Bitcoin Thread

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NarrowBandFtw said:
in addition: on the hardware wallet the key isn't ever even visible to you, so you can't write it down or save it somewhere else online to put it at risk, you don't even know what it is yourself
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You didn't write down your key words? Ouch... Those 12 to 24 words are your key. You can directly derive your private keys from them.
 
So crypto experts. How long we going to be down in the dumps?
 
Jackes1754 said:
Without having the faintest idea how this works, is this now the time (or has that time past) to move what one has from Luno to cold storage (less than R100,000)? Will that save your BTC is Luno goes down or is this not the way to go?
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Ask yourself whether you’ll do better a better job keeping your BTC safe than a company that specialises in doing exactly this.

Those who can be honest about it will say hell no, leave it to the professionals.

There are far more people who lost their own BTC than there are exchanges that have gone down.

Considering the low level questions you are asking I can say it’s a very bad idea for you to try and keep it yourself.
 
bromster said:
Luno is owned by DCG, who is currently in financial trouble. It's not dire just yet, but you're still exposed to unnecessary risk.

Consider learning how to create a hot wallet on metamask or something until you get a ledger.
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DCG is not in financial trouble.

A small part of a DCG holding is in financial trouble and mostly due to short term liquidity (the rest of Genesis is perfectly fine) and every other part of DCG is unaffected.

The held companies are also no risk to each other. Even if Genesis folds (which it’s very far from) it doesn’t affect Luno or DCG in any way.
 
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netcruiser said:
You didn't write down your key words? Ouch... Those 12 to 24 words are your key. You can directly derive your private keys from them.
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online/software wallets:
- 24/7 online which can be accessed by bad actors
- the key itself is visible to you and you write it down somewhere
- the recovery words are visible to you and you write it down somewhere

hardware wallets:
- not online
- no visible key
- the recovery words are visible to you and you write it down somewhere

of course I have my recovery safely tucked away, that doesn't change the fact that the hardware wallet has less attack vectors available to bad actors than a software wallet
 
NarrowBandFtw said:
online/software wallets:
- 24/7 online which can be accessed by bad actors
- the key itself is visible to you and you write it down somewhere
- the recovery words are visible to you and you write it down somewhere

hardware wallets:
- not online
- no visible key
- the recovery words are visible to you and you write it down somewhere

of course I have my recovery safely tucked away, that doesn't change the fact that the hardware wallet has less attack vectors available to bad actors than a software wallet
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Don't know what you're replying to.

Your recovery words are use to generate your private key. You said you can't write them down. Of course you need to write them down somewhere. You said you can't put them online. Of course you can (and risk getting hacked).
 
netcruiser said:
Don't know what you're replying to.

Your recovery words are use to generate your private key. You said you can't write them down. Of course you need to write them down somewhere. You said you can't put them online. Of course you can (and risk getting hacked).
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I said the key itself is not available to you

recovery words derive the key, recovery words are not the key itself

that response bullet points it, one method has less attack vectors than the other i.e. the risk of having your recovery phrase compromised is less than the risk of having either your phrase or your actual key compromised
 
RiaX said:
So crypto experts. How long we going to be down in the dumps?
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At least a year.

My 2c Tl;dr

Inverted US yield curve means we're f'd. We just don't know when. 3month/10yr treasury yields have been inverted for 10 consecutive days. The last 6 times this happened, a recession followed every time. Markets will start to crash in December or early next year.

Everyone will get super pumped when the Fed pivots and starts lowering rates to prop up the markets. People will be screaming that the bottom is in and retail will throw all their money into the markets. Fade that ****. It's a bear market rally.

When the bear market rally is done, markets capitulate all the way down and put in a new bottom.

Stocks have historically bottomed a few months after fed pivot, as fed funds rate gets close to 0-2% and unemployment peaks.

I don't see a bull run in 2023.
 
SauRoNZA said:
Ask yourself whether you’ll do better a better job keeping your BTC safe than a company that specialises in doing exactly this.

Those who can be honest about it will say hell no, leave it to the professionals.

There are far more people who lost their own BTC than there are exchanges that have gone down.

Considering the low level questions you are asking I can say it’s a very bad idea for you to try and keep it yourself.
Click to expand...

The following is my low level thinking about this.
If I go down, then it does not matter much what happens with my btc.
If Luno goes down (And yes what is happening is worrying me), then all my few btc goes down with them.
 
bromster said:
At least a year.

My 2c Tl;dr

Inverted US yield curve means we're f'd. We just don't know when. 3month/10yr treasury yields have been inverted for 10 consecutive days. The last 6 times this happened, a recession followed every time. Markets will start to crash in December or early next year.

Everyone will get super pumped when the Fed pivots and starts lowering rates to prop up the markets. People will be screaming that the bottom is in and retail will throw all their money into the markets. Fade that ****. It's a bear market rally.

When the bear market rally is done, markets capitulate all the way down and put in a new bottom.

Stocks have historically bottomed a few months after fed pivot, as fed funds rate gets close to 0-2% and unemployment peaks.

I don't see a bull run in 2023.
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No, No. THIS TIME IT IS DIFFERENT. :sneaky:
:sneaky::sneaky::sneaky:
 
SauRoNZA said:
DCG is not in financial trouble.

A small part of a DCG holding is in financial trouble and mostly due to short term liquidity (the rest of Genesis is perfectly fine) and every other part of DCG is unaffected.

The held companies are also no risk to each other. Even if Genesis folds (which it’s very far from) it doesn’t affect Luno or DCG in any way.
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You are correct at the moment. However, as with the other recent bubbles, it is difficult to see the extent to which companies are indirectly but significantly linked to the well-being of the one that gets into difficulties. The ripples can spread further than suspected.
 
RiaX said:
So crypto experts. How long we going to be down in the dumps?
Click to expand...
Without being anything of a crypto or even general financial "expert", I think this could continue for some time - quite easily a year. Quite aside from the economic factors listed by #bromster, there is a fundamental weakness at the source of the collapses. It is nonsensical for lending or banking businesses to have nothing of productive value as collateral or are based on tokens that aren't currency. When these are combined with promises of unrealistic profits, the risks of collapse are magnified. Crypto projects in the DeFi space have only the use of blockchain processing to recommend them and DeFi does not actually

I think that when the debris has been swept away, only crypto projects that have a real use case and BTC will survive. At the moment their valuations are all affected by the fear being generated by the current and future "crypto" DeFi business collapses, so it will be sometime before the next boom starts.
 
Jackes1754 said:
The following is my low level thinking about this.
If I go down, then it does not matter much what happens with my btc.
If Luno goes down (And yes what is happening is worrying me), then all my few btc goes down with them.
Click to expand...

Actually not quite.

If you lose your wallet or your keys somehow the bitcoin is lost forever.

If Luno goes down the Bitcoin (or other crypto) isn’t necessarily lost and doesn’t just disappear.

Claims could still be made against them etc.
 
Wary GOM said:
You are correct at the moment. However, as with the other recent bubbles, it is difficult to see the extent to which companies are indirectly but significantly linked to the well-being of the one that gets into difficulties. The ripples can spread further than suspected.
Click to expand...

On the flip side if the ones who survive will be stronger than ever and continue in a market with less competition and even more legitimacy as those who ebbed and flowed without disaster.

I’m of the strong opinion DCG will be one of those.

These are after all companies with many years of experience having survived a few crypto winters unlike many of the new kids on the block.
 
SauRoNZA said:
On the flip side if the ones who survive will be stronger than ever and continue in a market with less competition and even more legitimacy as those who ebbed and flowed without disaster.
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That certainly is what should be the effect of a normal business cycle. The crypto space has to grow in business maturity.
SauRoNZA said:
I’m of the strong opinion DCG will be one of those.
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Hopefully there aren't any hidden connections, but DCG does seem pretty well placed.
SauRoNZA said:
These are after all companies with many years of experience having survived a few crypto winters unlike many of the new kids on the block.
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Certainly many of the companies that are likely to disappear jumped onto the train without realizing that it was a a car on a roller-coaster. Having said this, investors and speculators also should have realized that in the early evolution of disruptive technologies there are bound to be many more companies that start and wither than those that can navigate the turbulence.
 
So... BitGo is to be appointed as FTX's crypto assets custodian, and now Wrapped Bitcoin is depegging. Tremors. PS, it should repeg any time soon. Just an odd burn.
 
Anybody else tried to send BTC from Valr? I keep getting a message that withdrawals have been suspended for 23 hours.
 
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