Bitcoin - a decentralised digital currency

2,183 posts in this topic

4 hours ago, Dembo said:

I think the scam-y part is calling it a currency. A currency is something that's meant to be stable, backed by a government, so that people have confidence that they'll be able to buy the things they need to survice. I know that a small number of things are paid for by Bitcoin, but it's pretty negligible. 99% of the interest in Bitcoin and the like is speculation; i.e. people believing in a get quick rich scheme and so all the hype about keeping transactions out of the clutches of governments and banks is cobblers.

I see you are from a stable, developed country. First 6 years of my life there was a stable currency backed by the government but then both the government and the country ceased to exist, all people's savings were nullified. 

 

I am not against fiat currency, but if you are not living in Switzerland, it bears some risks as well. 

 

Imagine people had savings in Syria before 2010. Where are their savings now? 

 

 

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9 minutes ago, yesterday said:

The bank of England is considering introducing its own digital currency based on the pound, so it will be backed by the uk GDP

 

https://www.bankofengland.co.uk/news/2021/april/bank-of-england-statement-on-central-bank-digital-currency

 

Several other governments are doing the same. 

 

It will take several years, but at least it's in planning now

 

Central Bank Digital Currencies (CBDCs) are a last gasp of authoritarians to try to maintain financial control over everyone else. They cannot possibly be beneficial to normal people, since they allow governments to eliminate your ability to buy groceries if they don't like you for any reason at all. China's social credit system is a version of this control scheme.

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23 minutes ago, MadAxeMurderer said:

Maybe a feature, but it's a feature that lost me 10 bitcoin when mtgox collapsed.

 

Not your keys, not your coins.

 

You trusted a central authority with your money, and they took it from you. Why would you want to trust a different central authority instead?

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15 minutes ago, yourkeau said:

I see you are from a stable, developed country. First 6 years of my life there was a stable currency backed by the government but then both the government and the country ceased to exist, all people's savings were nullified. 

 

I am not against fiat currency, but if you are not living in Switzerland, it bears some risks as well. 

 

Imagine people had savings in Syria before 2010. Where are their savings now? 

 

 

 

People who lived a sheltered life think those things happen only to other people.

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13 hours ago, yourkeau said:

It's not scam, it is just not investment. There is no  no goods and no services produced, it was not intended to be used as investment, there is no "GDP" in it. If you mean by the virtue of this it is scam, ok I agree.

 

But sooner or later this casino will stabilize, and the crypto will cease to be volatile. Then it will be used as originally intended: for money laundering and international payments without chunks of money going to the intermediary banks.

Hello, 2015 wants his mis-information back.  

 

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6 hours ago, MadManEarle said:

 

Not your keys, not your coins.

 

You trusted a central authority with your money, and they took it from you. Why would you want to trust a different central authority instead?

 

This is why I personally don't like crypto. If I lose my bank card, forget my pin and online password and bank account number, then I can go into the bank and show them my passport and utility bill or whatever and they can issue me a new card or pin or whatever else I forgot or lost.

 

Whereas with crypto if you lose or forget the key or password, it's gone for good.

 

So I trust a regulated bank as a central authority more than I trust a crypto or exchange or even my own memory.

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7 hours ago, yourkeau said:

I see you are from a stable, developed country. First 6 years of my life there was a stable currency backed by the government but then both the government and the country ceased to exist, all people's savings were nullified. 

 

 

Would Bitcoin have helped? Usually when a country undergoes that sort of collapse the people turn to a stable currency backed by some other governent; USD quite often. It would never be Bitcoin as it's no use as a currency. If all the proper currencies of the world collapsed, your Bitcoin would do you no good at all. 

 

 

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On 06/06/2021, 00:40:59, wien4ever said:

Michael Saylor btw told people to put all their money into bitcoin, and if they don't have the money, to BORROW the money and put it all in Bitcoin! Does that sound like good advice??? 

 

And just recently he said, bitcoin is the **most energy efficient asset class** ever invented!! :D Compared to what? His answer? Well Bitcoin has a market of 800 Billion at the moment, he says. And he compares the energy used to make bitcoins to the energy used by Apple or Google and their market caps!!! :D  Really?  

 

Another Bitcoiner, Nick Szabo said we left the gold standard in 1971, because gold *WAS EASY TO FAKE* (e.g. gold bars filled with Tungsten) and *HARD TO ASSAY*. And Bitcoin solves this problem!!!

 

 

It is possible that Michael Saylor, NIck Szabo and others are functioning as carnival barkers, but that Bitcoin might be a profitable trade over certain time horizons regardless.   

 

 

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The real reason? Because USA was broke and ran too many deficits (LBJ, Nixon, etc) and wanted to keep printing money (to buy votes as it always has done since the beginning of 20th Century) without keeping a strict exchange rate of dollar to gold. Btw - going off the gold standard was to be *temporary* ! Of course, everything temporary ends up permanent.

Nixon shut the gold window according to some because one of the allies which the US was propping up via its war in Vietnam took advantage of the situation and tried to get US gold at a temporary discount.  

 

I noticed some of your earlier posts and would like to suggest that even before August, 1971, the world monetary was already using the Eurodollar system rather than some gold backed currency system.    The fiat versus gold backed currency discussion is not actually as relevant as many believe. 

 

If you find some of the commentary on Kitco, King World News, or from the various videos featuring Peter Schiff, do yourself a favor and read this Wikipedia page and then tune into  Alhambra Partners' Jeffrey Snider's "Eurodollar University" and then the "Making Sense" podcast. 

 

https://en.wikipedia.org/wiki/Eurodollar

 

https://alhambrapartners.com/tag/eurodollar-university/

 

Good to all with your trades.

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2 hours ago, Dembo said:

Usually when a country undergoes that sort of collapse the people turn to a stable currency

 

With what? They have no money left.

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17 hours ago, arsenal21 said:

 

This is why I personally don't like crypto. If I lose my bank card, forget my pin and online password and bank account number, then I can go into the bank and show them my passport and utility bill or whatever and they can issue me a new card or pin or whatever else I forgot or lost.

 

Whereas with crypto if you lose or forget the key or password, it's gone for good.

 

So I trust a regulated bank as a central authority more than I trust a crypto or exchange or even my own memory.

 

This attitude baffles me completely. You are saying that you trust a stranger more than you trust yourself, to do what is best for you.

 

I will never understand this kind of rejection of personal responsibility for such important things.

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23 hours ago, yourkeau said:

I see you are from a stable, developed country. First 6 years of my life there was a stable currency backed by the government but then both the government and the country ceased to exist, all people's savings were nullified. 

 

I am not against fiat currency, but if you are not living in Switzerland, it bears some risks as well. 

 

Imagine people had savings in Syria before 2010. Where are their savings now? 

 

 

 

History should not be viewed so skewedly and in extremely short timeframes...

 

Everyone has lost its power and influence when economic winter arrives and another economic power begins to rise. We're constantly in a race to the bottom, where the most enlightened loose their purchasing power in decades or a century and the most obtuse or with inexistent militar power looses theirs in less than five years. It sucks being born in a society which the latter scenarios apply and present themselves so violently often, but the USA's dollar has lost +90% of its purchasing power as well.

 

Bitcoin solves these issues? That's its theoretical purpose, but after watching the latest Miami conference I couldn't discern if the psychopath Bitcoin whales of the present, past and future, that own more than 50% of the total amount of Bitcoins in existence, will make better decisions with their 'theoretical' power than our own psychopathic political leaders.

 

We're not ready to become the Global/Earth country in which a single price signal, set of rules and cultural/political background could function... And we'll never be that.

 

Today a millionaire entrepreneur can bring his company deep into debt with a 1.5 billion loan at 0.5% interest rate to buy Bitcoins and pump the price up of an asset in a speculative bet, while at the same time that asset has lost 50% of its value in three months. Yet they cheer and support corrupt politicians from insignificant economies in Latin America to adopt this asset as their currency...

 

So, Salvadorians could be rich in September and die of hunger in December thanks to the volatility of Bitcoin and the actions of a millionaire in the USA? Salvadorians can borrow at rates raging between 12-17%, while that madman can borrow at 0.4-0.5%. It's complete and utter madness...

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Looks like the FBI recovered some of the bitcoin that Colonial paid to the cyber terrorists.

 

  • The DOJ seized $2.3 million of the ransom that Colonial Pipeline paid to hacking group Darkside.

  • The FBI tracked the payments to a bitcoin wallet, for which it happened to have the password.

  • This let the FBI legally seize the money and cut off Darkside's access to its ransom money.

here

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36 minutes ago, fraufruit said:

Looks like the FBI recovered some of the bitcoin that Colonial paid to the cyber terrorists.

 

  • The DOJ seized $2.3 million of the ransom that Colonial Pipeline paid to hacking group Darkside.

  • The FBI tracked the payments to a bitcoin wallet, for which it happened to have the password.

  • This let the FBI legally seize the money and cut off Darkside's access to its ransom money.

here



Looks like the belief that with BTC you can hide from IRS, FBI or the Govt got a scratch. 

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More crypto seized by law enforcement -

 

Quote

 

Criminal gangs divulged plans for moving drug shipments and carrying out killings on a messaging app secretly run by the FBI, law enforcement agencies said Tuesday, as they unveiled a global sting operation they said dealt an “unprecedented blow” to organized crime in countries around the world.

The operation known as Trojan Shield led to police raids in 16 nations. More than 800 suspects were arrested and more than 32 tons of drugs — including cocaine, cannabis, amphetamines and methamphetamines — were seized along with 250 firearms, 55 luxury cars and more than $148 million in cash and cryptocurrencies.

 

 

It was a really big and successful operation.

 

I wonder why they are telling how they did it.

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3 hours ago, gdc said:

Yet they cheer and support corrupt politicians from insignificant economies in Latin America to adopt this asset as their currency...

 

He made it legal tender but did not make it the currency.    Big difference.

 

Quote

 

So, Salvadorians could be rich in September and die of hunger in December thanks to the volatility of Bitcoin and the actions of a millionaire in the USA? Salvadorians can borrow at rates raging between 12-17%, while that madman can borrow at 0.4-0.5%. It's complete and utter madness...

 

My guess is that the Presidente wants to skim a piece of  illicit money (i don't mean Bitcoin, but rather a windfall in whatever currency  it is used to traffic the illicit products which may travel through El Salvador) to enrich his country.    See Panama as a reference.   

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2 hours ago, balticus said:

 

He made it legal tender but did not make it the currency.    Big difference.

 

 

My guess is that the Presidente wants to skim a piece of  illicit money (i don't mean Bitcoin, but rather a windfall in whatever currency  it is used to traffic the illicit products which may travel through El Salvador) to enrich his country.    See Panama as a reference.   

 

 It's worse then... I Salvadorian colons play along Bitcoin it would only exacerbate price signal readings and people would run away from Bitcoin when it crashes and flew in whenever a madman millionaire in the USA pumps its price up.

 

It's a very sophisticated way to launder money, they should stick with the normal procedures for these kind of thing around the globe: do not persecute or sanction with fines smaller than the profits produced through criminal activity.

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On 7.6.2021, 11:25:43, MadManEarle said:

 

Not being backed by a government is a feature of Bitcoin, not a bug.

 

That is exactly what it is for. Individual sovereignty, independent of draconian rulers.

Bhuahahahaha, sure it's a feature, otherwise the scam wouldn't work!

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"Bitcoin extends losses, falling below $32,000 after U.S. seizes most of Colonial ransom"

https://www.cnbc.com/2021/06/08/bitcoin-btc-price-slides-as-us-seizes-most-of-colonial-ransom.html

Quote

Bitcoin’s price slipped again Tuesday. The world’s largest cryptocurrency continued to fall throughout the day amid a brutal sell-off among digital currencies.

 

The reason for the move was unclear, however it may be related to concerns over security of the cryptocurrency after U.S. officials managed to recover most of the ransom paid to hackers that targeted Colonial Pipeline.

 

Court documents said investigators were able to access the password for one of the hackers’ bitcoin wallets. The money was recovered by a recently launched task force in Washington created as part of the government’s response to a rise in cyberattacks.

 

Bitcoin accelerated its slide late Tuesday morning, falling almost 11% at 11 a.m. ET to a price of $31,629, according to Coin Metrics data. Smaller digital coins also slumped, with ether falling nearly 13% to $2,368 and XRP tanking over 12%.

 

In April, 2021 was looking to be a banner year for digital assets, with bitcoin having topped $60,000 for the first time ever. But a recent plunge in crypto prices has shaken confidence in the market. Bitcoin sank to nearly $30,000 last month, and is currently down almost 50% from its all-time high.

 

The digital currency is now up only 9% since the start of the year, though it’s still more than tripled in price from a year ago.

 

 

Although the last sentence is thought provoking... 

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14 minutes ago, MikeMelga said:

Bhuahahahaha, sure it's a feature, otherwise the scam wouldn't work!

At least the world might get to learn where El Salvador is👍😂

It is, by the way , an incredible name for a country when you think about it!

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