Imagine had he 301'd that page to an Elon giveaway page after it was tweeted and then claimed he was hacked. he could have gotten away with it too. The economics and irrevocability of crypto , plus Elon's huge brand and credibility, create all sorts of new incentives. It's like the Bill Gates email scam of the 90s but multiplied by 1000x.
Nov 2020, when Paypal launched the ability to buy and hold crypto, I bought $100 of btc and $100 of eth as an experiment to see what happens over time with a buy and hold approach. I haven't touched either of them since.
While the btc hasn't done well (currently $103), the eth is worth $270. Total % gain is 86.80%. At the peak over the summer, my $200 had turned into like $1400.
Maybe index funds have done better than that? I don't know... what confuses me is with ROI... crypto by itself doesn't offer ROI other than buy/hold, where index funds often have dividends.
There is some hurry. Miners and nodes could theoretically update and refuse transactions that come from these wallets.
There would have to be enough of them doing this to prevent the transactions from getting through, which is far from guaranteed, but this is of the sort of scale that it could gain the required support.
There aren't USDC backing the DAI for any given DAI. If I have 5 DAI, you can't point to 3-4 USDC backing it (I think ETH backs it too).
Even if Circle did freeze some of DAI's USDC, the Dai contract does not contain the ability to freeze user funds, and I believe is also not upgradeable
Nope they'd have to freeze the entire collateral that Dai has (~33% of all collateral they have rn), Dai could not freeze individual addresses and almost assuredly wouldn't even if asked.
The crypto community is wild. Literally in a thread about how the wheels are coming off the cart, the project frozen withdraws and possibly mishandled user funds there is the question "Should I buy in?" Also I love that the question of "What value does this provide?" comes after the question about buying it. At least the question came at all.
Warren Buffet puts it this way: "be fearful when others are greedy and to be greedy only when others are fearful". So, honestly, it's a very reasonable question.
I personally wouldn't touch it, but I'm at least curious to hear the heterodox argument. Somebody out there is still buying it at $3, I wonder why.
There's still an opportunity IF you know what you're doing. I wouldn't recommend it.
It's traded elsewhere, and there are derivatives that pay premium. There's also the chance that Binance, Tron, or someone else accept conversions of FTT at some rate that makes the trade profitable. Facts are still coming out. We can only say it's not yet worth $0.
It’s all from that buy the dip meme. I saw something similar where people were asking if they should buy that LUNA coin thing during its meteoric collapse. I think that coin is still in the dumpster so..
No, you should not. It's an exchange token. It's meant to be used as collateral for your trading, instead of USD, BTC, etc. It incentivizes this by giving you reduced exchange fees based on how much FTT you own.
In the case of FTX: fraud. They were giving people a useless token for tokens that had value elsewhere.
With Binance, you could make the case you own equity in the exchange, but that could have the same outcome as FTX.
It’s worth noting these types of tokens aren’t permitted on US-based exchanges. Likely because they are the most obvious unregulated securities (more so than other tokens).
This is baffling. It would be remarkably easy to memorize 12 words, then keep no active wallet anywhere. When you want to send coins, start up a desktop wallet, enter the 12 words, send some Bitcoin, then delete the wallet.
If this was a really old Bitcoin wallet, it could be from before the "12 words" thing. IIRC, older wallets randomly generated each key, instead of deriving them from a seed passphrase (which also meant you had to be really careful with your backups, since an old backup of the wallet wouldn't have its newer keys).
I am sure you’re right. But you could just send the funds to a new address in the new wallet. He could have done that at any point in the last 5+ years.
