Mine went up from 10% to almost 50% now. I'm waiting for the gain to be long-term before rebalancing. Hopefully it will crash back to 10% by then so I don't need to worry about it!Aaand...it'sgone wrote: ↑Fri May 07, 2021 2:39 pmMy crypto allocation has gone from 3% up to 7% now (mostly etherium). So far, I'm just hodling, but I may feel differently if it starts getting above 10% of my AA. Though, I just staked my ether, so not much I can do about it for near-term.corp_sharecropper wrote: ↑Fri May 07, 2021 11:53 am Anyone else have the problem that crypto gains have reached a level where they are a much larger slice of your AA?
Cryptocurrency in Free Fall
Re: Cryptocurrency in Free Fall
Re: Cryptocurrency in Free Fall
Marseille07 wrote: ↑Thu May 06, 2021 5:12 pmI thought one of the key tenets of Bogleheads is diversification. Do we have an ETF that holds top 20 crypto by market cap or something along those lines? Until then, I don't see how owning a particular flavor of crypto would ever enter the conversation of Bogleheads in a serious manner.txhill wrote: ↑Thu May 06, 2021 5:00 pmI'm all in favor of crypto but I agree there are too many individual threads. That said, if any investment had been outperforming the market for a decade (as crypto has done), I'd want it to be discussed heavily. That sort of performance, if sustained, could mean what constitutes the "market" may have changed, which may require a true Boglehead to adjust their allocation.Marseille07 wrote: ↑Wed May 05, 2021 12:35 pmI agree. I sometimes wonder if I'm visiting Bogleheads or Cryptoheads.
It seems increasingly obvious that:
a) there's no utility in crypto
b) people keep throwing monies nonetheless, therefore the prices are actually rising and some people are making money
What part of the Bogleheads tenets is currency trading? Isn't that basically what Crypto really amounts to but worse. Most currencies are at least backed by a government's ability to raise taxes, manage an economy, and promise to payback debts with reasonable certainty. Crypto is "backed" by a skepticism of government backed currencies, a vision of technological innovation(that anybody can copy since it's open source), some idealism if we're being fair but also huge support of technology titans who seek to undermine fiat and whose vision is more dystopian, and being an early/first adopter in the hope that somebody will pay more than you do as they also adopt the platform or chase some of your performance gains.
Re: Cryptocurrency in Free Fall
I wish there was a single ETF.Marseille07 wrote: ↑Thu May 06, 2021 5:12 pmI thought one of the key tenets of Bogleheads is diversification. Do we have an ETF that holds top 20 crypto by market cap or something along those lines? Until then, I don't see how owning a particular flavor of crypto would ever enter the conversation of Bogleheads in a serious manner.txhill wrote: ↑Thu May 06, 2021 5:00 pmI'm all in favor of crypto but I agree there are too many individual threads. That said, if any investment had been outperforming the market for a decade (as crypto has done), I'd want it to be discussed heavily. That sort of performance, if sustained, could mean what constitutes the "market" may have changed, which may require a true Boglehead to adjust their allocation.Marseille07 wrote: ↑Wed May 05, 2021 12:35 pmI agree. I sometimes wonder if I'm visiting Bogleheads or Cryptoheads.
It seems increasingly obvious that:
a) there's no utility in crypto
b) people keep throwing monies nonetheless, therefore the prices are actually rising and some people are making money
But in the meantime, I just made my own ‘index’ of 7 different coins / tokens.
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Re: Cryptocurrency in Free Fall
I'm surprised you got converted. Thought you didn't like crypto like a month ago.watchnerd wrote: ↑Fri May 07, 2021 7:25 pmI wish there was a single ETF.Marseille07 wrote: ↑Thu May 06, 2021 5:12 pmI thought one of the key tenets of Bogleheads is diversification. Do we have an ETF that holds top 20 crypto by market cap or something along those lines? Until then, I don't see how owning a particular flavor of crypto would ever enter the conversation of Bogleheads in a serious manner.txhill wrote: ↑Thu May 06, 2021 5:00 pmI'm all in favor of crypto but I agree there are too many individual threads. That said, if any investment had been outperforming the market for a decade (as crypto has done), I'd want it to be discussed heavily. That sort of performance, if sustained, could mean what constitutes the "market" may have changed, which may require a true Boglehead to adjust their allocation.Marseille07 wrote: ↑Wed May 05, 2021 12:35 pmI agree. I sometimes wonder if I'm visiting Bogleheads or Cryptoheads.
It seems increasingly obvious that:
a) there's no utility in crypto
b) people keep throwing monies nonetheless, therefore the prices are actually rising and some people are making money
But in the meantime, I just made my own ‘index’ of 7 different coins / tokens.
Re: Cryptocurrency in Free Fall
No conversion.Marseille07 wrote: ↑Fri May 07, 2021 7:27 pmI'm surprised you got converted. Thought you didn't like crypto like a month ago.watchnerd wrote: ↑Fri May 07, 2021 7:25 pmI wish there was a single ETF.Marseille07 wrote: ↑Thu May 06, 2021 5:12 pmI thought one of the key tenets of Bogleheads is diversification. Do we have an ETF that holds top 20 crypto by market cap or something along those lines? Until then, I don't see how owning a particular flavor of crypto would ever enter the conversation of Bogleheads in a serious manner.txhill wrote: ↑Thu May 06, 2021 5:00 pmI'm all in favor of crypto but I agree there are too many individual threads. That said, if any investment had been outperforming the market for a decade (as crypto has done), I'd want it to be discussed heavily. That sort of performance, if sustained, could mean what constitutes the "market" may have changed, which may require a true Boglehead to adjust their allocation.Marseille07 wrote: ↑Wed May 05, 2021 12:35 pm
I agree. I sometimes wonder if I'm visiting Bogleheads or Cryptoheads.
It seems increasingly obvious that:
a) there's no utility in crypto
b) people keep throwing monies nonetheless, therefore the prices are actually rising and some people are making money
But in the meantime, I just made my own ‘index’ of 7 different coins / tokens.
But it’s a large enough asset class that I can’t ignore it if I’m serious about investing in the tradeable market portfolio.
<2% isn’t exactly ‘all in’
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Re: Cryptocurrency in Free Fall
Coins or tokens just sounds so shady/illegitimate in itself. I wish there were more “official” namings. It reminds me of Chuck-E-Cheese for some reason.watchnerd wrote: ↑Fri May 07, 2021 7:25 pmI wish there was a single ETF.Marseille07 wrote: ↑Thu May 06, 2021 5:12 pmI thought one of the key tenets of Bogleheads is diversification. Do we have an ETF that holds top 20 crypto by market cap or something along those lines? Until then, I don't see how owning a particular flavor of crypto would ever enter the conversation of Bogleheads in a serious manner.txhill wrote: ↑Thu May 06, 2021 5:00 pmI'm all in favor of crypto but I agree there are too many individual threads. That said, if any investment had been outperforming the market for a decade (as crypto has done), I'd want it to be discussed heavily. That sort of performance, if sustained, could mean what constitutes the "market" may have changed, which may require a true Boglehead to adjust their allocation.Marseille07 wrote: ↑Wed May 05, 2021 12:35 pmI agree. I sometimes wonder if I'm visiting Bogleheads or Cryptoheads.
It seems increasingly obvious that:
a) there's no utility in crypto
b) people keep throwing monies nonetheless, therefore the prices are actually rising and some people are making money
But in the meantime, I just made my own ‘index’ of 7 different coins / tokens.
Re: Cryptocurrency in Free Fall
Well, it seems you went through at least a small conversion We all went through the same process at some point: at first we think it's just a fad/joke/scam/whatever, and then eventually realize it's an actual asset class with real value, some of it truly productive. I know I thought it was just a ridiculous fad when I first learned of it in 2010 or 2011 from gamer friends...watchnerd wrote: ↑Fri May 07, 2021 7:33 pmNo conversion.Marseille07 wrote: ↑Fri May 07, 2021 7:27 pmI'm surprised you got converted. Thought you didn't like crypto like a month ago.watchnerd wrote: ↑Fri May 07, 2021 7:25 pmI wish there was a single ETF.Marseille07 wrote: ↑Thu May 06, 2021 5:12 pmI thought one of the key tenets of Bogleheads is diversification. Do we have an ETF that holds top 20 crypto by market cap or something along those lines? Until then, I don't see how owning a particular flavor of crypto would ever enter the conversation of Bogleheads in a serious manner.txhill wrote: ↑Thu May 06, 2021 5:00 pm
I'm all in favor of crypto but I agree there are too many individual threads. That said, if any investment had been outperforming the market for a decade (as crypto has done), I'd want it to be discussed heavily. That sort of performance, if sustained, could mean what constitutes the "market" may have changed, which may require a true Boglehead to adjust their allocation.
It seems increasingly obvious that:
a) there's no utility in crypto
b) people keep throwing monies nonetheless, therefore the prices are actually rising and some people are making money
But in the meantime, I just made my own ‘index’ of 7 different coins / tokens.
But it’s a large enough asset class that I can’t ignore it if I’m serious about investing in the tradeable market portfolio.
<2% isn’t exactly ‘all in’
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Re: Cryptocurrency in Free Fall
Congrats. I think it's one of the best investments you'll ever make. Staking is also smart, besides earning interest on your ETH, it prevents you from doing something unwise (selling).Aaand...it'sgone wrote: ↑Fri May 07, 2021 2:39 pmMy crypto allocation has gone from 3% up to 7% now (mostly etherium). So far, I'm just hodling, but I may feel differently if it starts getting above 10% of my AA. Though, I just staked my ether, so not much I can do about it for near-term.corp_sharecropper wrote: ↑Fri May 07, 2021 11:53 am Anyone else have the problem that crypto gains have reached a level where they are a much larger slice of your AA?
Just wait until EIP 1559 goes live in July, and later in 2021 (December?) we move to Proof of Stake.
Asset Allocation: VT
Re: Cryptocurrency in Free Fall
How confident are you that these things will happen at these dates, especially Proof of Stake? I thought the latter was a big unknown.Prahasaurus wrote: ↑Sat May 08, 2021 12:53 amCongrats. I think it's one of the best investments you'll ever make. Staking is also smart, besides earning interest on your ETH, it prevents you from doing something unwise (selling).Aaand...it'sgone wrote: ↑Fri May 07, 2021 2:39 pmMy crypto allocation has gone from 3% up to 7% now (mostly etherium). So far, I'm just hodling, but I may feel differently if it starts getting above 10% of my AA. Though, I just staked my ether, so not much I can do about it for near-term.corp_sharecropper wrote: ↑Fri May 07, 2021 11:53 am Anyone else have the problem that crypto gains have reached a level where they are a much larger slice of your AA?
Just wait until EIP 1559 goes live in July, and later in 2021 (December?) we move to Proof of Stake.
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Re: Cryptocurrency in Free Fall
Highly confident in EIP 1559 for July. Hopeful for Proof of Stake by year end. It's an incredibly complex process, something that has never been done before on this scale. I'm confident it will happen, but we'll have to see on dates. When it does, hopefully by end of 2021, the impact on the token will be, I believe, explosive.GR8FUL-D wrote: ↑Sat May 08, 2021 9:37 amHow confident are you that these things will happen at these dates, especially Proof of Stake? I thought the latter was a big unknown.Prahasaurus wrote: ↑Sat May 08, 2021 12:53 amCongrats. I think it's one of the best investments you'll ever make. Staking is also smart, besides earning interest on your ETH, it prevents you from doing something unwise (selling).Aaand...it'sgone wrote: ↑Fri May 07, 2021 2:39 pmMy crypto allocation has gone from 3% up to 7% now (mostly etherium). So far, I'm just hodling, but I may feel differently if it starts getting above 10% of my AA. Though, I just staked my ether, so not much I can do about it for near-term.corp_sharecropper wrote: ↑Fri May 07, 2021 11:53 am Anyone else have the problem that crypto gains have reached a level where they are a much larger slice of your AA?
Just wait until EIP 1559 goes live in July, and later in 2021 (December?) we move to Proof of Stake.
Asset Allocation: VT
Re: Cryptocurrency in Free Fall
Dogecoin holders did not like Elon's SNL monologue I guess.
Re: Cryptocurrency in Free Fall
Sweet Christmas, that's a rout!
I hope that poster who has $500k of Doge got out in time....
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Re: Cryptocurrency in Free Fall
People unable to sell DOGE on Robinhood...my goodness. I don't know how anyone can continue to use RH. Dogecoin holders on RH could be completely wiped out in a few hours if this continues
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Re: Cryptocurrency in Free Fall
Robinhood is just terrible and I can't understand why anyone would use that platform. The GME scandal was the canary in the coal mine. And with crypto, you cannot self custody your coins, you must leave it at Robinhood at sell back to USD. Crypto investors should avoid RH like the plague. It's not hard to open a Coinbase account!
Asset Allocation: VT
Re: Cryptocurrency in Free Fall
It's not just terrible, it's predatory.Prahasaurus wrote: ↑Sat May 08, 2021 11:40 pm
Robinhood is just terrible and I can't understand why anyone would use that platform. The GME scandal was the canary in the coal mine. And with crypto, you cannot self custody your coins, you must leave it at Robinhood at sell back to USD. Crypto investors should avoid RH like the plague. It's not hard to open a Coinbase account!
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Re: Cryptocurrency in Free Fall
It's very strange. Since GME happened, Robinhood has continued gaining customer assets. I guess there's no such thing as bad publicity. It's kind of amazing how much some people value the UI experience of the app that controls their finances. I bet the graphics designers at Robinhood are the ones making the big bucks.watchnerd wrote: ↑Sat May 08, 2021 11:50 pmIt's not just terrible, it's predatory.Prahasaurus wrote: ↑Sat May 08, 2021 11:40 pm
Robinhood is just terrible and I can't understand why anyone would use that platform. The GME scandal was the canary in the coal mine. And with crypto, you cannot self custody your coins, you must leave it at Robinhood at sell back to USD. Crypto investors should avoid RH like the plague. It's not hard to open a Coinbase account!
Re: Cryptocurrency in Free Fall
Which "cryptos" do consider themselves as currency (replacement)?GP813 wrote: ↑Fri May 07, 2021 6:29 pmMarseille07 wrote: ↑Thu May 06, 2021 5:12 pmI thought one of the key tenets of Bogleheads is diversification. Do we have an ETF that holds top 20 crypto by market cap or something along those lines? Until then, I don't see how owning a particular flavor of crypto would ever enter the conversation of Bogleheads in a serious manner.txhill wrote: ↑Thu May 06, 2021 5:00 pmI'm all in favor of crypto but I agree there are too many individual threads. That said, if any investment had been outperforming the market for a decade (as crypto has done), I'd want it to be discussed heavily. That sort of performance, if sustained, could mean what constitutes the "market" may have changed, which may require a true Boglehead to adjust their allocation.Marseille07 wrote: ↑Wed May 05, 2021 12:35 pmI agree. I sometimes wonder if I'm visiting Bogleheads or Cryptoheads.
It seems increasingly obvious that:
a) there's no utility in crypto
b) people keep throwing monies nonetheless, therefore the prices are actually rising and some people are making money
What part of the Bogleheads tenets is currency trading? Isn't that basically what Crypto really amounts to but worse. Most currencies are at least backed by a government's ability to raise taxes, manage an economy, and promise to payback debts with reasonable certainty. Crypto is "backed" by a skepticism of government backed currencies, a vision of technological innovation(that anybody can copy since it's open source), some idealism if we're being fair but also huge support of technology titans who seek to undermine fiat and whose vision is more dystopian, and being an early/first adopter in the hope that somebody will pay more than you do as they also adopt the platform or chase some of your performance gains.
Speaking of Ethereum, for example, I don't think it's meant to be a currency. So buying ETH isn't currency trading, I suppose.
Edited to add: maybe this helps to clear up some confusion.
https://www.blockchaincenter.net/market-cap-dominance/
-------------------------
Side remark
Also, some posters just want to argue against "crypto" instead of having a differentiated discussion, it seems.
Proof along these lines on this forum:
Them: "I do not invest in something I don't understand."
Also them: keeps "discussing" crypto although they don't understand.
Re: Cryptocurrency in Free Fall
Robinhood is predatory. I didn’t catch SNL last night but I guess it was the equivalent of a company’s 10-Q reporting lower earnings than expected... but I have to admit Doge seems to have a stronger base of support than I’d expect. Definitely behaves a lot like GameStop with its own cult following.
Re: Cryptocurrency in Free Fall
Maybe they were hoping he'd hype it up more like a good crypto salesman. He didn't say much of any account, there was a joke to his mom about giving her doge as her Mothers day gift, and a skit during 'weekend update' where they keep trying to get him to explain "What is dogecoin?" where after several failed techno-babble explanations they all agree on the explanation "It's a Hustle".
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Re: Cryptocurrency in Free Fall
Doge 7d: +27%txhill wrote: ↑Sun May 09, 2021 8:28 am Robinhood is predatory. I didn’t catch SNL last night but I guess it was the equivalent of a company’s 10-Q reporting lower earnings than expected... but I have to admit Doge seems to have a stronger base of support than I’d expect. Definitely behaves a lot like GameStop with its own cult following.
Doge 24h: -31%
If you got into Doge in the last week, you've lost money.
Will it have staying power if the media gets bored of talking about it?
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Re: Cryptocurrency in Free Fall
No clue. Doge has had two big spikes—- on 4/20 and Elon on SNL. Just takes another ridiculous event for it to go up again. I’m not touching it but it is fascinating.watchnerd wrote: ↑Sun May 09, 2021 10:21 amDoge 7d: +27%txhill wrote: ↑Sun May 09, 2021 8:28 am Robinhood is predatory. I didn’t catch SNL last night but I guess it was the equivalent of a company’s 10-Q reporting lower earnings than expected... but I have to admit Doge seems to have a stronger base of support than I’d expect. Definitely behaves a lot like GameStop with its own cult following.
Doge 24h: -31%
If you got into Doge in the last week, you've lost money.
Will it have staying power if the media gets bored of talking about it?
Re: Cryptocurrency in Free Fall
Vitalik just sold $1B worth of Shiba Inu and donated it to the India Covid relief fund, lol. Good for Vitalik and Covid relief, bad for Shiba Inu owners.
Re: Cryptocurrency in Free Fall
Wow.
Does it count as a rug pull if you donate to charity?
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Re: Cryptocurrency in Free Fall
Definitely counts as a rug pull, but they probably had it coming. I doubt Vitalik appreciates being used for marketing of your meme coin. I will say the more I read about Vitalik, the higher I regard him as a person.
Re: Cryptocurrency in Free Fall
Then why did he accept half of the generated SHIB coins? Taking that on and dumping, whatever the reason, might turn against him and the Ethereum project.
Really bad idea to make big moves like this.
Re: Cryptocurrency in Free Fall
It's a d-bag move.OohLaLa wrote: ↑Wed May 12, 2021 2:14 pmThen why did he accept half of the generated SHIB coins? Taking that on and dumping, whatever the reason, might turn against him and the Ethereum project.
Really bad idea to make big moves like this.
"Not appreciating" something doesn't give you a right to intentionally burn people just because you're annoyed.
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Re: Cryptocurrency in Free Fall
He didn't accept them. The SHIB founders sent half the supply to his wallet address and tried to profit from Vitalik's solid reputation ("look, we won't do a rug pull because Vitalik has 50% of the supply!"). I think other scamcoins were doing something similar too. So he's showing that scams can't take advantage of his name, which is better in the long run although plenty of folks who bought SHIB are now inadvertent donors to India covid relief funds.OohLaLa wrote: ↑Wed May 12, 2021 2:14 pmThen why did he accept half of the generated SHIB coins? Taking that on and dumping, whatever the reason, might turn against him and the Ethereum project.
Really bad idea to make big moves like this.
Re: Cryptocurrency in Free Fall
I don't think I agree. Scamcoins are bad for the ecosystem and scamcoin founders were taking advantage of Vitalik's reputation to profit for themselves. Hopefully people are learning from this.watchnerd wrote: ↑Wed May 12, 2021 2:17 pmIt's a d-bag move.OohLaLa wrote: ↑Wed May 12, 2021 2:14 pmThen why did he accept half of the generated SHIB coins? Taking that on and dumping, whatever the reason, might turn against him and the Ethereum project.
Really bad idea to make big moves like this.
"Not appreciating" something doesn't give you a right to intentionally burn people just because you're annoyed.
Re: Cryptocurrency in Free Fall
Maybe that's true, looks like he only sold 10% of his holdings though. He is still holding 45%... to be honest, any move he made would have dropped Shiba's price because people assumed that the supply was essentially "burned". Even if he just sold a little bit, it would have dropped because now people know that his supply is live. That being said, there is a reason you should be very careful about investing in crypto when the holdings are highly concentrated, for this exact reason.watchnerd wrote: ↑Wed May 12, 2021 2:17 pmIt's a d-bag move.OohLaLa wrote: ↑Wed May 12, 2021 2:14 pmThen why did he accept half of the generated SHIB coins? Taking that on and dumping, whatever the reason, might turn against him and the Ethereum project.
Really bad idea to make big moves like this.
"Not appreciating" something doesn't give you a right to intentionally burn people just because you're annoyed.
Re: Cryptocurrency in Free Fall
Then say something.
Call it a scam.
Let people make their own decisions.
Tell people that you intend to donate this to charity and give them, whatever, 48 hours to decide what to do.
Rug pulls are just bad ethics.
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Re: Cryptocurrency in Free Fall
Maybe he basically is making an announcement by only doing this with 10% of his SHIB (if what decapod said is accurate). Just showing that the market should not think of half the supply as illiquid.
Re: Cryptocurrency in Free Fall
I don't think he accepted them though. Whoever made SHIB transferred half to Vitalik. He had no choice in the matter. If I were in his shoes, I'd happily either sell them all or donate them all. He didn't ask to be used as marketing, and didn't ask for the tokens. He can do whatever he wants with them. Donating them is awesome of him, and a great way to somewhat give the finger to those that sent them to him.OohLaLa wrote: ↑Wed May 12, 2021 2:14 pmThen why did he accept half of the generated SHIB coins? Taking that on and dumping, whatever the reason, might turn against him and the Ethereum project.
Really bad idea to make big moves like this.
Re: Cryptocurrency in Free Fall
If this his idea of effective communication, I'm not impressed.
It strikes me as juvenile.
My impression of Etherium's future just went down a few notches.
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Re: Cryptocurrency in Free Fall
1- From this, I learned that crypto is a clusterf when it comes to transaction processing. The idea that you can send money to anybody without them knowing or having any say is ridiculous. On top of this, Burin had no way to resend the funds back to the source address/ wallet (no matter the result, simply to get rid of it)?decapod10 wrote: ↑Wed May 12, 2021 2:24 pmMaybe that's true, looks like he only sold 10% of his holdings though. He is still holding 45%... to be honest, any move he made would have dropped Shiba's price because people assumed that the supply was essentially "burned". Even if he just sold a little bit, it would have dropped because now people know that his supply is live. That being said, there is a reason you should be very careful about investing in crypto when the holdings are highly concentrated, for this exact reason.
2- Like you said, it's not really burned in the traditional lingo, if someone can spend it.
3- By dumping, he isn't necessarily punishing the creators... but definitely anybody who bought in at the peak. Don't see why you can't trickle it out, if the idea is to donate it. Ironically (considering it's being donated), I still think it's a bad look for Burin + ETH to approach it in this particular way.
Re: Cryptocurrency in Free Fall
Looks like he didn't actually sell the Shiba coins.txhill wrote: ↑Wed May 12, 2021 2:31 pmMaybe he basically is making an announcement by only doing this with 10% of his SHIB (if what decapod said is accurate). Just showing that the market should not think of half the supply as illiquid.
1,000,000,000,000,000 SHIB is the total supply
500,000,000,000,000 is Vitalik's share
50,693,552,078,053 SHIB directly to the COVID fund. He didn't actually sell anything. He should still own 450 trillion coins
Re: Cryptocurrency in Free Fall
Yup, that's what I'm trying to convey as well: not everyone who likes ETH, and probably holds ETH, will see this as a good move.
Re: Cryptocurrency in Free Fall
I guess I see your point although I draw the opposite conclusion. It is true though that ethereum is not fully decentralized in the way that bitcoin is; ethereum is still quite tied to Vitalik and his reputation.
Re: Cryptocurrency in Free Fall
1) Yes, there is no way to block incoming transactions. Right now it is not a major problem because of gas fees, but wallet spam could be a problem in the futureOohLaLa wrote: ↑Wed May 12, 2021 2:36 pm1- From this, I learned that crypto is a clusterf when it comes to transaction processing. The idea that you can send money to anybody without them knowing or having any say is ridiculous. On top of this, Burin had no way to resend the funds back to the source address/ wallet (no matter the result, simply to get rid of it)?decapod10 wrote: ↑Wed May 12, 2021 2:24 pmMaybe that's true, looks like he only sold 10% of his holdings though. He is still holding 45%... to be honest, any move he made would have dropped Shiba's price because people assumed that the supply was essentially "burned". Even if he just sold a little bit, it would have dropped because now people know that his supply is live. That being said, there is a reason you should be very careful about investing in crypto when the holdings are highly concentrated, for this exact reason.
2- Like you said, it's not really burned in the traditional lingo, if someone can spend it.
3- By dumping, he isn't necessarily punishing the creators... but definitely anybody who bought in at the peak. Don't see why you can't trickle it out, if the idea is to donate it. Ironically (considering it's being donated), I still think it's a bad look for Burin + ETH to approach it in this particular way.
3) He didn't actually sell it, he donated it directly to the Covid relief fund, but yes people buying in will be affected negatively for sure. Though I suspect they would have burned no matter what he did most likely
Last edited by decapod10 on Wed May 12, 2021 2:42 pm, edited 2 times in total.
Re: Cryptocurrency in Free Fall
If Vitalik burned the SHIB (he could do this by sending to a made-up address, for example, which would cause it to be lost forever) then it'd be his way of conferring legitimacy to a scamcoin. Even just holding onto the SHIB without moving it would lend legitimacy to the SHIB approach. That would hurt his reputation in the long run, in my view (although I guess you and others might see it differently).OohLaLa wrote: ↑Wed May 12, 2021 2:36 pm1- From this, I learned that crypto is a clusterf when it comes to transaction processing. The idea that you can send money to anybody without them knowing or having any say is ridiculous. On top of this, Burin had no way to resend the funds back to the source address/ wallet (no matter the result, simply to get rid of it)?decapod10 wrote: ↑Wed May 12, 2021 2:24 pmMaybe that's true, looks like he only sold 10% of his holdings though. He is still holding 45%... to be honest, any move he made would have dropped Shiba's price because people assumed that the supply was essentially "burned". Even if he just sold a little bit, it would have dropped because now people know that his supply is live. That being said, there is a reason you should be very careful about investing in crypto when the holdings are highly concentrated, for this exact reason.
2- Like you said, it's not really burned in the traditional lingo, if someone can spend it.
3- By dumping, he isn't necessarily punishing the creators... but definitely anybody who bought in at the peak. Don't see why you can't trickle it out, if the idea is to donate it. Ironically (considering it's being donated), I still think it's a bad look for Burin + ETH to approach it in this particular way.
Re: Cryptocurrency in Free Fall
Announcing that you are going to start giving away your tokens in 48 hours and just giving them away now would have almost the same effect IMO
Re: Cryptocurrency in Free Fall
I'm not seeing the kind of character traits I want in a leader of a powerful software platform trying to position itself as an alternative to CeFi.txhill wrote: ↑Wed May 12, 2021 2:40 pm
If Vitalik burned the SHIB (he could do this by sending to a made-up address, for example, which would cause it to be lost forever) then it'd be his way of conferring legitimacy to a scamcoin. Even just holding onto the SHIB without moving it would lend legitimacy to the SHIB approach. That would hurt his reputation in the long run, in my view (although I guess you and others might see it differently).
I can see someone in the SEC saying:
"How can we make an ETF for these things with these kind of cowboy actions from the founder one of the largest pools of wealth on the planet?
Is this something you really want to expose the retail public to?"
Global stocks, IG/HY bonds, gold & digital assets at market weights 75% / 19% / 6% || LMP: TIPS ladder
Re: Cryptocurrency in Free Fall
But the message plays out differently.
He needs to think beyond his crypto culture zone.
Global stocks, IG/HY bonds, gold & digital assets at market weights 75% / 19% / 6% || LMP: TIPS ladder
Re: Cryptocurrency in Free Fall
I'm confused why he didn't give it all away.
What message is he actually trying to convey?
What message is he actually trying to convey?
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
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Re: Cryptocurrency in Free Fall
The whole thing is pretty bizarre. The idea of buying legitimacy by transferring a whole bunch of coins to somebody is weird to begin with. Maybe giving away coins is something I just haven't been aware of and is a way you get a bunch of people to push a new coin with minimal costs involved.
I imagine his taxes are going to be rather complicated.
I imagine his taxes are going to be rather complicated.
Last edited by flyfishers83 on Wed May 12, 2021 3:01 pm, edited 1 time in total.
Re: Cryptocurrency in Free Fall
Well, I guess the thought process would be this:
1) Do I hold the coins forever or burn the coins? If the answer is no then
2) How do I get rid of the coins? My opinion is once you have made the decision to give them away or sell them, there is really no method that will prevent losses to Shiba holders at that point. Maybe he felt that giving away 10% of his coins was the best balance between minimizing the effect on the market.
Edit: I removed the comment about liquidity, it's not clear that he was actually providing liquidity in the first place. I would guess actually that he was not.
Re: Cryptocurrency in Free Fall
Tesla no longer accepts Bitcoin as payment!
https://twitter.com/elonmusk/status/139 ... 43203?s=20
That was a quick change!
https://twitter.com/elonmusk/status/139 ... 43203?s=20
That was a quick change!
Re: Cryptocurrency in Free Fall
Bullish for ETH?danbdzs wrote: ↑Wed May 12, 2021 5:09 pm Tesla no longer accepts Bitcoin as payment!
https://twitter.com/elonmusk/status/139 ... 43203?s=20
That was a quick change!
not financial advice
Re: Cryptocurrency in Free Fall
Ohh maaan,
Going by Matt Levine's Elon Market Hypothesis (The Elon markets hypothesis says “that things are valuable not based on their cash flows but on their proximity to Elon Musk.” ) we should see some volatility
Going by Matt Levine's Elon Market Hypothesis (The Elon markets hypothesis says “that things are valuable not based on their cash flows but on their proximity to Elon Musk.” ) we should see some volatility
Re: Cryptocurrency in Free Fall
Does ETH use < 1% of bitcoin's energy per transaction?chinchin wrote: ↑Wed May 12, 2021 5:11 pmBullish for ETH?danbdzs wrote: ↑Wed May 12, 2021 5:09 pm Tesla no longer accepts Bitcoin as payment!
https://twitter.com/elonmusk/status/139 ... 43203?s=20
That was a quick change!
If it doesn't, then its potentially bearish IMO.
Maybe with the innovation in ETH it can be bullish longer term, but I've no idea other than the buzz words thrown around here and there