Lots of folks panicked because of Terra and the fear of other "rugs". Plus, with the global market cellar dwelling many people believe all their money will be lost of they don't pull out.

Remember the original caution - only invest what you can afford to lose. Imo, those that invested wisely and sit tight will have major gains in the future.

Personally, I am okay with simply sitting patiently for the miraculous lift off over the canyon OR the cliff. I ha e confidence in my holdings.
ADA, ONE, BTC, SHIB, + a few Cardano based tokens (C3, Gero, etc.).

Good luck to all and we shall see you on the other side of the moon.


Edited to add: nothing on Coinbase, 10% of my Shib on Pro, everything else staked and/or Crypto.com.

Save some for future therapy sessions.

Just the ease of it being there. Moved it there last Feb/March bc I was going to take profit then decided not too. Has been there ever since

What I'm thinking (and I'm very unseasoned in this so please forgive me)

1: Sell what I have on Coinbase?
2: Cash out
3: Use said cash to buy back my Bitcoin and Ethereum on another platform

This in spirit would mean you didn't really sell at lows if you're buying back and are still bullish long term right?

Also, is there any platform out there that this can be purchased on as easily as it was on Coinbase that WONT confiscate your holdings if they declare bankruptcy? Someone was telling me all the trading platforms have this language but not sure if that's true.

LMCane said:

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TxAG#2011 said:

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2002reb said:

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Bitcoin will be fine. The rest? Don't count on it.

---

The ones that do is where the big money will be made

---

bought another $500 at 0540 EST of Bitcoin (spot price at $26,600)

lowest price in over a year

up to .43 BTC total now.

all my purchases are under the $30K cost basis

---

Where are you buying and storing?

Jimmy Conway said:

---

What I'm thinking (and I'm very unseasoned in this so please forgive me)

1: Sell what I have on Coinbase?
2: Cash out
3: Use said cash to buy back my Bitcoin and Ethereum on another platform

This in spirit would mean you didn't really sell at lows if you're buying back and are still bullish long term right?

Also, is there any platform out there that this can be purchased on as easily as it was on Coinbase that WONT confiscate your holdings if they declare bankruptcy? Someone was telling me all the trading platforms have this language but not sure if that's true.

---

Why sell just to rebuy though? Avoid the taxable transaction and just send your current Coinbase BTC to a non-custodial wallet of your choice. I would suggest a hardware wallet such as Ledger or Trezor but even a software wallet would be better than leaving them on an exchange.

I don't know that any others are as easy as Coinbase as far a purchasing. What I do is just purchase on Coinbase and then transfer to my wallet. I haven't actually checked in about 6 months but last I looked this was a bit less expensive than purchasing in the Ledger app...

Quote:

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Avoid the taxable transaction and just send your current Coinbase BTC to a non-custodial wallet of your choice. I would suggest a hardware wallet such as Ledger or Trezor

---

Any chance you could walk me through the basic steps to do that? Would really appreciate it. I'm actually much more into Ethereum than Bitcoin but I'm pretty technically unsavvy!

https://www.marketwatch.com/story/coinbase-ceo-says-company-has-no-risk-of-bankruptcy-11652300235

Not sure if this is smoke up peoples ass or if the gist of this story is legit.

Fedup said:

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bmks270 said:

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Definitely Not A Cop said:

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bmks270 said:

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AggieAL1 said:

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Quote:

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Bitcoin will be fine. The rest? Don't count on it.

---

Why would bitcoin be fine? It's an illusion, a mind game.

---

I agree with this sentiment.

Bitcoin price is supported only by demand for it, and the primary driver is fear. Specifically two forms, fear of inflation, and fear of missing out. It's not sustainable, fear may go away, or might reverse. And Bitcoin in general is not unique, all cryptocurrencies share the same demand drivers, and more cryptos inflate all of the blockchain currencies as money gets spreads between an ever increasing supply of blockchains.

---

Bitcoin is different than basically every coin out there, not sure what you mean by this? Mining vs staking, no one at the top removing wealth from the system in order to govern it, there is a finite supply, and it doesn't have the energy problems that come with proof of stake.

It also has use, specifically with its advantages when dealing with international trade.

---

It has proof of work energy problems.
It's one flavor of blockchain currency and other coins contribute to the overall supply of blockchain currencies. Every new coin is increased supply.

---

Ok. I'll ask the noob question really late to the game….what's the real world application of any cryptocurrency??

---

To sell it to someone else for more USD in the future, or to trade it in the future for something more valuable than what you can trade it for today. That's why most people are buying it, visions of riches.

Jimmy Conway said:

---

https://www.marketwatch.com/story/coinbase-ceo-says-company-has-no-risk-of-bankruptcy-11652300235

Not sure if this is smoke up peoples ass or if the gist of this story is legit.

---

He would make the same statement no matter the situation, and especially if it was near bankruptcy admitting it would trigger it.

Jimmy Conway said:

---

Quote:

---

Avoid the taxable transaction and just send your current Coinbase BTC to a non-custodial wallet of your choice. I would suggest a hardware wallet such as Ledger or Trezor

---

Any chance you could walk me through the basic steps to do that? Would really appreciate it. I'm actually much more into Ethereum than Bitcoin but I'm pretty technically unsavvy!

---

Coinbase article on how to send to an external wallet:
https://help.coinbase.com/en/coinbase/trading-and-funding/cryptocurrency-trading-pairs/how-to-send-and-receive-cryptocurrency

Coinbase article on their self-custody software wallet (totally distinct from and not to be confused with coinbase.com):
https://help.coinbase.com/en/wallet

The other thing you can do is watch a few YouTube videos if you want to see exactly what it looks like. There's a bit of a learning curve no doubt but it's not too difficult. You got this.

I know congress and government is a joke but if this coinbase thing is being interpreted properly why wouldn't they step in and disallow this to be done by coinbase? I'm def no legal scholar so idk.

Seems this could potentially be a major economic calamity if it happens and the government would have it in its best interest to stop it.

Fedup said:

---

LMCane said:

---

TxAG#2011 said:

---

2002reb said:

---

Bitcoin will be fine. The rest? Don't count on it.

---

The ones that do is where the big money will be made

---

bought another $500 at 0540 EST of Bitcoin (spot price at $26,600)

lowest price in over a year

up to .43 BTC total now.

all my purchases are under the $30K cost basis

---

Just curious… what % of your net worth is in btc??

---

2.74% before the most recent crash over the last few months.
20/731

Orlando Ayala Cant Read said:

---

I know congress and government is a joke but if this coinbase thing is being interpreted properly why wouldn't they step in and disallow this to be done by coinbase? I'm def no legal scholar so idk.

Seems this could potentially be a major economic calamity if it happens and the government would have it in its best interest to stop it.

---

why would the government be worried about it?

they want bitcoin to go bye bye so that the US dollar remains the only fiat currency and the only way to organize international trade

bmks270 said:

---

Fedup said:

---

bmks270 said:

---

Definitely Not A Cop said:

---

bmks270 said:

---

AggieAL1 said:

---

Quote:

---

Bitcoin will be fine. The rest? Don't count on it.

---

Why would bitcoin be fine? It's an illusion, a mind game.

---

I agree with this sentiment.

Bitcoin price is supported only by demand for it, and the primary driver is fear. Specifically two forms, fear of inflation, and fear of missing out. It's not sustainable, fear may go away, or might reverse. And Bitcoin in general is not unique, all cryptocurrencies share the same demand drivers, and more cryptos inflate all of the blockchain currencies as money gets spreads between an ever increasing supply of blockchains.

---

Bitcoin is different than basically every coin out there, not sure what you mean by this? Mining vs staking, no one at the top removing wealth from the system in order to govern it, there is a finite supply, and it doesn't have the energy problems that come with proof of stake.

It also has use, specifically with its advantages when dealing with international trade.

---

It has proof of work energy problems.
It's one flavor of blockchain currency and other coins contribute to the overall supply of blockchain currencies. Every new coin is increased supply.

---

Ok. I'll ask the noob question really late to the game….what's the real world application of any cryptocurrency??

---

To sell it to someone else for more USD in the future, or to trade it in the future for something more valuable than what you can trade it for today. That's why most people are buying it, visions of riches.

---

Ethereum has amazing real world applications on usage of the blockchain for storing tremendous amounts of confirmable data (NFT, contracts, tickets)

Someone suggest a half decent hard wallet where you'd trust a few BTC to sit.

And go

Coinbase holding like $250b in crypto. I can't imagine they owe $250b to creditors right? Meaning if they did this what justification is used to turn every coinbase users balance to $0?

Trust Wallet

I like exodus wallet. Just go the website, download it, follow the prompts. I think they have pretty clear instructions on how to use it.

I think it's blown way out of proportion, but my btc does t sit on the exchange long. As soon as I get that "your funds are available " email, they are on my wallet.

ClickClack said:

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Reluctantly, I sold my Bitcoin this morning. I was hoping for it to be an inflation hedge but it's been anything but. I'm still a big believer in it long term but just not comfortable with what's going on right now.

---

Think of all the Satoshis you had....

Orlando Ayala Cant Read said:

---

Coinbase holding like $250b in crypto. I can't imagine they owe $250b to creditors right? Meaning if they did this what justification is used to turn every coinbase users balance to $0?

---

Do they really have it? Has it been stolen? Anything like fdic insurance on bank and brokerage deposits? Anybody have any insurance on their crypto? Am I goofy or is this the biggest con ever? What can you do if it disappeared or goes down to nothing?

I hope this isn't the next Enron. Does not compute for me.

Any reason not to throw $10 into WLUNA?

99% chance it will be delisted soon but may be able to sneak in a pop.

Proud owner of 39k WLUNA tokens.

What went Wong? Your 10 could get a cheap half pint of booze and a buzz. There are some crazy rich Asians laughing at the buyers.

Orlando Ayala Cant Read said:

---

Coinbase holding like $250b in crypto. I can't imagine they owe $250b to creditors right? Meaning if they did this what justification is used to turn every coinbase users balance to $0?

---

If you read the Coinbase policy a few pages back, you'll find that they wouldn't turn every user's balance to $0 automatically. Anyone who has parked tokens with them for future use would simply have no direct claim to his holdings. He/she would be treated as a general unsecured creditor and be eligible for a share of any assets that remained after secure creditors and bankruptcy costs were satisfied.

It's really no different than paying a contractor to renovate your home. You may prepay $10,000 of a $20,000 contract, but if the contractor files for bankruptcy you just become another of all his creditors seeking to get all, some or none of that $10,000 back. (Of course, if the contractor has used your deal as the basis for amassing other debt, you may have a whole new problem).

TxAG#2011 said:

---

Definitely Not A Cop said:

---

bmks270 said:

---

Definitely Not A Cop said:

---

bmks270 said:

---

AggieAL1 said:

---

Quote:

---

Bitcoin will be fine. The rest? Don't count on it.

---

Why would bitcoin be fine? It's an illusion, a mind game.

---

I agree with this sentiment.

Bitcoin price is supported only by demand for it, and the primary driver is fear. Specifically two forms, fear of inflation, and fear of missing out. It's not sustainable, fear may go away, or might reverse. And Bitcoin in general is not unique, all cryptocurrencies share the same demand drivers, and more cryptos inflate all of the blockchain currencies as money gets spreads between an ever increasing supply of blockchains.

---

Bitcoin is different than basically every coin out there, not sure what you mean by this? Mining vs staking, no one at the top removing wealth from the system in order to govern it, there is a finite supply, and it doesn't have the energy problems that come with proof of stake.

It also has use, specifically with its advantages when dealing with international trade.

---

It has proof of work energy problems.
It's one flavor of blockchain currency and other coins contribute to the overall supply of blockchain currencies. Every new coin is increased supply.

---

I completely disagree. It uses less energy than any thing that people compare it to. Less than other blockchains, less than other banks, less than companies physically mining gold and other metals.

You are correct about the alt coin stuff, but those are mostly short term fads that eventually get dumped back in to BTC for the long term.

---

It is by far the most energy intensive blockchain. Not even close. I think last estimates were BTC mining equated to about the same energy usage as Peru.

The energy use is probably the biggest major obstacle in front on Bitcoin right now.

---

You understand that it's not bitcoin that requires that massive energy use. Mining bitcoin actually requires very little energy.

It is the competition to mine bitcoin that is eating up all that energy.

Instead of a million miners filling warehouses with dedicated computers gobbling gigawatts you would mine just as much bitcoin if you had only 10 miners running the software on their Nextbook laptops. That's a beauty and curse of the game.

Well I've already more than 2X my investment.

AggieAL1 said:

---

TxAG#2011 said:

---

Definitely Not A Cop said:

---

bmks270 said:

---

Definitely Not A Cop said:

---

bmks270 said:

---

AggieAL1 said:

---

Quote:

---

Bitcoin will be fine. The rest? Don't count on it.

---

Why would bitcoin be fine? It's an illusion, a mind game.

---

I agree with this sentiment.

Bitcoin price is supported only by demand for it, and the primary driver is fear. Specifically two forms, fear of inflation, and fear of missing out. It's not sustainable, fear may go away, or might reverse. And Bitcoin in general is not unique, all cryptocurrencies share the same demand drivers, and more cryptos inflate all of the blockchain currencies as money gets spreads between an ever increasing supply of blockchains.

---

Bitcoin is different than basically every coin out there, not sure what you mean by this? Mining vs staking, no one at the top removing wealth from the system in order to govern it, there is a finite supply, and it doesn't have the energy problems that come with proof of stake.

It also has use, specifically with its advantages when dealing with international trade.

---

It has proof of work energy problems.
It's one flavor of blockchain currency and other coins contribute to the overall supply of blockchain currencies. Every new coin is increased supply.

---

I completely disagree. It uses less energy than any thing that people compare it to. Less than other blockchains, less than other banks, less than companies physically mining gold and other metals.

You are correct about the alt coin stuff, but those are mostly short term fads that eventually get dumped back in to BTC for the long term.

---

It is by far the most energy intensive blockchain. Not even close. I think last estimates were BTC mining equated to about the same energy usage as Peru.

The energy use is probably the biggest major obstacle in front on Bitcoin right now.

---

You understand that it's not bitcoin that requires that massive energy use. Mining bitcoin actually requires very little energy.

It is the competition to mine bitcoin that is eating up all that energy.

Instead of a million miners filling warehouses with dedicated computers gobbling gigawatts you would mine just as much bitcoin if you had only 10 miners running the software on their Nextbook laptops. That's a beauty and curse of the game.

---

Yes, yes I do understand that. Now do you understand that 10 miners running the software on their netbook is completely unsecure and would have ended Bitcoin years ago.

The Bitcoin "network" uses a lot of energy. Case closed.

TxAG#2011 said:

---

AggieAL1 said:

---

TxAG#2011 said:

---

Definitely Not A Cop said:

---

bmks270 said:

---

Definitely Not A Cop said:

---

bmks270 said:

---

AggieAL1 said:

---

Quote:

---

Bitcoin will be fine. The rest? Don't count on it.

---

Why would bitcoin be fine? It's an illusion, a mind game.

---

I agree with this sentiment.

Bitcoin price is supported only by demand for it, and the primary driver is fear. Specifically two forms, fear of inflation, and fear of missing out. It's not sustainable, fear may go away, or might reverse. And Bitcoin in general is not unique, all cryptocurrencies share the same demand drivers, and more cryptos inflate all of the blockchain currencies as money gets spreads between an ever increasing supply of blockchains.

---

Bitcoin is different than basically every coin out there, not sure what you mean by this? Mining vs staking, no one at the top removing wealth from the system in order to govern it, there is a finite supply, and it doesn't have the energy problems that come with proof of stake.

It also has use, specifically with its advantages when dealing with international trade.

---

It has proof of work energy problems.
It's one flavor of blockchain currency and other coins contribute to the overall supply of blockchain currencies. Every new coin is increased supply.

---

I completely disagree. It uses less energy than any thing that people compare it to. Less than other blockchains, less than other banks, less than companies physically mining gold and other metals.

You are correct about the alt coin stuff, but those are mostly short term fads that eventually get dumped back in to BTC for the long term.

---

It is by far the most energy intensive blockchain. Not even close. I think last estimates were BTC mining equated to about the same energy usage as Peru.

The energy use is probably the biggest major obstacle in front on Bitcoin right now.

---

You understand that it's not bitcoin that requires that massive energy use. Mining bitcoin actually requires very little energy.

It is the competition to mine bitcoin that is eating up all that energy.

Instead of a million miners filling warehouses with dedicated computers gobbling gigawatts you would mine just as much bitcoin if you had only 10 miners running the software on their Nextbook laptops. That's a beauty and curse of the game.

---

Yes, yes I do understand that. Now do you understand that 10 miners running the software on their netbook is completely unsecure and would have ended Bitcoin years ago.

The Bitcoin "network" uses a lot of energy. Case closed.

---

That, of course, would depend on the integrity of the 10 miners. Six could seize the operation, sure, but it is competition that drives the energy use. The network could be secured with far fewer miners, and less work, and will eventually have to do so (if it survives as all) as the mandated bonus for building blocks recedes.