MISC Crypto Crew (MCC) Vol: XV: Getting Zucked into the Metaverse

[Bingo559]

just read localbitcoins is shutting down it's service. never used them, but just thought it was relevant to this thread

[Parkerscott]

In principle I agree with you. But across the board, the largest SaaS providers are CEXs. Taking the US market out of that creates a huge deficit. Not everyone has the time or patience to figure out how to stake bags on defi platforms. The ability to purchase a bag and simply click a 'stake' button is a big incentive to get monies into the space.

I'm all for defi and not using a CEX for SaaS or holding any funds. I'm also for making it as fast and easy for people to get money into cryptos and utilize those funds.

Kraken getting bent over by the SEC is really really bad. Coinbase is presumably next. That's a **** ton of money that will outflow.

I think its a good thing. We had like 7-8 CEX staking platforms blow up. The only major above the board defi platform to blow up was Bancor, and that one ran on Jewish magic beans and confidence tricks.

It's funny that as crypto came onto the scene and financial players started adding things like fractional shares or options trading for $5 we got markets that bid up dead companies like gamestop and bed bath and beyond, run dogcoins into $100b marketcaps, and bid tesla to a size larger than every car manufacturer combined.

Yeah theres more money in the market now but any semblance of a "market" is gone. Its now a full on clown casino. It definitely needs to be harder to get started or get access to leverage trading just as it should be hard to get heroin or meth.

[Smegmalion]

In principle I agree with you. But across the board, the largest SaaS providers are CEXs. Taking the US market out of that creates a huge deficit. Not everyone has the time or patience to figure out how to stake bags on defi platforms. The ability to purchase a bag and simply click a 'stake' button is a big incentive to get monies into the space.

I'm all for defi and not using a CEX for SaaS or holding any funds. I'm also for making it as fast and easy for people to get money into cryptos and utilize those funds.

Kraken getting bent over by the SEC is really really bad. Coinbase is presumably next. That's a **** ton of money that will outflow.

I am confused about SaaS on Cex. Are you calling the staking itself the “software service”?

It definitely needs to be harder to get started or get access to leverage trading just as it should be hard to get heroin or meth.

Fkn lmao love it

[Horse86]

I am confused about SaaS on Cex. Are you calling the staking itself the “software service”?



Fkn lmao love it

SaaS is staking as a service.

[Mogambo]

I think its a good thing. We had like 7-8 CEX staking platforms blow up. The only major above the board defi platform to blow up was Bancor, and that one ran on Jewish magic beans and confidence tricks.

It's funny that as crypto came onto the scene and financial players started adding things like fractional shares or options trading for $5 we got markets that bid up dead companies like gamestop and bed bath and beyond, run dogcoins into $100b marketcaps, and bid tesla to a size larger than every car manufacturer combined.

Yeah theres more money in the market now but any semblance of a "market" is gone. Its now a full on clown casino. It definitely needs to be harder to get started or get access to leverage trading just as it should be hard to get heroin or meth.

Again, this is just a principle based argument. I get it. But in practice, market caps are going to, and are, taking a huge hit. I deleted a much longer response because it's pointless. I don't know the long term solution but I DO know that making it so that US normies can't just create a urnmame/password, convert fiat to ETH and click 'stake' is the worst development in cryptos in as long as I can remember.

[Mogambo]

I am confused about SaaS on Cex. Are you calling the staking itself the “software service”?

Good call out. Staking on a CEX isn't really using SaaS. It's basically giving your bag to a 3rd party and them staking it as their own and giving you returns that they choose.

True SaaS would be like Abyss, Allnodes or Lido. That's where they don't have ownership of your bag, but are able stake it on your behalf via a smart contract.

From the court case:

"Investors lose possession and control over their crypto assets when they transfer those assets to Defendants and accordingly take on risks associated with the Kraken platform. "

"Investor tokens are transferred and pooled in wallets for the purposes of the
Kraken Staking Program, and Defendants determine when and how many of these pooled tokens to stake"

https://www.sec.gov/litigation/compl...-pr2023-25.pdf

[Parkerscott]

Again, this is just a principle based argument. I get it. But in practice, market caps are going to, and are, taking a huge hit. I deleted a much longer response because it's pointless. I don't know the long term solution but I DO know that making it so that US normies can't just create a urnmame/password, convert fiat to ETH and click 'stake' is the worst development in cryptos in as long as I can remember.

We already had that option. I probably have like $8k held on gemini in bankruptcy court after convert and click. Sometimes friction is a good thing. You don't allow kids to use guns without supervision or allow people to drive a car without getting a license or insurance. We make it easy for a retard to bet their entire life savings on a 50x margin long call with just a few clicks of a button though.

Another thing to note is that allowing custodians to hold these funds even with audits are still a huge centralization risk. You don't want to have coinbase holding 30% of all staked ethereum. They also get to hide behind legalese/bankruptcy proceedings. As long as a smart contract isn't being exploited, it is a much better option. If you can't do the bare minimum then you have no business doing it. People fking put raw chicken on the same cutting board they use to cut salad tomatoes. This is no different. Its not hard to learn how to use these wallets, just as its not hard to not cross contaminate your food with raw chicken.

[malashker]

had some DOT staked. The email said they end today 2/9/22

Use the nova wallet. It’s smooth and gives you 18.6% apy. Only downfall is it’s takes 28 days to unstake

[Berts]

In principle I agree with you. But across the board, the largest SaaS providers are CEXs. Taking the US market out of that creates a huge deficit. Not everyone has the time or patience to figure out how to stake bags on defi platforms. The ability to purchase a bag and simply click a 'stake' button is a big incentive to get monies into the space.

I'm all for defi and not using a CEX for SaaS or holding any funds. I'm also for making it as fast and easy for people to get money into cryptos and utilize those funds.

Kraken getting bent over by the SEC is really really bad. Coinbase is presumably next. That's a **** ton of money that will outflow.

Hopefully this will force people to get more involved. Understand more about crypto. Know why holding in a CEX is a horrible idea. Check out some defi platforms. Dapps, LP's, etc. I'm still trying to figure out all this stuff. Going to check out Coinhall and Hallswap this weekend. I mainly stake on a defi SaaS type of platform. I mostly play round in the Terra Ecosystem though, trying to understand as much as I can.

We need normies to understand there is sooo much more to crypto then buying on CB and holding.

[Berts]

More FUD for the entire market. BUSD unpegged

Paxos ordered to cease minting Binance stablecoin by New York regulator

https://www.cnbc.com/2023/02/13/paxo...regulator.html

[alphaalbertan8]

bought a bag of Rose token at 0.06

hooping for a pump similar to graph token

[Berts]

I think this thread is dead. BTC pumping and nothing in here.

[Horse86]

give it a day or two....be back to 21/22k

[Berts]

give it a day or two....be back to 21/22k

I don't doubt that, +8.65% today though, not bad, showing some life.

[jafomofo]

I don't doubt that, +8.65% today though, not bad, showing some life.

why did it spike so much today? CPI numbers? bets on PPI? feds taking shots at staking and binances issues being good for other coins?

[lordpatrick]

BUSD market cap is going down, BTC is going up.

14B$ to go

[JoshSP1985]

why did it spike so much today? CPI numbers? bets on PPI? feds taking shots at staking and binances issues being good for other coins?

Some narratives I've seen are just basically "market structure"

[malashker]

why did it spike so much today? CPI numbers? bets on PPI? feds taking shots at staking and binances issues being good for other coins?

More buyers than sellers. Also https://twitter.com/gcrclassic/statu...EQoDv2GeSLBeTQ

[Mogambo]

re: the rebound

Coinbase said that they were informed by regulators that their staking program is safe for now.

[Horse86]

More buyers than sellers.

This is quality TA. How much for your monthly subscription?

[malashker]

This is quality TA. How much for your monthly subscription?

350 dodge/Month

[Bingo559]

thinkin of stackin some STX

[alphaalbertan8]

thinkin of stackin some STX

might be too late

always wanted to buy a stack since alex becker shilled it

[Gorillajewshead]

thinkin of stackin some STX

It mooned already. Might want to look into ordinals finance. Just came out about 1 million market cap

[Bingo559]

got my STX filled at $0.85 today

[Bingo559]

It mooned already. Might want to look into ordinals finance. Just came out about 1 million market cap

wow, literally this week

[Berts]

got my STX filled at $0.85 today

Its up 3x+ in the last couple weeks, BTC looks like it wants to dump back to 19K.

Good luck

[Bingo559]

Its up 3x+ in the last couple weeks, BTC looks like it wants to dump back to 19K.

Good luck

was a small buy only.. might add more if it drops.

Need to make it

[Bingo559]

I tried to buy that ordinal finance coin mentioned above yesterday.

Its not on CB, only on uniswap. tried to buy some but seems like it requires a lot of eth to transact.

I also noticed when i sent some chainlink i had on kraken to another wallet, it used 0.7 LINK when i was only sending maybe $40 bucks worth of LINK.

so expensive to use ETH

[alphaalbertan8]

I am getting a suicide stack of the following

ICP
Chain Link
QNT


and possibly GRT

gonna hold these mofos for next few years

also have a big stack of ROSE

trying to flip some Avax and DOT

and thinking of getting some energy web token