Bitcoins/Litecoins/Virtual Currencies

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Arden

Arden

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Flobee said:
Some things are more important that BTC number go up...Federal surveillance coin is both inevitable and an absolute freedom/sovereignty crisis. You're quite literally talking about the type of system that would combine with a digital ID + social credit score to completely control ones ability to interact financially. Eat the bugs, get back in your pod.


Does anyone really want the government and unelected officials to control what you can buy, where you can send your money? How do you feel about personalized monetary policies based on your spending history, age, gender, race, etc? If you think this is good you haven't though about the implications of the Fed directly controlling your wallet
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I've got reasonable privacy concerns, sure. The "great news" thing applies to how this is going to impact crypto as a whole, which I think will be very, very positive.

I've honestly avoided thinking about the privacy angle because it's a complex issue and I haven't felt like devoting the brainpower, but my first thought is: as long as they don't outlaw cash (and I don't think they will), then I'm not sure a CBDC is going to have much impact on privacy. If you want anonymity, you continue to use cash. If you don't care, use the CBDC. I use my credit card for 99.9% of my purchases now, and that would provide all the same info to anyone who subpoenas my bank records.

It seems like every doomsday scenario I'm seeing people wring their hands about requires the government to outlaw BTC or cash or something. I think that's a few dystopian steps away from anything that's actually likely to happen in real life. Maybe I'm wrong, but I'm certainly not going to lose sleep about it until we move a few more steps in that direction.
 
Arden

Arden

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And ETH below 1k. Plenty of time to recover before Tuesday, but if they don't I think it spells bad news for the market after the holiday.
 
Sanrith Descartes

Sanrith Descartes

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Arden said:
And ETH below 1k. Plenty of time to recover before Tuesday, but if they don't I think it spells bad news for the market after the holiday.
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Why does Tuesday matter? Crypto is not connected to equities they told us.
 
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Arden

Arden

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I don't know where this whole "crypto isn't connected to the stock market" and "bitcoin is a hedge against the USD" stuff is coming from. Who said that? Because no one here did that i can recall. Literally all you have to do is look at a chart to see crypto has never separated from the stock market.
 
Oldbased

Oldbased

> Than U
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The whole world is going to burn and we are just riding the slow but accelerated coaster of death.
Don't matter if you were piss poor or making 100k a year. You'll be eating your pets by 2024.
 
Flobee

Flobee

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Arden said:
I don't know where this whole "crypto isn't connected to the stock market" and "bitcoin is a hedge against the USD" stuff is coming from. Who said that? Because no one here did that i can recall. Literally all you have to do is look at a chart to see crypto has never separated from the stock market.
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I'll comfortably make the argument that BTC is a hedge against USD debasement. People seem to think that the inflation hedge should be going up when CPI numbers get printed... but thats a lagging indicator. The printing happened March 2020 and onward from there, go look at BTC price in that timeframe. It did exactly what it was supposed to do, reflected the increased USD in circulation.

Just like anything denominated in USD, Bitcoin exchange rate will suffer as USD strengthens, but that's not a long term trend. Everyone getting snarky about "Lol, I though this was an inflation hedge!" is just taking victory laps on short term price movements. This is how it works though, you're going to have these cycles but Bitcoin gets bigger every time. Nothing has changed.

Also... 'crypto' is connected to the stock market because it is a very liquid market and its the first thing to get sold off when big players are margin called in other areas.
 
wormie

Asshat wormie

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Flobee said:
I'll comfortably make the argument that BTC is a hedge against USD debasement. People seem to think that the inflation hedge should be going up when CPI numbers get printed... but thats a lagging indicator. The printing happened March 2020 and onward from there, go look at BTC price in that timeframe. It did exactly what it was supposed to do, reflected the increased USD in circulation.

Just like anything denominated in USD, Bitcoin exchange rate will suffer as USD strengthens, but that's not a long term trend. Everyone getting snarky about "Lol, I though this was an inflation hedge!" is just taking victory laps on short term price movements. This is how it works though, you're going to have these cycles but Bitcoin gets bigger every time. Nothing has changed.

Also... 'crypto' is connected to the stock market because it is a very liquid market and its the first thing to get sold off when big players are margin called in other areas.
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But those dollars are still circulating and their value is less. Why is Bitcoin dropping in price if it had anything to do with inflation?
 
Furry

Furry

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wormie said:
But those dollars are still circulating and their value is less. Why is Bitcoin dropping in price if it had anything to do with inflation?
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Mega market players are getting margin called on a 3 day holiday weekend, duh.
 
Sanrith Descartes

Sanrith Descartes

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Arden said:
I don't know where this whole "crypto isn't connected to the stock market" and "bitcoin is a hedge against the USD" stuff is coming from. Who said that? Because no one here did that i can recall. Literally all you have to do is look at a chart to see crypto has never separated from the stock market.
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It has been around since crypto. The decentralized nature of it makes it a hedge against fiat currency manipulation. It has zero correlation to equities. And yet over the last 6 months to a year it has correlated. Why? Because the same emotions that drive equities traders now drive crypto traders. In the elder days, crypto was all about HODL. Today it's all about trading.

We at FOH didn't come up with this stuff. It's been around forever.
 
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Flobee

Flobee

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wormie said:
But those dollars are still circulating and their value is less. Why is Bitcoin dropping in price if it had anything to do with inflation?
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Go compare the DXY chart to the BTC chart on say a 3 year timescale. Value of dollar is more or less inversely correlated with all asset prices, but especially BTC. Its more complicated than that obviously, but its a good starting point.
 
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