- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
0
Posted on 2/16/22 at 1:32 pm to TimeOutdoors
quote:
Any of you dropping banks and gone 90-100% crypto?
Is this a real question?
Posted on 2/16/22 at 6:30 pm to TimeOutdoors
If I could use crypto or usd from a cex to pay off credit cards and loans id be 100% in it
Posted on 2/16/22 at 11:08 pm to rocket31
quote:
the way I am? what do you mean.
You tried to argue Tether is better capitalized and well-documented than US banks. That kind of ridiculous comment doesn’t help the cause. You don’t have to like banks to see the ridiculousness of that comment.
Also, I don’t know what you’re trying to say about people being misled about stocks. They’re a completely different type of investment vs Bitcoin/crypto. It’s like trying to compare apples to horses.
Posted on 2/17/22 at 11:40 am to slackster
quote:
ou tried to argue Tether is better capitalized and well-documented than US banks
yea thats not even debatable
do you think if everyone in louisiana went to withdraw money from their banks right now they'd be able to do so? no chance
id say about ~5% of people would get their funds and the rest would be left with their drawers around their ankles.
if i wanted to withdraw $500k from tether today i could easily do so, no chance i could do this at my bank
maybe we will get a case study of this in canada soon enough.
with that said, do i think crypto is perfect? lol def not but the arguments used against it can be applied to fiat and banks to even greater degrees
Posted on 2/17/22 at 3:40 pm to rocket31
quote:
yea thats not even debatable do you think if everyone in louisiana went to withdraw money from their banks right now they'd be able to do so? no chance id say about ~5% of people would get their funds and the rest would be left with their drawers around their ankles. if i wanted to withdraw $500k from tether today i could easily do so, no chance i could do this at my bank
See, this is what I mean with the asinine takes.
You’re trying to compare a run on a community bank to you withdrawing $500k out of a $78B “fund” in Tether.
Not only that, you’re trying to compare going to the bank and getting $500k in cash to getting $500k in electronic dollars on your trading account. These aren’t even in the same universe.
Trying going to your local Tether branch and drawing out even $1… see how ridiculous this kind of comparison is?
Posted on 2/17/22 at 3:45 pm to rocket31
quote:
id say about ~5% of people would get their funds and the rest would be left with their drawers around their ankles.
Better hope there isn't a run on Tether, they openly admit they only have about 3% of their total reserves in cash...
Difference is once they close up shop the government won't be there to guarantee you get any money.
This post was edited on 2/17/22 at 3:45 pm
Posted on 2/17/22 at 5:19 pm to slackster
quote:
You’re trying to compare a run on a community bank to you withdrawing $500k out of a $78B “fund” in Tether.
i am backing up the original argument
tether is more funded than any bank. that is 100% true
if youre being critical of tether for having limited reserves, the very same argument applies to every bank in existence.
ftr, i dont hold tether, there are other stablecoin options out there
This post was edited on 2/17/22 at 5:52 pm
Posted on 2/17/22 at 5:20 pm to UltimaParadox
quote:
Better hope there isn't a run on Tether, they openly admit they only have about 3% of their total reserves in cash..
oh no, what will happen :(
Posted on 2/17/22 at 9:34 pm to rocket31
quote:
tether is more funded than any bank. that is 100% true
That is only subject to audit, and while I understand your skepticism, it’s not like Tether is super forthcoming in what/where it it’s cash reserves are sitting.
Tether is more of an apples to apples comparison with a money market mutual fund, something that is subject to far more regulation than tether, and an asset class that’s broken the buck in the last 15 years too.
Posted on 2/18/22 at 7:13 am to slackster
I am curious to see just how far Canada goes. We may be seeing how crypto can be severely limited on real world behaviors within the next few weeks. After this major test case, I'm curious how the crypto industry responds if Canada is able to make crypto effectively worthless.
Posted on 2/18/22 at 7:36 am to SlowFlowPro
I guess it depends on how tech savvy you can make people in short order on how “useless” a government can make crypto rails.
If you have a blacklisted address, for example, it’s possible you use a service like coinjoin through a Wasabi wallet to tumble your BTC and move it to a new address. It very well may be considered washed at that point, but if you were worried it wasn’t you could then transfer over to a non-KYC exchange like a KuCoin or a CoinEx and convert to stables, move back over to a CEX with your bank account and liquidate.
I’ll agree it certainly is an interesting test case. Valuation should take a hit if the mass adoption curve is meaningfully altered and a loss in faith of crypto rails to provide utility when a government doesn’t want them to provide utility would certainly harm the adoption curve. On the flip side, if people grow weary of a government that has demonstrated that they can and will flippantly freeze your funds if you are designated a bad actor, the adoption curve might actually increase. As stated before, will be interesting to watch. Personally, if western nations become outright hostile to crypto it’s hard to see the value proposition not suffering big time, at least in the short term
If you have a blacklisted address, for example, it’s possible you use a service like coinjoin through a Wasabi wallet to tumble your BTC and move it to a new address. It very well may be considered washed at that point, but if you were worried it wasn’t you could then transfer over to a non-KYC exchange like a KuCoin or a CoinEx and convert to stables, move back over to a CEX with your bank account and liquidate.
I’ll agree it certainly is an interesting test case. Valuation should take a hit if the mass adoption curve is meaningfully altered and a loss in faith of crypto rails to provide utility when a government doesn’t want them to provide utility would certainly harm the adoption curve. On the flip side, if people grow weary of a government that has demonstrated that they can and will flippantly freeze your funds if you are designated a bad actor, the adoption curve might actually increase. As stated before, will be interesting to watch. Personally, if western nations become outright hostile to crypto it’s hard to see the value proposition not suffering big time, at least in the short term
This post was edited on 2/22/22 at 7:30 am
Posted on 2/18/22 at 4:27 pm to rocket31
quote:
tether is more funded than any bank. that is 100% true
ok, wait up ... I am going to stop ya on this one
banks (at least in the U.S. are HUGELY well capitalized post Dodd-Frank and most are sitting on enormous sums of cash - hence the reverse repo and all that jazz)
so I guess it depends on what we define as "funds" here, doesn't it
Posted on 2/18/22 at 5:14 pm to Ross
its not even that complicated, and its not even an interesting question. slowflopro continues to show he has no idea what he is talking about.
there will always be nation states willing to accept crypto transactions.
so if one country cuts off bank rails, another will gladly accept it. this is game theory. attracting us capital is highly attractive. as such, crypto/bitcoin can never be "worthless"
there will always be nation states willing to accept crypto transactions.
so if one country cuts off bank rails, another will gladly accept it. this is game theory. attracting us capital is highly attractive. as such, crypto/bitcoin can never be "worthless"
Posted on 2/18/22 at 5:24 pm to rocket31
I agree with you that I know the technology has value, but there is a seemingly endless conversation over on the poliboard where users seem to think governments can seize funds from a cold wallet, and I have been laughed at by people that clearly haven’t spent even a single second looking into how the network even functions when attempting to tell them that without user error this is simply not possible. To these people tumblers and cold wallets are just meaningless jargon.
There is a lot of ignorance out there and if all people think is crypto = Coinbase they have no hope of ever being able to see the true value of the network and will be shocked when their crypto is no better than the banks they tried to avoid.
There is a lot of ignorance out there and if all people think is crypto = Coinbase they have no hope of ever being able to see the true value of the network and will be shocked when their crypto is no better than the banks they tried to avoid.
This post was edited on 2/18/22 at 5:38 pm
Posted on 2/18/22 at 5:41 pm to Ross
i think you were here before 2017 but there wasnt even kyc then lol. my first purchase on coinbase wasn't even kyc and before coinbase it was funding cold wallets through p2p or western union or atms.
ust is a decentralized stable with the 15th highest marketcap, so ideally infrastructure can be built on top of it. granted, it doesnt exist yet.
and i havent read the poliboard, but that place has always been a honeypot for middle bell curve type takes so the fearmongering is expected but youre experience over there leads me to believe this is just more psyops before the US fully embraces bitcoin and stablecoins.
if you were getting ready to fully embrace it with regulations, youd try to accumulate as much possible before millions of redneck joe's from laplace louisiana funds their account
ust is a decentralized stable with the 15th highest marketcap, so ideally infrastructure can be built on top of it. granted, it doesnt exist yet.
and i havent read the poliboard, but that place has always been a honeypot for middle bell curve type takes so the fearmongering is expected but youre experience over there leads me to believe this is just more psyops before the US fully embraces bitcoin and stablecoins.
if you were getting ready to fully embrace it with regulations, youd try to accumulate as much possible before millions of redneck joe's from laplace louisiana funds their account
This post was edited on 2/18/22 at 5:46 pm
Posted on 2/18/22 at 8:05 pm to rocket31
Crypto attacks financial control which has been in place for centuries.
What is really sad is the lemmings on the side of the government. They actually think a government telling them what they can do with their finances is a “got ya”.
Never mind the fact BTC is already too big.
We can’t be stopped.
What is really sad is the lemmings on the side of the government. They actually think a government telling them what they can do with their finances is a “got ya”.
Never mind the fact BTC is already too big.
We can’t be stopped.
This post was edited on 2/18/22 at 8:06 pm
Posted on 2/18/22 at 8:12 pm to JayDeerTay84
Toothpaste is already out the tube. Can’t put it back in.
Posted on 2/19/22 at 4:54 am to Ross
quote:
convert to stables, move back over to a CEX with your bank account and liquidate.
If/when a country gets serious, they're just going to make it illegal to transfer from an exchange like CEX to your bank account.
You and I have had this discussion a few times the past couple years and this has always been my argument. If cryptos aren't being used in widespread circulation as a payment (and they're not, especially now that they're investments), then you eventually have to transfer crypto to real fiat currency to live. That's the choke point for 99.9% of the population and state governments have the power to choke (as seen in Canada recently in non-crypto terms).
Now normal banks are also being choked, so regular currency is also a problem, but crypto won't be a workaround anytime soon (b/c now it's an investment and far too unstable to be an actual currency anymore).
Posted on 2/19/22 at 5:11 am to rocket31
quote:
there will always be nation states willing to accept crypto transactions.
You going to open up a bank account in, say, Panama as your primary means to pay for goods in the US?
goodluck.gif
If the US wants to regulate a person's crypto and that person's solution is this, they better understand money laundering and have a lot of international shell corporations ready to go to be able to spend it in the US.
The US (and most developed nations) has an extensive network of laws and regulations developed to thwart drug dealers from spending their money in the US. This framework easily can be used with crypto in the same way.
quote:
attracting us capital is highly attractive. as such, crypto/bitcoin can never be "worthless"
I never said it would be worthless.
I am saying if the US government wants, they can make it extremely difficult and expensive for an individual to turn crypto into a widely accepted currency within the US. You'll still have an easy go of it in the accepting country, sure, but transferring it into USD? Won't be easy and the vast majority of people in the US won't want to mess with it.
Page 4 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News