General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNot 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?
NewHendoLib
(59,922 posts)WarGamer
(11,973 posts)NewHendoLib
(59,922 posts)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)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.
NewHendoLib
(59,922 posts)JasonMain
(79 posts)But I do agree it is a grift.
BootinUp
(46,852 posts)The crypto regulatory move picks up speed.
Claustrum
(4,845 posts)Wounded Bear
(58,362 posts)SergeStorms
(18,758 posts)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)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.
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)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)Im 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?
WarGamer
(11,973 posts)SergeStorms
(18,758 posts)I have a feeling that's about to change relatively soon.
fescuerescue
(4,448 posts)They don't have the ability to reason, let alone follow politics.
They aren't even aware of borders.
AlexSFCA
(6,137 posts)WarGamer
(11,973 posts)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)When my own currency is starting to become worthless.
Wingus Dingus
(8,049 posts)Just saying.
WarGamer
(11,973 posts)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)Most businesses operate normally but it doesn't mean that no business is laundering dirty money.
NewHendoLib
(59,922 posts)Wingus Dingus
(8,049 posts)Not maybe the wisest investments--but I have kids in their 20's and it is definitely a thing among that crowd.
NewHendoLib
(59,922 posts)JCMach1
(27,540 posts)Celerity
(42,445 posts)Russias 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 worlds third largest crypto miner
https://fortune.com/2022/01/20/mining-bitcoin-crypto-ban-russia/
SergeStorms
(18,758 posts)As soon as the oligarchs have safely used it for their purposes.
Celerity
(42,445 posts)and has almost zero chance of remaining hidden.
More info here
https://upload.democraticunderground.com/100216424448
SergeStorms
(18,758 posts)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? 🤔
Celerity
(42,445 posts)SergeStorms
(18,758 posts)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)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 worlds leading intelligence agencies wont 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 countrys borders. But when in India, only the Indian Rupee can be used to pay taxes or buy groceries the US Dollar or Euros cant be used without exchanging the currency first. Cryptocurrencies, on the other hand, dont have a central authority theres no one person, one company, or one government that can influence the supply of Bitcoin.
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JCMach1
(27,540 posts)To use for nefarious purposes...
SergeStorms
(18,758 posts)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)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)Bitcoin is the reason for high prices and low availability with tech. So those pos are to blame for affecting every American.
WarGamer
(11,973 posts)Samrob
(4,298 posts)D_Master81
(1,822 posts)The complete lack of understanding of crypto on this board is not surprising. But if you dont understand something dont 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 wasnt just fiat currency. Plus a 16% move in a week in crypto isnt that unheard of. If you dont get it thats fine, but to act like its all criminals and drug money is ridiculous. Bitcoins market cap is over 830 billion dollars. The reason its a scam to you is most people get into crypto because its 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 its easy money. I made quite a bit of money that way and will continue to because when you actually take the time and learn its 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)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.
Celerity
(42,445 posts)TheProle
(2,073 posts)This automobile thing is just a fad. Probably just allow bank robbers a quick getaway. Its literally a vehicle for criminality
. Lets ban cars.
-some people a century or so ago, probably
obnoxiousdrunk
(2,905 posts)JCMach1
(27,540 posts)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.