Bitcoin crash coming?

[stevej37]

Originally Posted by RobFrost

With a publicity stunt and some giveaways he can grow his social media following, then get paid hundreds of thousands of dollars per sponsored social media post to promote his sponsors' products to the gullible. So turns out he's smarter than those of us who thought it wasn't smart.
Sent from my SM-G988B using Tapatalk

If that turns out true...it is very sad.

[MikeSid]

Now that we have NFTs, I might actually be willing to pay $233.95 for David Thorne's picture of a spider. But I'd want the original. The one with only 7 legs.

https://27bslash6.com/overdue.html

[tabs]

Originally Posted by Crowbob

Hello, Tabdullah Numero Uno!

My memory is not what I remember it to be but here goes anyway.

Wasn’t it you who argued a few years back that S & G did not have intrinsic value? I could be wrong, so no offense intended.

Also, after thinking about cryptocurrency, I was trying to figure out where my initial resistance to it being viable was. It is because of its intangibility. It simply doesn’t exist. So, IMO, it’s very difficult for it to somehow have value. I understand I use nonexistent money every day when I use my credit card, write a check or whatever. The card, nor the paper check, has any intrinsic value. What they represent, ie., the money in the accounts, really also doesn’t have any intrinsic value. They are merely pieces of paper. But even further, those pieces of paper (dollars) used to represent the value of gold. But now, since we are off the gold standard, even the gold doesn’t exist. A trillion dollars of newly printed dollars does not automatically and magically create the corresponding pounds or tons of gold.

So my problem with crypto is that it is not one layer removed from gold, as is paper money, which is physical. Nor is it two layers removed from gold, such as a credit card, which is less physical, but crypto is actually THREE layers removed from gold and doesn’t even exist at all!

My house could burn down but the gold within it would still exist. My bank could go broke, but my gold still exists. If the interwebs is kaput my gold still exists.

This reluctance on my part may not be rational, but so what.? Nobody said I was sane to begin with.

When I was in HS I used go panning for Gold on the E Fork of the San Gabrielle river.. The old guy who worked a the cheap gas station bought Gold coins whenever he had some extra money. So I learned a thing of two..he was happy as a pig in shyte when Nixon took the US off the Gold standard because Gold went from the Bretton Woods fixed in 44 at 35 an oz to 110.. what cause that move was De Gaulle demanding that the US repatriate it's Tourist $$ in Gold... at 35 oz where De Gaulle could turn it around in EU for 110. The US was using the spread in price to finance the SE Asian war games and the welfare state, and De Gaulle had enough of it.

It took a few years for the shyte to catch up with America in the form of INFLATION American prices had to catch up with the real world value of USD's in Gold.. There in lies the inflation of the mid 70's to early 80's. The Saudis realized that they made a bad deal by making all oil transactions to be settled in USD...so as to not be left holding the American bag they bumped the price of oil...so now Americans had to start paying the price for their life style at the pump.

In the mid 80's Americans started to leverage the Brand and it's assets...to pay for their life style...in 08 the Consumer who supported the Global economy with conspicious consumption went bust..the FED and US govt stepped in to continue the PARTAY by printing to support borrowing on the NATIONAL ASSETS and BRAND..all the other nations had to follow suit in order for an economic equilibrium to be maintained..till now the world is awash in debt and debased currencies.. Is there any real value left in the brand and or assets or has it all been leveraged to the hilt? The machinations of the FED n particular have been to make sure that the encumbrance is serviceable..One of their tools is printing money so that any unsold debt is purchased with newly printed money so that interest rates do not get out of hand. They call the QE. or monetary easing of interest rates. By the FED's own behavior they have as much as admitted that monetary policy is nearing it's limits..

Given this trajectory and or state of affairs what is the logical outcome of this behavior? Given that it is a Global state of affairs what will be the scope of the outcome?

[MysticLlama]

Originally Posted by svandamme

Well maybe not single phone transation
but back when i lived in holland , it really was close to being that simple

get loan, get cash in your account
go to seller , take posession of keys and papers
call bank, initiate transfer of the funds with a speed wire transfer
Seller checks his account, sees the money minutes later
do the transfer of the title
call your insurer, and you are good to go

The key to all this was that number plates stay with the vehicle.. So no need to wait for plates to be made and sent to you..

So not a single call, but you could get it sorted in half an hour really.. And the porcess streamlined to more online since I lived there...

Main difference is IF (big IF), all of the steps in this blockchain transaction are accurate, it's doesn't require trust relationships. The money is real, title is real, owner has rights to transfer, insurer pre setup and if any of those don't validate, the transaction doesn't happen. No doing a money transfer and then the person not signing paperwork for example.

On mortgages we do lots of those steps, with lots of places to prove each of those steps and multiple levels of insurance in case it goes sideways and they missed something. High friction.

[MysticLlama]

Back to the Bitcoin topic specifically, it has its downsides, but at least it's fairly simple.

Fixed x # of bitcoins x however much people want to pay for them. Like gold in theory but easy to transport.

All sorts of other weird coins and tokens out there for governance credits on this network or that network, game currencies, etc. I see how a lot of the networks themselves seem useful, but I have no idea how people assign a value to a portion of voting rights or currency in a game they don't play other than sheer speculation, which is why they jump around like crazy all the time it seems.

[Baz]

[island911]

LOL ^

Well, the nice thing about the dependence on computers -for things like bitcoin- is they never glitch.

[beepbeep]

Originally Posted by MysticLlama

Imagine selling your car/boat/etc. to someone in a single phone transaction that has verified funds for you, real id for ownership, changes the title over, gets them a car loan, pays the fees as needed, moves liability, all with no paperwork or trips to the bank or DMV.

You just described how I bought my last used car. I transferred money to selled via my phone bank app (account to account) and he then used his phone DMV app to transfer the car to me (plates stay on the car, only owner changes).

We did this on a weekend. No banks or trips to (Swedish version of) DMV were needed.
Owner change is instant, so is money transfer. Only physical exchange was signing the contract saying that I bought car with reg nr xxxx for xxxx price.

[tabs]

Sooner or later you people are going to have to deal with reality..

[svandamme]

Originally Posted by MysticLlama

Main difference is IF (big IF), all of the steps in this blockchain transaction are accurate, it's doesn't require trust relationships. The money is real, title is real, owner has rights to transfer, insurer pre setup and if any of those don't validate, the transaction doesn't happen. No doing a money transfer and then the person not signing paperwork for example.

On mortgages we do lots of those steps, with lots of places to prove each of those steps and multiple levels of insurance in case it goes sideways and they missed something. High friction.

sure thing , but the entire thing only works if somebody is willing to crunch all them numbers and nobody does that for free.
So how would you run that show on the backend for their trouble once the mining becomes illegal everywhere because of the energy/CO2 polution?
Let the banks do it?? they will still want their share, where's the incentive if it's all up for grabs to anybody and they cannot control the price point? Nobody works for free
Let the governements do it?? hah to the m fuchs ing ha on the trust part.

[Por_sha911]

Originally Posted by red 928

[JackDidley]

test

[pwd72s]

Dunno about bitcoin, but sure seems the forums have crashed,,,

[RANDY P]

Is this we'll all ever get to talk about from now on:? 1/28!

[dlockhart]

Hmmm?

[stevej37]

PP doing a complete reboot.
All will restart at zero posts. 😀

[pmax]

Server tech stuck in 20th century... is my guess.

[Wayne 962]

There was some fiber optic cable outage the other day...

-Wayne

[pmax]

It's as if the same switch, namely the freeze the titles but still allow new posts button, is "bumped into" on the way home for some selected weekends.

[GH85Carrera]

Not bitcoin, but just a currency started by Facebook. I bet lots of folks lost lost of money, and a select few made millions.