Biden coming after cryptos (@America 1st was right again)

[ChicagoFats]

I don’t think you can consider China a superpower. At least, not by traditional standards. They have very little ability at force projection and don’t really have a blue-water navy. They are certainly trending toward that status but they aren’t there yet imo.

I agree that their Navy isn't any where comparable to ours. However, I doubt any war we fight with China will be a traditional war. They are powerful in many ways and its hard for me to not consider them a super power. Although i agree they may not meet the traditional definition.

 

[ChicagoFats]

Soros likes Bitcoin. Says it all…

Meh, just another person jumping on the train.

I continue to be amazed at BTC's staying power. In theory it could still be in its infancy.

BTC and ETH are emerging from the pack as market leaders and its performing as a hedge vs inflationary policies of big governments.

 

[Overwatch]

I agree that their Navy isn't any where comparable to ours. However, I doubt any war we fight with China will be a traditional war. They are powerful in many ways and its hard for me to not consider them a super power. Although i agree they may not meet the traditional definition.

Don’t get me wrong. They are absolutely our biggest threat but I feel like they’re somewhat of a paper tiger. I don’t think a conventional war would go well for them but with their nukes and their cyber warfare capacity they are absolutely a threat.

But superpowers don’t have fully built cities completely uninhabited. There’s something amiss with China and it’s not just communism.

 

[America 1st]

I agree that their Navy isn't any where comparable to ours. However, I doubt any war we fight with China will be a traditional war. They are powerful in many ways and its hard for me to not consider them a super power. Although i agree they may not meet the traditional definition.

US subs will even the odds quickly.

It’s the great equalizer.

Meh, just another person jumping on the train.

I continue to be amazed at BTC's staying power. In theory it could still be in its infancy.

BTC and ETH are emerging from the pack as market leaders and its performing as a hedge vs inflationary policies of big governments.

C_A didn’t design it to go away quickly. Its worked out well too with them being able to mine all that information.

Can’t track people, their purchases, and confirm identities with tangible gold and silver.

 

[ChicagoFats]

US subs will even the odds quickly.

It’s the great equalizer.

C_A didn’t design it to go away quickly. Its worked out well too with them being able to mine all that information.

Can’t track people, their purchases, and confirm identities with tangible gold and silver.

Do you think Satoshi Nakamoto is really DARPA?

 

[America 1st]

Do you think Satoshi Nakamoto is really DARPA?

Himself no.

Paid or leveraged by gov; definitely.

The C_A got confirmation of the criminal interest in BTC back in 2013 and haven’t looked back since.

 

[America 1st]

 

[ChicagoFats]

Here comes bitcoin $75,000

 

[America 1st]

Here comes bitcoin $75,000

Too bad too.

So many people will put their hard earned money into the scam even at that ridiculously inflated price.

 

[America 1st]

Criminals and crypto are hand in glove.

 

[America 1st]

 

[ChicagoFats]

Criminals and crypto are hand in glove.

@America 1st this is good crypto reading.

Your Money and Your Life

Central Bank Digital Currencies will ransom our future

edwardsnowden.substack.com

 

[America 1st]

@America 1st this is good crypto reading.

Your Money and Your Life

Central Bank Digital Currencies will ransom our future

edwardsnowden.substack.com

View attachment 53213

Well that’s not really surprising. Traditional finance has much more capital in it.

The difference would be we NEED traditional financial services while virtual currencies could be completely done away with @ a net benefit to society.

I’d be interested to know what percentage of crypto transactions actually represent criminal activity. It’s always been believed to be around 50% if all transactions.

That number might be “smaller” than the to value of transactions in traditional services but if that percentage in traditional services is 1% then we have a much more clear idea of what the motivation behind cryptos really is (and anyone with brain knows it’s not above board investing”).

 

[ChicagoFats]

Well that’s not really surprising. Traditional finance has much more capital in it.

The difference would be we NEED traditional financial services while virtual currencies could be completely done away with @ a net benefit to society.

I’d be interested to know what percentage of crypto transactions actually represent criminal activity. It’s always been believed to be around 50% if all transactions.

That number might be “smaller” than the to value of transactions in traditional services but if that percentage in traditional services is 1% then we have a much more clear idea of what the motivation behind cryptos really is (and anyone with brain knows it’s not above board investing”).

I think you will find we don't need traditional financial services. Most anything that can be done by a bank can be done by an algorithm. The industry is budding but in the not too distant future we wont NEED traditional finance. I see a hybrid model where people comfortable with crypto will use it while the olds will stay traditional. Eventually, in 50 years or so, traditional banking will phase out.

I don't buy that 50% of all crypto transactions are for illicit purposes. Maybe a long time ago, but crypto has gone mainstream now and there are plenty of legitimate uses.

 

[America 1st]

I think you will find we don't need traditional financial services. Most anything that can be done by a bank can be done by an algorithm. The industry is budding but in the not too distant future we wont NEED traditional finance. I see a hybrid model where people comfortable with crypto will use it while the olds will stay traditional. Eventually, in 50 years or so, traditional banking will phase out.

I don't buy that 50% of all crypto transactions are for illicit purposes. Maybe a long time ago, but crypto has gone mainstream now and there are plenty of legitimate uses.

No. It could literally all be gone tomorrow and nobody would be any worse off. In fact many of us would be much better off without it.

Also

As long people seek credit, the government issues currency (never gonna stop nor should it), and government programs like reverse repo & federally backed mortgages exist there will be banks.

I’m not even a fan of big banks or The Fed but suggesting people will just go to crypto is nonsense. Not only would government put a stop to it (for plenty of reasons) but most people aren’t gonna start storing their money in something that’s not federally insured (and crypto will never be).

 

[ChicagoFats]

No. It could literally all be gone tomorrow and nobody would be any worse off. In fact many of us would be much better off without it.

Also

As long people seek credit, the government issues currency (never gonna stop nor should it), and government programs like reverse repo & federally backed mortgages exist there will be banks.

I’m not even a fan of big banks or The Fed but suggesting people will just go to crypto is nonsense. Not only would government put a stop to it (for plenty of reasons) but most people aren’t gonna start storing their money in something that’s not federally insured (and crypto will never be).

This is not an honest argument. THere are millions of people with money invested in crypto. if they were gone tomorrow millions of people would be worse off.

Does it matter if your account is federally insured if the dollar is worthless?

 

[America 1st]

This is not an honest argument. THere are millions of people with money invested in crypto. if they were gone tomorrow millions of people would be worse off.

Does it matter if your account is federally insured if the dollar is worthless?

The dollar will never be worthless and it’s a completely legit argument to say cryptos have zero positives.

If all the capital were returned tomorrow and all those products disappeared the world would be a FAR better place.

Cryptos couldn’t even exist without the dollar because there would be no way to know what each coin is worth. Even now if someone gets on an exchange to go coin to coin that math and transaction is possible because they can track supposed value of of those coins back to dollars to make the conversion.

Without the stability of the dollar the world stops. You can have economic activity or functioning economies trying to operate using something like cryptos where the value changes 30% in a few hours. In fact people that argue otherwise are not making an honest argument and they know it.

 

[ChicagoFats]

The dollar will never be worthless and it’s a completely legit argument to say cryptos have zero positives.

If all the capital were returned tomorrow and all those products disappeared the world would be a FAR better place.

Cryptos could even exist without the dollar because there would be no way to know what each coin is worth. Even now if someone gets on an exchange to go coin to coin that math and transaction is possible because they can track supposed value of of those coins back to dollars to make the conversion.

Without the stability of the dollar the world stops. You can have economic activity or functioning economies trying to operate using something like cryptos where the value changes 30% in a few hours. In fact people that argue otherwise are not making an honest argument and they know it.

I agree with you 100%. At the moment the volatility is too high to be a full fledged, stable currency. However, Cryptos are theoretically in their infancy and it takes time to establish value and a market. Given 5-10 years I think you will see reduced volatility and deeper liquidity as market participants increase.

I don't think its unusual for a currency to be volatile during its infancy.

 

[America 1st]

I agree with you 100%. At the moment the volatility is too high to be a full fledged, stable currency. However, Cryptos are theoretically in their infancy and it takes time to establish value and a market. Given 5-10 years I think you will see reduced volatility and deeper liquidity as market participants increase.

I don't think its unusual for a currency to be volatile during its infancy.

They aren’t currencies.

Currencies are a medium of exchange that’s widely accepted.

Coins are not widely accepted and, most importantly, the medium of exchange is the dollar. BTC, ETH, ect have no value without the dollar as the medium of exchange.

 

[America 1st]

 

[America 1st]

It’s time to make this illegal for everyone’s sake.

 

[ChicagoFats]

It’s time to make this illegal for everyone’s sake.

 

[America 1st]

View attachment 53616

 

[Taggart]

 

[America 1st]

 

[America 1st]

"Bitcoin and other cryptocurrencies have already sucked an insane amount of money from the real economy," said Bart Naylor, financial policy advocate at the consumer group Public Citizen. "Enabling more gambling under the banner of the SEC debases what’s supposed to be the gold standard of world securities markets oversight."

“To be sure, the SEC is expected to continue pursuing a crackdown on crypto exchanges and digital currency products, despite its comfort with Bitcoin futures. Gensler has warned that investors don't get enough information on how the market functions. He's calling on Congress to give regulators more power to rein in digital asset trading, lending and decentralized finance platforms.”

Crypto investing wins SEC approval, triggering consumer group uproar

The move is setting up a conflict between Chair Gary Gensler and investor advocates who are his long-time allies.

www.politico.com

 

[ChicagoFats]

 

[America 1st]

View attachment 54883

I think it’s excellent I’ve finally converted you to my side on the topic.

 

[ChicagoFats]

I think it’s excellent I’ve finally converted you to my side on the topic.

Im just thinking about all those poor people that bought bitcoin. Thank God you were there to tell them not to.

 

[America 1st]

Im just thinking about all those poor people that bought bitcoin. Thank God you were there to tell them not to.

Pore*

I’d feel bad about funding terrorism too if I were them.

That’s not even counting all those pore suckers who have lost money on it as funds and governments buy them up and manipulate it.

 

[ChicagoFats]

Pore*

I’d feel bad about funding terrorism too if I were them.

That’s not even counting all those pore suckers who have lost money on it as funds and governments buy them up and manipulate it.

Bitcoin = Freedom

 

[America 1st]

Bitcoin = Freedom

The sky is pink.

 

[CDDP]

An hour and 16 minute video that is worth a watch. Larry Lepard a staunch Gold Bug/Sound Money/Ron Paul Guy/Money manger goes into why Bitcoin is good investment.

 

[AmericanViking]

Too bad too.

So many people will put their hard earned money into the scam even at that ridiculously inflated price.

How many other commodities are scams?

 

[America 1st]

How many other commodities are scams?

Likely much more than anyone would ever want to acknowledge.

This is one thing that comes to mind when thinking of BTC:

Commodities Fraud | Federal Bureau of Investigation

A Peruvian national living in New York was sentenced to 12 years for stealing more than $1.2 million from unsuspecting investors in a Ponzi scheme involving commodities fraud.

www.fbi.gov

 

[CDDP]

 

[America 1st]

Scary that amount of money could be going towards terrorists without any mechanism to try to prevent it.

Also makes me hurt for for all the retired and working class folks with retirement accounts in the market. Just imagine how much better off those people would be if the capital in cryptos were in the market.

Makes me appreciate more and more everyday how right Trump was that all those products need regulated very very heavily.

 

[CDDP]

Scary that amount of money could be going towards terrorists without any mechanism to try to prevent it.

Also makes me hurt for for all the retired and working class folks with retirement accounts in the market. Just imagine how much better off those people would be if the capital in cryptos were in the market.

Makes me appreciate more and more everyday how right Trump was that all those products need regulated very very heavily.

Today is the first time since 2013 I've bought Bitcoin. Developers have finally started creating wallets that fixed a lot of my concerns around how governments could regulate it and stop it. You raise a lot of concerns that should be talked about, but the same problems happen right now with fiat currency.

 

[America 1st]

Today is the first time since 2013 I've bought Bitcoin. Developers have finally started creating wallets that fixed a lot of my concerns around how governments could regulate it and stop it. You raise a lot of concerns that should be talked about, but the same problems happen right now with fiat currency.

State issued currencies attempt to those things and allow sovereign people to institute their own laws and norms.

Meanwhile as you just noted cryptos are designed to bypass sovereign people and their governments in an attempt to avoid law and order.

 

[CDDP]