/biz/ - Business & Finance

>>49855151
thank mr skeltal

Cryptofag here
Never looked at stocks
Can someone explain to me in simple terms what happens when market opens and why it could be bad for bitcoin

>>49534117
I don't think you'll recognize yourself in this case scenario. But what I mean by stop assuming things is something like this.
>be me, DeFi gambler
>used to move/bridge funds across networks to participate in PnD scams, ponzis, farms and whatnot throughout all of 2021
>used to send back profits to Binance to spot trade etc.
>Binance deposit address is the same across all networks
>add it into my metamask contacts for convenience purposes
>days, weeks, months pass and I constantly transfer funds back and forth from AVAX C-chain, Fantom, Matic, BSC, Arbitrum etc.
Here is the assumption that caused me to do this mistake in the first place:
>"I remember depositing USDC to binance from BSC, ERC-20, Matic and Avalanche. Surely this would work on FTM right? USDC is the second largest stablecoin or something so yeah it's natively supported"

It's only after like a few minutes passed after the txns got confirmed that I started to think that something was wrong. I went to check the binance deposit page fearing the worst and indeed I was faced with the undeniable fact that I was a dumb retard, Fantom was not in the list of supported networks for USDC. I in fact remember thinking it would be wise to go on spooky swap and convert the USDC to FTM just in case, but I was too lazy to literally bring my mouse to the window where the trade would take place and also thought it'd help me save a few pennies in fees/slippage.

Sorry for the lengthy post and unnecessary details but I hope this gives you a good insight inside the mind of someone dumb enough to almost squander away 40k in a few clicks. Since then I became paranoid and made sure everything was in order before doing any send txn and such. I'm glad the lesson ended up being costless, if we ignore the panic, fear and time I had to wait completely unsure if I'd see the money again.