Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
- 2,793
- 6,533
- 2,793
- 6,533
- 10,558
- 54,417
I'm extremely skeptical about any crypto ever becoming a true competitor for the dollar. The government/fed simply won't allow it. They'll pass some law, or some policy, or some tax that effectively kills whatever crypto emerges as a long term winner from this competition. The only way the various national currencies will ever not be controlled by some central authority is by enormous force that kills it. The Chinese, say.
What enormous force does bitcoin wield? The power of the people? Lol, ya right. At best it will be a hedge against some of the worst monetary policy, or another pressure point that a competing gov entity will use to try to kill the dollar as the world's reserve currency (and thus the dollar, and the US's sphere of influence).
For evidence of them jealously guarding their power over money, see when they outlawed the possession of gold back in the day.
I thought it was an old royal family quote, but apparently it's from Dune and I forgot it: "Control the coinage and the courts - let the rabble have the rest." Do you really think they'll let the rabble have their own currency as anything other than a curiosity or more cynically, a scam?
All of that said, there's money to be made in the near future. Just be ready for when the rug gets pulled since as others have mentioned, we're surely in a bubble in the current climate and the gov/fed is starting to notice.
What enormous force does bitcoin wield? The power of the people? Lol, ya right. At best it will be a hedge against some of the worst monetary policy, or another pressure point that a competing gov entity will use to try to kill the dollar as the world's reserve currency (and thus the dollar, and the US's sphere of influence).
For evidence of them jealously guarding their power over money, see when they outlawed the possession of gold back in the day.
I thought it was an old royal family quote, but apparently it's from Dune and I forgot it: "Control the coinage and the courts - let the rabble have the rest." Do you really think they'll let the rabble have their own currency as anything other than a curiosity or more cynically, a scam?
All of that said, there's money to be made in the near future. Just be ready for when the rug gets pulled since as others have mentioned, we're surely in a bubble in the current climate and the gov/fed is starting to notice.
- 2
LachiusTZ
Rogue Deathwalker Box
- 14,472
- 27,162
Members of congress are buying crypto, the big financial players are buying, the fed said it was a storage of value like gold.
Yeah, I think this horse is already out of the barn and they are just making things look normal while they all bail.
The dollar is dying. BTC, ETH, China, Biden, the fed... One of those is going to kill it.
The govt doesn't really give a shit, as long as they can get their cut.
Yeah, I think this horse is already out of the barn and they are just making things look normal while they all bail.
The dollar is dying. BTC, ETH, China, Biden, the fed... One of those is going to kill it.
The govt doesn't really give a shit, as long as they can get their cut.
- 2
Flobee
Vyemm Raider
- 2,613
- 3,005
I understand where you're coming from. Its probably the most common objection to the Bitcoin standard. People smarter than me have laid out strong arguments to counter the point so I won't bother trying to rehash them but I would suggest some questions worth asking yourself about this:
1. With the current monetary situation we're in what can governments do to avoid debt defaults or massive inflation to print away the debts? US interest payments are nearly higher than GDP.
2. How does an inflationary currency deal with the deflationary pressure brought on from technological advances long term?
3. How long will our current monetary system built on technical rails from the 70's persist? What can replace it and be 'better'?
4. Is this system superior to Bitcoin? Is it more durable, portable, divisible, scarce, uniform, acceptable (private) and a superior medium of exchange? If not to any of those questions, why is it better and why would we adopt it?
5. Are you SURE that governments have the capability to enforce any sort of attack on Bitcoin? Government is just people... people that probably own Bitcoin.
6. Does anyone anywhere actually want governments to be in charge of the money? Are we really so afraid of a relatively small group of rich globalist fucks that we'll give up on a non-sovereign currency before its been defeated?
I accept that Bitcoin could fail. I'm not really confident in the Governments ability to defeat it though. Gov is generally incompetent at this point. The uber rich have clearly gotten complacent because Bitcoin has come this far. I would argue it is more likely to happen at this point than it is to fail. The rich will just buy more Bitcoin than any of us here could hope to own and remain rich. Just... relatively less rich because they're largely going to come in late.
I don't buy the narrative that the government/globalists can just snap their fingers and the world's population will capitulate to their will. There is a fight to be had yet, we're in that right now. I'm not ready to accept that we will bow down to inflationary slavery as the IMF + WEF etc create their international privacy destroying money. I don't think that's a foregone conclusion at all.
A Bitcoin standard would mean that you could work to earn BTC, then just save your income and it will appreciate in value over time. This is the way that money has worked outside of the multiple failed fiat regimes we've experienced throughout history. People shouldn't need to be market experts to maintain the value of their work over time. The ramifications of that simple shift are astronomical. Prices should drop as the market gets more efficient.
However, I don't think the USD dies anytime soon. In fact, I think Bitcoin strengthens the dollar in the short/med term. US holds a lot of crypto assets, and the strongest fiat currency to buy more. I think the shift is going to happen faster than anyone expects, but its going to be complicated. Bitcoin is still only seen as a store of value, people don't understand its value as a unit of account or medium of exchange. If layer 2 works out the way I think it will (see Strike and their ability to send fiat instantly world-wide for free via Lightning network) it is going to blow everyone's mind. No traditional financial institution is safe unless they adapt.
Last edited:
Lambourne
Ahn'Qiraj Raider
- 2,734
- 6,569
They'll turn off the internet before they give up control of the currency voluntarily. Most likely it will be increasing regulation, taxes, attacking onramps etc. As long as the government demands its taxes in USD, you cannot become independent of the dollar. In a shadow economy, you want untraceable and anonymous, and I think you'd be far better off with Monero than Bitcoin in that case.
- 2,793
- 6,533
Bitcoin bouncing off 52k over and over. It’s gonna break through unless maybe the Asians waking up in the next couple of hours do some massive buys (or sell off themselves.)
edit: aaaand it’s through, and VET back in the 19s.
edit: aaaand it’s through, and VET back in the 19s.
Last edited:
- 2,793
- 6,533
- 2,793
- 6,533
I saw it drop to 17 and change and I have not. I had my finger on the trigger and I’m like NOPE.
Could go back up, could go to 15 tonight.
- 1
Rajaah
Honorable Member
- 11,462
- 15,139
So uhhhh, here's my VET
It's hilarious how the minute I drop a couple thousand more on VET at .21, it heads straight for the basement. Was waiting for a nice dip to buy more and this morning seemed good at .21. Now I check back and it's .17 for the first time in many weeks. This may be the first time I've seen it go down without a strong bounce-back almost immediately.
All the VET people need to shut their eyes like it's the end of Raiders of the Lost Ark.
Ideally people bought in at what I call VET-NAV, the 8 cents it was hovering at for months. I missed that though. Someone tell me it's gonna be okay. If it keeps going down maybe I'll just buy more on the way down...
In other news, BTC is also about to go below 50k, IS THE BUBBLE BURSTING? GOD HELP US
/panic off
/goes back to paying bills
- 1
- 2,793
- 6,533
Yah. I mean maybe VET is a great buy right now but shit is way too volatile for me to bet into anything. I’d rather wait a few days and stabilize and see the way things are flowing before possibly losing 20 percent on what seemed to be a sure bet.
The past few days have been fucked and I really doubt it will keep like this for long. There is more exposure to crypto than the big bang at the end of 2018. You have major companies jumping on the train ride and actually using it to test out.
Doesn't help when you have puppets in the white house trying to punish the big guy, but also are blind to how they fuck the lower/middle guy.
I had 300k vet after it converted and decided to sell it to get in on some Tesla action when the price stayed stagnant and dipped a bit. If I didn't make a killing I would have been pretty fucking furious about vet hitting .3 or whatever the high was.
My wife saw on my tax papers that I had 600 shares of game stop from January of 2020 at like 5 dollars a share. I bought in hertz after the big dip and had over 3k shares at like 15 dollars each. Along with a handful of other things that I've bought and sold a few months later she has concluded that if I buy something I MUST hold it.
I hate double-guessing myself and it fucks me each time. I hate having paperhands.
Doesn't help when you have puppets in the white house trying to punish the big guy, but also are blind to how they fuck the lower/middle guy.
I had 300k vet after it converted and decided to sell it to get in on some Tesla action when the price stayed stagnant and dipped a bit. If I didn't make a killing I would have been pretty fucking furious about vet hitting .3 or whatever the high was.
My wife saw on my tax papers that I had 600 shares of game stop from January of 2020 at like 5 dollars a share. I bought in hertz after the big dip and had over 3k shares at like 15 dollars each. Along with a handful of other things that I've bought and sold a few months later she has concluded that if I buy something I MUST hold it.
I hate double-guessing myself and it fucks me each time. I hate having paperhands.
- 1
- 1
- 2,793
- 6,533
Say what you will, it’s just luck because I certainly don’t have skill — but selling when it looks like things are dubious has saved my ass many times. At the very least makes me sleep better at night.
I know you win over time just holding, but ain’t nobody got time for that!
- 1