the same systemic risk as Mt Gox. It’s not going to kill Bitcoin but it’s enough to put you off your cornflakes.
If Coinbase gets hacked, all hell will break loose.
i wouldn't care/mind too much if Coinbase got hacked tbh. after all the shit they've dished up on bitcoin community it would be a good lesson in decentralisation and a well-deserved kick in the pants for the hubris of Brian A. etc. and it would be graphic demonstration that no amount of regulation AML/KYC, etc, consumer protection racketeering guvmint fuckery backing up a big, fat target like Coinbase beats decentralised redundancy ... in fact, Coinbase is probably overdue for a systemic-level hack just going on bitcoin history of exchanges and adoption wave cycles ... |
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ok that was quite a convincing dump ... right on adam's schedule at ~32K
think we can confidently call that adamstgBit's dump ... who knows why anyone would go buy some fiat right at the beginning of potential hyperbitcoinisation, but there it is.
think we can expect other part-timers to hop off around $40k, $50k etc ... Winklevoss twins talked about 40k 5-6 years ago, I would bet they buy back some fiat around then too.
most people aren't really into bitcoin for the bitcoins, they really want more fiat from riding the bitcoin escalator ... only at the end of a hyperbitcoinisation phase will that mentality truly change ... they'll be wheeling US dollars around in a barrow ... think about that for a minute.
... also you may want to try and wrap your head around a world where bitcoin is the global reserve money and $200 trillion in fiat-driven debt has evaporated in a singular monetary event ... I'm not saying that will happen but it is difficult to predict what happens with the current established power structures in that scenario, e.g. money == power
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Congrats to my fellow WOers on the 30K breach.
Now can someone explain to me wtf is going on??
This is potentially a dangerous time. People on this forum could see, and lose, life changing fortunes. Have a plan motherfuckers and stick to it. If you don’t have a plan now, make one now and write it down and then execute it. Your plan needs to include the possibility that Bitcoin goes beyond levels you have dreamed about - don’t sell yourself short. good reminder Hairy, I do have a plan now I should write it down so I can read it when I'm loosing my head lols You guys know the amount of coins I'm going to sell at $30k? It's 0.0BTC!   |
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adams spirit lives in the WO .... it's sad he went away but the legacy he left behind is admirable and 32k was indeed prophetic.
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 ... the dragon is waking up. |
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https://twitter.com/100trillionUSD/status/1343879012729421827price is tracking Stock-to-Flow model like clockwork. If BTC does follows its historical path, we will take out gold in 2021-2024, and real estate 2024-2028. After real estate we can not interpolate anymore and have to extrapolate, uncharted waters, hyperbitcoinization? 
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RIPple ...  BTC looking strong here, picking $30k in not too distant future ...
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In memoriam...of something https://www.trustnodes.com/2020/12/29/sec-sinks-xrpSay what you want about that shitcoin, but the wanton destruction of monetary value (maybe wrongly attributed, I agree) is not something that I adore. Honestly, if this would eventually cause SEC demise as a regulatory agency, so be it (see quotation). XRP perhaps couldn’t withstand this injustice, but few can commend the way SEC went about enforcing it, even if they do agree.
Where coders are concerned, this is just another round they don’t even care about in a long running battle. The question is: will SEC be destroyed in the end?
You can not just wipe out tens of billions without courting hate, especially when the institution was already hated due to its investment prohibitions injustice inscribed in its very foundations. The 'subtracted' value is obviously flowing mostly into bitcoin plus 2-3 s-coins (for now) . I don't see how the ethereum pre-sale and issuance schedule makes it anything different than a security. After ripple SEC will surely have ether in it's sights. Forever looking over their shoulders now. |
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13. Netherlands  |
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14. India  |
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Time for some updates ... big scalps too! 15. Sweden  |
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... second CEO takes up the bitcoin carry trade ... how long until the trickle becomes a flood? ... last one in the pool's a turd! |
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the Bitcoin carry trade: speculative counter attack to central banking collusion is under way Saylor's "playbook" https://twitter.com/michael_saylor/status/13406793879985274891) borrow fiat long at ~0.75% 2) sell fiat 3) buy bitcoin 4) publish playbook to billionaires and public company CEOs keiser talks about what's happening here ... https://youtu.be/-9L4yLPBqDI?t=90the carry trade https://en.wikipedia.org/wiki/Carry_(investment) is a speculative attack mechanism that currency sharks like Soros and trading arms of Goldman, UBS, Barclays, Citi, MS, etc, etc have been using for decades to manipulate currency systems, commodity markets/flows and to geopolitically influence regimes and regions into bending to their will. It is the modern weapon of international economic warfare and extreme profiteering (some times racketeering). Most famous examples include: Pound getting smashed out of european exchange rate mechanism in 1992 that 'broke the Bank of England' in 1992 and made Soros > GBP 1 billion in a day Thai Baht getting attacked leading to the 1997 'Asian currency crises', S.Korea was strong-armed into handing over private gold holdings by Soros Russian ruble and post-soviet rebuild bonds explosion Long Term Capital Management ... google it Gold market suppression, aka gold carry trade Yen carry trade and extended Japanese deflationary economic contraction .... on and on throughout the dotcom bubble, Middle East and S. American financial crises, 2008 GFC. Now fiat currencies managed by the Central Banks will come under attack using the same mechanism. Really CB have only themselves to blame after being complicit, and even colluding with perpetrators, in many of these wealth destroying, or outright thieving, activities they have subjected whole nations to over the 50 years since fiat currencies were untethered from fixed emission standards. |
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So does anyone have any insight as to why hashrate is not chasing this rise?
Are the big miners caught with their pants down?
... the power supply in some regions of China are being seriously affected by the embargo on coal supplies from Australia imposed by CCP in Beijing, blackouts, brownouts, etc. ... might have something to do with it but who knows ... https://www.scmp.com/economy/china-economy/article/3115119/china-suffers-worst-power-blackouts-decade-post-coronavirus China suffers worst power blackouts in a decade, on post-coronavirus export boom, coal supply shortage
Provinces across China are struggling with blackouts, as authorities use restrictions to curb energy use and manage supply
Analysts blame the resurgence of manufacturing, a coal shortage and China’s central economic planning for the problem
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I think most people here would agree (as does the OP in the thread) that if the OP had held his assets in bitcoin, the government couldn't have seized it.
Nothing is going to stop the government from seizing your assets if they want to. Even holding crypto, they may not be able to spend it, but if they lock you away for failure to comply with a court order, you haven't accomplished anything by failing to turn it over. Keeping your asset "safe" from the government is pointless if you're also not free to use your assets. I'm not sure if you realise it but you're arguing in defense of totalitarian government actions. That maybe okay if you're from China, N. Korea or other heavily socialistic or facist countries, but it is not normal behaviour of countries in the Western liberal democratic tradition. |
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PlanB has posted the classical hyperinflationary chart, Weimar mark blow-up in the 1920's https://twitter.com/100trillionUSD it is instructive to note that hyperbitcoinization and S-curve adoption dynamics are essentially indistinguishable ... a hyperinflationary event is the population "adopting" a new/alternative currency, the inverse being they "disadopt", i.e. dump, the existing currency. |
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I reread the introduction - but I still don't understand what is the reason? Is the author not saying something or deliberately omitting some nuances? Perhaps the bank was problematic, but the author decided to ignore the warnings? Perhaps the counterparties were not clean on their hands or fell under financial monitoring, which they also always inform about? There must be real reasons and grounds for blocking funds. Just like that "because we wanted it" can only be in countries with totalitarian or criminal regimes. Can the author publish funds blocking protocols, official letters? It will be transparent, understandable and open ... And this looks one-sided
governments and banks can steal at will buddy, better get with the program. In fact, after making a deposit at a bank it is no longer considered legally your money, it's an obligation on the bank to repay, i.e. it is a loan. This is what all these "bail-in" laws have been put in place for, "The Great Reset" is coming. Some stupid people have too much money loaned to the banks ... and the stupid governments have too many debts to pay off after wasting it on all manner of hare-brained (socialist) schemes. Match made in heaven. Somewhere I may agree with your thoughts, but not everything is so bad and a little wrong  For example, in my country there is a so-called "deposit guarantee fund", which, albeit not fully, but insures such situations. The meaning of this fund is that the state fund accumulates funds at the expense of the same commercial banks, and guarantees that at the expense of this fund, if the bank cannot fulfill its obligations, an amount of up to $ 12k will be paid. This, of course, does not compensate for a $ 50k deposit, but most depositors do not keep such amounts on deposits. And what happened in Cyprus is a reaction to the criminal acts of the government, the government that the people themselves chose and allowed to bring the economy to such a state. I will say this - I have been to Cyprus often (as a tourist), so the population there is quite lazy, although in their situation they would have to try harder and work better. But all the time they were waiting for handouts from the EU, aid, loans, i.e. waited for someone to solve their problems for them. The result is quite predictable, and private businesses suffered by inertia ... I have to agree with this, although as you note, the guarantee fund wouldn't cover this since it was the government that imposed the seizure. I think most people here would agree (as does the OP in the thread) that if the OP had held his assets in bitcoin, the government couldn't have seized it. Unfortunately, I cannot completely agree - consider the option if a person stores bitcoin, for example, in a hardware wallet. And at a certain moment, he has a need to SELL bitcoin. What is he doing? That's right - it displays it on the stock exchange, and here a restrictive mechanism can easily work - they will ask for KUS, proof of the legal origin of bitcoin, a certificate stating that you are who you claim to be, and other nonsense, which will ultimately lead to the inability to return your funds. At the same time, I will say - if a person kept his funds in a more adequate country, and a more adequate bank, such a situation would not have happened to him either. I am still inclined to believe that the reason is not in the EU or the regulators, but in the fact that the person did not assess the risks associated with the financial system of Cyprus, which has long been "lame" and has been a "laundry room" for dubious funds for a long time. You're engaging in heavy doses of willful ignorance or cognitive dissonance here. The EU banking system is fundamentally crooked by the facts of this specific case and the many other hundreds of millions that was stolen from innocent bank depositors in this Cyprus financial debacle. The courts allowed for it and all the same mechanisms and laws are in place for billions of euros to be stolen in exactly the same manner when future financial calamities again return to Europe in full force. Some would argue that the current massive monetary inflation being pursued by the ECB is just a slow-burning disaster that is delaying the inevitable crash while causing great harm to innocent savers of euros, while wreaking terrible havoc and distortion on the economic systems of european nations. |
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what s xrp?
a shitcoin for ants |
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I reread the introduction - but I still don't understand what is the reason? Is the author not saying something or deliberately omitting some nuances? Perhaps the bank was problematic, but the author decided to ignore the warnings? Perhaps the counterparties were not clean on their hands or fell under financial monitoring, which they also always inform about? There must be real reasons and grounds for blocking funds. Just like that "because we wanted it" can only be in countries with totalitarian or criminal regimes. Can the author publish funds blocking protocols, official letters? It will be transparent, understandable and open ... And this looks one-sided
governments and banks can steal at will buddy, better get with the program. In fact, after making a deposit at a bank it is no longer considered legally your money, it's an obligation on the bank to repay, i.e. it is a loan. This is what all these "bail-in" laws have been put in place for, "The Great Reset" is coming. Some stupid people have too much money loaned to the banks ... and the stupid governments have too many debts to pay off after wasting it on all manner of hare-brained (socialist) schemes. Match made in heaven. |
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... Nice! Bingo on Line 3 ... probably harder to get a bingo on lines other than Line 1
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