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Thread: Bitcoins are officially donkdown

  1. #7801
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by Daly View Post
    Quote Originally Posted by Sanlmar View Post
    @Daly

    CBDC in 10 years?

    Give the other side a sporting chance and offer 5.

    Recall I am/was basically a luddite when it came to digital currency. I do know which way the wind blows, however. Not gonna be good.
    The financial system can’t build the rails fast enough for a 5 year rollout. The fed can build the train in a year.
    I don’t know whether it will be the Treasury or the Fed. Don’t kid yourself, the race is on with eCYN, China’s digital yuan. Executive Orders have been issued. 140 million Chinese wallets already. As a side note, China has done a sign up bonus ($31). Lol, no play thru.

    18-24 months.
    ………….

    financial system can’t build the rails fast enough for a 5 year rollout
    Now we get to the fun stuff. The existence of the CBDC is in direct opposition to the private financial system (whatever that is) . This provides the vehicle for central planning and control the likes of which should frighten you - perhaps especially as a bank employee. Just for sport I can spin an argument that there will be little need for consumer banks. Now I’m just getting ornery.

    CBDC will come and no one will care or be concerned. The unbanked will be saved. It will be a liberal utopia.

  2. #7802
    Master of Props Daly's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Quote Originally Posted by Daly View Post

    The financial system canít build the rails fast enough for a 5 year rollout. The fed can build the train in a year.
    I donít know whether it will be the Treasury or the Fed. Donít kid yourself, the race is on with eCYN, Chinaís digital yuan. Executive Orders have been issued. 140 million Chinese wallets already. As a side note, China has done a sign up bonus ($31). Lol, no play thru.

    18-24 months.
    ÖÖÖÖ.

    financial system canít build the rails fast enough for a 5 year rollout
    Now we get to the fun stuff. The existence of the CBDC is in direct opposition to the private financial system (whatever that is) . This provides the vehicle for central planning and control the likes of which should frighten you - perhaps especially as a bank employee. Just for sport I can spin an argument that there will be little need for consumer banks. Now Iím just getting ornery.

    CBDC will come and no one will care or be concerned. The unbanked will be saved. It will be a liberal utopia.
    I could see China being first one out of the gate.


    Itís interesting that the digital dollar is so often connected to UBI and a liberal construct. Not saying thatís wrong, just interesting

    This will have a huge impact on ďbanksĒ in the USA. One of the reasons why I think this is years out and not months.

  3. #7803
    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by Daly View Post
    Quote Originally Posted by Sanlmar View Post

    I don’t know whether it will be the Treasury or the Fed. Don’t kid yourself, the race is on with eCYN, China’s digital yuan. Executive Orders have been issued. 140 million Chinese wallets already. As a side note, China has done a sign up bonus ($31). Lol, no play thru.

    18-24 months.
    ………….

    financial system can’t build the rails fast enough for a 5 year rollout
    Now we get to the fun stuff. The existence of the CBDC is in direct opposition to the private financial system (whatever that is) . This provides the vehicle for central planning and control the likes of which should frighten you - perhaps especially as a bank employee. Just for sport I can spin an argument that there will be little need for consumer banks. Now I’m just getting ornery.

    CBDC will come and no one will care or be concerned. The unbanked will be saved. It will be a liberal utopia.
    I could see China being first one out of the gate.


    It’s interesting that the digital dollar is so often connected to UBI and a liberal construct. Not saying that’s wrong, just interesting

    This will have a huge impact on “banks” in the USA. One of the reasons why I think this is years out and not months.

    There is some thought on both sides of the ocean about eCYN posing a challenge to the dollar as a world currency. Minor point but it’s there.

    Just as your social security and unemployment payment will be directly deposited - UBI will be done the same way.

    Can you imagine the expense of Trump and Biden’s UBI (Covid) checks? What it costs to distribute Social Security and unemployment? That expense disappears.

    On the flip side I can now tax more effiently too. Nirvana. I can get very granular with encouraging or discouraging specific spending cause the government can see each transaction.

    Oh, you thought CBdC might be some anon blockchain? Lulz.

    No one gives any fucks about privacy. It’s a boomer thing only. It’s coming. No one was vigilant. “I have nothing to hide”. Millenials will have permanent erections. After Bush’s Patriot Act it was too late.
    Last edited by Sanlmar; 05-12-2022 at 05:58 AM.

  4. #7804
    Plutonium Sanlmar's Avatar
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    Not that any millenial ever used bitcoin to transfer funds to his friends. Lol

    Millenials will embrace CBDC the same as Venmo.

    I never did Venmo of course and never will.

  5. #7805
    Platinum BetCheckBet's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Not that any millenial ever used bitcoin to transfer funds to his friends. Lol

    Millenials will embrace CBDC the same as Venmo.

    I never did Venmo of course and never will.
    One thing that Canada is way ahead of is etransfers. In Canada anyone with a Canadian bank can send money to someone else with a Canadian bank completely free through email or phone. It’s been that way for years and absolutely amazing. Way better than any crypto. Third party money apps don’t exist here unless you are doing business internationally.


    You can also deposit to the new Ontario poker sites this way and it’s instantaneous.

  6. #7806
    Plutonium sonatine's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Not that any millenial ever used bitcoin to transfer funds to his friends. Lol

    Millenials will embrace CBDC the same as Venmo.

    I never did Venmo of course and never will.

    sell me this pen.

     
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      Sanlmar: I’ll require cash
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  7. #7807
    Plutonium Sanlmar's Avatar
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    When Newsweek puts Kardashian or Damon on the cover in public ridicule we might buy.

    Bitcoin has to become too unfashionable to be attached.

    Name:  56E078B6-F243-458E-9237-59E3BD9B28DE.jpeg
Views: 232
Size:  90.0 KB

  8. #7808
    Plutonium sonatine's Avatar
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    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  9. #7809
    Platinum FRANKRIZZO's Avatar
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    Fascinating radio about luna and ust. Didn't realize so many variables. What is fiat??

  10. #7810
    Platinum BetCheckBet's Avatar
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    Ok so I do;nt know much about stable coins but can someone explain what's the purpose in buying them? It seems like the whole appeal of crypto is that's its an unregulated high risk investment. There are plenty of stable currencies out there. What does a stable coin accomplish? Because as far as I can tell people weren't really using them as currency.

  11. #7811
    Gold Forum Wars's Avatar
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    Quote Originally Posted by BetCheckBet View Post
    Ok so I do;nt know much about stable coins but can someone explain what's the purpose in buying them? It seems like the whole appeal of crypto is that's its an unregulated high risk investment. There are plenty of stable currencies out there. What does a stable coin accomplish? Because as far as I can tell people weren't really using them as currency.
    That's a good question.

    I *think* it was that everyone was going:

    fiat ==> stable coins ==> Anchor protocol

    That Anchor protocol was and still is an investment scheme where you get nearly 20% per annum for your stable coin (they supposedly lend your stable coin out and get paid interest which they relay back to you). The 20% rate of course was supposed unsustainable and like a "teaser rate" to draw investors in. Lots of coins were paid out at a loss from that rate (by either the Anchor people or the stable coin people; I think Anchor) and the rates were supposed to go down to a sustainable level in time.

    Turned out to be "too good to be true" like most things that are "too good to be true", but not because the 20% payer stopped paying.

  12. #7812
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    Yes I'm an old fart. You can get 9.6% interest on I bonds right now. Think of it like playing the seniors event at the WSOP.

    https://treasurydirect.gov/indiv/res...esandterms.htm

     
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      Sanlmar: Keeping up with 11% inflation rep

  13. #7813
    Plutonium Sanlmar's Avatar
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    When the deleveraging tide rolls out the ponzi schemes are exposed. Right, Bernie?

    20%

  14. #7814
    Plutonium Sanlmar's Avatar
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    JoeD isnít scrounging for baby formula

     
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      JoeD: You are correct sir! Though it does sound pretty awful

  15. #7815
    Plutonium sonatine's Avatar
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    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  16. #7816
    Owner Dan Druff's Avatar
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    Quote Originally Posted by Forum Wars View Post
    Quote Originally Posted by BetCheckBet View Post
    Ok so I do;nt know much about stable coins but can someone explain what's the purpose in buying them? It seems like the whole appeal of crypto is that's its an unregulated high risk investment. There are plenty of stable currencies out there. What does a stable coin accomplish? Because as far as I can tell people weren't really using them as currency.
    That's a good question.

    I *think* it was that everyone was going:

    fiat ==> stable coins ==> Anchor protocol

    That Anchor protocol was and still is an investment scheme where you get nearly 20% per annum for your stable coin (they supposedly lend your stable coin out and get paid interest which they relay back to you). The 20% rate of course was supposed unsustainable and like a "teaser rate" to draw investors in. Lots of coins were paid out at a loss from that rate (by either the Anchor people or the stable coin people; I think Anchor) and the rates were supposed to go down to a sustainable level in time.

    Turned out to be "too good to be true" like most things that are "too good to be true", but not because the 20% payer stopped paying.
    It's more than that.

    It's a pain in the ass to get large sums of cash from your bank into crypto. Some people liked stablecoins because they were a "safe" store of value to where you can invest in crypto when you want, but don't need to ride the constant volatility of your entire crypto bankroll.

    Now, of course, people are going to see it differently. There's an ongoing suspicion that Tether is not really backed by the USD they claim it is, and it could also be on the brink of collapse if someone decides to fuck with it.

    I don't have any $ in stablecoins. I honestly never trusted them.

     
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      Forum Wars: Yup. It's definitely cryptop for people who didn't want to gamble vis-a-vis the USD too. Which you'd have to bet would be a TON of people. Add in 20% APY schemes and they found a niche.

  17. #7817
    Diamond Tellafriend's Avatar
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      Dan Druff: surprisingly good
    he tries to fly under the radar with his gay big words - Big Bird

  18. #7818
    Diamond TheXFactor's Avatar
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    Quote Originally Posted by Sanlmar View Post
    When the deleveraging tide rolls out the ponzi schemes are exposed. Right, Bernie?

    20%
    20% are you crazy? How about over 100,000%? Something so absurd it must be legitimate, right?

    Titano is revolutionizing the way token holders become stakeholders by providing an automatic fixed APY of 102,483.58%.



  19. #7819
    Platinum FRANKRIZZO's Avatar
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    Wonder if coinbase will bankrupt

  20. #7820
    Diamond TheXFactor's Avatar
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    100,000 APY not good enough?

    Okay, how about 200,000% APY?

    This new company/protocol/etc. has been audited.

    What could possibly go wrong?



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