Bitcoin....who's gotten into it?

[stalefish3169]

Another horrible analogy. A deposit at Bank of America is FDIC insured up to $250,000. What recourse do crypto speculators have? Nothing. It's the perfect recipe for a good ol' run on the banks. Yeah, i know you aren't fluent in history and are too young to know or care what a run on the bank is. Everything is virtual now, nobody actually "runs" to the bank anymore, thus history has stopped and basic principles of market psychology no longer apply.

Insured by who? The federal government? The one that's running so well right now? The one controlled by an insane racist threatening nuclear war on Twitter?

Do you realize the FDIC just declared "shortcomings" in BOA's living will? It was only 10 years ago that almost all of the BOAs of the world nearly melted down. Little people had half of their 401ks disappear almost overnight. Don't be so naive to think it can't happen again. You know the safe/legal bankers you keep shilling for are gambling with CDOs like crazy right now, correct?

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[stalefish3169]

Crypto will never work though because its fees for small purchases are much too high. 😂😂😂


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[digitaldeath]

what would the elite want more than a new currency that is uninsurable and the only one responsible for losing the currency is the end user

its like the us dollar without the military to back it up


FYI the us dollar wouldnt be the world reserve currency if not for the us military


economics is tied to geopolitics and this will never change

[summit]

Insured by who? The federal government? The one that's running so well right now? The one controlled by an insane racist threatening nuclear war on Twitter?

So... when was the last time a US bank failed and FDIC didn't fulfill it's commitment for insured accounts?
What insurance does bitcoin offer?
When is the last time that the USD varied by more than 20% in a year, much less a day?

It was only 10 years ago that almost all of the BOAs of the world nearly melted down. Little people had half of their 401ks disappear almost overnight. Don't be so naive to think it can't happen again.

Nice whataboutism... you seem to be under the impression that calling out investment bankers risky investments somehow negates the far more volatile and risky investment of crypto.

But if you wanted to admit that crypto is a risky speculative investment, there would be a lot less eye rolling.

When you point at investment bankers as risky while claiming crypto, more volatile than the riskiest stocks, as a currency... that is when we all laugh at your delusion.

[highangle]

Insured by who? The federal government? The one that's running so well right now? The one controlled by an insane racist threatening nuclear war on Twitter?

Do you realize the FDIC just declared "shortcomings" in BOA's living will? It was only 10 years ago that almost all of the BOAs of the world nearly melted down. Little people had half of their 401ks disappear almost overnight. Don't be so naive to think it can't happen again. You know the safe/legal bankers you keep shilling for are gambling with CDOs like crazy right now, correct?

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[digitaldeath]

So... when was the last time a US bank failed and FDIC didn't fulfill it's commitment for insured accounts?
What insurance does bitcoin offer?
When is the last time that the USD varied by more than 20% in a year, much less a day?



Nice whataboutism... you seem to be under the impression that calling out investment bankers risky investments somehow negates the far more volatile and risky investment of crypto.

But if you wanted to admit that crypto is a risky speculative investment, there would be a lot less eye rolling.

When you point at investment bankers as risky while claiming crypto, more volatile than the riskiest stocks, as a currency... that is when we all laugh at your delusion.

1929

[summit]

1929

In 1929 and following, there was DEFLATION (and never approaching 20%).

To break 20% you'd have to go back to the Civil War.

[digitaldeath]

In 1929 and following, there was DEFLATION (and never approaching 20%).

To break 20% you'd have to go back to the Civil War.

my mistake

FDIC was established after the bank run

i think if a bank run happened again the FDIC would fail

[stalefish3169]

Because Jed McCaleb, the co-founder of Stellar and Ripple is on the advisory board, for starters. I doubt he would do that for a major ICO on his own platform if it was a pump and dump. Besides, I treat all my crypto money as something I can afford to lose. I'm not putting down 100k on margin.

So... when was the last time a US bank failed and FDIC didn't fulfill it's commitment for insured accounts?
What insurance does bitcoin offer?
When is the last time that the USD varied by more than 20% in a year, much less a day?



Nice whataboutism... you seem to be under the impression that calling out investment bankers risky investments somehow negates the far more volatile and risky investment of crypto.

But if you wanted to admit that crypto is a risky speculative investment, there would be a lot less eye rolling.

When you point at investment bankers as risky while claiming crypto, more volatile than the riskiest stocks, as a currency... that is when we all laugh at your delusion.

Whether you want to admit it or not, our current financial system is much more fragile than you're willing to admit. You don't want to put money in Bitcoin? You don't have to. Many of us believe in the tech and are hungry for reform. So we're backing that sentiment with our money.

Yes, the USD has been very stable for a long time. But when you compare Bitcoin to the currency of Zimbabwe a few years ago, or Venezuela today, it doesn't seem so volatile. I suspect as Bitcoin and the rest of the surviving coins mature, volatility will be greatly reduced.

Not all of our current financial system is bad. But you act as if it's perfect and dollars have never been used to commit fraud before.

[summit]

Whether you want to admit it or not, our current financial system is much more fragile than you're willing to admit.

Oh... it makes me plenty nervous, particularly with the minimal action taken to restore the boundaries between investment banks and others, the undercutting by the current admin, and the lack of personal repercussions for the gamblers who saw the bailout as socialized risk.

when you compare Bitcoin to the currency of Zimbabwe a few years ago, or Venezuela today, it doesn't seem so volatile.

Wow... I would have happily uttered that sentence as an indictment of Bitcoin as a currency... you used it as a defense?

[Boomer28]

Whether you want to admit it or not, our current financial system is much more fragile than you're willing to admit. You don't want to put money in Bitcoin? You don't have to. Many of us believe in the tech and are hungry for reform. So we're backing that sentiment with our money.

Yes, the USD has been very stable for a long time. But when you compare Bitcoin to the currency of Zimbabwe a few years ago, or Venezuela today, it doesn't seem so volatile. I suspect as Bitcoin and the rest of the surviving coins mature, volatility will be greatly reduced.

Not all of our current financial system is bad. But you act as if it's perfect and dollars have never been used to commit fraud before.

I'd argue no on fragility. I worked in finance in 2008 and literally woke up every day thinking the world was going to end. My company worked directly for the FDIC on a contract basis to help them assess the assets of the failed/about-to-fail banks. Shit was SCARY AF but at the same time it was clear that the feds would do whatever necessary to back things up till things cooled down. Everyone shat on TARP and the "bailout" bout the fact is it worked and the feds actually got made whole and then some when you look at things on an overall basis (the FDIC fund got trucked but if you look at the Fannie/Freddie "dividends" and the $ made selling off some of the other assets its by far a net positive overall)

Point being in 2008 the financial system was asleep at the wheel when it came to systematic risk and still survived. Some banks failed, shit was hairy for a while but in the end the system came out pretty much looking the same as before albeit with some new regulations and controls.

Odds of an event that is orders magnitude bigger than '08 happening is slim to none and what I like to call "Zombie Apocalypse Event" - point being if it happens gold, let alone "Imaginary Nerd Gold" would even be a joke. We're talking collapse of society type event where guns and water are the new currency....

[stalefish3169]

Oh... it makes me plenty nervous

People should stick with safe investments like stocks and bonds. Let's all wait and see what happens during the next recession which is likely not too far away. Maybe now is when you should tell me that the stock market is not ridiculously over-valued and will just keep going up.

https://www.theatlantic.com/business...hought/410791/

The way American retirement accounts are set up suggests that an increasing number of workers, including those squarely in the middle class, will experience downward mobility in retirement. Of the 18 million workers aged between 55 and 64 in 2012, 4.3 million will be poor or near poor by the time they’re 65. And if current trends continue between 2013 and 2022, the number of poor or near-poor 65-year-olds will increase by 146 percent. These numbers are unlikely to change as long as retirement accounts are exposed to the fluctuations of financial markets and their uneven recoveries....

[stalefish3169]

Odds of an event that is orders magnitude bigger than '08 happening is slim to none and what I like to call "Zombie Apocalypse Event" - point being if it happens gold, let alone "Imaginary Nerd Gold" would even be a joke. We're talking collapse of society type event where guns and water are the new currency....

You mean like Kim Jong-un somehow getting a nuke on a boat going up the Hudson River and taking out Lower Manhattan? Not rooting for something like that at all. But if I told you on 9/10/2001 that the Twin Towers were coming down tomorrow everyone would say it was impossible.

[digitaldeath]

seems like few have a grasp on economics and currency policy


zimbabwe ???


gtfo



BTC supply is manipulated and manufactured

BTC demand is highly manipulated and manufactured

[digitaldeath]

what i outlined above is indicative of a scam

[Boomer28]

You mean like Kim Jong-un somehow getting a nuke on a boat going up the Hudson River and taking out Lower Manhattan? Not rooting for something like that at all. But if I told you on 9/10/2001 that the Twin Towers were coming down tomorrow everyone would say it was impossible.

So you mean the end of the world? Yea lemme stock up on the "end of civilization as we know it hedge"...

[digitaldeath]

So you mean the end of the world? Yea lemme stock up on the "end of civilization as we know it hedge"...

That hedge would be edged weapons, blades and whatnot

[Kinnikinnick]

So you mean the end of the world? Yea lemme stock up on the "end of civilization as we know it hedge"...

Don’t you see?

If civilization comes to an end then Bitcoin will flourish as all the banks, governments, and the internet comes crashing down...wait a minute.


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[highangle]

Double Drop D for "Dark"

[summit]

End of the world hedge: TP, twinkies, chlorine tablets, booze, and bullets

[Skidog]

End of the world hedge: TP, twinkies, chlorine tablets, booze, and bullets

Booze and TP to top of list...the smart ones will figure out the water purification, but you can figure the TP and booze, well thats always been a good barter item...bullets fits close to top as well.

[Mazderati]

[digitaldeath]

Oh fuk. That guy pwnd himself.


Bitcoin BEARS


BUY DOGES



That chick is incredibly hot

[couloirman]

Im kinda viewing this whole crytpo thing as the new online poker for me. Fun gambling and nothing more. Take big chances on hail marys with amounts of money I don't really care too much about losing but could potentially win big on. Im just gonna spread my cash on some small coins that seem to have serious potential for big growth and wait out the swings. After doing the math on what I did with all my bitcoin in 2011 and feeling sorry for myself, I'm feeling the need to get back into the game.

Todays buy, a few hundred of ACT/ACHAIN.

[digitaldeath]

your favorite rappers favorite rapper is into it


Rapper 50 Cent's move to accept bitcoin for his 2014 "Animal Ambition" album has resulted in a multi-million dollar windfall.

On Tuesday, celebrity gossip site TMZ reported that 50 Cent, whose real name is Curtis Jackson, had garnered about 700 BTC after moving to accept the cryptocurrency for the album. At the time, the rapper was accepting payments through processor startup BitPay. At the time, that amount was worth about $400k, and by the publication's estimation, his holdings are now worth somewhere between $7 million and $9 million.