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  1. #4901
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    Quote Originally Posted by MultiVerse View Post
    Bukele is not a nice guy. In additional to seizing control of the government in a self-coup, he allied himself with the MS-13 drug trafficking gang, supported a law that makes abortion equivalent to homicide with a 40 year sentence, and opposes same-sex marriage.
    Good to know, thanks. Do you follow El Salvador independent of this?

    Quote Originally Posted by puregravity View Post
    Who is shouldering the borrowing risk on these deFi deals? 71%APY. Holy Smokes. If that is the deposit interest rate, then there must be an even bigger borrowing rate. The risk premium is #humongous. If it is too good to be true ... THEN IT MUST BE TRUE!
    It's my impression that all or almost all of defi is used for speculation on cryptocurrencies. I'm also skeptical.

  2. #4902
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    Quote Originally Posted by Benny Profane View Post
    Even though I'm a total Bitcoin skeptic, I heard a dude on Bloomberg come up with a good theory that coins and meme sticks are all a result of excess liquidity (duh), and there have been "waves" of this money sloshing around for some time now chasing stupid shit (my term). It's no coincidence that Bitcoin dropped when AMC and GameStop surged, so, according to him, expect another increase in Bitcoin when the profit taking happens in AMC. Made sense.
    Interesting theory. On the other hand, the same might be invested in the same. AMC investors are probably also simultaneously crypto investors. It seems that way in our Stockmarket thread where posts indicate that Lee, Shera and others are invested across all high risk assets.

    --------------------------
    A quick read: https://ca.finance.yahoo.com/news/ba...100509960.html

    It says, "Banks must set aside enough capital to cover losses on any bitcoin holdings in full". There is also a different treatment for high risk cryptos requiring additional backing coverage to cover complete write-offs.

    I think it is fair to say that the whole crypto scene is entering a new era of regulation. That, plus this weeks Senate testimony shows that the conversation has moved to (1) reduce CO2 in crypto and (2) remove systemic risk, and (3) find and prosecute those profiting from ransomware.
    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  3. #4903
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    Oct 2003
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    Quote Originally Posted by puregravity View Post
    I love your username - so apropos. Would use :heart: emoji if it existed.
    An even more apropos name for a skier would be pureantigravity.
    what's so funny about peace, love, and understanding?

  4. #4904
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    Nov 2008
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    Quote Originally Posted by MultiVerse View Post
    Speaking of freedom, prior to the new bitcoin law there was nothing preventing Salvadorans from using BTC or Strike for remittances or whatever. The same is true in the US. It is not illegal to not accept USD.

    Articles 7 & 13 of El Salvador's new currency law however requires merchants accept bitcoin. That's not freedom, that's coercion. Depriving people of choice by making something compulsory is not something to celebrate.
    The Deputy of the Republic of El Salvador Dania Gonzalz now says involved parties will not be required to accept Bitcoin. Whether they accept bitcon or USD is a "personal decision."

    While the law itself still needs to be amended to reflect the statement, it's big improvement.

  5. #4905
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    Feb 2005
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    Nobody gives a flying fuck about El Salvador. For serious.
    Is it radix panax notoginseng? - splat

  6. #4906
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    Pretty much. At one time they did produce some good coffee.
    I have been in this State for 30 years and I am willing to admit that I am part of the problem.

  7. #4907
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    Quote Originally Posted by Bunion 2020 View Post
    Pretty much. At one time they did produce some good blow.
    FIFY
    Is it radix panax notoginseng? - splat

  8. #4908
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    Quote Originally Posted by MakersTeleMark View Post
    Nobody gives a flying fuck about El Salvador. For serious.
    Is it nobody gives a flying fuck about El Salvador the country or is it nobody gives a flying fuck about El Salvador as the laboratory for bitcoiner ideas? Both?

  9. #4909
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    Quote Originally Posted by Bunion 2020 View Post
    Pretty much. At one time they did produce some good coffee.
    Apparently what you said is racist.

  10. #4910
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    Quote Originally Posted by MultiVerse View Post
    Is it nobody gives a flying fuck about El Salvador the country or is it nobody gives a flying fuck about El Salvador as the laboratory for bitcoiner ideas? Both?
    I'm inclusive, so both.
    Is it radix panax notoginseng? - splat

  11. #4911
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    Quote Originally Posted by Bunion 2020 View Post
    Pretty much. At one time they did produce some good coffee.
    You racist son of a bitch you. How dare you? They grow coffee all over the world.

    Sent from my Pixel 4a (5G) using TGR Forums mobile app
    http://www.firsttracksonline.com

    I wish i could be like SkiFishBum

  12. #4912
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    How dare you say every country in the world grows coffee! I am outraged.

    Stand by while I type up four or five paragraphs about just how wrong you are about coffee production.

  13. #4913
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    Coffee comes from Jebus, I'm offended by your sentient tendencies.
    Is it radix panax notoginseng? - splat

  14. #4914
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    Sorry, what was I thinking? I am an asshole and will now pay penance by investing in some Crypto thereby fixing a small part of our fucked up world.

    Maybe we should just legalize Cocaine and solve the problem? Peppier than coffee.

    Former DEA agent Celerino Castillo alleged that during the 1980s Ilopango Airport in El Salvador was used by Nicaraguan Contras for drug smuggling flights with the knowledge and complicity of the CIA. These allegations were part of an investigation by the United States Department of Justice Office of the Inspector General.[1] Castillo also testified before the House Permanent Select Committee on Intelligence. Between 1996 and 1998 the Central Intelligence Agency investigated and then published a report about its alleged involvement in cocaine sales in the US. This was prompted by the journalist Gary Webb's report in the San Jose Mercury News alleging that the CIA was behind the 1980s crack epidemic.[2]
    I have been in this State for 30 years and I am willing to admit that I am part of the problem.

  15. #4915
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    Legalize everything. Especially shrooms.
    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  16. #4916
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    Legalize medical grade substances? OK.

    Better than the uncertainty in what gets sold these days on an unregulated market. Probably as good or a better and more useful than BTC.
    I have been in this State for 30 years and I am willing to admit that I am part of the problem.

  17. #4917
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    May 2007
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    Quote Originally Posted by Bunion 2020 View Post
    Sorry, what was I thinking? I am an asshole and will now pay penance by investing in some Crypto thereby fixing a small part of our fucked up world.

    Maybe we should just legalize Cocaine and solve the problem? Peppier than coffee.
    Fuck yeah. The water cooler talk would be much more interesting.

    #lambos #diamondhands

    Sent from my Pixel 4a (5G) using TGR Forums mobile app
    http://www.firsttracksonline.com

    I wish i could be like SkiFishBum

  18. #4918
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    Ominous Click image for larger version. 

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ID:	376883

    Sent from my Pixel 4a (5G) using TGR Forums mobile app
    http://www.firsttracksonline.com

    I wish i could be like SkiFishBum

  19. #4919
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    GRRD
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    Quote Originally Posted by Benny Profane View Post
    Even though I'm a total Bitcoin skeptic, I heard a dude on Bloomberg come up with a good theory that coins and meme sticks are all a result of excess liquidity (duh), and there have been "waves" of this money sloshing around for some time now chasing stupid shit (my term). It's no coincidence that Bitcoin dropped when AMC and GameStop surged, so, according to him, expect another increase in Bitcoin when the profit taking happens in AMC. Made sense.
    You definitely see this slosh within crypto as alt-coins pump while BTC/ETH dip and vice versa. A huge part was the injection of the liquid cash from the retail sector after each Covid relief check was released.

  20. #4920
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    Quote Originally Posted by carpathian View Post
    You definitely see this slosh within crypto as alt-coins pump while BTC/ETH dip and vice versa. A huge part was the injection of the liquid cash from the retail sector after each Covid relief check was released.
    Is that a fact or a narrative?
    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  21. #4921
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    The average price that people expect Bitcoin to be at the end of the year is $42K. "People were talking about $100K Bitcoin but that is no longer happening." Also mentions Coinbase target stock at $225 due to lower income from less trading fees.

    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  22. #4922
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    Oct 2003
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    Big in Japan
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    Quote Originally Posted by carpathian View Post
    You definitely see this slosh within crypto as alt-coins pump while BTC/ETH dip and vice versa. A huge part was the injection of the liquid cash from the retail sector after each Covid relief check was released.
    Damn if I could find a link, but I read an article about a month ago about a sneaker manufacturer (not a big, corporate name, cheap stuff) in China who watched stimulus payments like a hawk and his sales on Amazon absolutely correlated with the cashing of those checks.

    The world is perfect. Appreciate the details.

  23. #4923
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    Quote Originally Posted by puregravity View Post
    The average price that people expect Bitcoin to be at the end of the year is $42K. "People were talking about $100K Bitcoin but that is no longer happening." Also mentions Coinbase target stock at $225 due to lower income from less trading fees.

    Thanks for posting that. I never watch msm, so it's good to get a dose. I would appreciate more of those links in the future.
    Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
    Henry David Thoreau

  24. #4924
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    Strike. Instant free payments around the world using Bitcoin + Lightning Network. Sounds good right? Sounds almost too good to ...

    They never mention how Strike is making money. No one works for free. What other details are missing?

    https://jimmymow.medium.com/announci...l-2392b908f611

    Author of medium article also has cute video: https://www.youtube.com/watch?v=Rt2C3CsLi7k

    A closer look at their El Salvador connection:

    -----QUOTE--------------
    Let’s walk through a user story. I want to send $1,000 to a friend of mine in El Salvador:

    • When I initiate the $1,000 payment, Strike debits my existing USD balance.
    • Strike then automatically converts my $1,000 to bitcoins ready for use in its infrastructure using its real-time automated risk management and trading infrastructure.
    • Strike then moves the bitcoins across the Gulf of Mexico where it arrives in our Central American infrastructure in less than a second and for no cost.
    • Strike then takes the bitcoins and automatically converts them back into USDT (synthetic digital dollar known as Tether) using its real-time automated risk management and trading infrastructure.
    • Strike then credits the existing user with the USDT to their Strike account.

    -----UNQUOTE--------------

    So basically, your USD becomes worthless Tethers in the person's account in El Salvador. Great for the citizens of that country, eh? But where did the USD actually go? LOL. Follow the money.
    OH, MY GAWD! ―John Hillerman  Big Billie Eilish fan.
    But that's a quibble to what PG posted (at first, anyway, I haven't read his latest book) ―jono
    we are not arguing about ski boots or fashionable clothing or spageheti O's which mean nothing in the grand scheme ― XXX-er

  25. #4925
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    I haven't use tether very often and honestly I think it's shady, but I think you can convert back to usd at lots of exchanges at 1:1?

    Also, I haven't used the strike wallet, but does it only work in the way you described or can you just use lightning network to pass sats? I think the network has some ludicrously small fees, at least the last time I looked at it. I was wondering if it could be profitable to run a node, but it was a joke.

    You bring up some good questions, I hope you post up the legit answers and save me having to look into it myself.
    Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
    Henry David Thoreau

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