I'm going to predict there won't be nuclear armageddon.
If I'm right= great!
If I'm wrong = we're all dead anyhow.
If I'm right= great!
If I'm wrong = we're all dead anyhow.
Cryptocurrency
- Thread starter Playboi Carti
- Start date
Still a long way for bitcoin to fall, we have not seen the floor yet, not even close.
At $100, I'm definitely in.I think @BryceC said he would pick some up for 10k at some point. That still your target bro?
It's not that simple. FTX was an unregulated overseas exchange. The SEC has no authority over them. Any US user would have to VPN in order to utilize the platform. They used at their own risk.
Further, the reason the vast majority of crypto is traded in unregulated areas is party BECAUSE the US government has done a terrible job providing guidance and oversight in the area. Not to get political, but the swamp is filled with an entirely clueless population of boomers that have zero clue about crypto. Just follow comments from Senator Warren as case and point to the extreme levels of ignorance.
But isn't one of the BIG deals about crypto is that it is unregulated? It gets mentioned that it will take over the dollar since it isn't influenced by the government.
The main attraction of bitcoin for me is that it offers a fixed monetary policy. Supply, inflation, etc, are known and public. I am fine with reasonable regulation. I don't think it replaces the dollar though.
The inflation part is a little murky with it though. Yes, they aren't making anymore, but when they allow it to get divided down again (not sure if they are all done with that) that is very much like an inflation pressure on it since it allows others to buy when they could not afford to otherwise.
It is, and it could, but it will be regulated (or undermined) just for that reason. Central banks won't suffer effective rivals to their currencies, particularly once they come out with CBDC's.
The max supply is capped at 21 million. However, some of those have yet to be mined. Currently, they are being mined at a rate to increase circulating supply by 1.8% YOY (inflation). In 2024 the next halving will occur and inflation will be reduced to approximately .9% YOY.
I think @BryceC said he would pick some up for 10k at some point. That still your target bro?
No, I think I'll hold off until I see what the government does. The instability of the market I think will bring heavy regulation, and that might change the outlook. Could be right, could be wrong, but I think this is going to actually reduce the number of people in crypto and the amount of people using it as an investment tool.
You presented a binary option, nuclear war or the dollar being replaced as the reserve currency.
That's two of thousands of possible outcomes and IMO is probably two of the least likely.
That's not wisdom, that's crackpot conspiracy stuff, not sorry to have to relay that to you.
Well, NATO is saying the missile that hit Poland was Ukrainian. Does that mean the nuclear war is over?
This is the catch 22 of crypto. Apply proper regulation and much of the “defi” allure goes away as it loses that libertarian feel (“stick it to the man” like Jack Black in School of Rock). Or don’t apply regulation and accept any number of FTX/Alameda’s with the only protection being “caveat emptor.” It will be hard for anyone to thread the needle on regulation to satisfy the evangelists.
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The issue I have with crypto is that from the jump it was always pitched as a better alternative to the traditional banking system.
Take situation A) a 50 year old woman banks with JP Morgan Chase and over the span of her life makes a marginal interest on her savings, and let's say over 20 years she pays a slightly higher rate on her credit card than she should realistically
Situation B) She invests all of her 35,000 brokerage assets with a Voyager, or a Celsius (now bankrupt) - or maybe gave money to the FTX exchange where they stole customer funds to start a failed hedge fund
Like how is the crypto system better than traditional banking again? It's not. Bankers are not ethical, but they rank higher than Enron in my book.
It doesn't have to be difficult. Europe seems to be making headway. Pro-crypto folks are largely in favor of this regulation.
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European Council Approves Crypto Regulation Bill
The European Council has passed the Markets in Crypto-Assets (MiCA) regulatory bill; final voting will be held on October 10.
FTX isn't crypto. It's a gateway between traditional banking and crypto. In situation B if she bought on FTX and moved to a Ledger she'd have all her funds even with FTX gone. If crypto was more widespread and she was paid in crypto there would be no need for the gateway at all.
But didn't FTX release their own token in the form of FTT that they used to leverage those investments?
