This is no surprise, because we all know that the US are now a police state, like any other first world nation. Things have changed a lot since 11 September (today's date) .... and it will never be the same again.
In all fairness, it's not just the US, you could say the same about literally any country in the World, maybe with few exceptions. Things will keep getting worse because of the masses being passive and docile and allowing everything without any resistance. If banks are already sharing information about their customers internationally, then doing the same for cryptos is just a matter of time. Governments will not allow any financial loopholes. You both hit the nail on the head. There was no need for a war, the authoritarians seized control under the pretext of safety after Sept 11. A solitary prison cell is safe but does anyone really want to be safe like that? The only escape hatch will be things like bitcoin and PMs where they can't control or censor people. If people didn't know it before, it became even clearer the when they shut off payment processing and speech for a billionaire president of the US with no pushback from 95% of the people. The so-called free press didn't care, the fascists, socialists, and communists in DC in fact loved it. At that point it should've been pretty clear to most people that without a huge change, everything will be lost. It doesn't seem like it made much of an impression on many though. In fact the far-left extremists cheered it - not surprisingly. |
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Hold on, how will this transformation of X (twitter) a social media platform move to become a PayPal kind of platform?? Aren't these two built for different purposes??
Btw, with bitcoin being pushed under the umbrella of regulation...is it possible to have Elon Musk cautioned for his market manipulation to save our markets as these wild swings he causes on the crypto market cause alot of fear and panic and few are ready for this.
I think the goal is to have one platform where you can do everything, including pay people if you wish. Instead of having to go to PayPal, Venmo, Facebook, Twitter/X and Instagram etc, you would just go one place and do everything there. Kind of like using HTTP/S on the internet except it is private. |
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~snip~
Now burning methane gas to produce electricity, might not be the most environment friendly option, but it is released into the air in any way.. so why should we not use it?
Perhaps because we should not give additional arguments to those who use it to portray Bitcoin as one of the great threats to our environment, no matter how meaningless it is if we take into account the facts from all relevant research. Those who mine BTC of course do it for profit, but I believe that they should always strive to use clean and renewable energy sources, although even these energy sources are not something that does not leave an impact on the environment. The less oil, methane, coal and similar fuels associated with Bitcoin, the better for all of us in the long run. If the goal is environmentally friendly mining, everyone should be using nuclear. As far as this goes, it seems better to be using methane that would just be dumped into the atmosphere to offset some other power source than to just dump it. |
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Of course it did create a buying opportunity. The halving, potentially an ETF sometime in the next 5-7 years (hopefully sooner), rising socialism/fascism/communism and control around the world, censorship, not to mention other use cases, are all catalysts for increasing demand.
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It amazes me that places like Argentina don't have a huge presence in bitcoin. It isn't as if bitcoin's value as an inflation hedge is hidden.
Don't they though? A quick google search suggests Argentina has one of the highest crypto adoption rates, which would make sense considering they had some restrictions on foreign exchanges. They may have a one of the highest adoption rates, but I was thinking it would be a lot more. Both as a percentage of assets and numbers of people doing it. I can see that they'll buy hard goods with paychecks as soon as possible, but one would think the same for bitcoin. And I'm sure a lot of people do, but I just thought it would be higher. :-) Of course maybe a lot of people don't have enough free cash to do so which is certainly a possibility. |
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I'd also add, not just easier and cheaper, but in theory safer. They'll be taking the risk of properly securing the bitcoin and having insurance if they screw up, presumably. In some respects that's good because they should be following best practices in doing so, but they have to be sure they are really getting it perfect.
Good point, as it's a spot ETF not a futures ETF, it will require them to actually hold bitcoins. I believe they intend to use Coinbase as their custodian, so it's not like BlackRock would have to do any extra work themselves. Coinbase is already regulated and has been doing this for years, so all should work fine from the security side. I've no idea whether such ETF would require BlackRock to purchase any extra insurance (as far as I know ETFs are not FDIC insured) but they surely have plenty of experience in managing/mitigating financial risks. The problem with the futures ETF is that it really has essentially phantom bitcoins. Like the gold futures ETF not having to hold physical gold. It essentially is just a way to gamble on the direction of the price without having to "settle" them at the end which saps demand from "physical" bitcoin. You get nearly none of the benefits of bitcoin, only the risk of a price drop. Yes, you could get the benefit of a price increase, but that is all. Might as well gamble on the flip of a coin. |
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BlackRock are also quite diversified with their investment, but it is heavily exposed to some large tech stocks. So it makes sense that they will invest in one of the best financial breakthroughs in the last 20 years. Yes, Bitcoin investments are high risk, but if you have a diversified and balanced portfolio, then you can manage the risk. I think the SEC are stalling the decision to approve their application, because they want to see what happens in the next election.  In this case, is not as much about BlackRock investing in Bitcoin, but more about them making it easier for others (especially institutional investors) to invest in it. So they'd be making profits from managing the ETF rather than from Bitcoin appreciating in value. So pretty similar to centralised exchanges, it's the number of users and activity that matters, not the asset's price. I'd also add, not just easier and cheaper, but in theory safer. They'll be taking the risk of properly securing the bitcoin and having insurance if they screw up, presumably. In some respects that's good because they should be following best practices in doing so, but they have to be sure they are really getting it perfect. |
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Lately majority of people find theirselves within the crypto space, but many of them do not really understand the actual reasons for adopting crypto currency other than to make profit, what are your own reasons for adopting cryptocurrency?
Everyone has their own reasons. :-) Mine: the coolness of the tech when I read about it a bit over 13 years ago, freedom and the ability to protect oneself and the products of one's life from authoritarians and statists the world over whether they are fascists, socialists, monarchists, communists or anything related. The privacy, pseudo-anonymity, uncensorability etc all are tools against those who believe they have the right to the products of your life merely because they want it and you have no right to your life. It is an evil philosophy, espoused by many over the millennia, including the US democrat southern, slave-owners and it is tried the world over today just using more flowery language. (Obviously, in 2023, profit has become a nice thing although in 2010 many people weren't as focused on it as now, they just liked the tech.) |
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Nope that is not happening without extreme buying which only happens during a supercycle where most media outlet is covering the skyrocketing price of cryptocurrencies, thus inciting people to buy more.
ETFs aren't going to bring it anywhere close to that level by themselves - that's what people thought would happen last time (institutions adoption bitcoin) but in reality it was only a couple of custodians creating these services for other people to use that (among other things) drove traders to make extreme purchases and make a short price spike last time around.
I disagree a little. :-) The halving will probably be a big deal as it has been other years. It isn't solely about demand, but supply too. As the supply of coins that are on the market decreases (people are buying to hold, not trade), let alone the decrease in new coins available (the halving), if demand remains constant let alone has any increase, the price increases. Prices are set at the margin so even an ETF that is only slightly successful will increase the price with less supply on the market and higher demand. |
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Yes, the “anonymous bureaucrats”!!! Yes, this is always the unfortunate case in all countries, even in the largest democracies. There are corrupt politicians or economists who work in secret and control everything under the surface.
Yes, this is one problem with the so-called administrative state. Lawmakers should make the laws. If they can't make them clear enough themselves then it should be a law. |
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"could" etc. Plenty of hedge words. They always build in wiggle room because they don't know. No one does. Just people who have been watching for a long time know that the trend has been up and with the halving coming if previous years have been any indication, more upside seems likely. It really just depends on whether enough people are paying attention and getting sick of inflation eating away the value of their fiat.
It amazes me that places like Argentina don't have a huge presence in bitcoin. It isn't as if bitcoin's value as an inflation hedge is hidden.
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He is right about bitcoin transcending the dollar or any other fiat currency. Good money replaces bad money because enough people know that in the long term, fiat loses value due to inflation. People will dump the money that is worse and replace it with something better. While many people don't understand it or don't care, enough people are clueing in.
Not to mention the other uses for bitcoin.
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I do not know if you saw this thread on the forum about the comments that the SEC did on the application of the BlackRock Bitcoin ETF? https://bitcointalk.org/index.php?topic=5458216.msg62491996#msg62491996The SEC are playing games with one of the largest financial organizations in the US, by saying that their application are "inadequate" I think the SEC are stalling a decision on this, because the politicians have other agendas.  I agree. The SEC is having strings pulled from above. Eventually it will become apparent to everyone what is going on - or they will be forced to approve it or state specifically why in court. This is a perfect example of the problems with the entire concept where Congress makes a general law and then has faceless bureaucrats make rules and enforce it. There is no accountability and it lets politicians blame someone else. It also results in so many laws that no one anywhere knows what they all are. |
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from the perspective of a highly "westernized" finance infested economy, I understand your position
but that represents only one portion of the world, and it's shrinking in influence and dominance
the rest of the world is still made up of alot of small independent businesses, and they didn't forget the cultural reasons that those places remain that way. Look at India or Nigeria, huge economies where tough crackdowns on real decentralized capitalism led to total failure for those "governors" who tried. These cultures all know the escape routes, and aren't afraid to use them.
and that trend is only spreading, as people are being forced into it, ever closer to the literal borders of the western over-financialized system (Turkish lira is failing faster and faster these days, and Ankara and Istanbul are full of open cryptocurrency trade). the so-called PIIGS countries of europe will be the powderkeg imo, as the prevailing attitude there is to take what they want of the financialized overly-controlled stuff, and leave the parts they don't like.
so I think your focus on the "on/off ramp" argument is flawed, and really I said it in my other reply: real people know they have real stuff to trade, and won't trade it for money that is too dysfunctional. Period.
Yes. The more people that are forced to use crypto the stronger it gets and eventually there will be the ability to not have to get out of it. Just like in the EU you don't need to get out of the euro. Or the dollar in the US. etc. There will be no or little need for an on/off ramp for bitcoin, you will just use it like you would other currency except that you won't fear 149% inflation as in Argentina or high inflation like the US or EU have been experiencing. And you won't lose half the purchasing power of your money over 20 or 30 years. Regulation is helping people realize the value of a non-fiat, non-government control asset if they didn't already. Many people already knew, but a lot of people don't realize what 2-3% inflation does to the value of your euro, dollar etc over 10, 20, 30, 40 years and they are a lot poorer for not realizing it. The people of Venezuela, Argentina, Turkey, Sudan know the destruction caused by inflation, but much of the rest of the world have become inured to a 2-5% annual inflation rate. |
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I think a logical explanation will be that people are removing their coins from centralized exchanges, because they see what is happening with the SEC and Binance in the USA. This might be happening all over the world at all the exchanges.... so the result of that is.... lower supply and less transactions on exchanges. The price of Bitcoin are determined by the market (Supply & demand) on these Exchanges... so you can see the impact that can have on the price. (This is just my own theory.... not actual facts) I think the smart one are doing so. My sister-in-law asked me about it a few weeks ago and told her she shouldn't (still) keep coins on exchanges. I'd only been harping on it for 7-8 years. But she actually is doing something this time. And I agree, someone will CLAIM it is a bad thing, but BTC dominance is a good thing. All the alts are too centralized, and many are just junk. ETH included in the centralized portion - when you have one person or a small group who can roll back transactions and fork, long term that is a huge risk. |
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It would be a big positive if approved for the fiat price. Likewise, it would put a lot of huge players and money behind bitcoin making it much more difficult to stop in the US. The more uses the better.
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I’d also add that it probably reflects the content of the action and that there is not some clarity from the SEC even if not “do what you want”. Much of it - IMO - is bs, and perhaps this shows that others agree.
The fact is that they don’t like money being outside of their control and the Keynesian’s monetary policies serve the powers that be and they will try to stop it, delay it, or confuse it (with CBDCs).
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“The current regime, clearly, they have it out for Bitcoin,” DeSantis said. “And if it continues for another four years, they’ll probably end up killing it.”
He is exaggerating greatly. Sadly I expect one of the things his campaign will show is how few people actually care about bitcoin. And it will not be a correct measure for that either since, as I noticed he is exaggerating, other bitcoiners may see that too and might not care about a pretty much lost cause (i.e. DeSantis). But I was proven wrong in my predictions in other US presidential campaigns too, so take my words with a pinch of salt, just for case the reality will prove me wrong and will make me an interestingly nice surprise.  I think it would be more accurate to say “And if it continues for another four years, they’ll probably end up ATTEMPTING TO killing it.” I think bitcoin is passed the tipping point and while it might be more difficult if they tried to kill it, it wouldn't succeed. He is right about the desires of many the current politicians around the world to try to kill bitcoin because it interferes with their inflation loving agenda of Keynesian policy which allow them to steal from people's savings without the people being aware of it much of the time. Until inflation hits and then they attempt to blame everything except their own policies for the issues. Likewise, he is right about the wishes of authoritarians around the world to stop bitcoin because it robs them of victims by allowing people to protect themselves from insane policies. DeSantis has a financial war chest twice the size of Trump per an article I saw last month so I wouldn't count him out. ( https://www.politico.com/news/2023/04/28/desantis-trump-money-00094205 ) |
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The best time to buy is when it is not being hyped. Just ask the people buying banks in 2009-2012. Or Apple in 2000. Buying at other times isn't bad, but the most bang for you buck is when there is blood in the streets.
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Trusting 3rd parties with your private keys or your coins is always a bad idea. No matter how smart or good intentioned, someone, somewhere will screw it up eventually, particularly when there is a large target (unintended bounty) like this.
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