Bitcoin BTC
11-14-2022, 11:31 AM
#61
Gets Weekends Off
Joined APC: Sep 2017
Posts: 897
Originally Posted by 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)
---------------------
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.
---------
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)
11-14-2022, 11:34 AM
#62
Gets Weekends Off
Thread Starter
Joined APC: Apr 2018
Posts: 295
[QUOTE=All 5 Stages;3531676]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/[/QUOTE]
i posted this above. Bitcoin is easily traced if you buy it and convert to currency on an exchange. You have to provide coinbase, square, fidelity, etc all the information you’d provide a bank. The ledger is public. Once your name is associated on an account…they cab trace the bitcoin moving. Are there solution(s) to “wash” its movement - yes. My guess is the truckers didn’t do that.
his reference is to self custody on your own private key, i.e. to withdraw from the exchange and store it “cold”. No one can “hack” into your private keys as they aren’t kept online.
However, your BTC, Ether, doggie coin, FTX craptoken, gold, dollars, yuan, etc can easily be stolen when you lend it to a thief in the Bahamas.
A5S
https://cryptonews.net/news/legal/3164137/[/QUOTE]
i posted this above. Bitcoin is easily traced if you buy it and convert to currency on an exchange. You have to provide coinbase, square, fidelity, etc all the information you’d provide a bank. The ledger is public. Once your name is associated on an account…they cab trace the bitcoin moving. Are there solution(s) to “wash” its movement - yes. My guess is the truckers didn’t do that.
his reference is to self custody on your own private key, i.e. to withdraw from the exchange and store it “cold”. No one can “hack” into your private keys as they aren’t kept online.
However, your BTC, Ether, doggie coin, FTX craptoken, gold, dollars, yuan, etc can easily be stolen when you lend it to a thief in the Bahamas.
11-14-2022, 11:34 AM
#63
Gets Weekends Off
Joined APC: Dec 2013
Posts: 2,235
Originally Posted by 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.
11-14-2022, 12:17 PM
#64
Gets Weekends Off
Thread Starter
Joined APC: Apr 2018
Posts: 295
Originally Posted by Nantonaku
How do you store your BTC? Do you own other crypto?
One recommendation is to read up on how to purchase, then transfer to a hardware wallet, then simulate losing your hardware wallet (erase it), and recreate the wallet with its backup system. It sounds complicated until you do it a few times. The beauty is it works the same way with $1.00 or $100,000,000. I recommend 1.00 until comfortable.
11-14-2022, 04:34 PM
#65
Gets Weekends Off
Joined APC: Feb 2014
Position: 320 FO
Posts: 130
Originally Posted by Nantonaku
How do you store your BTC? Do you own other crypto?
My motivation to finally educate myself about BTC stemmed from my bank (USAA) liquidating almost all of my money (six figures) and sending it by two checks that that got lost in the mail, or never sent, due to a computer glitch in a software update. I finally got my money back after two months but it was not easy because the glitch erased my 20+ years of account history. I ended up doing a deep dive on banking (fractional reserve) and money in general which led me to BTC. I still bank with fiat, but I feel more comfortable being in control of my own money because as I learned, the bank doesn't keep your money, it becomes theirs and you "might" get it back. Oh, and I bought a lot of physical gold for which there is no record. I prefer to keep my money private and in a form that cannot be confiscated.
11-14-2022, 05:34 PM
#66
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Joined APC: Nov 2020
Position: Enoch Powell Enthusiast
Posts: 2,120
Originally Posted by BCan
agreed…but this debacle is the anti-thesis of bitcoin…and this thread is bitcoin.
My bad.
11-14-2022, 06:29 PM
#67
Gets Weekends Off
Joined APC: Aug 2016
Posts: 115
Originally Posted by 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.
11-14-2022, 08:17 PM
#68
Optimized
Joined APC: Oct 2017
Posts: 390
Originally Posted by 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.
Currency is built on trust, the market is clearly saying they are having trust issues with blockchain based tech pretending to preserve money.
11-15-2022, 11:52 AM
#69
Gets Weekends Off
Joined APC: Jan 2018
Posts: 2,237
Originally Posted by Gooner
Are you reading from the script? For your months of studying about currencies it sounds like you like you read a 3rd party blog that is referenced on a crypto ad.
Currency is built on trust, the market is clearly saying they are having trust issues with blockchain based tech pretending to preserve money.
Currency is built on trust, the market is clearly saying they are having trust issues with blockchain based tech pretending to preserve money.
11-22-2022, 07:20 AM
#70
Perennial Reserve
Joined APC: Jan 2018
Posts: 11,482
Originally Posted by JulesWinfield
BTC is completely trustless. That’s the beauty. It doesn’t rely on counterparty trust or risk.
Unless you can eat it, all value derives from who or what one trusts. Read Harlan Ellison’s A Boy and His Dog.
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