DeltaboundRedux

“Convert your actual global reserve currency money into fake money and let a very ugly polycule manage it in the Bahamas”

What could possibly go wrong?

20Fathoms

Huh, I learned a new word today.

interceptorpilo

You know we already have fake money right?

Trip7

Crypto = Permanent Loss of Capital

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DeltaboundRedux

"I don't think in the banking and investment industry in modern day history...a bank has been able to steal all of its customers money in broad day light gamble it, and then file for bankruptcy, and then steal the remaining funds while in the middle of it." - some rando on Twitter.

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The false equivalency is that FIAT=FAKE.

On one hand you have the fiat USD, with thousands of international agreements, multiple NGO's, billions of contracts worldwide denominating it's use in detail, and a federal reserve that manages supply backed by the world's strongest military and one of the world's largest economies.

On the other hand, you have some guys sitting in their underwear in their basements using computer game graphics cards to tweek out randomized numbers from an obscure algorithm. These numbers have value because of youtube "influencers" say it's also a fiat currency because "dollars don't really exist either.

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There's money to be made in crypto as it exists today. There's money to be made in every pyramid/ponzi scheme. Just not honestly.

(I find all of this hilarious, to be honest)

Supermoto

The "global reserve currency" is the fake money. It became fake when Nixon took us off the gold standard. The petrodollar has kept the USD alive as we pushed our inflation on the rest of the world. The dollar is dying a slow death as our payments on debt are in an exponential climb. The BRICS nations are killing the petrodollar. The USD is fake money, it is printed with no backing, there is no limit to the amount they can print. 40% of all M2 supply has been printed since COVID, making the money I worked for that was sitting in the bank worth almost half as much. Bitcoin is trustless, immutable, and has no third party. It can't be inflated. Its scarcity is better than gold (how much gold is there?, Nobody knows), not that gold is a bad thing, I've got plenty of PHYSICAL gold. I love bitcoin because it can't be hacked, it can't be confiscated, and it can't be debased. For these reasons I place Bitcoin as the best store of value, gold is second (includes other precious metals), and that garbage fiat is something I have to presently use to make purchases. I didn't lose anything in the FTX hack, I hold my own keys. I thought Bitcoin was ponzi garbage until I actually took the time to learn what it was. I didn't just read a couple articles I took a multi-month deep dive that included learning what money and currency actually are. I would say I've put thousands of hours into studying the history of currencies, macroeconomics, and global political economics in the past two years. I'm a huge Bitcoin fan now and I know very few people who aren't that actually took the time learn.

Supermoto

Fancy words. You obviously don't know what Bitcoin is, and that's ok. But talking about something that you don't understand makes you look silly. I don't go on knitting forums and talk about how the knew knitting needles are crap. This is because I have no clue how to knit or what it all entails and I know if I did start running my mouth all the knitters would shake their heads and laugh at me.

DeltaboundRedux

https://www.youtube.com/playlist?lis...nkxF6MYgVa04Fn

(MIT Free courses focusing exclusively on Blockchain and money. Highly recommended. About 27 hours worth of excellent lectures)


There is promise in blockchains. But it's WAY premature, and without huge amounts of regulation and international agreements, it's going nowhere.

The get rich quick schemes like FTX are hilarious. Fooled "sophisticated" investors. The libertarian fantasy of money and contracts without heavy government oversight will never happen.

BCan

agreed…but this debacle is the anti-thesis of bitcoin…and this thread is bitcoin.

All 5 Stages

Pretty sure the Canadian Trucker Convoy supporters had their crypto currency confiscated, or at least "blocked," last year. Most everybody accepts Federal Reserve Notes.

A5S

https://cryptonews.net/news/legal/3164137/