Bitcoin crash coming?

[Arizona_928]

Originally Posted by 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.

Pump and dump. Not illegal.... and I'll day billions

[pmax]

What did I say about a weekend ?

[Por_sha911]

Interesting situation concerning cryptocurrency
https://www.foxbusiness.com/financials/cryptocurrency-expert-says-us-should-watch-what-canadian-government-is-doing-to-protesters-no-one-is-safe

A cryptocurrency expert is sounding the alarm on how the Canadian government is freezing the crypto wallets of Freedom Convoy protesters and said that it's something that can "very realistically" happen in the United States.

Deputy Prime Minister Chrystia Freeland said during a press conference on Thursday that crypto wallets have been frozen.

"The names of both individuals and entities, as well as crypto wallets, have been shared by the RCMP with financial institutions and accounts have been frozen, and more accounts will be frozen," Freeland said.

Nicholas Anthony, manager of the Cato Institute's Center for Monetary and Financial Alternatives, told FOX Business that the same strategy the Canadian government is using to silence protesters can "very realistically happen here."

"I think this really needs to be an eye opener for Americans across the country, across political ideologies," Anthony said. "But this is something that could very realistically happen here, and this is something that shows that they really need to have stronger financial privacy protections in place. And really, they should have a right to their financial privacy."

I know the govt can do the same with you checking account but if the SHTF and the leaders decide your political opinion is dangerous to them it would be tempting to weaponize the "regulation" of funds. You can't easily do that with hard cash, precious metals, or Tab's dragonazz jeans.

[Wayne 962]

Originally Posted by Por_sha911

Interesting situation concerning cryptocurrency
https://www.foxbusiness.com/financials/cryptocurrency-expert-says-us-should-watch-what-canadian-government-is-doing-to-protesters-no-one-is-safe



I know the govt can do the same with you checking account but if the SHTF and the leaders decide your political opinion is dangerous to them it would be tempting to weaponize the "regulation" of funds. You can't easily do that with hard cash, precious metals, or Tab's dragonazz jeans.

Yes, I've been watching this from afar and it's definitely quite concerning. What's to stop the government from seizing funds from people who donate to pro-life organizations just because someone from that organization might be a little wacky and overzealous and cross the line when protesting.

However, I don't really understand something - how can the government "seize" crypto assets? I guess if one holds coins in a Canadian exchange or some type of organization that falls under Canadian law, then they might be able to do what they please. But if you have your own private keys for your crypto, then there's nothing any government can do or say about it, as far as I know?

-Wayne

[McLovin]

That’s my understanding too. Yes, if you “hold” the coins indirectly at Coinbase, PayPal etc. the govt can get it. But in a private wallet I don’t think they have the technical ability to reach it. Yet.

[Por_sha911]

Originally Posted by McLovin

That’s my understanding too. Yes, if you “hold” the coins indirectly at Coinbase, PayPal etc. the govt can get it. But in a private wallet I don’t think they have the technical ability to reach it. Yet.

Or that they are willing to admit to being able to do it until the 'right time'.
I don't want to join the tinfoil hat club but a healthy dose of distrust of the govt is becoming more needful as we see event unfold.

[McLovin]

How anyone can not have some concerns at this point is very surprising.

[pmax]

[sugarwood]

Originally Posted by Wayne 962

Yes, I've been watching this from afar and it's definitely quite concerning.

What should concern you more is that it is a giant Ponzi scheme filled with morons.

[stevej37]

If concerned...change to a diff currency.
Coinstar is safe.

[gregpark]

Originally Posted by sugarwood

What should concern you more is that it is a giant Ponzi scheme filled with morons.

Which are you speaking of? Cryptocurrency or the US dollar?

[sugarwood]

Originally Posted by gregpark

Which are you speaking of? Cryptocurrency or the US dollar?

Case in point

[Wayne 962]

Originally Posted by sugarwood

What should concern you more is that it is a giant Ponzi scheme filled with morons.

But (and someone can correct me if I'm incorrect in this assumption), any ponzi scheme is a closed-loop system. I.E. for every dollar put in, someone else takes a dollar out. Yes, the "artificial" worth of something like Bitcoin, etc. can create a virtual "trillion dollar" valuation of the aggregate of all coins, but at the end of the day, for every "dollar" (or other fiat currency) put in, there is someone taking it out.

With the banking crisis of 2008, there were loans made on houses with then jeopardized banks and left people with monthly debt that they couldn't sustain. This crypto bubble and/or rise seems to be somewhat different and less likely to cause global contagion?

-Wayne

[Crowbob]

The business model for a ponzi scheme is a lot of people putting lots of dollars in but only a few people taking lots of dollars out-but not all of the dollars.

Cryptocurrency is ephemeral. It’s not real. It’s not tangible. It only exists as a string of electircal impulses going through a server someplace. Without that server, or an electronic device to send and receive those impulses, you got nothing.

That means, IMO, somebody can gum up the signals a whole lot easier than hauling away your cash or gold or even your dragonazz jeans.

[svandamme]

It's also not regulated and protected from insider trading and what not.
for instance crypto.com advertisements, you wouldn't be allowed to advertise regular stock trading like they do..

and runs 24/7
and causes massive energy waste
and facilitates criminal financing hidden, black money that never has to be laundered.

[93nav]

Originally Posted by Wayne 962

....... global contagion?

-Wayne

To many people buying 'investments' on margin. Directly and indirectly.

[93nav]

Originally Posted by Por_sha911

.... hard cash, precious metals, or Tab's dragonazz jeans.

There are three things a man can count on. An old dog, an old wife, and ready cash.

[svandamme]

yeah, except anybody who ever heard country can tell you all those will part ways with you
usually in a combined series of events.

[sugarwood]

Originally Posted by Wayne 962

But (and someone can correct me if I'm incorrect in this assumption), any ponzi scheme is a closed-loop system. I.E. for every dollar put in, someone else takes a dollar out. Yes, the "artificial" worth of something like Bitcoin, etc. can create a virtual "trillion dollar" valuation of the aggregate of all coins, but at the end of the day, for every "dollar" (or other fiat currency) put in, there is someone taking it out.
-Wayne

You're right, calling it a Ponzi is too legitimate. Crypto is not even a closed loop Ponzi, since it is generated out of thin air. There are thousands of worthless cryptos.

I can create a new cryptocurrency today, create 50 million tokens, buy 3 of them for $1 each, and viola, $50 million marketcap out of thin air. There is far less real money money in the system than the marketcaps suggest.

[Wayne 962]

So, I read the two major anti-Bitcoin and pro-Bitcoin Reddit forums for entertainment, and this stuck out to me the other day:

Heh, reminds me of this u/BarcaloungerJockey / ZenMasterBot classic tale:

A wannabe butter monk messaged his Master about an altcoin he wanted to buy. The Master told him it was fated to moon. "It's only $0.10 per coin."

"Buy me 1000 coins," replied the wannabe.

The following day, the coin was at $0.20. Seeing this, the monk texted his master and told him to buy him 5000 more coins.

The day after the monk checked his exchange and the coin was at $0.40. Eager to contact his master, he told him to buy 10,000 more coins.

Checking online the following day the monk now saw the coin was valued at $0.90. Thinking what a windfall profit he had made in just a few days, the monk raced to see his master and told him, "Sell all my coins!"

"To whom?" the master replied. "You were the only one buying that coin."

And thus the butter monk was enlightened.

So, it's a simple tale, but the meaning is definitely applicable to the current situation. If there is no new money coming in, then there will be no one to sell to when the music stops playing and everyone wants to sell. Although, there is an element of people who will hold until it goes down to near zero - we have seen this with the "meme stocks" that went up to $400+ like GameStop. These guys just hold and don't ever want to sell. So, maybe there will be some exits for the "smart money" in crypto (you know, the people who are not supposed to win from this "decentralized" stuff - the wealthy traders, hedge funds, etc.).

I think that eventually (not sure when), this will turn into a very expensive lesson for some people.

-Wayne