Bitcoins/Litecoins/Virtual Currencies
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Sanrith Descartes
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Yellen is fucking worthless. Her husband is brilliant and a Nobel prize winner. So of course the gubmint gives her the big jobs. SMH.
swayze22
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Inefficient is the definition of the government so that is great.
The whole crypto marketplace has some ways to go for sure.
And in current news, my whole account dropped like 20% or so for a couple minutes. What the hell. I don't know if I can handle this shit
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Yeah, she's saying it's used for illicit purchases... yet it's a blockchain and you can quite literally track every single transaction. If you're buying something illicit it makes more sense to deal in cash. heh
The bottom line here is the US wants to control what crypto people use, which is anathema to one of the core/base reasons for crypto existing, that being to take the financial system away from governments and fiat currency.
The bottom line here is the US wants to control what crypto people use, which is anathema to one of the core/base reasons for crypto existing, that being to take the financial system away from governments and fiat currency.
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Fogel
Mr. Poopybutthole
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Sanrith Descartes
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Rangoth
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I wouldn't worry, unless you are real heavy into strange alt-coins. If my normal stock type portfolio dropped 20% in 5 minutes I would seriously be reviewing my positions and the cause to figure out the what the fuck I should do, assuming I didn't already plan for this. That is meme stock level movement.
With crypto I wouldn't even be phased. It will do this and then swing back up in 2 weeks max or probably less. Maybe someone can help me on this though...where the hell can I trade without paying someone an asinine 1-2% fee?
Loser Araysar
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BTC heads like my brother are cheering this on - i dont think theyre realizing that she is being brought on to figure out a digital dollar solution so that BTC can be left in the dust. He instead thinks the govt will start carrying BTC as a reserve currency
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Rangoth
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I mean, the US will absolutely try to make their own coin they can manipulate or fuck with. I would never put that past any government, but I'm not sure it can eliminate the positions on BTC. In fact, other than "banning" it, which again I am not sure how you enforce or do that, can anything make BTC go away.
I guess you don't really ban the coin though, you ban all of the businesses accepting transactions in it. Eventually you can't use it to purchase stuff and then the sites which allow trading also shut down?
I guess you don't really ban the coin though, you ban all of the businesses accepting transactions in it. Eventually you can't use it to purchase stuff and then the sites which allow trading also shut down?
Loser Araysar
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Declare bitcoin usage illegal because of terrorism
shut down trading sites
ban use for purchase
monitor people's bank accounts for deposits or withdrawals to crypto sites
investigate them
At the same time offer the digital dollar as an alternative to seem like you're giving them an option
Even if you make crypto mildly inconvenient or legally risky, that will peel off a huge amount of support. once the dominoes start falling, other coins and digital dollar will rush in to fill the gap, bitcoin will be done
Flobee
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Digital dollar is inevitable and won't kill Bitcoin. They will synergize. If the fed attempts to block on/off ramps to crypto exchanges by controlling the CBDC movements that could cause problems however I don't expect this. More likely they try to create a walled garden by requiring severe KYC on non-exchange wallets, essentially killing self-custody.
CBDC will bring UBI + behaviorally incentivized monetary policy. Its going to simultaneously be miraculous and terrifying I expect. Privacy issues are going to be enormous.
EDIT: Gotta keep in mind that BTC essentially resolves a major issue for the fed around pensions. Its an avenue for growth that can keep that system rolling. I don't expect them to strangle it
Loser Araysar
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"synergize"? How is that going to look like exactly?
One is being devised presumably to be 100% subservient to the government. Transparent and accountable so it can be tracked, taxed and controlled with ease. The other was built to specifically thwart and oppose all of that.
Fed doesnt keep reserve currency around to make profit on, it keeps foreign reserves around as a geopolitical tool. If the government needs more money for pensions they will either print more money, put it on a credit card and add to national debt, raise taxes, cut spending elsewhere or reneg on pensions in that order of likelihood before the notion of using BTC profits to fund pensions will even make it on the table.
swayze22
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This is where I am not quite sure how things will play out. All of our freedoms are already removed from a privacy standpoint, Crypto is the antithesis of that, but there is trust in the anonymity due to how the system is constructed. If there is a coin tied to a government its going to be tied to that governments primary currency, and there goes the entire concept. I understand money does not have a singular usage, but is the government play here make a big ol marketing campaign to get everyone comfortable with the the government crypto currency before the masses take up BTC & other coins? Guess they finally see it as unavoidable and they want that tax.
It's hubris to assume the US Dollar will remain the world reserve currency when China will surpass our GDP in half a decade. Particularly when the USG likes to sanction everybody and our political leadership is so unstable. Overheating the money printers is the fastest way to unseat the USD.
If US oligarchs are forced to choose between BTC and a digital Yuan, what do you think they will choose? If members of the US oligarchy start accumulating BTC, they will lobby for it. (and are) Government here is controlled by the rich and serves their interests. Sometimes their interests are counter to the interests of their own countrymen and long-term US hegemony. (offshoring jobs is a great example) Furthermore we like our illusion of freedom so blanket bans fly in the face of our supposed Western liberalism. Not saying they won't try to ban BTC but it's not an easy thing to do for a number of reasons. The longer they wait the harder it'll be for them.
BTC becoming the reserve currency seems crazy and I'm not suggesting that it's likely to occur but neutral governance of said currency is a very desirable trait for everybody who isn't the country that controls that money supply for obvious reasons. The world collectively chooses which money to use, not just us. It's certainly conceivable that BTC could simply coexist and share that status with some state currency, like gold does. Gold was banned for awhile then they un-banned it. Biden's admin is just too weak to do FDR style power grabs. In 4 or 8 years it'll be too late.
If US oligarchs are forced to choose between BTC and a digital Yuan, what do you think they will choose? If members of the US oligarchy start accumulating BTC, they will lobby for it. (and are) Government here is controlled by the rich and serves their interests. Sometimes their interests are counter to the interests of their own countrymen and long-term US hegemony. (offshoring jobs is a great example) Furthermore we like our illusion of freedom so blanket bans fly in the face of our supposed Western liberalism. Not saying they won't try to ban BTC but it's not an easy thing to do for a number of reasons. The longer they wait the harder it'll be for them.
BTC becoming the reserve currency seems crazy and I'm not suggesting that it's likely to occur but neutral governance of said currency is a very desirable trait for everybody who isn't the country that controls that money supply for obvious reasons. The world collectively chooses which money to use, not just us. It's certainly conceivable that BTC could simply coexist and share that status with some state currency, like gold does. Gold was banned for awhile then they un-banned it. Biden's admin is just too weak to do FDR style power grabs. In 4 or 8 years it'll be too late.
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Loser Araysar
Chief Russia Correspondent / Stock Pals CEO
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