Bitcoin pushing $70k...

[eric2381]

Your knowledge on crypto is fantastic. You seem to be very knowledgeable about the ins and outs of it. Good luck to you in your endeavours.

[raab]

Originally Posted by Dean2

Glad you bumped this one too. Makes very interesting reading to go back through the last couple of years. Given the Trillions lost in Crypto I am kind of amazed there are still fans of this. I get why criminals and terrorists love it, but not anyone else.

Dean now that a few days have passed since our last chat on crypto. I wanted to ask you if you’ve read the book below? I would be interested to hear your insights given your financial background.

The book is one of the reasons I’m a fan of the potential uses of crypto and the whole deFI movement. Ideally I would like to find a crypto which tracks a commodity basket, is easily redeemable for essential goods, and allows for loans and savings in the issued crypto currency.

I think competition in currency markets would be a good thing for Canadians as the current government monopoly has devalued dollars and as a result made millions of young Canadians poor. While those holding assets mainly the baby boomers have benefitted from the inflation effect.

Anyways let me know if you think competing private currencies would be a good thing or a bad thing? I see crypto as one way of breaking the government monopoly on our currency.

Also I would like to re-iterate my position that crypto is not an investment but simply a medium of exchange or better put an alternative currency.




Sent from my iPhone using Tapatalk

[raab]

To add to my post above, it appears there are companies working on tokenizing assets so that we can have asset backed currencies. I know many people are looking at AI and the Green transition to be major changes in the next 50 years, but for me how we bank and think about money could change substantially in that time.

An example of a company working toward asset backed currencies is Reserve. You can learn more from the video and website below.

https://www.youtube.com/watch?v=OBaIBCcKil4
https://reserve.org/en/protocol/

[Dean2]

Originally Posted by raab

Dean now that a few days have passed since our last chat on crypto. I wanted to ask you if you’ve read the book below? I would be interested to hear your insights given your financial background.

The book is one of the reasons I’m a fan of the potential uses of crypto and the whole deFI movement. Ideally I would like to find a crypto which tracks a commodity basket, is easily redeemable for essential goods, and allows for loans and savings in the issued crypto currency.

I think competition in currency markets would be a good thing for Canadians as the current government monopoly has devalued dollars and as a result made millions of young Canadians poor. While those holding assets mainly the baby boomers have benefitted from the inflation effect.

Anyways let me know if you think competing private currencies would be a good thing or a bad thing? I see crypto as one way of breaking the government monopoly on our currency.

Also I would like to re-iterate my position that crypto is not an investment but simply a medium of exchange or better put an alternative currency.




Sent from my iPhone using Tapatalk

Did not read that particular book, however it is a concept that has been talked about many times over hundreds, even thousands, of years. Like you, I would love to see a non-government alternate currency. The Gold Standard effectively de-nationalised money because you had to have enough gold reserves to back the currency you issued. The first to issue paper backed by Gold were the money lenders 3000 years ago. Gold was difficult to carry and hard to store safely so many wealthy people would deposit their gold and get paper gold certificates for the value they deposited, this evolved into denominated certificates that were then traded for goods rather than going to the repository, taking out gold and paying in gold. Once the money lenders and countries went to fractional then no reserves you end up with GDP backed currency, which effectively puts money under full government control.

While I like the idea of a currency not tied to a country government, Crypto is not an effective currency. You can't have a currency that swings as radically in value over short periods of time like crypto does, and it is not backed by anything at all. The same thing that makes it not an investment also makes it not a currency. The idea in your next post about asset backed currency is just another form of a Gold Standard. When the money supply and transactions are in the Trillions daily who will have a large enough asset base to back a currency, and can you trust the asset holder. Even if the asset backed currency is only used for a portion of settlements it would still take a very large asset base to be an effective currency.

[Roderek]

Originally Posted by Roderek

This downturn (Crypto Winter)was predictable every Bull run in crypto has had a major downturn close to 90%. Not going back to read all the posts but am confident I have mentioned this before. It is also predictable that when we get close to the next Bitcoin halving(which correlates to all the big historical runs) you will see prices run up again.

I have also mentioned this in the past that the next Halving is anticipated to be March of 2024, so you should see the price start to go up late 2023 early 2024.

Bitcoin is on the rise again, right on time with the anticipated Bitcoin halving that should happen around March 2024.

When Bitcoin rises so do the alt coins.
Nov 27-today(USD)
Bitcoin 36,756--->43,581
Ethereum 2033---> 2330
Solana 54.19--->95.20
Quant 97.19--->114.49
Near 1.78---> 3.36
Cardano 0.38--->0.62

All of these are still aways off from their all time highs, but starting to climb in that direction. My best guess we see all the ones I listed above pass there all time high by late March.

This is not in anyway Financial advice. Please do your own research.

I already took profit on most of these before the prices crashed, and continued to invest small amounts each week( (DCA), so some of those are currently down. In hindsight I should have just put the money aside and bought it as the market dropped more and closer to the bottom. In the end it will still work out if these all continue to trend as I expect.

Even with the amount I have put back in I am still ahead in all of these.

Crypto is still very volatile and can change on a dime, however, the market does follow the Bitcoin Halving at least for now.

[Who Da Fisherman]

Been pretty quiet with all that is happening with Crypto since Trump came to be President. I doubled on XRP 🤑
WDF

[fishtank]

Originally Posted by Who Da Fisherman

Been pretty quiet with all that is happening with Crypto since Trump came to be President. I doubled on XRP 🤑
WDF

My ADA is finally in the green …

[Roderek]

Originally Posted by Who Da Fisherman

Been pretty quiet with all that is happening with Crypto since Trump came to be President. I doubled on XRP 🤑
WDF

Yeah XRP finally starting to move, been holding it for a while. Solana has been on fire for quite some time, and glad I have been stacking more ADA.

I think a lot of people on this forum still think crypto is a scam, and are not willing to accept that it is here for the long haul.

[Dean2]

Originally Posted by Roderek

Yeah XRP finally starting to move, been holding it for a while. Solana has been on fire for quite some time, and glad I have been stacking more ADA.

I think a lot of people on this forum still think crypto is a scam, and are not willing to accept that it is here for the long haul.

I resemble that remark. Fiat currency is backed by the GDP of the Country that issues it. Crypto is backed by NOTHING. It does however facilitate illegal transactions wonderfully, and is the darling of the drug Cartels, organised crime, Oligarths, and Rogue Nations.

We still have Tulip Bulbs, but they no longer sell for the price of a large house for one bulb. You guys do what you want, but I will never change my mind on Crypto, no matter how high the price gets.

[jstubbs]

Originally Posted by Dean2

I resemble that remark. Fiat currency is backed by the GDP of the Country that issues it. Crypto is backed by NOTHING. It does however facilitate illegal transactions wonderfully, and is the darling of the drug Cartels, organised crime, Oligarths, and Rogue Nations.

We still have Tulip Bulbs, but they no longer sell for the price of a large house for one bulb. You guys do what you want, but I will never change my mind on Crypto, no matter how high the price gets.

Completely agree. The wild volatility has made all crypto useless for anything beyond speculation for the last decade and change. The massive push by all bitcoin holders to “get in now!” tells the whole story.

[AxeMan]

Originally Posted by Dean2

I resemble that remark. Fiat currency is backed by the GDP of the Country that issues it. Crypto is backed by NOTHING. It does however facilitate illegal transactions wonderfully, and is the darling of the drug Cartels, organised crime, Oligarths, and Rogue Nations.

We still have Tulip Bulbs, but they no longer sell for the price of a large house for one bulb. You guys do what you want, but I will never change my mind on Crypto, no matter how high the price gets.

This was my thinking too, but.......

My best friend and colleague at work made north of $5 million dollars on Bitcoin. He mined every one of the Bitcoins himself and never invested any money except for tech equipment for a few thousand dollars and some power. He was into it before anyone ever heard of Bitcoin and it was worth mere dollars. He started mining with video cards and then moved onto dedicated miner boards. Mining eventually got to the point of no returns, but he made the big Bitcoin earnings in the very beginning.

He will be cashing out soon, paying the tax, and buying property in Hawaii for retirement.

[Roderek]

Originally Posted by Dean2

I resemble that remark. Fiat currency is backed by the GDP of the Country that issues it. Crypto is backed by NOTHING. It does however facilitate illegal transactions wonderfully, and is the darling of the drug Cartels, organised crime, Oligarths, and Rogue Nations.

We still have Tulip Bulbs, but they no longer sell for the price of a large house for one bulb. You guys do what you want, but I will never change my mind on Crypto, no matter how high the price gets.

Appreciate all your advice in the market threads, and I understand how you feel about crypto. Everyone has to be comfortable with how and where they put their money.

All the drug cartels, organized crime, Oilgarths and Rogue Nations also use fiat currencies. I would actually argue that more of their business is done with Fiat currencies then it is with Crypto.

[flydude]

Originally Posted by Roderek

All the drug cartels, organized crime, Oilgarths and Rogue Nations also use fiat currencies. I would actually argue that more of their business is done with Fiat currencies then it is with Crypto.

Just ask TD lol..

[Dean2]

Originally Posted by Roderek

Appreciate all your advice in the market threads, and I understand how you feel about crypto. Everyone has to be comfortable with how and where they put their money.

All the drug cartels, organized crime, Oilgarths and Rogue Nations also use fiat currencies. I would actually argue that more of their business is done with Fiat currencies then it is with Crypto.

Yes, they do make their money as Fiat Currency, but now the easiest way to launder that money is by buying Crypto with it. Way easier than sneaking it through the major banking institutions. TD unintentionally let about 600 million through to be laundered. That is a TINY drop in the bucket compared to the world wide value of the drug trade alone, which is estimated at over 800 BILLION. One of the specific goals of tighter regulation of Crypto is to be able to trace large, suspicious transactions like is done with Fiat currency.

Scumbag criminals adopt better ways to do business as fast as they come out, Crypto is just one more tool in their bag of tricks.

If you think I am exaggerating the amount being laundered through crypto have a read, and this doesn't even consider the drug money being washed.

https://www.chainalysis.com/blog/202...ey-laundering/

https://en.wikipedia.org/wiki/Illegal_drug_trade

The illegal drug trade, drug trafficking, or narcotrafficking is a global black market dedicated to the cultivation, manufacture, distribution and sale of prohibited drugs. Most jurisdictions prohibit trade, except under license, of many types of drugs through the use of drug prohibition laws. The think tank Global Financial Integrity's Transnational Crime and the Developing World report estimates the size of the global illicit drug market between US$426 and US$652 billion in 2014 alone.[1] With a world GDP of US$78 trillion in the same year, the illegal drug trade may be estimated as nearly 1% of total global trade. Consumption of illegal drugs is widespread globally, and it remains very difficult for local authorities to reduce the rates of drug consumption.

What do you Crypto fans think is going to happen to the value of Crypto when it gets regulated and you pull a Trillion or two Trillion Dollars of funds flow out of that market?

[Dean2]

Just for clarity for others reading this, even at today's prices the total value of Bitcoin is 1.3 Trillion,with 19,780,000 of a total max of 21,000,000 already mined.