|
|
|
|
#676
05-25-2021, 01:01 PM
|
||||
|
||||
|
Quote:
Look at the people of Venezuela, lives destroyed and economy ruined by inflation of their money. Bitcoin provided an alternative to use in their commerce. Their new currency is backed by bitcoin. Granted, the governance there is not the best, but it is a real country that is tying its currency to bitcoin. Many use it to transfer money internationally because the fees are less than the usury charges of big money transfer companies. Will the competition lead to lower fees, maybe... I mean, how much should it cost to send a few hundred bucks to a relative in a developing country? I won't try to convince you further, but if you truly can't see that there is some utility to people (even if you're talking edge cases, tail risk kind of situation), then I'm not sure we're in the same ball park. On your point about tether/stable coins/leverage, I agree that those could be a real issue -- not of the bitcoin system, but of the ecosystem around it, which could introduce pressures on the price. Certainly, there is a lot of speculation driven by liquidity in our financial system. We may not know how big a role they played for weeks, months, or years. Your housing analogy is apt, leverage and liquidity in the system (and in particular abandoning good lending standards) drove up prices across the board. I am definitely not advocating that anyone borrow money to buy bitcoin. If that is happening, it surely has an effect on prices, and if they have to liquidate, that could drive prices down. I hope whoever is lending money against bitcoin is charging an appropriate interest rate. Not sure how a decentralized global network is a step toward robber barons. The initial aim of bitcoin was to avoid centralization of power and control, and built on the premise that bad actors might try to compromise the ledger.
__________________
And we have just one world, But we live in different ones 
|
|
#677
05-25-2021, 06:05 PM
|
|||
|
|||
|
What i am saying is gamble high more than once and you will lose big time
Quote:
|
|
#678
05-27-2021, 02:55 PM
|
|||
|
|||
|
https://www.wsj.com/articles/bitcoin...ts_pos1&page=1
Lael Brainard said alot of this in an interviewed/prepared remarks earlier this week. I don't have an issue with the ledger. It is all the abuse I see around the ledgers from stablecoins/ lack of kyc etc.
|
|
#679
05-28-2021, 09:27 AM
|
||||
|
||||
|
I've decided to back out of Bitcoin all together now for a few reasons. One is I am concerned about it's energy consumption and two it's not as profitable as it used to be and three just way too unstable. So what I do now is embrace the instability of the entire crypto market and I've noticed a few things over the last couple dips and crashes.
Bitcoin is king. Even the so called stable coins follow it. But the alt coins lag and they rebound almost on the exact percent. So when you see Bitcoin crash it's a blessing, as long as you are not holding it (and if you are just keep holding on). Then what you do is watch the alt coins. Watch them follow Bitcoin a day or two late. Then when it looks like Bitcoin is going to rise buy Alts. An alt coin that is at .20 cents goes up to .40 in a couple days and guess what? You just doubled. I kid you not. I made $20k in literally 3 days last weak because of this. That's a nice bike! And just think of how much money some of the big players make doing this. Someone mentioned stable coins like Tether are useless.. They are not. Buy in the dip and as soon as you want out you transfer into Tether and wait for the next dip or crash. Because Tether will always be a dollar. It's risky and no one should ever do this if they can't afford it. And I mean if you want to start then basically start with a chunk of money that you absolutely do not need. Like you would be willing to give it to the next person that walks by and say have a nice day. Because you are going to lose and you are going to win and losing is terrible if you need the money. But you can start in low and climb the ladder too. Start in with a certain amount then if you double take that certain amount back out and now you have 'free' play money. It's kind of like gambling in this way and honestly it's pretty fun to do.
|
|
#680
05-28-2021, 10:49 AM
|
||||
|
||||
|
Quote:
Bitcoin was largely guided by the idea that cryptographic technology and the blockchain allowed you to trust the system, even if you didn't trust any individual on it. The stable coins are interesting because they are a return to placing trust in the issuing authority/entity and/or counterparty. As you rightly point out, that has not turned out well in the past. If a stable coin says it is 100% backed by something, and that turns out to be not true, that is an issue of trust.
__________________
And we have just one world, But we live in different ones
|
|
#681
05-28-2021, 11:21 AM
|
|||
|
|||
|
Quote:
The ledger is solid, but that by itself is essentially worthless. It is all the I/O into the ledger where the problems start. You can go all the way back to Mt Gox. I just think from a finance point of view Tether does not make any sense since they are unable to provide an audit and their 'attestation' shows they never receive dollars. Tether is not backed 1-1 by USD, probably not even close. The other golden rule from the markets is not to fight the fed. You now have the FED expressing concern about Crypto. Cathie Woods is trying to tell us Crypto is too big for the FED to stop.. Don't believe her.
|
|
#683
07-19-2021, 11:07 AM
|
|||
|
|||
|
Here comes bank regulation for the stablecoins.
https://papers.ssrn.com/sol3/papers....act_id=3888752 Link to fed paper. We talked about some this in post 675
|
|
#684
07-20-2021, 06:58 AM
|
||||
|
||||
|
Quote:
|
|
#685
07-20-2021, 07:12 AM
|
|||
|
|||
|
|
|
#686
07-20-2021, 09:13 AM
|
||||
|
||||
|
Quote:
https://cryptowhale.medium.com/how-t...e-4cc093b73a4e
|
|
#687
07-20-2021, 09:17 AM
|
||||
|
||||
|
Quote:
__________________
***IG: mttamgrams***
|
|
#688
07-20-2021, 09:48 AM
|
|||
|
|||
|
Quote:
|
|
#689
07-20-2021, 10:01 AM
|
|||
|
|||
|
You'll only operate at only a 25% loss on power expenses alone. Look out
Quote:
|
 |
|
|
Linear Mode
