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Economy / Economics / Re: Fed on brink of fifth(?) round of quantitative easing
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on: March 26, 2023, 11:35:41 PM
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And risk collapsing their entire company if the community then decides to fork to and ASIC-resistant mining algorithm, as many other coins have done in the past. Some altcoins do that (Monero for example), but BTC is very averse to hard forks. It's low, but it's not zero. The US defaulting on its debt could lead to very rapid devaluing of the dollar.
Agreed. I don't know why some Americans sound like ancient Romans: "Educated Romans did not believe that their civilization could end. Neither do most educated Europeans and Americans today. Read works from the twilight years of Roman civilization and you’ll encounter a dizzying disconnection between the hard facts—roads crumbling, trade links snapping, the imperial government holed up in Ravenna while barbarian armies surge across the landscape—and the serene conviction that these are temporary inconveniences that the Roman Empire will surely surmount once times improve a little. I suspect that people many centuries from now, when they read ancient literature from the twenty-first century, will find similar disconnects in our narratives: the gritty realities of life in a declining civilization coexisting serenely in the minds of today’s writers with the conviction that someday soon we’ll surely be headed for the stars."
- John Michael Greer I get it, nobody wants the US economy to collapse and become poor overnight, but nothing lasts forever. That's why we have Bitcoin, right? It's our lifeboat. i don't see how that could happen though. who does the usa owe money to and who is keeping track of that? in secret the government could just print more money anyway and pay off any bills...since they own the money printing machines. Sorry, but you sound even more clueless the more you post. Do you know what M1/M2/M3 are? Nobody can print money in secret. If it was that simple, everyone would do it. I'm sorry, but there's no easy way out. US will pay for its mistakes, just like the ancient Rome did. Nobody is infallible, nobody is a God to fix this mess with a magic wand. |
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Economy / Economics / Re: Fed on brink of fifth(?) round of quantitative easing
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on: March 25, 2023, 04:02:28 PM
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"Donating his stash" means "printing more BTC" to you? Absolutely not, which is the point I am making. When you said "unless you're Satoshi..." I took that in reference to it being impossible to print any more bitcoin. Reading the line that I quoted from you again, perhaps your intended meaning was that bitcoin could not be used to fund wars, unless Satoshi donated their stash? I don't strictly agree with that either, though. Bitcoin can be used to fund anything, if it is owned in sufficient quantities by the "right" people. I think it is fairly likely that a number of governments around the world are holding not insignificant amounts of bitcoin. I could also imagine a theoretical scenario where TSMC (the biggest and most advanced microchip manufacturer) devoted 100% of their wafer production to manufacture an obscene amount of BTC ASICs. That way they could capture a huge share of the BTC hashrate (and maybe even perform a 51% attack if they're malicious enough). Will they do it? Most likely not. They would have to abandon their other customers (Apple, nVidia, AMD etc.) and the global economy (totally dependent on microchips) would collapse. That will happen when China invades Taiwan either way, but that's another discussion.  So yeah, there are potential ways to fund wars with BTC, but it would be extremely difficult and counterproductive. Just like it was possible to fund wars with gold, but it's very hard to extract huge amounts of gold. With fiat USD it's easy-peasy. And yet, you see Americans on this board being "OK" with the fact US taxpayers paid 2 trillion over 20 years to fund a failed war in Afghanistan. Let's not just blame the FED/US government. Most citizens are pretty dumb too. An enlightened minority cannot go against the majority. At least not in democracy. In my opinion, TSMC has its own business mission, which is to produce the highest quality chips. TSMC is a unique company, because a large number of companies produce chips for modern electronics (for example, Samsung), but uncompromising quality is precisely the products of the Taiwanese company TSMC! Of course, such a company will not expand into the ASIC market and carry out 51 percent attacks. In general, if we analyze the evolution of Bitcoin, we can conclude that the first cryptocurrency is being introduced into our daily lives very slowly, using every opportunity to take a better position. For example, today I read that the US government is one of the biggest bitcoin whales due to the large amount of confiscated bitcoins. Therefore, after some time, Washington officials may come to the conclusion that it is more profitable for them to introduce bitcoin into the US financial system, rather than ban it. In my opinion, when Satoshi Nakamoto created Bitcoin, he considered this process as the first stage of a new technical and financial evolution (and his idea was completely successful). That's why I said it's a theoretical scenario. There's a higher chance of BTC reaching 1m USD by June, rather than TSMC devoting their entire production for ASIC chips. Regarding adoption (Deutsche Bank woes): https://finbold.com/over-1200-german-banks-can-now-offer-bitcoin-trading-to-their-retail-customers/ |
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Economy / Economics / Re: Fed on brink of fifth(?) round of quantitative easing
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on: March 25, 2023, 11:39:20 AM
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It's quite simple actually: USA should stop playing world police.
there's some situations we shouldn't stick our nose into but then others where you don't have a choice... If you say so... you better read some history: https://www.history.com/news/8-reasons-why-rome-fell4. Overexpansion and military overspending
At its height, the Roman Empire stretched from the Atlantic Ocean all the way to the Euphrates River in the Middle East, but its grandeur may have also been its downfall. With such a vast territory to govern, the empire faced an administrative and logistical nightmare. Even with their excellent road systems, the Romans were unable to communicate quickly or effectively enough to manage their holdings. Rome struggled to marshal enough troops and resources to defend its frontiers from local rebellions and outside attacks, and by the second century, the Emperor Hadrian was forced to build his famous wall in Britain just to keep the enemy at bay. As more and more funds were funneled into the military upkeep of the empire, technological advancement slowed and Rome’s civil infrastructure fell into disrepair. https://www.youtube.com/watch?v=OuOcnGAv4ooJust don't say nobody warned you when the US empire falls... |
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Bitcoin / Press / Re: [2023-03-21] Forbes: $14 Trillion Earthquake: Fidelity And BlackRock Are Quietly
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on: March 25, 2023, 11:37:36 AM
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Sounds like Revolut (they never added an option to deposit/withdraw crypto).
Please stop shitposting, the option for BTC withdraw on that service has existed since 2021, although only as a premium option. I don't know what the situation is today, but most of the people who use that service are not too interested in non-custodial service. Besides, it makes no sense to compare these two companies, one is a giant and the other is just a small dwarf. You are shitposting. There is no option to withdraw cryptos currently. |
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Economy / Economics / Re: Fed on brink of fifth(?) round of quantitative easing
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on: March 25, 2023, 10:31:00 AM
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"Donating his stash" means "printing more BTC" to you? Absolutely not, which is the point I am making. When you said "unless you're Satoshi..." I took that in reference to it being impossible to print any more bitcoin. Reading the line that I quoted from you again, perhaps your intended meaning was that bitcoin could not be used to fund wars, unless Satoshi donated their stash? I don't strictly agree with that either, though. Bitcoin can be used to fund anything, if it is owned in sufficient quantities by the "right" people. I think it is fairly likely that a number of governments around the world are holding not insignificant amounts of bitcoin. I could also imagine a theoretical scenario where TSMC (the biggest and most advanced microchip manufacturer) devoted 100% of their wafer production to manufacture an obscene amount of BTC ASICs. That way they could capture a huge share of the BTC hashrate (and maybe even perform a 51% attack if they're malicious enough). Will they do it? Most likely not. They would have to abandon their other customers (Apple, nVidia, AMD etc.) and the global economy (totally dependent on microchips) would collapse. That will happen when China invades Taiwan either way, but that's another discussion. So yeah, there are potential ways to fund wars with BTC, but it would be extremely difficult and counterproductive. Just like it was possible to fund wars with gold, but it's very hard to extract huge amounts of gold. With fiat USD it's easy-peasy. And yet, you see Americans on this board being "OK" with the fact US taxpayers paid 2 trillion over 20 years to fund a failed war in Afghanistan. Let's not just blame the FED/US government. Most citizens are pretty dumb too. An enlightened minority cannot go against the majority. At least not in democracy. |
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Economy / Economics / Re: Fed on brink of fifth(?) round of quantitative easing
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on: March 25, 2023, 10:10:38 AM
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And of course with Bitcoin it would be nearly impossible to print so much money to fund wars (well, unless you're Satoshi and you want to donate your 1m BTC stash). Satoshi returning and moving any of their stash does not equate to new bitcoin being printed, though. We will never breach the limit of 21 million. "Donating his stash" means "printing more BTC" to you? The only way to pay interest on all debts is by creating more and more money. Yup. Just the interest payments on our debt cost us half a trillion dollars a year. And since debt is increasing, interest payments will increase too. It won't be long before interest payments become one of the largest outgoings of the government's budget. And what happens then? When we pay more on interest than we do on military or healthcare? How much money do we have to print then? How worthless does the dollar become? Or do we just renege on our national debts and let the whole thing collapse? Either way, the outlook for fiat is bleak. The debt/fiat system is a huge Ponzi pyramid. What we witness right now is the next episode of the Great Reset series. They will try to collapse every commercial bank out there and promote further centralization with the CBDC (totally controlled by the central bank). |
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Bitcoin / Press / Re: [2023-03-21] Forbes: $14 Trillion Earthquake: Fidelity And BlackRock Are Quietly
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on: March 25, 2023, 12:17:28 AM
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It appears to involve another step. When I check, it says:
"You don't have a crypto account
Start trading with Fidelity Crypto℠ today."
Then you can open an account. I don't need one since I wouldn't trust a third party with my coins and it appears it is only trading and custody without any way to take the coins out of Fidelity.
It is certainly better than nothing, but I don't see a "withdraw" or "send bitcoin to address" option in the information and without that, it is really hobbled. Sounds like Revolut (they never added an option to deposit/withdraw crypto). |
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Economy / Economics / Re: Fed on brink of fifth(?) round of quantitative easing
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on: March 24, 2023, 09:47:51 AM
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It's frustrating to see the Fed printing more and more money to bail out banks, while the rest of us suffer from inflation and a devalued dollar. And they keep saying they'll reverse it, but they barely made a dent in reducing their balance sheet. It's like they'll never stop printing.
Correct. That's why everyone needs to buy even a small amount of BTC. |
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Economy / Economics / Re: Fed on brink of fifth(?) round of quantitative easing
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on: March 24, 2023, 09:19:43 AM
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Which is my point exactly. $1.7 billion is nothing. We spend $800 billion a year just on our military.
maybe if the army stopped paying for peoples' college educations (and suvs and houses), they could make a small dent in this huge military spending budget. so i guess these soldiers are worse than illegal immigrants in that respect, they are costing us more than them! Good lucking finding soldiers then... The biggest problem is this: https://www.nytimes.com/interactive/2019/12/09/world/middleeast/afghanistan-war-cost.html2 trillion bucks down the drain. It's quite simple actually: USA should stop playing world police. There you go, 2 trillion $ of taxpayer money saved! Who would've thought, right? And of course with Bitcoin it would be nearly impossible to print so much money to fund wars (well, unless you're Satoshi and you want to donate your 1m BTC stash). |
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