Crypto currency

[Alumni Guy]

Remember when El Salvador embraced Bitcoin as an official currency. El Salvador’s gonna El Salvador.

More political than financial, but I feel bad for the people who live in that MS 13 infested, corrupt and inept, $hithole

https://www.thehindu.com/news/international/el-salvadors-bitcoin-bet/article65545449.ece/amp/

 

[Egor's Assistant]

Remember when El Salvador embraced Bitcoin as an official currency. El Salvador’s gonna El Salvador.

More political than financial, but I feel bad for the people who live in that MS 13 infested, corrupt and inept, $hithole

https://www.thehindu.com/news/international/el-salvadors-bitcoin-bet/article65545449.ece/amp/

I feel bad for our role in creating that crime infested sh!thole. This is one of the things that academics and activists argue about when they push refugees on us through open boarders. They claim, we created the Central American drug-gang chaos and therefore bare some responsibility for it. I think it best to understand their position even though I disagree with it.

Personally, I think the only solution is to legalize all drugs in order to put an end to drug trafficking and racist drug-crime policies. I don't use drugs myself, but would like to see an end to the "war on drugs," that does absolutely nothing to solve the problem. It only enriches the participants on all sides and creates a tidal wave of illicit profits. The drug war has also been used as a tool to subvert the constitution here at home. If people want to ruin their lives with drugs, that's their business. If people want to use gang violence in order to protect their illicit profits, that's what the drug war produces in spades in every community across the planet.

Sorry for the rant. My current Crypto Portfolio is indicating I may have to go back to selling drugs.

 

[Egor's Assistant]

 

[gatorev12]

Found this funny

 

[gatorev12]

Personally, I think the only solution is to legalize all drugs in order to put an end to drug trafficking and racist drug-crime policies. I don't use drugs myself, but would like to see an end to the "war on drugs," that does absolutely nothing to solve the problem. It only enriches the participants on all sides and creates a tidal wave of illicit profits. The drug war has also been used as a tool to subvert the constitution here at home. If people want to ruin their lives with drugs, that's their business. If people want to use gang violence in order to protect their illicit profits, that's what the drug war produces in spades in every community across the planet.

Unfettered drug use will cause hundreds of thousands of additional deaths (hard drugs are lethal if the dosage is wrong, after all); and likely a few million more zombie-like addicts who require massive financial assistance for everything in life since they're chasing the next high as opposed to focusing on their jobs, careers, families, etc. The state cares because it's less taxpayers and because most people don't want tons of addicts wandering around their communities (look at the backlash in San Francisco and how quickly that city turned to chit when such policies were actually implemented in real life). Sure, most people went on with their lives and didn't become addicts...but the streets became a mess as a result and petty crime soared when addicts were allowed to do whatever they want.

Not to mention, it can ruin nations. Part of the reason China is so butthurt and causing as much mischief for "the West" is because they blame us collectively for forcing opium on their population at a time when they were weak and we took advantage of it. They call it the "Century of Humiliation"...but it had real effects on damaging their economy and culture.

I understand the argument every time it's offered & part of me wants to agree since God knows "fighting" drug enforcement is a sisyphean task--but there are very real reasons why we should continue on the present course. We'll never "outlaw" murder or theft or other crimes either...doesn't mean we shouldn't set laws and standards there.

 

[Alumni Guy]

Unfettered drug use will cause hundreds of thousands of additional deaths (hard drugs are lethal if the dosage is wrong, after all); and likely a few million more zombie-like addicts who require massive financial assistance for everything in life since they're chasing the next high as opposed to focusing on their jobs, careers, families, etc. The state cares because it's less taxpayers and because most people don't want tons of addicts wandering around their communities (look at the backlash in San Francisco and how quickly that city turned to chit when such policies were actually implemented in real life). Sure, most people went on with their lives and didn't become addicts...but the streets became a mess as a result and petty crime soared when addicts were allowed to do whatever they want.

Not to mention, it can ruin nations. Part of the reason China is so butthurt and causing as much mischief for "the West" is because they blame us collectively for forcing opium on their population at a time when they were weak and we took advantage of it. They call it the "Century of Humiliation"...but it had real effects on damaging their economy and culture.

I understand the argument every time it's offered & part of me wants to agree since God knows "fighting" drug enforcement is a sisyphean task--but there are very real reasons why we should continue on the present course. We'll never "outlaw" murder or theft or other crimes either...doesn't mean we shouldn't set laws and standards there.

When I was a Public Defender as a young pup, I would say that drugs accounted for 60%+ of my cases. I’m not talking about the possession of the drug(s), but the crimes committed while on drugs or to get money for drugs.

I’m all for legalizing weed and other halucinagens because there’s little to no addiction and the high normally doesn’t result in violence. But, the other drugs are so addictive and harmful, they not only ruin the user, but people near the user.

 

[BMF]

BTC is under $19k. I'm holding tight, added a little more. I'm up to .63 BTC. It's comical reading all the predictions of what/where it will go. I've seen that it'll drop under $10k, and that it'll have another run over $50k.

 

[LoyalGatorFan]

BTC is under $19k. I'm holding tight, added a little more. I'm up to .63 BTC. It's comical reading all the predictions of what/where it will go. I've seen that it'll drop under $10k, and that it'll have another run over $50k.

I actually added some Shiba Inu and Cardano to my list last night....and ordered me a couple cryptocurrency for dummies type books to delve more into it....it's going to be interesting...more and more countries and business are starting to use it as a method of payment/transaction

 

[FireFoley]

I admit that I have zero stashed in anything crypto for various reasons, but I see where this guy Fried went from a net worth from 16B to off the radar in one day? I just do not understand all of this stuff, how it was valued, etc. It made me think of the days I dabbled in the lower ranks of horse racing and there was always a joke. How do you become a millionaire in the horse racing business? Answer: Start out as a billionaire.

 

[Zambo]

Seems to me that the main lure of BTC in the beginning was that it had a guaranteed limited supply, aka the "gold standard." You can't just 'print' more BTC easily, it has to be "mined" like gold to slowly and predictable increase the supply in a very conservative fashion. Seems on the surface like a good way to combat the way fiat currencies get devalued by the printing press.

Anyone else think that the constant barrage of alternative crypto (Etherium, Dogecoin, etc) basically has the same effect as printing fiat currency? I just checked and there are currently 37, ....yes thirty-seven......active cryptocurrencies being traded. What is to stop someone else from inventing a new one tomorrow, and the next day?

 

[LagoonGator68]

I admit that I have zero stashed in anything crypto for various reasons, but I see where this guy Fried went from a new worth from 16B to off the radar in one day? I just do not understand all of this stuff, how it was valued, etc. It made me think of the days I dabbled in the lower ranks of horse racing and there was always a joke. How do you become a millionaire in the horse racing business? Answer: Start out as a billionaire.

Crypto has been set back decades if not killed by today‘s reveal of corruption and manipulation. It was always just a matter of time with such an unregulated scheme of thieves.

 

[soflagator]

I admit that I have zero stashed in anything crypto for various reasons, but I see where this guy Fried went from a new worth from 16B to off the radar in one day? I just do not understand all of this stuff, how it was valued, etc. It made me think of the days I dabbled in the lower ranks of horse racing and there was always a joke. How do you become a millionaire in the horse racing business? Answer: Start out as a billionaire.

Read in the journal that he lost 94% of his net worth in one day. I’m a human being and initially felt bad as that’s obviously debilitating. But then I saw a pic of him, with Afro hair, ear piece mic and “I know everything” look and decided not to.

Like you, I have completely steered clear of the space.

 

[LagoonGator68]

Seems to me that the main lure of BTC in the beginning was that it had a guaranteed limited supply, aka the "gold standard." You can't just 'print' more BTC easily, it has to be "mined" like gold to slowly and predictable increase the supply in a very conservative fashion. Seems on the surface like a good way to combat the way fiat currencies get devalued by the printing press.

Anyone else think that the constant barrage of alternative crypto (Etherium, Dogecoin, etc) basically has the same effect as printing fiat currency? I just checked and there are currently 37, ....yes thirty-seven......active cryptocurrencies being traded. What is to stop someone else from inventing a new one tomorrow, and the next day?

“SBF, as he is nicknamed in the crypto industry, has, through his firm FTX Ventures, embarked on an acquisition spree and bailouts of struggling crypto firms to avoid a collapse of the sector.

He gave credit facilities to lenders Voyager Digital and BlockFi and acquired a significant 7.6% stake in Robinhood, the brokerage house for Gen Z and millennials. He has an option to buy BlockFi.”

The whole industry is just a giant shell game.

 

[LagoonGator68]

Crypto Billionaire Bankman-Fried Loses Entire Fortune in One Day - TheStreet

The 30-year-old billionaire was forced to sell his crypto firm empire on Nov. 8 to a major rival due to a cash crisis.

www.thestreet.com

 

[FireFoley]

Read in the journal that he lost 94% of his net worth in one day. I’m a human being and initially felt bad as that’s obviously debilitating. But then I saw a pic of him, with Afro hair, ear piece mic and “I know everything” look and decided not to.

Like you, I have completely steered clear of the space.

As a member of the tribe and in SBF's case, it is appropriately known as a Jew-Fro.

 

[Egor's Assistant]

So is this a buying opportunity? BTC only. Don't trust any of these other sh!tcoins. I mean look what happened with OxCoin.

 

[FireFoley]

Fortune Magazine from earlier this year. Quite a 180 huh?

 

[Bernardo de la Paz]

how it was valued

 

[Bernardo de la Paz]

Anyone else think that the constant barrage of alternative crypto (Etherium, Dogecoin, etc) basically has the same effect as printing fiat currency?

No. You can go on coinmarketcap.com and see that the market cap of all crypto combined has plummeted over the past year.

Edit: I suppose you'd also have to look at whether the market share of btc within all crypto has changed. That wouldn't change the fact that crypto/btc is clearly not a hedge against inflation, but it might answer whether/why btc has been even worse than the crypto market as a whole.