News flash: you were social engineered into buying ETH in the first place.
If you'd please review https://news.ycombinator.com/newsguidelines.html and stick to the rules when posting here, we'd appreciate it. Note this one:
"Avoid [...] generic tangents."
At $100M you would want to split trade across exchanges and probably some defi too, but yeah, you could. Eth has about $10M/-2% on major exchanges.
Not that you would need to convert to fiat. If you ran your own island, just pay for goods and labor in Bitcoin or Ether directly.
Yes, Coinbase, Binance and other big exchanges offer OTC trading where you can trade pretty large amounts without impacting the market at large.
It's not difficult if the source of your cryptocurrencies is legitimate, while difficult if you have a hard time explaining how it's legitimate. I think the system works as intended.
And aside from KYC issues, another recently posted article pointed out that when a single individual tried to unload around a 1500 BTC (%0.03 of the coins in circulation at the time) it caused a liquidity crisis that crashed the market by 20%.[1]
In this case the individual in the Twitter thread has an amount of ETH of that magnitude.
Basically because crypto is performing the job of a speculative asset it results in the liquidity issues that you would see in things like company stock.
[1]: https://blog.dshr.org/2022/02/ee380-talk.html?m=1 (see footnote 11. The gist is that this sale put enough pressure on the order books that a lot of leverage positions cascaded into selling as well causing the flash crash)
I'm neither. I treat it as a protocol like HTTP, use it where it makes sense, don't use it where it doesn't make sense.
When I say the "system", I'm referring to the system of centralized currencies. Banks have always wanted to know where large sums come from, and where they are going to, as the government will ask them questions about it and they like to be prepared.
> And aside from KYC issues, another recently posted article pointed out that when a single individual tried to unload around a 1500 BTC (%0.03 of the coins in circulation at the time) it caused a liquidity crisis that crashed the market by 20%.[1]
Not sure what KYC issues you're referring to. They are only a issue if you're having a hard time explaining where the money comes from. If you have a legitimate source for your funds, it's a couple of emails with some attachments to pass the KYC/AML checks that the major exchanges perform. Same thing will happen with you bank, and they normally will accept the same amount of evidence you send to the exchange.
And yes, if you try to offload 1500 BTC on the open market the market will correctly adjust. That's why I wrote about the OTC offers in my initial message, that's normally how you want to offload/purchase a large amount, as it's not gonna change the pricing on the open market, as you manually match buyer/seller.
the world is not anymore the way it used to be, mm mm NO NO No! Bitconeeeeeeeeeeeeeeeect wooo bitconnect! We are coming and we are coming in waves. We are starting and to actually go all over the world. We all built the entire world.
Me? Im just out there fiat mining, stacking sats…
I'm calling them out for that -- perhaps in a way that's too terse, but at least I'm not completely derailing the conversation like they're doing. But thank you for prompting a longer response from me.
At least there are uses for ETH
There's too much money in the system now for it to all be from mom-and-pop marks. That's just not a viable explanation at these market capitalizations. That's not to say that average people aren't going to find out that they're long crypto - but it'd be in the way they found out they were long real estate.
1. Immutability
2. Decentralization
3. Cheap, fast, secure cross-country money transfers
4. Protection against inflation
5. Independence of banks or arbitrary freezes of your funds
6. Access to a vast variety of financials services
7. Is quite likely the replacement of money
The fact that people still don’t get that in 2022 is astonishing.
2/14*3600 = 514MB per hour
514*24 = 12.3GB per day
12.3*30 = 369GB per month
How many nodes will there be if ETH hits $0? What will happen to the services like ENS?
1. https://www.bitrates.com/guides/ethereum/how-many-ethereum-a...
Is the above accurate? Wikipedia says the whole network is 1TB, so that doesn't quite add up for me.
People will continue to run nodes regardless of the price of ETH, just like Bitcoin.
ENS is a smart contract protocol, so I don’t see how it’s related.
>2 is increasingly untrue
That’s also incorrect, Ethereum has become more decentralized every year
> 3 and 6 aren't inherent benefits of Ethereum and 5 aren't true Yes they are. Ethereum is deflationary and will became three times more inflationary later this year.
> 7 is speculative and begs the question.
No speculation here, check here yourself for just a small overview https://www.defipulse.com/
2. No one is responsible for anything, you'll never get any support, and one day the decentralized consensus might be to abandon the whole system.
3. It takes 16 seconds for a transaction to post and the average transaction fee [a] is over $2. Cross-country money transfers (assuming you mean international) benefit money launderers and criminals a lot more than me.
4. I never understand this sentiment. Thousands of tokens have been invented to create hundreds of billions of dollars. If the federal reserve told everyone they could print their own fiat and have it accepted at the bank, what do you think would happen? Inflation, right? Think of it another way. If the liquidity for the market is fixed in the sense of the amount of fiat people are willing to bring in, then every token mined or minted is diluting the value of anything you're holding.
5. This is at the risk of losing your keys and your life savings. No thanks. Also, banks act as a backstop for a lot of things people don't even think about. They won't let you wire your life savings to Nigeria without trying to make sure you won't get scammed. The indemnify you from the risk of fraud if you're using a credit card. Money you give them is backed by FDIC (or similar) insurance, so if the bank fails your money is still there.
6. Like?
7. Yeah. I'm sure the super elite that control almost all of the money and assets on the planet are going to sit by and watch as the crypto community anoints themselves as the new rulers of the wealth.
And what happens in this utopia where everything can be anonymous and governments have lost control of the money supply? Does everyone stop paying taxes? Who funds the schools, hospitals, and all other infrastructure? Do you think the rich are going to suddenly become charitable and start funding everything? They already contribute as little as possible, so it's difficult to imagine a world where they'd contribute $1 if they aren't forced to do it?
> The fact that people still don’t get that in 2022 is astonishing.
We don't get it because it doesn't make sense. It might make perfect sense for those of you that mined millions of (on paper) dollars of crypto currency, but it's not a good deal for anyone else. It's objectively worse in terms of stability and predictability and the best outcome for us is to get a different set of wealthy elite that control everything.
a. https://ycharts.com/indicators/ethereum_average_transaction_...
Crypto already has replaced money in several countries, especially third world countries where it has replaced money for 30% of the population that have protected their funds against inflation thanks to the inherent scarcity of respective cryptos.
In case it helps: the first two comments you posted with this account (a couple weeks ago) were much more substantive and much more along the lines of what we're looking for.