I have nothing in coin/digital but I would giggle if it all did crash. That probably confirms me as an asshole and it isn't because I disagree with it or hate people who do, although all those 30xx video card peddlers can kiss my ass. It would be just because I love watching the world burn.
Watching the world burn since 2020. Welcome to Earth.
I'd think you'd be interested more in this chart and auditing the folks in charge of it. After all it's the real reason Bitcoin is pumping AND it is very likely that your wealth, your home, your salary and any investments you may have are denominated in this shitcoin:
They are a crypto that is “tethered” to the USD. This creates liquidity in the crypto market by allowing traders to get in and out of crypto positions quickly. Every Tether is supposed to be backed by a real USD... but it’s not. They just create 100s of millions of new Tethers. This injects liquidity into the crypto market. More fake dollars chasing the same number of Bitcoins, driving up the price of Bitcoins and other cryptos.
If you're into physical assets you might consider stockpiling an amount of assorted ammo. Don't hoard but enough to trade in the event that gold and silver have no trading value.
Yea some of the newer crypto currencies seem like attempts to re-centralize cryptocurrency. I think etherium lets you do similar stuff if the contract is written the right way but I’m not really familiar with it.
So in theory they shouldn’t ever print 100M USDT unless someone actually sends them $100M in exchange? And if they do that should be financial fraud even according to existing laws?
Right, and they burn the $100 million in tether if it is converted back to USD. Problem is they've never submitted to an audit to verify every tether is backed by $1 USD.
This chart shows 'printed' tether. Nobody knows how much of it is actually 'artificial'.
If there’s no auditing then it should be assumed to be a scam based on Vegas Rules assumptions. Something like this clearly needs the same auditing as banks, etc.
Cryptotrader since 2015. Tether is here to stay. And EVEN if USDT was to collapse, there are now 10's of stable coins backed by USD. Not only that, big players (Wall Street) are now buying up the limited BTC supply.
You speak from ignorance of the technology. The purpose of a blockchain is censorship resistance, censorship from banks, governments, etc. You know, all those stopping free speech and you From having your own opinion. A gov can make BTC illegal, but that doesn’t stop it at all. The BTC Blockchain is spread over the entire planet and can fit in any laptop with 330GBs. That means you would need to track down 10’s of thousands of computers to shit down bitcoin. Not possible without turning off the internet.
Historically, the poles have flipped every 200,000 to 300,000 years. It has been 780,000 years since they last flipped – meaning that a shift is massively overdue. According to scientists at NASA, the planet is showing signs that a shift is imminent.
They’ll try to trigger a big crash just to scoop up coins on the cheap. If you think Tether crashing will be the end of bitcoin, then you have a lot to learn about it.
The problem isn't that it will crash. The problem is with the people pushing globalism causing that crash to then buy up as much as they can as people panic sell to then control the "new" money supply as other fiat is phased out.
As with everything, the core system isn't the problem. Humans being greedy fucksticks is.
They key words there are "over time." Yes, over time things will stabilize and their ability to manipulate goes down. That's not what I'm talking about.
I'm talking about something like the massive selloff and crash of the Great Depression a century ago where the plebs sold off as much as they could to get something back which led to a giant spiral downwards which, when it was over, left those with money able to scoop up massive gains and makes ridiculous profits from all the "worthless" stock they bought up as the market recovered.
The same thing is going to happen here. Bitcoin with start crashing, people will panic sell, and the rich will snicker and buy up the now utterly cheap coins in ridiculous quantities giving them more control than they otherwise would have had. Eventually enough time will have passed so that the common folk could buy back in at a fractional amount of what they could have had if they never sold off, but the damage is already done and the corrupt get what they wanted, and caused to happen, in the first place.
I don't think people fully understand Bitcoin. Bitcoin is a digital currency paid to people (referred to as miners) who use their computers computing power to perform tasks on the internet, specifically the blockchain. The blockchain is a decentralized open ledger that removes power from big corporations. It's is essential for when the shift to Web 3.0 begins. In the future; apps, API's and other sites will be built on the blockchain so without Bitcoin the miners won't get paid and the entire blockchain will fail. All of these upcoming changes are being supressed by the people who currently own everyone's data and sell it for profit. Once the blockchain is established as the way the new internet works there will be no data centralization. Imagine how seeding works, either how Microsoft uses it to push their updates on Windows 10 or how people pirate movies, music and software from PirateBay. This is how data will be stored. Bits and bytes spread throughout the world with each tiny piece being noted on the blockchain. The downside is going to be if governments embrace some form of digitial currency because then they'll be able to track your spending and even freeze your spending if they wish. It's all coming very soon.
Whoever finds the next special code get's the next bit of bitcoin. Once you have a code it's easy to check mathematically if it's right, but it's difficult to figure out what it should be ahead of time. So everyone has their computers going full-tilt trying to guess the next code. And that's crypto-mining.
What happens when the Chinese puts their quantum computers into mining BTC? ..... this whole mining premise is what puts me off of BTC. It's not REAL. Ones and zeros are not REAL. What IS real is that a lot of people think it's real. Like what Gordon Gecko said, "The illusion has become real."
Another way to think of mining is to get the next bitcoin you need to “crack” the next secret key but nobody in the world knows what it is until it is cracked. But the key is designed to be easy enough to crack that it will just take a decent amount of power/time to limit the supply, not impossible to crack like most secret keys.
Cracking a Bitcoin key is like minting/printing a new Bitcoin, but since it requires cracking (which can take a variable amount of time but tends to have a specific electrical cost on average to run a computer of a given efficiency for a given amount of time) they call it mining since it can’t just be done “at will” (instantly). So the cracking process is thought of like digging through lots of useless numbers (wrong key) to find the next golden nugget (correct key).
So think of a Bitcoin like a gold coin that can’t be minted until someone finds the next gold nugget in the universe. They can only be produced as fast as the computers dedicated to mining can crack keys and this costs electricity, so there’s a minimum Bitcoin value below which the electricity to mine bitcoins isn’t worth it.
At break even electrical cost it’s like converting electricity into money, and at above electrical costs it’s like free money obtainable at a rate limited by your computing power.
You can buy anything that you can buy with Visa and MC. You can pay for a VPN without any identity verification. You can borrow against it at preferable rates and earn 20 times the interest you'd earn in your savings account. You can send it to anyone without permission of the government or banks. You can safely secure it offline, or in your own mind by remembering your passphrase. You can transport it across borders undetectably should you need to emigrate. It is very difficult to seize, can be backed up in more than one place (think firemen stealing your home stored gold, or banks being mandated to confiscate your safety deposit box stored gold. You can barter with it and when you receive it you'll know that the bitcoin you received is 100% authentic whereas with gold it's impossible to tell it's not filled with some part tungsten.
So I can eat a bitcoin?
I can use it to repair my roof?
Can I use it fertilize my garden?
Will it fire out of my rifle?
If you don't have access to the internet I can just make it appear?
So it magically transforms into a MAF for my car?
Also you keep going on about gold. I never mentioned anything about precious metals.
You don't buy anything with visa/mc? You don't buy online services? You don't make investments? You don't transfer value to people? You don't think you may need to move value across borders? You don't have any wealth to secure against massive monetary inflation?
You're internet example is ridiculous. You might as well be talking about the sun going supernova. If the internet is down we've all got bigger problems.
I'm all for stacking guns and ammo, food and water, (and have) but to suggest you "can't do shit with Bitcoin", while you're here using the internet to communicate and I assume holding some amount of USD, is a bit ridiculous.
It was my personal opinion that I can't do shit with bitcoin. Never said it was worthless to anyone else. Just the fact that I don't have a use for it.
It's both. Watch and see. You'll buy it eventually. Remember this thread. I've had similar conversations dating back to 2014 when Bitcoin was in the hundreds.
Meh. Eth has a governance issue. Their monetary policy is ran like the US Fed and issuance is set at the whim of who complains loudest at a given time.
I have nothing in coin/digital but I would giggle if it all did crash. That probably confirms me as an asshole and it isn't because I disagree with it or hate people who do, although all those 30xx video card peddlers can kiss my ass. It would be just because I love watching the world burn.
Watching the world burn since 2020. Welcome to Earth.
We don't talk about fight club.
About what club??
but but
For real. "3060 ti for sale $1400 or trade for a 3070. Don't come at me with msrp bullshit, I know what these go for"
It'll be nice for the bubble to pop so I can find a fucking gpu for a reasonable price.
I'd think you'd be interested more in this chart and auditing the folks in charge of it. After all it's the real reason Bitcoin is pumping AND it is very likely that your wealth, your home, your salary and any investments you may have are denominated in this shitcoin:
https://fred.stlouisfed.org/series/M1SL
HFSP
What is Tether and what are they printing?
They are a crypto that is “tethered” to the USD. This creates liquidity in the crypto market by allowing traders to get in and out of crypto positions quickly. Every Tether is supposed to be backed by a real USD... but it’s not. They just create 100s of millions of new Tethers. This injects liquidity into the crypto market. More fake dollars chasing the same number of Bitcoins, driving up the price of Bitcoins and other cryptos.
So basically they control the crypto key needed to create new coins so they don’t have to “mine” they can just “print”?
Yea that’s a major scam.
And the opposite of what bitcoin was supposed to be, but a very clear sign of what it's been positioned to become and do.
Now I’m glad I just bought physical gold and silver the whole time because I was too dumb to get into crypto lol
If you're into physical assets you might consider stockpiling an amount of assorted ammo. Don't hoard but enough to trade in the event that gold and silver have no trading value.
Yes sir, already done! Few thousand rounds for me and more than that for trading. Was buying boxes of 1,000 for $400 lol best decision ever.
Awesome, smart prepper!
Yea some of the newer crypto currencies seem like attempts to re-centralize cryptocurrency. I think etherium lets you do similar stuff if the contract is written the right way but I’m not really familiar with it.
FED gonna FED
You are being deceived by what appears to be intentional misinformation.
Bitcoin cannot be faked or "printed" and tether has absolutely nothing to do with it.
This is a psyop.
-someone who understands Bitcoin
Yes, they can print at will. They've had typos in the past where they mint 100 million, then destroy/burn 100 million.
You have to trust them that 100% of the minted/printed tether is tied to a real US dollar.
So in theory they shouldn’t ever print 100M USDT unless someone actually sends them $100M in exchange? And if they do that should be financial fraud even according to existing laws?
Right, and they burn the $100 million in tether if it is converted back to USD. Problem is they've never submitted to an audit to verify every tether is backed by $1 USD.
This chart shows 'printed' tether. Nobody knows how much of it is actually 'artificial'.
If there’s no auditing then it should be assumed to be a scam based on Vegas Rules assumptions. Something like this clearly needs the same auditing as banks, etc.
I can't wait for it all to crash and burn. haha.
Asking the pertinent question ...
Cryptotrader since 2015. Tether is here to stay. And EVEN if USDT was to collapse, there are now 10's of stable coins backed by USD. Not only that, big players (Wall Street) are now buying up the limited BTC supply.
A lot of billionaires are in crypto. I expect a big correction at some point but it doesn't appear to be going anywhere.
We are one pole flip away from crypto going away.
You speak from ignorance of the technology. The purpose of a blockchain is censorship resistance, censorship from banks, governments, etc. You know, all those stopping free speech and you From having your own opinion. A gov can make BTC illegal, but that doesn’t stop it at all. The BTC Blockchain is spread over the entire planet and can fit in any laptop with 330GBs. That means you would need to track down 10’s of thousands of computers to shit down bitcoin. Not possible without turning off the internet.
Which part of "pole flip" is confusing to you?
Okay bill NYE the science guy. The last pole flip was 800k years ago, what are you saying is going to happen?
https://newspunch.com/nasa-earths-poles-flip/
Consider yourself educated.
Pffft
A pole flip? LOL no.
Underrated comment right here.
Rearranged so the normies can understand.
They’ll try to trigger a big crash just to scoop up coins on the cheap. If you think Tether crashing will be the end of bitcoin, then you have a lot to learn about it.
This fear porn is nothing more than propaganda.
I hope they crash it soon. I'll love to invest more.
The problem isn't that it will crash. The problem is with the people pushing globalism causing that crash to then buy up as much as they can as people panic sell to then control the "new" money supply as other fiat is phased out.
As with everything, the core system isn't the problem. Humans being greedy fucksticks is.
It’s not that easy though. As the market grows, whales can only do so much manipulation. Over time, their power to do so will become less and less.
People panic selling are just interested in dollars. They don’t really get it yet. But that will change.
They key words there are "over time." Yes, over time things will stabilize and their ability to manipulate goes down. That's not what I'm talking about.
I'm talking about something like the massive selloff and crash of the Great Depression a century ago where the plebs sold off as much as they could to get something back which led to a giant spiral downwards which, when it was over, left those with money able to scoop up massive gains and makes ridiculous profits from all the "worthless" stock they bought up as the market recovered.
The same thing is going to happen here. Bitcoin with start crashing, people will panic sell, and the rich will snicker and buy up the now utterly cheap coins in ridiculous quantities giving them more control than they otherwise would have had. Eventually enough time will have passed so that the common folk could buy back in at a fractional amount of what they could have had if they never sold off, but the damage is already done and the corrupt get what they wanted, and caused to happen, in the first place.
X2
The Main Reason PMs are BETTER than Digital Currency: PMs don't evaporate after an EMP...
Yeah, they just go sideways to down despite massive printing, and that's before adjusting for inflation.
Gold has done jack shit since the start of the plandemic. Bitcoin has done 8x.
Keep waiting on those EMPs though.
Magic beans are gonna crash?
#YOU LOVE TO SEE IT
Crypto is a scam... Hoard lead and silver only.
Aye, fuck crypto.
I don't think people fully understand Bitcoin. Bitcoin is a digital currency paid to people (referred to as miners) who use their computers computing power to perform tasks on the internet, specifically the blockchain. The blockchain is a decentralized open ledger that removes power from big corporations. It's is essential for when the shift to Web 3.0 begins. In the future; apps, API's and other sites will be built on the blockchain so without Bitcoin the miners won't get paid and the entire blockchain will fail. All of these upcoming changes are being supressed by the people who currently own everyone's data and sell it for profit. Once the blockchain is established as the way the new internet works there will be no data centralization. Imagine how seeding works, either how Microsoft uses it to push their updates on Windows 10 or how people pirate movies, music and software from PirateBay. This is how data will be stored. Bits and bytes spread throughout the world with each tiny piece being noted on the blockchain. The downside is going to be if governments embrace some form of digitial currency because then they'll be able to track your spending and even freeze your spending if they wish. It's all coming very soon.
Can you explain miners for me. Like I’m 5 please
Whoever finds the next special code get's the next bit of bitcoin. Once you have a code it's easy to check mathematically if it's right, but it's difficult to figure out what it should be ahead of time. So everyone has their computers going full-tilt trying to guess the next code. And that's crypto-mining.
What happens when the Chinese puts their quantum computers into mining BTC? ..... this whole mining premise is what puts me off of BTC. It's not REAL. Ones and zeros are not REAL. What IS real is that a lot of people think it's real. Like what Gordon Gecko said, "The illusion has become real."
Another way to think of mining is to get the next bitcoin you need to “crack” the next secret key but nobody in the world knows what it is until it is cracked. But the key is designed to be easy enough to crack that it will just take a decent amount of power/time to limit the supply, not impossible to crack like most secret keys.
Cracking a Bitcoin key is like minting/printing a new Bitcoin, but since it requires cracking (which can take a variable amount of time but tends to have a specific electrical cost on average to run a computer of a given efficiency for a given amount of time) they call it mining since it can’t just be done “at will” (instantly). So the cracking process is thought of like digging through lots of useless numbers (wrong key) to find the next golden nugget (correct key).
So think of a Bitcoin like a gold coin that can’t be minted until someone finds the next gold nugget in the universe. They can only be produced as fast as the computers dedicated to mining can crack keys and this costs electricity, so there’s a minimum Bitcoin value below which the electricity to mine bitcoins isn’t worth it.
At break even electrical cost it’s like converting electricity into money, and at above electrical costs it’s like free money obtainable at a rate limited by your computing power.
Cope
And thats different than printing $USD how?
Doesn't need a printer. If you had to pay for ink, $1 bills would hardly be worth it.
Not surprised as governments/banks are starting to go with crypto.
Fiat is being inflated.
Physical wealth is not backed by "faith" in a bond issued by a private corporation.
. . . that mean I may be able to buy a new GPU before the CCP invades Taiwan?
I can't do shit with a bitcoin. I prefer bartering in goods and useful services.
You can buy anything that you can buy with Visa and MC. You can pay for a VPN without any identity verification. You can borrow against it at preferable rates and earn 20 times the interest you'd earn in your savings account. You can send it to anyone without permission of the government or banks. You can safely secure it offline, or in your own mind by remembering your passphrase. You can transport it across borders undetectably should you need to emigrate. It is very difficult to seize, can be backed up in more than one place (think firemen stealing your home stored gold, or banks being mandated to confiscate your safety deposit box stored gold. You can barter with it and when you receive it you'll know that the bitcoin you received is 100% authentic whereas with gold it's impossible to tell it's not filled with some part tungsten.
But, yeah, you can't do shit with Bitcoin.
So I can eat a bitcoin? I can use it to repair my roof? Can I use it fertilize my garden? Will it fire out of my rifle? If you don't have access to the internet I can just make it appear? So it magically transforms into a MAF for my car? Also you keep going on about gold. I never mentioned anything about precious metals.
My Point ----> here
You<-----down here.
You missed by a little.
You don't buy anything with visa/mc? You don't buy online services? You don't make investments? You don't transfer value to people? You don't think you may need to move value across borders? You don't have any wealth to secure against massive monetary inflation?
You're internet example is ridiculous. You might as well be talking about the sun going supernova. If the internet is down we've all got bigger problems.
I'm all for stacking guns and ammo, food and water, (and have) but to suggest you "can't do shit with Bitcoin", while you're here using the internet to communicate and I assume holding some amount of USD, is a bit ridiculous.
https://fred.stlouisfed.org/series/M1SL
But you do you, bro. HFSP
It was my personal opinion that I can't do shit with bitcoin. Never said it was worthless to anyone else. Just the fact that I don't have a use for it.
Also I'm not your "bro" and for being poor, GLSVS
"goods and useful services"
It's both. Watch and see. You'll buy it eventually. Remember this thread. I've had similar conversations dating back to 2014 when Bitcoin was in the hundreds.
Never. Just like masks and the coof vaccine. I have no use for crypto and it has no value to me.
Everyone has known this since the beginning of Tether.
ETH > Bitcoin
Meh. Eth has a governance issue. Their monetary policy is ran like the US Fed and issuance is set at the whim of who complains loudest at a given time.
Elaborate?
XLM > ETH