Bitcoin pushing $70k...

[350 mag]

Originally Posted by HyperMOA

This I agree with you on. I’m not sure how I feel about it though.

I don’t agree with your “deflationary” comment though. How do you qualify that?

Central bankers have another term for technology disruption — deflation. Deflation is when aggregate prices go down over time. Technology can deflate our economy in three ways:

When demand for an existing product is reduced, leading to lower prices;

Example: Netflix put Blockbuster Video Rentals out of business.

When new efficiencies are found and supply is increased, leading to lower prices and;


When both happen, perhaps the most disruptive version of deflation.
Essentially, technology is by definition deflationary. The sharing economy makes it worse. VC and former entrepreneur Mark Suster summarizes some of the better examples of successful startups that have disrupted and deflated parts of the economy, including Amazon, Google and Skype.

https://www.geekwire.com/2015/deflat...act-money/amp/

[tbiddy]

Originally Posted by 350 mag

When demand for an existing product is reduced, leading to lower prices;

Example: Netflix put Blockbuster Video Rentals out of business.


https://www.geekwire.com/2015/deflat...act-money/amp/

Not necessarily true. It didn’t help but it wasn’t the reason. Watch the doc The Last Blockbuster on Netflix if your interested in Blockbuster. Crazy how high they were and how low they fell.

[bdub]

Originally Posted by fishtank

This is how they can paid out the higher yield
https://ca.finance.yahoo.com/news/cr...Upedt0eK8Sx5w8

"figured out how to generate returns of 12% with minimal risk: Lend U.S. dollars to hedge funds so they can buy Bitcoin.

Some of the largest non-bank firms in cryptocurrency including BitGo, BlockFi, Galaxy Digital and Genesis are stepping up to meet investor demand for dollars amid a long-standing weariness by banks to lend to individuals or companies associated with Bitcoin and other digital assets. In this case, they’re lending to hedge funds that need cash to buy Bitcoin for a trade that is almost guaranteed to pay out at annualized returns that have recently hit 20% to 40%."

"how the trade works. It starts with the price discrepancy between the spot price for Bitcoin and the value of derivatives contracts that come due months in the future, what’s known as a basis trade. On March 15, Bitcoin traded for $56,089 while the July future contract on CME Group Inc. was at $60,385.

A hedge fund could buy Bitcoin at that spot price and sell the July futures, meaning the derivatives would gain value if Bitcoin fell. Doing so on March 15 locked in a 7.7% spread between the cash and futures price. Annualizing that over the 137 days between March 15 and July 30 when the futures contract expires equates to a 21% annual return.

The hedge fund, however, needs cash to buy the spot Bitcoin, so would be willing to pay what seems to be exorbitant rate of 12% for the loan as long as it can earn 21%, or a 9% profit, on the trade."

So I wonder what happens when these contracts go from contango into backwardation? The entire carry cost of the trade is speculation that the price of bitcoin increasing into the future will offset the borrowing costs, all this on an asset that has no real intrinsic value. I get the headache just thinking about it and what could go wrong. When I hear stuff like minimal risk, and almost guaranteed to payout it raises red flags for me.

[fishtank]

Originally Posted by bdub

"figured out how to generate returns of 12% with minimal risk: Lend U.S. dollars to hedge funds so they can buy Bitcoin.

Some of the largest non-bank firms in cryptocurrency including BitGo, BlockFi, Galaxy Digital and Genesis are stepping up to meet investor demand for dollars amid a long-standing weariness by banks to lend to individuals or companies associated with Bitcoin and other digital assets. In this case, they’re lending to hedge funds that need cash to buy Bitcoin for a trade that is almost guaranteed to pay out at annualized returns that have recently hit 20% to 40%."

"how the trade works. It starts with the price discrepancy between the spot price for Bitcoin and the value of derivatives contracts that come due months in the future, what’s known as a basis trade. On March 15, Bitcoin traded for $56,089 while the July future contract on CME Group Inc. was at $60,385.

A hedge fund could buy Bitcoin at that spot price and sell the July futures, meaning the derivatives would gain value if Bitcoin fell. Doing so on March 15 locked in a 7.7% spread between the cash and futures price. Annualizing that over the 137 days between March 15 and July 30 when the futures contract expires equates to a 21% annual return.

The hedge fund, however, needs cash to buy the spot Bitcoin, so would be willing to pay what seems to be exorbitant rate of 12% for the loan as long as it can earn 21%, or a 9% profit, on the trade."

So I wonder what happens when these contracts go from contango into backwardation? The entire carry cost of the trade is speculation that the price of bitcoin increasing into the future will offset the borrowing costs, all this on an asset that has no real intrinsic value. I get the headache just thinking about it and what could go wrong. When I hear stuff like minimal risk, and almost guaranteed to payout it raises red flags for me.

Liquidity squeeze and dominos...( just a side note - what if the firms are lending out these bitcoin that customer deposit or selling future option on it like a bank would with your deposits .. are these firms regulated and audited ? )

[350 mag]

Originally Posted by fishtank

Liquidity squeeze and dominos...

Depending on the interest rate for the loan high amount of collateral for loans.

IF BTC were to drop suddenly they have substantial room to cover the loans....they also have margin calls to borrowers so they will have to add cash or crypto to cover the collateral on the loan...otherwise they will be liquidated.

If a person has 10% of their net wealth in Bitcoin it is no more or less risk than ANY other stock....except for P.Ms.

As far as intrinsic value?

What gives Gold its value?..

90% of Gold sits in Bank Vaults and does nothing?

Yep it could goto Zero, Celsius could collapse BUT it could also be the Amazon or Google of the DeFi platforms.

You don't make money in this world without some risk....

[350 mag]

Originally Posted by tbiddy

Not necessarily true. It didn’t help but it wasn’t the reason. Watch the doc The Last Blockbuster on Netflix if your interested in Blockbuster. Crazy how high they were and how low they fell.

Tell me where you rent DVDs to take home to watch?

There is no such business anymore and it was changing technology.

How many NEW vehicles come with a CD player?

Pretty much NONE.....not even sure if you could special order a CD player.....because we have MP3s, Smartphones, Sirius radio, and Bluetooth.

You either look to the future and HOW tech is going to transform the world or you will be left behind.

[350 mag]

Originally Posted by bdub

"figured out how to generate returns of 12% with minimal risk: Lend U.S. dollars to hedge funds so they can buy Bitcoin.

Some of the largest non-bank firms in cryptocurrency including BitGo, BlockFi, Galaxy Digital and Genesis are stepping up to meet investor demand for dollars amid a long-standing weariness by banks to lend to individuals or companies associated with Bitcoin and other digital assets. In this case, they’re lending to hedge funds that need cash to buy Bitcoin for a trade that is almost guaranteed to pay out at annualized returns that have recently hit 20% to 40%."

"how the trade works. It starts with the price discrepancy between the spot price for Bitcoin and the value of derivatives contracts that come due months in the future, what’s known as a basis trade. On March 15, Bitcoin traded for $56,089 while the July future contract on CME Group Inc. was at $60,385.

A hedge fund could buy Bitcoin at that spot price and sell the July futures, meaning the derivatives would gain value if Bitcoin fell. Doing so on March 15 locked in a 7.7% spread between the cash and futures price. Annualizing that over the 137 days between March 15 and July 30 when the futures contract expires equates to a 21% annual return.

The hedge fund, however, needs cash to buy the spot Bitcoin, so would be willing to pay what seems to be exorbitant rate of 12% for the loan as long as it can earn 21%, or a 9% profit, on the trade."

So I wonder what happens when these contracts go from contango into backwardation? The entire carry cost of the trade is speculation that the price of bitcoin increasing into the future will offset the borrowing costs, all this on an asset that has no real intrinsic value. I get the headache just thinking about it and what could go wrong. When I hear stuff like minimal risk, and almost guaranteed to payout it raises red flags for me.

Celsius growth.

Jan 2020. 80,000 users and 500 million Assets under Management.

Jan 2021 450,000 users and 10 billion A U M.

250 million paid in interests to users.

Recently independently audited to be worth 3 billion.

There are 1.5 billion people in the world that don't have access to a brick&mortar Bank, loans etc.

CELsius's goal is to bring the next 100 million users into the digital age and to use DeFi.

Bitcoin has surpasses Visa and M/C.

I can see Bitcoin reaching 500 k which would equal roughly the current market cap of Gold.

Just about every major Bank in the USA is researching oh how to get exposure for their clients to Bitcoin.

We are in about the 2nd or 3rd inning of this ball game....

DeFi and Crypto FinTech is going to turn traditional Banks on their heads UNLESS they get more competitive....

10 years ago no one heard of Uber either....times change whether we like it or not....or whether or not we participate.


https://youtu.be/LdwSxwl9BQk

[KGB]

Originally Posted by Grizzly Adams

When the **** hits the fan , which it will, sure as tomorrow's sunrise, all things virtual will vanish into cyber space. Gold, on the other hand will still be here .

Grizz

When - or if- the s&&t hits the fan, your gold and silver will be as obsolete as his Bitcoin... It’s gonna be ammo and canned food as a main currency.

[350 mag]

Originally Posted by KGB

When - or if- the s&&t hits the fan, your gold and silver will be as obsolete as his Bitcoin... It’s gonna be ammo and canned food as a main currency.

IF total collapse in Society I probably wouldn't want to survive....

I don't want to watch people start killing each other off for food and supplies....can you imagine IF one of your loved ones was killed by someone looting for food.

Mass starvation, disease most like post Nuclear War, dying of Radiation Cancers....suffering.


But your right water, food, drugs and medicine and shelter will be the new Gold.

[KGB]

Originally Posted by 350 mag

IF total collapse in Society I probably wouldn't want to survive....

I don't want to watch people start killing each other off for food and supplies....can you imagine IF one of your loved ones was killed by someone looting for food.

Mass starvation, disease most like post Nuclear War, dying of Radiation Cancers....suffering.


But your right water, food, drugs and medicine and shelter will be the new Gold.

Here is the tip for survival: during the next provincial/federal election, mark the Neigbour’s (voting liberal or NDP) houses and you will have plenty of supplies to take, lol!

[HyperMOA]

Originally Posted by 350 mag

Central bankers have another term for technology disruption — deflation. Deflation is when aggregate prices go down over time. Technology can deflate our economy in three ways:

When demand for an existing product is reduced, leading to lower prices;

Example: Netflix put Blockbuster Video Rentals out of business.

When new efficiencies are found and supply is increased, leading to lower prices and;


When both happen, perhaps the most disruptive version of deflation.
Essentially, technology is by definition deflationary. The sharing economy makes it worse. VC and former entrepreneur Mark Suster summarizes some of the better examples of successful startups that have disrupted and deflated parts of the economy, including Amazon, Google and Skype.

https://www.geekwire.com/2015/deflat...act-money/amp/

I really don’t agree with that article at all. Do they understand that deflation leads to depressions? They seem to be trying to mix economics with socialism and such. Disruptive technologies don’t always lead to deflation either. With Henry Ford putting an automobile into the hands of the average man it actually was a giant boost to the economy. Not an event causing deflation.

I can definitely see how crypto currencies can be hard on the banking industry. That however is not deflationary. If it takes more money out of the hands of a corporation and gives it to the people, the people have more to spend. If more people have more to spend then people make more money. If people make more money, they once again spend more. That is an inflationary cycle.

[HyperMOA]

Originally Posted by 350 mag

Celsius pays its users interest on their crypto deposits....

Celsius uses that crypto as collateral to lend money to "Start-ups, businesses, corporations that need Capital.

So if you deposit 10 PaxG tokens, @ current $1735 spot price....they will pay you 5% interest on your deposit...if you earn in PaxG.


7% if you earn in CEL.

In "x" amount of time the PaxG will be worth whatever the "spot price" is...but in that time frame you have earned the interest and you can cash it in every week if you like.....So UNLESS you believe the Bank of England will collapse and those vaults will be raided by the Govt or Military it is better and actually safer than storing Gold at home.

In a true SHTF scenario Gold and Silver coin will work....BUT if we're back in the time 200 years the world is going to be an ugly place with billions starving to death.


Platinum members earn in CEL,(their native token) and Celsius has to buy CEL tokens on the open market to pay interest to their users.

In past year those payouts were right around 250 million USD.

Their mission is to pay back 80% of the profits of the company to the user.

I know most will say."Sounds to good to be true"....BUT their mission statement is to "put the greedy Banks out of business"....

Last March when Bitcoin flash crashed to $3000 Celsius was only DeFi platform not to liquidate accounts to cover Margins.

Not saying it's without risk BUT what is these days...there is always going to be a "Black Swan" that no one sees coming.

Bitcoin, just like silver and gold, can augment/supplement your portfolio.

As long as they are "printing" Fiat Bitcoin will continue to rise.

So reading what is going on here it’s a lie. If my PAX is backed by an ounce of gold along with every other PAX there would be no money to invest to pay the interest you are receiving. So they are lying about it’s gold backing.

Likely what is happening is they buy one ounce of gold and sell that same ounce to 10,000 PAX users. Now you paid spot price for 1/10000 of an ounce which is a very horrible place to hold gold.

Doing this however gives them the capital to make money and pay you your 7%. There is nothing wrong with this. That is how most investment works. There just isn’t the gold backing they are stating. If things went very wrong for them there is no reserve of gold to protect your initial investment. Outside that it works like anything else. Many of my investments would be gone if they were earning me 7% just FYI. But as a portion of your investment I see nothing wrong with it.

Now you state their business plan is to destroy the banks. So why are they earning 21% with your money and returning 7% to you? Doesn’t that sound like what the banks do? They aren’t trying to destroy banks for your betterment. They are trying to destroy the banks so they can take their piece of the pie plain and simple. Anything they say to the contrary is nonsense.

Once again I see no problem with them trying to displace the banking system just don’t feed me a BS Robin Hood story. It’s still good old fashioned greed that has them getting up each morning.

[350 mag]

Originally Posted by HyperMOA

So reading what is going on here it’s a lie. If my PAX is backed by an ounce of gold along with every other PAX there would be no money to invest to pay the interest you are receiving. So they are lying about it’s gold backing.

Likely what is happening is they buy one ounce of gold and sell that same ounce to 10,000 PAX users. Now you paid spot price for 1/10000 of an ounce which is a very horrible place to hold gold.

Doing this however gives them the capital to make money and pay you your 7%. There is nothing wrong with this. That is how most investment works. There just isn’t the gold backing they are stating. If things went very wrong for them there is no reserve of gold to protect your initial investment. Outside that it works like anything else. Many of my investments would be gone if they were earning me 7% just FYI. But as a portion of your investment I see nothing wrong with it.

Now you state their business plan is to destroy the banks. So why are they earning 21% with your money and returning 7% to you? Doesn’t that sound like what the banks do? They aren’t trying to destroy banks for your betterment. They are trying to destroy the banks so they can take their piece of the pie plain and simple. Anything they say to the contrary is nonsense.

Once again I see no problem with them trying to displace the banking system just don’t feed me a BS Robin Hood story. It’s still good old fashioned greed that has them getting up each morning.

Lol.....you crapping all over it with bothering to do any research?


PaxG does NOT pay any interest.


PAX Gold (PAXG) is an asset-backed token where one token represents one fine troy ounce of a London Good Delivery gold bar, stored in professional vault facilities. Anyone who owns PAXG has ownership rights to that gold under the custody of Paxos Trust Company. Since PAXG represents physical gold, its value is tied directly to the real-time market value of that physical gold.

PAXG gives customers the benefits of actual physical ownership of specific gold bars with the speed and mobility of a digital asset. Customers are able to have fractional ownership of physical bars. On the Paxos platform, customers can convert their tokens to allocated gold, unallocated gold, or fiat currency (and vice versa) quickly and efficiently, reducing their exposure to settlement risk. PAXG is also available for trading on Paxos’ itBit exchange. PAXG will also be available on other crypto-asset exchanges, wallets, lending platforms and elsewhere within the crypto ecosystem.

At any time, PAXG holders can lookup the serial number, value and physical characteristics of their vaulted gold just by entering their Ethereum wallet address on the PAXG lookup tool on Paxos.com/paxgold


https://www.paxos.com/paxgold/

You can download those tokens to your own physical wallet.

You could put any amount on that wallet.

Say you wanted to leave Canada.

You could simply take your thumb drive with you with 1 million ounces of gold on it and put it on your key chain.

Or you could transfer it to a Blockchain address....and access it anywhere in the world...by remembering your wallet address or use a seed recovery phrase.

And the Canadian Govt. Or the CRA cannot touch you...

Try leaving Canada with more than $10,000 in Physical Gold.

Try storing Gold at home....it can be stolen.

Not saying it's better than physical but it has advantages physical does not have..... especially IF you foresee a future Socialist Govt. That will be looking for citizens trying to exchange their Gold at a Bank for Cash/credits.

A govt that is increasing taxes every year and even inventing NEW taxes like the Carbon Tax.


The 5-7% interest is paid by Celcius.

This isn't smoke and mirrors or a Ponzi.

You deposit your PaxG tokens with Celsius. It is Celsius that lends out the capital and pays you 5% interest in PaxG. Or 7% interest in CEL token.

You can cash those rewards in every Monday. Or you can leave in, let your balance grow.

As far as Celsius taking 21% vs what traditional banks take?...traditional banks keep 99% of your savings deposit?

Traditional banks don't pay 5-21% interest on a savings account? They pay .5 %.

Celsius pays the maximum interest of all DeFi platforms.

Could a flash crash in Bitcoin cause DeFi to collapse....possibly?

But the collateral Celsius demands for low interest loans is quite substantial. If they borrow money on Bitcoin you have to 100,000 in Bitcoin to get a 1% loan for $20,000.



That way they protect the loan....in case Bitcoin drops suddenly.


They also have their own Treasury of Bitcoin they can use in case of emergency.

The advantage of the loan to the end user is you can borrow against your Bitcoin without selling it....

No bank operates without risk....but as Alex says they keep 99% of the profits and pay a certain percentage to shareholders but virtual nothing to depositers.

Never said Celsius wasn't in it for profit? No one runs a business for a loss?

Alex.M(,the CEO) has made his fortune allready. One of the ways he did that was he holds some of the original patents on V.O.I.P. Voice over internet protocol.


I still have 2 traditional bank accounts....but I also have a Celsius account.

As long as they keep printing money Bitcoin is going to continue to go up....It is digital Gold that Bullion Banks and Central Banks cannot manipulate like they control Gold and Silver prices.

The more people that adopt Bitcoin the less chance the Govt has to shut it down...it's the people's money....and it's the greatest threat to the MMT/Fiat debt based system.

Unless you prefer to be a Debt Slave where the Govt(which is basically taxpayers) borrow money from a Central Bank....that simply prints off paper, backed by nothing.....and our purchasing power loses 10% or more per year as inflation....the worst tax of all.

[350 mag]

Bitcoin back up to $72,849 CAD.

Gold down....again.

[Ken07AOVette]

Originally Posted by 350 mag

You don't make money in this world without some risk....

Maybe you don't.

I find that working for a living pays very well when you find the right job and stay at it.

I know guys living in their spare bedroom thinking they are going to be rich playing stocks, and have a very good idea where they are going to be a year from now. Begging for jobs and food.

[HyperMOA]

Originally Posted by 350 mag

Lol.....you crapping all over it with bothering to do any research?


PaxG does NOT pay any interest.


PAX Gold (PAXG) is an asset-backed token where one token represents one fine troy ounce of a London Good Delivery gold bar, stored in professional vault facilities. Anyone who owns PAXG has ownership rights to that gold under the custody of Paxos Trust Company. Since PAXG represents physical gold, its value is tied directly to the real-time market value of that physical gold.

PAXG gives customers the benefits of actual physical ownership of specific gold bars with the speed and mobility of a digital asset. Customers are able to have fractional ownership of physical bars. On the Paxos platform, customers can convert their tokens to allocated gold, unallocated gold, or fiat currency (and vice versa) quickly and efficiently, reducing their exposure to settlement risk. PAXG is also available for trading on Paxos’ itBit exchange. PAXG will also be available on other crypto-asset exchanges, wallets, lending platforms and elsewhere within the crypto ecosystem.

At any time, PAXG holders can lookup the serial number, value and physical characteristics of their vaulted gold just by entering their Ethereum wallet address on the PAXG lookup tool on Paxos.com/paxgold


https://www.paxos.com/paxgold/

You can download those tokens to your own physical wallet.

You could put any amount on that wallet.

Say you wanted to leave Canada.

You could simply take your thumb drive with you with 1 million ounces of gold on it and put it on your key chain.

Or you could transfer it to a Blockchain address....and access it anywhere in the world...by remembering your wallet address or use a seed recovery phrase.

And the Canadian Govt. Or the CRA cannot touch you...

Try leaving Canada with more than $10,000 in Physical Gold.

Try storing Gold at home....it can be stolen.

Not saying it's better than physical but it has advantages physical does not have..... especially IF you foresee a future Socialist Govt. That will be looking for citizens trying to exchange their Gold at a Bank for Cash/credits.

A govt that is increasing taxes every year and even inventing NEW taxes like the Carbon Tax.


The 5-7% interest is paid by Celcius.

This isn't smoke and mirrors or a Ponzi.

You deposit your PaxG tokens with Celsius. It is Celsius that lends out the capital and pays you 5% interest in PaxG. Or 7% interest in CEL token.

You can cash those rewards in every Monday. Or you can leave in, let your balance grow.

As far as Celsius taking 21% vs what traditional banks take?...traditional banks keep 99% of your savings deposit?

Traditional banks don't pay 5-21% interest on a savings account? They pay .5 %.

Celsius pays the maximum interest of all DeFi platforms.

Could a flash crash in Bitcoin cause DeFi to collapse....possibly?

But the collateral Celsius demands for low interest loans is quite substantial. If they borrow money on Bitcoin you have to 100,000 in Bitcoin to get a 1% loan for $20,000.



That way they protect the loan....in case Bitcoin drops suddenly.


They also have their own Treasury of Bitcoin they can use in case of emergency.

The advantage of the loan to the end user is you can borrow against your Bitcoin without selling it....

No bank operates without risk....but as Alex says they keep 99% of the profits and pay a certain percentage to shareholders but virtual nothing to depositers.

Never said Celsius wasn't in it for profit? No one runs a business for a loss?

Alex.M(,the CEO) has made his fortune allready. One of the ways he did that was he holds some of the original patents on V.O.I.P. Voice over internet protocol.


I still have 2 traditional bank accounts....but I also have a Celsius account.

As long as they keep printing money Bitcoin is going to continue to go up....It is digital Gold that Bullion Banks and Central Banks cannot manipulate like they control Gold and Silver prices.

The more people that adopt Bitcoin the less chance the Govt has to shut it down...it's the people's money....and it's the greatest threat to the MMT/Fiat debt based system.

Unless you prefer to be a Debt Slave where the Govt(which is basically taxpayers) borrow money from a Central Bank....that simply prints off paper, backed by nothing.....and our purchasing power loses 10% or more per year as inflation....the worst tax of all.

Wasn't crapping all over it. Just didn't get the story yet. Now it makes sense. PAX is gold and backed by gold gotcha. My misunderstanding was how PAX earned me interest, but its not them. So I buy gold from PAX. Then I take my gold and borrow it to Celsius which uses its value to invest and to make the 7% interest. Now its making more sense.

But I will disagree with you here. Banks don't make piles of money for you having your money sitting in a savings account. They pay next to nothing as they don't borrow that money out at a fast enough rate to cover their clients needs. However, when I invest my money at a bank and I earn 21% I get 21% minus the 2% fees. So in the end if I earn 21%, I take 19%. That is not 99%. With Celsius they are taking your gold and earning 21% and paying you 7%. They are keeping 67% of the gain and you are taking all the risks!!! They lose your gold, and they are out nothing, nothing! That is nuts man! Your gold isn't sitting in a next-to-zero-risk savings account its being invested. If they had it just sitting there they wouldn't pay you 7% either. If we were at the track betting on horses, woud you give me $20 to make a bet on your behalf; if that horse comes in I take 2/3? If it loses, I'm not reimbursing you though.

Now the whole PAX system I definitely can see value in that however. I was misunderstanding the basis of how you were earning your 7% though is all. I definitely can see the value of PAX and all blockchain technology. I am learning more about this, I do appreciate the info.

Your last comments are kinda out there. Not saying 10% inflation isn't possible but it is nowhere near the norm. Also a FIAT isn't beholden to nobody. The other trading nations in the world need to see the value of your dollar too. You could print every canadian ten million dollars but every single import would suddenly and drastically rise bringing everything suddenly and drastically higher in price. That would be hyperinflation. (which COVID I think could cause this on a global scale) Regardless all FIAT is held in check with respect to each other and is backed by essentially the GDP of its country. There is value to that. If FIATs go away so do cryptos. Remember you are basing your value of crypto with its value of fiat. If FIAT is gone how do I purchase a home without being a "debt slave"? How do I buy a new pickup with crypto without being a "debt slave"? If FIAT is gone do you think we all enter a socialist utopia where everyone is given a two-story on their 18th birthday?

[350 mag]

Bitcoin is starting to get to "over valued"....that's why I eventually I will swap my Bitcoin for PaxG.

And when Bitcoin corrects after this Bull run....I hope to ride the next Bull market in Gold, which is coming.



Then I plan on moving back into Bitcoin...as it has Bull runs every 4 years when the supply is "halved" by the algorithm.


Even Peter Schiff would buy PaxG and earn 5% interest paid in PaxG if he knew it existed.....MOST people don't.

However...


In SHTF scenario I wouldn't count on ANY Gold stored in any country with a Central Bank that works within the FEDs "umbrella".

Switzerland would be only country I would trust Gold to be stored in.

[ehrgeiz]

The trouble with Celsius is it's still centralized and just like the CEX's that have gone down, it's a target. 7% isn't worth the risk of someone compromising their custodial wallet and robbing your crypto. Celsius would suggest they're insured, which I'm sure they are to a point, but definitely not for a total loss. Always risk, and I say this as a current Celsius customer. Cold Wallet is still my preference for security sans APY for now. Celsius does seem trustworthy though, but the founding intent of crypto is to eliminate the need for a trusted 3rd party.

I'm more interested in Decentralized Autonomous Organization's coordinating smart contracts to handle wrapped BTC and other crypto on multiple blockchains to provide liquidity and return APY. Super risky right now especially as I'm not a coder and can't audit a smart contract, but some of the APY is bananas for the short term.

[350 mag]

Celsius is coming out with "self-insurance"....which I signed up for.

It's going to cost around 1% of your interest BUT it will fully insure your account against a "hack".

The 3rd party storage is also insured to a certain amount.

Is it perfect...? NO.

Is it as good or better than its competitors....? YES.


The biggest threat to Bitcoin is U.S Govt....they are definitely worried about it.....but as long as they can tax it I think they have no choice to let it be.

Too many companies are involved in it. IF it was banned and Bitcoin went to Zero then that could trigger the "black swan" that topples the House of cards.

Much like in 1971, when the world was selling USDs for Gold....they closed the loophole by decoupling Gold from the USD.

They don't want people to leave the REAL Ponzi scheme, that is the MMT Fiat Debt system that has caused asset bubbles in everything but Gold, Silver etc.

IF we ever get a Hyper-Inflation I could see Gold, Silver and Bitcoin becoming "illegal" to own....not sure IF that would work???

[Adamson121]

Originally Posted by Austin

I just checked,,,is at $72k now

I agree with zabbo, lol. The peak for march was just about 63k. I was literally staring at my phone when it was soaring a few weeks back. I remember because I sadly sold mine at only 60k. and when I checked back, it's around 62/63k already.

[350 mag]

Originally Posted by Adamson121

I agree with zabbo, lol. The peak for march was just about 63k. I was literally staring at my phone when it was soaring a few weeks back. I remember because I sadly sold mine at only 60k. and when I checked back, it's around 62/63k already.

I predict Bitcoin hits 100k easily by year end....with this Bill market lasting until Q1 of 2022.....

Majority of bulls are calling for 150-160k.

Moon shot in a perfect world would be 300k IF a huge swath of USA large caps put Bitcoin on their balance sheet....

Once it hits 100k I will sell most of my Bitcoin for PAXG and wait for the correction to the mean...


Still long term bullish on Bitcoin and Crypto....but it doesn't mean you don't take profits when the upside is limited....

[Atex]

I'll just HODL

[Ken07AOVette]

Originally Posted by 350 mag

IF total collapse in Society I probably wouldn't want to survive....

I don't want to watch people start killing each other off for food and supplies....can you imagine IF one of your loved ones was killed by someone looting for food.

Mass starvation, disease most like post Nuclear War, dying of Radiation Cancers....suffering.


But your right water, food, drugs and medicine and shelter will be the new Gold.

jesus christ talk about fear mongering

what exactly are you trying to get to with this post?

[350 mag]

Originally Posted by Ken07AOVette

jesus christ talk about fear mongering

what exactly are you trying to get to with this post?

I am NOT the one talking about SHTF scenarios....like all electronics shutting down etc.

The reason some are saying Bitcoin isn't a hedge...because of the failure of electrical grids, and internet is going to make it worthless?

Their reason for only owning physical Gold....as a hedge because IF SHTF nothing electronic is going to work.


So talk to those guys not me....

Because in those scenarios major cities would run out of food in 3 days.....and then all hell breaks loose.

And NO you wouldn't want to be in a major city when the grocery stores are empty.

I don't subscribe to those SHTF scenarios....BUT I do Subscribe to hyper inflation of Fiat currencies.

[ehrgeiz]

^350mag

Yeah, as I say Celsius isn't doing a bad job of it, but for me centralization is something to be avoided where possible. That and if I expect the price of BTC to grow 2x, 3x or beyond over the next decade, a lot of reward would be required for me to accept the risk of any custodian for the whole pot.

Law of large numbers should slow down Bitcoin's growth at some point. Then again, each Bitcoin is divisible by 100,000,000 sats (smallest unit). So who knows.

Lots of growth opportunity in the alt's, and I play a bit, but the risk of a liquidity loss rug pull is high. Layer 1 gas fees on DEX are making frequent small cap trading difficult. Just like 2017 a lot of it is not well intentioned and will disappear eventually. Some will succeed.

For the last few months I've been acquiring ETH as I think it's extremely undervalued and presents a moderate risk vs potential (lens that through crypto-moderate definition). Most of the financially literate world hasn't even grasped the concept of the Proof of Work Bitcoin blockchain let alone Ethereum layer 2 and scaling solutions like Optimistic and Zero Knowledge proof roll-ups. Ethereum Improvement Protocol 1559 will be enacted this summer and introduce Proof of Stake to the main net along with an ETH burn function which will improve the investment appeal. Users won't need to know about any of this stuff as it's all backend, but these are early, open-source development days. Sure is exciting!

As always, lots could go wrong and there are competitive risks. NFT bubble has me a bit worried too. Wouldn't be surprised if we see a big crash originating from the NFT mania, but much growth could occur before then. Never can know for sure. I'll stay patient, unleveraged and long term.

[350 mag]

I had 40 ETH in 2017.

Paid around 9k.

Sold at around 30k.


Wish I had those 40 ETH back.....I bought ETH cause I thought BTC had its day in the sun....I think it was around 7 K when I started buying ETH.

Ya I agree BTC probably tops out at 100-150k this cycle then corrects back to around 75K.....IF and when the economies improve and they stop printing.

[350 mag]

Originally Posted by ehrgeiz

^350mag

Yeah, as I say Celsius isn't doing a bad job of it, but for me centralization is something to be avoided where possible. That and if I expect the price of BTC to grow 2x, 3x or beyond over the next decade, a lot of reward would be required for me to accept the risk of any custodian for the whole pot.

Law of large numbers should slow down Bitcoin's growth at some point. Then again, each Bitcoin is divisible by 100,000,000 sats (smallest unit). So who knows.

Lots of growth opportunity in the alt's, and I play a bit, but the risk of a liquidity loss rug pull is high. Layer 1 gas fees on DEX are making frequent small cap trading difficult. Just like 2017 a lot of it is not well intentioned and will disappear eventually. Some will succeed.

For the last few months I've been acquiring ETH as I think it's extremely undervalued and presents a moderate risk vs potential (lens that through crypto-moderate definition). Most of the financially literate world hasn't even grasped the concept of the Proof of Work Bitcoin blockchain let alone Ethereum layer 2 and scaling solutions like Optimistic and Zero Knowledge proof roll-ups. Ethereum Improvement Protocol 1559 will be enacted this summer and introduce Proof of Stake to the main net along with an ETH burn function which will improve the investment appeal. Users won't need to know about any of this stuff as it's all backend, but these are early, open-source development days. Sure is exciting!

As always, lots could go wrong and there are competitive risks. NFT bubble has me a bit worried too. Wouldn't be surprised if we see a big crash originating from the NFT mania, but much growth could occur before then. Never can know for sure. I'll stay patient, unleveraged and long term.

After 3 months consolidating CEL token is finally looking to breakout.

Bitcoin is also looking like it might break out soon as well.

[Ronaround]

Originally Posted by KGB

Here is the tip for survival: during the next provincial/federal election, mark the Neigbour’s (voting liberal or NDP) houses and you will have plenty of supplies to take, lol!

GREAT IDEA! those that created this dilemma should be held accountable. this is our problem. No accountability and thought to the future.
this concept sounds like a good movie for you all to watch..
Called the "ROAD" a great end of time movie!

[350 mag]

Originally Posted by Ronaround

GREAT IDEA! those that created this dilemma should be held accountable. this is our problem. No accountability and thought to the future.
this concept sounds like a good movie for you all to watch..
Called the "ROAD" a great end of time movie!

I didn't like the Road as I have 2 sons....

It's sad to watch.

[Ken07AOVette]

Originally Posted by 350 mag

I didn't like the Road as I have 2 sons....

It's sad to watch.

Have you watched the big short?

Little off topic, but goes into explanations of stocks in a very interesting way.