Look, it’s the ‘poor’ blackrock people who use BTC to see if they can manipulate values. Remember when you said the BTC algoritm is too complex for someone to manipulate? It doesn’t even need the power of 1 signle BTC transaction to manipulate people into investing in it.
Let me explain the scam :
Bitcoin value is low (been declining for a year)
Trustworthy company shows interest
It gets plastered over the media (while you keep very, very quiet because you missed the announcement)
People think BTC is the thing they need to invest in as it will finally become “something people said it would and worth a lot”
around December price tanks
rich got richer, poor got poorer
Wow. I see that is much better than those evil bankers limited by evil government. It will be shady extreme wealthy plucking the poorer… yeah, better do that in privacy, no one wants to have their name attached to the “time-based pyramid scheme”. Not sure how it will be called eventually, but it won’t be the next currency or whatever.
Ok, let me explain it to you as apparently you never heard about corruption as it’s rampant in crypto.
“EU institutions and bodies and the governments of the Member States must respect this principle and not seek to influence the members of the decision-making bodies of the ECB (Article 130 of the Treaty)”
So, government people should not interfere directly with the ECB workings, like justice department. Do you believe the justice department in my, yours or any country is some company not related to the government? Because with what you say it appears you try and say that.
Yes, we should talk about how NFT’s are a MLM type scam to get people poor real money into crypto. But you derailed that topic. Why would anyone do that? Why?! lol. Rofl.
With you, it’s sometimes hard to even know where to start. For example one would think it is obvious that speculative price fluctuations are not the same as “the BTC algorythm” whatever that even is. I could go into detail how they can’t change the monetary policy of Bitcoin, but would you actually understand that? I mean you got the price thing wrong and thought it’s “the BTC algorythm”. Maybe there is simply no way how to explain this to you, maybe I should not waste my time even trying, I’m not sure I can dumb this down enough.
Oh no, this is old news. They are not the only one btw, this legacy institutions all seem to walk in lockstep.
The last months it was all about the SEC basically declaring war on crypto exchanges and dragging everyone into court. And today it’s all about legacy finance trying to fill that void by offering their boomer products with Bitcoin exposure. What a coincidence. I’m sure it’s totally unrelated
At the same time, the IMF basically comes out and completely changes their narrative about Bitcoin.
I don’t see this as positive or negative for Bitcoin. Maybe it will pump the price in the next two years, maybe it doesn’t. But it’s certainly not the kind of adoption I care about.
You tried to make the point that this is all democratic and elected and stuff. And now you are “look over there, crypto bad. And this is undemocratic for a very good and noble reason”
Speaking of corruption, did you know that the head of the ECB is a convicted criminal? She is from your country I believe.
You talk like people are dumb and stupid and will fall for anything, no this is false.
He thinks that owning a crypto company is against the law, when he linked those articles about crypto bosses being arrested I’m not sure he realises they were arrested for running scams within crypto.
So the power wasting algorythm doesn’t set the price. Wow. Sad.
My point is that BTC is only know for speculation. No one, literally no one cares about the ‘centralisation of dark money transfers’. But hey keep saying it’s ONLY for people who need to send money internationally with good intentions so no need for checks and balances. lol, clown. Do you even think anyone beliefs that? It’s obvious since it’s been hijacked by bad actors in 2009, I guess you are a bit of a slow learner. You keep on pointing at the Bitcoin whitepaper, at technical things, but those are just a means to an end for international dark trade.
You keep on talking about anything and everything as long as it isn’t about how BTC and crypto as a whole has been hijacked and will never ever be what it’s intended in the whitepaper. You can’t stop saying how evil governments are only to follow it up with BTC is good because there is zero responsability, but that’s a lie. If you take a way law and rule, the worst people will have power. But I guess in a time of hardship some people prefer evil. That’s your right to believe it. But don’t pretend it’s anywhere intended for good.
I’m not sure I’d refer to someone buying Bitcoin for holding and profit as desperate, You probably won’t agree but a desperate person is one who cannot afford to feed themselves or their family, they don’t have the money to pay their bills and they might be about to lose their home due to this. If you think holding bitcoin is going to be at the forefront of such a persons mind you are mistaken.
If one does have money for investment in anything, then they are not desperate.
People who do drugs are mentally impaired as the drugs will imbalance them and distort their cortisol where they will make very poor decisions which drug dealers take advantage of. Michael K. Williams for example thought he was buying cocaine, it turns out the drug dealers were mixing it with fentanyl and he sadly passed away from the exposure.
Drug dealers generally exploit mentally impaired people.
I’m confused, is it only for speculation or is it for “international dark trade”?
I did not actually say that?
The current monetary system only works because of regulation, because the system is based on trust. It operates on closed ledgers that can be manipulated and forged. Bitcoin on the other hand works without trust, it is a public ledger that stores and secures a record of all financial transactions and can’t be forged. hence the Bitcoin system itself does not require regulation to work.
That doesn’t mean that institutions and companies who utilize Bitcoin don’t need to be regulated, they clearly need to be regulated and they will be regulated. It’s just that they can’t manipulate the books when it comes to Bitcoin transactions, because no one has the power to forge that ledger in the first place.
If any authority (who would that even be for a global network) had the power to manipulate the records at will, the whole history could not be trusted anymore.
What do you think is better evidence in court if there is a dispute? An internal ledger of a bank who can be forged and is extremely difficult, expensive and borderline impossible to verify, or a public ledger that is physically impossible to be tampered with and is extremely easy to verify?
And it’s not like in the traditional system payments can just be reversed. If a payment goes trough, it can be incredibly hard if not impossible to track it down and get it back. And before you start, I’m not talking about credit card payments here, I’m talking about regular bank payments. Credit cards are a layer on top, and there is no reason something like that could not also be run on top of Bitcoin, probably a lot more efficient and automated.
Interesting, I’m not sure if most businesses are ready to be 100% honest and completely transparent due to what you just typed.
When I was a young man working in a supermarket we would experience freezer breakdowns where the food contained in it had to be destroyed for safety reasons and the company providing the freezer units would have to pay the supermarket compensation based on how much food was wasted due to the breakdown.
What I saw was managers creating fictitious claims of foods which were not affected by the breakdown, so effectively the managers were scamming the freezer company out of thousands of £ per freezer breakdown.
There is dishonesty in many businesses which is a reason why they might not use bitcoin as it would force them to do things 100% legal and above board.
Another interesting point, let’s see how they deal with SBF of FTX, both you and I know the illegal transactions he carried out will be on blockchains waiting to be reviewed and used in court.
What I find funny is that the very thing they are scared of (crypto) will actually give them 100% valid proof which all professionals will confirm, that SBF broke the law in his dealings. all of those million dollars he stole will be recorded because he used customers crypto funds and exchanged it for fiat. I’m very much looking forward to seeing how this plays out. If they ignore that they have this proof and not use it against him then it will be clear to me that whoever is dealing directly with the prosecution of SBF has no clue what they are doing in regards to what crypto is.
LOL, I don’t even think the people at FTX had a good understanding of crypto either, surely they must have known all of their scams were recorded on a public ledger that can never be changed, delusional.
It’s a funny old world, governments are terrified and outright petrified of something that can help them greatly. LOL,
This is a good convo, we get more insight into how the world works.
You were talking about storing gold and then you talk about selling securities. You are literally changing the topic.
People forging demand is not value.
No, there is none.
It does not contradict me. It says that stability is their mandate and this mandate requires 2% target inflation.
So yes, prices stability, which is money value, is literally their mandate.
They have “such mandate to protect the value of their currency”.
What’s more this is taken from a source. You can disagree with the central bank as much as you want, I don’t care : you are wrong.
Unlike you I expect them to know what prices and inflation are.
No, it means that if their mandate requires to change, they will. Because they are not the one deciding on the value.
If you talk strong currencies, you talk exchanges
The world has changed since then.
That’s a strawman. In that case “money” refers to the quantity of money being available. This is also the definition of velocitiy, and as such out of topic.
Looks like a(nother) troll to me.
Sorry to interrupt your convo, i just have a query.
How come you refuse to see the other qualities btc has?
Since being on this thread I have learned much more and have recently realised what we are actually all talking about. Our convo is in fact about a ledger where one of it’s features is the creation and administration of a token that a fiat value can be attached to. We can go ahead and go back and forth about if bitcoin is a scam or not but ultimately we are talking about ledger that can never be changed which is never been seen before in the entire universe.
Secretly I think this is what everyone is afraid of, at least the rich people of the world who can affect law and policy anyway. Somewhere along the line we’re being fed mis-information and because btc is a transparent system the pubic can access it’s important we determine where and for what reason this mis-information is being promoted.
I only mention this because the actual coin you can buy of Bitcoin is just one aspect of it all and definitely does not encompass the whole story. Generally, lets all level with each other and gain an understanding of exactly what something is.
Can we really not see the demand is actually honesty and transparency? and for that there must be a payment, (electricity, btc transfer fees)?
How come you refuse to see the intrinsic flaws BTC has ?
This is BS. If it can’t be changed then you can’t add new transaction.
Also if it can’t be changed you can’t remove abusive transactions (see the hard forks)
That’s an ad hominem. Conspiration theories like “flat earth” use this fallacious argument a lot .
It sounds like your quest for the truth has started, good luck with it, i hope you find the answers you seek.
This is ignorant nonsense, the whole point of a ledger IS to add entries. the further point is these entries can’t be changed once they are added. that is the point which I shouldn’t need to take the time to explain.
All of what I’m saying only really results in there being a group of rich and greedy people out there which is definitely apparent and isn’t similar to the flat earth theory.
How can you be confused, you know all websites and media report on it’s value as a speculative asset. And behind the scenes it’s used for international dark trade. If you’d scroll up, that’s what you agree with. Mostly you start to shift the goalposts away from the fact that NFT’s are Fundamentally a MLM-Type Scam Designed to Get You to buy crypto.
Let me help you there, English isn’t your thing. It actually is your language but let us PRETEND it’s not and also pretend that you are a sane person. Desperate is defined as “a person who is frightened and in need of help” and people in that state -even if they are of wealth- can be lured into doing things a normal person won’t do.
become, not are. And they spend a lot of time posting funny stuff on forums.
Trade does not “require” regulation but if we like to avoid the frequent use of violence between trade partners it’s a good idea to have regulations in place. To protect the consumer against ‘evildoers’
I’m not an international law expert. But I’m not sure small transactions will be brought to international criminal court.
The bank transactions (wire fraud) are stored by banks on systems that don’t use crypto… And lo and behold, those transactions are not being deleted. Who would have imagined systems more performant that the BTC ledger existed? And thanks to KYC it’s easy to ID him for the transaction.
When you transfer billions internationally by regular banks there is a trace too. Just saying, lol.
Sure… oh man…
I remember the silk road, lots of very honest scams… lol. Were you around crypto back then?
It doesn’t automatically make business honest or every transaction only for good. It’s simply a record keeping machine that can’t be tampered with. Layers who build on top of that may not have that properties, but it is an extremely important property for the foundation of a new financial system.
Did I? So it’s not only for speculation then, it has a real world use?
I agree. But we need to regulate the companies that facilitate the business and not the public excel sheet that records their transactions. And that is already what is happening. You still don’t get it.
No one cares about small transactions, small transactions should be private. But while you can do them on the block chain, it will be completely uneconomic to do so in a few years. But it’s the only option for large transfers, and those are the ones that will be interesting if you track down money from a dictator or shady dealing and money laundering from banks. You can’t hide this things on a public ledger.
There is no way you can know if they delete entries to hide something. There is no way to prove that the ledger is valid and complete, because that is not how this systems are built. Bitcoin is built that way.
There is constantly fraud going on many times the market cap of the whole crypto space that facilitates this KYC systems. They prevent nothing.
Criminals always find ways to circumvent KYC so all it does for them is raise the difficulty. On the other hand for regular people, KYC is one of the main reasons their most sensitive private data gets into criminal hands, because they get constantly leaked or even sold without any consequences for the people who lose that data or actively profit from it. And what do you think happens with that data in criminal hands? It’s used to circumvent KYC in other places using your leaked identity.
KYC is a f-ing disaster
And they caught them.
Remember the panama papers? No mention of crypto there. Remember the CumEx-files? No crypto involved either.
That is no strawman. It is the Quantity theory of money, and it disproves nearly everything you have said here. This is what central bankers use to attempt to influence prices. They inflate or deflate the money supply which alters its value, this may or may not lead to an inflation or deflation of prices because there are other variables. Money inflation and price inflation are inherently different or the entire theory that central banks operate under would not work. This is why they inflate the money supply and thus devalue it, in order to attempt to control prices.
Also where do you get that this is “velocity” Velocity is literally a separate part of the equation.
Why?! lol. Rofl.