4 ms·

It could be less, but it's not that much. People say often that "most" coins are held on exchanges, which is far from true.

by Geee 4y ago

Melting_Harps 4y ago
> If these stats are correct we closer to 15%. Which is a lot. I would have expected 0.1%. That was never going to happen, too much institutional money and index funds have been super focused on trading rather than the tech, and their are ETFs that have paper BTC that can move the price at will, just as much as if a whale decides to do so--it wouldn't even take MicroStrategy's stash, it could just be Laszlo wanting to get some stuff out of cold storage and clear a couple days because the tx fee is low. Also most of those HFT bots need to have liquidity on hand so this is part of the system, what is noteable is how little it takes to move the market these days: less than a 500 coin sell off on an exchange like Bitfinex gave us >$1000 swings. Which if you trade is what you want as volatility is where the money is made. MTGOX taught us very early to never trust exchanges and this was after the capital controls in Cypus that made us all on edge at the time, and yet it took multiple GOXXINGS to learn (the last one still hasn't been resolved and the Japanese govt has been dragging it's feet for nearly a decade now). People who buy and keep them on exchanges are going to have to learn why self-ownership is a critical part of this ecosystem. People may have lost untold millions/billions having sloppy OPSEC when handling BTC, but so did Turing [0] and he did it for the same reasons we have just so it's clear and goes to show how it's not a fringe idea to have self-sovereignty over one's finances, especially in uncertain times like war (and in his case peace time as they castrated for being gay despite his efforts in breaking the U-boat cryptography) and I doubt you will question his genius in cryptography and just think of him as a crypto bro: proving it's just as common for a super genius as it is from the layman to get it wrong. We just need to make it better, and in that regard I think we have com efar but it's still too difficult and a trusted 3rd party is required: Dorsey is working on something along those lines. This is why we have always encouraged doing small sums until you can replicate the process and then transfer the whole amount with several contingencies in place should anything happen. It's not easy or perfect, but neither is physics and we can still have re-usable first stage rockets when it was thought to be impossible. 0: https://www.iflscience.com/alan-turing-buried-his-life-savings-behind-a-cipher-so-hard-he-never-found-it-66034 https://www.iflscience.com/alan-turing-buried-his-life-savin...

It could be less, but it's not that much. People say often that "most" coins are held on exchanges, which is far from true.

by Geee 4y ago

It could be less, but it's not that much. People say often that "most" coins are held on exchanges, which is far from true.

Melting_Harps 4y ago

> If these stats are correct we closer to 15%. Which is a lot. I would have expected 0.1%. That was never going to happen, too much institutional money and index funds have been super focused on trading rather than the tech, and their are ETFs that have paper BTC that can move the price at will, just as much as if a whale decides to do so--it wouldn't even take MicroStrategy's stash, it could just be Laszlo wanting to get some stuff out of cold storage and clear a couple days because the tx fee is low. Also most of those HFT bots need to have liquidity on hand so this is part of the system, what is noteable is how little it takes to move the market these days: less than a 500 coin sell off on an exchange like Bitfinex gave us >$1000 swings. Which if you trade is what you want as volatility is where the money is made. MTGOX taught us very early to never trust exchanges and this was after the capital controls in Cypus that made us all on edge at the time, and yet it took multiple GOXXINGS to learn (the last one still hasn't been resolved and the Japanese govt has been dragging it's feet for nearly a decade now). People who buy and keep them on exchanges are going to have to learn why self-ownership is a critical part of this ecosystem. People may have lost untold millions/billions having sloppy OPSEC when handling BTC, but so did Turing [0] and he did it for the same reasons we have just so it's clear and goes to show how it's not a fringe idea to have self-sovereignty over one's finances, especially in uncertain times like war (and in his case peace time as they castrated for being gay despite his efforts in breaking the U-boat cryptography) and I doubt you will question his genius in cryptography and just think of him as a crypto bro: proving it's just as common for a super genius as it is from the layman to get it wrong. We just need to make it better, and in that regard I think we have com efar but it's still too difficult and a trusted 3rd party is required: Dorsey is working on something along those lines. This is why we have always encouraged doing small sums until you can replicate the process and then transfer the whole amount with several contingencies in place should anything happen. It's not easy or perfect, but neither is physics and we can still have re-usable first stage rockets when it was thought to be impossible. 0: https://www.iflscience.com/alan-turing-buried-his-life-savings-behind-a-cipher-so-hard-he-never-found-it-66034 https://www.iflscience.com/alan-turing-buried-his-life-savin...