Yep that was so crazy dude! Can you imagine? People using money to light fires and crap? A whole wheel barrel full of money that wouldn't buy so much as a newspaper? :shocked: Crazy.
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On a related note, I just read that the Fed is putting out a paper this summer on the concept of government crypto, and comments will be requested.
Enjoy your Betamax while you can, kids. Once the government enters the market the legitimacy it brings will wipe the rest out.
The good getting may be gone as Bitcoin is down to 33k (-23k in 3 months). As Ben says once regulators get involved the party is over. The only silver lining I see is if the government adopts crypto there will still be money made on some of the utilities of crypto
I am an expert on neither; my world revolves around the real thing.
This might be a helpful (and short) primer for those interested in learning more about the differences:
https://crypto-current.co/digital-cu...nology%2C DLT.
Ahhh... thanks MG and the others for the lesson on the distinction as I too didn’t make that until rereading this tread and doing more research. My personality makes me prone to take those types of risks so of course I took the leap and hopped on the roller coaster....I’m on a sex board right? I’m an early adopter who’s licking his wounds from the recent bloodbath. For me now it’s like my first hobby experience, there’s no turning back now because it’s a part of the portfolio :bigwhack:
Hey RTC...sorry you have been wounded. But your sex crypto analogy is flawed. Investing is analogous to sex, whereas crypto is analogous to the new chick on LC with no reviews, an unclear menu, but looks kinda hot with a big rack. You might have fun, but you might get jacked, and you definitely know the odds are better sticking to verified vets on OH2.
Yesterday Fed Board of Governor Lael Brainard spoke at a crypto conference about a digital dollar:
https://www.cnn.com/2021/05/24/econo...ard/index.html
I find the comments about stronger consumer protection thru a central currency versus third party crypto to be highly compelling and has convinced me that governments will take over this space and private crypto won't survive. I can see being wrong on that, but feel pretty good about my analysis.
:boom:
“Uhhhggg”- Charlie Brown. That’s why I fuck with you and MG the long way...nuanced analogous skills. :hardhead:
Hey Ben, that's not a bad link but it could be a little confusing for some. It doesn't fully explain the story behind digital currency and crypto currency. Granted, like you said it's just a quick and simple tutorial to understand the basics.
What I said earlier about the fact that digital currency is already happening/occuring was also a slight misnomer. Part of the problem is that the line between our physical and fiat currencies (e.g. dollars, euros...) and digital transactions in a mostly cashless society are becoming blurred. We in fact do live in a nearly cashless society that relies on heavily on digital transactions. Those are not technically a form of new legal tender, as it's all still based on government issued, centralized, fiat money distributed by the respective authority.
There is already a project by the Digital Dollar Foundation to launch a pilot program over the next 12mos to gather data on how a new form of digital currency in the US might work.
That digital currency, however, is intended to be a separate form of currency and not to replace "cash" or the dollar. It's primarily to speed up certain types of transactions even further. So, it would simply be another available option [potentially].
I don't know that we will move away from the dollar anytime soon. A digital currency will likely just be a faster form of the US backed dollar, very similar to how cashless digital transactions happen today. A US issued dollar, as are most world currencies today, are fiat currencies anyway. Meaning they have nothing "backing" their value (such as gold).
Every currency today are simply a function of the global markets, supply and demand, and so on.... Their value could just as easily be stored in a centralized database without a single printed piece of "cash" in existence (theoretically anyway). That's what much of our money is like today anyway; data points inside bank database ledgers.
Crypto IS a type of digital currency. It is not a digital currency that will replace government issued currency (i.e. dollars or euros) and it is nothing at all like the concept of a government issued digital currency. So, crypto is digital BUT digital currency does not have to be cryptocurrency. Not at all. In fact, a more general purpose government issued currency replacement almost certainly won't be anything like the privatized crypto available today.
Hiya MG.
FULLY agree.
That 2nd point is what I fear most do not appreciate enough. My take is the Feds will slowly introduce a digital version of the Dollar and run it through some sort of blockchain super ledger. As it is tested in the RW and the public has time to adapt and adopt (2 VERY different things!) It will expand, including linking to other digital national currencies (imagine not having to have banks exchange your currencies while charging fees and giving you bad rates!!!).
In the meantime, for those who invest in private crypto, here is today's quote for Bitcoin:
https://search.yahoo.com/search?p=Bi...&ei=UTF-8&fp=1
I draw your attention to the 52 week price delta. If you bought at $8 grand you are still way up, but if you bought high $50k you have taken it on the chin. That sort of volatility speaks volumes to the sector at this point in time.
Over time (probably not my lifetime) hard currency will be all but eliminated. Plenty of privacy issues to be concerned about, but from the Fed's perspective, there are massive benefits in terms of data, security, and policing (how much more difficult will it be for organized crime to operate if there are very few cash transaction?! Those deals will stick out for sure!) It might kill the hobby too if SOs could trace all funds...of course, by then America might be advanced enough to legalize Sex Work.
:rockon:
Actually crypto was invented originally for the intent of untraceable transactions on the dark web or as older gen calls it the onion... So crypto currency is perfect for things like hobbying.. The s.o cant see what you spent your doge or bit on only that a transaction has taken place..
Which...
Is why most p411 providers in Canada or europe pretty much all accept bitcoin ( we click a box in our services ) when i went to canada last year to visit a hobby lady who introduced me to this She only accepts bitcoin. And says when she travels to the usa she only accepts butcoin or crypto cus crypto isnt federally reconized as currency ( it isnt real) therfore offering services in exchange for services is 100% legal as the states say its only illegal to exchange bcd activities for monetary gain ( paper currency the almighty green paper form)
See explanation below
"In most states offering sexual services or agreeing to provide those services in exchange for money is considered prostitution whether or not the services are provided. That is why those sting operations you see on television are successful. The prostitute agrees to provide the service, the undercover police office pays for the service and then handcuffs the prostitute without the service being provided."
( this comes from one of the biggest lawfirms in the U.S)
Here is the ruling on crypto:
"So what does the future hold for Bitcoin You can use the virtual currency to make purchases in a wide variety of video games and at some retailers like overstock.com and tigerdirect.com. You can also use bitcoin to safely purchase gift cards for hundreds of business like Home Depot, Dunkin Donuts, and AMC Theatres. However, the Bitcoin website notes that “Bitcoin is not a fiat currency with legal tender status in any jurisdiction.”1 And based on the regulatory and enforcement actions of major governments, including the United States and Russia, that status is unlikely to change anytime soon."
Here is a explination link of the diffrence between crypto and fiat currency( cash/ paper/etc)
https://www.investopedia.com/article...id-bitcoin.asp
Great contribution Lovely. But it sort of proves my point...eliminating the private versions helps law enforcement. In effect, any private cryptos that survive become a form of barter because the public version is legal tender. Will there be enough activity on the private side once there is a public version? And isn't it likely that the Feds outlaw the private version once the public version is accepted? Crude analogy: you can still buy CSA banknotes, but you cannot buy anything with them...they have novelty value only. This will be an interesting space over the next 5-10 years...
I mean they originally tried to ban bitcoin at one time unsuccesfully.. My thinking is bitcoin is far to big to ever be outlawed. But idk you could be very right on future outcomes.. I mean uncle sam always gets his tax one way or another..
To be clear, I did not mean outlaw. Possible, but I think having a digital valid legal tender will make private crypto all but useless, except for criminals, and thus their transactions will stand out, which they won't want.
I agree as well. I don't think it will be "banned" or "outlawed" but it may end up only having novelty value or possible use in illicit markets.
Another thing I think people don't always realize is that a digital currency isn't some mythical concept. There are ways to enhance a digital currency, give it security features, or the concept of a blockchain where all transactions are recorded. FYI the concept of anonymity with crypto coins is beyond scope for this article but, yes, as Caroline said that is its main purpose. However, blockchain is totally transparent, meaning all transactions exist and are recorded within the entire blockchain, accessible anywhere within the global network. So, yes, you could add features like these and more, but a digital currency also could be just as similar to our current cashless online digital money transactions.
We don't need a physical piece of paper or legal tender in physical form to have a currency. Not anymore. In the distant past, even the not so distant past, we did need 'something' physical.
Why? Because we had no other bulletproof way to securely associate value to someone, or something, other than in the paper or coins they physically carried with them or stored in a bank. It was the extremely crude nationwide equivalent of a centralized database with everyone agreeing that these pieces of paper were worth whatever was printed on them and if you were in possession of one (or some) you had something of 'value'.
Nationwide, or global, databases didn't exist to have everyone, authorities, banks, etc... agree that Jeff Bezos is worth $200Bn (just a simple example). Obviously that cash doesn't exist. Not even the few billion he liquidated in recent years. It's just a figure in a database that banks anywhere can access and agree on. That cash doesn't even exist. It's just an agreement that he can get anything within the value of what is listed under his account balance(s).
The point is that a digital currency could be as simple as us all agreeing that banks are secure, they all have interconnected, centralized relational databases, that list the "dollar" amounts a person is worth (or "has"). With that understanding, what we do today is a type of digital currency whenever you make a Paypal or Amazon transaction.
Granted a true digital currency policy will likely expand and enhance our current cashless online transaction model immensely, with many new features, security, etc... BUT I don't expect the concept of the 'US dollar' to change for quite a good while.
We are simpatico MG.
Bitcoin up 4.5% today for those on the playground.
Of course, glad for those of you who put your $ on AMC today you could've retired...it more than doubled today.
Thank you ... Im actually meeting with realtor tomorrow..$AMC was definitely the best stock i ever put my savings into..well besides GME.. but that was long ago..i guess that could be an explination as to where ive been...lol ( buy the dip, hodl, refuse the Fud)
This video explains what and who we are im sure its on youtube but i use reddit soo.
https://www.reddit.com/r/amcstock/co...m_source=share
These are just bonuses..
https://youtu.be/E8cs6_jRxbg
https://www.reddit.com/r/amcstock/co...m_source=share
[QUOTE=lovelyxxxo;1096622] * please note photo is from a reddit post ( was trying to post pic and topic headline without the comments ) for some reason link didnt screenshot lol.. Ill get there though one day lol***
Buying the dip all weekend long.. Lol gotta couple calls for the 11th.. Safe calls but calls none the lessAttachment 862026
Do they think we sold???
"Ape no smart we not know sell.." Lol
Sorry reddit is on fire tonight especially after the the guy on the news admitted to naked shorts... Hoping yall caught it .. The news ladies reaction was freaking priceless. You know he packed his desk when he got off air lol.https://youtu.be/tLjej5bB6Zk
Smart move.
Buy the dips and hodl!! Lol
I'm loving this AMC play.
Honestly i tried to panic but my phone didnt reconize ended up ordering chicken tendies and 1,000 more... ( ive put all im putting in now raised my average from 10.40 to 18.90 ) in honestly feeling this memeAttachment 862780
Idk why everyone wants a lambo tho... I want the first ever made camero.. Classics man those hold and gain value.. Lambos depreciate...
Thus spoke Zarathustra...
Philosophical readings huh?? I dig it..
It is looking more and more like you are very correct, Ben.
I'm still holding out hope on the cryptos I have. I am not even considering cashing in.
I'm down now, but by only a trace.
I am going to be patient and see how it all plays out.
As of right now though, you appear to be right./
The theme of the transition from Apes to ubermensch seemed to fit as trading evolves, as does the theme of eternal recurrence...we shall see about cryptos being a dot.com bubble or not.
In related news El Salvador made Bitcoin legal tender this week. First country to do so.
Per the Wall Street Journal on 6/10:
El Salvador passed a law on Wednesday that would make the country the first in the world to deem Bitcoin a legal tender.
The designation allows bitcoin to be used to buy goods and pay taxes and bank loans with the currency. Businesses would also be required to accept bitcoin for payment.
***********************
Yup. The issue, as I see it, is that country is not strong enough to develop its own, so it adopts a crypto. They ranked 107 out of 196 countries in 2019 GDP. But if a G7 country were to develop its own and others follow, why wouldn't that drive out the private currencies? El Salvador already accepts the USD, so wouldn't everyone prefer a digital USD to Bitcoin?
According to the WSJ today...."ForUsAll inc. a 401K provider, announced earlier this month a deal with Coinbase that will allow workers in plans it administers to invest up to 5% of their 401K contributions to bitcoin, Ethereum,litecoin, and others...
Of course this doesn't mean it will be an avalanche of money being put into them. To me it's interesting to see how things are transpiring(coming together??) with cryptos.
Part of my RW job is to be a fiduciary to employer's 401-k. Not sure I would comfortable allowing it as an alternative at the current state of evolution. Plan Administrators try to avoid getting sued and looking at crypto volatility it is a risk companies try to avoid.
Billionaire investor Paul Tudor Jones said on Monday, June 14th, that he had bitcoin in his portfolio because it is a diversifier.
I am always skeptical of such comments. For one, he came from money. Two, he became extremely wealthy predicting Black Monday (smart or lucky? I think both....but still).
What does diversification require? No more for a billionairre than the rest of us:
https://www.forbes.com/advisor/inves...asset classes.
You can find similar descriptions. Investors were diversifying just fine before crypto existed, so I call BS on that comment...he made it in an attempt to move the market and protect his investment.
Bitcoin was up today when I last looked. I still do not believe in fundamentals. Also on fence enough to not short it. Infer what you like...
Bitcoin? This will end well said nobody. Just like the "Meme" stocks you have to watch it constantly. And usually the little guy gets burned.
I will stick with my APPL,FB,MSFT and GOOGL and sleep well at night!
Interesting report on why bitcoin is so volatile over on YT.
https://youtu.be/pEnzg8Fca8w
The UK has informed Binance they are not allowed to engage in any regulated activity. Apparently Japan may have given them a similar warning recently.
IMO these are the initial steps the G7 will take against private interests while developing a national digital strategy. Citi recently put out a good piece on this: there are now nearly 5,000 digital curremcies available, up from a few dozen in 2013. Market value is worth a few trillion dollars. Getting too big to ignore.
I've always watched it but never delved into it. But that is the one thing I figured was always coming. Governments are going to get involved and regulate at some point. They're going to get theirs. That's just the nature of government. And as we recently saw with the ransomware stuff, the anonymity of crypto isn't very anonymous.
Just a few additions and corrections
1. Bitcoin is not and was never made to be anonymous.
It's creation provides some very basic functions. 1.) Decentralizes currency 2.) increases the privacy and secuirty of the buyer in a buyer/seller transaction 3.) allows the owner more control over their funds.
This means instead of relying on a bank to retain responsibility over your funds you do.
It's also one of the main reasons the govt was able to recover the BTC from the Colonial Pipeline hackers. They already had the address, they simply needed the key.
It wasn't built for anonymizing purchases on the darkweb or anything close, period, that's flat out wrong. The fact that the ledger is distributed across the network means ANY transaction can be seen by ANYONE. It simple allows the buyer to share significantly less details about themselves for a purchase than with traditional means.
That is not to say it is not volatile, which is fairly obviously given the Elon Musk situation. However, writing it off as flimsy or bs might be a mistake as it is less so than so think.
Though most have started investing recently, due to it being popularized (similar to GME and AMC) BTC has exisited for over a decade, showing steady growth each year.
If BTC is to fail, it wont be because it was a scam or a bs concept. It will be due to centralized governments. Why? Because it cant be controlled and regulated in its current form, therefore they can't monetize it.
Its preciously why goverments are taking steps to ban current cryptocurrencies, while at the same time are actively using blockchain technologies to develop their own form of.
So just like ANY investment, do your research beforehand. I begin following BTC back in 2009 after reading the 08 whitepaper, but I didnt begin investing until years later (2012ish-13). I didnt make my first major purchase until 2017 (10k for 10 BTC coins, @ about $1000 per coin). I literally just did a transfer for a weekend trip and took out about half of my INITIAL investment for a weekend trip. Barely 0.15 coins for 4.5k.
So I'm not saying BTC is the answer, but just like any other investment. If you did your research properly, you're not here whining about a 5-10k drop.
Given the creator remains anonymous your claim rings hollow, even before pointing out you do not know what all the intentions were surrounding its creation (as only the creator(s) would). White papers are supposed to be objective, but that does not mean all intentions are disclosed.
Certainly, there are criminals who believe bitcoin is anonymous:
https://www.forbes.com/sites/roberth...h=490fc872bef0
Just another example of why governments will eventually konopolize domestic crypto.
Update for those of you who do not follow the Senate: in the new trillion dollar infrastructure bill winding its way to a vote, a taxation on crypto was added.
Good news is it legitimizes crypto a bit. Bad news is if it gets taxed and treated as infrastructure it is not long before Feds preempt the space.
$600 million stolen ...biggest crypto theft in history.
That's the bad news. The good news is the hacker has returned much of it already.
Which points out the issues...it is NOT secure. But, it is traceable so it will have to sit in a hidden wallet for a very long time, or be returned, or you get caught (unless you can launder crypto, which is interesting conceptually).
To me, all the more reason to think national governments end up controlling crypto/digital.
I did not see major market reaction to this news.