Anyone into Cryto currency?

[copiertec]

Re: Anyone into Cryto currency?

that reminds me of something that I once heard...
you ever wonder why the rich buy jewelry, paintings, watches, stamsps, gold, silver, cars etc...
its cause they are easily liquidated for cash if there is a need..
us poor folks think its cause its bling... No... so far from the truth
try going to a bank and saying you need to withdraw a large amount of funds... you are grilled on why you need it... and you might even get a suspicious tracker document sent to the irs... heck if you are old enough... the state might get interested and view you as in need of guardianship... but if you have your own stuff... you can easily liquidate...
also to note... if you use money that smells funny... even though its good currency... you might get reported because the money could be traced back to some illicit activity... bank robbery from 1920s etc... trust me they are trying to cover all bases...

Most states if not all can seize your money if you are pulled over with over a certain amount (10K or higher), even though its your hard earned money.

[n25an]

Re: Anyone into Cryto currency?

There is significant belief and some evidence that Crypto currencies will become recognized and used by national governments.

It allows gov'ts to borrow more money.

This opens the door to negative interest rates.

The end result is if you hold cash in your savings account you could actually be charged money to leave it there.

There is a lot to comprehend here and it is definitely buyer beware if you plan to buy some as a get rich quick scheme.

There is something about large scale Bitcoin computer farms in China and around the world that consume large amounts of electricity to somehow "mine" Bitcoins for profit.

for now negative interest rates are for customers with large deposits... in essence it means the backs are charging their customers for holding the funds...

the reason the banks are doing this is because they are being pressured by the central banks with negative interest rates... also the central banks are going into direct competition with them... so the regular banks are being squeezed more and more... think of it like this... your landlord likes the business you set up on his commercial property... he squeezes you for rent cause he is the only deal in town and to add insult to misery he opens up a competing business next door... thats what the central banks are doing... and the regular banks have only three options... pass the pain to the customer... merge with other banks... or fold and exit the market completely...

two good insights on this are below... well thats my conspiracy theory for the day...

concerning you being charged for leaving it there... that will never happen... but you could get a haircut...
whats that???
you could wake up one morning and a certain percent of the value of your money is gone... like they did in greece... and other countries that can't meet their debt obligations and that no one wants to help...

instead of calling it a bail out... its a bail in...

bail out... you try to get as much water out of the ship so as to get it to shore to remove cargo and/or repair it...

bail in... you sink and scuttle the weak in fleet... so as to save the rest... going for speed... in other words you go lean and mean think austerity... think belt tightening...

as for the get rich quick scheme... I have fallen for that more times than I can count...

and other countries buying up and getting reserves of bitcoins... yep that is happening... the swiss govt is doing it so you know every one else is as well...

[SalesServiceGuy]

Re: Anyone into Cryto currency?

... the US Federal Reserve is floating the idea of a FedCoin backed by the US gov't.

At some distant point in time, the US$, which is the current long standing reserve currency of the world, could be replaced by a cryptocurrency.

Gold is the other global currency reserve standard upon which paper currencies like the US$ is based.

The problem with negative interest rates, is that it can be very appealing to current gov'ts but it is very hard to reverse course once negative interest rates become commonly accepted.

There is such a thing as "zombie corporations" . These are business enterprises that never make a profit yet employ many high paying jobs. They can only stay in business by constantly borrowing new money via bonds or equities at very low interest rates.

There are many people now living in very expensive homes that they cannot afford except for very low interest rates.

[n25an]

Re: Anyone into Cryto currency?

Most states if not all can seize your money if you are pulled over with over a certain amount (10K or higher), even though its your hard earned money.

oh I will give you one better... this is the new scam...

they pull you over or grab you at the airport... whatever the venue...
then they say... well sir...
we think this money may have been involved in some kind of drug deal...
so we are going to do a civil asset forefeiture...
(most money has some drugs on it... its just the nature of currency... )
now sir you could take us to court and you could prove that this money is yours
but by the time you are done... it would probably cost you more than the value of the money here...
whats say we cut a deal... we take 40 percent and you take the rest...
(or whatever they think the victim will be able to handle...)
and in most cases the victim goes for it...
cause part of something is better than all of nothing...
civil asset forefeiture is administered at the local level but split up at local and state and possibly federal level at times...
for them its free money

atleast thats the way it goes in the us...
the mindset is why spend the money to police the drug dealers... when you can just fleece them when they are done...
don't kill the cow... milk it...

[slimslob]

Re: Anyone into Cryto currency?

that reminds me of something that I once heard...
you ever wonder why the rich buy jewelry, paintings, watches, stamps, gold, silver, cars etc...
its cause they are easily liquidated for cash if there is a need..
us poor folks think its cause its bling... No... so far from the truth

A lot of the time the rich keep the expensive bling locked in a safe deposit box at their bank. They get cheap "costume" jewelry copies made to wear in public.

[n25an]

Re: Anyone into Cryto currency?

... the US Federal Reserve is floating the idea of a FedCoin backed by the US gov't.

At some distant point in time, the US$, which is the current long standing reserve currency of the world, could be replaced by a cryptocurrency.

Gold is the other global currency reserve standard upon which paper currencies like the US$ is based.

The problem with negative interest rates, is that it can be very appealing to current gov'ts but it is very hard to reverse course once negative interest rates become commonly accepted.

There is such a thing as "zombie corporations" . These are business enterprises that never make a profit yet employ many high paying jobs. They can only stay in business by constantly borrowing new money via bonds or equities at very low interest rates.

There are many people now living in very expensive homes that they cannot afford except for very low interest rates.

zombie companies...???

interesting... checkout the video below

[SalesServiceGuy]

Re: Anyone into Cryto currency?

zombie companies...???

interesting... checkout the video below

... if true, amazing to hear from this video that both Tesla and Netflix are Zombie corporations. They both loose money every year and only pay the interest on the money that they owe. Neither corporation attempts to pay down their debt.

[BillyCarpenter]

Re: Anyone into Cryto currency?

[Tricky]

Re: Anyone into Cryto currency?

Yes, bitcoin, crypto currencies, etc. are not hack proof either, just google how to hack crypto currency. The problem with most crypto and the reason for its appeal is its block chain technology but if you think it's 100% secure...think again. Here is just one article.

US: We've just seized $1bn in bitcoin stolen from Silk Road by 'Individual X' hacker | ZDNet

I think the technology is fairly secure, most of these seizures are due to human error, the creator of silk road, Ross Ulbricht was identified by an email address that he used to register on marketplace forums and post messages trying to get attention to his new website.

[copiertec]

Re: Anyone into Cryto currency?

In the event of a total cyber shutdown, you will have no access to your cryto or cash for that matter. Here is an interesting video by the Ice Age Farmer concerning such an attack.

"Next Crisis Bigger than COVID" - Power Grid/Finance Down - WEF Cyber Polygon - YouTube

[allan]

Re: Anyone into Cryto currency?

In the event of a total cyber shutdown, you will have no access to your cryto or cash for that matter. Here is an interesting video by the Ice Age Farmer concerning such an attack.

"Next Crisis Bigger than COVID" - Power Grid/Finance Down - WEF Cyber Polygon - YouTube

Very true. One of the steps heading into this new world we are following into like sheep could be to control our ability to connect to the internet without a hardware devise to authentic you.

Anyone got a hardware wallet?

[SalesServiceGuy]

Re: Anyone into Cryto currency?

Very true. One of the steps heading into this new world we are following into like sheep could be to control our ability to connect to the internet without a hardware devise to authentic you.

Anyone got a hardware wallet?

One should not consider buying even $100 worth of Bitcoin if you cannot explain to someone what a blockchain is.

[n25an]

Re: Anyone into Cryto currency?

One should not consider buying even $100 worth of Bitcoin if you cannot explain to someone what a blockchain is.

talking about possibilities...

not being argumentative but I think thats unrealistic... my opinion... is this... don't buy bitcoin or cryptocurrency unless you can find a legitimate use case for it...


trying to understand cryptocurrency is like trying to understand money... it took me a good chunk of my lifetime to understand money but during that time I still made use of it in its most basic sense... I bought with it and I spent it...

back to the possibilities..

if you aren't sure then go and find examples in the world of how others use crypto and money and from that derive your own uses... there are primary thinkers and there are secondary thinkers...

I am not a primary thinker when it comes to things... not proud of the fact but it is what it is... sometimes one has to be humble enough to admit they don't know it all... and expand the consciousness by seeking the knowledge others have gained by their experience...

[SalesServiceGuy]

Re: Anyone into Cryto currency?

talking about possibilities...

not being argumentative but I think thats unrealistic... my opinion... is this... don't buy bitcoin or cryptocurrency unless you can find a legitimate use for it...


trying to understand cryptocurrency is trying to understand money... it took me a good chunk of my lifetime to understand money but during that time I still made use of it in its most basic sense... I bought and I spent it...

back to the possibilites..

if you aren't sure then go and find examples in the world of how others use crypto and money and from that derive your own uses... there are primary thinkers and there are secondary thinkers...

I am not a primary thinker when it comes to things... not proud of the fact but if it is it is... sometimes one has to be humble enough to admit they don't know it all... and expand the consciousness...

... if you do not understand what you are buying, you should not buy it.

,,, another new concept to think about is the "velocity of money". A measurement of the rate at which money is exchanged within an economy.

One of the primary reasons that gov'ts around the world give seemingly free stimulus money to its citizens is to get printed money out of the treasury and circulating within the economy. If people are buying goods & services, the economy functions properly.

If money sits in savings accounts it is not circulating ... this gives rise to the concept of negative interest rates. If you let that money sit, hoping to gain a very low interest rate, negative interest rates will motivate you to either pay down your bills or spend it in the economy. If you let your money sit in a bank account, negative interest rates makes your balance gets smaller each month.

[BillyCarpenter]

Re: Anyone into Cryto currency?

One of the primary reasons that gov'ts around the world give seemingly free stimulus money to its citizens is to get printed money out of the treasury and circulating within the economy. If people are buying goods & services, the economy functions properly.

I'm not even gonna go there. Child, please.