Bitcoin

[Tugg Speedman]

With that said, how do you decouple the need for micropayments (or any low-cost, universal method of value transfer) from the crypto structure?  In other words... why the hell do you have to mine for cryptos?  Why can't they simply be introduced, directly pegged to an existing fiat currency or value store - at least initially - (instead of being indirectly pegged to the cost of electricity), and distributed to anyone who wants to buy?

The biggest myth about Bitcoin: there's no cost to transfer or transact BTC.  In theory, that may be the case, but look at the US Dollar... how many ways are there to be charged today simply to transfer cash from one person to the next?  Credit card fees, ATM fees, bank maintenance fees, broker fees, check printing costs, money order/moneygram/Western Union fees, Coinstar, gift card monthly fees, etc.  It's already begun with BTC... the transactional fees being paid to the exchanges are in some cases (e.g. limit orders) ridiculous.

I am still failing to see where BTC either fills a void or provides a more cost-efficient solution to an existing need.

If the existing banking system could provide micropayments, it would have been introduced a long time ago (because of the massive need for it).  The reason the current banking system has not it is it too bureaucratic and unwieldy.

If Jame Dimon REALLY wanted to bury bitcoin and every other crypto, just announce that JP Morgan has a way to send micropayments.  You can now send three cents to someone and JPM will charge, say, 0.05 of a penny for the transfer.

Dimon cannot say this because the current banking payment/money transfer system cannot be changed to allow it.  It would need to be completely blown up and start all over (most likely using the blockchain) at a massive cost.

So instead of pounding on the Fed and Treasury to restructure the payment system to allow it (and demand the government pay for it) he and Buffett just call bitcoin a fraud and disparage anyone that has anything nice to say about it.

Like I said before, they are like taxicab owners talking about Uber right after it started.  Will they wind up the same way?  I think they is a real risk unless they "get it" and start competing by creating a micropayment structure.

[Tugg Speedman]

This Is How Chinese Bitcoin Buyers Are Getting Around The Government Ban
https://www.zerohedge.com/news/2018-01-19/how-chinese-bitcoin-buyers-are-getting-around-government-ban

[Tugg Speedman]

The cost of a BTC transaction - in terms of the cost of the electricity used - does not break even with credit card fees until around $900-1,000.  Granted, that's at US average prices, but even if you could get electricity at a fraction of that cost overseas, BTC will never be cheaper than credit cards for everyday spending, i.e. purchases under $100.

How does BTC fill a security void... Basis security? I feel pretty secure about the USD, I'm sure there are plenty of Brits feeling pretty secure about GBP, etc. despite not being backed by anything of value (except the faith and credit of the respective governments).  Physical security?  My cash is in FDIC-insured accounts.  Value security?  I don't know that anything whose chart looks like every Six Flags in the world mashed together could be considered to have any element of value security to it.

This is true if you believe these systems will never change.  But they are changing in a revolutionary way.  Bitcoin has had several forks (change in its programming), has the lighting network coming.  Ehtereum has the Caspter Testnet network now (since Jan 1).  These changes serve to make the transactions far more efficient.  Raiblocks, Ripple KuCoin are operating without miners.  Ehtereum network is so different that they call their miners “forgers.”

So what you wrote is correct, and it will be an ancient history trivia question in a few months given how radically and how quickly these networks change.

[Tugg Speedman]

Not saying you are wrong, but I heard similar statements about beanie babies, and how they would brag to their friends about how they invested in them.

Suggesting that this is a sure thing/guarantee is simply a gross overstatement. 

As BTC gains popularity, hacking of exchanges and wallets will increase, requiring increasing degrees of security, which will increase the base cost of dealing in BTC. 

Suggesting that the free market will "save" people from high transaction fees is a bit absurd.  When/If the market shifts to BTC, companies will corner the market on transactions and increase the price of a transaction until there is little (from cost to the consumer) perspective difference between a credit card transaction and a BTC transaction.

Two things.  Cryptos are filling a critically important economic need.  They are challenging the basic function of banking (transferring money) and offering cheaper, safer and more efficient way to move money from one to another.  This includes micro-payment which is what the internet needs and the banks cannot provide.  So cryptos are a disruptive force to banks.

Beanie Babies was an aspirational product like art.  And like art, it served no economic purpose.  Invoking this analogy suggests you still don’t understand the blockchain and cryptos critical purpose.

And your fear of hacking, it is exactly the opposite.  The centralized systems we have now are unsafe.  How many hacks of personal information have we had in the last few years ... maybe every American in the United States at least once.

What is far safer is a decentralized system like the blockchain.  Sure system on top of the blockchain like exchanges can and will get hacked.  But not the blockchain itself.

When Target credit cards were hacked, did you think we should end credit cards?  So why do you think every hack of crypto exchange means the entire system is faulty and at risk.  This is the argument of the skeptic that is going to let this transformational technology pass them by.

[forgetful]

Two things.  Cryptos are filling a critically important economic need.  They are challenging the basic function of banking (transferring money) and offering cheaper, safer and more efficient way to move money from one to another.  This includes micro-payment which is what the internet needs and the banks cannot provide.  So cryptos are a disruptive force to banks.

Beanie Babies was an aspirational product like art.  And like art, it served no economic purpose.  Invoking this analogy suggests you still don’t understand the blockchain and cryptos critical purpose.

And your fear of hacking, it is exactly the opposite.  The centralized systems we have now are unsafe.  How many hacks of personal information have we had in the last few years ... maybe every American in the United States at least once.

What is far safer is a decentralized system like the blockchain.  Sure system on top of the blockchain like exchanges can and will get hacked.  But not the blockchain itself.

When Target credit cards were hacked, did you think we should end credit cards?  So why do you think every hack of crypto exchange means the entire system is faulty and at risk.  This is the argument of the skeptic that is going to let this transformational technology pass them by.

None of the cryptos are fullfilling a critical need yet.  They have the capacity to fill a need, but I would not consider it a critical need. 

On the hacking side, I'm not saying it is more at risk; I'm saying it has comparable risk.  Right now, because it is not as big of a network, and it is not a major player in transactions, the entities involved in cryptos have not had to worry about as many aggressive attacks and similarly, more aggressive and expensive protection. 

As it gains market share they will have to worry about all that, and they will have to worry about regulations, and customer service, and all the other elements that are intrinsic to a large commercial enterprise.  That will lead to drastically rising costs for crypto based companies, making their low cost transactions, no longer low cost.

Right now credit cards conduct over 30 billion transactions a year, for a combined value of $3.2T; ACH payments are 23.5 billion transactions, for a combined value of $16.3T. 

Bitcoin does ~100 million transactions a day, the majority in trading/speculation.  They aren't even being used in micropayments which you say is a critical need, as it is not remotely profitable.  The lightning network is expected to make things better, but many experts think it will still be exceedingly unprofitable to use the lightning network in a profitable manner for micropayments.  And that is with low market caps, which allow them to avoid costs associated with security and regulations. 

Right now most of the existing cryptos will not ever be feasible for micro-payments, which makes none of them a sure thing.  Blockchain technology is a game changer, but not cryptos.  And it is possible that a quantum computer would be available by the time Blockchain based micropayments is feasible, which nullifies Blockchain technology security.

[Tugg Speedman]

Last week KFC Canada briefly accepted Bitcoin as payment for $20 bucket meals – demand was exceptional!
https://aimprogramblog.blogspot.com/2018/01/last-week-kfc-canada-briefly-accepted.html?m=1

KFC Canada, the fast-food retailer, offered to accept Bitcoins as payment for a $20 meal in a bucket last Thursday, only for a limited time. For a paltry 0.001156 bitcoin you got fried chicken - and sides.  Sound good? Well, the thought of using your bitcoin right now to buy chicken is moot - since the Bitcoin Bucket sold out on KFC's website in less than 30 minutes last Friday.

[forgetful]

Last week KFC Canada briefly accepted Bitcoin as payment for $20 bucket meals – demand was exceptional!
https://aimprogramblog.blogspot.com/2018/01/last-week-kfc-canada-briefly-accepted.html?m=1

KFC Canada, the fast-food retailer, offered to accept Bitcoins as payment for a $20 meal in a bucket last Thursday, only for a limited time. For a paltry 0.001156 bitcoin you got fried chicken - and sides.  Sound good? Well, the thought of using your bitcoin right now to buy chicken is moot - since the Bitcoin Bucket sold out on KFC's website in less than 30 minutes last Friday.

You do realize that this is a PR student, and likely only involved 1 or 2 actual buckets right?  Easy to sell out that way.  It is not a good sign, when a currency being used to actually purchase something is a hilarious PR stunt.  KFC is known for its absurd and hilarious PR stunt offers.

[Hards Alumni]

You do realize that this is a PR student, and likely only involved 1 or 2 actual buckets right?  Easy to sell out that way.  It is not a good sign, when a currency being used to actually purchase something is a hilarious PR stunt.  KFC is known for its absurd and hilarious PR stunt offers.

Why exactly is this not a good sign? 

[forgetful]

Why exactly is this not a good sign?

His seemed to imply that this was a good sign in that you can even use it to buy KFC.  But it was a joke, meant to be an absurdity.  It was meant to invoke the idea of how absurd it is to sell KFC for bitcoin.

When is considered absurd, and hilarious, that you could purchase an every day item with a currency, it is not a particularly good take home message for the stability and practicality of your currency.

[Tugg Speedman]

His seemed to imply that this was a good sign in that you can even use it to buy KFC.  But it was a joke, meant to be an absurdity.  It was meant to invoke the idea of how absurd it is to sell KFC for bitcoin.

When is considered absurd, and hilarious, that you could purchase an every day item with a currency, it is not a particularly good take home message for the stability and practicality of your currency.

I did not imply anything, I posted the story with no comment.

The rest is a commentary about your biases.

[Tugg Speedman]

Forget ... your skepticism put you solidly in the Wall Street camp.  If I did not know better, I would think you're a bankster.

Is This the End of Money?
Geoffrey Garrett
Dean at The Wharton School

https://www.linkedin.com/pulse/end-money-geoffrey-garrett/

I spent the first week of the New Year with a great group of Wharton undergraduates visiting many of our tremendous alumni in the San Francisco Bay Area. To say it felt very different from the East Coast is an understatement. And I am not talking about missing the “bomb cyclone,” which we did.

I am talking about blockchain/bitcoin/cryptocurrencies, which are much more than a speculative Chinese-cum-millennial obsession.

Whereas most people on Wall Street remain skeptical, playing a wait-and-see game, Silicon Valley is all in. Literally every meeting I participated in, from the biggest tech companies to the smallest startups, was rich with enthusiastic and creative crypto conversations.

I used to think “fintech” meant the end of physical cash — replaced by mobile payments platforms owned by big multinational firms and currently led by China, in established currencies regulated by national governments and international agreements.

I now wonder whether the ultimate fusion of technology and finance will mean “the end of money,” at least as we have known it for the last millennium. It’s no longer sci-fi to imagine the replacement of dollars and other “fiat money” with open sourced, radically decentralized, deeply encrypted and self-regulating transactions in digital units of exchange that are “mined” rather issued by central banks.

A true fintech revolution.

I have to admit I went west very much in the Jamie Dimon mindset. The JPMorgan CEO and voice of Wall Street since the financial crisis famously dismissed bitcoin’s virtual rise in 2017: “I could care less about bitcoin.” Strip out his typically gruff rhetorical flourishes, and Dimon was making 2 fundamental points.

Dimon’s first point was that “blockchain” — a globally distributed ledger of financial transactions made secure by advanced cryptography and competition among “miners” (computers competing to execute and record transactions, and being compensated for doing so) — has massive upside. But to become central to mainstream commerce, blockchain will have to lose its unregulated open source roots, be managed by a big multinational conglomerate (think some combination of Visa/Mastercard transactions and SWIFT international transfers), and fall under the clear jurisdictions of national governments and international agreements.

His second point was that the transactions that blockchain records will ultimately be in “cryptodollars”, or cryptoeuros, cryptoyuan, etc. — not bitcoin, ethereum, or any other “non-fiat,” purely “digital” currency that is not issued by central banks. This is because there is literally no underlying value to a bitcoin (“worse than tulips,” to use the oft-cited example of the Dutch “tulip bubble” in the 17th century). In contrast, there is underlying value to a dollar — guaranteed by the US Federal Reserve tied to the strength of the American economy.

The more I talked with people in the Valley, the less convinced I became of these two points.

This is very disconcerting to people like me, steeped in more than 200 years of macroeconomic thought. All the giants (Adam Smith, David Ricardo, John Maynard Keynes, Milton Friedman, Paul Samuelson, and others) not only assumed the centrality of currencies as we have known them. They also valorized money as literally the foundation of a well-functioning economy — both a unit of exchange and a store of value.

In Silicon Valley, there is a healthy disregard for all things Washington, government, and regulation — and of course for the status quo. It’s no surprise there seem to be many more bitcoin believers on the West Coast.

They ask powerful rhetorical questions. Don’t governments and central banks always face the temptation of printing more money? Are you really so happy with the fees credit cards and banks charge? Wouldn’t it reduce our worries about hacking and cyber security if financial transactions were better encrypted and recorded on millions of computers rather than a handful? Isn’t the genius of bitcoin that there is a finite limit to how many can be produced (by the “halving” algorithm at the center of bitcoin mining)?

I tend to get lost as soon as the blockchain/bitcoin evangelists get into the real data science behind these technologies, but I do think there is real merit to their rhetorical questions. And I increasingly sense I am not alone.

Consider these simple facts. We now can trade bitcoin futures on a crusty old financial exchange. There is lots of VC money pouring into crypto. Asset managers are starting to think about cryptocurrency indexes as a great diversification strategy, because bitcoin risk is likely uncorrelated with any “regular” economic risk. All are powerful indicators that the leading edge of “conventional” finance is taking very seriously the prospects for very radical financial innovation.

Finance meets technology, harnessing the combined power of Wall Street and Silicon Valley. Not only the end of cash, but also the end of money. That is the prospect and potential of fintech. What will happen and when it will happen is impossible to predict — as is invariably the case with the most radical innovations. But there is little doubt that an enormous amount of capital, energy and creativity will pour into cryptocurrencies in the coming months and years — even if bitcoin proves the biggest bubble since tulips.

[MU82]

Bill Harris, former CEO of Intuit and Paypal, calls bitcoin a "colossal pump-and-dump scheme, the likes of which the world has never seen." He goes on to say it is lame as a means of payment, has extreme volatility that makes it a poor store of value, and that there's no actual intrinsic value. About the only thing bitcoin is good for, he says, is criminal activity.

https://www.recode.net/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value

He might not be the most objective observer, but his comments are still interesting.

[Hards Alumni]

Bill Harris, former CEO of Intuit and Paypal, calls bitcoin a "colossal pump-and-dump scheme, the likes of which the world has never seen." He goes on to say it is lame as a means of payment, has extreme volatility that makes it a poor store of value, and that there's no actual intrinsic value. About the only thing bitcoin is good for, he says, is criminal activity.

https://www.recode.net/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value

He might not be the most objective observer, but his comments are still interesting.

Yeah, he is extremely biased.  Paypal is a direct competition.

[MU82]

Yeah, he is extremely biased.  Paypal is a direct competition.

True, but he no longer is at Paypal. (Though he still probably owns stock.)

[Benny B]

Thought it’s about time that this thread got revived. 

Anyone still afraid of missing out on the Bitcoin craze?

[Hards Alumni]

Thought it’s about time that this thread got revived. 

Anyone still afraid of missing out on the Bitcoin craze?

Craze?  You act like this is done.

[Babybluejeans]

Paypal and other payment processors are going to be deeply involved in crypto.

[rocket surgeon]

bovada keeps trying to persuade it's players to switch to a bitcoin account claiming it's faster and you can ask for payouts more often than the one every 3 months i believe it is for u.s. currency.  last month i cashed out on $1200 and it took about 2 weeks to get the check.  here is the message they sent me, among others. 

My name is Jed and I’m contacting you from Bovada’s Bitcoin Advisory department. At your convenience, give me a call at 1-888-233-5936, I'm available Saturday to Tuesday, 3p to 11p ET, and ask to be transferred to Jed at extension number 7332.

We're contacting you to congratulate you on your winnings and to inform you that we’re currently expediting withdrawals using the Bitcoin method for the first time. There are many benefits to using this option, such as:

• It’s Free.
• It’s Quick, Easy and convenient.
• It’s Secure.
• Amount and frequency – You can request a maximum of $9,500 per increment every 3 days.

As your personal Bitcoin Advisor, I’ll guide you through the simple steps of requesting a Bitcoin withdrawal and I’ll expedite it for you. I’ll also assist you in having these funds deposited directly to your bank account, to be reflected in approximately 1-4 business days. Alternatively, please visit www.bitpay.com/visa for information regarding a Visa debit card which we will purchase for you. This card can be loaded with your Bitcoins, automatically converted to USD and can be withdrawn at any ATM that accepts Visa.

You can also use the link below to locate a Bitcoin ATM near you where you can get your funds today:

https://coinatmradar.com/bitcoin-atm-near-me

You will also receive a $120 Withdrawable Bitcoin bonus (no rollover/playthrough requirements) for your time.

Regards,

Bitcoin Advisory Team
bitcoinadvisor@bovada.lv


here is another message regarding the cashing of my check-interesting, eyn'a?

    The FedEx Tracking Number for your $1,201.00 payout with Reference Number 423414977 is 780849430908. Depending on the time of day FedEx begins processing your package, it may take up to 72 hours before your tracking information is posted online.

 There are some steps you can take to make depositing your check easier.

 • Deposit your check as soon as received via ATM into your personal bank account.
 • Do not mention "online gaming".
 • Please allow normal check clearing time frames as your bank may place a hold on International items.
 • We do not recommend check cashing outlets as these types of institutions may not honor International items.

[NorthernDancerColt]

bovada keeps trying to persuade it's players to switch to a bitcoin account claiming it's faster and you can ask for payouts more often than the one every 3 months i believe it is for u.s. currency.  last month i cashed out on $1200 and it took about 2 weeks to get the check.  here is the message they sent me, among others. 

My name is Jed and I’m contacting you from Bovada’s Bitcoin Advisory department. At your convenience, give me a call at 1-888-233-5936, I'm available Saturday to Tuesday, 3p to 11p ET, and ask to be transferred to Jed at extension number 7332.

We're contacting you to congratulate you on your winnings and to inform you that we’re currently expediting withdrawals using the Bitcoin method for the first time. There are many benefits to using this option, such as:

• It’s Free.
• It’s Quick, Easy and convenient.
• It’s Secure.
• Amount and frequency – You can request a maximum of $9,500 per increment every 3 days.

As your personal Bitcoin Advisor, I’ll guide you through the simple steps of requesting a Bitcoin withdrawal and I’ll expedite it for you. I’ll also assist you in having these funds deposited directly to your bank account, to be reflected in approximately 1-4 business days. Alternatively, please visit www.bitpay.com/visa for information regarding a Visa debit card which we will purchase for you. This card can be loaded with your Bitcoins, automatically converted to USD and can be withdrawn at any ATM that accepts Visa.

You can also use the link below to locate a Bitcoin ATM near you where you can get your funds today:

https://coinatmradar.com/bitcoin-atm-near-me

You will also receive a $120 Withdrawable Bitcoin bonus (no rollover/playthrough requirements) for your time.

Regards,

Bitcoin Advisory Team
bitcoinadvisor@bovada.lv


here is another message regarding the cashing of my check-interesting, eyn'a?

    The FedEx Tracking Number for your $1,201.00 payout with Reference Number 423414977 is 780849430908. Depending on the time of day FedEx begins processing your package, it may take up to 72 hours before your tracking information is posted online.

 There are some steps you can take to make depositing your check easier.

 • Deposit your check as soon as received via ATM into your personal bank account.
 • Do not mention "online gaming".
 • Please allow normal check clearing time frames as your bank may place a hold on International items.
 • We do not recommend check cashing outlets as these types of institutions may not honor International items.

Lmao at "do not mention online gaming".......Hypocritical that when the bail-ins (now legal under the supposed consumer-friendly Dodd-Frank legislation) happen, do you think the banks will say, "Do not mention DERIVATIVES?"

[Hards Alumni]

bovada keeps trying to persuade it's players to switch to a bitcoin account claiming it's faster and you can ask for payouts more often than the one every 3 months i believe it is for u.s. currency.  last month i cashed out on $1200 and it took about 2 weeks to get the check.  here is the message they sent me, among others. 

My name is Jed and I’m contacting you from Bovada’s Bitcoin Advisory department. At your convenience, give me a call at 1-888-233-5936, I'm available Saturday to Tuesday, 3p to 11p ET, and ask to be transferred to Jed at extension number 7332.

We're contacting you to congratulate you on your winnings and to inform you that we’re currently expediting withdrawals using the Bitcoin method for the first time. There are many benefits to using this option, such as:

• It’s Free.
• It’s Quick, Easy and convenient.
• It’s Secure.
• Amount and frequency – You can request a maximum of $9,500 per increment every 3 days.

As your personal Bitcoin Advisor, I’ll guide you through the simple steps of requesting a Bitcoin withdrawal and I’ll expedite it for you. I’ll also assist you in having these funds deposited directly to your bank account, to be reflected in approximately 1-4 business days. Alternatively, please visit www.bitpay.com/visa for information regarding a Visa debit card which we will purchase for you. This card can be loaded with your Bitcoins, automatically converted to USD and can be withdrawn at any ATM that accepts Visa.

You can also use the link below to locate a Bitcoin ATM near you where you can get your funds today:

https://coinatmradar.com/bitcoin-atm-near-me

You will also receive a $120 Withdrawable Bitcoin bonus (no rollover/playthrough requirements) for your time.

Regards,

Bitcoin Advisory Team
bitcoinadvisor@bovada.lv


here is another message regarding the cashing of my check-interesting, eyn'a?

    The FedEx Tracking Number for your $1,201.00 payout with Reference Number 423414977 is 780849430908. Depending on the time of day FedEx begins processing your package, it may take up to 72 hours before your tracking information is posted online.

 There are some steps you can take to make depositing your check easier.

 • Deposit your check as soon as received via ATM into your personal bank account.
 • Do not mention "online gaming".
 • Please allow normal check clearing time frames as your bank may place a hold on International items.
 • We do not recommend check cashing outlets as these types of institutions may not honor International items.

This seems super scammy

[Jay Bee]

#ArrestHim, @ina?

I was going to buy Ripple in early January.. prices as high as ~$3... now down under fitty cent. Two reasons I didn't buy then: (1) couldn't get a good enough understanding of what the heck it was and (2) laziness - trying to figure out electronic wallets and crap.. was just too busy at the time and decided to revisit it at a later time...

That may be now... maybe just a smaller amount.. like $5k or $10k... and then #pray. I'll do it if someone else here does it. Deal?

[reinko]

This seems super scammy

I have cashef two dozen + checks from Bovada, never had a single issue.

And rocket, you can request more payouts via check than once every 3 months, but ya gotta pay a hundo to do it, worth it if you caught a heater and want to get your $$$.

[rocket surgeon]

I have cashef two dozen + checks from Bovada, never had a single issue.

And rocket, you can request more payouts via check than once every 3 months, but ya gotta pay a hundo to do it, worth it if you caught a heater and want to get your $$$.

good to know reinko-thanks! 
      that was my first pay-out.  i don't play a lot because i get out to vegas enough to take the itch away.  i still don't understand how the bitcoin thing would work.  we all know how it's value fluctuates by the second, but let's say i put a $1000 and it goes down the chitter...is that considered a donation? 

  i'll stick with the ole "dead presidents"

[Benny B]

This seems super scammy

Bite your tongue.  Without scams, your BTC would be worthless.

[g0lden3agle]

good to know reinko-thanks! 
      that was my first pay-out.  i don't play a lot because i get out to vegas enough to take the itch away.  i still don't understand how the bitcoin thing would work.  we all know how it's value fluctuates by the second, but let's say i put a $1000 and it goes down the chitter...is that considered a donation? 

  i'll stick with the ole "dead presidents"

The way it works on BetOnline is that you tell BOL you want to deposit $100, using the method of crypto.  They look at the current rates and say "Ok, transfer X crypto to this wallet and we'll put $100 in your account".  This deposit is basically instant, it only takes the time a normal crypto transfer from wallet to wallet takes.  So you're only exposed to the same fluctuation any other crypto transfer takes.

Now, withdrawal is where it gets a bit shady.  They take 24-72 hours to process your request, and the crypto to USD exchange rate isn't determined until your request is processed.  So, you're susceptible to them being scummy and finding a 72 hour low point and only giving you that much crypto.  In practice I haven't noticed anything too egregious in the couple of times I've done it on BOL, and I'm not sure if Bovada et al. have a similar 24-72 process period.

I may be explaining everything you already understood, just wanted to make sure you were aware that for the large majority of the time (save that 1-3 day processing period), the money you have in your account is all USD and not subject to market fluctuation.