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 
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I am surprised nobody has spoken about the money printing. If Bitcoin is a scam - FIAT is the bigger scam. Have you not experienced the cost of living? Housing becoming speculative assets which are designed to be lived in as opposed to slave away in a salaried job. Look up the term “time preference” with Bitcoin.
My purchasing powder has been cut by 20% in 4 years in Australia. Add on house prices going up an additional 40% in 4 years on average (In Australia at least). Now consider a young person trying to save for a house. They are already down 60% due to inflation and opportunity cost.
Politicians advice? Just save or get a new job. Or better yet, move out of the city, somewhere more affordable. Guess what? I did that. I am worse off emotionally, spiritually and financially (getting help with the kids).
In my opinion Bitcoin will continue to grow and we will see ongoing wealth shifting yoy. Bitcoin main demographic is 25-45 years old’s and its no wonder why (cost of living, getting locked out of property, working two jobs and so on). That is my take. Not advice but I am a big believer in Bitcoin based on the underlying principles of sound money.
For those who are on the fence I would suggest reading The Bitcoin Standard and Broken Money.
In summary my view is the following
- Stocks no longer make sense due to the disincentive to save (P/E ratios make no sense anymore).
- House prices have become speculative assets locking large segments of the population out of owning a home in developed countries (and if they can buy they are purchasing them on unreasonable income to value ratios).
- The Central Banks have God-Like power to press the big Red Button at any time to increase the money supply and leave the middle class / lower class worse off in terms of purchasing power year on year. In many countries it is way worse (eg. Turkey).
- Massive conflicts of interest around housing policy in developed countries (eg. in Australia people in influential roles (avoiding going into politics here) can have enormous properties and therefore why would they lobby against any policy that might compromise their property portfolios? 1% of people own 25% of rentals / property investments in Australia).
All of the above are some of the reasons why Bitcoin has become one of the fastest growing technologies in the current age.
All the best! Not advice and recognise it is still a speculative asset at this stage.
Actually, if you check the facts you will find that money is printed during times of difficulty like Covid, you will also find that any money that is printed is also burned a few years later, I believe countries do this to borrow from themselves.
Aiko must have an inside source in the Trump camp. Now Solana is going to be part of the strategic cryptocurrency reserve.
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Hmmm, again it would seem like there is lots of focus on buying and holding. There never seems to be much of a focus on increasing the wide-spread use of these digital tokens.
My opinion is mostly only to buy crypto for the value of the retail purchase you happen to be doing online if you want privacy. I think everyone should simply have this view, if investors want to manage big money then I guess they will have to go and earn it.
When lots of people in the world are using digital tokens organically this is when we will get a more realistic Bitcoin value as the reason for scarcity will simply be the bitcoin is in use transferring value and not in use because it’s just sitting in someone’s wallet where the owner of it is waiting for the price to double or tripple.
This is one thing investors must understand, people aren’t stupid, purposely manipulating the bitcoin system (buying and holding) does not promote value, people are becomming wise to this fact. The value of a bitcoin can only come from genuine demand, never a manipulated one such as what we are seeing right now.
Also, it looks like USA is cutting back on everything so naturally we should expect some bitcoin investments will be cashed in and the money used to pay normal household bills.
Yes, bitcoin has some amazing and great uses, I use it myself for some transactions…but currently it is being used as a ponzi scheme where the only way to earn money from it is a constant supply of people happy to buy and hold it for a long or short period of time.
Now trump has also confirmed he will also hold government bitcoin people think this is simething good when it really isn’t. All it means is there is another investor (the people’s tax money) is being used to maintain a manipulated value…THIS is what has got people excited, as we can expect a government level crypto investment could be held as Crypto for a much longer period than a private investor, this is what will prop up the value of the Crypto coins mentioned in the link and not the organic use of these coins.
When I say organic use I mean that people buy it because they need it, so take gold for instance, it’s organic use is high because it’s in all electronics, they coat telescopes with it and jewelry is created from it which has everybody in the world more than happy to part with their money for it at some point in their lives.
It appears that the current tarrifs have also affected the value of BTC, this makes sense as the cost of operating a business and buying foreign supplies is higher which will have a negative effect on most busnesses.
So, what we will see is investors of BTC cash out and keep their money as liquid cash so that they are better prepared to face the onslaught of a tricky and expensive market.
It looks like people may lose jobs in the USA as the tarrifs will make it difficult for businesses to operate so they may take somewhat of a paranoid aproach and lay off lots of people so they are better prepared to help their business remain afloat.
I know we are not supposed to talk about real life here and i have tried to leave my opinion out of it, but I think these are definitely unprecedented times we are in and it would be great to have a space to carefully discuss this.
actually, it’s a proof of concept that’s gotten out of hand.
bitcoin was never intended to become an actual currency. it was intended to be the proof of concept of the blockchain ledger system which could then be incorporated into other products and services.
as a currency, it’s inherently wasteful as it relies on computers essentially playing tic-tac-toe with themselves.
“Wouldn’t you prefer a nice game of chess?” Joshua/WOPR…
Yes, agreed. It’s just an indicator and promise to pay a fiat value. If I owe you money and give you a bitcoin you will be confident you can exchange it for the listed value and get your fiat money.
it’s turned into what can best be described as a ponzi scheme.
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Unfortunately Yes, they think we are stupid.
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