now.
Someone who lies about the little things will lie about the big things too.
My lad bought in early so with 3k in only lost 300 quid
His mate 27k down by to 7k, not all student loan but still
Bitcoin v Gold today
Bitcoin versus Gold, 2 weeks:
one is a store of value, the other a risky asset. Correlation -1.
Or, somewhat different:
Bitcoin versus Nasdaq, 2 weeks:
Someone who lies about the little things will lie about the big things too.
I know , was more about how mental the markets where yesterday
Bitcoin up 16% in a couple of hours as it's used as intended.
I wonder if the coiners enjoy their new buddy.
Someone who lies about the little things will lie about the big things too.
Money and state should be separate
Money should not be controlled by anyone, but everyone
We might be on the “right” side of the argument turning off payments system this time, but what if the bad guys get control and turn payments systems off and on at will?
To quote Druidian on Twitter- “Bitcoin fixes this”
(I don’t this think current move up is due the current Russia/Ukraine crisis, I should add. But if it doesn’t break 45k, it could easily go towards 28k, at which point I might buy that SC trade)
I don't think anyone knows, I mean it's highlighting what crypto can do and there is speculation the price rises are coming from Ukraine buying it but who knows.
There is so much to unpick in your post, I honestly don't know where to start.
Money has to be controlled by the state, or we risk happening what we see in crypto: that people invent their private money for gains and early adopter billionaires are dropping their bags on the latecomers. Money has to be controlled by central banks as it is a utility that all citizens need to have access to, otherwise you will just have the poorer half of society without any access to a privileged form of money that is too expensive for them to buy.
But bitcoin isn't even money, it is an asset and one could say "let them ruin themselves buying a worthless asset" (or one could say it's a consumer protection question, much like penny stock pump and dumps), but that would neglect the environmental side of bitcoin. Any proof-of-work crypto needs immediate banning, our resourcing are already scarce as it is, wasting a meaningful part of it to create digital tokens is so mindlessly dumb that it needs outlawing. On the other hand, the closest to digital money is tether and the other stable coins. Tether is a proven fraud and is at the heart of the bitcoin pumping that will not stop until early adopters have truly emptied their bags over the sheeple. This is dangerous as it will lead to impoverished masses due to a failed ponzi (see Albania in the 1990s).
And finally, if you honestly want to argue that the current pump has nothing to do with the Russia/Ukraine situation, I have a couple of bridges to sell to you.
I can only hope that Russia's attempt to circumvent sanctions with crypto finally leads to the long-overdue complete banning of bitcoin. It is about time.
Someone who lies about the little things will lie about the big things too.
OK, I take some of your point in the present day but lets fast forward
If (when) Bitcoin (or any other decentralised crypto) gets so big that the whales/billionaires can't control the price, then that part of your argument falls
Its so early in this space, but there's a few things I'm convinced about..
At least one decentralised, stable, world-wide crypto-currency will be a standard medium of exchange
It may not be Bitcoin, but it will be PoW, and as humans always do, we will find a way to use less resources to do it
Generations from now will look back in amazement at the whole theory of central banks and how we control money today
(I would be shocked if the larger central banks were not already creating their own blockchain backed coins to make sure they win that race, if they are not already too late)
Again, it's so early!
I also think the NFT space (which I have no skin in) will expand way beyond what it's doing today, forget jpegs, the underlying technology will open up so many possibilities
Just think: we're sitting in different countries arguing the toss here in real time, on an open platform where we can trade watches/worn trainers, pay for them instantly, email tracking details, the list goes on
All this was unthinkable just 30 years ago
EDIT: As an aside, the sanctions will be absolutely useless anyway..
I have a supplier in Russia, and at the first mention of sanctions on the news I received an email from them asking for a purchase order to cover three years orders, so it can be lodged before the date of the sanctions (which are still not live AFAIK) and taken as I please. They just need a 2% pre-payment to formalise the order
In the event that doesn't hold water, or shipping becomes problematic, they are shipping to China, for forward shipping to here.
Sanctions, eh?
Last edited by demonloop; 1st March 2022 at 10:04.
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