BenCodie (OP)
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March 20, 2023, 03:49:32 PM |
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Seeing the rising price of bitcoin over this last few weeks has been a pleasant change. What has been even more pleasant is that Bitcoin's original purpose (being, a hedge against the inherently flawed global fractional reserve banking system) is finally becoming headline news and directly gaining value from the beginning of the banking sector collapse.
It seems like this would lead to a steady and fruitful uptrend for Bitcoin...but I also think, isn't this too easy? I find it hard to believe that the Fed and its subordinates would just allow Bitcoin to steadily increase and prove itself to be a hedge against fiat so obviously as it seems to be playing out right now. The next question that stems from this thought is that maybe there are new backstops in place that would reverse the current trend, prolong fiat money and its wicked way for just a little longer, cause pain to the true believers who (like myself deep down) feel something along the lines of "This is the time! It's happening!" and then accumulate before the real uptrend begins when the fiat system does inevitably start to hyper-inflate/collapse.
TLDR: Do you think that the Feb or other Bitcoin adversaries have any potential plans to either hurt Bitcoin, or make the banking system seem more reliable for a period of time again to prevent the current uptrend from continuing?
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cabron
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March 20, 2023, 04:10:51 PM |
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Yep, it seems very easy. You couldn't believe the FED will just give up but it seems easy to accept BTC than Digital Yuan.
With the banking crisis, the system will not be reliable again unless they are going back to the gold standard. They use to ban citizens holding gold though if they ban BTC also then it will just be the same case later on, they allow people to acquire gold. It depends on what serves them.
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BenCodie (OP)
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March 20, 2023, 04:17:02 PM |
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Yep, it seems very easy. You couldn't believe the FED will just give up but it seems easy to accept BTC than Digital Yuan.
With the banking crisis, the system will not be reliable again unless they are going back to the gold standard. They use to ban citizens holding gold though if they ban BTC also then it will just be the same case later on, they allow people to acquire gold. It depends on what serves them.
Thank you for refreshing my thoughts. I read not long ago about some non-US banks beginning to restrict the amount that people could transfer to crypto exchanges per month to some ridiculous amount like 5,000 GBP, subject to additional review if they deem fit. I suppose that this is one form of "stop" that would be put in place to prevent a mass exodus from fiat. Another would be to completely try to ban BTC and transfers to exchanges in coordination. I feel like this would be a last resort and by this point, peer to peer solutions will be popular again or will quickly become "mainstream" after this happens.
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livingfree
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March 20, 2023, 04:36:38 PM |
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TLDR: Do you think that the Feb or other Bitcoin adversaries have any potential plans to either hurt Bitcoin,
I have really no idea about them. But the fact is, whatever they do now, bitcoin is unstoppable and it's bound to increase no matter what they do. Any single move they do is being watched and could really play a big part for bitcoin's price movement. Eventually, it will be changed and bitcoin will still have to move on its own. That's what of the speculations why the price have increased and it's due to FED announcements and there will be more of it. make the banking system seem more reliable for a period of time again to prevent the current uptrend from continuing?
It's hard to change this right now after the SVB, Silvergate and Credit Suisse debacles.
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adaseb
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March 20, 2023, 04:52:14 PM |
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Crypto is pumping but one thing you need to realise is that we don't want hyperinflation. If we get hyperinflation then nobody will want your bitcoin. What will happen is going to be riots and you will need guns and food instead of bitcoin.
Hence why that guy on Twitter making the $2M bet is most likely doing it for attention and wants to pump crypto short term so he can sell his bags in the $30-40K range. We don't need hyperinflation to get bitcoin to rally. So far due to the expanding fed balance sheet, risk-on assets are going up again and so is bitcoin.
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arallmuus
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March 20, 2023, 05:36:17 PM |
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What has been even more pleasant is that Bitcoin's original purpose (being, a hedge against the inherently flawed global fractional reserve banking system) is finally becoming headline news and directly gaining value from the beginning of the banking sector collapse. Yet because of that headline news all over the media, we are now getting to 28k but honestly its getting up there faster than I thought because of all this hype. I'd rather have more people acknowledge bitcoin's main purposes rather than all this big shot hoarding bitcoin through all these panic buy because of a banking failure It seems like this would lead to a steady and fruitful uptrend for Bitcoin...but I also think, isn't this too easy? I find it hard to believe that the Fed and its subordinates would just allow Bitcoin to steadily increase and prove itself to be a hedge against fiat so obviously as it seems to be playing out right now.
Nah, its way too fast and pretty much its just the result of panic buying / hoarding but yeah $28k btc a piece is always better than anything below $20k
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AmoreJaz
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March 20, 2023, 06:20:19 PM |
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Crypto is pumping but one thing you need to realise is that we don't want hyperinflation. If we get hyperinflation then nobody will want your bitcoin. What will happen is going to be riots and you will need guns and food instead of bitcoin.
Hence why that guy on Twitter making the $2M bet is most likely doing it for attention and wants to pump crypto short term so he can sell his bags in the $30-40K range. We don't need hyperinflation to get bitcoin to rally. So far due to the expanding fed balance sheet, risk-on assets are going up again and so is bitcoin.
i also have the feeling that he really wants attention for some hidden agenda, so the community will talk about such speculative price. and yes, one is to possibly sell what he has in his bags. much better if we will have a natural upward movement rather than drastic pumps, which can easily go down in a very short period of time. that scenario will create disappointments for those who won't get the right timing of buying and selling of their satoshis. but as we can see on this situation, the banking system debacles are giving a good avenue for crypto adoption, BTC in particular.
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el kaka22
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March 20, 2023, 08:31:40 PM |
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I would guess that FED is busy with all this banking thing and they won't be really ready to tackle the inflation or anything else just yet. Doesn't mean they are not going to do it eventually, they will, but that doesn't change the fact that they will be busy for a while. Looking at the crisis they have on their hands right now, I am guessing that it will take a while before they can charge the situation ahead and tackle it.
I believe that bitcoin will be on the rise for a while longer, not forever of course and this year won't end with a new all time high if you ask me, but we will end with a better price than we started there is absolutely no doubt about that at all.
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Hydrogen
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March 20, 2023, 09:54:10 PM |
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Those who pay attention to US politics, will notice politicians begin their campaigns roughly 1 to 2 years before the elections.
Trump had general Soleimani eliminated roughly 2 years prior to the 2020 US Presidentical election.
Obama had Osama Bin Laden eliminated roughly 1.5 years prior to the 2012 election.
We see similar trends with bitcoin reward halvings.
Investors time an early entry point, approximately 1.5 to 2 years before the halving, to maximize gains.
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coolcoinz
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March 20, 2023, 10:06:00 PM |
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The way I see it, there was a fear of FED, rate cuts, regulations that followed FTX, but at this point the FED is no longer in control. Instead of fixing the system they're breaking it more.
When FTX collapsed they blamed cryptocurrencies and people believed it. Then Silvergate went down and they blamed crypto again, but then CS went down and CS had nothing to do with crypto, which showed the FED blaming was a smear campaign and a straw man argument. They broke the system by printing money and allowing for fractional reserve banking. Bitcoin is the exact opposite of this system as it allows for every coin and every transaction to be accounted for. Nothing disappears in the blockchain.
Therefore, I think that there's a number of points to be made: 1. Inflation is not transitory and it cannot be controlled. It can only be curbed to a point, but it's going to keep rising, like a population of rats. You can keep catching and poisoning them but they will always be there running around and replicating. 2. The banking system is like a building with weak foundation. It's shaking and trembling and all the FED is doing is prolonging its existence by supporting the walls from the outside, but eventually it's going to collapse. There's no way to rebuild it from the top. 3. People are beginning to wake up and they see what FED representatives are saying. That people will pay the price for the bank collapse, that they need more unemployment to fight inflation, that they have no idea if they should go back to printing, or not and that eventually they'll have to and that will decrease the value of the dollar even more.
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hatshepsut93
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March 20, 2023, 11:23:31 PM |
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Seeing the rising price of bitcoin over this last few weeks has been a pleasant change. What has been even more pleasant is that Bitcoin's original purpose (being, a hedge against the inherently flawed global fractional reserve banking system) is finally becoming headline news and directly gaining value from the beginning of the banking sector collapse.
It already happened in 2021. Covid caused inflation and Bitcoin was growing fueled by press releases by big companies supposedly adopting it to hedge against inflation. Until the price crashed and the companies stopped mentioning it. TLDR: Do you think that the Feb or other Bitcoin adversaries have any potential plans to either hurt Bitcoin, or make the banking system seem more reliable for a period of time again to prevent the current uptrend from continuing?
Fed doesn't care, if it did, it would have banned Bitcoin many years ago. The biggest enemy of Bitcoin is bitcoiners, they dump it when the price breaks records, and then it enters long bear markets. I don't see why this time it should be different. This isn't as big as 2008, and 2008 wasn't a complete collapse of banking.
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BenCodie (OP)
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March 21, 2023, 12:21:11 AM |
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This isn't as big as 2008, and 2008 wasn't a complete collapse of banking.
The rest of your post was great so I won't address it. Though I found this point to be interesting. 2008 was a monumental event fixed with a solution that was very clearly a band-aid. I always thought that if there were to be another crisis, that it would be monumentally larger than 08' as the same band-aid solution won't work like it did before. Unless you are strictly talking about right now and not the situation as a whole, what makes you say that this crisis won't be as big as 2008? The way I see it, there was a fear of FED, rate cuts, regulations that followed FTX, but at this point the FED is no longer in control. Instead of fixing the system they're breaking it more.
When FTX collapsed they blamed cryptocurrencies and people believed it. Then Silvergate went down and they blamed crypto again, but then CS went down and CS had nothing to do with crypto, which showed the FED blaming was a smear campaign and a straw man argument. They broke the system by printing money and allowing for fractional reserve banking. Bitcoin is the exact opposite of this system as it allows for every coin and every transaction to be accounted for. Nothing disappears in the blockchain.
Therefore, I think that there's a number of points to be made: 1. Inflation is not transitory and it cannot be controlled. It can only be curbed to a point, but it's going to keep rising, like a population of rats. You can keep catching and poisoning them but they will always be there running around and replicating. 2. The banking system is like a building with weak foundation. It's shaking and trembling and all the FED is doing is prolonging its existence by supporting the walls from the outside, but eventually it's going to collapse. There's no way to rebuild it from the top. 3. People are beginning to wake up and they see what FED representatives are saying. That people will pay the price for the bank collapse, that they need more unemployment to fight inflation, that they have no idea if they should go back to printing, or not and that eventually they'll have to and that will decrease the value of the dollar even more.
In 2008 no one would have thought that bailouts for big businesses/corporations like banks were even possible. Your post and points are completely accurate, what I wonder is mostly about what stops the Fed could put in place that no one would have thought of like they did in 2008? I find it hard to accept there has been no innovation in fiat failure/crisis management for the last 15 years. I suppose it also would not be so surprising if there wasn't. Or, maybe I am just over analyzing and it's as easy as ABC. There's no catch, and the next 1-3 years are what everyone in Bitcoin has been waiting for.
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Ucy
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March 21, 2023, 04:02:00 PM |
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Seeing the rising price of bitcoin over this last few weeks has been a pleasant change. What has been even more pleasant is that Bitcoin's original purpose (being, a hedge against the inherently flawed global fractional reserve banking system) is finally becoming headline news and directly gaining value from the beginning of the banking sector collapse.
It seems like this would lead to a steady and fruitful uptrend for Bitcoin...but I also think, isn't this too easy? I find it hard to believe that the Fed and its subordinates would just allow Bitcoin to steadily increase and prove itself to be a hedge against fiat so obviously as it seems to be playing out right now. The next question that stems from this thought is that maybe there are new backstops in place that would reverse the current trend, prolong fiat money and its wicked way for just a little longer, cause pain to the true believers who (like myself deep down) feel something along the lines of "This is the time! It's happening!" and then accumulate before the real uptrend begins when the fiat system does inevitably start to hyper-inflate/collapse.
TLDR: Do you think that the Feb or other Bitcoin adversaries have any potential plans to either hurt Bitcoin, or make the banking system seem more reliable for a period of time again to prevent the current uptrend from continuing?
The whole thing is somewhat interconnected, not because of mere price rise of Bitcoin but due to punishment/curse to those who tried to work against Bitcoin by trying to hurt 'the one who controls it'.Bitcoin isn't programmed to cause others to fail/cry when it is progressing to the right direction.. . It's not an evil system. Those who recently suffer from it rise were just punished. They have refused to believe the truth that someone has greater authority/power than they and should never be challenged or treated unfairly. I hope they have learned their lesson this time and never try to hurt Bitcoin as it will continue to move up and then it will stop for the turn of the other. We tried to do this in other way(getting funded via sponsorship) but they refused or worked against it. All Glory be to the CREATOR of the Universe. This is impossible without HIM.
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BenCodie (OP)
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March 21, 2023, 04:28:12 PM |
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Seeing the rising price of bitcoin over this last few weeks has been a pleasant change. What has been even more pleasant is that Bitcoin's original purpose (being, a hedge against the inherently flawed global fractional reserve banking system) is finally becoming headline news and directly gaining value from the beginning of the banking sector collapse.
It seems like this would lead to a steady and fruitful uptrend for Bitcoin...but I also think, isn't this too easy? I find it hard to believe that the Fed and its subordinates would just allow Bitcoin to steadily increase and prove itself to be a hedge against fiat so obviously as it seems to be playing out right now. The next question that stems from this thought is that maybe there are new backstops in place that would reverse the current trend, prolong fiat money and its wicked way for just a little longer, cause pain to the true believers who (like myself deep down) feel something along the lines of "This is the time! It's happening!" and then accumulate before the real uptrend begins when the fiat system does inevitably start to hyper-inflate/collapse.
TLDR: Do you think that the Feb or other Bitcoin adversaries have any potential plans to either hurt Bitcoin, or make the banking system seem more reliable for a period of time again to prevent the current uptrend from continuing?
The whole thing is somewhat interconnected, not because of mere price rise of Bitcoin but due to punishment/curse to those who tried to work against Bitcoin by trying to hurt 'the one who controls it'.Bitcoin isn't programmed to cause others to fail/cry when it is progressing to the right direction.. . It's not an evil system. Those who recently suffer from it rise were just punished. They have refused to believe the truth that someone has greater authority/power than they and should never be challenged or treated unfairly. I hope they have learned their lesson this time and never try to hurt Bitcoin as it will continue to move up and then it will stop for the turn of the other. We tried to do this in other way(getting funded via sponsorship) but they refused or worked against it. All Glory be to the CREATOR of the Universe. This is impossible without HIM. I suppose a prime example of this is what has been in the headlines today...Credit Suisse calling Bitcoin a bubble in 2017 and is now fallen under so far that UBS had to buy them out. You have put it very well. From this perspective, Bitcoin is somewhat karmic!
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Gozie51
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March 21, 2023, 09:10:56 PM |
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TLDR: Do you think that the Feb or other Bitcoin adversaries have any potential plans to either hurt Bitcoin, or make the banking system seem more reliable for a period of time again to prevent the current uptrend from continuing?
Bitcoin has become like a golden fish that can't hide. In the midst of many other assets, bitcoin is the one that defies the detects of regulation and so no form of direct regulation will limit the growth of bitcoin. Gold, silver, copper and other derivative assets are directly regulated but bitcoin is not. Therefore whatever decision by fed on bitcoin will atmost drag the price briefly down but it will correct it self after a while and that tells us self sustaining ability of bitcoin against the government. The banking system can not be reliable because it has been exposed of corruption through government third party standard making it difficult for bitcoin to be made irrelevant, the relevance of bitcoin is found on the purpose which it is fulfilling already.
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Anonylz
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March 21, 2023, 09:18:06 PM |
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Btc halving is fast approaching and the market is gradually sliding into to the next bull season probably the biggest of them all, I don't think the fed can do much about what is to come. Fed has always been trying, this is not their first attempt and btc has always defiled them all. So I really don't think there will be any difference.
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Darker45
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March 22, 2023, 01:07:50 AM |
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To be quite frank, I don't think the Fed is busy thinking of Bitcoin. Bitcoin has, of course, come to their attention but I doubt it very much that they will take steps that is vital to the financial and monetary systems with Bitcoin primarily in mind. The economy is problematic. The banking system is facing a lot of problems also, with huge implications to the overall financial system. They will have to deal with them more than they will have with Bitcoin. I don't think they will make decisions and compromise just for the sake of preventing Bitcoin's price from soaring.
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davis196
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March 22, 2023, 06:40:11 AM |
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I expect several things to happen. 1.Bitcoin mining will be banned in the USA, because "it pollutes the environment and wastes energy"(or some other BS). 2.Most miners will move to Asian countries(including Russia). 3.Bitcoin will be banned completely in the USA(and the rest of the western world), because "Bitcoin is controlled by Russia, China, bla bla bla, insert random BS here, etc." This is the extremely negative scenario, which I expect to happen, but the possibility is still low. Of course the banking system will be "saved" by printing and throwing more money at the banks, which is the equivalent of trying to stop a fire with gasoline. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Kakmakr
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March 22, 2023, 07:15:33 AM |
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In 2008, the FED used tax money to bailout the Banking system ...so they will just do it again. It seems as though some larger Banks are stepping in to use this opportunity to bailout smaller Banks to prevent a bigger crisis and a Bank rush to their Banks. I do not know how long this strategy will be successful and how long governments will get away with this... in this weak economy, but it worked before, so I guess they will do it again.
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Maxre
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March 22, 2023, 08:29:11 AM |
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Crypto is pumping but one thing you need to realise is that we don't want hyperinflation. If we get hyperinflation then nobody will want your bitcoin. What will happen is going to be riots and you will need guns and food instead of bitcoin.
Hence why that guy on Twitter making the $2M bet is most likely doing it for attention and wants to pump crypto short term so he can sell his bags in the $30-40K range. We don't need hyperinflation to get bitcoin to rally. So far due to the expanding fed balance sheet, risk-on assets are going up again and so is bitcoin.
I can agree with you bro because hyperinflation is a thing that can destroy a whole country economy and here we are talking about dollar because dollars is a international currency and it can be a disaster. And also American largest banks have been collapsed and that's a big problem too. And also on social media they are just pawns to big sharks that want attention of new people so that they come and than they will liquidate their holdings and than just flee away and that's why be safe from these kind of scams.
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