- 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
re: Anyone mostly crypto and dropping banks?
Posted on 2/19/22 at 8:32 am to SlowFlowPro
Posted on 2/19/22 at 8:32 am to SlowFlowPro
quote:so we go back to how it was before 2017?
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.
oh no man. it's truly over isn't it
not going to happen anyway but the fear mongering is cute I suppose
This post was edited on 2/19/22 at 8:33 am
1
Posted on 2/19/22 at 8:34 am to rocket31
quote:
so we go back to how it was before 2017?
I converted BTC and ETH to $USD routinely prior to 2017, so no, not like before 2017.
Posted on 2/19/22 at 8:36 am to SlowFlowPro
quote:
b/c now it's an investment and far too unstable to be an actual currency anymore).
that doesnt make any sense
pull up the US dollar vs Bitcoin chart. zoom out 3 years
which one is unstable again?
as long as your unit of account is Bitcoin then the dollar is the unstable currency
as another thought expirement, think of how much of your purchasing power has been destroyed in just 5 years
This post was edited on 2/19/22 at 8:52 am
Posted on 2/19/22 at 8:40 am to SlowFlowPro
quote:
converted BTC and ETH to $USD routinely prior to 2017, so no, not like before 2017.
so 2015? anyway I'm not sure why this conversation exists. none of this fear mongering is going to happen
I do think they'll kyc wallets. but I've been saying that for years
This post was edited on 2/19/22 at 8:42 am
Posted on 2/19/22 at 8:53 am to JayDeerTay84
quote:
Never mind the fact BTC is already too big.
We can’t be stopped.
yea. texas is almost in full btc adoption mode anyway.
it just takes awhile for people to wrap their mind around; even giga brains like lying ted and michael saylor were skeptical at first
This post was edited on 2/19/22 at 9:34 am
Posted on 2/19/22 at 8:54 am to rocket31
quote:
pull up the US dollar vs Bitcoin chart. zoom out 3 years
which one is unstable again?
Goods/services are ultimately converted to USD, which is what BTC is converted to as well, so if you're using inflation as your argument, it is irrelevant.
Also, BTC is down almost 15% in 6 months and 28% in 1 year. When was the last time the USD lost 15% of its value in a year?
It's lost 30-40% in 3 months. That is not stable for a method of daily exchange.
Posted on 2/19/22 at 8:59 am to rocket31
quote:
it just takes awhile for people to wrap their mind around
It's not that complicated.
The issue is the asset-currency paradox. Crypto has popularity because it's seen as an asset. This popularity has led to valuation swings in most cryptos, which has eliminated their use as a potential widespread currency. Make it stable as a currency and the popularity dies. Then nobody will use it as a currency b/c of lack of use.
There is a theoretical long game where these valuations can become stable with widespread usage, but you will need a very small number of cryptos or cryptos tied to stable fiat currencies, which defeats a lot of the purpose. We will be old men before this long game can finish, and cryptos are under attack already.
This post was edited on 2/19/22 at 9:00 am
Posted on 2/19/22 at 9:25 am to SlowFlowPro
quote:
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.
I think as the adoption curve has marched onwards and crypto has become more and more integrated with the modern society, the chances this would ever be politically viable trend downwards drastically. I don’t think this is going to happen.
In regards to the rest of your post, where we ignore that and think a western government would just randomly feel threatened and remove the ability of these huge, publicly listed companies to operate; if we are living under such a hostile regime hellbent on seizing/freezing all forms of my digital wealth; personally I think that the asset that they can’t easily seize and that enables me to transmute value from point A to point B beats the asset that just gets frozen in place. I guess I’d just take my chances with the black market or non-KYC exchanges. Just being real; it would be quite the shitty reality for me to live in but at least I’d have some sort of a chance to pay for things digitally.
This post was edited on 2/19/22 at 9:27 am
Posted on 2/19/22 at 9:25 am to SlowFlowPro
It seems it is a little to complicated for you. You still have a singular description of crypto.
You still are thinking in terms of fiat and it’s limited capabilities. Crypto can occupy many spaces at once.
It can literally be an asset (BTC), payment (lightning), technology (blockchain), auditing (ledger), security (sha256), power conversion (hashrate) and the worlds largest decentralized network all at once.
Fiat is on an exchange of value. It only does one thing.
You still are thinking in terms of fiat and it’s limited capabilities. Crypto can occupy many spaces at once.
It can literally be an asset (BTC), payment (lightning), technology (blockchain), auditing (ledger), security (sha256), power conversion (hashrate) and the worlds largest decentralized network all at once.
Fiat is on an exchange of value. It only does one thing.
Posted on 2/19/22 at 9:28 am to SlowFlowPro
quote:if we’re actually being honest, this past year.
When was the last time the USD lost 15% of its value in a year?
Posted on 2/19/22 at 9:35 am to JayDeerTay84
he was on here comparing bitcoin to tulips about 1 year ago, now hes out here defending the purchasing power of the dollar. hes completely lost.
1 usd = 1 usd
1 btc = 1 btc
just because were brainwashed into using dollars as the unit of account, it doesnt mean its a "stable currency"
in fact, every fiat in existence has devalued to zero over time.
1 usd = 1 usd
1 btc = 1 btc
just because were brainwashed into using dollars as the unit of account, it doesnt mean its a "stable currency"
in fact, every fiat in existence has devalued to zero over time.
This post was edited on 2/19/22 at 9:47 am
Posted on 2/19/22 at 9:38 am to SlowFlowPro
quote:
Then nobody will use it as a currency b/c of lack of use.
people will save in bitcoin (or whatever crypto) and spend in dollars (CBDCs, stablecoins); this will be all seamless on our mobile phones
if you want to save in dollars than go for it, if i want to save in bitcoin than thats cool too
This post was edited on 2/19/22 at 9:41 am
Posted on 2/19/22 at 9:41 am to TimeOutdoors
What will you do if they shut down the internet ?
Need to find an unused bank in the country and turn it into your house/fort. Then you need cash, ammo/guns and food !
Need to find an unused bank in the country and turn it into your house/fort. Then you need cash, ammo/guns and food !
Posted on 2/19/22 at 3:21 pm to rocket31
quote:
he was on here comparing bitcoin to tulips about 1 year ago, now hes out here defending the purchasing power of the dollar. hes completely lost.
1 usd = 1 usd
1 btc = 1 btc
just because were brainwashed into using dollars as the unit of account, it doesnt mean its a "stable currency"
in fact, every fiat in existence has devalued to zero over time.
True enough. I dollar buys less today than it did 10 years ago and 1 BTC today buys a frickload more than it did 10 years ago.
Its like the complete opposite and they absolutely just want to hate it.
Posted on 2/20/22 at 1:26 pm to JayDeerTay84
yeah if your denominator is dollars houses have gotten more expensive the last 5 years
if your denominator is Bitcoin houses have gotten much cheaper
if someone is incapable of wrapping their mind around this simple concept than there is no point taking anything they say seriously
if your denominator is Bitcoin houses have gotten much cheaper
if someone is incapable of wrapping their mind around this simple concept than there is no point taking anything they say seriously
Posted on 2/20/22 at 2:30 pm to TimeOutdoors
quote:
but watching how quickly banks/governments are to cease funds has been eye opening.
You don't think they can block your crypto access?
Posted on 2/20/22 at 3:14 pm to thelawnwranglers
quote:
You don't think they can block your crypto access?
from a hardware wallet to another hardware wallet? They can’t and the relevant literature is freely accessible to you at no cost. You can start here to learn how the network works at a high level and get an idea of what makes it so robust and resistant to tampering.
I’ve grown a little weary trying to explain how the network functions myself, and why it’s absurd to think the P2P transactions can be halted between two people that know how to interact with the network just because the state would want it too. Personally I think it’s just lazy and annoying to lay down with a fatalistic attitude and no knowledge of the network and say “aw shucks guess it just wouldn’t work if the government wanted to shut it down” when the technology is structured in such a way that this claim is nonsensical. And I’m not saying that’s what you said, but it is how many on this website act.
Now, seizing funds you don’t custody yourself like from a Coinbase account, without question they can seize these and order them frozen. You can simply look at the Kraken CEO and see he tells anyone that is concerned whether or not they’d be forced to comply with government demands that he already has been forced and likely will be forced to comply in the future; so you need to self custody your private key and not trust centralized exchanges to resist the government because they will not.
This post was edited on 2/20/22 at 5:58 pm
Posted on 2/20/22 at 5:05 pm to ReadyPlayer1
quote:
What will you do if they shut down the internet ?
some of the levels of fear mongering performed on your side of the aisle in this thread is just cringe. This isn’t going to happen and if it did, my net worth is probably the last thing I’ll be caring about.
Posted on 2/20/22 at 5:19 pm to jimbeam
quote:Your taking out your arse and doing a splendid job.
Crypto is a government scam to distribute reparations to minority groups like women, blacks, trans, homosexuals, and Green Party members.
Posted on 2/20/22 at 6:02 pm to Ross
quote:
I’ve grown a little weary trying to explain how the network functions myself, and why it’s absurd to think the P2P transactions can be halted between two people that know how to interact with the network just because the state would want it too. Personally I think it’s just lazy and annoying to lay down with a fatalistic attitude and no knowledge of the network and say “aw shucks guess it just wouldn’t work if the government wanted to shut it down” when the technology is structured in such a way that this claim is nonsensical. And I’m not saying that’s what you said, but it is how many on this website act.
Lol yeah I was that lazy- I can't get Backpage so figured they could stop my access. Peer to peer will need to study. Didn't think of that. Still not sure I get it but info should be there
Page 5 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News