So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.
The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week. if you're talking about this tweet, i would take it with a grain of salt. brian armstrong worded that tweet and provided the data in a very misleading way. on one day, the % of ACH deposits for exactly $1200 spiked from ~0.1% to >0.3%. the jump looks big when charted a certain way, but in real dollar amounts, it's probably negligible. Are we going to see a massive pump because of this? no..... |
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Do you get a Form 1099-K if you make 200+ transactions within Coinbase, including trading on Coinbase Pro? coinbase pro and coinbase prime customers receive a 1099-K if they pass the 200 transaction/$20k threshold. once you pass the threshold, they will place a restriction on your account and formally require you to complete a taxpayer ID request. this is why i don't really trade on coinbase pro---i mainly only use them to cash out fiat money. staying under the 200 transaction threshold prevents any 1099 reporting. i do my day trading elsewhere, on exchanges that don't report to the IRS. be mindful of this: a handful of states have much lower 1099 reporting thresholds, some as low as $600.regular coinbase.com customers do not receive a 1099-K. they may receive a 1099-MISC if they receive $600 or more from "coinbase earn, staking rewards, and USDC rewards". |
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Forget the government's numbers, this is the reality in China “It’s a complete, dramatic turnaround,” lamented Gao, estimating sales in April to May will plunge as much as 40% from last year. “Last month, it was our customers who chased after us checking if we could still deliver goods as planned. Now it’s become us chasing after them asking if we should still deliver products as they ordered.” Without the EU and the US which represent half of the world economy in GDP terms and imports, producing things that nobody can buy is a waste of money. if chinese manufacturing were really running at full capacity, it would only intensify the deflationary effects on the economy by increasing an already saturated supply of consumer goods. continuing to produce above and beyond real demand would only push prices even lower. that would be an economic disaster for china. the oil market is a microcosm for this effect. there is a drastic oversupply of oil on the market---so much that nobody wants to store it. so the price is crashing (deflation) and producers are now going deep in the red. this will lead to bankruptcies, market uncertainty, bailouts, and all that good stuff. that's the trajectory the chinese manufacturing sector is on too if american and european consumer demand doesn't strongly reverse, or production isn't scaled down in preparation for a depression. |
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Still bearish on bitcoin. It's not that it should be highly correlated with the stock market in bear or bull markets as both are unlikely, so much as it shouldn't be increasing when we're going to see a 5%-12% decline in the US GDP and 20% unemployment. Oil managed to go negative??? A reminder that Bitcoin's floor may not be zero, it might be negative (and there might be no floor at all!). Of course this is unlikely, but what the heck happenned with oil? https://finance.yahoo.com/news/stock-market-news-live-april-20-2020-222036152.htmlit costs a lot of money to store oil. that's the primary issue. underground storage capacity must be full to the brim because record amounts are being stored on tankers now: Traders are using giant supertankers to store 160 million barrels of oil as the coronavirus torpedoes demandballpark estimates say that costs ~$15-$18 per barrel for long periods. tanker capacity is also running out. bitcoin doesn't have this market dynamic at all. storing bitcoins costs nothing. in fact, cryptocurrencies are the most portable asset known to humankind. you will never see bitcoin trading at negative prices since there is no rational incentive to pay someone to take them from you. $0 is the technical limit for spot prices. i could see funds with administrative fees (like GBTC) going negative though. |
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I know it's a little late but it would be cool if we could set up a 10-18 place consolation tourny even if it's not for much. I'd be up for one if I fall in that range I dont know if anyone else would be. Just a thought...pretty bored sitting at home everyday lol.
why don't we just run a regular tourney (standings don't matter) at the same time, for everyone who doesn't make the championship? that would be more fun IMO. even if i make the championship, i'm happy to play both tables at once. maybe a few of us can add some chips to the prize pool to make things more interesting? i'm in for 2500 chips if someone else will match me. |
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Okay we get it, less cars, less vehicles traveling so the oil is not that what we really need right now
But, why is the price be looking like this? It is not only the cars that uses oil, we also have a lot of machines that isn't running without the oil
Don't tell me the covid-19 global pandemic cases is inversely proportional with the oil price lol in an indirect way, they are. the economy in high consumption nations is experiencing deflation---no one is spending money. that means demand for import goods is plunging. the pandemic therefore has world trade screeching to a halt. so is air travel, which is down between 90-100% amidst all the travel restrictions. with consumers refusing to spend, and scant world trade and air travel, who wants to pay to store tankers full of oil? nobody needs it anymore.  negative prices on may delivery means contract holders are being paid handsomely just to take delivery on oil. that's how bad things have gotten. this has never happened before. |
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My problem is that when I do not get good card after waiting several hands, I feel frustrated and start losing my focus. it's called "card dead tilt" and it's a killer! http://www.upforpoker.com/archives/card-dead-tilt.htmlthis is why i like to have a beer and a joint at the table, to help with the boring times. multi-tabling can be good too. playing only one table (especially full ring) can feel super slow online. We definitely plan to make this a regular thing so you will definitely have a chance to join bitcointalks 2nd ever poker series.  As far as I can tell, we are all having lots of fun (even though I personally suck big time!) and I am very happy about the number of players and how everybody is looking forward to the tournaments. Stay tuned...  i'm definitely in for another series, especially if SwC keeps adding value! i'm glad to be a strong contender in the standings but i still need at least one more strong showing to secure a spot. i'll be sending the 400 chips for next weekend shortly, keep an eye out. Respect! It's beauty of poker! I can't count how many times I was wrong, but life goes on! As long as you have some chips you will receive cards, as long as you receive cards you have some chances! Good luck!
as long as you've got a chip and a chair..... https://en.wikipedia.org/wiki/Jack_Straus |
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very intense/nitty bubble! managed to get ITM again, but no strong finish. i could never really get a healthy sized stack at the final table, had to play very defensive. made my move short stacked with A2s, @ceehe called with KJo and snagged a pair of kings. i'm out in 5th again! @Iv4n and @ceehe both vying for the chip lead now..... BTW, in my opinion the Final Tournament should be with direct/manual registration.
+1. |
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Anyone know who CTOptimal is? I have no record of them paying the entry fee.
i've seen him on the tables at SwC and in the chat before, might be a regular. it's possible he got it from @efialitis by PM. or otherwise maybe the password was leaked in the chat. no big deal i guess. he got knocked out in 11th anyway. |
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If you came to me in 2016 and told me, when we were at $1k a bitcoin, that we were going to 20- would I have called you stupid? Probably.
If we continue on the last trajectory $300k is what I targeted us at I DO NOT THINK WE WILL HIT THAT but I made it an "optimistic target" and rubbed out my whiteboard... $300-400k is what i have in mind, if bitcoin enters another bubble like 2013/2017. when extrapolating from the previous ATH, that's conservative based on the average of those two runs. a lot of people assume every bubble will keep getting smaller in % terms. they might be surprised the next time around. don't be fooled by market cap---bitcoin's lack of circulating supply can do wonders for the price! that's what makes it so hard to to predict. at the risk of sounding overly bullish, it's mostly not a question of if but when. will we go below $3k and stay in a bear market for another year or more? maybe so if the world economy keeps crashing. |
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@SyGambler crushed everyone, allowing myself, Betwrong, and yahoo to basically fold into the money.  i probably could have taken 3rd or 4th if i played it tighter. it folded around to me on the button with K8, i shoved and Improved called from the SB and took it down with A-high. at least i placed ITM and made a few points. GG guys, see everyone tomorrow. Glad to see yo back up and about thanks dude. it's been a harrowing couple weeks but feeling almost back to myself now. even allowing myself a couple tall cans of IPA for this game. let's play some cards!  just saw that KK vs QQ cooler, @efialitis. tough break! |
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IMO, the pressure by governments has squeezed their business model, it is hard to survive nowadays. I don't know where you saw that or even how you came to that conclusion. It isn't 'hard to survive' like you say if your service is viable and relevant it is, if your service is not profitable. i'm not sure exactly what kind of volume they were doing at the end, but given the overall path of affiliate commissions, i'm gonna speculate they weren't making enough to last as an SF-based company. My another guess is: Big fish eats small fish, who knows? Purse.io is was one of the big fishes purse.io was a big name in 2014, not so much in 2020. i think they've been quietly dying out for years. |
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I agree that it would come for bitcoin to be a safe haven but I doubt your term using absolute as safe haven. If we are going to argue which safe haven could be the absolute safe haven then it would be gold, no statement needed further.
There are several reasons why bitcoin is (potentially) better than gold as a safe haven asset. This has been discussed many times, but as one example, bitcoin has a fixed maximum supply, gold doesn't. You can't say once all the gold in the world is mined then that is the maximum, as we will probably be mining asteroids for precious metals before too long. it's debatable whether a fixed supply is superior to predictably low and market-controlled inflation---what gold has. fixed supply may end up making bitcoins appreciate more than gold, but that doesn't necessarily mean it's superior as the money underlying an economy. i've been hearing about the specter of asteroid mining my whole life. i'll believe that when i see it. |
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@SyGambler crushed everyone, allowing myself, Betwrong, and yahoo to basically fold into the money. i probably could have taken 3rd or 4th if i played it tighter. it folded around to me on the button with K8, i shoved and Improved called from the SB and took it down with A-high. at least i placed ITM and made a few points. GG guys, see everyone tomorrow. |
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I don't see how this would pass, why do I need to seek for job again when I know at the end of the month a big brother is going to airdrop $2k into my account, $2k per month doing nothing, I think this would even slow down the recovery. Though never say never in an election time but I don't see how this would be sustained.
there is undoubtedly more money printing coming. if the alternative is corporate bailouts, i'll take stimulus over bailouts any day. pelosi and trump say they are both open to more stimulus payments. a growing number (62+) of senators/congressmen want to make those payments recurring.$2k/month isn't really shit in most parts of the USA. for many people, it wouldn't even cover their housing---definitely not a replacement for a job. on the other hand, it might be enough to keep the housing market from totally collapsing from rent/mortgage defaults. a more direct route to that end would be rent/mortgage forgiveness, which is now also on the table. stimulus payments would have the added bonus of stimulating consumer activity, which would obviously help keep businesses afloat and prop up the economy. deflation (drops in prices due to economic collapse) will soon set in if something isn't done. they need to either reopen the economy and risk letting the virus ravage the health care system, or print money to plug the bleeding. the former option is obviously favored by fiscal conservatives, but the reality is it may end up costing taxpayers even more if the health care situation worsens as a result. |
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It won't be that easy to make everything normal again. People will still maintain distance. A "fear" will still work inside them. They will think twice before making any kind of contact with anyone. it turns out that after being stuck in the house for a few weeks, people get over this fear pretty quickly. florida beaches reopened yesterday and immediately they look like this:  yesterday was also florida's highest surge in daily coronavirus cases.  mark my words, this will not end well. |
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According to Brian Coinbase it seems a few have already decided to let the US government pick up their BTC bill. Will you be doing the same?
imagine that: the government printing money and people putting it directly into bitcoin. it's worthy of a comic strip.  for a nocoiner, uncle sam could be handing you a risk-free bet on your first 0.17 BTC. that's the deal of a lifetime if you ask me! |
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The idea of global stablecoins died the second Libra published its intentions. Unless it comes direct from the heart of government or central banking such a thing will never, ever, ever be permitted to exist. End of.
There's no crypto impact.
you sure about that? the FSB report specifically names tether, USDC, and others. these represent a huge amount of bitcoin's fiat market liquidity. a ban, or banking blockade, or enforcement actions against major market players like tether---all of these could have a big impact on crypto markets. if it wasn't for libra, regulators might not give a shit about stablecoins. unfortunately, they're interested now. |
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when you think about it, with the recent drop a lot of investors panic sold their bitcoins and now they are left with a lot of money that they are waiting to put back into bitcoin (buy back). everything is pointing towards a big rise since the potential is there. but the only thing that is not clear is the time of it. it could be pre-halving or a week after halving.
there truly is an epic amount of money waiting on the sidelines. a record-setting $3 billion+ is held in stablecoins sitting on exchanges right now. it's an explosion waiting to happen! https://twitter.com/twobitidiot/status/1250979847536590849 |
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