Bitcoins/Litecoins/Virtual Currencies
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Flobee
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Thread here going over the likely new Comptroller of the Currency talking about the Lightning network. Financial regulators are scared of what Bitcoin is going to do... remove the need for them.
She is either:
a) not fully understanding how Lightning TX work (cannot create additional leverage because transactions have finality and require that underlying asset exists. Layer 2 transactions share L1 finality, just don't write to main chain until channel is closed)
b) purposely misrepresenting how the network works in order to try to stop it.
Everything is going according to plan. We'll see if the suits can figure out how to stop the future
EDIT: Reading more about this lady, she is a globalist centralization of power type. Big into pushing CBDC. Its malevolence then I assume. b. These goons want to call the CBDC ledger the "people's" ledger... when its really the elite's ledger. Bitcoin is the people's ledger because nobody controls it.
She is either:
a) not fully understanding how Lightning TX work (cannot create additional leverage because transactions have finality and require that underlying asset exists. Layer 2 transactions share L1 finality, just don't write to main chain until channel is closed)
b) purposely misrepresenting how the network works in order to try to stop it.
Everything is going according to plan. We'll see if the suits can figure out how to stop the future
EDIT: Reading more about this lady, she is a globalist centralization of power type. Big into pushing CBDC. Its malevolence then I assume. b. These goons want to call the CBDC ledger the "people's" ledger... when its really the elite's ledger. Bitcoin is the people's ledger because nobody controls it.
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Flobee
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Related to the above. Buy Bitcoin while you still can. They're coming for your financial freedom and you better believe one of the first things they'll do is censor your ability to opt-out of their system. The only way to stop this is to adopt a currency they can't control and create parallel economies. Monetary revolution will be required.
MSN
www.msn.com
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Flobee
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Traditional financial rails are DONE. Its over, just waiting for the rest of the world to realize what has happened.
Been away from the internet for a few days, so getting caught up on things. Sorry for multiple posts!
www.cnbc.com
Been away from the internet for a few days, so getting caught up on things. Sorry for multiple posts!
You can now get paid in bitcoin to use Twitter
Twitter will now allow users to tip their favorite creators on the social network using bitcoin.
Tmac
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Furry
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Sweet, so I can anonymously tip someone and anonymously report them for tax fraud in one stop.Traditional financial rails are DONE. Its over, just waiting for the rest of the world to realize what has happened.
Been away from the internet for a few days, so getting caught up on things. Sorry for multiple posts!
You can now get paid in bitcoin to use Twitter
Twitter will now allow users to tip their favorite creators on the social network using bitcoin.
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Flobee
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Apparently its rolling out to some iOS users today. Probably be a bit before its generally available, just announced today.
Pseudonymously. Also, this use case is using Bitcoin Lightning on the backend, but its still transacting in USD. You're not buying Bitcoin to do this. Its USD -> USD end to end. Tax regulations would apply just like any other money transfer service I would imagine.
EDIT: Adding below interview from Jack Mallers talking about this. 4 parts and he explains how this works in better detail than I'll do here
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See? Now I could actually see a good case for this: welfare. Assuming we're stuck with welfare, which should be abolished in all its forms IMO.
You want welfare, you get this digital currency which can only be used to buy staples. No smokes, booze, pills, etc. Even if you try the old scam where they immediately sell the food for cash, the recipient can only use the digital currency to buy more staples, so why would they buy the food with actual dollars?
Of course it will immediately be abused and turned on its head though. The problem isn't the systems, it's the people running those systems and all the people who depend on scamming it.
Flobee
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CBDC's actually solve a ton of issues. They'll be used to implement behavioral economics. Imagine a world where the boomers are getting 1% or even negative interest rates to encourage them to spend, while Millennials + Gen Z are getting 10%+ rates to encourage saving. There are tons of great use cases for a completely centralized monetary system... assuming that the trust relationship exists and is reliable. Could create lending growth when the economy needs it, tighten lending when the market is running hot, it also would replace the current debt based monetary system entirely which comes with a a plethora of benefits in and of itself.
We live in the real world though so that is not likely to happen. Instead we're best off migrating to a system where no central authority has control of the monetary policy and letting the free market dictate policy. If we don't you'll be eating bug protein while living in your pod... obsessively checking your social credit score to make sure your wallet attached to your digital identity will still be accepted at the local bar and/or your favorite VR strip club. You'll be there a lot, since you'll own nothing be busy loving it.
Tmac
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How do I listen to this guy when I just want to punch his face and put clothes in his empty closet?
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Flobee
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Busy day
www.zerohedge.com
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
The future of money is here; will the Federal Reserve Board be authorized to use distributed ledger technology for the creation, distribution and “recordation” of all the transactions of a Digital Dollar?
...hidden in this bill, changes to the foundation of the Dollar are proposed.
And because nobody outside crypto (and frankly, few inside crypto) actually read the bill, these amendments have so far largely gone unnoticed...
...the Federal Reserve does not directly create digital money. And, it also doesn’t create physical money (notes and coins)...
Federal Reserve does not have the power to create Dollars directly. It seem like this power is now to be granted to them. Given that these new Reserve Notes are digital, this strangely merges two distinct forms of money as well.
Next, we saw that the distribution of Dollars was done through member banks. It isn’t clear if this remains the case. It clearly says that these digital Dollars can be issued “in addition” to the current Federal Reserve notes. There is nothing, at least not in this law, preventing the Federal Reserve from taking a more centralized and direct role in distributing the digital Dollar. Perhaps during the next “emergency.”
And finally, the Federal Reserve Board is to be authorized to create and distribute a “ledger-based” digital Dollar that could be used for everyday transactions. There are a few technologies one could imagine, but let us for now assume this will be a blockchain. Blockchains are great for recording transactions; it is what they do.
Perhaps that is why the Federal Reserve will be authorized to do so? However, it is a bit hard to imagine that such a centralized structure would not lead to monitoring of all transactions. And what about privacy? What about security?
The Fed is currently not as powerful as it wants the market to believe; the Federal Reserve Act restricts a lot of its actions. This amendment, however, could drastically expand the powers of the FED, by allowing them to create and distribute a “digital USD” directly. It could change the entire structure of the financial system, with far reaching consequences.
And how are digital Federal Reserve Notes to be justified in terms of the origins and authority of the Federal Reserve? If the Digital Dollar is based on a blockchain, how can they also be based on reserves?
And what mechanism will determine how funds (and how much) are added to the economy? And where and how will they be distributed? Will this all be under the control of a board of seven unelected bureaucrats? And how will they control a distributed ledger of such magnitude?
...hidden in this bill, changes to the foundation of the Dollar are proposed.
And because nobody outside crypto (and frankly, few inside crypto) actually read the bill, these amendments have so far largely gone unnoticed...
...the Federal Reserve does not directly create digital money. And, it also doesn’t create physical money (notes and coins)...
Federal Reserve does not have the power to create Dollars directly. It seem like this power is now to be granted to them. Given that these new Reserve Notes are digital, this strangely merges two distinct forms of money as well.
Next, we saw that the distribution of Dollars was done through member banks. It isn’t clear if this remains the case. It clearly says that these digital Dollars can be issued “in addition” to the current Federal Reserve notes. There is nothing, at least not in this law, preventing the Federal Reserve from taking a more centralized and direct role in distributing the digital Dollar. Perhaps during the next “emergency.”
And finally, the Federal Reserve Board is to be authorized to create and distribute a “ledger-based” digital Dollar that could be used for everyday transactions. There are a few technologies one could imagine, but let us for now assume this will be a blockchain. Blockchains are great for recording transactions; it is what they do.
Perhaps that is why the Federal Reserve will be authorized to do so? However, it is a bit hard to imagine that such a centralized structure would not lead to monitoring of all transactions. And what about privacy? What about security?
The Fed is currently not as powerful as it wants the market to believe; the Federal Reserve Act restricts a lot of its actions. This amendment, however, could drastically expand the powers of the FED, by allowing them to create and distribute a “digital USD” directly. It could change the entire structure of the financial system, with far reaching consequences.
And how are digital Federal Reserve Notes to be justified in terms of the origins and authority of the Federal Reserve? If the Digital Dollar is based on a blockchain, how can they also be based on reserves?
And what mechanism will determine how funds (and how much) are added to the economy? And where and how will they be distributed? Will this all be under the control of a board of seven unelected bureaucrats? And how will they control a distributed ledger of such magnitude?
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2FA doesn't have to include your phone whatsoever.
You can 2FA with a physical RSA authenticator.
I used one of these for years with my Etrade account. (switched to mobile app around 2015) Still have the Blizzard Battlenet Authenticator fob in a desk drawer around here somewhere.
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Rajaah
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I said a few pages back that we'd probably have a big dip before the customary end of the year surge, then that happened. Also said Solana seemed like a good bet, then it went on a huge run. I'm on a roll
That said we'll see if that roll continues because I'm not too sure about my next move. I'm losing some faith in my alts and thinking about consolidating some of it and going in on Ethereum as soon as there's a good price level for it. It's specifically VeChain and TrueBit that I'm considering rolling up into Ethereum. I'd just start a new Ethereum investment from scratch while keeping the rest, but it's much quicker to just switch an existing investment or two. Especially with bills and travel expenses at an all-time high. Unsure if I'd regret this greatly in the near future. I wish I could just keep all of them. My lack of any major amount of Ethereum continues to bother me, though.
Jysin
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Have fun with this catalyst.
www.cnbc.com
China's central bank says all cryptocurrency-related activities are illegal, vows harsh crackdown
China's central bank renewed its tough talk on bitcoin, calling all digital currency activities illegal and vowing to crack down on the market.
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swayze22
Elite
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it's early but is this different than anything they say every month or so?Have fun with this catalyst.
China's central bank says all cryptocurrency-related activities are illegal, vows harsh crackdown
China's central bank renewed its tough talk on bitcoin, calling all digital currency activities illegal and vowing to crack down on the market.
TJT
Mr. Poopybutthole
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Sounds like a good time to buy in on some Eth for the long haul.
Considering the point is that crypto can exist outside traditional financial systems and it continues to increase its features in this capacity I doubt it's going to kill anything.
Considering the point is that crypto can exist outside traditional financial systems and it continues to increase its features in this capacity I doubt it's going to kill anything.
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Flobee
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China FUD is part of every cycle. They kicked all of their BTC miners out of the country a few months ago. China is going to be the first country to push their CBDC so this doesn't surprise me at all. I expect the west to try something similar when they're ready to release theirs. This is why I urge folks to buy their Bitcoin now. It can survive state level attacks, the other chains not so much I expect.Have fun with this catalyst.
China's central bank says all cryptocurrency-related activities are illegal, vows harsh crackdown
China's central bank renewed its tough talk on bitcoin, calling all digital currency activities illegal and vowing to crack down on the market.
Also worth considering why China has had to repeatedly ban Bitcoin, but only had to ban Facebook and Google once.
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Aldarion
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any fucking time, brother
sorry, were you unable to read this post because I used a tab instead of a space? shame