Topic: Bitcoin Family is moving more than $1 million into decentralized exchanges - page 2. (Read 368 times)

Decentralized exchanges lack liquidity and many other features that centralized exchanges are currently giving us, but this is the right step to move to decentralized exchanges. As more and more people will follow the same, the liquidity problem will be resolved automatically.



Not everyone can sell at the exact bottom as it was hard to predict that 68K was the bottom when all the hype was for 100k$ bitcoin price in 2021.
The current prices are near the bottom of the bear market and the writer is rightly investing his money back in bitcoin to get ready for another bull market.

if they made about $4m(100%*) in late 2017.. that means they only put in less than $200k at the start of 2017

yea good rags- to-riches story.

*they had 25% in CEX(suggested $1m) and 75% cold store.(= suggests $4m)

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(critique hat on)
they say they bought in at the EXACT bottom of early 2017 (preATH) and sold at the top then traded in and out after that

hmm i think they didnt buy at exact bottom and sold at exact top like they suggest they did..
..much the same tactic as social influencers do a rent on a airBnB and pretend they own the mansion. using photos of a faked posh lifestyle

yea it gives them viral celeb presence to exaggerate their entry-exit points. but i doubt that part

but fair play to them making a multiplier profit in 1 year. even though i doubt the 21x they suggest
...

so they are now getting free press by saying they moved that $1m(they suggest having) from a CEX and to a DEX to continue day trading.

.. but they are playing with altcoins and side tokens. which come with their own risks of pegging back to BTC where the pegs can break

i feel they are just trying to get famous for being rich but not actually be as rich as they suggest, and not storing good value in a good value asset

but atleast they are only risking 25% of funds in those sidechains and altcoins

An investor who knows how to make money and the strategy is simple buy low and sell high so he sold at high and now buying back them for low price so it makes sense. I don't know where the quoted article talks about the usage of decentralized exchange, maybe using the p2p to convert so called decentralized?

The article says 73% of coins (it seems to me from the article that they have several major altcoins plus Bitcoin) of this family are in cold storage, which is good and also probably means the article's title isn't very accurate, especially since they weren't using FTX or other centralized exchanges prior to the crush. I haven't used DEXes, but one is in control of private keys there as well. So their approach to financial security seems reasonable. It was, however, learned through a hard lesson of losing money on an exchange. I can only hope that more people will follow such examples and take the matter of storing their coins more seriously than they did before the FTX.

But they are not moving BTC to another token. What they do is convert BTC to fiat (when they can't pay in BTC) to pay their day to day expenses. And with the money left over, they buy BTC again.

They had several years to live in Portugal, and they always made their life based on Bitcoin. Now that the laws in Portugal are going to change, and the cost of living in Europe is going to increase, they have wisely moved to another country that is more favorable, to maintain their lifestyle, always based on Bitcoin.

Bitcoin is not crypto. Crypto is not Bitcoin.

The collapse of scam Sam Bankman-Fried and FTX is not a collapse of cryptocurrency market. So it is more different to a collapse of Bitcoin.

Bitcoin is unique in cryptocurrency market. Decentralized, uncensored and is for everyone.

It is good to have some good news after the scam of Sam, however, after reading the article I was head shaking after every paragraph. Encouragement of self custody and the use of decentralized exchanges is admirable but I reckon the writer of this article does not know the differences between bitcoin, wbtc, ethereum, bisq, uniswap and sushiswap.

However, it is still good for everyone to know that solutuons are being created. It might not be the best solutions, however, they are certainly better than centralized exchanges.

I did not include those parts of the article where I speculate was only added by the author because I think self custody should always be encouraged.



CNBC caught up with the 44-year-old patriarch a few days after the family made the move from Lagos, Portugal, to Phuket, an island just off the western coast of mainland Thailand in the Andaman Sea. The family is currently living on 0.3 bitcoin a month — about $5,000 — and they are buying back the bitcoin that they sold when the cryptocurrency was trading at around $55,000 a year ago. For the Taihuttus, the cascade of crypto bankruptcies and failed tokens just shows that “bitcoin is the king” and “completely different than all the other projects,” Didi Taihuttu said.

n crypto, one of the mantras is “not your keys, not your coins,” meaning that rightful possession of tokens comes through the custody of the corresponding private keys.

Read in full and scratch your heads https://www.cnbc.com/2022/11/30/bitcoin-family-moving-more-than-1-million-into-dexs-after-ftx-collapse.html