https://www.bbc.co.uk/news/articles/cwy30n29qx5o
Crypto fugitive Do Kwon extradited to US over $40bn crash
Sorry, @Aaron I don’t want to try and invest or use fake money only to lose real money in the process.
The way I see it is like a bad disease, only for other people.
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I understand you. I only use bitcoin for a couple of retail purchases. I exchange cash for whatever the value of my retail purchase is then recieve my goods.
Yes, it looks like Bitcoin is for people who have a use for it like privacy enthusiasts.
If you have a look on the net there is a browser called TOR which was created by privacy enthusiasts, their view is that people have a right to browse the internet without being tracked which isn’t an unreasonable view if their web browsing isn’t against the law.
Yes, Bitcoin should be left with accountants, and people who want full privacy to carry out their legal tasks online. Some peope use it as a store of their wealth but as you say it might be too volitile and the chances of losses are high due to the possibility lots of people could sell a large amount of bitcoin at any time which would crash the value.
There’s nothing wrong with the invention of a digital token that represents a varied fiat money value. The problem is it is being marketed as an investment and normal people who dont have a full understanding of it are buying and holding it.
Personally, I think the use of Bitcoin only appeals to a small amount of people in the world and it will only ever reach a certain point.
On October 21, 2023, Tor (the private browser i mentioned earlier) reached its highest daily usage with over nine million users worldwide. These 9 million people make up a small % of the worlds population and these are the people who would most likely use Bitcoin as their views on privacy is apparent by their use of TOR browser.
I wouldnt say the whole privacy industry is worth much and those invested in bitcoin could have a very long wait until Bitcoins normal and general non investment use goes up. So bitcoin is worth £79k each which is fine, but there are only a few million people who have an organic use for it.
“Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.
Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.
Prosecutors had sought a three-year sentence for the former Binance boss”
I tend to ignore ex cons.
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He’s right though.
Bitcoin is basically like Eve Online, you pay money for the good ships which equals a very small amount of ISK, fake currency, that is then used to buy expensive in-game items, which are very low value based on real world money.
A Bitcoin represents a fiat money value that an exchange will pay for it. So it wouldnt seem right classing it as a currency, i’d put it in the category of a postal order.
If someone would like to make an annonymous purchase across the internet then Bitcoin is an option. They would simply buy the amount of bitcoin equal to the fiat value of the transaction, send it and then receive their goods/service.
The issue is we’ve been force fed with “Triple your money, buy/hold bitcoin!!” so it’s difficult for us to see it as a useful tool.
I suppose everything gets monitised in one way or another,
https://www.bbc.co.uk/news/articles/c93lq2lvvgeo
‘I break the law to buy my child’s life-saving cannabis drug’
Unfortunately this is the perspective some people are forced to have in life, I suspect this mother will use crypto to send payment to the organisation illegally selling the life saving cannabis.
This is definitely good that crypto can help to save a young girls life.
And I thought I had the biggest crash out 