⚡️ELECTROMAN⚡️
Village Idiot
My friend says he's making about 1.5% interest per day on money in his Coinbase wallet. Says it's a mining commission and that there is no risk. Sounds too good to be true. Is this some kind of scam?
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Bitcoin, Cryptocurrency and Blockchain Discussion Thread
- Thread starter Crowded Mind
- Start date
You haven't looked into it yourself? I don't know which coin he's earning interest on but I doubt he's making 1.5% interest daily. Edit: maybe 1.5% apy paid daily. And I don't agree with his statement about there being no risk. Everything has some degree of risk.
I don't trust exchanges enough to park my holdings there but Coinbase is one of the more reputable companies.
No, I don't think them paying interest is a scam but it's too risky for me. Mostly because they have a lot of "outages" at the worst possible times, like very high volume days, so I choose to keep everything offline.
Last edited:
⚡️ELECTROMAN⚡️
Village Idiot
I tried to look into it, but not too hard. It just didn’t sound believable. You think maybe they are confused and it’s only APY? They are going to be very disappointed once they figure that out. They sent me this as proof:
You also need dates but if that really is daily, he’s making a killing! I’m actually going to check it out now. I think it’d be worth allocating a small amount.
Edit: To anyone reading, make sure to read every word of the terms and conditions. Withdrawal limits, if you need to leave it in for a certain amount of time, etc
Last edited:
⚡️ELECTROMAN⚡️
Village Idiot
I only checked gemini. Not enough for me to convert and/or store anything there.
I'm just going to stick to my plan of buying when people are no longer talking about crypto and taking profits when everyone bragging about how much they're making.
I think we'll keep "stair stepping" lower ($40k for a while, $30k, $20k currently) so I still haven't added more. Plan is to add more in the low teens if we get there.
Knightshade
Well-Known Member
Daniel in SD
(supervised)
"Somebody is lying," Mashinsky said. "Either the bank is lying or Celsius is lying."
I guess people can't complain that they weren't warned!
Judge Losing Patience in Ripple and XRP Lawsuit As SEC Changes Its Story Too Many Times: Crypto Legal Expert - The Daily Hodl
A crypto legal expert says that the Judge in the U.S. Securities and Exchange Commission’s (SEC) case against Ripple Labs is losing patience with the regulatory agency for flip-flopping on its story.
dailyhodl-com.cdn.ampproject.org
JRP3
Hyperactive Member
Daniel in SD
(supervised)
Knightshade
Well-Known Member
Inflation is up and Bitcoin is down. Not a great inflation hedge IMO.
What it is is a mania asset. It got overinflated on hype and is now returning to Earth. This has happened over and over again throughout history. In the middle of the boom people say this time will be different, but the bubble always bursts.
Sometimes something with long term stability survives and does well like the dot com boom, other times there is no long term market like the tulip craze.
Then it's no longer Bitcoin. Unfortuneately Bitcoin was defined in a time before PoS. Maybe Bitcoin should be forked into Bitcoin-PoS or something similar and maybe over time people would come to call it Bitcoin, but technically speaking it would no longer be Bitcoin.
It was cool watching the merge happen, so uneventful... As a investor at the ICO it's crazy to see how far the project has come.
Well, actually, at its inception it was supposed to replace government-issued "fiat" currency. That was its "purpose" until it became clear that a currency as wildly unstable as Bitcoin is useless as currency because you could be paid an amount worth $2,000 and go to spend it the next day and find it's worth $1,000. To be useful, currency must be stable. It's also useless as a medium for consumer purchases because there are zero consumer protections. If I buy a washing machine on my credit card and they deliver a box filled with rocks, I can file a fraud complaint with my bank and get my money back. Not so with Bitcoin.
So once the proponents were forced, kicking and screaming, to admit that it's worthless as currency, they decided it was an "inflation hedge." But an inflation hedge is a commodity or security that typically rises in value when the value of money falls. Bitcoin is a random "drunkard's walk."
Bitcoin is useful for only two things: black-market transactions (drugs, slaves, stolen identities, malware, ransom demands, etc.) and tax avoidance. It's touted as a way to get money out of repressive countries, but even that bumps up against its instability. You might buy $10,000 worth of Bitcoin to transfer out of your country, and end up with $3,000 by the time you redeem it. I guess you could say it's also "useful" as a vehicle for speculation.
There are a few companies that will accept Bitcoin as payment for stuff, but they keep a running download of the price of Bitcoin and adjust their Bitcoin-denominated prices from minute to minute, and when you buy something from them in Bitcoin they exchange it for dollars immediately. It's a joke.
Bitcoin is an environmental disaster, a boon for criminals, and useless as either currency or a hedge against inflation or a store of value. If you got in early enough you got rich. If you got in at the wrong time you lost your shirt.
This.
And it's not really useful even in black market, since the whole bitcoin blockchain is transparent, nothing is private.
In essence bitcoin is not fungible like cash, moreso the coins can be tainted. If a pseydonumous address has been used to buy drugs, you only need to look at the blockchain and see that those coins were used in illicit activity.
And yet Bitcoin seems to be the preferred currency in ransomeware. Unless I'm behind the times and they've moved to a different cryptocurrency. Either way, ransomeware really took off in a big way when Bitcoin became available.
But we're agreed: There no good side to crypto. It's a scourge on the environment and a menace to honest people everywhere. It made a few people incredibly rich, but since it produces nothing, that wealth all came from suckers who bought in later. This is contrasted to businesses that produce and sell something of value.
(And FWIW, I regard Musk's decision to put a billion dollars of stockholders' money into Bitcoin as criminal negligence.)
