Alt-Coins

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SilverDoge
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Re: Alt-Coins

Postby SilverDoge » Thu Aug 27, 2020

Brick's wrote:
Brick's wrote:I just came across SNX that appears to be a crypto/blockchain derivative trading system/platform? Do I have that correct? Is this worth looking into or is it another shat coin?


A full week since I posted and no interest, no reply. Must be a shat coin.


I've not heard of it, but I concentrate most of my time on BTC and ETH now. I may dip back into some of the alt-coins as the new bull market in crypto starts heating up again. Some of the alts will out-gain the top cryptos, but they are also much riskier.

Celsius Network, the lending platform I use for high yield crypto returns, just added SNX on their platform and are currently paying over 16% (in-kind) on hodlers of SNX. That counts for something!
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Re: Alt-Coins

Postby Brick's » Fri Aug 28, 2020

SilverDoge wrote:
Brick's wrote:
Brick's wrote:I just came across SNX that appears to be a crypto/blockchain derivative trading system/platform? Do I have that correct? Is this worth looking into or is it another shat coin?


A full week since I posted and no interest, no reply. Must be a shat coin.


I've not heard of it, but I concentrate most of my time on BTC and ETH now. I may dip back into some of the alt-coins as the new bull market in crypto starts heating up again. Some of the alts will out-gain the top cryptos, but they are also much riskier.

Celsius Network, the lending platform I use for high yield crypto returns, just added SNX on their platform and are currently paying over 16% (in-kind) on hodlers of SNX. That counts for something!


Thanx Doger: Always appreciate your input. Short, sweet and to the point. Tempting enough for the Cryptotard to start considering the new learning curve of high yield crypto returns. You'd think CPFs Certified Financial Planners or their ilk would learn this stuff and offer it to their clients (for a piece of the action/assets under management)?
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Re: Alt-Coins

Postby Bucketeer » Fri Aug 28, 2020

SilverDoge wrote:Celsius Network, the lending platform I use for high yield crypto returns, just added SNX on their platform and are currently paying over 16% (in-kind) on hodlers of SNX. That counts for something!


Celsius offering 16% interest for SNX illustrates the inherit risk of owning SNX. If a T-Bill is paying 0.5% and Celsius is offering 16%, you really need to consider the level of risk in owning SNX.

I know nothing about Celsius or SNX, but 16% interest is like buying a 3X leveraged bond on steroids. It makes junk bonds look tame, and doesn't even begin to fit into the parameters of that asset class.

Good luck.
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SilverDoge
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Re: Alt-Coins

Postby SilverDoge » Fri Aug 28, 2020

Bucketeer wrote:
SilverDoge wrote:Celsius Network, the lending platform I use for high yield crypto returns, just added SNX on their platform and are currently paying over 16% (in-kind) on hodlers of SNX. That counts for something!


Celsius offering 16% interest for SNX illustrates the inherit risk of owning SNX. If a T-Bill is paying 0.5% and Celsius is offering 16%, you really need to consider the level of risk in owning SNX.

I know nothing about Celsius or SNX, but 16% interest is like buying a 3X leveraged bond on steroids. It makes junk bonds look tame, and doesn't even begin to fit into the parameters of that asset class. Good luck.


This isn't entirely accurate. Celsius and other similar platforms are basing the interest rates on the demand for that underlying crypto, and the rates are dynamic, changing weekly. For example, Ethereum Classic is only returning 2.0%, Ripple is returning 3.61%, EOS 4.45%, and BTC 4.51%. These rates aren't based on risk level, they're based on demand for that crypto. For whatever reason, SNX is currently in higher demand so Celsius returns 80% of profits to their owners/holders. Next week, SNX might only be paying 7% - we don't know. I've listened to numerous AMA's with the Celsius CEO and the guy is smart. He isn't going to pay out at rates that make him unprofitable.

Brick's wrote:new learning curve of high yield crypto returns. You'd think CPFs Certified Financial Planners or their ilk would learn this stuff and offer it to their clients (for a piece of the action/assets under management)?


CFPs usually have to follow certain regulatory requirements. If your publicly traded stock drops 40% your advisor can say he beat the benchmark that lost 45% so he is doing you a favor! Buying stocks might be risky for an investor, but buying stocks and mutual funds is very safe for the advisor because it is what everyone else is doing....so if he is wrong, at least he is wrong with the crowd. If he takes a risk apart from the crowd and loses money, his investors will sue him and he'll never be a fund manager again (I'm reminded of Dr. Michael Burry who was right about the housing market, but his investors didn't have the patience to wait for the trade to be profitable).

The other down side is similar to gold. If your advisor tells you to buy physical gold he makes no money/commission on that advice. Same thing here. If you deposit your USD (USDC) into Celsius or BlockFi, your advisor makes no money. Some crypto companies have found a way around this through either 1) being a custodian of crypto assets for a fee, or 2) trading crypto on your behalf in a fund, etc.
Last edited by SilverDoge on Sat Aug 29, 2020, edited 1 time in total.
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Re: Alt-Coins

Postby Brick's » Fri Aug 28, 2020

SilverDoge wrote: Some crypto companies have found a way around this through either 1) being a custodian of crypto assets for a fee, or 2) trading crypto on your behalf in a fund, etc.


This is the ilk I'm talking about.
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Re: Alt-Coins

Postby Bucketeer » Fri Aug 28, 2020

Doge, I concede all of your points. My concerns and questions are:

1) Are you pledging and providing your crypto assets to a 3rd party? I would think that Celcius doesn't have the need for a "large" hot-wallet, so your higher may have more security with Celsius than having your crypto on an Exchange.

2) The Golden Rule for precious metals and cryptos states that you should physically hold your assets.

3) If were to borrow SNX from Celcius, what happens if the price drops 50%?

4) If were to lend SNX to Celcius, am I locked into a specific time-period. You mentioned that the rates change weekly, which would lead me to believe you have to pledge the asset for a minimum of one week.

Your last post was the first I've ever heard about SNX, and while it has had a great summer, it could crater in 2 or 3 days. It has no track record behind it.

I wouldn't lend Bitcoin at 4.5% or 16%, but at least there is a good probability that Bitcoin won't crater in 2 or 3 days. That's just me. It sounds like Celcius is a solution for some portion of the crypto market.

The only group of people that I am aware of who made money chasing yield were those who bought Treasury Bonds after Volcker's Saturday Night Special in 1979.
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Re: Alt-Coins

Postby SilverDoge » Mon Aug 31, 2020

DeFi (decentralized finance) has been doing its own moon-shot within the crypto space. I've not gotten on board this yet because it seems very bubble-like and any one crypto in defi could crash any day, but people have been making 2-3x their investments in under a week. Very risky. Some of these early movers in the space are working out the bugs/kinks. This is the most interesting project I'm watching currently. ICO will end in OCT or NOV most likely.

https://www.bidaochain.com/

Never invest more than you can afford to 100% completely lose.

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Re: Alt-Coins

Postby SilverDoge » Thu Sep 03, 2020

SilverDoge wrote: ICO will end in OCT or NOV most likely.

https://www.bidaochain.com/

Never invest more than you can afford to 100% completely lose.


ICO ended early....today. The team said they have enough funds and would burn the remaining tokens not sold. I think they were over 85% sold off anyway.
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Re: Alt-Coins

Postby Bucketeer » Thu Sep 17, 2020

Wow!

Here's an email i just received from Gemini.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

We have three new tokens available for trading on Gemini: PAXG, AMP, and COMP.

Each of these expand the range of our platform and further our mission to empower the individual through crypto.
Be one of the first to invest

Here’s how these tokens expand the crypto ecosystem:


PAX Gold
PAX Gold is a digital asset where every token is correlated at a 1:1 ratio to one ounce of actual, physical gold held in reserve. PAXG gives you the benefits of actual physical ownership of gold with the speed and mobility of a digital asset. Unlike physical gold, PAXG is divisible (you can have fractional ownership of physical bars), liquid (you can trade it for fiat or cryptocurrency), and digital (securely store it on the Gemini Exchange and access anytime, anywhere).



AMP
Amp (AMP) is a digital collateral token for the Flexa network, a payment system that allows you to spend certain cryptocurrencies supported on Gemini with select retailers at their brick and mortar locations. This token is moving the DeFi ecosystem forward for payments.



Compound
Compound (COMP) is an open-source platform that allows you to lend and earn interest, or borrow and pay interest, against your crypto. With COMP, you can either lend or borrow crypto on the platform and you receive a “cToken” in exchange, corresponding to the specific asset you lent or borrowed. The Compound protocol algorithmically determines the interest rate that you earn or pay, so it changes with the markets every day.

We have worked closely with the New York State Department of Financial Services to obtain approval to offer trading and custody services for these new assets, and we look forward to continuing to bring mission-oriented projects to you in the future.

Onward and Upward,
Team Gemini







Hi there,

We have three new tokens available for trading on Gemini: PAXG, AMP, and COMP.

Each of these expand the range of our platform and further our mission to empower the individual through crypto.
Be one of the first to invest

Here’s how these tokens expand the crypto ecosystem:


PAX Gold
PAX Gold is a digital asset where every token is correlated at a 1:1 ratio to one ounce of actual, physical gold held in reserve. PAXG gives you the benefits of actual physical ownership of gold with the speed and mobility of a digital asset. Unlike physical gold, PAXG is divisible (you can have fractional ownership of physical bars), liquid (you can trade it for fiat or cryptocurrency), and digital (securely store it on the Gemini Exchange and access anytime, anywhere).



AMP
Amp (AMP) is a digital collateral token for the Flexa network, a payment system that allows you to spend certain cryptocurrencies supported on Gemini with select retailers at their brick and mortar locations. This token is moving the DeFi ecosystem forward for payments.



Compound
Compound (COMP) is an open-source platform that allows you to lend and earn interest, or borrow and pay interest, against your crypto. With COMP, you can either lend or borrow crypto on the platform and you receive a “cToken” in exchange, corresponding to the specific asset you lent or borrowed. The Compound protocol algorithmically determines the interest rate that you earn or pay, so it changes with the markets every day.

We have worked closely with the New York State Department of Financial Services to obtain approval to offer trading and custody services for these new assets, and we look forward to continuing to bring mission-oriented projects to you in the future.

Onward and Upward,
Team Gemini

If you ever receive a suspicious email from Gemini or the Gemini support team - or someone claiming to be us - please immediately forward it to support@gemini.com, and we will investigate it promptly and confidentially. Thanks for doing your part to help keep Gemini safe!

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New York, NY 10016

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Bucketeer
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Re: Alt-Coins

Postby Bucketeer » Thu Sep 17, 2020

SilverDoge wrote:
SilverDoge wrote: ICO will end in OCT or NOV most likely.

https://www.bidaochain.com/

Never invest more than you can afford to 100% completely lose.


ICO ended early....today. The team said they have enough funds and would burn the remaining tokens not sold. I think they were over 85% sold off anyway.


They sold 85%? That's serious....I own QUTM, which is in their network, but never check the price. Better start watching.
Gentlemen prefer Engelhard.

Don't let Apple turn 2020 into 1984.
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If Steve Jobs was still alive, he would have fired Tim Cook 2 years ago.

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tdtwedt
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Re: Alt-Coins

Postby tdtwedt » Tue Oct 06, 2020

John McAfee Arrested In Spain And Charged With Tax Evasion And Promoting Initial Coin Offerings

On Monday the eccentric millionaire was arrested - this time for real - in Spain, where he is awaiting extradition to the US after he was charged with tax evasion by federal prosecutors who allege McAfee hid cryptocurrency, a yacht, and real estate as part of a conspiracy to evade taxes, which he forgot to pay from 2014 to 2018.

At the same time the SEC also charged the former programmer for promoting investments in initial coin offerings (ICOs) to his Twitter followers without disclosing that he was paid to do so.


https://www.zerohedge.com/political/joh ... -offerings
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Re: Alt-Coins

Postby tdtwedt » Tue Oct 13, 2020

Facebook's Libra must not start until properly regulated -G7 draft

Financial leaders of the world's seven biggest economies will say on Tuesday that they oppose the launch of Facebook's Libra stablecoin until it is properly regulated, a draft G7 statement showed.

The draft, prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and Britain, said digital payments could improve access to financial services, cut inefficiencies and costs.

But such payment services had to be appropriately supervised and regulated so that they would not undermine financial stability, consumer protection, privacy, taxation or cybersecurity, the draft statement, seen by Reuters, said.


https://news.trust.org/item/20201012143626-bfcy3
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SilverDoge
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Re: Alt-Coins

Postby SilverDoge » Tue Oct 13, 2020

tdtwedt wrote:Facebook's Libra must not start until properly regulated -G7 draft

Financial leaders of the world's seven biggest economies will say on Tuesday that they oppose the launch of Facebook's Libra stablecoin until it is properly regulated, a draft G7 statement showed.

The draft, prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and Britain, said digital payments could improve access to financial services, cut inefficiencies and costs.

But such payment services had to be appropriately supervised and regulated so that they would not undermine financial stability, consumer protection, privacy, taxation or cybersecurity, the draft statement, seen by Reuters, said.


https://news.trust.org/item/20201012143626-bfcy3


This is how you know that Central Banks are planning on releasing CBDCs (Central Bank Digital Currencies). Why do I say this? There are numerous stablecoins already in existence to include USDT, USDC, TUSD, DAI, and many more. Besides Tether, none of these seem to irritate the major world leaders like Libra. This is because if Libra launched as an even remotely successful digital stablecoin, it would usurp a CBDC and it would have more far reaching adoption than many nations could even hope to have. They don't want Libra having a first mover advantage so they will continue to stall them out until one or more CBDCs are released.

I could be wrong here, but why inhibit Libra and not other stablecoins or digital currencies?
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