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BASEBALL Post your Baseball Cards Hobby Talk |
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#126 |
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All these comments are interesting and insightful. But at the end of the day, NFT trading cards will be successful if they make people money and if Fanatics and other NFT publishers are willing to artificially support the market.
And as others have pointed out, NFTs are used to launder money. I'd imagine money laundering in the digital age is big business. I also wonder how the expected interest rate increases this year will impact NFTs and the trading card industry. |
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#127 | |
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Wiring money from a US bank to a European bank works seamlessly… thousands of people and companies move $500k or more every day across US borders. And into other currencies. And the transaction cost is generally less (and price of execution more predictable) than using an intermediary like crypto. Now it is true that crypto is useful for people trying to ensure privacy / non-transparency on international transfers and avoiding banking / regulatory system visibility. The legitimate use cases around that in a country like the US for US persons are more difficult to pinpoint, and the abuses concerning to consider. But certainly there are some other countries who do not enjoy the benefits we are constitutionally afforded that wish to have freedoms we often take for granted, and I could imagine being understandable. Sent from my iPhone using Tapatalk Last edited by pewe; 02-12-2022 at 08:09 PM. |
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#128 |
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NFT's are still a thing?
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#129 | |
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Also, an international wire can take up to a week to process. BTC's current transaction fees are at an all-time low. You can literally send a billion dollars worth of btc to a friend in Japan for less than $2...which is probably 1/20th the cost if you could somehow convince Wells Fargo to do the same. And it will be in his possession within 15 minutes thanks to the lightning network. I can understand the black cloud and perception around bitcoin and its dubious uses. But I assure you just as many people have been using physical fiat in nefarious ways involving laundering schemes and to circumvent watchful IRS eyes.
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Last edited by ninjacookies; 02-12-2022 at 08:26 PM. |
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#130 |
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I think this is a very overlooked point when dumping on crypto. In addition to fiat, cards--including the holy vintage slabs--are used for schemes and laundering.
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#131 | |
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Then again, I think btc has just become the easy target...especially from people that refuse to learn or read into it. It's far easier to toss out a scam label then to delve into the fundamental principles and utilities of a relatively new tech.
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#132 | |
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I will amend a couple things, as you are shedding appropriate light on them: You have to have an existing bank account set up with wiring limits to enable this, and you probably have a custody plan in place that the bank follows, for security. These are non-standard consumer accounts as they will work beyond FDIC limits. Execution time is tunable… you probably pay more for near instant vs. T+2 settlement. And some of that is user desired, to enable fraud detection / resolution - I know folks who’ve had $$ stolen when they had immediate settlement set up and someone convinced an accountant to transfer $$. $MM was lost. All of the above occurs for folks I know with LOTS of BTC. Honestly, they tell me they sweat custodial issues more than anything. I was assuming you were transferring from USD fiat to BTC to EUR fiat in the example. That’s where trading and execution costs can pile up. Although at $500k it’s probably modest on the best execution risk. My understanding is it’s when you start moving float beyond market liquidity on BTC that you have issues. This is why OTC markets exist and folks like Circle make $$ - true institutional grade trading platforms and prime brokerage I think still don’t really exist. And the modest liquidity means you quickly pound through bid/ask levels without a smart order router and algo to dribble out the trade to limit moving the market. Again, this is an issue at probably 100 BTC or more (based on a bit dated experience) - I’d have to check w/my buddy who deals with this to know the current. Sent from my iPhone using Tapatalk |
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#133 | |
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Totally: collectibles are a HUGE issue, particularly art and artifacts. It’s why all the auction houses have to comply with KYC/AML. Sent from my iPhone using Tapatalk |
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#134 |
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Gold isn’t limited but digital money is?
WTF am I reading? |
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#136 | |
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Keeping BTC requires a huge amount of vigilance. Because hardware inevitably fails. You have to keep backups, and backups or backups....because insurance and reversals in this space are foreign terminology. I'd say that's the biggest drawback, hence why crypto theft scams continue to run rampant. It's definitely not for everybody. But I think a lot more people would change their tune if they listened with an open mind. Especially when they contrast it against the history of global economies and unscrupulous monetary measures set in place by the very people we entrust to have our best interests in mind.
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#5 world ranked Ledell Eackles superclection as recognized by Tuff Stuff junior managing editor, Barry McCaulkinner. Somethin' like a cross between Teddy Aguhob and Kaboom Mystery Packs. I got that Givenchy denim flow.
Last edited by ninjacookies; 02-12-2022 at 10:21 PM. |
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#137 | |
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I live in a town of ~8,000 people and our grocery store recently installed a BTC ATM. There are still some technical hurdles, but those are getting smaller. There are a ton of apps (again, you'll see them in 6+ SB commercials today) that you can use to buy crypto just like ETrade/Vanguard/other brokerages. The internet wasn't for everyone in 1999, because there wasn't mass utility and there were technical hurdles that prevented mass adoption. That's why I think it's a good analogy for where we are in the web3 space. Another thing I keep using in conversations with my friends on the topic.... How many of you can explain how the internet works? Like, go into the weeds on TCP/IP or WiFi? Even if you can explain the basics of the basics, most can't go further than that. Yet we use it for EVERYTHING and most have understood that it's not necessary to understand how everything works to know it enables/enabled great change in our society over the last 30ish years. I think it's great to be skeptical, and question the future utility/value of these web3 projects. Those of us who are believers may be completely wrong too. But as ninjacookies has said, I suggest having an open mind even if you don't fully "get it". My best friends don't "get" why a Trout BC Auto is worth what it is, but that doesn't change that the market has decided it's super valuable.
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#138 |
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Just make sure you get out of Crypto before quantum computing makes any serious breakthroughs. Estimates are that as early as 2029 we'll be able to use Shor's algorithm to break the encryption used for crypto wallets and there will be an estimated 4.6 million Bitcoins up for grabs. I'd hate to be holding any Bitcoin then!
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#139 | |
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#140 | ||
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You said it better than I ever could have. Perfectly stated. Bitcoin/crypto tech is here and here to stay. Quote:
Only a quarter of the bitcoins would be susceptible to future quantum threats. However, everyone is and has been well aware of the possible ramifications of quibits, and I suspect they're already in the process of discussing a fork to migrate to a quantum-proof algo.
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#5 world ranked Ledell Eackles superclection as recognized by Tuff Stuff junior managing editor, Barry McCaulkinner. Somethin' like a cross between Teddy Aguhob and Kaboom Mystery Packs. I got that Givenchy denim flow.
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#141 | |
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Cryptography has been preparing for quantum supremacy for more than a decade (might be two or more, I’d have to ask friends). The ability to defend against quantum hacks of wallets won’t be a significant threat, as far as I understand what my expert friends have told me. As long as you utilize wallets that have been hardened for these attacks. Sent from my iPhone using Tapatalk |
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#142 | |
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But I do remain concerned with the future viability of Bitcoin specifically. And for one key reason: the global focus on reducing carbon footprint. I worry it’s architecture presents an intractable problem relative to global political and social desires to limit energy consumption. And aggressive countries (like China and Europe) will take / already are taking steps to limit the domestic participation. Over time more countries are likely to chose the easy carbon reduction by shutting off support for BTC. Sent from my iPhone using Tapatalk |
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#143 |
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As long as Russians have computers, no cyber anything is safe.
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#144 | |
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#5 world ranked Ledell Eackles superclection as recognized by Tuff Stuff junior managing editor, Barry McCaulkinner. Somethin' like a cross between Teddy Aguhob and Kaboom Mystery Packs. I got that Givenchy denim flow.
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#145 | |
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Trust me, the IRS will catch up to you if you're profiting from crypto transactions. If they can't find a way, they will regulate it to death or ban it completely. |
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#146 | |
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#147 | |
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I won’t try to predict how regulation / crack down by western countries would be practically executed… but I’ve got some hunches at potential actions, and it feels like it could lead to material switching. Sent from my iPhone using Tapatalk |
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#148 | |
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Not sure myself how this will all play out. But I just can't see btc and its players folding and going home, either.
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#5 world ranked Ledell Eackles superclection as recognized by Tuff Stuff junior managing editor, Barry McCaulkinner. Somethin' like a cross between Teddy Aguhob and Kaboom Mystery Packs. I got that Givenchy denim flow.
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#149 | |
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I’m right there with you, particularly because of the green pledges US/Euro banks are making, investment managers are making, LPs are emphasizing, etc… yet they continue to underwrite BTC. Something has to break… I’m just not clear what it is and how it happens Sent from my iPhone using Tapatalk |
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#150 | |
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Definitely something to keep an eye on, especially with many states starting to set the blueprint for strong crackdown laws on future sales of new gas powered vehicles.
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#5 world ranked Ledell Eackles superclection as recognized by Tuff Stuff junior managing editor, Barry McCaulkinner. Somethin' like a cross between Teddy Aguhob and Kaboom Mystery Packs. I got that Givenchy denim flow.
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