crypto currency

[QuarterMillionMan]

Cryptos heating up again.

[QuarterMillionMan]

[QuarterMillionMan]

My scenario is different but I know what you're talking about when TD Ameritrade took over Scottrade my equities seemlessly transferred over. Then when Schwab took over TD Ameritrade my equities also transferred over without having to liquidate. But with Trade Station they decided to stop cryptos. They still have equities so I'll have to liquidate my cryptos and get equities. Or I'd have to liquidate my cryptos then with the settled funds roll it over into another crypto custodian such as Bitcoin IRA but their fees last time I checked were outrageous. Trade Station's fee of $100 annually was sort of high as well but I think Bitcoin IRA charges about $30 a month. Other crypto IRAs' are available but I'll have to do some homework and research their fees.

[disneysteve]

QMM so when you buy crypto it’s not like buying stock? If a broker shut down I could transfer the stock to another broker. Sounds like you can’t transfer crypto bought with this place to another crypto broker. You need to liquidate your holdings.

[james.hendrickson]

yeah I mean, all those assets have lost like 80% of their value.

At this point I've got a bit of Ethereum, some Bitcoin and some Algorand, but a lot of the secondary coins just don't have a compelling economic case.

[QuarterMillionMan]

In other crypto news Trade Station cyrpto is permanently suspending its spot crypto trading and I'll need to liquidate holdings which could be a bummer or a blessing in disguise (ie, crytpo goes bust). Oh well it was good while it lasted.

[QuarterMillionMan]

In California, policy on staking. NJ looks similar to CA.

[QuarterMillionMan]

Good thing only $16 lost, I was trying to transfer $16 of etherium as a test run from my Coinbase to my Ledger account but it is not showing up. Over an hour I've been checking but nada.

[QuarterMillionMan]

I just bought $750 worth of Etherium on Ledger and the fee was $21, so what is that almost 3% fee, wow seems high.

[kork13]

Bitcoin was the “anti-establishment” way to move money around and avoid detection by the authorities. Legitimizing it seems like that would make it less attractive to that crowd.

Eh, that'll still happen. Given the inherent security of most crypto currencies, I can't imagine criminal enterprises readily giving it up, regardless of how the trading & arbitrage of crypto gets regulated. But the fat cats can't see an arbitrage opportunity and not try to make money off of it. Plus, it'll give people who pretend they want to 'stick it to the man' (while enjoying their public services & all the rest) an opportunity to feel "in the game" with crypto.

You have to remember, crypto is just like any other token currency -- if you make public the details of its transactions, then it can be monitored & regulated. But if you keep the to/from accounts undisclosed, all that can really be detected (via the blockchain logs) is simply that a transaction occurred...but it generally can't be tied to who actually made the transaction.

[disneysteve]

Good points, today it's not really moving when I thought the tailwinds might have helped it.

Bitcoin was the “anti-establishment” way to move money around and avoid detection by the authorities. Legitimizing it seems like that would make it less attractive to that crowd.

[QuarterMillionMan]

Good points, today it's not really moving when I thought the tailwinds might have helped it.

[disneysteve]

Keep an eye on cryptos being CBOE approves spot ETFs beginning 1/11/24.

Do you think this helps the crypto space? Isn’t the whole point of crypto to have a way to move funds that isn’t regulated or tracked or taxed? Will this just shift more business to other crypto instruments besides Bitcoin?

[QuarterMillionMan]

Keep an eye on cryptos being CBOE approves spot ETFs beginning 1/11/24.

[QuarterMillionMan]

BTC rallying a little bit today.