Bitcoin and other Crypto...

[Red Shift]

 

[Gnasher]

3 hours ago, Red Shift said:

And then we the enthusiasts can finally get BTC or an ETH at a quid a piece, as well as other great bargains.

Why would they be bargains? A pound would be all they were worth.

[Captain Turdseye]

£85 up on my newly acquired Lumens. I’ve had Wall Street on the phone asking me to go over and start on Monday but I told them to fuck off. 

[Red Shift]

30 minutes ago, Gnasher said:

Why would they be bargains? A pound would be all they were worth.

Millions, perhaps a billion of first time buyers would buy in at that price. The key takeaway here is that fiat is dying. Crypto will win the war.

[Red Shift]

2 minutes ago, Captain Turdseye said:

£85 up on my newly acquired Lumens. I’ve had Wall Street on the phone asking me to go over and start on Monday but I told them to fuck off. 

Love it. Good on ya maan. Feels good when you catch a good wave ey?

 

I get bonus WXT for shopping with crypto. Ive amassed over 4000 WXT. Ok they’re worth a cent, barely. If they get to ten bucks over the next couple of years, that will be a nice little windfall when I turn 65 and my pension kicks in.

[tokyojoe]

My XHV has plummeted. Worth about $120 a couple of weeks ago, now $8.70. I shall have to sue Spy Bee.

[Lario]

I'll give you a tenner for them if it helps.

[M_B]

1 hour ago, Red Shift said:

Millions, perhaps a billion of first time buyers would buy in at that price. The key takeaway here is that fiat is dying. Crypto will win the war.

Can't see how. The confidence in fiat currencies is based on a country's GDP and gold reserves. You need dollars to buy oil. Countries borrow money by issuing bonds in their currencies. If that is threatened, then crypto will be regulated.

 

I might be wrong, but I don't see it changing in my lifetime. The news about it just seems classic market pumping to me.

[Red Shift]

1 hour ago, M_B said:

Can't see how. The confidence in fiat currencies is based on a country's GDP and gold reserves. You need dollars to buy oil. Countries borrow money by issuing bonds in their currencies. If that is threatened, then crypto will be regulated.

 

I might be wrong, but I don't see it changing in my lifetime. The news about it just seems classic market pumping to me.

Firstly, Central banks have only recently started acquiring gold. The truth is, it is future taxation that gives governments the ability to borrow the massive amounts they do from the printing presses.

 

People are waking up to the fact that commercial banks are a licence to prInt money, & extract exorbitant profits for the privilege while fuelling climate change. This is the real theft, completely separate from government borrowed debt.

 

As long as the tax man gets his tax, he won’t care where it comes from and crypto will thrive. That’s already happening.

 

 

What happened at Consensus today 

The Roundup

5 Big Takeaways From Day 1 at Consensus

The first day at Consensus 2021 was packed with news and insight, from Ray Dalio speaking freely on the coming debt crisis to a Federal Reserve chair indicating that the central bank “wants a seat at the table” in the development of cross-border solutions. Here are the five need-to-know takeaways from Monday’s events. 

 

1. Competition is driving CBDC research

Federal Reserve Governor Lael Brainard didn’t exactly give a forward projection for the agency’s policy this morning, but she did say the Fed is more interested in central bank digital currencies (CBDCs) than previously known. Brainard said it’s important to follow the rise of private money and CBDC pilots in antagonistic nations like China closely. “The issuance of a CBDC in one jurisdiction … does potentially have significant effects across the globe,” she said. To that end, the Boston Federal Reserve and MIT Digital Currency Initiative plan to publish a U.S. digital dollar white paper this summer. 

 

2. Inflation will wane over time: Federal Reserve

Asked about inflation, Brainard cited April's Consumer Price Index (CPI) report, showing a 4.2% increase in prices year-over-year. This is a worrying figure in-and-out of the cryptocurrency industry because it shows a real impact on everyday shoppers. Brainard poured cool water on the heated talking point when saying a rise in inflation was to be expected as the U.S. economy continues to reopen. This is a continuation of what Fed Chair Jerome Powell has been saying for months, including that the central bank will let the economy run hot. Brainard added these inflationary forces will "subside over time."

    
3. Dalio prefers BTC to bonds

Ray Dalio, the founder of the world’s largest hedge fund, predicts that the U.S. dollar is on the verge of devaluation and could lose its position as the global reserve currency. Fearing rising inflation and the preponderance of debt in the economy, Dalio expects the Federal Reserve to resort to the new usual: more money printing to pay down debts. Under this inflationary scenario, the Bridgewater founder said he’d “rather have bitcoin than a bond,” if looking for an attractive hedge. What’s more, Dalio admitted for the first time he’s already a holder. In a bit of a Catch-22, Dalio also said “bitcoin’s greatest risk is its success.” Though it may be bitcoin’s time to shine (over gold) during a coming inflation rout, if it cuts into the government’s ability to raise funds through bonds, a swift ban might be expected. 

4. Dalio isn’t the only hodler

Wyoming Governor Mark Gordon revealed he owns cryptocurrencies while discussing the early successes of his state’s efforts to attract cryptocurrency companies and projects. “People often look to New York or Miami or Delaware before they look at Wyoming. But a lot of the pioneering work has been done here,” Gordon said. Indeed, Wyoming has set out some of the nation’s most favorable crypto laws, most recently a bill that would recognize decentralized autonomous organizations (DAOs, or, bits of code) as legal entities. Does it pay to be early? Gordon listed off some of the big names that opened branches in the Cowboy State: Kraken, Ripple Labs and IOHK, the company behind Cardano. A $60 billion broadband expansion program also didn’t hurt in attracting these digital natives. 

5. Holding bitcoin is a “fiduciary” duty

Inflation was one of the common themes throughout the day’s panels. Nowhere was that more on display than during a roundtable featuring MicroStrategy CFO Phong Le, whose company has become synonymous with the buy and hold mentality. Since August, MicroStrategy has purchased $2.3 billion worth of BTC, in an attempt to get cash – a depreciating asset – off its balance sheets. Today, Le gave a little more insight. “I’m not saying you should put all of your corporate treasury in bitcoin,” he said. “But if you’re not putting any of it into bitcoin, I don’t think you’re doing your fiduciary responsibility, which is maximizing shareholder value.”

[Red Shift]

It looks like the 21 million ceiling for BTC, won’t be reached until A.D. 2140

[TheHowieLama]

On 23/05/2021 at 16:12, TheHowieLama said:

I am on the Ethereum Classic train. 

 

So far I have been able to triple my holdings while losing half of my upfront. So...uh...

Broke 80 twice last night - to the moon lads, to the moon!

[Jordy Brouwer]

Its all going back up a bit. 

[Gooch]

On 24/05/2021 at 10:01, Rick Sanchez C-137 said:

Luna and the Terra ecosystem look like they have the potential to be adopted worldwide. Already used for 7% of payments in Korea IIRC, so its use case is being proved.

 

Also I bought at $15 and it dropped to $4 in this crash. All price predictions were about $1000 next bull run so if you bought now you could see huge returns in 4 years.

Not an expert by any stretch, but been around long enough to know narratives like 'worldwide adoption' etc would raise major alarm bells.

In my opinion it's important to recognise that these are and always will be speculative assets. The chances of any meaningful adoption in the real world is unbelievably slim. That doesn't make them bad investments necessarily. In fact, if you play it right it can be unbelievably profitable, but if you're not careful and get caught up in thinking these can actually change the world etc it's the easiest way to getting absolutely destroyed. It's a game of musical chairs just don't be the last one holding the bag. I bought Luna at $0.20 but let it go way too early in hindsight, but that should give an idea of the type of people you could be buying off of at this point.

You also need to bin off whoever is feeding ridiculous price predictions like the one in bold. Absolute nonsense.

[Gnasher]

30 minutes ago, TheHowieLama said:

Broke 80 twice last night - to the moon lads, to the moon!

For the idiots amongst us ( ie me) is Ethereum classic the same as plain ol Ethereum and if not does one price affect the other? 

[Rick Sanchez C-137]

4 minutes ago, Gooch said:

Not an expert by any stretch, but been around long enough to know narratives like 'worldwide adoption' etc would raise major alarm bells.

In my opinion it's important to recognise that these are and always will be speculative assets. The chances of any meaningful adoption in the real world is unbelievably slim. That doesn't make them bad investments necessarily. In fact, if you play it right it can be unbelievably profitable, but if you're not careful and get caught up in thinking these can actually change the world etc it's the easiest way to getting absolutely destroyed. It's a game of musical chairs just don't be the last one holding the bag. I bought Luna at $0.20 but let it go way too early in hindsight, but that should give an idea of the type of people you could be buying off of at this point.

You also need to bin off whoever is feeding ridiculous price predictions like the one in bold. Absolute nonsense.

 

Worldwide adoption is obviously fanciful in the short-medium term, but defi is 100% the future for payments. I tmight take 10-20 years though.

 

As an example, netflix has started accepting KRT (terras korean stablecoin) as payment from one of terra ecosystems partners, Chai payments.

 

It wont happen overnight, and the musical chairs point is valid, as a lot of these technologies are competing in a race, but some of them will win, and will become the future of finance.

[Gnasher]

4 hours ago, Red Shift said:

Millions, perhaps a billion of first time buyers would buy in at that price. The key takeaway here is that fiat is dying. Crypto will win the war.

But would millions buy into something that's dropped from approx £30,000 to being just above worthless? The odd speculator might but wouldn't the public steer clear?

[TheHowieLama]

43 minutes ago, Gnasher said:

For the idiots amongst us ( ie me) is Ethereum classic the same as plain ol Ethereum and if not does one price affect the other? 

The Classic is the original version, then (I think) the fella made some changes and rebranded it. Pretty sure it uses the same code/chain.

[Curly]

 

 

1 hour ago, Jordy Brouwer said:

Its all going back up a bit. 

 

[Gnasher]

Just now, TheHowieLama said:

The Classic is the original version, then (I think) the fella made some changes and rebranded it. Pretty sure it uses the same code/chain.

Thanks, i thought so. So if one goes up/down its likely the other will probably mirror it to an extent?

[TheHowieLama]

3 minutes ago, Gnasher said:

Thanks, i thought so. So if one goes up/down its likely the other will probably mirror it to an extent?

Kind of I guess, they are not locked together.

 

This last month Classic has gained 10 to 1 vs. Ethereum.

 

If I had been paying attention probably would have added some ETH - a few nights ago it dipped below 1800.

[Gnasher]

3 minutes ago, TheHowieLama said:

Kind of I guess, they are not locked together.

 

This last month Classic has gained 10 to 1 vs. Ethereum.

 

If I had been paying attention probably would have added some ETH - a few nights ago it dipped below 1800.

Ahh thanks. 

[Lario]

It's gonna be like Bluray V HD-DVD all over again.

 

Whichever one the porn industry implements is gonna be the winner!

 

Obviously I'm all in on CumRocket (cummies)!

[Captain Turdseye]

1 hour ago, TheHowieLama said:

Kind of I guess, they are not locked together.

 

This last month Classic has gained 10 to 1 vs. Ethereum.

 

If I had been paying attention probably would have added some ETH - a few nights ago it dipped below 1800.

Isn’t that because Ethereum is worth 35 times more than the Classic though?

[Lario]

On 24/05/2021 at 10:01, Rick Sanchez C-137 said:

Luna and the Terra ecosystem look like they have the potential to be adopted worldwide. Already used for 7% of payments in Korea IIRC, so its use case is being proved.

 

Also I bought at $15 and it dropped to $4 in this crash. All price predictions were about $1000 next bull run so if you bought now you could see huge returns in 4 years.

Dropped $250 @ $5.39 into LUNA at 11:44 this morning.

 

Up around 20% in 3 hours.

Will leave it in until I double my money, take out the initial investment, then let the house money ride the rocket.

[TheHowieLama]

13 minutes ago, Captain Turdseye said:

Isn’t that because Ethereum is worth 35 times more than the Classic though?

Which part?

 

If you have 100 bucks in either it is the same play right?