"Some of its lawmakers are contemplating how to harness blockchain technology into a force for innovation, while scaling back its early excesses. Then there’s a group you might call the 'bullshit caucus.' 'It’s all bullshit,' Sen. Jon Tester, D-Mont. told Semafor.... 'Finally, there are more people blowing the bullshit whistle,' Sen. Elizabeth Warren, D-Mass. said in a Wednesday interview. 'There's been a lot of lobbying around Congress and an effort to try to scare off lawmakers. To say "Oh, crypto is just so complicated. No one can understand it. Let the crypto world remain unregulated." That is precisely the argument that was made in the run-up to the 2008 crash.'"
Writes Joseph Zeballos-Roig (Semafor).
Posts
45 comments:
Congress will only act where they see an opening to extract cash for their campaigns. The correct answer for Crypto is to stand back and let it burn.
They’re morons debating something they don’t understand but know they should regulate it. Right…
The best regulation was IRS treating it like an asset instead of a currency. Congress doesn’t understand that so it acts as a check on Crypto AND Congress…
whether and how to seriously regulate the cryptocurrency industry, a split appears to have formed in the Democratic Party."
"Some of its lawmakers...
have accepted MILLIONS of dollars in "contributions" from crypo.. Some of its lawmakers are still waiting
A lot of people in the financial world respect Bitcoin
because Bitcoin is not fiat currency
it's like virtual gold
except it's way more useful and easier than gold
gold is a joke
imagine digging into mines in the earth in order to find gold
that useless metal that does almost nothing
wear some jewels, that will save humanity!
I grant you some people like pretty things
and everybody likes money
you're never going to get rid of gold
but the long-term chart of gold is a horrific slide off K2
while the long-term chart of Bitcoin is way, way, way, way better
if the federal government tries to destroy Bitcoin, I will buy some
Bitcoin, like gold, stocks, jewelry, art, sex, and many other things
is subject to the laws of supply and demand
some laws are outside of government control
free will is another one
If the USA tries to destroy Bitcoin, I will buy some Bitcoin
(I do not own any Bitcoin, by the way).
And I have mocked some of its fans, too..
They can’t write regulations against self-dealing anymore? Have they forgotten how?
It's a good thing the US Dollar is pegged to Gold. Oh, wait ...
The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system.
Wikipedia
Now it's pegged to a printing press somewhere in the tunnels under the US Capital.
Sorry, for earlier post which turned out to be about Brexit. There's a trio discussing Bitcoin in a similar jocular fashion. I've got the video which someone sent me but I haven't found the website with it....how much time can I waste looking for it in the internet jungle?
The dollar is pegged to the full faith and credit of the American people. Contrary to what you defeatist Trump cucks think, that is much much more powerful than gold.
Well, one thing is for sure. Our noble legislators are for the most part too stupid and grasping to either understand or get any regulation right. Much better that they do nothing at all. Of course, this applies to far more than cryptocurrency.
"A lot of people in the financial world respect Bitcoin
because Bitcoin is not fiat currency
it's like virtual gold
except it's way more useful and easier than gold
gold is a joke
imagine digging into mines in the earth in order to find gold
that useless metal that does almost nothing"
NY is having to make a law banning bitcoin 'miners' from buying and restarting old coal fired powerplants because bitcoin mining and keeping the registers is so energy intensive.
New York State Cracks Down on Bitcoin Miners Buying Old Coal Plants
What is the cost of a crypto transaction? The real coin, not a bearer bond. Its too high to be a currency, and its value is too unstable to be a store of value, so what is it good for? Using up excess electricity and servers.
Once again, there was nothing 'crypto' about the crimes Bankrupt-Fraud was committing, as this Coindesk article points out.
AS long as the fake cryptogram money is flowing to Maxine Waters and other corruptocrat coffers - it's all good.
Bitcoin is a banking collapse waiting to happen. Those were real dollars that disappeared when those crypto guys died and their access codes died with them. It needs to be regulated. Strongly.
There are actually a few intelligent people on this thread who realize that if you don't know about something you should not flaunt your ignorance of it.
The US government is populated by some of the dumbest people on the planet.
It was constitutionally limited for a reason.
Saint Croix said...
A lot of people in the financial world respect Bitcoin
At some point sooner rather than later banks are going to start holding a percentage of their reserves in Bitcoin. Within a decade world wide banking institutions plan on holding 1% of their reserves in Bitcoin.
Right now the Bitcoin Market Cap is a bit over $300 Billion.
At today's levels of printed currency 1% of bank reserves is orders of magnitude more than $300 Billion.
Math respects Bitcoin.
I'm sure crypto will be in our future, but it's still in the horribly expensive BetaMax stage.
Democrats are torn.
On the one hand, crypto (ironically) offers the ability to move to a cashless society where every purchase can be tracked by the government and your money is no more than a license to use a certain number of crypto chits, much like "your" ebook is really just a license to access Amazon's ebook on terms that Amazon can change at any time. Crypto allows for a seamless transition to a social credit society.
On the other hand, it creates endless opportunity for black hat chaos, where you can't be sure of anything. Hackers will make the government as vulnerable as the government wants to make you and me.
I see that most don’t have the slightest idea how crypto currencies work, how they are stored, purchased, mined, or traded.
What is revolutionary about Bitcoin is that it turns currency into an Asset instead of a printable commodity.
The wealthy people get wealthier because they own Assets that generate revenue and these assets are valued in dollars that are printed. As more dollars are printed the value of their assets relative to dollars increases.
US physical money supply.
They are doubling the US dollar supply every 10 years.
This is how they keep you poor.
The people who created Bitcoin noticed what governments were doing to their people keeping them poor by destroying the buying power of their wages.
There will only ever be 21000 Bitcoin. Bitcoin much like real estate has turned Currency into an Asset.
I realize that it is a complicated topic and will take time for people to learn. But this is one of the most democratizing developments in history and will be overwhelmingly positive.
There is also going to be a generational shift in adoption because young people are always open to new things.
Cryptocurrencies are the future.
Howard said...
I'm sure crypto will be in our future, but it's still in the horribly expensive BetaMax stage.
It is more that it is not a truly useful currency.
There is no Point of Sale. You can't buy a house with it. You still have to go through portals like Coinbase to get in or out.
People in the crypto sphere get a little testy when I call Crypto a hobby at this point.
But the big institutionals are adopting it and it is the future.
It's all bullshit, all the way down.
Evergreen headline: "At a moment when Congress is finally debating (insert issue of the day), a split appears to have formed in the Democratic Party."
“The dollar is pegged to the full faith and credit of the American people. Contrary to what you defeatist Trump cucks think, that is much much more powerful than gold”
The problem there is that that Full Faith and Credit is a bit weak right now. Politicians in general, and your Dem politicians in particular, seem to have believed that it was it was effectively infinite. They spent like drunken sailors on shore leave, to buy constituencies and vote, and in particular, to make themselves, their families, and cronies filthy rich. A large percentage of the money authorized for COVID-19 relief went to criminals around the world. The money being sent to Ukraine, is coming back as bribes. As bad, because of their gross overspending, as well as policies pushing countries away from using dollars as the world’s reserve currency, the Treasury hasn’t been able to sell enough of its debt instruments, forcing the Fed to buy the debt, which they pay for by printing money - but the danger there is that for every $ they buy with their own debt, the money supply grows by $X, where X is the monetary multiplier, and works out, in time to roughly 1/Reserve_Rate. That gross overspending is, in the end, the primary cause in the only real inflation we have seen in the last 40 years.
That inflation is not without cause. We all saw how much the cost of Thanksgiving jumped this year. But it’s much greater throughout the country. One of the major components of interest rates is inflation expectations. Late last spring, interest rates for home loans started to spike. And the real estate market has effectively cratered since then - at least for single family homes. The current interest rates for mortgage loans has driven the cost of monthly payments well out of the range of affordability for many families, with the compounding effect of higher interest over 30 years. But compounding of the interest rates increased to cover inflation has had other effects. Wednesday (11/30), large numbers of older employees in a least Ford and Boing abruptly retired, the day before their pensions were scheduled to be revalued (12/1) based on the inflation adjusted payout. From people in those companies, it looks like a big chunk of their most experienced employees, those in their 50s and 60s, just left. Esp in Boing’s case, that means much of the institutional knowledge needed to make their jet airplanes.
Contrary to Nancy Pelosi’s claims, government spending doesn’t increase the economy. She essentially predicted a Keynesian multiplier of 4-5. The reality, that economists have known for almost 50 years now, is that it is really slightly below 1. The government cannot create wealth, but rather just takes a part of our wealth, and wastes a part of it. We have effectively exhausted much of the world’s faith in our Full Faith and Credit, that is the basis of our currency, and we are paying the price, or at least those of us who didn’t get filthy rich as a result of their mindless spending spree.
Congress will act because there is easy graft in it.
The whole point of bitcoin was that it wasn't politically regulated. It was it's own watchdog.
"Sen. Elizabeth Warren, D-Mass. said in a Wednesday interview. … 'To say "Oh, crypto is just so complicated. No one can understand it. Let the crypto world remain unregulated." That is precisely the argument that was made in the run-up to the 2008 crash.'
Good grief, no. It was Congress' "regulations" that caused the sub-prime mortgage crisis.
Note that SBF was an early investor in the recently-launched news site Semafor.
Thus, one might view any Semafor article on SBF, FTX or Crypto in general as somewhat tainted with bias.
"There will only ever be 21000 Bitcoin."
How does crypto mining work? I thought these people were creating new Bitcoins.
'"Some of its lawmakers are contemplating how to harness blockchain technology into a force for innovation...'
These people are absolute morons. They have no idea of what blockchain is or what it does.
Lobbyists and donors are the ones telling them what is good and what is bad, and they're the ones who will write the proposed laws.
Capitol Hill is full of know-nothing lawyers. Want to draft a will or amend a trust? They're your guys.
Other than that, they have zero expertise in almost all aspects of life.
Like TV 'journalists' who pretend to be experts in tech, farming, etc.
They have no credentials other than (in the case of the women) perfect teeth, they fit into a size 2 dress, and have nice tits.
'The dollar is pegged to the full faith and credit of the American people. Contrary to what you defeatist Trump cucks think, that is much much more powerful than gold.'
There he goes again with his 'cuck' insult (very 2018 btw).
And yet he's the one who brings up pegging.
Hmmm.
My favorite crypto is a free game called Splinterlands.
If you don't like games, introduce your children or grandchildren to it.
Make sure they pay the $10 fee so they can start earning assets in the game.
No need to put any more money into the game. Let your kids win these free NFTs (like comic books or baseball cards, they will be valuable one day). You might be surprised how valuable the NFTs (non-fungible tokens) will be in 10 years.
Over a couple of years I might have put 1,000 hours into the game. My NFTs were worth about $17,000 last year. That's not a great wage ($17 an hour -- and the wage is dropping, not rising).
My NFTs have dropped to about $6,000. So all the time I've put in, I've been paid maybe $4 an hour or less. But what's amazing is how fun the game is. And you make money while you play! Astounding to me.
It's my favorite crypto.
My second-favorite is Solana, which (coincidentally, is strongly associated with SBF -- that coin is a major reason he became a billionaire, I think). And I'm still bullish on Solana.
Motley Fool will answer a lot of your crypto questions.
How Does Bitcoin Mining Work
How To Mine Cryptocurrency
A lot of this stuff is over my head but the Fool has a fair number of crypto specialists.
Warren is the most corrupt fake in politics. She pretends to be Anti-wallstreet when in fact she's completely in the pocket of Big Finance. Typical New England Politican. What did she do to stop another 2008? Nothing.
"For helping to keep the network secure, miners earn Bitcoin rewards as they add blocks. The rewards are paid using transaction fees and through the creation of new Bitcoin. However, there is a fixed maximum supply of 21 million Bitcoins. Once that many are in circulation, rewards will be paid entirely using transaction fees."
Thanks, Saint Croix!
The dollar is pegged to the full faith and credit of the American people.
Could have been said about the Pound when it was the leading currency of the world. Until it wasn't.
Is it ironic that SBF was the major contributor to the "Save Our Future PAC"?
Howard said...
"The dollar is pegged to the full faith and credit of the American people. Contrary to what you defeatist Trump cucks think, that is much much more powerful than gold."
The price of gold today is $1,807.00. To be more accurate. That is the amount of dollars an ounce of gold buys. Go anywhere in the world and in any transaction gold will be preferred.
Democrat innovation: tracking, tapping, denying [civil] rights when the mood should strike them.
I know nothing about cryptocurrency so I am sure my questions have been addressed elsewhere.
How can cryptocurrency scale? There are 210 million max Bitcoin. There are over 8 billion people. The average person would own a small fraction of a Bitcoin at any one time. How many hundreds or thousands of cryptocurrencies would you need to run the world economy? It looks like a house of cards to me.
Howard said...
"The dollar is pegged to the full faith and credit of the American people. Contrary to what you defeatist Trump cucks think, that is much much more powerful than gold."
Howard is one of the rubes who believe in Modern Monetary Theory, which states that there is no limit to government spending and the debt never has to be paid back.
Put simply, modern monetary theory decrees that such governments do not rely on taxes or borrowing for spending since they can print as much money as they need and are the monopoly issuers of the currency. Since their budgets aren’t like a regular household’s, their policies should not be shaped by fears of a rising national debt.
As far as gold is concerned, a $20 gold piece from 1929 is now worth $1800. I bought a new Ford Mustang convertible in 1968 for $3050. it is now about $48,000
I bought a house in South Pasadena in 1969 for $35,000. It was recently listed for $1.4 million. Latest estimate $1.9 million.
That full faith and credit of Howard's is sounding pretty weak.
Saint Croix said...
My second-favorite is Solana, which (coincidentally, is strongly associated with SBF -- that coin is a major reason he became a billionaire, I think). And I'm still bullish on Solana.
Solana is dying. It was trying to revive itself as an NFT focused chain. But they recently hosed the NFT producers. The chain is too centralized and the down times and hacks are going to kill the chain at some point.
All of the EVM clones will eventually fall to the same fate. The technical debt on the EVM framework is too high for developers to keep up with and there will always be exploits.
A lot of those creators are moving over the the Cardano blockchain.
Cardano is a relatively young chain but it is fundamentally sound unlike the EVM clones or Solana.
I have a several thousand into a game called Cardano Warriors and about double that into Cornucopius. Mini games for both are coming out in January. I plan on hiring kids to play the games for me to keep the economy going.
Howard said...
The dollar is pegged to the full faith and credit of the American people. Contrary to what you defeatist Trump cucks think, that is much much more powerful than gold.
I love your deep and nuanced arguments.
Howard delights in showing everyone how smart he is and the depth of his understanding of money supply.
He really is the best the Democrat party has to offer.
I always thought it was bullshit. Somehow, federal reserve notes are fiat currency, but Bitcoin is valuable because a lot of people think so.
What's the difference?
Hilariously, Bitcoin collapsed once the Fed raised rates and money can't be borrowed interest-free to buy speculative investments.
Even more hilariously, Bitcoin loses value faster than the currency it was supposed to replace.
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