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An Antidote to Corporate Media
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1678
Onvacation
2022 Feb 10, 1:55pm
Onvacation
2022 Feb 10, 1:55pm
Cash says
OK.
I don't remember you saying how to get your money out without a bigger fool paying you more than you paid for it.
The only way to make money with crypto is to sell it for more than you bought it for. No dividends. No assets. No product. No service other than making it easy for criminals to move money.
Foolsmate.
Checkmate still Stands!!!
OK.
I don't remember you saying how to get your money out without a bigger fool paying you more than you paid for it.
The only way to make money with crypto is to sell it for more than you bought it for. No dividends. No assets. No product. No service other than making it easy for criminals to move money.
Foolsmate.
1679
Zak
2022 Feb 10, 2:00pm
Blockchains are fine. Stupidly inefficient, but fine. For a while, people tried to say they could provide a system outside of government control. China then banned mining in country, and the use shortly after, and we kind of saw that the idea of things "outside of government control" are still subject to the physical limitations of the real world.
People also tried to make the argument that no one could ever take your bitcoin. They leave out the statement "if you have some kind of perfect real world behavior." Humans are still the weakest link in the chain. For bitcoin, you still need to physically give your money to someone. The places facilitating these trades are called exchanges.They get hacked. In addition, even if you pull your bitcoin out of the exchanges.. you have to make sure your private keys are never seen. This accounts for the much of stolen/confiscated bitcoin. Its really really hard to have bitcoin be usable, and also keep anyone from seeing your private key (if they are really trying to see it). You don't need to hack bitcoin if you just hack the computer you are using your private key on, or have the surveillance of the FBI at your disposal.
How many fingers will an attacker have to break before you tell them where your bitcoin key is? None of this is any different than other forms of money, including gold. It's just to demonstrate that all the "bitcoin is perfectly secure" is just marketing to get you to believe it has some extra security properties that other things don't have. The form of security that bitcoin has is extremely specific, not some broadly "unhackable unstealable" thing. And worse, as I mentioned previously, all transactions are logged and publicly viewable. So your transaction profile can identify you with very little other metadata needed to fully unmask you (say a shipping record from one of your transactions).
If you take all this problematic bullshit, and add to it a hugely expensive proof of work waste of global computing power and electricity, you get a largely slow, expensive, inefficient distributed database that doesn't really store a lot of data. There is some small value in the distributed log nature of the blockchain, but the "currency value" is largely due to everyone speculating that the price will rise, and they should buy some to participate in the speculation.. The alternative nature would be that everyone was trying to get bitcoin because it was so much easier to conduct online transactions, or store your facebook profile for sharing with friends or something. No one cares about any of that shit. You ask them "why should I buy bitcoin" and the answer is "because the price will go up.".
If bitcoin was a relatively stable thing, and you could buy 1 bitcoin for 1 dollar, and sell it for 99c (transaction fee), and you asked someone "why should I buy bitcoin" .. they would just say "I don't know" . Now, bitcoin people will love to point out the deflationary nature of bitcoin... There are a fixed amount of 21 million, and more can't be made. This is only true of "bitcoin" TM as a single entity. But at the same time, clearly bitcoin "clones" were made. Etherium. etc.. In pointing out that bitcoin can't be inflated away, there is nothing really as a magical benefit that is provided. The whole crux of the matter is pointing out a weakness in FIAT currency. This FIAT currency weakness is well known, and the US dollar is currently rapidly inflating away (7.5% official).
But bitcoin itself is FIAT currency. It was made to represent work completed, not useful work output. Well anything can represent work completed. That's why ethereum could just be made right alongside bitcoin. Nothing of value in bitcoin was created that would provide an enduring value and reason to use it instead of ethereum. Contract this to a commodity. Lets use gears as our example commodity. A finished gear is a proof of work. The bevels and teeth and tolerance are all observable measurable properties. And further, a finished gear can be placed into a machine and do useful work. You also can't just swap out a piece of paper for the gear. You actually need that work completed to accomplish that task.
A "finished" blockchain can do almost nothing, except record a transaction of itself between two wallets. And there are 10,000,000 other ways to also do this, and for a lot cheaper. Paper FIAT money is also proof of work. Clearly you can see the ink was placed onto a rectangular sheet of paper very carefully and with some very hard to replicate authentication mechanisms. The fundamental problem is the useful work that the output piece of paper can do. There is none other than physically representing moving between people's wallets as an indication of wealth transfer. And it shares the same problem as bitcoin. Even if there was a hard limit of 21 million US dollar bank notes...you can just print euros instead of dollars. There is nothing fundamentally value creating about printing currency. And if I wanted to record some distributed transaction, I could just use etherium instead of bitcoin. Nothing is distinct or special, or uniquely needed about the work done in a bitcoin blockchain, other than it is in an incompatible ecosystem to all other digital records (yet another drawback).
In order for a currency to truly have value, it must represent value created and able to be used. A gear preserves the value of the machine work that went into creating it. Beans and rice preserve nutritional value from the labor of the farmer growing it and harvesting it. Metal coins preserve the mining extraction and refining values of the metals they are minted from. I'm not saying this can't occur digitally. In fact it DOES, in the form of software. Software represents the work of engineers that went into writing and compiling that code, and the useful utilization and output of that software. I don't know how software could be treated as currency though. Only the restriction of software through keys and login access to remote systems can create value. Software itself, once produced can be copied infinitely with near zero degredation.
So instead of worrying about buying my depreciating share of digital tokens representing a ponzi scam of artificial scarcity, my personal choice is to create the value of write once, run millions of times software. And I try to invest a chunk into other people also doing that, because it truly seems like a world improving thing, as opposed to bitcoin, which is just another system of control and false scarcity.
People also tried to make the argument that no one could ever take your bitcoin. They leave out the statement "if you have some kind of perfect real world behavior." Humans are still the weakest link in the chain. For bitcoin, you still need to physically give your money to someone. The places facilitating these trades are called exchanges.They get hacked. In addition, even if you pull your bitcoin out of the exchanges.. you have to make sure your private keys are never seen. This accounts for the much of stolen/confiscated bitcoin. Its really really hard to have bitcoin be usable, and also keep anyone from seeing your private key (if they are really trying to see it). You don't need to hack bitcoin if you just hack the computer you are using your private key on, or have the surveillance of the FBI at your disposal.
How many fingers will an attacker have to break before you tell them where your bitcoin key is? None of this is any different than other forms of money, including gold. It's just to demonstrate that all the "bitcoin is perfectly secure" is just marketing to get you to believe it has some extra security properties that other things don't have. The form of security that bitcoin has is extremely specific, not some broadly "unhackable unstealable" thing. And worse, as I mentioned previously, all transactions are logged and publicly viewable. So your transaction profile can identify you with very little other metadata needed to fully unmask you (say a shipping record from one of your transactions).
If you take all this problematic bullshit, and add to it a hugely expensive proof of work waste of global computing power and electricity, you get a largely slow, expensive, inefficient distributed database that doesn't really store a lot of data. There is some small value in the distributed log nature of the blockchain, but the "currency value" is largely due to everyone speculating that the price will rise, and they should buy some to participate in the speculation.. The alternative nature would be that everyone was trying to get bitcoin because it was so much easier to conduct online transactions, or store your facebook profile for sharing with friends or something. No one cares about any of that shit. You ask them "why should I buy bitcoin" and the answer is "because the price will go up.".
If bitcoin was a relatively stable thing, and you could buy 1 bitcoin for 1 dollar, and sell it for 99c (transaction fee), and you asked someone "why should I buy bitcoin" .. they would just say "I don't know" . Now, bitcoin people will love to point out the deflationary nature of bitcoin... There are a fixed amount of 21 million, and more can't be made. This is only true of "bitcoin" TM as a single entity. But at the same time, clearly bitcoin "clones" were made. Etherium. etc.. In pointing out that bitcoin can't be inflated away, there is nothing really as a magical benefit that is provided. The whole crux of the matter is pointing out a weakness in FIAT currency. This FIAT currency weakness is well known, and the US dollar is currently rapidly inflating away (7.5% official).
But bitcoin itself is FIAT currency. It was made to represent work completed, not useful work output. Well anything can represent work completed. That's why ethereum could just be made right alongside bitcoin. Nothing of value in bitcoin was created that would provide an enduring value and reason to use it instead of ethereum. Contract this to a commodity. Lets use gears as our example commodity. A finished gear is a proof of work. The bevels and teeth and tolerance are all observable measurable properties. And further, a finished gear can be placed into a machine and do useful work. You also can't just swap out a piece of paper for the gear. You actually need that work completed to accomplish that task.
A "finished" blockchain can do almost nothing, except record a transaction of itself between two wallets. And there are 10,000,000 other ways to also do this, and for a lot cheaper. Paper FIAT money is also proof of work. Clearly you can see the ink was placed onto a rectangular sheet of paper very carefully and with some very hard to replicate authentication mechanisms. The fundamental problem is the useful work that the output piece of paper can do. There is none other than physically representing moving between people's wallets as an indication of wealth transfer. And it shares the same problem as bitcoin. Even if there was a hard limit of 21 million US dollar bank notes...you can just print euros instead of dollars. There is nothing fundamentally value creating about printing currency. And if I wanted to record some distributed transaction, I could just use etherium instead of bitcoin. Nothing is distinct or special, or uniquely needed about the work done in a bitcoin blockchain, other than it is in an incompatible ecosystem to all other digital records (yet another drawback).
In order for a currency to truly have value, it must represent value created and able to be used. A gear preserves the value of the machine work that went into creating it. Beans and rice preserve nutritional value from the labor of the farmer growing it and harvesting it. Metal coins preserve the mining extraction and refining values of the metals they are minted from. I'm not saying this can't occur digitally. In fact it DOES, in the form of software. Software represents the work of engineers that went into writing and compiling that code, and the useful utilization and output of that software. I don't know how software could be treated as currency though. Only the restriction of software through keys and login access to remote systems can create value. Software itself, once produced can be copied infinitely with near zero degredation.
So instead of worrying about buying my depreciating share of digital tokens representing a ponzi scam of artificial scarcity, my personal choice is to create the value of write once, run millions of times software. And I try to invest a chunk into other people also doing that, because it truly seems like a world improving thing, as opposed to bitcoin, which is just another system of control and false scarcity.
1680
Bitcoin
2022 Feb 10, 2:11pm
Bitcoin
2022 Feb 10, 2:11pm
Cash says
Amazing. Fidelity, JPM....now Blackrock. All big players are entering the crypto game! Fabulous!
$10 Trillion Asset Manager BlackRock To Offer Crypto Trading: Report
The world’s largest asset manager BlackRock, Inc. is reportedly preparing to
launch a cryptocurrency trading service for investors.
Amazing. Fidelity, JPM....now Blackrock. All big players are entering the crypto game! Fabulous!
1681
Bitcoin
2022 Feb 10, 2:13pm
Bitcoin
2022 Feb 10, 2:13pm
komputodo says
Same here! I love the topic. We live in such exciting times! Crypto is emerging as a new asset class and we are still early during this evolution. Soon there will be hyper-adoption.
https://www.marketwatch.com/story/crypto-is-like-the-1990s-internet-nearing-a-hyper-adoption-phase-wells-fargo-says-11644354647?source=patrick.net
Wells Fargo got it right:
"Crypto is like the 1990s internet, nearing a hyper-adoption phase, Wells Fargo says"
I am so glad to be alive and invested in it!!!
Bitcoin saysWhy are you on this thread komputodo?
Because I find it interesting
Same here! I love the topic. We live in such exciting times! Crypto is emerging as a new asset class and we are still early during this evolution. Soon there will be hyper-adoption.
https://www.marketwatch.com/story/crypto-is-like-the-1990s-internet-nearing-a-hyper-adoption-phase-wells-fargo-says-11644354647?source=patrick.net
Wells Fargo got it right:
"Crypto is like the 1990s internet, nearing a hyper-adoption phase, Wells Fargo says"
I am so glad to be alive and invested in it!!!
1682
komputodo
2022 Feb 10, 7:25pm
komputodo
2022 Feb 10, 7:25pm
Bitcoin says
LOLOL.....just like the MSM...only quotes part of what I said......my original statement was "Because I find it interesting to watch people argue over pointless bullshit."
komputodo saysBitcoin saysWhy are you on this thread komputodo?
Because I find it interesting
LOLOL.....just like the MSM...only quotes part of what I said......my original statement was "Because I find it interesting to watch people argue over pointless bullshit."
1685
Bitcoin
2022 Feb 12, 2:21pm
Bitcoin
2022 Feb 12, 2:21pm
Zak says
When Bitcoin's momentum is up, the haters dont say much....when Bitcoin is correcting, they all put their cheerleader gear on. Looks like Bitcoin recovered and ended the downtrend.....so dont expect to hear much.
Crickets?
When Bitcoin's momentum is up, the haters dont say much....when Bitcoin is correcting, they all put their cheerleader gear on. Looks like Bitcoin recovered and ended the downtrend.....so dont expect to hear much.
1686
Misc
2022 Feb 12, 6:33pm
Usually the only stories in the media are pro-crypto because the exchanges are the ones paying the authors of the stories.
Looks like someone with media spending ability went short crypto 'cause there are starting to be anti-crypto stories.
https://www.msn.com/en-us/money/savingandinvesting/more-than-half-of-bitcoin-investors-are-in-the-red/ar-AATHCon?li=BBnb7Kz&source=patrick.net
https://www.msn.com/en-us/money/savingandinvesting/more-than-half-of-bitcoin-investors-are-in-the-red/ar-AATHCon?li=BBnb7Kz&source=patrick.net
Looks like someone with media spending ability went short crypto 'cause there are starting to be anti-crypto stories.
https://www.msn.com/en-us/money/savingandinvesting/more-than-half-of-bitcoin-investors-are-in-the-red/ar-AATHCon?li=BBnb7Kz&source=patrick.net
https://www.msn.com/en-us/money/savingandinvesting/more-than-half-of-bitcoin-investors-are-in-the-red/ar-AATHCon?li=BBnb7Kz&source=patrick.net
1687
Rin
2022 Feb 12, 7:18pm
Rin
2022 Feb 12, 7:18pm
For the past year, when BTC reached its first breakout high in Mar 2021, it's been forming a bullish channel, ever since.
That mean a major sell off, results in a higher lower, with the consequential run up, leading to a higher high.
So far, I don't see the meltdown until this changes.
That mean a major sell off, results in a higher lower, with the consequential run up, leading to a higher high.
So far, I don't see the meltdown until this changes.
1689
Rin
2022 Feb 13, 2:35pm
Rin
2022 Feb 13, 2:35pm
Here's the thing, since the Russell 2000 has held its year long price box & both the EURUSD & GBPUSD are not testing lower lows, then for all intensive purposes, the big broad-based market 'meltdown' has been postponed.
If you're what's called an "intermediate term" style trader and don't like the idea of using these hackable digital storage (or whatever), you can do a short term trade on the futures based ETF, like XBTF, and get a slice of the re-test of BTC's 64K level & do pretty well between now and tax day.
Sure, this is not your buy-n-hold A-list basket of ATT, Altria, & Chevron but hey ... those stocks have distributed some dividends & how much of a risk is it to place a one quarter bet using that free money?
Trust me, next quarter, ATT, Altria, & Chevron will send you the same cash amount to your account. I promise you that. Your risk is basically is fraction of a quarterly dividend distribution because the ETF won't go to '0' that quickly.
If you're what's called an "intermediate term" style trader and don't like the idea of using these hackable digital storage (or whatever), you can do a short term trade on the futures based ETF, like XBTF, and get a slice of the re-test of BTC's 64K level & do pretty well between now and tax day.
Sure, this is not your buy-n-hold A-list basket of ATT, Altria, & Chevron but hey ... those stocks have distributed some dividends & how much of a risk is it to place a one quarter bet using that free money?
Trust me, next quarter, ATT, Altria, & Chevron will send you the same cash amount to your account. I promise you that. Your risk is basically is fraction of a quarterly dividend distribution because the ETF won't go to '0' that quickly.
1690
clambo
2022 Feb 13, 9:01pm
Tonight I was in a West Palm beach mini market buying milk and I saw an ATM type machine that took your money and it gave you crypto currency.
It was not in a high rent neighborhood.
I asked the guy working “Do people put their money into this machine?”
“They do.”
I guess it’s the same loser get rich quick mentality as buying lottery tickets.
It will likely provide the same results for them.
It was not in a high rent neighborhood.
I asked the guy working “Do people put their money into this machine?”
“They do.”
I guess it’s the same loser get rich quick mentality as buying lottery tickets.
It will likely provide the same results for them.
1691
Cash
2022 Feb 13, 9:15pm
BITCOIN FOR TRUCKERS
GOAL REACHED
USD $ 926366.03 raisedgoal $ 881321.19
https://tallyco.in/s/lzxccm/?source=patrick.net
GOAL REACHED
USD $ 926366.03 raisedgoal $ 881321.19
https://tallyco.in/s/lzxccm/?source=patrick.net
1693
Patrick
2022 Feb 13, 9:35pm
Patrick
2022 Feb 13, 9:35pm
I have to admit that Bitcoin has a huge advantage in its ability to completely bypass the banking system.
This may really help the truckers in their fight for freedom.
This may really help the truckers in their fight for freedom.
1694
Cash
2022 Feb 13, 9:48pm
Patrick says
The thing about BTC it is not the quickest or cheapest crypto/route but it gets the job done and leaves SWIFT in the dust.
https://fiatleak.com/?source=patrick.net
Just close the pop-up
I have to admit that Bitcoin has a huge advantage in its ability to completely bypass the banking system.
The thing about BTC it is not the quickest or cheapest crypto/route but it gets the job done and leaves SWIFT in the dust.
https://fiatleak.com/?source=patrick.net
Just close the pop-up
1695
Onvacation
2022 Feb 14, 5:55am
Onvacation
2022 Feb 14, 5:55am
Patrick says
That's what the human traffickers like about crypto.
Bitcoin has a huge advantage in its ability to completely bypass the banking system.
That's what the human traffickers like about crypto.
1696
Bitcoin
2022 Feb 14, 8:07am
Bitcoin
2022 Feb 14, 8:07am
Onvacation says
Patrick is right, Crypto/Bitcoin is a huge disruption to our outdated financial systems. Your cash on your checking account doesnt earn any interest. My Ada and Dot earn 5-12% staking rewards.
@Onvacation, you might want to align with the other Bitcoin hater @Zak who believes there is no anonymity in crypto. So, if your theory is correct and only human traffickers use Bitcoin, wouldn't they be caught easily? Not expecting a cogent answer - as always. Just trying to help you haters out.......better align instead of contradict each other. Otherwise we have to ask, which on is it?
Patrick saysBitcoin has a huge advantage in its ability to completely bypass the banking system.
That's what the human traffickers like about crypto.
Patrick is right, Crypto/Bitcoin is a huge disruption to our outdated financial systems. Your cash on your checking account doesnt earn any interest. My Ada and Dot earn 5-12% staking rewards.
@Onvacation, you might want to align with the other Bitcoin hater @Zak who believes there is no anonymity in crypto. So, if your theory is correct and only human traffickers use Bitcoin, wouldn't they be caught easily? Not expecting a cogent answer - as always. Just trying to help you haters out.......better align instead of contradict each other. Otherwise we have to ask, which on is it?
1698
Patrick
2022 Feb 14, 11:34am
Patrick
2022 Feb 14, 11:34am
The id-to-id transfer of Bitcoin is anonymous, but when you go to convert it to cash, I think you usually have to give id of some kind to get the cash. Unless you can get some person to hand you the cash.
1699
Bitcoin
2022 Feb 14, 2:38pm
Bitcoin
2022 Feb 14, 2:38pm
Patrick says
All US based exchanges are subject to KYC rules. Similar to a bank, those exchanges will have a record of your identity/SS and bank account. In addition, if your portfolio exceeds a certain $ value, they send a 1099 to the user and report to the IRS.
Why does Patrick get this but onvacation and Zak dont?
The id-to-id transfer of Bitcoin is anonymous, but when you go to convert it to cash, I think you usually have to give id of some kind to get the cash. Unless you can get some person to hand you the cash.
All US based exchanges are subject to KYC rules. Similar to a bank, those exchanges will have a record of your identity/SS and bank account. In addition, if your portfolio exceeds a certain $ value, they send a 1099 to the user and report to the IRS.
Why does Patrick get this but onvacation and Zak dont?
1700
Cash
2022 Feb 16, 11:44am
OV and ZAK look at this big fool!!!
WARREN BUFFETT INVESTS $1 BILLION INTO CRYPTO FRIENDLY BANK
https://procoinnews.com/?source=patrick.net
WARREN BUFFETT INVESTS $1 BILLION INTO CRYPTO FRIENDLY BANK
https://procoinnews.com/?source=patrick.net
1701
Zak
2022 Feb 16, 2:08pm
It's funny, you link to a pro bitcoin news source, it's not even the article that you are mentioning, and there is no description of what the bank does.
After looking at what you are saying, it turns out it is nubank: https://nubank.com.br/en/?source=patrick.net
a Brasilian bank, that doesn't even say the word crypto, bitcoin, etc on the homepage in the link above (though they do say credit card in pretty big letters).
Then you try to leech off Warren Buffets name and imply I'm an idiot by throwing up a strawman that I am calling Warren Buffet a fool for investing in a bank that has some marginal tie to crypto.
Hmm, so it looks like yet another pathetic defense of crypto thru logic fail , as opposed to actually addressing any of the direct and valid points I made.
But.. BUT, lets PRETEND that Warren Buffet bought 1 billion dollars of bitcoin DIRECTLY. Lots of other "rich" money managers certainly have! My following statement will apply equally to them. The expected return of any purchase of bitcoin SOLELY rests on their expectation that there is a higher future return value, and that they will be able to SELL it to another person at a higher real (inflation adjusted) price. Now Warren Buffet has EXPLICITLY stated this is the only reason he or any other person would buy bitcoin (which I agree with), and thus is the reason he would NEVER buy bitcoin. He believes buying other assets that have a "productive value" are simply better purchases, because at some point there will be no "greater fool" to sell crypto currency to at a higher price. Therefore, even if the price TOPS OUT, and magically stays stable, there is no further appreciation due to there being no productive value.
Thus, presumably, Buffet (if still alive, progeny if not) would want to SELL his "crypto asset", as he had extracted all potential real value return, and wishes to purchase more productive assets. To whom will Buffet sell his crypto? Since no one expects to purchase any more crypto for the purpose of riding the appreciation wave (lets assume 100% of the population now has crypto! (except me) ) , who will trade their time or goods for crypto? Why will they do so? The only way you would do so is if the government mandated that their currency for payment was that crypto. Lets say they did that, and it was just like getting paid in dollars currently. This means we collectively through mass adoption of crypto, broke the governments monopoly on the ability to mint and print coin, and to inflate away its value and overspend. So great! If I'm WRONG, it's because you crypto bugs have managed to wrest all the money power out of the hands of the government, and the government is now beholden to the few brave and noble souls who invested early, to dole out crypto money securely as they see fit, because crypto is secure and the government SURELY can't force them to give any of their prize to a wimpy government. Lol, I guess you are right. What a rube I am!!
So If I'm WRONG, then the world will be a Utopia, and I'm ok with being wrong because all the excellent socialists will just be taking care of me with their amazing generosity and foresight anyway. But if I am RIGHT, then you are fucked out of any money you put into crypto, and to the extent you are selling at a higher price to others, you are fucking them, and are basically a shit human participating in and promoting a ponzi scheme that will cause a lot of pain and human suffering.
Note that Warren Buffet DOES own insurance companies, which produce nothing physical, but do produce "value" to the shareholders in the form of earned risk reduction to their customers (premiums). Also note, banks take transaction fees. And I bet Warren is buying into this bank because he likes the transaction fees as a revenue stream that the bank is charging.
After looking at what you are saying, it turns out it is nubank: https://nubank.com.br/en/?source=patrick.net
a Brasilian bank, that doesn't even say the word crypto, bitcoin, etc on the homepage in the link above (though they do say credit card in pretty big letters).
Then you try to leech off Warren Buffets name and imply I'm an idiot by throwing up a strawman that I am calling Warren Buffet a fool for investing in a bank that has some marginal tie to crypto.
Hmm, so it looks like yet another pathetic defense of crypto thru logic fail , as opposed to actually addressing any of the direct and valid points I made.
But.. BUT, lets PRETEND that Warren Buffet bought 1 billion dollars of bitcoin DIRECTLY. Lots of other "rich" money managers certainly have! My following statement will apply equally to them. The expected return of any purchase of bitcoin SOLELY rests on their expectation that there is a higher future return value, and that they will be able to SELL it to another person at a higher real (inflation adjusted) price. Now Warren Buffet has EXPLICITLY stated this is the only reason he or any other person would buy bitcoin (which I agree with), and thus is the reason he would NEVER buy bitcoin. He believes buying other assets that have a "productive value" are simply better purchases, because at some point there will be no "greater fool" to sell crypto currency to at a higher price. Therefore, even if the price TOPS OUT, and magically stays stable, there is no further appreciation due to there being no productive value.
Thus, presumably, Buffet (if still alive, progeny if not) would want to SELL his "crypto asset", as he had extracted all potential real value return, and wishes to purchase more productive assets. To whom will Buffet sell his crypto? Since no one expects to purchase any more crypto for the purpose of riding the appreciation wave (lets assume 100% of the population now has crypto! (except me) ) , who will trade their time or goods for crypto? Why will they do so? The only way you would do so is if the government mandated that their currency for payment was that crypto. Lets say they did that, and it was just like getting paid in dollars currently. This means we collectively through mass adoption of crypto, broke the governments monopoly on the ability to mint and print coin, and to inflate away its value and overspend. So great! If I'm WRONG, it's because you crypto bugs have managed to wrest all the money power out of the hands of the government, and the government is now beholden to the few brave and noble souls who invested early, to dole out crypto money securely as they see fit, because crypto is secure and the government SURELY can't force them to give any of their prize to a wimpy government. Lol, I guess you are right. What a rube I am!!
So If I'm WRONG, then the world will be a Utopia, and I'm ok with being wrong because all the excellent socialists will just be taking care of me with their amazing generosity and foresight anyway. But if I am RIGHT, then you are fucked out of any money you put into crypto, and to the extent you are selling at a higher price to others, you are fucking them, and are basically a shit human participating in and promoting a ponzi scheme that will cause a lot of pain and human suffering.
Note that Warren Buffet DOES own insurance companies, which produce nothing physical, but do produce "value" to the shareholders in the form of earned risk reduction to their customers (premiums). Also note, banks take transaction fees. And I bet Warren is buying into this bank because he likes the transaction fees as a revenue stream that the bank is charging.
1703
Cash
2022 Feb 16, 3:16pm
Warren Buffett Acquires $1B Stake In 'Rat Poison' Bitcoin Friendly Brazilian Bank While Cutting Stakes In Visa, Mastercard
https://www.benzinga.com/markets/cryptocurrency/22/02/25654137/warren-buffett-acquires-1b-stake-in-rat-poison-bitcoin-friendly-brazilian-bank-while-cutti?source=patrick.net
https://www.benzinga.com/markets/cryptocurrency/22/02/25654137/warren-buffett-acquires-1b-stake-in-rat-poison-bitcoin-friendly-brazilian-bank-while-cutti?source=patrick.net
1704
Cash
2022 Feb 16, 3:17pm
Berkshire Hathaway Invests $500M In Brazilian Digital Bank Nubank
https://www.benzinga.com/markets/cryptocurrency/21/06/21488769/berkshire-hathaway-invests-500m-in-brazilian-digital-bank-nubank?source=patrick.net
https://www.benzinga.com/markets/cryptocurrency/21/06/21488769/berkshire-hathaway-invests-500m-in-brazilian-digital-bank-nubank?source=patrick.net
1705
Cash
2022 Feb 16, 3:21pm
Why would you write a book no one will read as a reply to my small and honest supported post.. lmao
Something wrong with you dude...
Something wrong with you dude...
1706
Zak
2022 Feb 16, 8:59pm
Ok.. I can see that your 4 rapid fire responses mean you are totally unmoved by my clearly poorly thought about and lacking reason post
Bwahahahahhaha!
Bwahahahahhaha!
1707
Cash
2022 Feb 17, 6:33am
World’s ‘coolest dictator’ rebukes US
https://www.rt.com/news/549634-elsalvador-us-colony-bitcoin/?source=patrick.net
El Salvador is a sovereign country and not a colony of Washington, which has no right to meddle in its decision to adopt Bitcoin,
President Nayib Bukele said on Wednesday in response to a bill proposed by several US senators alarmed at the prospect.
“OK boomers,” Bukele tweeted on Wednesday evening. “We are not your colony, your back yard or your front yard. Stay out of our internal affairs.
Don’t try to control something you can’t control.” He added that the US has “zero jurisdiction” in El
https://www.rt.com/news/549634-elsalvador-us-colony-bitcoin/?source=patrick.net
El Salvador is a sovereign country and not a colony of Washington, which has no right to meddle in its decision to adopt Bitcoin,
President Nayib Bukele said on Wednesday in response to a bill proposed by several US senators alarmed at the prospect.
“OK boomers,” Bukele tweeted on Wednesday evening. “We are not your colony, your back yard or your front yard. Stay out of our internal affairs.
Don’t try to control something you can’t control.” He added that the US has “zero jurisdiction” in El
1708
Misc
2022 Feb 17, 6:48am
The only thing keeping El Salvador's lights on is remittances from the illegals in the US.
I am serious
https://tradingeconomics.com/el-salvador/external-debt?source=patrick.net
I would not really call it a country.
I am serious
https://tradingeconomics.com/el-salvador/external-debt?source=patrick.net
I would not really call it a country.
1709
Cash
2022 Feb 17, 7:16am
JPMorgan calls for regulatory quick fix for crypto hedging
https://www.reuters.com/technology/jpmorgan-calls-regulatory-quick-fix-crypto-hedging-2022-02-15/?source=patrick.net
LONDON, Feb 15 (Reuters) - New rules are needed urgently to give banks certainty in handling cryptoassets on behalf of big
customers who want to enter the rapidly evolving market, a senior executive from U.S. bank JPMorgan Chase (JPM.N) said on Tuesday.
https://www.reuters.com/technology/jpmorgan-calls-regulatory-quick-fix-crypto-hedging-2022-02-15/?source=patrick.net
LONDON, Feb 15 (Reuters) - New rules are needed urgently to give banks certainty in handling cryptoassets on behalf of big
customers who want to enter the rapidly evolving market, a senior executive from U.S. bank JPMorgan Chase (JPM.N) said on Tuesday.
1710
Onvacation
2022 Feb 17, 7:45am
Onvacation
2022 Feb 17, 7:45am
Can anyone answer how a person makes money with crypto without finding a bigger fool to buy it?
Have not got any and don't expect any cogent answers.
Have not got any and don't expect any cogent answers.
1711
Misc
2022 Feb 17, 8:08am
Onvacation says
Sure, let's say a hedge fund manager buys up one of the over 19000 crypto currencies and sends its price to the moon baby. The he finds some not so bright banker (who may or may not be in on the scam) to hedge the currency at this super high price.
Cash says
Then sells the currewncy to whoever will buy it bringing the price right back down to close to zero. The hedge pays off and he gets oodles of money for nothing (still has to pay for his chicks though).
Can anyone answer how a person makes money with crypto without finding a bigger fool to buy it?
Have not got any and don't expect any cogent answers.
Sure, let's say a hedge fund manager buys up one of the over 19000 crypto currencies and sends its price to the moon baby. The he finds some not so bright banker (who may or may not be in on the scam) to hedge the currency at this super high price.
Cash says
JPMorgan calls for regulatory quick fix for crypto hedging
https://www.reuters.com/technology/jpmorgan-calls-regulatory-quick-fix-crypto-hedging-2022-02-15/?source=patrick.net
LONDON, Feb 15 (Reuters) - New rules are needed urgently to give banks certainty in handling cryptoassets on behalf of big
customers who want to enter the rapidly evolving market, a senior executive from U.S. bank JPMorgan Chase (JPM.N) said on Tuesday.
Then sells the currewncy to whoever will buy it bringing the price right back down to close to zero. The hedge pays off and he gets oodles of money for nothing (still has to pay for his chicks though).
1712
Cash
2022 Feb 17, 8:20am
Misc says
You really should take a moment and educate yourself on what institutional custody for their clients means lmao
You guys sure go out into bizarro land where you live to make some bogus point that in real life does not exist
Then sells the currewncy to whoever will buy it bringing the price right back down to close to zero. The hedge pays off and he gets oodles of money for nothing (still has to pay for his chicks though).
You really should take a moment and educate yourself on what institutional custody for their clients means lmao
You guys sure go out into bizarro land where you live to make some bogus point that in real life does not exist
1713
clambo
2022 Feb 17, 8:22am
Crypto is popular the wannabes who believe in getting rich quickly like you can do in Las Vegas.
It’s just as likely to make them rich as a trip to Las Vegas too.
I talked to a young guy in Baja who said I should get into a crypto currency that wasn’t Bitcoin (how many are there?) ; he showed me on his phone that it rose 500% in a short time.
“Interesting, I’m doing okay with my stocks and stock mutual funds too.”
He was obviously not bucks up but not a bad kid.
I felt a little sorry for his young wife however, hopefully she will buy some mutual funds for herself someday.
It’s just as likely to make them rich as a trip to Las Vegas too.
I talked to a young guy in Baja who said I should get into a crypto currency that wasn’t Bitcoin (how many are there?) ; he showed me on his phone that it rose 500% in a short time.
“Interesting, I’m doing okay with my stocks and stock mutual funds too.”
He was obviously not bucks up but not a bad kid.
I felt a little sorry for his young wife however, hopefully she will buy some mutual funds for herself someday.
1714
Bitcoin
2022 Feb 17, 9:13am
Bitcoin
2022 Feb 17, 9:13am
Remember when Jamie Dimon (JP Morgan Chase) was telling us how bad Bitcoin is? Just shortly before JP Morgan
https://www.cnbc.com/2021/08/05/bitcoin-jpmorgan-led-by-jamie-dimon-quietly-unveils-access-to-a-half-dozen-crypto-funds.html?source=patrick.net
"On Thursday, financial advisors were allowed to begin placing private bank clients into a new bitcoin fund created with crypto firm NYDIG, according to people with knowledge of the move.
Late last month, JPMorgan rolled out access to four funds from Grayscale Investments and one from Osprey Funds, according to the people."
And Remember Warren Buffet?
He used to be a crypto bear, but now there is news saying he invested $1B USD into a crypto friendly bank in order to gain exposure to fintech:
https://www.cnbctv18.com/cryptocurrency/warren-buffetts-berkshire-invests-1-billion-in-crypto-friendly-nubank-12533352.htm?source=patrick.net
"The decision to back Nubank is a major milestone for Berkshire Hathaway’s investment strategy. It’s an indicator that Warren Buffett’s firm is starting to move away from credit companies and focusing more on fintech firms."
notice something ? :) mass adoption of crypto is happening fast.
one more for you: The state of Colorado accepts Bitcoin payments now:
https://markets.businessinsider.com/news/currencies/colorado-crypto-tax-payments-polis-state-bitcoin-governor-us-cryptocurrency-2022-2?source=patrick.net
https://www.cnbc.com/2021/08/05/bitcoin-jpmorgan-led-by-jamie-dimon-quietly-unveils-access-to-a-half-dozen-crypto-funds.html?source=patrick.net
"On Thursday, financial advisors were allowed to begin placing private bank clients into a new bitcoin fund created with crypto firm NYDIG, according to people with knowledge of the move.
Late last month, JPMorgan rolled out access to four funds from Grayscale Investments and one from Osprey Funds, according to the people."
And Remember Warren Buffet?
He used to be a crypto bear, but now there is news saying he invested $1B USD into a crypto friendly bank in order to gain exposure to fintech:
https://www.cnbctv18.com/cryptocurrency/warren-buffetts-berkshire-invests-1-billion-in-crypto-friendly-nubank-12533352.htm?source=patrick.net
"The decision to back Nubank is a major milestone for Berkshire Hathaway’s investment strategy. It’s an indicator that Warren Buffett’s firm is starting to move away from credit companies and focusing more on fintech firms."
notice something ? :) mass adoption of crypto is happening fast.
one more for you: The state of Colorado accepts Bitcoin payments now:
https://markets.businessinsider.com/news/currencies/colorado-crypto-tax-payments-polis-state-bitcoin-governor-us-cryptocurrency-2022-2?source=patrick.net
1715
Cash
2022 Feb 17, 9:15am
Ukraine legalises Bitcoin and other cryptocurrencies
https://coinjournal.net/news/ukraine-legalises-bitcoin-and-other-cryptocurrencies/?source=patrick.net
Today, the government officially passed a law legalising Bitcoin and other cryptocurrencies. The bill was originally passed last September, although Ukrainian President Volodymyr Zelanskyy had sent it back to parliament for changes. Today, four months later, it has been formally signed into law.
https://coinjournal.net/news/ukraine-legalises-bitcoin-and-other-cryptocurrencies/?source=patrick.net
Today, the government officially passed a law legalising Bitcoin and other cryptocurrencies. The bill was originally passed last September, although Ukrainian President Volodymyr Zelanskyy had sent it back to parliament for changes. Today, four months later, it has been formally signed into law.
1716
Cash
2022 Feb 17, 9:49am
PIX: The new instant payment system from Central Bank of Brazil
https://business.ebanx.com/en/resources/payments-explained/pix-instant-payment-system?source=patrick.net
1. What are instant payments?
Instant Payments are electronic money transfers between different institutions where the payment message transmission and fund availability to the final beneficiary occur in real-time, and whose service is available to end-users 24/7.
The Central Bank in Brazil saw the need to create and regulate this new payment arrangement because of the digitalization of e-commerce and the current gap in payment methods.
SWIFT system is being dismantled or min re-worked for instant cross border pmts. and it isn't with BTC
#XRP
https://business.ebanx.com/en/resources/payments-explained/pix-instant-payment-system?source=patrick.net
1. What are instant payments?
Instant Payments are electronic money transfers between different institutions where the payment message transmission and fund availability to the final beneficiary occur in real-time, and whose service is available to end-users 24/7.
The Central Bank in Brazil saw the need to create and regulate this new payment arrangement because of the digitalization of e-commerce and the current gap in payment methods.
SWIFT system is being dismantled or min re-worked for instant cross border pmts. and it isn't with BTC
#XRP
1717
Onvacation
2022 Feb 17, 11:38am
Onvacation
2022 Feb 17, 11:38am
Misc says
So the banker is the greater fool.
The only way to make money in crypto is to find some fool to buy it.
The he finds some not so bright banker
So the banker is the greater fool.
The only way to make money in crypto is to find some fool to buy it.
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