Federally Insured And Taxed

Commercial Businesses Delegated Custodian

yet you and your chums are the ones shouting "government"
funny now you are shying away from saying politicians

heres the thing. in america for example. TODAY the bankers are lobbying politicians to make a decision in bankers favour for the "debt ceiling"(how much new minted money the treasury can print for bankers going forward)

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as for the english language
its more broader than your narrow (american) translator
if you dont know the terms of "dog and bone" to mean phone.
if you dont know the terms of "knickers" to mean female underpants
if you dont know the terms of "flip flop" to mean inconsistent/capricious
if you dont know the terms of "cry baby" "fangirl" to mean antagonist others based on idolising an influencer

then you dont know enough english

if you think english is about where a full stop is or a capital letter or an apostrophe is. . you are confusing english with grammar

in a discussion, in english spoken discussion.. people do not actually pronounce and say coma, full stop.
so if you are crying about grammar. know this one thing.
this is a discussion forum not a grammar paper being graded

english is not restricted to the narrow view of needing to be a A+ graded grammar paper to be called "english"
maybe if you come to england one day and visit places like hackney, leicester, manchester and newcastle. it may give you a broader scope of how english really is

i am not here to present my thoughts in a americanised grammar perfect narrative so that your translator can function

i already hate having to convert pounds to dollars whenever talking about bitcoin prices. i already hate having to use american examples due to how many people here only understand american. but i do play ball to a certain extent, just to save time

when it comes to genesis bankruptcy. i am not interested in who genesis owes. as those are now creditors. locked into waiting for the courts to shuffle funds about and pay out. thus slow news taking months to effectuate

what is more interesting is who genesis has given loans to and invested in. because if there are any companies that took value from genesis could see the administrators claw back that value before the prescribed term dates. meaning then affecting other companies suddenly needing to find funds to give back to genesis

ok heres the scenario

genesis lends out funds/invests to other businesses and as such(its how it makes its(lack of) profits). if in bankruptcy happens. they will want to claw back all their loans/investments to bring back liquidity into the asset pool of bankruptcy to then pay out to genesis's creditors

this means that other companies may be forced to pay genesis back earlier than their term sheets expect.
(remember the 2007 crisis of banks.. they foreclosed on people, where people had loans with banks, taking the houses away from people that had loans with them if the people didnt pay the remainder of the loan)

its that, scenario in a knutshell..

if genesis gave loans or invested in multiple businesses. those multiple businesses could be affected
if genesis gave out value to others, they can ask for all of it back unless the loan agreement total is met(earlier then prescibed)

yep its not just genesis owing gemini. its other businesses owing genesis that may be forced to pay early to settle debts or have loan amount clawed back

soo.."wait another 3 years the developers will come through with their promises".. you say..!

LN has liquidity and capacity limits. its not designed to handle real bitcoin use cases. its not going to be able to handle everyones payments. just the small niche stuff of "coffees"

here is a little example using LN stats of the LN suck rate.. oops success rate



the more users on it the more route lquidity/capacity is needed by their route peers to then provide route paths. meaning more liquidity needed (not for someones personal payments) but to be a provider of someone elses path

the options then become. people needing more channels to provide more paths which means again more liquidity per path. (not going to work)
or
end up centralising to hub services (custodian 2.0) of services with the hundreds/millions of channels where they control their outbound balance

i see you want to hide under a rock
how about come to the realisation that politicians dont sit at computers "watching you" they are just self employed contractors living by 4 year work contracts, trying to get paid to do as little as possible. they love to delegate work out to others.
where in america due to capitalism that is mainly private businesses doing it for profits.
where the agencies you speak of are private businesses with their own business policies and their own property rights as business owners of the products they have patents on and policies to protect them, where they lobby the politician via bribery into giving those private businesses powers.

so when you shout "government totalitarianism"  when reality is a democracy of 1 vote per 4 year society, combined with capitalism
and yes its private businesses who are the ones "watching you"
then you might be able to see how they get to do what they do. by reading the laws and business policies
regulators are run by ex-bankers not politicians.
banks and payment services are a business
prisons are a business.
its all about the money business.

i see government not as some citizen owned property. but as .. basically a gym (a service that gets people all hot and sweaty and using up their energy)
we are gym members, paying our gym membership fees(taxes) to then get to use the gyms services and products, we dont own said services or products. but as members we get to vote on who the gym managers and trainers are every 4 years when they are contractually told to allow a management change. and that is all we get as our sense of control
unless we can understand their gym policies of how to petition the gym to change the rules for our benefit,, which 99% of members dont realise

fiat money is not citizen property. its gym property. their patent, their product they print and then subcontract out that accountant to a business(commercial banks and payment services)

when you start to see them as businesses using their property rights to set policy on their product(s) you then start to see how fiat is not "yours" you are just the bearer, given a promise. where the promise may never be met but people trust it thus lulled into a sense of security to trust the banks, whilst they have the power to control their product and police it and police those who bear their product

ans slowly due to "main streaming" like defining bitcoin as "currency" we are giving them power to control certain businesses related to bitcoin

yes bitcoin makes you think more about your own wealth security

the advice of bitcoin also applies to fiat. which many do not practice as they were never taught it at school

never keep all your fiat wealth on the debit/account card in your pants pocket you go out in public with(wallet with internet access).. it can be pocket pinched, cloned, skimmed easily in public(hacked).

put daily-weekly spend amounts on that pants pocket wallet, but be cautious about who or what you let into your personal space(device)

put monthly-yearly salary into a savings /store that is not accessible to random public(offline device)

and put your main savings for retirement into a more secure store

whereby. like bank card/account access. they like to see (backups) of proof of ownership. so keep your IDs safe
banks like to see photoID, a bill or two with address (so keep 2-3 copies of wallet backups) in case you cant find one proof of ownership

while i see no one wanted to wish it a happy birthday on the day..
and only 6 other posts this week want to celebrate LN

lets show some perspective of the 7 years, to go along with the lack of concern.. as shown by how empty this birthday card topic is of lacking best wishes/celebrations.

so taproot
january 2021 and first put into activated code JUST 15 MONTHS AGO

https://txstats.com/dashboard/db/taproot-statistics?orgId=1
currently holds 22,800btc

LN 84 months 5300
TR 15 months 22800

LN is what id call a kid that "failed to launch"(grow/mature)
and no one wanted to go to its birthday party or give it a birthday wishes card on its celebration day

time to get the hint.
LN for 7 years is still a small niche usecase, a buggy flawed protocol where its not fit for the promised off-ramping of millions of users wealth away from bitcoin onchain utility..

time for people to now start asking for something better if they want a "layer2"
patience is wasted if after 7 years nothing has flourished with notable success compared to other options

heck even ethereum another network. started ~ 7 years ago
and has more value locked into its community than LN has

get the hint guys. LN has not met its expectations
time to stop pounding the drums that LN will lead people to the promised land.. they had 7 years .. time to accept defeat

imagine if bitcoin launched 2009 and by 2016 only had ~80k users holding only a total of 5,300 coins between them..
would you say bitcoin is "going to the moon" or failed to launch

there are 60m users on coinbase, 25m users on binance. al waiting for the unmet-promises of something that can allow them to get off their custodian and store value independently. and for 7 years they have been told to wait for silly subnetworks to provide that solution, to avoid using bitcoin while they wait for the silly subnetwork ..
.. times up!

bitcoins rules decide on the amount of coins created.. not users.
this is an unbroken rule that users cant change/decide/create themselves

yes when a mining pools efforts(via its miners) result in a block that solves a puzzle, new coins are awarded to that pool. and that pool decides how to share it out with all its miners.

but its the following of the rules that helped create the coin. not a particular miners design

its more of a miner gets paid for its work, with new coins, based on the rules .. rather than a miner created the new coin

a miner is not a "creator" they cant just decide "maybe today i will create 7btc this block instead of 6.25"..
a miner is just a "worker".. workers getting paid with fresh coin

DooMAD, stay off the drugs..
when the people you see that you like that (metaphorically: go to your house party) are the ones that agree with you. does not mean you are right... because, guess what.  they are just as high and paranoid as you..
emphasis: it just means you are high and paranoid along with them

try to sober up.
take control of your paranoia and see if it is an actual threat made against you in your home. or a thing you have in your head scaring you daily in your home
base your opinions on data, facts, laws, code. real events.. not opinions of people you like because they sound like you

and meet people outside of your house party. in the fresh air outside of your narrow view of the world. take the time to look for real information. rather then youtubing/tweet searching things that fit your paranoias that confirm your paranoia is justified

..
yes fiat has flaws, pitfalls, and is not perfect, and thats why bitcoin was invented to be something different. to be better and hedge against fiat, and thus hedge against CBDC

..
oh and if you think you do make rational opinions based on fact.
show me the block data that supports your version of bitcoin history.. ive asked you for years to back your crap up.. still waiting for your charts of block flags and lacks of forks and natural transitions of bitcoin code evolution without sponsored roadmap plans..
..
as for how monetary policy works. show me the financial laws that support your version. where you think currency AKA bank notes are private property and where privacy of currency is law

currency is not the same as property. there is no right of privacy in regards to currency.
now go check it out read a book, but first .. GET SOBER
maybe then you can have a rational thought.

all i ever hear you cry is "franky is wrong because he hurts my buddies opinion"

i can back my opinions up by blockdata and research of actual source material.

have you even bothered to look at a layout of any CBDC. or did you just come to this topic just to poke at me with yet another

"franky is wrong because he hurts my buddies opinion"

main difference(apart from opinion) between me and you.. im not here to get my ass kissed and recruit idiots
i prefer to correct idiots. and yes im frank about it literally.

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the day that bitcoin lost its "private property: privacy rights" is the day mainstreamers of government lobby helped get bitcoin declared a "currency" in ~2014.. and so allowed in the jurisdiction of the bank secrecy act that delegates regulated payment services to police their customers

if you can understand how currency law works. you can start to see the big picture of both fiat, cbdc and how bitcoin is being treated differently since ~2014

i know your thinking of he air gapped pc and usb wallet generation stuff.. but also think abut that USB longevity with a pile of wet soil on it for 20 years. rusting the metal connectors and seeping dampness inside the gaps to get to the circuitry inside

think about water proofing(vacuum seal bags) and lockboxing it, to give it a metal box coffin to reduce the damage 20 years of being buried can do.

paper can get wet/burn, decompose, ink fades

try drilling/ etching into metal

using seed phrase. you can drill out holes for each word

just the first 4 letters can tell you the word
so
      A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z
1    x
2        x
3    x
4                                                       x
=ABANdon
do for all 12-24 words

or its words numeric position in the known word library
     0  1  2  3  4  5  6  7  8  9
1   x
2   x    
3   x
4       x                                  
0001=abandon
do for all 12-24 words

metal lasts longer is fire proof and damp proof

...
the good thing about keys is that your are not limited to one storage. one format of said storage. so dont feel limited to one type

that game is simple
if 3AC had say $3,500m of debt it owes customers(via other agents/companies)
if it can get those customers to sell their(other agents/companies) user accounts for say 10% of whats owed
then for $350m it can write off its own $3.5b debts to customers

their not doing it out of the goodness of their hearts to give money to customers.
its to buy back their own debt at discount to then lower their own bills they owe customers in the bankruptcy route by getting customers to give up their right over their account balances owed

thus if there was say $2b found in the bankruptcy administration accounts. they can cut off their $3.5b down to $350m. thus then the 3AC get to keep $1.65b themselves free and clear and not have to proceed with bankruptcy/class actions to try and find $3.5b to cover all customer obligations

funnier thing
they quote
basically suggesting not getting real value out to give to said customers but swapping the customers account rights/debt. into a new [lets call it a GTT] token ('equity of their company'). which they can then trade if they can get any outsider cex to then accept the token they create

Central banks and commercial banks work on an old system of 48hour settlements.. they have for decades. which meant they had to rely on visa/mastercard debit systems for 'live payments'

CBDC is more of a threat to remove visa/mastercard debit cards and make them no longer required. to bring that system back into the banking hold instead of visa making billions a year on debit fee's

apart from that CBDC from a user/citizen point of view is the same as using a bank account card today
still reliant on a payment service to do the funds moving on behalf of users, still needing to obide by their user agreement bank policies. etc same rules apply.. just quicker settlements "in-house"

the BIS which manages central bank international services. already have banks asking them to be allowed to hoard upto 5% of their collateral in the form of decentralised assets like bitcoin and a higher % of stable coins by 2025
the BIS has compromised with a 2% bitcoin allowance and an unknown(by me, i havnt bothered caring for stablecoin research) but higher %for stable coins
so its not like they are trying to kill cryptocurrencies

its more of modernising the bank data architecture and remove the need for visa debits for everyday purchases

there will still be kyc-less account types (much the same as todays virtual visa/giftcards) though these accounts have a lower limit of "to low to care about tax evasion/terrorism threat" $1k-$3k max balance allowed(depending on what countries decisions are)

its easy math
its like in very simplified explainer(very dumbed down)
max number -1 vs min number of +1= cancel each other out to same result

its not like the guy brute forced numbers for centuries. its just basic maths of knowing how the generator point is made
thus not a true collision

scam bankman fraud was dong nothing different than the fiat bankers.. but dont tar crypto with the brush of fiat banker mindset
yes they have services setup at the offramps of crypto. but that does not mean that a crypto asset is bad due to wrecklessness of human greed at the edges

also the bail was a contract of 3 relatives plus a lawyer being "trust" of $300m of SBF collateral which they would surrender to the court if SBF were to abscond. due to some relatives and lawyer having some legal licences that can also be revoked if they fail to pay the obligations upon absconding, the court judge at the time(has a personal connection to them) decided that was enough leverage to scare SBF into not running, and enough fear to the "trust" licence revokes and reputation harm of the $250m bail amount to ensure payment would be made if abscond.. thus no real money needed to change hands(though it should have done!)

i have 3 letters for you
MSB
money service businesses
its CEX/banks that watch their customer and report only the juicy/suspect data up to authorities

authorities are not proactive, they are reactive
sec only react after they get a SAR or complaint or after a bankruptcy/audit filing
DOJ(courts) only give out asset seizure orders after being handed a claim from authorities
MSB only freeze/lock an account after a court order

it actually is worth while doing research, it might help you understand the realities of matters. rather than the social tinfoil brigade opinion

sidenote: shady malicious MSB's not following rules can internally lock funds off without reasons(not via court order).. but thats called a scam site

correct

a genesis bankruptcy has always been in the planning for months

DCG just needed a few months to shuffle assets around and make DCG a future creditor of genesis(genesis owes DCG).

genesis loaned DCG funds which previously would have needed to be clawed back(DCG pay back to genesis). but they wrote a promissory note to take on fictitious genesis debt to make DCG the creditor(DCG no longer owes genesis, but now genesis owes DCG) should genesis die thus making genesis then owe DCG

once all shuffling is done to put all debt into genesis and make DCG be owed sums. ofcourse they were going to bankrupt genesis rather then funding genesis..


incorrect.. its too early to call a bull nor mini bull or a correction from said minibull
its just normal sea level tides of normal waves..

until the whales stop their small resistance lines which are preventing normal speculative price growth. its just small waves between $15k-$24k.. like the last 9 months

these small movements of the tide are nothing in comparison to real bull and bear market movements

dont get emotional/trying to find reasons for a small tide change from $21.5k to $20.5k

your "might" is the tin foil i was talking about
if your level 2-3 wallet(kyc'd) is frozen(for all the standard fiat reasons allowed today to freeze assets) you can still use level 1 wallet(no kyc, though lower spending limit) in a CBDC scenario

heck. even people on bail awaiting trial for curency fraud/theft are allowed some form of spending ability to survive on

all in all CBDC has the same policy as fiat(the good the bad and the worse). just a different data architecture of wallets/accounts

out of 8 billion people.. you choose jordan peterson as your influencer example. pfft you might as well have said trump or alex jones(same brotherhood of nuts)
you could have said that greta girl having funds limited due to being anti-gov protestor, and thus you would sound less tinfoiler

more secure?
giving a merchant a LNURL where he can make multiple deductions from your balance..
yea fun stuff, just dont accidentality tap 3 times or it will cost you 3x