Bitcoin - a decentralised digital currency

2,183 posts in this topic

5 minutes ago, Goodbye_BlueSky said:


I hear a little of "Rothschild" or "The Jews Control The World" conspiracy here. I know theoretically Central Banks are Independent.
But to say that USD, Fed, US Govt/People and USA aren't tied closely is "a very very wild stretch of reasoning". 

 

You hear what you want to hear, then. Nothing I can do about that. C'est la vie.

 

The Federal Reserve has zero transparency, and is uncontrolled by the US government. The US is dependent on the Federal Reserve, but leaping from that dependence to saying that the states themselves are illegitimate is quite the ride.

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Oh what tangled webs we weave...

 

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Who owns the Federal Reserve?

The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.

 

The Federal Reserve derives its authority from the Congress, which created the System in 1913 with the enactment of the Federal Reserve Act. This central banking "system" has three important features: (1) a central governing board—the Federal Reserve Board of Governors; (2) a decentralized operating structure of 12 Federal Reserve Banks; and (3) a blend of public and private characteristics.

 

The Board—appointed by the President and confirmed by the Senate—provides general guidance for the Federal Reserve System and oversees the 12 Reserve Banks. The Board reports to and is directly accountable to the Congress but, unlike many other public agencies, it is not funded by congressional appropriations. The Chair and other staff testify before Congress, and the Board submits an extensive report—the Monetary Policy Report—on recent economic developments and its plans for monetary policy twice a year. The Board also makes public the System's independently audited financial statements, along with minutes from the FOMC meetings.

 

"Zero transparency"

60dc463b9301f_ezgif-1-abaec450e6cd1.gif.

 

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Tough day.

 

Nearly $90 billion wiped off crypto market as bitcoin drops below $30,000

 

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  • Bitcoin fell below $30,000 for the first time since Jun. 22 dragging other digital coins lower.
  • About $89 billion was wiped off the entire cryptocurrency market in 24 hours as of 6:29 a.m. ET on Tuesday, according to CoinMarketCap data.
  • Bitcoin was down more than 5% while ether fell over 6% and XRP sank almost 9%, according to CoinDesk data.

 

 

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5 minutes ago, LukeSkywalker said:

Is the reason mentioned? Did Elon Musk fart?

 

 

😂😂😂

 

Global sell-off of risky assets due to COVID-19 case increases.

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No problem, it's an "hedge against inflation"! It will protect us from 2-5% of inflation, despite losing 50% of value in the past few months!

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The price has always been the least important part of Bitcoin.

The fact that the EU is trying to punish bitcoin exchanges (https://www.bbc.com/news/technology-57901113) at the same time as Mastercard is opening up the floodgates of new users (https://www.coindesk.com/mastercard-to-test-usdc-for-payments-as-stablecoin-scrutiny-intensifies) should be a tell that BTC is becoming a driving force in world economics.

 

The next 5 years will be very exciting for BTC, regardless of the day-to-day price fluctuations.

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On 7/20/2021, 2:27:48, LukeSkywalker said:

Is the reason mentioned? Did Elon Musk fart?

 

Ahaha! Luke, you're gonna love this!

 

Bitcoin climbs as Elon Musk says Tesla 'likely' to accept it again

 

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Bitcoin has jumped past $30,000 as Elon Musk said Tesla is "most likely" to start accepting it as payment again.

The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases.

It had cited concerns over the environmental impact of Bitcoin mining which uses huge amounts of electricity.

That move came less than two months after the company began accepting the world's biggest digital currency as payment.

"Most likely the answer is that Tesla would resume accepting Bitcoin," Mr Musk said during the B Word cryptocurrency conference.

He also said that he had been investigating fossil fuel usage in Bitcoin mining: "I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin."

 

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"Bitcoin Jumps 20% to a Six-Week High"

 

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Some investors attribute rally to short positions being liquidated and speculation Amazon may be venturing into digital currencies

 

The price of bitcoin jumped to a six-week high on Monday, with some investors attributing the rally to short positions being liquidated and speculation that Amazon . com Inc. may be venturing into digital currencies.

 

Bitcoin soared to $39,112.05, up more than 20% from its 5 p.m. EDT level Friday, according to CoinDesk, reaching its highest level since mid-June. Ether, its rival currency, jumped more than 16%.

 

Recent bullish comments from high-profile proponents of cryptocurrencies have helped buttress the price gains. Last week, Tesla Inc. Chief Executive Elon Musk said he and his rocket company, SpaceX, hold bitcoin, despite concerns about its environmental impact. Mr. Musk also said Tesla would likely accept the cryptocurrency as payment again if the process of generating it, known as mining, becomes less reliant on fossil fuels.

 

“There’s been a lack of good news in the cryptocurrency market in the last two months,” said Bobby Lee, founder and CEO of Ballet, a cryptocurrency hardware wallet. “Now they’re starting to trickle out, so investors and speculators are using this opportunity to build up their positions and buy back bitcoin, causing the price to rise pretty dramatically,” added Mr. Lee, who splits his time between Shanghai ana Las Vegas.

 

https://www.wsj.com/articles/bitcoin-jumps-20-to-a-six-week-high-11627287544

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"An anonymous hacker stole $600 million in cryptocurrency, then gave it back"

 

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Washington (CNN Business ) An anonymous hacker who stole more than $600 million from the decentralized finance platform Poly Network this week has returned virtually all of the money — and apparently turned down a half-million-dollar reward offered by the company for exposing its security vulnerability.

 

The bizarre outcome caps off an unusual cryptocurrency heist that has been called the biggest in industry history.

 

In a message posted to Twitter on Thursday, Poly Network said the hacker — whom it is calling "Mr. White Hat," a term that refers to an ethical hacker who raises awareness of security flaws — has returned all of the stolen funds, save for a small percentage that had been frozen by the cryptocurrency issuer Tether following the hack.

 

 

Edit:

1 Bitcoin equals

47,644.00 United States Dollar

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El Salvador has officially adopted Bitcoin as the national currency, as of yesterday.

 

We live in exciting times.

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Finally came. China complete ban on Crypto's. Posession, trading and mining.

 

https://www.dw.com/en/china-central-bank-declares-all-cryptocurrency-transactions-illegal/a-59295079

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The People's Bank of China moved to bar all cryptocurrency transactions Friday. Overseas exchanges providing cryptocurrency services to mainland China will be considered illegal.

I bet Europe will follow with a soft ban/curb within 2 years. Bitcoin will probably collapse before that.

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