Bitcoin

[Colt45]

And right on cue, crypto under attack by the woke left radical dems

https://www.foxbusiness.com/politic...r-cryptocurrency-facilitates-money-laundering

 

[woodduck30]

If you invest in crypto, good for you. As long as you are buying low and selling high just like any other investment. But if you are buying into crypto thinking it will replace the dollar..........Good luck, you will need it. If you have ever paid attention to how our government works, you then know crypto, paper clips or toilet paper will not take over and replace the dollar.

 

[Allen]

Please guys, just do the most simple research on bitcoin. Just like 10 minutes is all. Bitcoin is the antithesis of everything you just said. Bitcoin takes control away from the government. That's why they're scrambling to make a centralized digital currency. FTX was an exchange. People that have their crypto on exchanges don't own their crypto, they own an IOU. Honesty, it's the same for having your money at a bank. The FTX thing is so deep state that I wouldn't be surprised if it was a job by the government to scare people out until they can get their shit set up.

Not sure why I bothered typing that. It's the same thing I've tried to explain 10 times already in this thread. A man convinced against his will is of the same opinion still. I can't understand how a website loaded up with people with a massive distain for the government has most members so against bitcoin. Bitcoin eliminates the government from your checkbook and it's the only currency in the world that's not deflationary. Read the bitcoin whitepaper. You don't have to like it or participate, but at least try to understand the most basic principles of it before having an argument.

Except for FDIC. As far as I know, there is no equivalent to FDIC when it comes to crypto currency storage/banking.

 

[Browneye]

I like the concept of original crytos for the fact that the govt can't control it and shut down your account. Which is why the govt will do every thing in its power to bring it down. Have you heard about the 3 different founders of cryto that died recently under mysterious ways in the last few months. And for those who think we will never get a govt backed digital dollar you better think again. Biden just announced hes sending a shit ton of money to africa to help them convert to digital currency. It's going to happen but for it to happen they need to crash the dollar first. And once it happens they will have complete control over you. Aren't woke enough, buy a gun, pop off about the wrong thing on social media and your social credit score will go down and they will turn your finances off. The reason I think its inevitable that it will happen is because Bidens handlers want it, Bill gates wants it and Klaus Schwab wants it to happen. Those types tend to get their way.

 

[fireone]

I'm too old to understand this I guess.

If crypto is so good and USD are so bad, why is crypto valued in dollars?

Joe Blue Collar can't issue his own dollars but he can issue his own crypto?

What could go wrong? Just asking.

 

[wjschmaltz]

Except for FDIC. As far as I know, there is no equivalent to FDIC when it comes to crypto currency storage/banking.

True. So if you have $200K in the bank, FDIC insurance will cover you to like $25K if the bank goes tits up. That doesn't exist in crypto. Banks operate nearly the exact same way FTX did. If everyone came calling for their money tomorrow, they would not be able to pay up. It's already happened during the great depression. The difference is, the government is supposed to pay you whatever the FDIC insurance is if the bank crumbled. If shit got that bad, would they? Or how long would it take?

You just identified what I believe is the problem with bitcoin and crypto, it eliminates the government from your checkbook. I hope it continues that way, but I have no doubt the government will crush crypto at some point and regulate it. The bad thing with digital currency is EVERY transaction is recorded and stored, which is what they want so they can get their "fair" share in taxes. They will know exactly how much ammo you have purchased for instance, and what guns you have purchased, etc.....

The government doesn't know whose wallet is whose. And there's no way for them to know. I have 2 hard wallets and 2 online wallets. Where they tax it is when it's changed back over to fiat. If we get to a place where you can just pay in crypto, it takes out that step. Now, people are still supposed to report that, but it's on scouts' honor.

If crypto is so good and USD are so bad, why is crypto valued in dollars?

Joe Blue Collar can't issue his own dollars but he can issue his own crypto?

What could go wrong? Just asking.

Nearly every currency is the world is traded against nearly every other currency in the world. So BTC can be traded against the Yen, USD, GBP, AUD, whatever. Just like USD can be traded against any other foreign currency. We live in America, so we reference it in USD. If I told you one BTC is worth 2,400,700 Japanese Yen or 23,711 Canadian Dollars, you would have no frame of reference. Hell, you can even pull up a OIL/BTC chart. One barrel of oil is worth 0.00438 BTC. It's just simply a point of reference. You are correct, anyone can make their own currency. 99.9% will fail.

25 years ago the dot com bubble happened, and everyone was screaming about how the internet was one huge scam and fad. The folks that doubled down are multi-millionaires. Most of the guys on here probably cussed cell phones and anything else online within the last decade saying they would never have one. Here we are. Don't empty the savings and cash in the retirement in crypto, but the world is changing now towards technology faster than ever. So it's probably a safer bet for bitcoin than against. Again, I'm not even trying to talk people into anything. Just trying to help people understand.

Anyways, ironically enough, Trump just launched his own NFT this morning. Does that mean crypto is now good?

 

[Allen]

FDIC covers your bank account up to $250,000. Not $25,000 out of $250,000.

 

[riverview]

i pray i can use cash till i die

 

[wjschmaltz]

Anyways, here’s the goods. This dude went from ban crypto to an NFT infomercial in under two years. Make sure you hit play and watch the informercial. What a time to be alive!

https://www.collecttrumpcards.com/

 

[SLE]

you heard about the 3 di

FDIC covers your bank account up to $250,000. Not $25,000 out of $250,000.

.......and that's per person on the account and per lending institution. If you have joint accounts with your spouse, it'll cover for $500k. Of course that assumes you believe the goverment will actually pay if things went south that badly.

 

[TFX 186]

https://www.thegatewaypundit.com/20...-illegal-political-donations-democrats-rinos/

It seams our Senator Hoeven was taking donations from FTX's SBF. He was listed as a Rino in the ranks with Susan Collins and Lisa Murkowski. I have emailed his office to see if I could get an explanation for the embarrassment. We shall see what they come up with.

Fish On!

 

[FightingSioux]

Crypto is akin to gambling in my opinion. Most of the crypto is owned by a select few people, sounds corrupt to me! Also your crypto is never really 100% secure and can be stolen at any time! If you cannot afford to lose all of your crypto you should prob put your money somewhere else.

This FTX controversy is nothing more than like a bank stealing money from peoples checking and saving accounts. It really doesn’t have anything to do with crypto.

 

[Fester]

https://www.thegatewaypundit.com/20...-illegal-political-donations-democrats-rinos/

It seams our Senator Hoeven was taking donations from FTX's SBF. He was listed as a Rino in the ranks with Susan Collins and Lisa Murkowski. I have emailed his office to see if I could get an explanation for the embarrassment. We shall see what they come up with.

Fish On!

Good luck on a response from his office. I have contacted him and only received the generic we take your views into consideration response.

 

[Allen]

Maybe someone in the know can answer this question for me. What happens to bitcoin, or any blockchain currency, if the miners go bankrupt and close their doors because they can't make money tending to all the transactions?

https://finance.yahoo.com/news/another-bitcoin-miner-teeters-edge-153258029.html

Another Bitcoin Miner Teeters on the Edge of Bankruptcy​

David Pan
Tue, December 20, 2022 at 8:32 AM MST


(Bloomberg) -- Greenidge Generation Holdings Inc., once one of the largest public Bitcoin miners in the US, warned that it may seek bankruptcy protection while entering into debt restructuring talks with lender New York Digital Investment Group.
Most Read from Bloomberg


Greenidge has entered into a “non-binding term sheet” to restructure about $74 million debt with NYDIG, according to a filing with the US Securities and Exchange Commission. Under the pact, the lender would purchase mining rigs from Greenidge and enter into a hosting agreement. In exchange, NYDIG would agree to reduce from around $57 million to $68 million of debt. If consummated, the deal would effectively shift Greenidge from a mining to a hosting firm.
Bitcoin miners raised billions of dollars from debt financing to fund their rapid expansion in the last bull run. But low Bitcoin prices, soaring energy costs and stiff competition have plunged profit margins and made it difficult for them to repay debt. Major Bitcoin miners such as Core Scientific and Argo Blockchain warned of potential bankruptcy in recent months largely due to their mounting debt with crypto lenders.

Greenidge’s average monthly cash burn rate in the past two months was approximately $8 million. That is typically used to describe the rate at which a company spends capital to finance overhead before generating a profit or loss from operations. About $5.5 million of that cost was associated with principal and interest payments to NYDIG. The firm expects to have a similar cash burn rate and similar payments to NYDIG in December, according to the filing.

The Fairfield, Connecticut-based miner has a natural gas plant that powers its Bitcoin mining facility in Dresden, New York. It is one of the earliest and largest crypto-mining firms in the state. While Greenidge’s current operations remain intact, New York Governor Kathy Hochul signed one of the most restrictive laws in the US on crypto mining last month with a two-year moratorium on new permits from the miners that are powered by fossil fuel.

Shares of Greenidge have tumbled about 98% this year and trade at around 33 cents. Bitcoin has slumped about 63% during the same period.

 

[Allen]

Just to be clear, Greenidge isn't the only major bitcoin miner to be in financial trouble.

https://finance.yahoo.com/news/bitcoin-miner-core-scientific-file-065130550.html

 

[Bfishn]

Good luck on a response from his office. I have contacted him and only received the generic we take your views into consideration response.

https://www.thegatewaypundit.com/20...-illegal-political-donations-democrats-rinos/

It seams our Senator Hoeven was taking donations from FTX's SBF. He was listed as a Rino in the ranks with Susan Collins and Lisa Murkowski. I have emailed his office to see if I could get an explanation for the embarrassment. We shall see what they come up with.

Fish On!

Wow a whole $5,800 to two R's on the senate ag committee. Hardly something worth getting worked up about.

Bankman-Fried also contributed to top Republicans on the Senate Agriculture Committee. The crypto billionaire gave $5,800 each to ranking member John Boozman (R., Ark.) and Sen. John Hoeven (R., N.D.) in January and June, respectively

 

[Allen]

Yet another "we can see trouble in the bitcoin mining industry" kind of article.

https://finance.yahoo.com/video/bitcoin-miners-power-down-winter-174946484.html

Which, again makes me wonder how the crypto currency world will handle a lack of miners taking care of the transactions?

 

[svnmag]

This kid is the perfect metaphor for Democrats and their "voters":

 

[Allen]

Interesting read, so the halvening is really just a continuous reduction in the reward for maintaining the blockchain ledgers. Bitcoin miners are already struggling for profitability, so at some point there will need to be transaction fees for using bitcoin. Sweet!

https://www.investopedia.com/tech/w...te-yahoo&utm_source=yahoo&utm_medium=referral

 

[Allen]

It's getting to the point where I am struggling to find empathy for either these scammers or the people who trusted a 20 yr old with their life savings.



https://www.yahoo.com/finance/news/fallen-crypto-king-owes-millions-125024421.html

Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured​

50
Connor Sephton
Mon, March 27, 2023 at 8:50 AM EDT

Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Listen to the CoinMarketRecap podcast on Apple Podcasts, Spotify and Google Podcasts
A self-styled "Crypto King" who allegedly fleeced investors out of millions was kidnapped and tortured, according to explosive court documents.
Aiden Pleterski led a lavish lifestyle and owned McLaren sports cars and a Lamborghini — and even rented a plush waterfront home for $45,000 a month.

He had promised his investors healthy returns of 7%, but it all came crashing down and he ended up filing for bankruptcy.
It's believed Pleterski, who was 23 when his company went under, was abducted by disgruntled creditors.
Testimony from his father Dragan reveals:

One person that Pleterski was allowed to contact was a man called Sandeep Gupta, his landlord.
Gupta recalled receiving multiple calls late at night from Pleterski, in which he said:
Gupta told him that this would be impossible to arrange — and while he was determined not to pay any money, he wanted to engineer the situation so he didn't come to harm. On a different phone, he began to call 911.
Over the following days, the landlord worked with officers in an attempt to set up a sting meeting and ensure that Pleterski could be brought to safety.
He was later released on the understanding that he would get the cash to his kidnappers as soon as possible — and was warned that interacting with law enforcement would make his situation much, much worse.
Gupta said in his testimony that Pleterski's actions had put him and his family in danger — with random people also visiting the property that the fallen entrepreneur was renting.
Efforts are now underway to recover as much money as possible for Pleterski's victims.
While he has claimed that the money was lost in a series of bad trades and margin calls, he's been accused of blowing millions on his lavish lifestyle. It's estimated that he had only invested 1.6% of the funds he was given. The court filing says:
He allegedly attempted to defend himself by saying he was a "20-something-year-old kid."