crypto currency

[QuarterMillionMan]

In 2022 it looks like I was buying bitcoin when it was in the range of $18,000 to $31,000 for 1 btc. I recall my balance was about $3000 in 2022 when I stopped buying it and in 2023 now it has doubled so I guess I did pretty well. In 2023, I shifted to buying precious metals instead.

[QuarterMillionMan]

Ledger $26,451
Robinhood $6391
Trade Station $5500
Coinbase $4264
Coinbase Wallet $2000

Mostly all BTC, but also ETH, LTC, Solana, Shiba, etc.

[QuarterMillionMan]

Trade Station is a Roth IRA which I opened with the max $7500 contribution allowed by the IRS so that account is losing money.

[QuarterMillionMan]

BTC rallying a little bit today.

[QuarterMillionMan]

Keep an eye on cryptos being CBOE approves spot ETFs beginning 1/11/24.

[disneysteve]

Keep an eye on cryptos being CBOE approves spot ETFs beginning 1/11/24.

Do you think this helps the crypto space? Isn’t the whole point of crypto to have a way to move funds that isn’t regulated or tracked or taxed? Will this just shift more business to other crypto instruments besides Bitcoin?

[QuarterMillionMan]

Good points, today it's not really moving when I thought the tailwinds might have helped it.

[disneysteve]

Good points, today it's not really moving when I thought the tailwinds might have helped it.

Bitcoin was the “anti-establishment” way to move money around and avoid detection by the authorities. Legitimizing it seems like that would make it less attractive to that crowd.

[kork13]

Bitcoin was the “anti-establishment” way to move money around and avoid detection by the authorities. Legitimizing it seems like that would make it less attractive to that crowd.

Eh, that'll still happen. Given the inherent security of most crypto currencies, I can't imagine criminal enterprises readily giving it up, regardless of how the trading & arbitrage of crypto gets regulated. But the fat cats can't see an arbitrage opportunity and not try to make money off of it. Plus, it'll give people who pretend they want to 'stick it to the man' (while enjoying their public services & all the rest) an opportunity to feel "in the game" with crypto.

You have to remember, crypto is just like any other token currency -- if you make public the details of its transactions, then it can be monitored & regulated. But if you keep the to/from accounts undisclosed, all that can really be detected (via the blockchain logs) is simply that a transaction occurred...but it generally can't be tied to who actually made the transaction.

[QuarterMillionMan]

I just bought $750 worth of Etherium on Ledger and the fee was $21, so what is that almost 3% fee, wow seems high.

[QuarterMillionMan]

Good thing only $16 lost, I was trying to transfer $16 of etherium as a test run from my Coinbase to my Ledger account but it is not showing up. Over an hour I've been checking but nada.

[QuarterMillionMan]

In California, policy on staking. NJ looks similar to CA.

[QuarterMillionMan]

In other crypto news Trade Station cyrpto is permanently suspending its spot crypto trading and I'll need to liquidate holdings which could be a bummer or a blessing in disguise (ie, crytpo goes bust). Oh well it was good while it lasted.

[james.hendrickson]

yeah I mean, all those assets have lost like 80% of their value.

At this point I've got a bit of Ethereum, some Bitcoin and some Algorand, but a lot of the secondary coins just don't have a compelling economic case.

[disneysteve]

QMM so when you buy crypto it’s not like buying stock? If a broker shut down I could transfer the stock to another broker. Sounds like you can’t transfer crypto bought with this place to another crypto broker. You need to liquidate your holdings.