Dropped 100$ in doge

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waterproof808

Well-Known Member
ADA finally launching smart contracts in 3 weeks, after much delay and criticism. Been one of my best performers and recovered from that scary dip quicker than everything else, and that is without having smart contracts that everyone loves to talk shit about.

Up 205% on $Luna. Took out my initial investment plus 25% and letting the rest ride risk-free.
 
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xtsho

xtsho

Well-Known Member
"Ahead of the launch, El Salvador bought 400 bitcoins worth around $20 million, Bukele said, helping drive the price of the currency above $52,000 for the first time since May. Hours later, however, bitcoin had weakened and last traded down 8.84% at $47,327.32."

www.reuters.com

El Salvador's world-first adoption of bitcoin endures bumpy first day

El Salvador's historic adoption of bitcoin as legal tender on Tuesday was beset by teething problems, as an angry protest by mistrustful citizens, technological glitches and a dip in the cryptocurrency clouded the rollout.
www.reuters.com www.reuters.com

www.oregonlive.com

Bitcoin’s debut as legal tender in El Salvador marred by tech stumble, disinterest

For part of the morning, El Salvador’s president became tech support for a nation stepping into the world of cryptocurrency.
www.oregonlive.com www.oregonlive.com
 
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waterproof808

Well-Known Member
xtsho said:
"Ahead of the launch, El Salvador bought 400 bitcoins worth around $20 million, Bukele said, helping drive the price of the currency above $52,000 for the first time since May. Hours later, however, bitcoin had weakened and last traded down 8.84% at $47,327.32."

www.reuters.com

El Salvador's world-first adoption of bitcoin endures bumpy first day

El Salvador's historic adoption of bitcoin as legal tender on Tuesday was beset by teething problems, as an angry protest by mistrustful citizens, technological glitches and a dip in the cryptocurrency clouded the rollout.
www.reuters.com www.reuters.com

www.oregonlive.com

Bitcoin’s debut as legal tender in El Salvador marred by tech stumble, disinterest

For part of the morning, El Salvador’s president became tech support for a nation stepping into the world of cryptocurrency.
www.oregonlive.com www.oregonlive.com
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looking like there was coordinated DDOS attacks across several exchanges while a simultaneous dump triggered a snowball of over-leveraged liquidations.
 
xtsho

xtsho

Well-Known Member
waterproof808 said:
looking like there was coordinated DDOS attacks across several exchanges while a simultaneous dump triggered a snowball of over-leveraged liquidations.
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I'm sure it instilled confidence in El Salvador that the day they officially adopt it as a legitimate currency it drops over 10%. I think it's a very bad idea for people in impoverished nations to fully adopt it as a currency. It's too volatile and the poorest are going to be the ones that lose the most.
 
xtsho

xtsho

Well-Known Member
waterproof808 said:
They will change their tune when BTC passes $100k
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And in the meantime they would have seen a 10% loss and may not be able to wait until when and if BTC reaches $100K. El Salvador is a very impoverished nation. Many live day to day. It's a terrible idea for a country like El Salvador to adopt bitcoin as legal tender the way they did. It's just to volatile.
 
PJ Diaz

PJ Diaz

Well-Known Member
xtsho said:
And in the meantime they would have seen a 10% loss and may not be able to wait until when and if BTC reaches $100K. El Salvador is a very impoverished nation. Many live day to day. It's a terrible idea for a country like El Salvador to adopt bitcoin as legal tender the way they did. It's just to volatile.
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It depends on how you look at it. Many immigrants from El Salvador send money back to their families regularly, at a very high transfer cost (Western Union, etc). Having a fee-free wallet for Salvadorians to transfer coins from the states to back home really saves a lot of money which would otherwise be lost in fees.
 
xtsho

xtsho

Well-Known Member
PJ Diaz said:
It depends on how you look at it. Many immigrants from El Salvador send money back to their families regularly, at a very high transfer cost (Western Union, etc). Having a fee-free wallet for Salvadorians to transfer coins from the states to back home really saves a lot of money which would otherwise be lost in fees.
Click to expand...
I see what you're saying but there are still fee's to send bitcoin. But Western Union is a ripoff. I think most use other money transfer services that have lower fees. My concern is the volatility that can cause the price to fluctuate so rapidly. It's great that they can use bitcoin much more easily but people that are sending funds using bitcoin are going to have to pay fees to purchase the bitcoin and fees to send it. Anything that can drop in value more than 10% in a matter of hours is not a good place for impoverished people to park their money.

I think most just got the free bitcoin and exchanged it for US dollars and have no intention of keeping their money tied up in bitcoin.

I'm all for cryptocurrency but I just don't see the El Salvador experiment being in the best interests of it citizens.
 
PJ Diaz

PJ Diaz

Well-Known Member
xtsho said:
I see what you're saying but there are still fee's to send bitcoin. But Western Union is a ripoff. I think most use other money transfer services that have lower fees. My concern is the volatility that can cause the price to fluctuate so rapidly. It's great that they can use bitcoin much more easily but people that are sending funds using bitcoin are going to have to pay fees to purchase the bitcoin and fees to send it. Anything that can drop in value more than 10% in a matter of hours is not a good place for impoverished people to park their money.

I think most just got the free bitcoin and exchanged it for US dollars and have no intention of keeping their money tied up in bitcoin.

I'm all for cryptocurrency but I just don't see the El Salvador experiment being in the best interests of it citizens.
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I'm not sure but I believe the Chivo wallet has very low fees compared to traditional methods of fund transfers. I have in-laws in El Salvador, so maybe I could have my wife ask them what they think, but they will also likely ask for money in the same convo.
 
xtsho

xtsho

Well-Known Member
It will be interesting to see how China proceeds with cryptocurrency. They claim to have banned trading but they haven't shut down the mining operations completely. They've been against while still allowing for a long time.

It's always been a concern that the large Chinese bitcoin mining operations would end up falling under the control of the Chinese government. The fact that they are allowing them to continue while cracking down on the trading is somewhat concerning.

The bitcoin ecosystem would be better off without so much mining concentration in China. If they actually go ahead and curtail that activity it would be a good thing for bitcoin. Unfortunately it looks like they might just take over those mining facilities and continue dominating bitcoin generation. We'll just have to wait and see what the Chinese government does. I don't think they even know how they're going to proceed.
 
Just Be

Just Be

Well-Known Member
xtsho said:
It will be interesting to see how China proceeds with cryptocurrency. They claim to have banned trading but they haven't shut down the mining operations completely. They've been against while still allowing for a long time.

It's always been a concern that the large Chinese bitcoin mining operations would end up falling under the control of the Chinese government. The fact that they are allowing them to continue while cracking down on the trading is somewhat concerning.

The bitcoin ecosystem would be better off without so much mining concentration in China. If they actually go ahead and curtail that activity it would be a good thing for bitcoin. Unfortunately it looks like they might just take over those mining facilities and continue dominating bitcoin generation. We'll just have to wait and see what the Chinese government does. I don't think they even know how they're going to proceed.
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Isn't this something like the third time that they've banned crypto this year?
 
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