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Trouble Looming for Bitcoin, ethereum and monero? 'We are about to see massive disruptions': IMF chief . Is Digi Money a Scam or Here to Stay?

POSTED BY: JAYNEZTOWN
UPDATED: Friday, June 17, 2022 07:35
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Tuesday, October 17, 2017 4:34 PM

JAYNEZTOWN

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Wednesday, October 18, 2017 9:30 PM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


There's the "blockchain technology" which acts like a distributed ledger, and then there are cryptocurrencies which are applications of blockchain, and then there is Bitcoin which is a specific cryptocurrency.

I think the blockchain technology is here to stay, but there are a lot of problems with the idea of crytpocurrencies. The upside to cryptocurrencies are that they are decentralized; but the downsides to cryptocurrencies is that they suffer the same flaws as ANY fiat currency, and in some ways are worse because they're completely electronic. So if the power goes out, or the sun burps at us, you're hosed.

What people claim are upsides to crytpocurrencies aren't really as solid as you might think.

For example, one original claim about Bitcoin is that it has to be "mined", and that there is an upper built-in fixed limit to the number of coins created, so technically it could not be inflated like bank-issued currencies. However, altho BITCOIN can't be reproduced, there's no restriction on the number of OTHER cryptocurrencies created, such as Litecoin, Auroracoin, Ethereum, Vertcoin etc. So there's no REAL protection from inflation by crypto. So as a "store of wealth", crytpocurrencies aren't all that robust.

Another presumed advantage of cryptos is that it is "private". Well, leave it to the spook agencies to figure out how to figure out the blockchain record of transactions, which are recorded at every step of the way.

A third presumed advantage is the ease of moving crytpocurrencies between exchanges for a very low fee, without the mediation of banks. The problem with being able to RELIABLY use crytpocurrencies to purchase stuff is that its value is rocketing up and down. It's impossible to "price" anything in crytpocurrency.

A fourth presumed advantage is the ability to bypass banks. But sooner or later, banks will ALSO issue their own cryptocurrencies, so ... what then?

As mentioned, cryptocurrencies, like fiat currency, have nothing to back them up, so there's no "there" there in terms of value. Security is an issue: I recall people storing their Bitcoin in Mount Gox, only to have it somehow stolen. And it suffers the same problem as regular currencies: Despite its decentralization, there's nothing to prevent people from "hoarding" or speculating on cryptos, so in terms of wealth equalization it's a bust.

*****

I think the blockchain technology is here to stay. It offers HUGE advantages in terms of recording transactions. But what I believe will happen is that there will be MANY applications of blockchain: nations (like Iceland and Russia) have already created national cryptos issued by central banks, and there will be many more crytpos created by banks, individuals, nations, and consortia. The "value" of each cryptocurrency will be decided on a number of factors, such as ease of use, stability of value, "backing" etc. MANY will fall by the wayside. Ultimately, I think there will be at least one gold-backed cryptocurrency if not more, and many national cryptocurrencies, and quite possibly one international-bank (IMF)-backed crytpocurrency, which may be backed by SDRs (special drawing rights). I honestly don't know if Bitcoin or the other "retail" cryptocurrencies will survive.



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Pity would be no more,
If we did not MAKE men poor - William Blake

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Friday, October 20, 2017 8:55 PM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


Speak of the devil!

Quote:

The Next Generation Of Currency Wars: Private Vs State-backed Crypto

Recently Russia announced that it will be unleashing a CryptoRuble, just a week after Vladimir Putin strongly criticized Bitcoin and other private cryptocurrencies. When announcing the move, Minister of Communications Nikolay Nikiforov acknowledged that it was in part inspired by the aim of getting ahead of other governments:

I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after two months our neighbors in the EurAsEC will.

In doing so, Russia is following the lead of another country that too has become hostile to private crypto, China. Last July the People’s Bank of China became the first central bank to announce it had developed a crypto-prototype that it plans to offer alongside the traditional renminbi.

That the first forays into state-backed cryptocurrency comes from two countries with a history of restricting a free and open internet is not surprising. While Bitcoin originated as a way to opt out of government control of money supply, increasingly governments see the underlying technology as a way to increase their control of the economy.

As Xiong Yue explained:

" For example, if the government plans to subsidize certain farms, say some corn farms, to support this sector of agriculture, they can directly add a certain amount of money to the wallets of some farms, for instance 100 million dollars and program this money to be sent to certain fertilizer merchants at a certain time, and that each can only spend maximum of 10 million dollars per year, and in this way, they can make sure that the farmers won’t squander the windfalls, and that this money won’t flow to other sectors, for instance, the stock market or real estate market. Even though this kind of monetary policy is bound to fail,

I don't think so
Quote:

from the perspective of government officials, CBDC provides them a better tool. For them, with the help of the CBDC, they can plan and manage the economy better."


Not to be left behind, the IMF – who some analysts, such as Jim Rickards, believe is prepared to step up to replace the US dollar as the next global reserve currency – recently opened the door to issuing their own cryptocurrency in the future. While some crypto-advocates have naively celebrated recent comments by Christine Lagarde on the future potential of digital currency, such praise simply reflects the increasing awareness of technocrats that the finance is changing and they must be prepared for it. Considering central banks around the world have continued to advance their war on cash, it is not surprising to see Lagarde and others come adapt to the concept so quickly.

Exchange Regulation
The usefulness of state-controlled crypto is why we should expect increased scrutiny and regulation on private cryptocurrency exchanges.

It's been reported that the Chinese government, which shutdown private crypto-exchanges in September, is looking into reopening exchanges with increased regulation. Russia, too, is working on exchange regulation, rather than an outright ban. This apparent change in direction may be the consequence of China’s exchange ban resulting in an increased use of peer-to-peer platforms in the face of the government crackdown.

For the same reason that government prefers regulated bank accounts to cash and safes, state officials may recognize the benefit to propping up licensed exchanges. Already we have seen numerous cryptoexchanges be willing to collect and hand-over sensitive customer information in exchange for government-issued licenses. Much like banks, these exchanges are increasingly being enlisted as tax collectors for government.

Calm Before the Storm?
While this loss of privacy may outrage Bitcoin’s initial supporters, it’s understandable why many current holders may be perfectly happy with these developments. After all, while much of Bitcoin’s initial appeal was its usefulness in black markets, a major reason for its astronomical rise in value is its increasing appeal among average customers who were never all that concerned with financial services regulation. Not only has it helped its appeal as an investment, but also its daily use. Japan, for example, saw a major surge in retailers accepting Bitcoin once a firm regulatory framework was implemented.

It is worth wondering whether this harmony between government and consumers will continue, however, once state-controlled crypto truly ramps up.

After all, we’ve already seen government rely upon traditional boogeymen of terrorists, drug dealers, and other criminals as justification for their increased control. The increasing use of Bitcoin by hackers and extortionists provides a modern-day twist to these age-old scare tactics. Is it all that difficult to foresee a scenario where governments attempt to freeze all regulated exchanges in the aftermath of some terrorist attack or other scenario? Or go one step further, and legally mandate replacing a privately-held asset for a government-issued currency?

The example of China demonstrates the inherently decentralized nature of Bitcoin will likely always ensure a degree of functionality beyond the reach of government. At the same time however, the increased popular appeal of crypto-currency also means increasing reliance on third-party services, and fewer individuals securing their investments in private wallets. Since the most popular – and thus most lucrative – exchanges and other services have an inherent incentive to maintain a good relationship with legal authorities, it is easy to see how this easily plays to the benefit of government officials.

Already within the industry debate is raging between those who prioritize “efficiency” and mainstream appeal – even at the expense of crypto's decentralized-origins. Luckily, Bitcoin’s original Austro-libertarian ethos means that we are likely to see major industry influence pushing back on state-control.

A Preemptive Strike for Monetary Freedom
In the meantime, this is yet another reason why what little political capital libertarians on monetary policy have should not be wasted pursuing moderate reforms such as forcing the Fed to embrace rules-based monetary policy. There is no hope to ever transform the Federal Reserve into a useful – or even non-harmful – institution. That hope does exist, however, in crypto.

As future monetary policy is soon to become a major topic of conversation as President Trump rolls out his Federal Reserve nominations, it would be a major loss for the cause to not see Senator Rand Paul and other Fed-sceptics use the opportunity to push discussion about the need for competition in currencies. Further, the recent surge in states that have legalized the use of gold and silver for the payment of debt means there has never been a stronger political case for the elimination of legal tender laws and the taxes imposed on alternative currencies like Ron Paul proposed when in Congress. Such a move now could help set the stage for America being a true safe haven for private crypto in the future.

Doing so may give the cryptocurrency industry the freedom to give us a fighting chance to truly end the Fed, and their clones around the world.


http://www.zerohedge.com/news/2017-10-20/next-generation-currency-wars
-private-vs-state-backed-crypto


In the meantime, what I wanted to include in my previous post was that Bitcoin value is likely to bounce around quite a bit. You can make a lot of money on it, but don't buy it with the idea that you're going to passively stick it in a vault and wait for the wealth to roll in. You need to be on top of that value EVERY DAY, because you might hit an air pocket like you wouldn't believe!


-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

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Sunday, November 12, 2017 7:14 PM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


Crypto Chaos Explained - Bitcoin Crashes As 'Cash' Tops Ether For First Time

Bitcoin collapsed overnight, trading as low as $5555 - down 30% from its highs - before bouncing back above $6000, as Bitcoin Cash soared to as high as $2450 (4 times its price on Friday), overtaking Ethereum briefly as the second largest market cap cryptocurrency.

http://www.zerohedge.com/news/2017-11-12/crypto-chaos-explained-bitcoi
n-crashes-cash-tops-ether-first-time


This is part of that shakeout that I think will be taking place for the next 2-4 years. If you pick the winner, good on you!

-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

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Thursday, November 30, 2017 10:53 AM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


It's UP!

It's DOWN!

It's UP!

Today, it's DOWN.

Quote:

Cryptos Are Crashing Again


Yes, you can make a lot of money on them, by speculating, but you need to be like a day-trader in cryptos, and watch those suckers like a hawk. It's not a "buy and walk away" kind of investment.

-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

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Friday, December 1, 2017 1:55 AM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


Just think of the poor guy who mined Bitcoin when it was pennies, stored them on his hard drive and forgot about them when he threw out his old PC!

'I could have gone around the world or bought a yacht': How throwing out one computer part cost an Australian tech expert $4.8 MILLION
http://www.dailymail.co.uk/news/article-4543488/Man-throws-Bitcoin-har
d-drive-worth-4-8billion.html


-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

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Wednesday, December 6, 2017 4:14 PM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


Quote:

Largest Crypto-Mining Exchange Confirms It Was Hacked, Over $50 Million In Bitcoin Stolen
Eh. Kinda like Mt Gox.

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Pity would be no more,
If we did not MAKE men poor - William Blake

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Wednesday, December 6, 2017 8:39 PM

6IXSTRINGJACK


The videos I had seen about bitcoin weren't just about speculation. They were touting Bitcoin as the "perfect currency".... One that could not be managed by banks, or split on Congress' (or any other government's) whim.

I dunno... doesn't the fact that it was less than 50 bucks a year ago and is now nearly $15,000 per "coin" kind of eliminate most of it's intrinsic value? How is this supposed to be used as currency when nobody but the uber-rich can afford a single one?

The ONLY thing I see going for it right now is that there is (supposedly) a finite amount of them. At the end of the day, all it is, is 1's and 0's.


I don't know how the speculation happened and how it reached this level, and I don't know when the bubble is going to burst, but what I think we're witnissing here is the prelude to a crash so hard that people will never use crypto-currency again, no matter how much of a "perfect currency" it has the potential of being. You won't be able to buy anything with it if nobody will accept it as payment. Unlike Federal issued USD, there is no laws anywhere I know of that say it is against the law for any business not to accept it as payment.

Do Right, Be Right. :)

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Wednesday, December 6, 2017 8:53 PM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


Part of the problem with a "currency" whose value zooms up (and down) with astronomical speed is the inability to PRICE anything. It's a moment-to-moment value.

Let's see, your price for this widget will be 0.0012 ... no 0.0013 .... er, no 0.0010 ... no wait, 0.0008 ... hold on a sec, 0.0017 Bitcoin!

-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

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Wednesday, December 6, 2017 9:11 PM

6IXSTRINGJACK


Well, right. That's my point exactly. The only reason why Bitcoin was supposed to be worth anything was because it was a better alternative than the USD. But it's just proven that it's not at all immune to rampant speculation and obscenely wild price fluctuations, so that entire idea is shot.

I thought my triple gains in Google many years back was pretty crazy, but Google was actually doing a lot of stuff as a company. There is no legitimate reason that Bitcoin is going for nearly $15,000 per coin right now other than speculation. Bitcoin was supposed to be good for one thing, and now it's not good at that anymore. A crash is inevitable, and I don't see how crypto-currency can bounce back from that stigma once it happens.

Do Right, Be Right. :)

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Thursday, December 7, 2017 6:29 AM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


It's called "panic buying" and it's the mark of a bubble, I've read.


-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

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Sunday, January 7, 2018 6:50 AM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


And then, there is the problem of hardware hacks revolving (hubby says) around "hyperthreading" and "giant caches" which affect EVERY chip made by Intel, ARM, and AMD processors.

Apparently, crypto-currencies can be hacked at the hardware level. http://www.fireflyfans.net/mthread.aspx?tid=61747

Oh, dear.



-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

America is an oligarchy
http://www.fireflyfans.net/mthread.aspx?tid=57876

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Sunday, January 7, 2018 7:10 AM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


As I mentioned previously, Bitcoin is NOT "anonymous". While the transaction records are "distributed", they completely track every exchange that ever happened with every Bitcoin (or fraction thereof). Having an "anonymous" cryptocurrency kind of defeats the purpose of the distributed ledger. And, people are wising up to that fact ...

Quote:

Criminals Abandon Bitcoin As Privacy Weakens

While the establishment would like the world to believe that only criminal masterminds and people with something to hide would prefer the decentralized freedom of Bitcoin (as opposed to the 'under government watch' banking system that floats Washington's boat), the truth is that the biggest cryptocurrency is considerably less 'anonymous' than is commonly exclaimed.

In fact, as more and more criminals become aware of the real privacy concerns of Bitcoin, they are increasingly turning to other - more private - coins.


https://www.zerohedge.com/news/2018-01-06/criminals-abandon-bitcoin-pr
ivacy-weakens




-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

America is an oligarchy
http://www.fireflyfans.net/mthread.aspx?tid=57876

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Sunday, January 7, 2018 7:16 AM

6IXSTRINGJACK


lol.. I had stopped paying attention. It has taken a hit recently, but it's still over 16k! How high did it actually get? 20k! I could have sunk what I had last year into it at around 60 bucks a pop and had enough money to live 5 lifetimes if I sold at the top.

Somebody is going to get screwed hard. I'm guessing the people who invested at the top aren't feeling all that smart right about now.

Do Right, Be Right. :)

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Thursday, January 18, 2018 8:18 PM

6IXSTRINGJACK


Betcha you're glad you didn't buy bitcoin at the top.

https://www.worldcoinindex.com/coin/bitcoin

It's sitting at 11.5k today, but it has seen fluctuation between mid 14k and as low as 8.6k in just the last 7 freakin days.

I still would have never had to worry about money for the rest of my life if I bought last year at $50 bucks with all of my money and sold it any day this last week, but anybody currently investing in this scam is insane.

Do Right, Be Right. :)

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Saturday, February 13, 2021 11:48 AM

6IXSTRINGJACK


Quote:

Originally posted by 6IXSTRINGJACK:
The videos I had seen about bitcoin weren't just about speculation. They were touting Bitcoin as the "perfect currency".... One that could not be managed by banks, or split on Congress' (or any other government's) whim.

I dunno... doesn't the fact that it was less than 50 bucks a year ago and is now nearly $15,000 per "coin" kind of eliminate most of it's intrinsic value? How is this supposed to be used as currency when nobody but the uber-rich can afford a single one?

The ONLY thing I see going for it right now is that there is (supposedly) a finite amount of them. At the end of the day, all it is, is 1's and 0's.


I don't know how the speculation happened and how it reached this level, and I don't know when the bubble is going to burst, but what I think we're witnissing here is the prelude to a crash so hard that people will never use crypto-currency again, no matter how much of a "perfect currency" it has the potential of being. You won't be able to buy anything with it if nobody will accept it as payment. Unlike Federal issued USD, there is no laws anywhere I know of that say it is against the law for any business not to accept it as payment.

Do Right, Be Right. :)



https://www.project-syndicate.org/commentary/bitcoin-bubble-price-vola
tility-investment-risk-by-willem-h-buiter-2021-02


If I bought in bitcoin at $44,000, I'd be shitting my pants after the whole GameStop fiasco.

GameStop isn't worth shit, but at least there IS a product there somewhere.


--------------------------------------------------

A government is a body of people usually, notably, governed by Mark Zuckerborg and Slack Dorsey.

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Sunday, May 2, 2021 11:21 AM

JAYNEZTOWN


Dogecoin skyrockets after Elon Musk labels himself 'Dogefather'

https://news.yahoo.com/dogecoin-cryptocurrency-bitcoin-ethereum-elon-m
usk-094925821.html


'I just became a dogecoin millionaire': This 33-year-old invested his savings in the meme cryptocurrency with inspiration from Elon Musk

https://www.cnbc.com/2021/04/22/reddit-trader-im-a-dogecoin-millionair
e-inspired-by-elon-musk.html

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Friday, November 26, 2021 4:30 PM

JAYNEZTOWN


Crypto: Binance CEO talks bitcoin, Elon Musk, dogecoin, regulation, Warren Buffett, and more

https://finance.yahoo.com/video/crypto-binance-ceo-talks-bitcoin-15204
3456.html

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Friday, January 7, 2022 2:53 PM

JAYNEZTOWN


Kazakhstan internet shutdown deals blow to global bitcoin mining operation

https://www.theguardian.com/world/2022/jan/06/kazakhstan-bitcoin-inter
net-shutdown

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Sunday, January 9, 2022 9:42 PM

JAYNEZTOWN


Bitcoin Crashes as Major Crypto Country Shuts Down Entire Internet
https://futurism.com/the-byte/bitcoin-crash-turmoil-kazakhstan

Kazakhstan's internet shutdown takes out 18% of global Bitcoin production and sends the value of cryptocurrency plummeting by 8% as Russia deploys troops to crush protests
https://www.dailymail.co.uk/news/article-10381775/Bitcoin-tumbles-8-Ka
zakhstan-internet-shutdown-hits-cryptocurrency-mining-operation.html


Kazakhstan's deadly protests hit bitcoin, as the world's second-biggest mining hub shuts down
https://www.cnbc.com/2022/01/06/kazakhstan-bitcoin-mining-shuts-down-a
mid-fatal-protests.html

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Sunday, January 9, 2022 10:46 PM

6IXSTRINGJACK


Quote:

Originally posted by JAYNEZTOWN:
Bitcoin Crashes as Major Crypto Country Shuts Down Entire Internet
https://futurism.com/the-byte/bitcoin-crash-turmoil-kazakhstan



Jesus... I haven't been paying any attention to it in a long time but the last time I saw it it was "only" $20,000. Fucking crazy. A LOT of people are going to lose everything when this bullshit all comes crashing down around them.

Looks like a lot of people already have. It was up over $50,000 not long ago!!!


I could have bought this back when it was $50. lol


Too bad I didn't pay attention to the YouTube crazy people back before anybody knew what BitCoin was.



I think the problem was that they all pretended they knew what it was, but nobody could actually really explain what it was. It's just a bunch of ones and zeros that provide no product or service. Pure speculation pulled straight out of the ether.

--------------------------------------------------

Vaccinated People: "You need to get muh vaccination shots that don't work because I got muh vaccination shots that don't work and I'm afraid of people that didn't get muh vaccination shots that don't work because muh vaccination shots that don't work don't work."

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Monday, January 24, 2022 12:50 AM

1KIKI

Goodbye, kind world (George Monbiot) - In common with all those generations which have contemplated catastrophe, we appear to be incapable of understanding what confronts us.



And bitcoin continues to decline by another 10% off its high in less than 2 weeks -

Bitcoin value tumbles almost 50% since record November
https://edition.cnn.com/2022/01/22/investing/bitcoin-ethereum-cryptocu
rrency-price-record-high/index.html



I'm not sure why bitcoin was so over-hyped. Like everything else considered as an item of exchange, value depends on what people think of it. Dollars, (oh, btw the USD is slowly being tunneled-under as a THE global currency), gold, wampum ... bitcoin ... they're all subject to humanity and its irrationality.

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Monday, January 24, 2022 11:04 AM

6IXSTRINGJACK


Yeah. I don't get it either. I'll be the first to admit that I've never understood bitcoin.

I think if everybody admitted that, it would be worth about a nickle each right now.

--------------------------------------------------

Vaccinated People: "You need to get muh vaccination shots that don't work because I got muh vaccination shots that don't work and I'm afraid of people that didn't get muh vaccination shots that don't work because muh vaccination shots that don't work don't work."

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Monday, January 24, 2022 4:44 PM

6IXSTRINGJACK


My buddy...

Stuck with that AMC stock. I hope things turn around for him on that one.

At least I know he won't ever have problems making money like I've had. I just hope that he isn't seriously downplaying how much he's invested in it up to this point. He was on his way to being a millionaire and there was no convincing him otherwise.

--------------------------------------------------

Vaccinated People: "You need to get muh vaccination shots that don't work because I got muh vaccination shots that don't work and I'm afraid of people that didn't get muh vaccination shots that don't work because muh vaccination shots that don't work don't work."

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Monday, January 24, 2022 10:18 PM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


Cryptocurrency Is a Giant Ponzi Scheme

https://www.jacobinmag.com/2022/01/cryptocurrency-scam-blockchain-bitc
oin-economy-decentralization



I got halfway through this article, but the amount of price/ liquidity manipulation being practiced on crypto was enough to make my head hurt. There are so many bogus aspects to crypto that I need to reread the article just to make sure I understand it all.

-----------
Pity would be no more,
If we did not MAKE men poor - William Blake


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Tuesday, January 25, 2022 3:06 AM

1KIKI

Goodbye, kind world (George Monbiot) - In common with all those generations which have contemplated catastrophe, we appear to be incapable of understanding what confronts us.



I'm only partway through the article, but I see this as important:
Quote:

The whole system relies on traders actually being able to exchange tethers* for real cash or — far more commonly in practice — other traditional cryptocurrencies that can be sold for cash on banked exchanges like Coinbase or Gemini, both headquartered in the United States.
Basically, people aren't holding or exchanging crypto because they think crypto is in itself so valuable. It's only a mechanism to get more real cash.

So the idea of crypto being a 'currency' is already falling apart. It's morphed into a craze-based collectible for trading - like tulips - in order to acquire real money.

*a cryptocurrency pegged to the dollar, 1 tether = 1 dollar

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Tuesday, January 25, 2022 3:25 AM

1KIKI

Goodbye, kind world (George Monbiot) - In common with all those generations which have contemplated catastrophe, we appear to be incapable of understanding what confronts us.



The plot gets more complicated.
Quote:

... iFinex... is printing tethers from thin air and using them to buy up Bitcoin and other cryptocurrencies in order to create artificial scarcity and drive prices higher.
... private companies issuing stablecoins (like tether) are indiscriminately inflating cryptocurrency prices so that they can be dumped on unsuspecting investors.



ETA: Basically, select companies are creating stablecoins out of thin air, to buy up the supply of cryptocurrency, in order to determine the 'price' of cryptos.


The author makes the point that the COST of generating cryptocurrency is huge - roughly the value of 1% of global electricity demand. But the VALUE is completely determined by price-fixing.

If people lose confidence that they can exchange their crypto for REAL money, the value will disappear like tears in rain (even going below the cost of generating crypto). SOMEONE will eat that loss.

But it won't be corporations, who may briefly use crypto to pump their own company's valuation before ditching it. It'll be the small investors, who may have put a substantial chunk of their net worth into crypto, who will be devastated by the loss.

Finally, the article makes the case that regulators have been virtually absent. And that's because of intense lobbying by the crypto industry itself.

Quote:

In the case of cryptocurrency, regulation is an existential risk precisely because regulatory loopholes and fraud are the only reason the industry appears profitable despite being wholly unproductive and a waste of energy resources. The same applies to private cryptocurrencies as a whole. The longer governments take to ban them, the worse normal people will be hurt.




The author makes a case that crypto is a lot like the derivatives trading based on fraudulent mortgages and the real-estate bubble that led to the 2008 meltdown.

I too wonder how deeply this can infect the normal economy. When ordinary people started taking out loans to buy the stock bubble in the 1920's, when the stock market collapsed it led to the Great Depression, and people of course losing their homes, farms, etc. When ordinary people got loans to buy the real estate bubble in the 1980's and the bubble popped, it led to the Great Recession. When the crypto bubble pops, it'll be primarily individual small 'investors' in crypto who are going to lose the real money they sunk into it.

In the public interest, I think it behooves the government to regulate cryptos, perhaps as the author suggest by breaking the link between real money and cryptos.

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Tuesday, January 25, 2022 7:26 AM

6IXSTRINGJACK


Quote:

Originally posted by 1KIKI:

I'm only partway through the article, but I see this as important:
Quote:

The whole system relies on traders actually being able to exchange tethers* for real cash or — far more commonly in practice — other traditional cryptocurrencies that can be sold for cash on banked exchanges like Coinbase or Gemini, both headquartered in the United States.
Basically, people aren't holding or exchanging crypto because they think crypto is in itself so valuable. It's only a mechanism to get more real cash.

So the idea of crypto being a 'currency' is already falling apart. It's morphed into a craze-based collectible for trading - like tulips - in order to acquire real money.

*a cryptocurrency pegged to the dollar, 1 tether = 1 dollar



Wow. I said that back in December of 2017.

Maybe I do understand Bitcoin.

Quote:

Originally posted by 6IXSTRINGJACK:
The videos I had seen about bitcoin weren't just about speculation. They were touting Bitcoin as the "perfect currency".... One that could not be managed by banks, or split on Congress' (or any other government's) whim.

I dunno... doesn't the fact that it was less than 50 bucks a year ago and is now nearly $15,000 per "coin" kind of eliminate most of it's intrinsic value? How is this supposed to be used as currency when nobody but the uber-rich can afford a single one?

The ONLY thing I see going for it right now is that there is (supposedly) a finite amount of them. At the end of the day, all it is, is 1's and 0's.


I don't know how the speculation happened and how it reached this level, and I don't know when the bubble is going to burst, but what I think we're witnissing here is the prelude to a crash so hard that people will never use crypto-currency again, no matter how much of a "perfect currency" it has the potential of being. You won't be able to buy anything with it if nobody will accept it as payment. Unlike Federal issued USD, there is no laws anywhere I know of that say it is against the law for any business not to accept it as payment.

Do Right, Be Right. :)



The crash hasn't happened yet, but it will. It's a total pyramid scheme.

It should have been outlawed from the start. The problem is now, if any government tries to kill it they're single-handedly ruining the lives of a hell of a lot of people.

Probably won't come off too good while Nancy Pelosi is defending her right to insider trading.



As for there being a "supposedly finite amount of them", that's all bullshit too. Now that it's trading so high, people are just buying a fraction of a fraction of a percent of a coin at a time.

Bitcoin is the definition of infinity.

--------------------------------------------------

Vaccinated People: "You need to get muh vaccination shots that don't work because I got muh vaccination shots that don't work and I'm afraid of people that didn't get muh vaccination shots that don't work because muh vaccination shots that don't work don't work."

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Tuesday, January 25, 2022 4:13 PM

1KIKI

Goodbye, kind world (George Monbiot) - In common with all those generations which have contemplated catastrophe, we appear to be incapable of understanding what confronts us.



In regards to cryptos and tulips, here's the link to Project Gutenberg's copy of

Extraordinary Popular Delusions and the Madness of Crowds
https://www.gutenberg.org/files/24518/24518-h/24518-h.htm#tulipomania

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Tuesday, January 25, 2022 6:35 PM

6IXSTRINGJACK


Quote:

Originally posted by 1KIKI:

In regards to cryptos and tulips, here's the link to Project Gutenberg's copy of

Extraordinary Popular Delusions and the Madness of Crowds
https://www.gutenberg.org/files/24518/24518-h/24518-h.htm#tulipomania]



Quote:



“The tulip next appeared, all over gay,

But wanton, full of pride, and full of play;

The world can’t shew a dye but here has place;

Nay, by new mixtures, she can change her face;

Purple and gold are both beneath her care,

The richest needlework she loves to wear;

Her only study is to please the eye,

And to outshine the rest in finery.”





You want purple in 2022 it's going to cost you.



Isn't she beautiful? She can be yours for the low, low price of only $241.99.

https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/8
3177898416165319384258918140288820276451610121276651584529183931460973756417


Or, yanno... If you're not insane you can just right click and Save As.

Hell. I dunno NFT law. It's probably insane. I could probably get sued for posting this image here, so I'll just hype it up. You should DEFINITELY buy this for $241.99.




--------------------------------------------------

Vaccinated People: "You need to get muh vaccination shots that don't work because I got muh vaccination shots that don't work and I'm afraid of people that didn't get muh vaccination shots that don't work because muh vaccination shots that don't work don't work."

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Saturday, February 12, 2022 10:24 AM

SIGNYM

I believe in solving problems, not sharing them. SECOND: I am so very sorry I libelled you by labelling you a Russian Troll. I apologize for this. http://www.fireflyfans.net/mthread.aspx?bid=18&tid=64646&p=2


I finally made my way thru the entire article. What it says, in sum,is that there is nothing of intrinsic value backing any of the cryptocurrencies.

They consume a lot of electricity to produce nothing of material value

They can't be readily exchanged for recognized currency

They're "backed" - insofar as they have any backing at all- by equally unbacked "stable coins" which are theoretically pegged to the dollar but which have very few actual dollars in reserve. And since stable coins can be created at will, they are used to manipulate the price of various cryptos.


Since they cost more than they're worth, they depend on sucking in more "investors" to pay off the previous investors - a classic Ponzi scheme- once all of the speculation/market manipulation is wrung out of cryptos there will be literally nothing left in the ashes to recover

The same, however, can be said about ANY fiat currency, which is just a piece of paper or -more often- bits in an electronic ledger. Cryptos and fiat currency share the same problems, the only difference being that one is officially approved by a government and the other is not. There are many historical examples of fiat currencies becoming worthless due to hyperinflation, proving that there is no INTRINSIC value behind even government- backed currencies.

AFA the USD, Nixon attempted to back the USD with oil (instead of gold) and that has worked remarkably well for 50 years, but unregulated money-printing by the Fed may bring that to a close.

-----------
Pity would be no more,
If we did not MAKE men poor - William Blake


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Saturday, February 12, 2022 10:29 AM

6IXSTRINGJACK


Oh... It's terrible how much energy we waste "mining" the coin.

And the worst part about it is that it just requires exponential energy to continue to do so.

What was supposedly going to be an alternative to currency that took the power out of the hands of the elites and gave it to the plebs is just allowing another means for the elite to screw over the plebs.

Most of the biggest crypo guys and gals out there were already big in traditional finance. Even worse, some of them were already banned from the traditional market.



I'm just hoping when it all comes crashing down that it doesn't take the rest of the economy with it. It's already on life support after what we did to it over Covid.

--------------------------------------------------

Vaccinated People: "You need to get muh vaccination shots that don't work because I got muh vaccination shots that don't work and I'm afraid of people that didn't get muh vaccination shots that don't work because muh vaccination shots that don't work don't work."

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Saturday, February 12, 2022 10:31 AM

6IXSTRINGJACK




--------------------------------------------------

Vaccinated People: "You need to get muh vaccination shots that don't work because I got muh vaccination shots that don't work and I'm afraid of people that didn't get muh vaccination shots that don't work because muh vaccination shots that don't work don't work."

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Wednesday, March 9, 2022 9:14 PM

JAYNEZTOWN


Biden signs order on cryptocurrency as its use explodes
https://apnews.com/article/russia-ukraine-cryptocurrency-biden-technol
ogy-business-7af1d9bfda2d22046547fd9d51711ef5

Under the executive order, Biden also has directed the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.

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Wednesday, March 9, 2022 9:45 PM

6IXSTRINGJACK


When I first read the headline, I thought it could possibly be a good thing.

It's not.

All they're trying to do is have complete government control over Crypto.

Part of the discussion is actually creating a US Cryptocurrency.

This is terrible news.

--------------------------------------------------

Me: "Remember Covid?"

Useless Idiots: "What's Covid, durr? Russia, Ukraine, Putin, NATO *drool*. DURRRR!!!!"

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Friday, March 11, 2022 6:37 PM

JAYNEZTOWN


Biden KILLS Crypto! And blames it on Russia? | Louder With Crowder
https://www.bitchute.com/video/7uRpAzd-I5I/

Watch Joe Biden Get Lost Again, Wander Around Trying To Figure Out How To Just Get Off Of A Stage
https://rumble.com/vx095c-watch-joe-biden-get-lost-again-wander-around
-trying-to-figure-out-how-to-ju.html

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Friday, March 11, 2022 7:41 PM

6IXSTRINGJACK


Crowder and the AP seem to have entirely different spins on what Biden* is doing with crypto.

Bitcoin is up $282.00 today.

--------------------------------------------------

Me: "Remember Covid?"

Useless Idiots: "What's Covid, durr? Russia, Ukraine, Putin, NATO *drool*. DURRRR!!!!"

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Thursday, May 12, 2022 3:27 PM

JAYNEZTOWN

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Monday, June 6, 2022 9:27 PM

JAYNEZTOWN

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Monday, June 6, 2022 10:41 PM

6IXSTRINGJACK


Quote:

Originally posted by JAYNEZTOWN:
Is central bank digital currency dangerous?

https://rumble.com/v17ih0e-is-central-bank-digital-currency-dangerous.
html



Absolutely it is.

Not only would they be able to automate who gets to spend their money and who doesn't based off of how they think (Justin Trudeau on Crack), but who's to say they can't just make currency with an expiration date?

Imagine that. A digital currency future world where there is no such thing as savings, and mankind is 100% at the whim of the government for sustenance until the sun burns out or we nuke the planet.

--------------------------------------------------

Falsus in unum, falsus in omnibus

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Friday, June 17, 2022 3:12 AM

JAYNEZTOWN



El Salvador minister says Bitcoin crash poses 'extremely minimal' fiscal risk

https://www.channelnewsasia.com/business/el-salvador-minister-says-bit
coin-crash-poses-extremely-minimal-fiscal-risk-2744911


What will the crypto crash mean for 'bitcoin nation' El Salvador?

https://www.newscientist.com/article/2324810-what-will-the-crypto-cras
h-mean-for-bitcoin-nation-el-salvador
/

El Salvador: The country where you can buy anything with Bitcoin

https://finance.yahoo.com/news/el-salvador-country-where-buy-011521770
.html


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Friday, June 17, 2022 7:35 AM

6IXSTRINGJACK


You're kind of retarded if you looked at the speculative price history of bitcoin and every other form of online currency and thought it was a good idea to base your currency on it.

It would be like tying the value of your country's money to the value of the US housing market 3 months ago.

--------------------------------------------------

Falsus in unum, falsus in omnibus

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