Cryptocurrencies Part III - We ran as if to meet the Moon

[HanSolo]

I think in time every government will issue their own CBDC, a cryptocurrency backed by their central bank. It has already happened in some places and seems inevitable given we are increasingly becoming a cashless society. I do think there are a lot of scary possibilities with that model, which is why I value maintaining a decentralized alternative.

If that became the widespread use case, as in most if not all governments implemented CBDCs I'd see the value. However at that point the whole world would be mining and we'd truly be f***ed from an environmental standpoint. Though, that said, I haven't looked into it lately but I remember seeing that miners are fighting over energy sources so I don't see how feasible it is for every government in the world to implement crypto based state currency while having independent miners acting concurrently. I don't think the planet can meet those energy needs currently.

 

[The Crypto Guy]

Guess the EU central bank is not a fan of crypto

European Central Bank Says Bitcoin Is On 'Road to Irrelevance'

High-ranking members of Europe’s preeminent central bank said that trading the world’s most-used cryptocurrency is more like gambling.

gizmodo.com

We can now add the European Central Bank to the ranks of high-ranking crypto skeptics, with high-ranking execs going further to say that crypto shouldn’t be legitimized by any government or major financial institution.

In a blog post written by ECB execs Ulrich Bindseil, director general of market infrastructure, and Jürgen Schaaf, an ECB markets advisor, the pair said that bitcoin is currently experiencing an “artificially induced last gasp before the road to irrelevance.” Bitcoin’s precipitous fall in price over the past few years and the implosion of major crypto institutions—most recently the collapse of FTX and its subsequent fallout—shows that even if the price of bitcoin is stabilized, that won’t stop the tide from turning, according to the authors.


The problem is that far more is for illegitimate or downright illegal purposes from drugs to weapons to tax evasion and can't forget terrorism funding.

What do you expect BANKS to say? They are out of business if crypto takes over and people take their money out of banks and put into crypto. C'on man, this is such a ZERO story.

JP Morgan was so anti crypto for years, now they have their own crypto wallets. They are smart and know crypto is going nowhere. EU Central bank better wake up before they are left in the dust.

JPMorgan Registers Trademark For Crypto Wallet

The banking behemoth plans to provide electronic transfers of virtual currencies via a global computer network.

www.investopedia.com

 

[beowulf]

What do you expect BANKS to say? They are out of business if crypto takes over and people take their money out of banks and put into crypto. C'on man, this is such a ZERO story.

JP Morgan was so anti crypto for years, now they have their own crypto wallets. They are smart and know crypto is going nowhere. EU Central bank better wake up before they are left in the dust.

JPMorgan Registers Trademark For Crypto Wallet

The banking behemoth plans to provide electronic transfers of virtual currencies via a global computer network.

www.investopedia.com

Ya banks will go under in seconds and crypto will be king.

 

[Fixed to Ruin]

You make a minor mistake on your taxes and SEAL team 6 drops down from the rooftops to shake you down.

This guy commits a bigger fraud than Enron and he goes on a media tour.

 

[The Crypto Guy]

Ya banks will go under in seconds and crypto will be king.

Eh, i guess you just don't understand. Things can go downhill fast when they start losing money.

If that became the widespread use case, as in most if not all governments implemented CBDCs I'd see the value. However at that point the whole world would be mining and we'd truly be f***ed from an environmental standpoint. Though, that said, I haven't looked into it lately but I remember seeing that miners are fighting over energy sources so I don't see how feasible it is for every government in the world to implement crypto based state currency while having independent miners acting concurrently. I don't think the planet can meet those energy needs currently.

You should probably check out how much energy banks need to sustain themselves compared to bitcoin.

I'll give you a hint, it's 56x as much.

 

[HanSolo]

Eh, i guess you just don't understand. Things can go downhill fast when they start losing money.


You should probably check out how much energy banks need to sustain themselves compared to bitcoin.

I'll give you a hint, it's 56x as much.

Cool. Now do all crypto mining.

And the point is even if you're just tossing a little lighter fluid on a house fire, you're still making it worse. To fit crypto's needs for full on mainstream global use, which is the only direction it can go for long term viability as a currency, is for a wide expansion of mining operations that would bring total crypto mining production on par or exceeding traditional banking energy consumption. Or to bring it back to the analogy, using a fire truck to put out the fire only they're using gasoline instead of water.

 

[beowulf]

Eh, i guess you just don't understand. Things can go downhill fast when they start losing money.


You should probably check out how much energy banks need to sustain themselves compared to bitcoin.

I'll give you a hint, it's 56x as much.

You do realize that comparing banks to a crypto currency is dumb? Banks do so much more than any crypto currency does and will do any time soon.

Banks are not the currency, they hold the savings of people and provide interest and relative safety of not going belly up overnight. You can go into a bank or use a machine to take part of your money out to use. Banks have to keep a certain reserve of actual cash on hand which, as far as I am aware, cryptos don't especially if they are based somewhere in the world with even less regulations that western countries.

And while banks use our savings etc. to finance other work they do like lending and investments, they do not generally use it for extremely risky investments like FTX was doing before they went belly up. Crypto, if anything, is most like currency trading which some banks offer but is run by a decentralized global exchanged called Forex. Like crypto trading you are trading in pairs unlike stocks, you trade one currency for another.

 

[Fixed to Ruin]

You do realize that comparing banks to a crypto currency is dumb? Banks do so much more than any crypto currency does and will do any time soon.

Banks are not the currency, they hold the savings of people and provide interest and relative safety of not going belly up overnight. You can go into a bank or use a machine to take part of your money out to use. Banks have to keep a certain reserve of actual cash on hand which, as far as I am aware, cryptos don't especially if they are based somewhere in the world with even less regulations that western countries.

And while banks use our savings etc. to finance other work they do like lending and investments, they do not generally use it for extremely risky investments like FTX was doing before they went belly up. Crypto, if anything, is most like currency trading which some banks offer but is run by a decentralized global exchanged called Forex. Like crypto trading you are trading in pairs unlike stocks, you trade one currency for another.

Crypto currency is an asset like cash. They are worth whatever the exchange rate is in the marketplace. If done correctly, something like bitcoin doesn't hold any counterparty risk.

The problem currently in the crypto currency space is the exchanges. They collect customer deposits and then use those deposits as collateral to do all sorts of crazy things (most of those things are fraudulent and illegal).

A properly run exchange would behave like casino where they just collect the rake on a bet or a bank that collects a fee when you make a transaction and be happy with those returns rather than trying to hit a 10000x grand slam by making crazy bets with customer funds.

 

[The Crypto Guy]

Crypto currency is an asset like cash. They are worth whatever the exchange rate is in the marketplace. If done correctly, something like bitcoin doesn't hold any counterparty risk.

The problem currently in the crypto currency space is the exchanges. They collect customer deposits and then use those deposits as collateral to do all sorts of crazy things (most of those things are fraudulent and illegal).

A properly run exchange would behave like casino where they just collect the rake on a bet or a bank that collects a fee when you make a transaction and be happy with those returns rather than trying to hit a 10000x grand slam by making crazy bets with customer funds.

That's why anyone who does their research knows to take your assets off the exchange. It's very simple. People are just lazy or don't do their research.

 

[beowulf]

Crypto currency is an asset like cash. They are worth whatever the exchange rate is in the marketplace. If done correctly, something like bitcoin doesn't hold any counterparty risk.

The problem currently in the crypto currency space is the exchanges. They collect customer deposits and then use those deposits as collateral to do all sorts of crazy things (most of those things are fraudulent and illegal).

A properly run exchange would behave like casino where they just collect the rake on a bet or a bank that collects a fee when you make a transaction and be happy with those returns rather than trying to hit a 10000x grand slam by making crazy bets with customer funds.

So yes they are trying to be banks without taking risk into account which banks are supposed to do.

 

[S E P H]

You do realize that comparing banks to a crypto currency is dumb? Banks do so much more than any crypto currency does and will do any time soon.

Banks are not the currency, they hold the savings of people and provide interest and relative safety of not going belly up overnight. You can go into a bank or use a machine to take part of your money out to use. Banks have to keep a certain reserve of actual cash on hand which, as far as I am aware, cryptos don't especially if they are based somewhere in the world with even less regulations that western countries.

And while banks use our savings etc. to finance other work they do like lending and investments, they do not generally use it for extremely risky investments like FTX was doing before they went belly up. Crypto, if anything, is most like currency trading which some banks offer but is run by a decentralized global exchanged called Forex. Like crypto trading you are trading in pairs unlike stocks, you trade one currency for another.

What happens when banks start using cryptocurrency for projects? That's the entire aspect and point of XRP.

 

[Fixed to Ruin]

You make a minor mistake on your taxes and SEAL team 6 drops down from the rooftops to shake you down.

This guy commits a bigger fraud than Enron and he goes on a media tour.

Exhibit A



I know everyone will sleep better tonight knowing the sushi guy got caught.

 

[beowulf]

What happens when banks start using cryptocurrency for projects? That's the entire aspect and point of XRP.

Guess we shall see but none really do yet. They also have many more regulations around what they can do with clients money and that's the point. If crypto ever does get widely accepted and used it will not be the crypto we have now and will have a ton more regulations around it which basically changes what it was intended to be.

 

[The Crypto Guy]

Exhibit A



I know everyone will sleep better tonight knowing the sushi guy got caught.

Hell yea! Down with the sushi man!

 

[Non Player Canadiens]

love the part about how FTX picked Dan Friedberg as their "Chief Regulatory Officer". this is a guy who got caught in the UltimateBet cheating scandal in 2008, and of all the lawyers in the world, that's who you pick as your company's internal watchdog?

Crypto: it's scams, fraud and corruption all the way down™

 

[Fixed to Ruin]

 

[The Crypto Guy]

Good. Hope he rots in a jail. Him and his stupid girlfriend.

 

[SniperHF]

Better late than never.

Good. Hope he rots in a jail. Him and his stupid girlfriend.

It's been a pretty frustrating couple weeks watching this clown do the media tour. He's no better than Madoff stealing old people's retirements but because it's something the media doesn't completely understand they just lapped his crap up.

 

[PeteWorrell]

Good. Hope he rots in a jail. Him and his stupid girlfriend.

Come on. Who could resist this sultry wood nymph?



The warning flags were there with clowns like this in charge but investors somehow convinced themselves that they were just quirky special people.

 

[beowulf]

About time he was arrested. Guess he is not smart enough to run to a non-extradition country with the money he basically stole.

 

[chicagoskycam]

It's great the moron has been arrested and they should make an example of him and everyone involved. Exchanges like this need some regulation. Recently, the CEO of crypto.com is under fire,

Crypto.com CEO has history of red flags including bankruptcy and quick exits

Before Crypto.com, Kris Marszalek left behind a trail of personal bankruptcy, offshore payments, and a corporate collapse that separated users from their funds.

www.cnbc.com

 

[Scandale du Jour]

Come on. Who could resist this sultry wood nymph?

View attachment 620724

The warning flags were there with clowns like this in charge but investors somehow convinced themselves that they were just quirky special people.

I guess they were hoping for another Zuckerberg/Musk.

Ironically, both are destroying their companies right now.

 

[beowulf]

I guess they were hoping for another Zuckerberg/Musk.

Ironically, both are destroying their companies right now.

Indeed, not only is Twitter in trouble but Tesla's stock continues to drop and is down 50% over the last year.

 

[Scandale du Jour]

Indeed, not only is Twitter in trouble but Tesla's stock continues to drop and is down 50% over the last year.

And Zuckerberg is going all in on the Metaverse crap.

 

[beowulf]

And Zuckerberg is going all in on the Metaverse crap

He has so much control given he was able to convince a number of early investors to sign over voting rights, I believe, so that he controls not only the shares he owns but the voting rights on enough shares to have over 50%.