Bitcoins/Litecoins/Virtual Currencies

  • Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!



    Go here and give us your nominations!
    Who's been the biggest Asshat in the last year? Give us your worst ones!
Arden

Arden

Blackwing Lair Raider
2,741
2,073
Mist said:
By the time tech ever got to the point that "blockchain and tokenization" are "a big part of our financial system" the Financial God AI will have progressed to the point where it just allocates all the resources with one giant fake and gay algorithm anyway. Any money in that system would just effectively be play money, totally made up, just the same as fiat.

Yes, this is a shitpost, but it's pretty close to the truth because we're headed into a shitworld.
Click to expand...

Wish I could point out all the ways this theory is ridiculous and unlikely to happen but...

TBH, if something like this were to happen, BTC would be the best hedge.

Until Satoshi wakes up and joins forces with Michael Saylor and a few others and they perform a 51% attack and control all the BTC. Then it will be the Satoshi Coalition vs. the AI God and we normies will be caught in the middle.
 
Flobee

Flobee

Vyemm Raider
2,679
3,079
Larry Fink is essentially describing the exact kind of panopticon that a CBDC would create. Nobody wants that, no matter how much it pumps your 💩coin bags.
 
Arden

Arden

Blackwing Lair Raider
2,741
2,073
BTC has been as flat as I've ever seen it since Fri. Crazy how quickly this crypto merge with tradfi has impacted typical dynamics.

This week should be pretty enlightening as to how things will likely play out for the short term imo. The TA people I know are suggesting we are leaning towards testing support at ~36 or 37k.

My gut is telling me we may not drop below 40k and might just start grinding up from here. Of course it's generally a bad idea to trust your gut when it comes to the market 😏
 
Flobee

Flobee

Vyemm Raider
2,679
3,079
So I stumbled across this on a suggestion from a macro fella I follow on Twitter. I need to read this book, but it sounds to me like there is another 6102 event being set up, but instead of seizing gold they'll seize securities. Which explains WHY the SEC is passing a Bitcoin ETF right now. If it is securitized they can seize it. I'm just a monkey with a keyboard, but I gotta say if you can't own the asset outright with no counterparty risk (custodians included) then you might not own it at all. Ties into the CBDC and all this crazy WEF crap.

Even if you think I'm retarded this is worth watching.



EDIT: Thinking about this more, I don't like this dudes solutions, but his framing of the problem is good.
 
Last edited:
Flobee

Flobee

Vyemm Raider
2,679
3,079
Flobee said:
So I stumbled across this on a suggestion from a macro fella I follow on Twitter. I need to read this book, but it sounds to me like there is another 6102 event being set up, but instead of seizing gold they'll seize securities. Which explains WHY the SEC is passing a Bitcoin ETF right now. If it is securitized they can seize it. I'm just a monkey with a keyboard, but I gotta say if you can't own the asset outright with no counterparty risk (custodians included) then you might not own it at all. Ties into the CBDC and all this crazy WEF crap.

Even if you think I'm retarded this is worth watching.



EDIT: Thinking about this more, I don't like this dudes solutions, but his framing of the problem is good.
Click to expand...

So admittedly this is only relevant to the thread in the sense of "no keys no cheese" if you don't own have physical ownership you don't actually own it. I am however following up on this by reading his book, not a hard read and video seemingly covers the high points, but he cites his sources so worth looking at if you're interested but skeptical.

Free here:

The Great Taking

thegreattaking.com thegreattaking.com

What is this book about? It is about the taking of collateral, all of it, the end game of this globally synchronous debt accumulation super cycle. This is being executed by long-planned, intelligent design, the audacity and scope of which is difficult for the mind to encompass. Included are all financial assets, all money on deposit at banks, all stocks and bonds, and hence, all underlying property of all public corporations, including all inventories, plant and equipment, land, mineral deposits, inventions and intellectual property. Privately owned personal and real property financed with any amount of debt will be similarly taken, as will the assets of privately owned businesses, which have been financed with debt. If even partially successful, this will be the greatest conquest and subjugation in world history.

We are now living through a hybrid war conducted almost entirely by deception, and thus designed to achieve war aims with little energy input. It is a war of conquest directed not against other nation states but against all of humanity.

Private, closely held control of all central banks, and hence of all money creation, has allowed a very few people to control all political parties, governments, the intelligence agencies and their myriad front organizations, the armed forces, the police, the major corporations, and of course, the media. These very few people are the prime movers. Their plans are executed over decades. Their control is opaque. When George Soros said to me, “You don’t know what they can do,” it was these people to whom he referred. Now, to be absolutely clear, it is these very few people, who are hidden from you, who are behind this war against humanity. You may never know who they are. The people you are allowed to see are hired “face men” and “face women.” They are expendable.

Reading this suggests to me that we already own nothing, hope you're happy
 
Last edited:
Arden

Arden

Blackwing Lair Raider
2,741
2,073
SEC getting killed in oral arguments vs. Coinbase today. Judge making it clear she isn't buying (at least some of) SECs arguments for why BTC is a unique case over other coins. Stuff im reading sounding very bullish for defi.
 
Arden

Arden

Blackwing Lair Raider
2,741
2,073
Wow, Judge Failla says the Securities Act of 1933 is outdated and doesn't allow for new technologies like crypto. "We've had a good run... but this is something new."

I frankly was not expecting this.
 
Flobee

Flobee

Vyemm Raider
2,679
3,079
Arden said:
Wow, Judge Failla says the Securities Act of 1933 is outdated and doesn't allow for new technologies like crypto. "We've had a good run... but this is something new."

I frankly was not expecting this.
Click to expand...
Just remember that ETH and other 💩coins are centralized and controllable, Bitcoin isn't. Centralized power structures have a lot of incentives to allow these to exist as they can control them. While I'm not free of suspicion over 'their' plans with BTC, I'm quite confident that 💩coins are along for the ride as long as they can manage it. These institutions don't exist to protect us.

That being said I'll be liquidating my remaining 💩holdings over the next little while as this area looks local toppish and I'm done holding it. Wouldn't be shocked to see 10k ETH this cycle but my money is on a much weaker performance in 💩coins unless QE returns in some fashion. I'm no longer willing to hold it anyhow. My principal is ~$178 per ETH so /shrug price is in a good enough spot I'm happy to 'miss out' on any potential future gains given I consider it to be virtual toilet paper. I should have sold it all last cycle but I got greedy and just sold like 10x my total principal or something and figured lets see how stupid this gets.
 
OU Ariakas

OU Ariakas

Diet Dr. Pepper Enjoyer
<Silver Donator>
7,317
20,509
Arden said:
Wow, Judge Failla says the Securities Act of 1933 is outdated and doesn't allow for new technologies like crypto. "We've had a good run... but this is something new."

I frankly was not expecting this.
Click to expand...

This is not the fucking purview of the goddamn judge. They are there to interpret the laws of the fucking country. It does not matter a single goddamn iota what this judge thinks about the 1933 Act; if the judge wanted a say in changing that he/she should have spent time getting into Congress....the place that passes and enacts laws.
 
  • 1Truth!
Reactions: 1 user
Arden

Arden

Blackwing Lair Raider
2,741
2,073
OU Ariakas said:
This is not the fucking purview of the goddamn judge. They are there to interpret the laws of the fucking country. It does not matter a single goddamn iota what this judge thinks about the 1933 Act; if the judge wanted a say in changing that he/she should have spent time getting into Congress....the place that passes and enacts laws.
Click to expand...

Right, but it's the judge's job to determine if the 1933 Act applies to crypto (or anything else). It definitely matters what the judge thinks of the Act, insofar as how it applies to crypto (or anything else). That's part of what interpretation is.

She can't say something like "I don't like the 1933 Act and I'm going to disregarding what it says" but she absolutely can say "The 1933 Act may be the law of the land, but I don't believe it's provisions are sufficient to provide guidance in how it could be applied to something like crypto."

Judges make these determinations every day. They have to or we wouldn't have a functional legal system.
 
Arden

Arden

Blackwing Lair Raider
2,741
2,073
Flobee said:
Just remember that ETH and other 💩coins are centralized and controllable, Bitcoin isn't. Centralized power structures have a lot of incentives to allow these to exist as they can control them. While I'm not free of suspicion over 'their' plans with BTC, I'm quite confident that 💩coins are along for the ride as long as they can manage it. These institutions don't exist to protect us.

That being said I'll be liquidating my remaining 💩holdings over the next little while as this area looks local toppish and I'm done holding it. Wouldn't be shocked to see 10k ETH this cycle but my money is on a much weaker performance in 💩coins unless QE returns in some fashion. I'm no longer willing to hold it anyhow. My principal is ~$178 per ETH so /shrug price is in a good enough spot I'm happy to 'miss out' on any potential future gains given I consider it to be virtual toilet paper. I should have sold it all last cycle but I got greedy and just sold like 10x my total principal or something and figured lets see how stupid this gets.
Click to expand...

lol if you have ETH at a $178 cost basis, no one is going to blame you for taking profits. And yes, decentralization is definitely something that makes BTC unique. It's one of the the reasons BTC is worth so much more than the other coins.

Any crypto that doesn't have the level of decentralization of BTC (pretty much all of them afaik) will never be as secure and will never be as valuable. But (like I've said for years now) not every coin is trying to be BTC. There are lots of niches for blockchain tech/crypto to fill out there, and it's ok that some of them are centralized. Investors just need to understand that centralization gives other coins a risk factor that isn't present in BTC. Most traditional companies are far more centralized than ETH and the other non-BTC cryptos, yet lots of people find them still worth investing in.

People only get brain damage when they start thinking of ETH/SOL/Etc as analogous to BTC. They aren't, and that's totally fine. There is plenty of room out here for many different crypto projects with many different uses, advantages, disadvantages, etc.
 
Flobee

Flobee

Vyemm Raider
2,679
3,079
Arden said:
People only get brain damage when they start thinking of ETH/SOL/Etc as analogous to BTC. They aren't, and that's totally fine. There is plenty of room out here for many different crypto projects with many different uses, advantages, disadvantages, etc.
Click to expand...
I think our main disconnect here is that I don't see any value in any 💩coins. I bought that line for a while, but in retrospect they're all the same scam. Some are just more sophisticated than others. Yea sure, the Larry Fink's of the world are going to tell you they want to tokenize the world and there will be 'projects' that try to fill that niche, but its all the same scam. Nobody wants the future that they're trying to sell and the people that do just fundamentally misunderstand what they're being sold.

A lot of people are going to make a lot of money on this crap, I just don't think very much of that profit is going to go to people that buy the 💩coins on the market.

EDIT: Yea, I meant cost basis not principal.
 
Arden

Arden

Blackwing Lair Raider
2,741
2,073
Flobee said:
I think our main disconnect here is that I don't see any value in any 💩coins. I bought that line for a while, but in retrospect they're all the same scam. Some are just more sophisticated than others. Yea sure, the Larry Fink's of the world are going to tell you they want to tokenize the world and there will be 'projects' that try to fill that niche, but its all the same scam. Nobody wants the future that they're trying to sell and the people that do just fundamentally misunderstand what they're being sold.

A lot of people are going to make a lot of money on this crap, I just don't think very much of that profit is going to go to people that buy the 💩coins on the market.

EDIT: Yea, I meant cost basis not principal.
Click to expand...

Yeah, that's where we disagree. I think scams abound in crypto world, but I don't think everything is a scam.
 
Borzak

Borzak

Bronze Baron of the Realm
25,530
33,337
Arden said:
For those invested in defi and altcoins, this is a really big case to keep an eye on: Supreme Court likely to discard Chevron - SCOTUSblog

If Chevron is discarded (and it looks like it will be), it's going to have a huge impact on Gensler and the SECs ability to regulate the crypto space. Defi would likely explode if Chevron goes away.
Click to expand...

A large number of experts that work for the agencies that set the rules and regulations without law have never actually worked in the industry they are over.
 
Arden

Arden

Blackwing Lair Raider
2,741
2,073
Borzak said:
A large number of experts that work for the agencies that set the rules and regulations without law have never actually worked in the industry they are over.
Click to expand...

As someone who worked for a federal agency that had frequent interactions with those other agencies, I can attest to the truth of that statement.

The Coinbase lawsuit is a completely different lawsuit from Chevron, which is in front of the SCOTUS. However, it seems extremely likely that the SCOTUS Chevron decision would affect the Coinbase lawsuit. The authority that the SEC is trying to assert in the Coinbase matter is being largely propped up by Chevron. If Chevron were to go away, it would make a finding for Coinbase that much more likely.

Here's an article on the Coinbase suit and how it will have a major effect on the entire crypto industry: Court decisions could rein in SEC authority over crypto industry

Again, I can't emphasize enough how much of an impact it would have on the crypto space if Chevron is discarded and Coinbase wins. One of the biggest roadblocks to Defi and institutional investment (on a large scale) into Defi and other crypto projects is regulatory uncertainty. If that uncertainty were to go away, I think the flood gates would open, starting with an ETH ETF. But that would just be the beginning.
 
  • 1Like
Reactions: 1 user
Mist

Mist

REEEEeyore
<Gold Donor>
31,240
23,480
Flobee said:
Encouraging

Click to expand...

The same people would cheer no matter which stance he took.

It's got nothing to do with what's being said and everything to do with who is saying it and the tone they're saying it in.
 
  • 1EyeRoll
Reactions: 1 user
Flobee

Flobee

Vyemm Raider
2,679
3,079
Mist said:
The same people would cheer no matter which stance he took.

It's got nothing to do with what's being said and everything to do with who is saying it and the tone they're saying it in.
Click to expand...
Unless I'm missing your point that's a dumb take. I'm not saying I necessarily believe he'll do anything intelligent regarding CBDCs, but nobody aware of the issue would be cheering if he liked them as much as his likes his vaccine.

If you're making some other point then maybe make it better, if not then maybe you need a nap or something.
 
Tmac

Tmac

Adventurer
<Aristocrat╭ರ_•́>
9,996
17,044
Mist said:
The same people would cheer no matter which stance he took.

It's got nothing to do with what's being said and everything to do with who is saying it and the tone they're saying it in.
Click to expand...

Now watch them boo him for his vaxx comments.

While you’re not wrong in regards to a CBDC, bc most people aren’t familiar with the implications, you’re still clueless as to why Trump’s base is so rabid. And why they’ll boo his ass when he’s dead wrong.

Shocking considering your IQ is so manly.
 
You must log in or register to reply here.