patrick.net

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.

BITCOIN FOR TRUCKERS
GOAL REACHED
USD $ 926366.03 raisedgoal $ 881321.19
https://tallyco.in/s/lzxccm/?source=patrick.net

It looks like a lot of smalls some .50 but it all adds up apparently

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.

Patrick says

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

Patrick says

Bitcoin has a huge advantage in its ability to completely bypass the banking system.

That's what the human traffickers like about crypto.

Onvacation says

Patrick says

Bitcoin 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Patrick is right, Crypto/Bitcoin is a huge disruption to our outdated financial systems.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?

Is Bitcoin anonymous or not?

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.

Patrick says

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?

OV and ZAK look at this big fool!!!
WARREN BUFFETT INVESTS $1 BILLION INTO CRYPTO FRIENDLY BANK
https://procoinnews.com/?source=patrick.net

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.

Zak says

imply I'm an idiot

No your response proves that point on your own....

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

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

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...

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!

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

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.

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.

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.

Onvacation says

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).

Misc 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).

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

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.

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

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.

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

Misc says

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.

Cash says

Today, the government officially passed a law legalising Bitcoin and other cryptocurrencies.

Was it illegal before?

Canada Fails Personal Wallet Request to Freeze Bitcoin
https://investmentbusinessu.com/2022/02/19/canada-fails-personal-wallet-request-to-freeze-bitcoin/?source=patrick.net

Dear Ontario Supreme Court Justice,

Nunchuk is a multitasking, collaborative, and self-isolating Bitcoin wallet. We are a software provider, not a financial broker or custodian.

Our software is free to use. It enables people to eliminate individual points of failure and store bitcoins as securely as possible while maintaining privacy.

We do not collect any user identification information other than email addresses. We don’t have any keys either. So:

We cannot “freeze our users’ assets”.

We cannot “prevent transfers”.

We have no knowledge of the “existence, nature, value and location” of our users’ assets.

Learn how self-locking and private keys work. When the Canadian dollar is worthless, we’ll be here for you too.

sincerely,

Team Nunchuck”.

Team Nunchuck says

When the Canadian dollar is worthless,

Bitcoin will be worth a million Canadian dollars, maybe more.

TO THE MOON!

Canadian trucker receives $8,000 in Bitcoin during a livestream
https://finbold.com/canadian-trucker-receives-8000-in-bitcoin-during-a-livestream/?source=patrick.net

https://boriquagato.substack.com/p/governments-are-about-to-come-for?source=patrick.net

a friendly reminder that he who controls the ability to store, access, and transfer money can exert near total control over a society.

it’s a thing you need to know. because believe you me, the governments know it too and they rely heavily upon this monopoly for both surveillance and for suppression.

you’re seeing it right now in canada as funds for protesters get frozen, blocked, and outright stolen.

the families of those who donated to the truckers (and had their data hacked) are finding their accounts frozen by the government. it’s being used as explicit punishment under emergency powers to silence and attack peaceful political opponents. ...

we did not take your right to speech, we just took your money because you spoke. (and yes, political donations are and must be protected speech) ...




it’s not an accident that as we see this in the US:

this convoy is being largely funded by crypto. and yeah, sure, you cannot seize a cold wallet that is self stored and air-gapped and sure, there is generally no fiduciary to force,

BUT, and this is a major but, it’s also pretty hard to turn that BTC or ETH into USD that you can use to buy, say, diesel fuel without tripping over the US government.

and i’m very curious to see if this is something they manage to get around. ...

the “globalist” leaders are not taking kindly to the idea of challenge to their control of money systems.

make no mistake: the fight to control money will be the axis mundi of the social credit systems the collectivist planners seek to impose.

any tool the state can use against your enemies it can turn upon you as well.

and in time, they will. ...


and this is exactly why taking them away and rendering money, commerce, savings, and investment opaque to government will be one of the most important projects of the coming decade.

it will fundamentally reshape the nature of the relationship between people and government and result in perhaps the most potent reapportionment of power since the magna carta or the bill of rights.

it will make we the people the customer of the state not its subject because the state will not be able to grab wealth at will anymore. you cannot tax what you cannot see.




they declare emergency, brand opposition as terrorists, and start seizing assets.

this is a playbook straight from the 1930’s.

this is not fixable. we cannot get a “nice leviathan that respects you.’

moving outside it and making it subject to our tolerance rather than we to its is the only way.

the technology is, for the first time, really available to do this.

One way is to simply scp signed files around.

Although I am not a big fan of BTC or ETH thought I would share the realized price of BTC where
the avg. price BTC was acquired is $25,425 so the majority of holders are still in unrealized profit of 35%.
https://stats.buybitcoinworldwide.com/realized-price/?source=patrick.net

Cash says

the majority of holders are still in unrealized profit of 35%.

Holders? or HODLer's?

The reason bitcoin is as high as it is is the artificial scarcity. If even a couple million people want to buy a couple thousand Satoshis that would overwhelm the new supply. Many of these buyers are already HODLer's who are "dollar cost averaging" into "digital gold" because "They aren't making any more".

Cash says

Although I am not a big fan of BTC or ETH

These are the coins to consider: ISO 20022 Cryptos: 5 Compliant Cryptos to Keep an Eye on in 2022
https://investorplace.com/2021/12/iso-20022-cryptos-5-compliant-cryptos-to-keep-an-eye-on-in-2022/?source=patrick.net

Onvacation says

Holders? or HODLer's?

At this point you tell me?

I will say considering 76%+ of BTC haven't been moved in the last 6mo. I'd say there are probably a whole lot of HODLer's going on

Billionaire Ken Griffin Admits He Was Wrong About Bitcoin, Crypto
The famous hedge fund manager has always been one of the fiercest critics of cryptocurrencies.
https://www.thestreet.com/investing/cryptocurrency/billionaire-ken-griffin-admits-he-was-wrong-about-bitcoin-crypto?source=patrick.net