Bitcoin

[Hards Alumni]

Can someone explain to me how the volume of BTC can be 44.8 Billion, when there are only 21M bitcoins possible?

https://support.coinmarketcap.com/hc/en-us/articles/360043395912-Volume-Market-Pair-Cryptoasset-Exchange-Aggregate-

[lawdog77]

https://support.coinmarketcap.com/hc/en-us/articles/360043395912-Volume-Market-Pair-Cryptoasset-Exchange-Aggregate-

Thanks, but that didn't help  . I am ignorant on this subject

[Hards Alumni]

Thanks, but that didn't help  . I am ignorant on this subject

44.8 Billion dollars was the 24h volume... in dollars.  The volume in BTC is 1,293,759 BTC.  Take the price of BTC (roughly 33.4k) and multiply it by the traded BTC volume and you get about 44.8 billion dollars in volume.

Hope that helps

[TSmith34, Inc.]

Tangentially related....

https://www.cnbc.com/2021/06/23/john-mcafee-found-dead-after-spanish-court-oks-extradition-for-tax-crimes-.html

"Eccentric antivirus software company founder John McAfee was found dead of suspected suicide in his prison cell in Barcelona, Spain, on Wednesday, shortly after Spain’s National Court approved his extradition to the United States to face criminal tax evasion charges, Reuters and the Associated Press confirmed.

According to the indictment, McAfee earned millions of dollars in income from promoting cryptocurrencies, consulting work, speaking engagements, and selling the rights to his life story for a documentary."

[Hards Alumni]

Tangentially related....

https://www.cnbc.com/2021/06/23/john-mcafee-found-dead-after-spanish-court-oks-extradition-for-tax-crimes-.html

"Eccentric antivirus software company founder John McAfee was found dead of suspected suicide in his prison cell in Barcelona, Spain, on Wednesday, shortly after Spain’s National Court approved his extradition to the United States to face criminal tax evasion charges, Reuters and the Associated Press confirmed.

According to the indictment, McAfee earned millions of dollars in income from promoting cryptocurrencies, consulting work, speaking engagements, and selling the rights to his life story for a documentary."

huh, I'd have thought he choked to death on his own dick.

[TSmith34, Inc.]

huh, I'd have thought he choked to death on his own dick.

Hasn't been ruled out yet as cause of death!

[MU82]

This doesn’t sound good …

From the NYT:

The “Internet Computer” is an ambitious crypto project by the Dfinity Foundation, a Swiss nonprofit organization with big Silicon Valley backers like Andreessen Horowitz. Last month, it was the darling of the crypto world when it held a bonanza of an initial coin offering, valuing its token, known as ICP, at tens of billions of dollars in market cap. It’s a different story now, after ICP has lost more than 90 percent of its value.

Even in the famously volatile crypto market, ICP stands out. The stunning climb and crash has people asking what really happened — and who may have profited.

“Something went wrong,” said Miguel Morel of Arkham Intelligence, a crypto analysis firm that tracked ICP tokens through the blockchain. In a report shared with DealBook, Arkham noted that “a token dropping over 90 percent in the first month after launch is highly unusual.” Arkham said that it found 44 “probable insider addresses” that deposited 10 million ICP tokens worth over $2 billion at the time to exchanges, which coincided with significant drops in the price of ICP. Small investors were stuck with a complicated process and limited customer support, the report claimed.

“Dfinity did not follow the playbook of other successful projects,” Arkham’s report said. “Instead it appears they quietly allowed the treasury and insiders to send billions of dollars of ICP to exchanges, while making it extremely difficult for their longtime supporters to access the tokens they were promised.”
Dfinity blamed bad actors on social media for undermining its project. “Day traders with alternative agendas and unethical crypto projects have used Reddit and Twitter to confuse the public,” it said in a statement. It denied that the token claim process was overly technical, and said the investors who had difficulties got the support they needed. A Dfinity spokesman, Michael Lee, said that the company was taking the “high road” and focusing on developing its Internet Computer project rather than rumors by potential saboteurs.

[LON]

This doesn’t sound good …

From the NYT:

The “Internet Computer” is an ambitious crypto project by the Dfinity Foundation, a Swiss nonprofit organization with big Silicon Valley backers like Andreessen Horowitz. Last month, it was the darling of the crypto world when it held a bonanza of an initial coin offering, valuing its token, known as ICP, at tens of billions of dollars in market cap. It’s a different story now, after ICP has lost more than 90 percent of its value.

Even in the famously volatile crypto market, ICP stands out. The stunning climb and crash has people asking what really happened — and who may have profited.

“Something went wrong,” said Miguel Morel of Arkham Intelligence, a crypto analysis firm that tracked ICP tokens through the blockchain. In a report shared with DealBook, Arkham noted that “a token dropping over 90 percent in the first month after launch is highly unusual.” Arkham said that it found 44 “probable insider addresses” that deposited 10 million ICP tokens worth over $2 billion at the time to exchanges, which coincided with significant drops in the price of ICP. Small investors were stuck with a complicated process and limited customer support, the report claimed.

“Dfinity did not follow the playbook of other successful projects,” Arkham’s report said. “Instead it appears they quietly allowed the treasury and insiders to send billions of dollars of ICP to exchanges, while making it extremely difficult for their longtime supporters to access the tokens they were promised.”
Dfinity blamed bad actors on social media for undermining its project. “Day traders with alternative agendas and unethical crypto projects have used Reddit and Twitter to confuse the public,” it said in a statement. It denied that the token claim process was overly technical, and said the investors who had difficulties got the support they needed. A Dfinity spokesman, Michael Lee, said that the company was taking the “high road” and focusing on developing its Internet Computer project rather than rumors by potential saboteurs.

[TSmith34, Inc.]

“Something went wrong,” said Miguel Morel of Arkham Intelligence, a crypto analysis firm that tracked ICP tokens through the blockchain. In a report shared with DealBook, Arkham noted that “a token dropping over 90 percent in the first month after launch is highly unusual.” Arkham said that it found 44 “probable insider addresses” that deposited 10 million ICP tokens worth over $2 billion at the time to exchanges, which coincided with significant drops in the price of ICP. Small investors were stuck with a complicated process and limited customer support, the report claimed.

“Dfinity did not follow the playbook of other successful projects,” Arkham’s report said. “Instead it appears they quietly allowed the treasury and insiders to send billions of dollars of ICP to exchanges, while making it extremely difficult for their longtime supporters to access the tokens they were promised.”

Oh, I don't know, it sounds to me like it worked exactly as intended.

[MU82]

Perfect!

U.S. senator encourages people to buy Bitcoin for retirement

https://seekingalpha.com/news/3711103-us-senator-encourages-people-to-buy-bitcoin-for-retirement

U.S. Senator Cynthia Lummis (R.-Wyo.) said Tuesday that she encourages average investors to purchase Bitcoin as part of their retirement strategy.

Speaking at the CNBC Financial Advisor Summit, Lummis also pushed for the Federal Reserve to launch its own digital currency. She argued that this would help keep the U.S. dollar as the world's reserve currency.

Detailing her Bitcoin investment advice, Lummis advocated the strategy as a hedge against inflation, saying "there's no way we cannot debase" the U.S. dollar over time.

As to her own holdings, Lummis said she had five Bitcoin. She said she bought her first one for $330 in 2013. "For me, I see bitcoin as a great store of value," she said. "I buy bitcoin and I hold bitcoin."

Lummis described Bitcoin holdings as a good way to diversify a retirement portfolio.

"I don’t want everybody putting all their money in Bitcoin just like I don’t want everybody putting it in dollars and putting it under a mattress," she said. "I like diversification."

[Hards Alumni]

Perfect!

U.S. senator encourages people to buy Bitcoin for retirement

https://seekingalpha.com/news/3711103-us-senator-encourages-people-to-buy-bitcoin-for-retirement

U.S. Senator Cynthia Lummis (R.-Wyo.) said Tuesday that she encourages average investors to purchase Bitcoin as part of their retirement strategy.

Speaking at the CNBC Financial Advisor Summit, Lummis also pushed for the Federal Reserve to launch its own digital currency. She argued that this would help keep the U.S. dollar as the world's reserve currency.

Detailing her Bitcoin investment advice, Lummis advocated the strategy as a hedge against inflation, saying "there's no way we cannot debase" the U.S. dollar over time.

As to her own holdings, Lummis said she had five Bitcoin. She said she bought her first one for $330 in 2013. "For me, I see bitcoin as a great store of value," she said. "I buy bitcoin and I hold bitcoin."

Lummis described Bitcoin holdings as a good way to diversify a retirement portfolio.

"I don’t want everybody putting all their money in Bitcoin just like I don’t want everybody putting it in dollars and putting it under a mattress," she said. "I like diversification."

I mean, she is absolutely right.

[MU82]

I mean, she is absolutely right.

So you think it's good that an elected official (any politician, regardless of party) who has no more investing experience than you and I have advises people to make speculative investments (or any specific investment at all, even if not speculative)?

[JWags85]

So you think it's good that an elected official (any politician, regardless of party) who has no more investing experience than you and I have advises people to make speculative investments (or any specific investment at all, even if not speculative)?

She didn't "advise", she "encourages people".  I see nothing that wrong with her statement.  It wasn't legislation, it was her personal opinion on an investment vehicle in statements at a conference.  There are far crazier voices out there about plenty of investment vehicles and she spoke about diversification.  I dont think people are more likely to buy or invest based on their senator's thoughts than they are whatever random celebrity is high on Bitcoin or real estate

[MU82]

She didn't "advise", she "encourages people".  I see nothing that wrong with her statement.  It wasn't legislation, it was her personal opinion on an investment vehicle in statements at a conference.  There are far crazier voices out there about plenty of investment vehicles and she spoke about diversification.  I dont think people are more likely to buy or invest based on their senator's thoughts than they are whatever random celebrity is high on Bitcoin or real estate

OK, Wags, this certainly isn't a hill I'm willing to die on. If you and Hards think politicians encouraging folks to buy specific investments is cool, then who am I to say otherwise? Have a good one.

[Skatastrophy]

I think people should diversify into beanie babies. Buy and hodl.

[JWags85]

OK, Wags, this certainly isn't a hill I'm willing to die on. If you and Hards think politicians encouraging folks to buy specific investments is cool, then who am I to say otherwise? Have a good one.

I guess it just comes down to a free will question.  There are so many voices out there, with varying levels of character and credibility, encouraging or even down right commanding people to buy this, invest that, etc…that if you can’t make decisions on your own and need your Senator to validate ideas, welp. 

Would you have an issue if she, again at a financial summit, stated her belief that the SPY would continue to rise for the next 5 years due to job growth/economics/trade or what have you, being that this was a discussion, and she would encourage people to not be afraid to invest in equities? 

If yes, then fair enough, but variations of that happen all the time from elected officials. Bitcoin is just touchy right now

[MU82]

I guess it just comes down to a free will question.  There are so many voices out there, with varying levels of character and credibility, encouraging or even down right commanding people to buy this, invest that, etc…that if you can’t make decisions on your own and need your Senator to validate ideas, welp. 

Would you have an issue if she, again at a financial summit, stated her belief that the SPY would continue to rise for the next 5 years due to job growth/economics/trade or what have you, being that this was a discussion, and she would encourage people to not be afraid to invest in equities? 

If yes, then fair enough, but variations of that happen all the time from elected officials. Bitcoin is just touchy right now

I would rather elected officials not make specific investing advice, yes. “Buy equities” is borderline IMHO. Buy a specific stock or a specific crypto … for me, personally, I’d rather they not do that.

For one thing, they are beholden to all manner of outside influences. A U.S. senator has a LOT of power, and a lot of real, perceived or potential conflicts of interest.

But yes, ultimately, each investor is in charge of his or her own portfolio. I can’t dispute that.

[Hards Alumni]

OK, Wags, this certainly isn't a hill I'm willing to die on. If you and Hards think politicians encouraging folks to buy specific investments is cool, then who am I to say otherwise? Have a good one.

Lol, I wonder if someone with a (D) in front of their name had said this you'd have thought it was so bad.

She literally said that she doesn't believe in the dollar long term due to it's inflationary nature.  She didn't say throw all of your money at bitcoin.  In fact, there are more than a few financial advisors that recommend 5% in crypto.  Would you have even thought this was newsworthy if she suggested that the average investor purchase ETFs, MFs, stocks or bonds?  No, of course not.  So why does it matter if she suggests BTC as a hedge against the dollar?  That is simple portfolio diversification.

[Hards Alumni]

I would rather elected officials not make specific investing advice, yes. “Buy equities” is borderline IMHO. Buy a specific stock or a specific crypto … for me, personally, I’d rather they not do that.

For one thing, they are beholden to all manner of outside influences. A U.S. senator has a LOT of power, and a lot of real, perceived or potential conflicts of interest.

But yes, ultimately, each investor is in charge of his or her own portfolio. I can’t dispute that.

I think you're vastly overestimating the power of 90% of US politicians.  She said this and BTC moved the exact same way it has for the past couple of weeks.  Laterally.

[MU82]

Lol, I wonder if someone with a (D) in front of their name had said this you'd have thought it was so bad.

I would have said the exact same.

And I’m not a Democrat.

[MU Fan in Connecticut]

The TBT tournament is giving away Bitcoin this year to fans who pick the winning team.

[Skatastrophy]

The Rally project just landed Felicia Day as a Creator. She spun up the creator coin $GEEX last week and just launched it publically on her twitter to support her new creative empire. The last empire she launched, Geek & Sundry, was acquired by an entertainment company. This new ecosystem consists of her Twitch stream and a few podcasts. I figured I'd throw a few hundred dollars at $GEEX because she has a good track record as a creative, but also as a way to force myself to better understand this project. It is a direct competitor to Patreon and will allow creators to exert some control over their community's economy, as well as allowing their community to participate in the economy.

Rally is an ETH sidechain. The Rally project allows Creators to create coins on their network... how creator coins are connected to $RLY via the Rally project is where my understanding fades

From the FAQ - https://rally.io/evergreen/faq
> The relationship between Coin and $RLY is defined by a Token Bonding Curve (TBC) that relates the circulating supply of Coins to its price in $RLY. The TBC acts as the underlying mechanism for an AMM (automated market maker) to facilitate buying and selling and the overall relationship between a Coin’s supply and its price.

We'll see.

[Skatastrophy]

And... China makes crypto illegal

https://techcrunch.com/2021/09/24/china-says-all-cryptocurrency-related-transactions-are-illegal/

[Hards Alumni]

And... China makes crypto illegal

https://techcrunch.com/2021/09/24/china-says-all-cryptocurrency-related-transactions-are-illegal/

*yawn*  They did this on the 15th.

[jficke13]

Let me grab something to dry all the tears I'm shedding on behalf of criminals and greedy rubes who got burned in the Tulip Panic.