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WarGamer

(11,973 posts)
Tue Mar 1, 2022, 06:25 PM Mar 2022

Not surprisingly... Bitcoin is up 16% in the last week. Coincidence?

Sure looks to me like Billions of dollars in fiat currency are buying up Bitcoin.

No banks to shut it down, can be used to transact payments globally and no "overseeing" regulator.

There was always the potential for it to be a currency for "criminals" but now...

The Russian State Bank was holding almost 700B in international currency reserves ... wonder if they're part of the action? Or just the oligarchs?

47 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Not surprisingly... Bitcoin is up 16% in the last week. Coincidence? (Original Post) WarGamer Mar 2022 OP
Ah, Bullshit coin. Latest form of snake oil. NewHendoLib Mar 2022 #1
Maybe. Maybe not. WarGamer Mar 2022 #3
Judging from the fortune being spent on ads by the rich and NewHendoLib Mar 2022 #11
It really is remarkable how much energy this "currency" consumes, isn't it? A HERETIC I AM Mar 2022 #15
Exactly, my friend! NewHendoLib Mar 2022 #17
I actually made a decent amount from BTC once upon a time JasonMain Mar 2022 #44
I suggest folks diversify before BootinUp Mar 2022 #2
Pretty sure it has been a currency for "criminals" for quite a long while n/t Claustrum Mar 2022 #4
Yep, shitloads of dirty money going the fake currency route...nt Wounded Bear Mar 2022 #6
I knew it! SergeStorms Mar 2022 #5
The "cryptos" you speak of don't control crypto. WarGamer Mar 2022 #8
Ok. tavernier Mar 2022 #16
If you want a serious answer... WarGamer Mar 2022 #24
I hope it didn't sound like a serious question. tavernier Mar 2022 #27
I think it's a significant part of the future of finance... WarGamer Mar 2022 #34
Right. SergeStorms Mar 2022 #21
Cryptos are computer programs fescuerescue Mar 2022 #47
can treasure sanction cryptocurrency? AlexSFCA Mar 2022 #7
I don't know how. WarGamer Mar 2022 #10
This is one of the few reasons I would buy crypto viva la Mar 2022 #9
Lots of millennials/Gen Z invested in crypto. It's not always shady. Wingus Dingus Mar 2022 #12
I've dabbled in it... WarGamer Mar 2022 #13
Just because parts of it is legit doesn't make all of it legit. Claustrum Mar 2022 #14
That doesn't make it a good thing to do. NewHendoLib Mar 2022 #18
Well, it's volatile, that's for sure. Wingus Dingus Mar 2022 #20
We have become a lemming society. NewHendoLib Mar 2022 #26
You might want to ask the Russians how volatile fiat money can be JCMach1 Mar 2022 #41
Russia's FSB & Central Bank: Bank of Russia Seeks to Outlaw Crypto Mining, Trading Celerity Mar 2022 #19
They'll get right on that. SergeStorms Mar 2022 #22
Moving oligarch-level money via crypto is extraordinarily hard, costly, time consuming Celerity Mar 2022 #28
I thought that was one of the major draws... SergeStorms Mar 2022 #30
I said oligarch-level money (meaning millions, and tens of millions of dollars in large blocks) nt Celerity Mar 2022 #31
Even then. SergeStorms Mar 2022 #33
Bitcoin does not make payments anonymous -- just really hard to trace Celerity Mar 2022 #36
It doesn't work that way, sorry. Cash is many magnitudes easier JCMach1 Mar 2022 #42
Cash is magnitudes easier? SergeStorms Mar 2022 #45
If you did that everyone in the world can see and track the JCMach1 Mar 2022 #46
bitcoin should be gotten rid of. rockfordfile Mar 2022 #23
At least high end video cards. WarGamer Mar 2022 #25
Bitcoin. The rich man's grift. nt Samrob Mar 2022 #29
I find it amusing D_Master81 Mar 2022 #32
I don't think you were directing that at me, lol... WarGamer Mar 2022 #35
I am pretty sure that was not directed at you at all Celerity Mar 2022 #39
:) WarGamer Mar 2022 #40
"Mankind went thousands of years with horse and buggies... TheProle Mar 2022 #37
+1. N/t obnoxiousdrunk Mar 2022 #38
Thank you, the Luddite backslapping is ignorant at best... JCMach1 Mar 2022 #43

NewHendoLib

(59,922 posts)
11. Judging from the fortune being spent on ads by the rich and
Tue Mar 1, 2022, 06:42 PM
Mar 2022

Famous, that's my call. And it screws an already screwed environment.

Just one more example of how our species is so fucked up these days

A HERETIC I AM

(24,307 posts)
15. It really is remarkable how much energy this "currency" consumes, isn't it?
Tue Mar 1, 2022, 06:52 PM
Mar 2022

I've read articles that mention the enormous amount of electricity used to create and store it.

I've looked at these crypto's the same way I have looked at trading Euros or Krugerrand's or Swiss Francs or Yen;

I'm not a damned currency trader, I know next to nothing about trading currencies and as such, I don't want my ass handed to me.

SergeStorms

(18,758 posts)
5. I knew it!
Tue Mar 1, 2022, 06:34 PM
Mar 2022

When cryptos didn't take any steps to block Russia, I knew they'd flock to them. That's what crypto-currencies are for, right? Criminals.

WarGamer

(11,973 posts)
8. The "cryptos" you speak of don't control crypto.
Tue Mar 1, 2022, 06:38 PM
Mar 2022

I can give you $100 in crypto by writing down a number/passcode on a piece of paper.

Coinbase, Crypto.com and Binance are just "retail store fronts" for crypto.

They don't control the blockchain.

tavernier

(12,299 posts)
16. Ok.
Tue Mar 1, 2022, 06:55 PM
Mar 2022

Make it for 50 Gs. I could use a new car. So do I go down to the Subaru dealership and just show it to the salesman? Or will I need a co-signer from Minsk?

WarGamer

(11,973 posts)
24. If you want a serious answer...
Tue Mar 1, 2022, 07:40 PM
Mar 2022

There are groups who get together and do "off the network" BTC swaps for fiat currency. Has nothing to do with Belarus.

tavernier

(12,299 posts)
27. I hope it didn't sound like a serious question.
Tue Mar 1, 2022, 07:53 PM
Mar 2022

I’m only (humorously) saying that most folks have only dealt in dollars and cents and the standard way of buying and selling. Of course one can be educated about this new system, but are there enough people really interested to make it a part of our accepted currency?

fescuerescue

(4,448 posts)
47. Cryptos are computer programs
Wed Mar 2, 2022, 10:03 AM
Mar 2022

They don't have the ability to reason, let alone follow politics.

They aren't even aware of borders.

WarGamer

(11,973 posts)
10. I don't know how.
Tue Mar 1, 2022, 06:41 PM
Mar 2022

There's no "Crypto Bank"

In the US, you're required to give your ID and personal info to open a "digital wallet"...

But a digital wallet isn't even needed.

Someone can hand you a piece of paper with some numbers and letters on it and it can be worth 100 Million $

viva la

(3,189 posts)
9. This is one of the few reasons I would buy crypto
Tue Mar 1, 2022, 06:40 PM
Mar 2022

When my own currency is starting to become worthless.

WarGamer

(11,973 posts)
13. I've dabbled in it...
Tue Mar 1, 2022, 06:46 PM
Mar 2022

I'll play small swings in crypto and get out. ETH and BTC have strong support.

But it's not like Options Trading which I do daily...

It feels more like gambling.

Claustrum

(4,845 posts)
14. Just because parts of it is legit doesn't make all of it legit.
Tue Mar 1, 2022, 06:47 PM
Mar 2022

Most businesses operate normally but it doesn't mean that no business is laundering dirty money.

Wingus Dingus

(8,049 posts)
20. Well, it's volatile, that's for sure.
Tue Mar 1, 2022, 07:05 PM
Mar 2022

Not maybe the wisest investments--but I have kids in their 20's and it is definitely a thing among that crowd.

Celerity

(42,445 posts)
19. Russia's FSB & Central Bank: Bank of Russia Seeks to Outlaw Crypto Mining, Trading
Tue Mar 1, 2022, 06:59 PM
Mar 2022
Central bank proposed a far-ranging ban in a report Thursday
Russia’s FSB is also pushing for a ban on cryptocurrencies


https://www.bloomberg.com/news/articles/2022-01-20/russia-s-fsb-tells-nabiullina-to-ban-crypto-to-defund-opposition



Russian central bank to seek ban on investment in cryptocurrencies

https://www.reuters.com/markets/currencies/russian-cenbank-seek-ban-investment-cryptocurrencies-sources-say-2021-12-16/

(Reuters) - The Russian central bank wants to ban investments in cryptocurrencies in Russia, seeing risks to financial stability in the rising number of crypto transactions, two financial market sources close to the bank said.

snip

Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment.

The central bank is now in talks with market players and experts about a possible ban. If approved by lawmakers, it could apply to new purchases of crypto assets but not to those bought in the past, said one of the financial market sources, who requested anonymity due to the sensitivity of the matter.

Another source close to the Bank of Russia said the central bank's current position was a "complete rejection" of all cryptocurrencies.

snip



Bloomberg: FSB of Russia persuaded the Central Bank to oppose cryptocurrencies due to transfers from the opposition and the media to “foreign agents”

https://www.perild.com/2022/01/20/bloomberg-fsb-of-russia-persuaded-the-central-bank-to-oppose-cryptocurrencies-due-to-transfers-from-the-opposition-and-the-media-to-foreign-agents/



Mining Bitcoin may soon be banned in Russia, the world’s third largest crypto miner

https://fortune.com/2022/01/20/mining-bitcoin-crypto-ban-russia/

Celerity

(42,445 posts)
28. Moving oligarch-level money via crypto is extraordinarily hard, costly, time consuming
Tue Mar 1, 2022, 08:13 PM
Mar 2022

and has almost zero chance of remaining hidden.


More info here


https://upload.democraticunderground.com/100216424448

SergeStorms

(18,758 posts)
30. I thought that was one of the major draws...
Tue Mar 1, 2022, 08:36 PM
Mar 2022

of crypto-currencies: complete anonymity.

I read the article, and that guy seems to be extremely vague when it comes to crypto-currencies. He says it wouldn't be practical etc. but doesn't really get into the reasons why? 🤔

SergeStorms

(18,758 posts)
33. Even then.
Tue Mar 1, 2022, 10:44 PM
Mar 2022

It's just a number on the blockchain, right? It's not like there's a credit card receipt.

I'm just getting up to speed on crypto. I ignored it for a long time, hoping it would just go away, but it looks like it may just catch on.

I appreciate the feedback. There's still a lot I have to learn.

Celerity

(42,445 posts)
36. Bitcoin does not make payments anonymous -- just really hard to trace
Tue Mar 1, 2022, 10:58 PM
Mar 2022


https://www.businessinsider.in/investment/news/bitcoin-does-not-make-payments-anonymous-just-really-hard-to-trace/articleshow/85068905.cms

Cryptocurrencies have seen their fair share of suspicion from governments all over the world including India, China, the US, and Europe. Until a few years ago, Bitcoin was touted as the underground currency that even the world’s leading intelligence agencies won’t be able to track — but that may not really be the case. Examples from as far back as 2015, when the creator of the Bitcoin market called the ‘Silk Road’ was sentenced to life in prison for facilitating the sale of $1 billion in illegal drugs, show otherwise. Investigators can still follow the money. Even the most private of cryptocurrencies like Monero, DASH, and Verge are traceable to a certain degree. This is because of the very nature of blockchain. Every single transaction is recorded and kept on a ledger — and that ledger is accessible to everyone.



Why do people think Bitcoin is more anonymous than a normal currency?

Simply put, the Reserve Bank of India (RBI) can track where every rupee is spent. Even if it is cash being exchanged in a foreign country, the apex bank knows how many rupees are outside the country’s borders. But when in India, only the Indian Rupee can be used to pay taxes or buy groceries — the US Dollar or Euros can’t be used without exchanging the currency first. Cryptocurrencies, on the other hand, don’t have a central authority — there’s no one person, one company, or one government that can influence the supply of Bitcoin.

snip

SergeStorms

(18,758 posts)
45. Cash is magnitudes easier?
Wed Mar 2, 2022, 07:08 AM
Mar 2022

I want to buy a Javelin anti-tank weapon.

Now I can drag around 40 pounds of cash, or I can transfer 5 Bitcoins to someone electronically.

Which is easier again? 🤔

JCMach1

(27,540 posts)
46. If you did that everyone in the world can see and track the
Wed Mar 2, 2022, 09:37 AM
Mar 2022

Transaction and most likely arrest you.

Cash, no one knows.

I really get sick of cryptoluddites immediately attacking technology they have no clue about.

rockfordfile

(8,673 posts)
23. bitcoin should be gotten rid of.
Tue Mar 1, 2022, 07:38 PM
Mar 2022

Bitcoin is the reason for high prices and low availability with tech. So those pos are to blame for affecting every American.

D_Master81

(1,822 posts)
32. I find it amusing
Tue Mar 1, 2022, 08:56 PM
Mar 2022

The complete lack of understanding of crypto on this board is not surprising. But if you don’t understand something don’t speak on it with such certainty that it HAS to be bad. It took me months to learn how the market moves. How certain patterns usually lead to certain moves up or down in price. Recently Bitcoin has been in a certain pattern that if it broke out up it had a target price of $45,000. Sure enough it got $45,000 before going down a little. There also was $180 billion in stable coins sitting on the sideline waiting to see how the market reacted to the war. Once the known of the war happened, people jumped in, but it wasn’t just fiat currency. Plus a 16% move in a week in crypto isn’t that unheard of. If you don’t get it that’s fine, but to act like it’s all criminals and drug money is ridiculous. Bitcoins market cap is over 830 billion dollars. The reason it’s a “scam” to you is most people get into crypto because it’s going crazy in gains so they FOMO in as other people that bought in early take profit. In crypto you only buy when no one is talking about it and sell when everyone is and it’s easy money. I made quite a bit of money that way and will continue to because when you actually take the time and learn it’s really not much of a mystery.
Or you can continue being the guy saying no one will use this new internet to shop online cause they want to actually see and touch items in a store.

WarGamer

(11,973 posts)
35. I don't think you were directing that at me, lol...
Tue Mar 1, 2022, 10:54 PM
Mar 2022

I'm a bitcoin miner from 2010 and have traded it online since 2019 even though it's not my primary trading platform.

But I agree there is a lot of misunderstanding here and all over the online world.

TheProle

(2,073 posts)
37. "Mankind went thousands of years with horse and buggies...
Tue Mar 1, 2022, 11:02 PM
Mar 2022

This automobile thing is just a fad. Probably just allow bank robbers a quick getaway. It’s literally a vehicle for criminality…. Let’s ban cars.”

-some people a century or so ago, probably…

JCMach1

(27,540 posts)
43. Thank you, the Luddite backslapping is ignorant at best...
Wed Mar 2, 2022, 03:53 AM
Mar 2022

People said much the same sort of stuff about computers, the internet, freaking automated looms

Yet, here we are typing on a computer device attached to the internet most likely wearing a $5 t-shirt.

In my case, I can buy another in a heartbeat from that same device bypassing banks and their endless fees with my Lightning Node and pay the maker directly anywhere in the world almost instantly.

All for virtually 0 added cost.

People tend to forget Credit Cards eat 3-5% of every transaction most of which becomes added cost to the product.

That's just one tiny, tiny fraction of what Blockchain technology can do.



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