Bitcoin

[BrokenBackJack]

This administration doesn't quit. Keeps finding ways to screw the tax payer and citizens.

 

[Maddog]

https://www.activistpost.com/2022/0...tal-currency-roll-out-coming-in-december.html

- - - Updated - - -

https://www.presidency.ucsb.edu/documents/executive-order-14067-ensuring-responsible-development-digital-assets

 

[wjschmaltz]

Your crypto may be worthless. Biden wants a central bank and has signed an executive order to research implementation. You get a card or chip and the gov controls everything. Go in to but a pair of jeans and you scan your chip, all is good. Go in to buy a box of ammo for you favorite deer rifle and scan your chip, sorry declined. Taxes automatically taken out.

This is exactly why decentralized finance (bitcoin) is here to stay and will thrive. If the government not letting you make purchases worries you, bitcoin fixes that. We already saw this in Canada with the trucker convoy. Trudeau shut down bank accounts for all those people. It was an effective move for a tyrant. That's what centralized banking looks like. He also ordered bitcoin transactions be blocked too. Moron clearly doesn't understand how decentralized finance works. Not a single BTC transaction was blocked. There is no way to do that. After that, they finally get it and that's why they're trying to form a central bank digital currency ASAP so they can sell it as an alternative that the govt can control.

We will never see FDIC-insured crypto that is decentralized. Bitcoin gives the power back to the people so why would they stand behind it. So pick your poison. I keep everything on a ledger. There is an 16 word password that is in my brain and somewhere in a very safe place. Only way you can get to that crypto is if you know them 16 random words. The government does not and never will know how much I have on that ledger. At least move it to a decentralized wallet like exodus and off exchanges like coin base.

 

[Dirty]

The corrupt government leadership does whatever it can do to turn you into a criminal if you don’t comply with whatever they want to control. I envision them eventually dreaming up a way to make anyone dealing in crypto (without some sort of government control) into a criminal. By all means, an ordinary citizen can stand up for what they believe in, but by all means the government will punish you for it.
No longer does that require a vote by the people for the people. It only requires an executive order. This is all based on pretty recent experiences that are still pretty fresh in my mind. I don’t see a future where they don’t either A) seize control of crypto B) charge you for criminal activity for being involved in it. These days, they always find a way to cut you off at the knees.

 

[wjschmaltz]

A) seize control of crypto

How? Everyone wants to keep arguing, but no one wants to go as far as to have the most basic G damn understanding before arguing. shit. This isn't possible. They going to shut down the internet world wide? They going to shut down star link? There are a long line of countries that would beg for star link to move factories within their borders. China shut down mining and it moved to the US. If the US shuts it down, it will move to one of the several countries already using bitcoin as a national currency. Unless they're going to completely amend the constitution and make the internet illegal, this simply cannot be done. If the US gets to this point of tyranny, good luck to all, I'm headed to Dubai or going to see the people waiting for me in Heaven.

I can completely understand someone simply saying "too early" or "too risky for something I don't fully understand". I get that, that's a person that is at least using some common sense and has a legit stance. But if some of you guys truly believe the arguments you're making for not buying into an evolving asset, then get out of fiat completely and buy guns and ammo. Seriously, that's a good plan if this is where people truly believe the world is going. I think I heard that on the Dave Ramsey show one day when some tin foil hat guy called in. Dave just laughed it off and told him that if he truly believes the government is collapsing and is going to steal everything, the only advice he has is to sell everything and buy guns and ammo and he ended the call. And if you've ever listened to Dave, you know he HATES the government and politicians. There's just no reasoning with someone like that. If the govt will go to these extreme scenarios that some of you are proposing, why are you guys keeping US dollars? serious question. Every paycheck should be going towards your bunker, underground food storage, and ammo. You sure as hell better not be putting money into a retirement account!

I'm not so blind to not understand the government is a bunch of blood sucking, power-hungry, thieves riddled with mentally ill narcists trying to tax us into submission; but I refuse to live my life like we're all going to be living in nuclear winter in a couple decades. Some of you guys are so damn depressing I don't know how you guys make it out the door every day. Seriously, what's the point in keeping on going?

 

[Dirty]

Well, I’m definitely not purposely trying to depress anyone, so hopefully this helps: I think crypto is too new, and so I think it’s too risky. Everyone I have heard from who has taken the plunge into crypto makes it sound too good to be true (to me) and that reminds me of how every other investment strategy from 401k to gold to a bunker full of canned goods has been portrayed and it just makes me more skeptical. I’m kind of a “plan for the worst and hope for the best” type of person by nature but I’ve probably never been more untrusting of damn near everything than I am now. I don’t have a lot of faith in the government, in “retirement”, in what the future holds for my kids, etc. I can’t flip a switch to turn that off so if it depresses anyone, oh well. As of now, I haven’t found the time to dig as deep into crypto as you. I don’t believe I know anyone, in fact, who has. So my ignorance may be another cause for my skepticism. Currently no switch to turn that off either. I’ve tried, but it’s like trying to learn another language and I just run out of interest and energy I guess.

I am somewhat tantalizingly close to being debt free, and for now (with my U.S. dollars) that is my first goal…to be debt free at least for a moment in time. Maybe then I will have the ability to put money elsewhere and more willingly roll the dice. I guess at that time whatever the current state of affairs is will push me in some direction. Through work, I have been surrounded by people who unfortunately get sick and/or die long before they ever see retirement age. They exhaust all of their financials, all of their plans, all of themselves. Undoubtedly that has had an effect on my willingness to take what I perceive to be financial risks for the future. I have never heard any of those unfortunate folks say they wished they would have saved more, invested more, etc. They all say they wish they’d have done more while they had the chance…with their family, with their kids, for strangers, even just for themselves. Believe me, I understand you can’t go through life without a plan because you are expecting to get sick and die. I’m just saying it has certainly had an impact on me. Likewise, I'm not going to live my life dooms day prepping for a catastrophic nuclear war, a civil war, or a total tyrannical US government nor will I pretend that any of those; or at least an attempt at any of those is a complete impossibility. If I knew where the world was going, I'd be the most prepared guy out there, but like everyone else, I DON'T, so like everyone I guess I trudge on making assumptions and drawing conclusions (with my tinfoil hat?)

So while I work towards maybe soon being money ahead for the first time in my life with a wife and three young kids that I love more than anything, my plan is to diversify our future with a LOT of memories (which is what keeps me going and gets me out the door every day...seriously), along with a sprinkle of guns and ammo, a little bit of land, and who knows…maybe with some sort of unforeseen heaping load of good fortune, one day my perception of the world going to hell in a hand basket will change, I will find time to read up on the latest and greatest retirement venture and get my self all set up for the day I no longer have to work two jobs.

I don’t know if this post is any more uplifting than my first, but it is my attempt to explain that I am who I am and also why I feel how I do about crypto. Absolutely no reason for you or anyone to give a shit about it, but just adding context to my grumpy, depressing stance. But the convo is about crypto, so at the very least me being me (nothing but a stupid, ignorant, argumentative g-damn moron is some people's eyes I suppose) allows other folks to educate everyone who is still on the fence.

I’m all about silver linings.

 

[PrairieGhost]

Dirty I am about where you I are on crypto, to risky. Also when someone (no offence wjshmaltz) tells me the gov can't touch it they don't convince me they kill any confidence I may have.

 

[eyexer]

Shutting down crypto isn’t as hard as one thinks. They can monitor any traffic on the internet they want. They can block any internet IP address they choose also. They can also freeze any of your digital assets if they suspect you doing anything they don’t want you to and financially break you to fight the ensuing legal battle. The list of shit they can do is a mile long.

 

[Allen]

I would agree with anyone who said I don't understand crypto. Shit's just miraculously made out of thin air, and it has value? One of the original attractions to bitcoin was as a means to pay for illegal stuff with a very difficult to track method. Successful for sure in the early years (which we are still in), but to think something that gets registered on a computer as its ownership changes digitally is simple folly. There's always a digital trail.

Bottomline, crypto is backed by its demand. The U.S. dollar is backed by the U.S. taxpayers. In economics I learned that demand can be finicky, the U.S. taxpayer has been solid for well over 200 years. I just can't find a reason to buy any of it.

 

[eyexer]

It’s essentially Monopoly money. At any given day it can be worth zero just that fast

 

[FishFinder97]

It’s essentially Monopoly money. At any given day it can be worth zero just that fast

So is the American dollar

 

[eyexer]

So is the American dollar

Yea whatever

 

[PrairieGhost]

So is the American dollar

Biden has been trying to make it worthless, and has had to much success already. He is trying to drive the taxpayer into the ground. When people are all for taxing big corporations they are a couple fries short of a happy meal. Who do they think pays that tax eventually?

 

[guywhofishes]

Hey - I think I'm really starting to get comfortable with this Bitcoin concept.

https://scottmsul.substack.com/p/a-bitcoiners-guide-to-proof-of-stake

 

[Maddog]

 

[Maddog]

Ponzi scheme ?

 

[WormWiggler]

I assume (yeah, red flag) that the hubbub going on with the one particular digital currency will drag all of them down, buying opportunities? Or reality exposed?

 

[wjschmaltz]

Man, I wish I had time to take everyone down the rabbit hole today.......

But I got a busy day planned. Look at WHY the market is down. It's not because there is something systematically wrong with BTC, it's because one exchange failed. An exchange (FTX) that was started a week after Biden announced his presidency by a kid whose parents are MIT professors and major democratic donors (Mom started the open secrets money laundering website), whose boss was Gary Gensler, whose boss is Glenn Ellison, whose daughter is the CEO of Alameda (the company that lost all of FTX's money with over leveraged positions). FTX was the #2 donor to Biden in 2020 after George Soros. FTX was planning on giving a billion dollars to democrats in 2024. FTX was the ONLY company ever invited to Washington to testify (in front of Gary Gensler). They were exposed by a pissed off rival and it all came crashing down. They were doing the exact same things the banks do with your money, the only difference is the rival had too much of a share which gave him the power to burn it down!

Anyways, don't buy crypto right now. And sure as hell don't have any on an exchange. We're going to see a couple more exchanges follow the path of FTX. Still 1.5 years til the next havening. Everything is right on time. Don't rush the process.

 

[SDMF]

I think I'm going to invest in Alternators, Exercise Bikes, and the best drive belts $$ can buy.

 

[Auggie]