BITCOIN

nxhappy

nxhappy

Well-Known Member
Established Member
Joined
Dec 16, 2006
Messages
10,031
Location
AZ
quad said:
I don't think it is too late. Not investment advice and I'd hate for you to lose money on it.

Here's my thinking. Leaving excess dollars in a bank account is a losing proposition because of inflation and the dollar has been losing value year over year since inception. IMO you have two options: Spend your dollars if needed or invest it.

People are investing in the stock market, precious metals, housing, crypto, real estate even cars and watches etc.. You can lose money with all those type of investments if you buy high and sell low. Many people made a killing with real estate and some went bankrupt.

I do think cryptos will trend up but it won't be a straight line. Weak hands will be shaken all the way up.

I'd rather see my cryptos go to zero than cash out too soon and then see it go to the moon (diamond hands). I also don't want to pay a ton of taxes so I will not take out too much and end up having to fork over 1/2 to the IRS. That's why I plan on taking out smaller profits every year.

But that's my view. Others feel different and would rather sell lower and still realize a profit.
Click to expand...
this is 100% accurate. No point in keeping money in the bank., other than 6 months emergency. The banks don't even pay 1%. Why do that why crypto interest easily pays 5 to 10%.

I keep about 80-90% invested in stock market funds and 10-20% crypto. Also some gold and silver. I used to have another house but took my money and ran. This is the craziest ****ing market I have ever seen. Even the old timers are baffled.

The current inflation we are seeing is just the beginning. Most people don't remember but the 80s and 90s was full of sky high interest rates, all due to the inflation we had in the 60s and 70s. Same shit is going to happen in a few years. And when we see those sky high interest rates, say goodbye to home value. It's all fun and games but the market can't be a bull forever. In fact we WANT bear cycles to keep everything healthy. September was pretty brutal, as I suspected, so hopefully that will be a decent correction to hold us off until spring time.
 
Weather Man

Weather Man

Persistance Is A Bitch
Established Member
Joined
May 18, 2012
Messages
26,022
Location
MN
They keep talking about it.


Yellen opposes trillion-dollar coin solution for debt limit


  • As the debt ceiling crisis escalates on Capitol Hill, a once far-fetched solution to the dilemma has been gaining steam. Talk of a trillion-dollar platinum coin - which would be deposited at the Federal Reserve as an asset swap - could result in an extra $1T to cover a big portion of Washington's bill. In fact, the coin could be minted "within hours of the Treasury Secretary's decision to do so," said Philip Diehl, former director of the U.S. Mint under the Clinton administration. Democrats will attempt to suspend debt ceiling in Senate vote on Wednesday.
  • Backdrop: The concept of a trillion-dollar coin dates back 1992, when populist presidential candidate Bo Gritz suggested the idea during his second White House run. The idea resurfaced during the debt ceiling crisis of 2013 and the Obama administration even explored the possibility before the impasse came to an end with a continuing resolution. The method results in the U.S. minting more money to pay for its obligations, rather than borrowing through Treasuries (or the collection of taxes).
  • Can the Fed print as much money as it wants? While the trillion-dollar coin is not illegal, the accounting ploy has been frowned upon as it could threaten the checks and balances of Congress and open a Pandora's box about all of public finance. It's based on a loophole from a 1996 bill that discusses commemorative coins. According to Law 31 USC 5112 (k): "The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations and inscriptions as Secretary, in the Secretary's discretion, may prescribe from time to time." Has the U.S. ever defaulted on its debt?
  • Outlook: "I'm opposed to it and I don't believe that we should consider it seriously. It's really a gimmick," Treasury Secretary Janet Yellen told CNBC on Tuesday. The Biden administration has also insisted that the debt ceiling should be raised through bipartisan action, but with a deadline looming for when the government will run out of money, desperate times may call for desperate measures. If the debt ceiling is not resolved by Oct. 18, Yellen has warned that a default would "likely precipitate a historic financial crisis that would compound the damage of the continuing public health emergency, as well as triggering a spike in interest rates, a steep drop in stock prices and other financial turmoil."
 
cobracide

cobracide

Well-Known Member
Established Member
Joined
Aug 23, 2002
Messages
9,248
Location
Somewhere in 1945
quad said:
Just don't be that guy that throws out your hard drive and then end up regretting it.

I personally leave it on Coinbase / Binance. I know this is not ideal. But Coinbase is staking my ETH. I also have Vechain and EOS staked on Binance. Some Coinbase accounts were recently hacked and Coinbase reimbursed them.

www.tomsguide.com

Thousands of Coinbase wallets drained by hackers

Over 6,000 Coinbase wallets wiped out
www.tomsguide.com www.tomsguide.com

The reason this attack wasn't more widespread was because the hackers needed some very specific information before going after someone. This meant knowing a user's email address, password and phone number, as well as access to personal email accounts.

Coinbase has not been able to determine how these hackers were able to get access to this information, but suspects phishing attacks and other social engineering techniques to be the culprit.

According to Coinbase, "We have not found any evidence that these third parties obtained this information from Coinbase itself."

"However, in this incident, for customers who use SMS texts for two-factor authentication, the third party took advantage of a flaw in Coinbase’s SMS Account Recovery process in order to receive an SMS two-factor authentication token and gain access to your account."

Coinbase claims that as soon as it learned of the issue, it updated its SMS account recovery protocols to prevent further abuse. The company also worries that the hackers were able to view some critical personal information, including home addresses, date of birth and IP addresses. Luckily, Coinbase has refunded users and put crypto back into user accounts.

"We will be depositing funds into your account equal to the value of the currency improperly removed from your account at the time of the incident. Some customers have already been reimbursed — we will ensure all customers affected receive the full value of what you lost."

Of course, Coinbase is already working with authorities to try and find the criminals. Coinbase will also be providing free credit monitoring to affected customers.

The company is also imploring customers to forego SMS authentication and to instead use time-based one-time password (TOTP) like Google Authenticator or a hardware security key. And, of course, users should probably change their current password on their Coinbase account and email account as well.
Click to expand...
I'd rather loose the coin myself than have it ripped off online. Defi and Online exchanges obviously have more holes than they can find. Security is an evolving protocol. It's an endless loop of hack, research and patch. It never ends, therefore your coin will ALWAYS be vulnerable online. ALWAYS. Also, re-reimbursement is a very rare occurrence. Staking, it's really not a lot of profit compared to overall price growth and leaving coin vulnerable online for staking - in my view is just not worth it.

Offline cold storage managed by yourself is the safest storage method by far.
 

Users who are viewing this thread

Total: 25 (members: 1, guests: 24)


Top