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Bitcoin and other Crypto...


Spy Bee
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It was all part of of the so called ‘credit crunch’. That term however, hides the truth of an over leveraged position of many institutions, due to the nature of the rules of the system itself. Lehman Brothers weren’t so lucky. No bailouts for them using taxpayer money.

 

You’re right though @TheHowieLama in the sense that the Tax payer (to a degree) will step in as the lender of last resort in the world of fiat. Here in NZ I think it’s the first $10,000 of savings in standard bank accounts. My Kiwi-saver fund is not Government guaranteed. Neither is anybody else's. So anybody with their assets liquidised is fucked, hence the property BOOM.

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6 hours ago, Rico1304 said:

No savers lost any money with Northern Rock.  

 

5 hours ago, TheHowieLama said:

Seen it now - Looks similar to the Goldman Sach stuff. Funds were insured up to a certain level then the gubmint started to throw money at it. Still in business.

 

Seems like the exact opposite of what would happen in a crypto bust.

 

I think one of the whole points of crypto is to avoid Northern Rock type situations, where you have central banks bailing out those that took part in a crony casino then having quite a lot of savers all over the world losing money, going bust, having their lives destroyed in the years of austerity that followed as a result of it.

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You create your own vault here https://vault.havenprotocol.org/#/

Don't lose your seed phrase, or you're goosed.

Once you've got it set up, go into the vault, into transfer, then receive.

In there you'll have a wallet address. This is yours and yours alone. Copy this and head over to KuCoin.

In KuCoin, you go into Assets, then Withdraw (If your XHV is still in your trading account, you'll have to transfer them back into your main account before withdrawing).

Select XHV from the dropdown list.

Paste in the wallet address you copied from Haven.

Select the amount you want to transfer.

Click confirm.

Job done.

 

Could take a while for them to appear in your vault.

But once they're in your vault, you can burn and mint into all sorts.

There are fees involved for burning/minting, but the longer you can wait, the lower the fees.

The vault uses a 24 hour moving average to determine the price of XHV within the vault. You can follow/check the XHV price in advance here http://havenprotocoltooling.com/

So (like what happened a few weeks ago) if the price was going up for a few days, then in the space of a couple of hours lost 50%, your value in the vault won't fall straight away. In fact, it might still keep going up for a few hours before dropping.

So you can check that link, see that the highest price available will be at 2pm (or whatever), then burn your XHV for xUSD at that time, maximising your price.

For lowest fees, your xUSD is locked for for 7 days (to avoid people riding the system). So in 7 days, if XHV is still down, you can buy back more coins for the same amount of xUSD.

Or if you think Bitcoin is gonna go way up, throw it into xBTC.

Or Gold.

Or Silver.

Or....

 

Hope all that makes sense.

 

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On 14/06/2021 at 03:58, TheHowieLama said:

Seems legit then.

 

The whole thing is a house of cards - as soon as (read if ever) ETH Classic gets back to 65 I am out.

Just out of interest, why your preference for ETH Classic over ETH

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1 hour ago, Red Shift said:

Just out of interest, why your preference for ETH Classic over ETH

No reason man. I don't know a single thing about it - my son is into these and I got him some for his graduation gift. It immediately tanked and so I felt bad and gave him cash instead - now I am stuck with 40 some shares of a lead balloon.

 

What is the difference anyway?

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2 hours ago, TheHowieLama said:

What is the difference anyway?

 

There was a split caused by something called the DAO, it isn't the easiest thing to explain though. There's a summary here along with a page though if you wanted to know more :

 

Quote

The DAO was a decentralized autonomous organization (DAO) that was launched in 2016 on the Ethereum blockchain. After raising $150 million USD worth of ether (ETH) through a token sale, The DAO was hacked due to vulnerabilities in its code base. The Ethereum blockchain was eventually hard forked to restore the stolen funds, but not all parties agreed with this decision, which resulted in the network splitting into two distinct blockchains: Ethereum and Ethereum Classic.

 

https://www.gemini.com/cryptopedia/the-dao-hack-makerdao

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12 hours ago, TheHowieLama said:

No reason man. I don't know a single thing about it - my son is into these and I got him some for his graduation gift. It immediately tanked and so I felt bad and gave him cash instead - now I am stuck with 40 some shares of a lead balloon.

 

What is the difference anyway?

As far as I’m aware, ETH is a ‘hard fork’ of ETH Classic, Classic being the original. Like yourself, I understand little of these things. I was hoping your insight expand my knowledge might.

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Tether could have the potential to destroy the entire crypto market for a good while to come if what's here adds up and it's exposed, or some event results in too many people trying to convert tether into usd : https://cryptowhale.medium.com/the-tether-scandal-the-biggest-threat-to-the-crypto-ecosystem-23a169003205

 

It might seem like classic FUD and maybe it is, but if it's not? Then it could be responsible at some point in the future for the biggest crash crypto has ever seen, along with being one of the biggest financial scams in recent history.

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The tether issue is a bit of a long running thing in crypto and this isn't the first time I've read about it, but maybe it won't turn out to be as big of an issue as it seems now. I still think it looks like a scam but it might not crash bitcoin so badly or for that long if bitcoin becomes more widely used and stable. If it was outed now though for what it is I think it'd definitey crash the market in a big way.

 

Maybe as time passes the effect it can have will be minimised to an extent if crypto evolves for the better.

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3 minutes ago, Red Phoenix said:

The tether issue is a bit of a long running thing in crypto and this isn't the first time I've read about it, but maybe it won't turn out to be as big of an issue as it seems now. I still think it looks like a scam but it might not crash bitcoin so badly or for that long if bitcoin becomes more widely used and stable. If it was outed now though for what it is I think it'd definitey crash the market in a big way.

 

Maybe as time passes the effect it can have will be minimised to an extent if crypto evolves for the better.

In 1 hour it’s gone from a catastrophe to ‘meh’. 

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1 hour ago, TheHowieLama said:

There are two Ethereums and the Classic right?

 

I'm not sure if there's other smaller Ethereums (like there could be other Bitcoin variants I don't know of) but the two main ones are Ethereum that's currently worth the most and Classic, which is the original Ethereum that refused to change after the DAO hack.

 

1 hour ago, Rico1304 said:

In 1 hour it’s gone from a catastrophe to ‘meh’. 

 

Not really. We know there's tons of bullshit going around so I decided to tone down my original post with that added incase I've got things totally off, or if crypto changes quite a bit as time passes and reduces the effect Tether problems could currently have on the market. If you check what you quoted I did say that I still think it'll crash the market if it's widely accepted (or as I said, "outed") as being a scam now though.

 

If Elon's tweets can have the effect that they do then I'm sure something as big as Tether could do a decent bit worse. But yeah, that's partly my error for not being more patient with the original post then needing to make another.

 

Tether seems fucking crazy though, but then so does the Federal Reserve and that's been going along just fine for a lot longer than Tether. So maybe Tether too can be fine creating USDT for a good while yet. Maybe the Fed even inspired them with their methods. It might be best remembering that the Fed can sometimes help to cause huge crashes though when thinking of Tether if so.

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Not concerned in the slightest with Tether. It’s early days for stable coins and Tether is just one. With DeFi ecosystems complete with their own stable coins (eg Haven) and a crypto community just too aware and focused on the major reformation of global banking, Tether is a side issue of little significance. The finger being pointed at Tether (not by you Red Phoenix) Is just another panic attack on crypto from a cartel losing its power. 
 

it does once again raise the issue of stable coins being linked to inflationary fiat currencies. Short term fine, but long term can’t and won’t happen. Personally, as I’ve stated elsewhere, I’d like to see currency backed by 100% renewable electricity production (eg 1c = 1 KW Hr) to realise R. Buckminister  Fuller’s dream of a stable global currency on a single interconnected electricity network for Spaceship Earth. (See his final work ‘Critical Path’ 1987)

 

Elon Musk might be upsetting the apple cart but he’s not stupid and knows full well that linking crypto to green energy is an important development for the future.

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2 minutes ago, Red Phoenix said:

 

I'm not sure if there's other smaller Ethereums (like there could be other Bitcoin variants I don't know of) but the two main ones are Ethereum that's currently worth the most and Classic, which is the original Ethereum that refused to change after the DAO hack.

 

Nah, there is Ethereum, Ethereum 2 and Ethereum Classic.

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On 15/06/2021 at 08:05, Lario said:

Spy Bee was talking about XHV, and the question was about that. So the above isn't relevant.

 

@Jordy Brouwer With Haven, you buy the XHV "coin" on an exchange.

From there, you create a vault in Haven. This is basically your own private bank/bureau de change.

Transfer your XHV into the vault.

You can then "burn" your XHV and "mint" xUSD. xUSD is their stablecoin that's linked to the US Dollar. So 1 xUSD will always be 1 USD.

Once you have your xUSD, you can then "burn" that and "mint" xEUR, xYuan, xSterling, xGold, etc. They even have xBitcoin!

The burning and minting process can go the other way too.

Burn xUSD and mint XHV.

Transfer XHV back to the exchange and sell.

 

It's an amazing ecosystem. A few people recently have burned millions of xUSD into hundreds of xBTC, and vice versa.

It does look pretty impressive, but I’d want the debit card to be working seamlessly in the real world to be happy. Probably a good time to be setting things up and slowly shifting assets over.

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1 hour ago, Red Shift said:

Not concerned in the slightest with Tether. It’s early days for stable coins and Tether is just one. With DeFi ecosystems complete with their own stable coins (eg Haven) and a crypto community just too aware and focused on the major reformation of global banking, Tether is a side issue of little significance. The finger being pointed at Tether (not by you Red Phoenix) Is just another panic attack on crypto from a cartel losing its power.

 

I think it could definitely be a big issue at the moment if it's as scammy as some are saying and the US or other authorities start trying to unravel some of that. If DeFi lessens the influence of it though along with other better maintained coins with similar functions that should help in the future.

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3 hours ago, Aventus said:

What's the benefit of this?

 

I'm trying to buy more crypto not spend it. 

Getting your ‘winnings’ back to traditional pounds dollars and euros in your bank account from an exchange can be troublesome - sometimes slow, and sometimes expensive. You’re relying on trust.

 

This eliminates the middleman.

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