Couple of hours ago there is in news on Twitter saying BRICS countries (Brazil, Russia, India, China, South Africa) are developing a new currency. It was mentioned by State Duma Deputy Chairmen btw.
As I can see all these things to manipulate BTC right? What are your thoughts about this?
The BRICS countries couldn't care less about manipulating Bitcoin. How did you come up with this weird theory? They simply want to dump the US dollar completely. I doubt that their attempt at creating an alternative global currency would be successful. Using their own national currencies instead of the US dollar would be a way more successful approach. It's very easy to check my version. Let's compare the economy of the USA + the West, and the economy of the group of these "lucky ones"? And especially in the context of today's goals of creating BRICS. Let's make it even simpler, imagine and simulate 2 situations:
- the United States and the collective West, with their economies, will disappear. What is happening on Earth?
- BRICS is disappearing - what is happening on Earth? The economy of the so called "west" is artificially pumped by the money printing machines. BRICS countries have a big enough population and natural resources to survive without the "west". Can the "west" survive without the BRICS countries? Most likely yes, but at the cost of lowering the standard of living of the western middle class. I wouldn't put it past them. The only country to worry about in "BRICS" would be China. India's economy is not yet large enough and they're more democratized than the CCP. China's looking to form dependence on Yuan by other countries -- does it seem so wildly speculative that China predicts Bitcoin to be a future threat? Do not think short term -- think 10-20 years down the line. Could there reasonably be a world in which countries use decentralized currencies to conduct bilateral trades/transactions that would cause China some concern if their long term goal is Yuan dependence onto other countries? |
|
|
|
If they did not or were not able to kill Bitcoin and cryptocurrency market in 2009 or a few years later when this ecosystem was very small and more easily to be eliminated, how will they succeed now and in future?
This ecosystem has become bigger considerably in the last few years and it has invaded into traditional finance markets as well as politics. I believe it has reached to a point to exist forever and it won't be eliminated by any bill, dozen of bills, a single country or many countries.
Bills are not bad and some bills might have positive contribution for cryptocurrency ecosystem. I know if you think negatively, you will always see the world like this and future for cryptocurrency like this.
They don't have to kill it. If they can force law abiding citizens to jump through hoops with a convoluted regulatory framework, then their goal has been accomplished. The natural tendency would be for less usage by the general public. The U.S. house is controlled by the so called "fiscal conservatives" and it's a bit surprising to see bipartisan support for a crypto regulation bill. Sure, not all bills are bad. But do you trust the government to enact reasonable regulations pertaining to crypto? You give them even the slightest amount of leeway, and they will take it all plus more. Never depend on people who couldn't even define what crypto currency is to introduce regulations. |
|
|
|
To your point -- all credit card companies make their money off of late fees and interest. If people aren't responsible to limit their purchases to within their means, a credit card isn't worth it.
People who spend more than they should, paying high interest on credit cards I'm sure are tremendously profitable for companies. I can't find data on how many people defer payment with credit cards and it seems to me that it is not by chance, it seems to me that the companies for some very good reason for them don't want to make it public. We live in a credit-addicted economy, just look at how states spend. So it is not so strange that many citizens do the same, what happens is that these citizens do not have the power of the printer that many states have and they put a noose around their necks. There's data available on total credit card debt in the U.S which might allow us to draw some conclusions: https://wallethub.com/edu/cc/credit-card-debt/25533 Of course most people don't default but it's a bit eerie seeing credit card debt increase to the levels of the 08 housing crisis. It's possible these people are racking of credit card debt out of necessity seeing as the U.S. economy is slowing down (I predict Q1 GDP will indicate a recession). I agree -- there is an overreliance on credit cards and once the interest stacks, people will spend years paying off their debts. |
|
|
|
The biggest corruption of modern, so called "democratic," government are culpable for are the theft of economic liberty from their constituency. Serving nothing but their own greed. I don't think it's possible to achieve a corrupt free society. Putting yourself in a position unreliant on the corrupt systems is a better solution. If you start with the notion that economic systems are inherently corrupt, you would find that Bitcoin relieves dependency of the traditional economic systems ran by the government. Of course that's not fair presumption to make, but seeing as nearly every major currency is a sinking ship, self inflicted no less, it may be a prudent one (perhaps the system is not responsible, but individuals  ) |
|
|
|
I'm not sure where I read this, but I remember information that Russia and Ukraine are both the two countries with the highest level of world food exports including wheat and sunflower. There are too many problems leading to the current situation so looking at a single cause I think is not enough to evaluate the entire process leading to the status quo. It is perhaps easy to imagine that when our lives are always subject to such a rule, the formation is followed by development and gradually comes to a decline and finally the end. This is almost a natural law and it exists in our lives, so sometimes I don't know if I'm being careless or not when I'm indifferent to the happenings in life, although still I hope everyone lives better and more positively, but from personal, collective, national, global, or cosmic influences, we can only accept it.
Russia exports fertilizer and grains. Ukraine has some agricultural exports as well but they're not as big as Russia. When the war broke out, there were legitimate concerns for food shortages because the supply chains still weren't completely recovered after the COVID-19 stall. Famine affects poor countries the worst, as the richer countries can use government funds to subsidize food. They'll end up paying a bit more for everything, but no one's going to starve. Most of all that's subsided anyways. |
|
|
|
...
Granted you're mixing your coins for actual privacy and not concealment of a crime, then even the heightened scrutiny/overwatch from regulators don't mean anything. And that's if they care enough to actually track your coins. Use a half decent mixer and you can achieve reasonable privacy. If international law enforcement is after you, mixing your coins won't do anything. There is no escaping their grip. Mixers do get a bad rep, there's nothing inherently wrong with them and I'd encourage people to use them if they actually care about true privacy. Bitcoin is closer to anonymous than the traditional banking system even though the addresses can personify someone if you allow it to, it's just not enough. If I could go back and ask for something different about the BTC protocol, it'd be more anonymity like Monero does it. |
|
|
|
...
The overlap of Bitcoin users and Paypal users are minimal. Other centralized payment processors have taken up Paypal market share, not necessarily crypto. The only reason to use Paypal is because e-commerce companies force you to use it and hold you hostage to Paypal's arbitrary ToS which will ban/revoke funds on a whim. I don't even think Paypal's users enjoy using the platform. They won't be going anywhere until the e-commerce platforms drop them as a payment processor, and it's going to be a while before they adopt Bitcoin instead. If you've ever tried selling anything on Paypal, it's a nightmare. |
|
|
|
When you are in the crypto space, and you want to invest in cryptocurrency, maybe the most minimal risk for me is Bitcoin, and besides this I can say that the risk is high for sure.
Why did I say this? because, when the value of Bitcoin increases in the market most values of other cryptocurrencies also fall in the market because they cannot keep up with the movement of Bitcoin, and only a few cryptos can keep up with the flow that Bitcoin does base on what I have observed in some halving has passed.
Bitcoin is definitely not a safe haven for investors. After rapid growth comes a period of long and grueling decline. That is why investing is risky at all times - even during the alt-season you can bet on the wrong horse. As the saying goes, who does not risk, does not drink champagne. How would you define safe haven and what frame of time would you consider long and grueling decline? Even the institutional investors will suggest a portion of people's portfolio should be Bitcoin. "Safe" is a relative term -- but could you imagine a scenario where a Bitcoin investment made today would not grow 10-20 years from now? There isn't actually a "risky" period to invest, ever, granted you're making safe investments and let them accrue over time. Short term investments always invoke high risk. |
|
|
|
...
Hardly an investment. Sounds like the guy was gambling and lost. Likewise I feel compelled to ridicule the guy for being foolish but the reality is he isn't the only one and he's dealing with enough grief as it is. Lot of people lost money during the crypto bubble in 2021 and they were normal, prudent people, that were captured by FOMO. Grim to think about, but I'm sure that crash led to some suicides with people having torched their savings. |
|
|
|
If you were the architect of a system designed to reduce risk of inflation in the future. How would you approach it? If 1 ounce of prevention is worth 1 pound of cure. Then prevention might be a goal worth pursuing. But somehow we have not seen much supply or demand of that type of mentality in the 2,000+ years of inflation wreaking havoc with the world's economies.
Reverting back to a standard where currency actually was representative of something tangible would be sufficient. Seeing as all the global inflation is due to COVID related money printing, you would only need a system that disallowed you to generate new currency units. Bitcoin is the only solution that actually works in a modern era. If currency was based on tangible assets, the protocol could be shifted away from that standard at any time. Bitcoin doesn't have this issue because we're forced to obey the protocol. |
|
|
|
Do you think this is a good system for managing people so that good people get more benefits at the expense of bad people.
Nope. This is government sponsored segregation. The government can deprive you of civil liberties based on their arbitrary scoring system to serve no purpose but state interest. Communism always comes down to these sort of restrictions/population control because the system never works as intended so they don't have a choice but issue a credit system. It's pathetic and almost comical that they put online cheating at the bottom of all this, like that is the worst thing in society - not drugs, or domestic abuse, or any numerous other crimes.
Wonder where'd they put "illicit currency usage", aka Bitcoin holders? To the communist regime, having citizens freed from the their tyrannical grip through decentralized currency must rank as a high violation. |
|
|
|
Wondering how banks are failing if they have the reserve banks' support? Maybe they will just file for bankruptcy if more than 10-20% of the assets are withdrawn from that particular bank. Considering the fact that they are giving away money off the other assets, for example, fixed deposit interests, loans that they might have lent, and mortgages that are just having shitty values and salaries. They will have no choice but to file for it.
The real question is why there was such sudden withdrawal from the depositors anyway?
Q1 financial report was released and it showed their earnings are poor, so naturally depositors would want their money away from the institution that isn't involved in healthy investments. First Republican doesn't have banking by the federal government, they've explicitly said they won't be providing them with aid. Naturally, the bigger banks would come in and provide some liquidity because they're already in 30B due to previous investments when SVB fell. And if not, First Republic gets seized and sent over to FDIC to redistribute funds to depositors. |
|
|
|
Any society that do not practice harmony and coherent society tends to destroy lives of its members and when lives is negatively affected it becomes a threats to the society. We should leader to maintain healthy society by been clean to yourself and your community. Let's avoid bad habits and drugs to build possible society for the future.
Religious communities are the communities that aren't plagued by such vices. Ever notice the orthodox jews or the amish subject to such temptations or sins? Religious theocracies aren't the answer, the Middle East isn't thriving. But the coherent society you're describing is a society with a strong social fabric and common values. Religion used to be introduce the common values but it hasn't been has prevalent in recent years. |
|
|
|
Good thing is they won't be bailed out by the U.S. government: https://www.reuters.com/business/finance/first-republic-bank-shares-plummet-day-after-hitting-record-low-2023-04-26/The larger banks will come in and provide more funding if they want the 30B they've already put in to completely vaporize, which is what the CEO also saying. It isn't reasonable for the government to continually step into the private sector and provide emergency funding when the markets are under duress. These banking institutions and their depositors knew the risks going in. Remember -- you as an individual investor do not have such protections. But somehow the banks think they deserve it for no other reason than their wealth status. |
|
|
|
...
He's a left wing political commentator/grifter. No one bothers watching his shows anymore so he tries to be edgy and opine on matters he knows nothing about. If Bitcoin's a casino to him, I imagine he feels the same way about any other market, like stocks or real estate? I'm sure he hasn't done segments on either of these markets and he probably puts funds in both. The FTX/Terra fiasco are merely distractions and don't actually speak to the fundamental core of Bitcoin. If John Oliver were serious about crypto, he may have bothered to do some actual research as to why FTX/Terra collapsed because they don't actually reflect poorly on decentralization at all. |
|
|
|
BRICS is only an alliance because Europe and North America couldn't form bridge a partnership with India and Latin America. Even Mexico is more closely aligned to China than it is the U.S. And of course, China is poisoning the world with fentanyl; entire laboratories with pharmaceutical chemists whose only purpose is to manufacture poison and distribute it to the world. Do we want these people in charge of global order? I'm not against countries distancing themselves from NA/EU -- but consider what the consequences are if China becomes a closer ally to major countries. Xi Jinping is a commie dictator. Only someone who lives in United States and a US colony and is feeling the pressure of dumping the dollar such as inflation+recession at the same time, would think dumping dollar (ie. what BRICS does) is the "wrong direction" for those countries to go  Dumping the dollar was the right move when the gold standard was done away with. Unfortunately the mistake these countries are making with their cooperation with China is adoption of RMB. It's like dropping one cancer in trade of another. |
|
|
|
|
I don't know why anyone would be surprised. It's standard operating procedures for Critical Race Theory (CRT) to be introduced even in the most irrelevant contexts. CRT being, that everything is inherently racist to the core. So under the CRT logic, Bitcoin is inherently racist because minority Bitcoin owners lost money when the crypto market dropped.
It's the bigotry of low expectations. They believe minority crypto owners are inept and don't understand the risks of crypto fluctuation such that the SEC must come in and regulate the space. An untenable position but the CRT folks see the world through the lens of race.
|
|
|
|
As others have already mentioned, there isn't necessarily a need for countries to drop fiat from their reserves completely. They're generally only interested in having stable assets, so the highly inflating currencies are the first to be dropped in place for other more stable assets. USD isn't attractive with a 40 year inflation high, so countries that had USD in reserves didn't completely rid the currency, only reduced its holdings.
For example I am in Canada. If our country here stopped the USA dollar altogether for the trade transaction between USA and Canada there be serious consequences, even if my country Canada the government dropped the Canadian dollar or any fiat system in the country and moved to a new system, like BTC or some non fiat money system on the national system. There would be very serious sequences coming back from other governments in other countries.
This isn't necessarily the case because most commerce transactions are between private parties in the U.S. and Canada if I'm not mistaken. The government can reduce USD from their reserves and it wouldn't be too consequential short term. |
|
|
|
|
Show Posts
