but financialcrypto markets are never on holidays.
Because while crypto markets are always open 24/7, not everyone trades 24/7. Most people — especially institutional traders/investors still follow a typical 8-6 schedule. |
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In the case of Michael Saylor I don't think he's revealed what his(or MicroStrategy's) setup is, as everyone knowing how they store their BTC could be a security issue. Better leave hackers/thieves in the dark than give them an idea on how to potentially steal your BTC.
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The de-pegging is a result of the bankruptcy of the Silicon Valley Bank that was announced yesterday I think. Some of USDC's collateral was deposited in that bunk. Naturally, people started dumping, which led to a low of $0.88. The token is now around $0.91 and $0.92. I haven't checked (nor do I care to be honest) what USDC's relationship to DAI is and why DAI is losing its peg as well.
After all the nastiness, speculation, and negativity thrown Tether's way, they remain the most stable of the stablecoin assets. For now, at least.
DAI is backed by a basket of cryptocurrencies, and it is partially(but with a good chunk) backed by USDC. I know that having a non-custodial stablecoins partially backed by a centralized stablecoin sounds dumb as hell but yea. |
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It's like choosing between a restaurant business and a carwash business. In the end it's going to depend on the person handling the business.
But to answer your question: crypto tends to be more volatile, which forex — not so much. But you can magnify forex movements by using leverage.
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USDC de-pegged because of the Silicon Valley Bank going bust, which Circle(the company handling USDC) went under. Circle had like approximately 8%(if I remember correctly) of their USD on SVB hence the market-wide panic. What caused the suspension of trading with USDC on Binance and why did DAI decrease by 13% against the dollar?
A good chunk of DAI's backing is from USDC. |
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Coinbase exchange was launched in 2012 right? Have there ever been any cases of users' assets being frozen and never released to them? I know someone living in the united states, she said that Coinbase seized her crypto in 2020 within that COVID-19 period and to date, the assets were never released back to her. I respect coinbase so much and I am curious why such a thing would happen.
If I were to guess, the most common issue is lack of proof-of-personal identification. Coinbase is a public American company that's obviously highly regulated, hence requirements will be greatly extreme. But since you know the person, maybe ask her what what Coinbase's reason for seizing her funds? |
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But some of these CEO and board of Directors claim that they have wealth of experience in financial matters. The way they attack cryptocurrency firms will make one believe that they have all the solutions and are infallible.
I'm going to argue that they do have the knowledge and experience — until they get too greedy and try to maximize revenues of the company. Greed is that one thing that can royally fuck someone up regardless of knowledge/experience, and no one is 100% safe from it. Hence, bitcoin > banks. |
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SVB recorded six straight quarterly losses, why didn't these financial gurus fix the bank? Yet they claim to be the only solution.
Because it really isn't the job of the economists or 'gurus' to prevent a certain bank from going insolvent — it's the CEO, the team in general, and the board of directors' jobs. |
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GlassNode is pretty much the best(to my knowledge) on-chain data platform for people who aren't literate as with manually checking the blockchain. Yes, it costs money, but $29/month isn't that bad if you actually can capitalize off the data.
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Circle recently tweeted: "1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB." https://twitter.com/circle/status/1634391505988206592Surely that's going to suck for them business-wise, but assuming this is accurate — this doesn't seem that bad at all. |
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Most likely, his reputation decreased and the number of people who believed in him before also decreased. No one really knows what will happen in the future.
Fortunately enough, he already has near-zero reputation when it comes to anything technology-related due to his past statements concerning the internet. |
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The pump this time is going to take long journey and that's going to be cool on traders and investors of bitcoin.
Bitcoin's price has very little to do with its uptime. If anything, I'm pretty sure most people don't even know that bitcoin went down twice in the past. Even if it had literally 100% uptime, if people don't see its importance, then they'll think it's unnecessary. |
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recently and some other online blogs which said that kyc verification is extremely dangerous. If this is true, why do most crypto apps or other business ask for it, shouldn't it be banned or removed.
Because platforms are forced to require AML/KYC simply because the government requires them; or else they'll get shut down. Kyc verification for long has helped prevent identity theft, financial laundering or fraud, terrorism and all financial crimes.
Sure — but historically it caused far more bad than good. People often heavily underestimate how bad of a damage database leaks can cause. Is this true that kyc verification can put your funds and personal data at risk?
Yes, I assume you've already read the post you linked. Should we stop using any app that ask for kyc verification?
It'll be very very difficult to live your day to day life without using platforms that require KYC verification. The only thing I'll suggest is that you do not submit KYC verification unless totally necessary(e.g. banks, insurance, etc). A lot of people register and submit KYC on a crap ton of crypto exchanges, which is a very dumb idea. |
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Just leave it out. Don't add bitcoin payments immediately; let it sit for a month or two. Then if it's the case that they question you about it after you added bitcoin payments, just say that you just made the decision recently.
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Saving money should be done by default, not only when financial/economic problems arise.
Don't solely stick with saving money though; attempt to increase your income by having side jobs/businesses/gigs. Growth from employee wages take a crap ton of time and effort for it to increase.
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Economist he may be, and he's certainly loads smarter than me, but I wonder if he's really kicking the can down the road with Bitcoin? I'd be retiring on my Nobel prize money.
The same reason why Buffett/Munger frequently craps on bitcoin/crypto — because mainstream media always ask them about bitcoin/crypto so MSM can have headlines that will be interesting for the masses. |
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How do you grow your bitcoin? The same way how you grow your money. By investing, trading, getting a job, starting a business, mining, you know the drill. Bitcoin isn't some magic money that you can magically grow with little to no effort.
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I implied it in that question!
Their video is meaningless if we think a little bit deeper.
It's not though. The video is sort of them trying to convince that we need better money(implying bitcoin/crypto), hoping that people will buy/trade bitcoin/crypto through Coinbase. If anything, it's one of their best ads as far as I remember. |
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It's either bitcoin/crypto will be adopted by the masses as a day-to-day currency, or it will be a massive sort of 'underground currency' that sovereign people would be using. It will heavily depend on regulations of specific countries.
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