patrick.net

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

Bitcoin stuck under $40K, but BTC price hits another all-time high vs. Russian ruble

Onvacation says

Bitcoin stuck under $40K, but BTC price hits another all-time high vs. Russian ruble

Even fucking cowrie shells hit all-time high against Rubble (sic!).

In the end fiat will be worthless and crypto will still be valued in fiat, or seashells.

Onvacation says

Bitcoin stuck under $40K

If you look at last year's breakout ...

https://patrick.net/post/1338279/2021-02-28-rin-s-5-min-take-on-bitcoin



The price congestion, ala area of testing, is at the higher Fibonacci bracket than that of 2021. If anything, this is a classic bullish entity, even if it's based on a collective delusion of e-gold.

Realize, bullishness doesn't mean Proctor & Gamble, Exxon-Mobil, or 3M. Those are Fortune 1000 blue chips. Bullishness is simply how a market is moving.

Kraken to Distribute Over $10 Million in Aid to Clients Impacted by Ukraine Crisis
https://blog.kraken.com/post/13215/kraken-to-distribute-over-10-million-in-aid-to-clients-impacted-by-ukraine-crisis/?source=patrick.net

Onvacation says

Bitcoin stuck under $40K

That aged well @Onvacation




Oh wait, I forget BTC haters only care about price when its correcting.

BTC goes up: Silence by the hater
Me: "hey where are the haters??"
Haters: "We dont care about price!"
BTC price corrects
Haters: "BTC price is down!!!!"

Save_Ukraine says

Oh wait, I forget BTC haters only care about price when its correcting.

BTC goes up: Silence by the hater
Me: "hey where are the haters??"
Haters: "We dont care about price!"
BTC price corrects
Haters: "BTC price is down!!!!"

Here are things you may want to keep in mind, the Russell 2K & the EUR/USD.

Sure, the Russ price box is holding, however, it's below its 50 weekly MA & not too far from the 200 weekly MA. If these start to converge, ala Death Cross on a weekly time frame, the bullishness of the market may be over.

And likewise, the EUR/USD is testing its decade long low during this season.

All and all, if these two factors don't change for the positive then BTC may see its current bulllishness end by mid-summer which is my first take profit target.

Most of BTC exchanges are enforcing anti-Putler sanctions, btw.

Eric Holder says

Most of BTC exchanges are enforcing anti-Putler sanctions, btw.

Newbies trap, most know better then leave their cryptos on the exchanges especially the exchanges that US traders can trade and KYC with.

https://www.dailymail.co.uk/news/article-10593905/Biden-signs-executive-order-regulate-cryptocurrency-traded.html?source=patrick.net

Fuck Biden and his digital dollar.

Can transactions be blocked at the node? My understand is if you're using an offline wallet, you're still dependent on third party software. If the government is able to figure out your "onramp" can they then camp out on the wallet providers node and block your transactions? Short of running your own node, it seems like every convenience step adds a layer where the government can step in. Obviously they can't seize your assets, but then you couldn't use them either.

EBGuy says

My understand is if you're using an offline wallet, you're still dependent on third party software.

Yeah, but you don't need a wallet. Just a piece of paper. Or your brain and a seed phrase. So there is that. I guess eventually you'd need some sort of SW to get back in but you can trash your wallet and get a new one (maybe in Russia) if you need to.

Onvacation says

Fuck Biden and his digital dollar.

Yup. Sucks don't it? I've been waiting for this to make a CBDC thread. They are going to force this shit on us. It's not just Joe though it's all those globohomos too.

What would you rather own, twenty one ounce gold coins or one Bitcoin binary code on your flashdrive?

If you don't hold it you don't own it.

both

Onvacation says

What would you rather own, twenty one ounce gold coins or one Bitcoin binary code on your flashdrive?

If you don't hold it you don't own it.

Thats right! Not your keys, not your crypto!

(always move crypto from the exchanges to a cold storage / hardware wallet).

And of course I would rather own Bitcoin than Gold.

For obvious reasons:

Gold seems quite decentralized to me, as long as many individuals hold it.

It's also extremely portable, more so than paper cash even, as long as you have more than an ounce.

It's also sovereign, in that Canada, Australia, South Africa and others all mint their own coins.

Wozniac endorses bitcoin

original link
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