The other day someone on FR described crypto this way:
“a plain ‘ol ordinary scam: Magic Internet Beans conjured out of thin digits at the snap of a GOTO statement”
Couldn’t have said it better myself
Clearly crypto needs to be regulated, and we need a global, centralized digital currency…
Then it will be stable and foolproof, like Bear Stearns, Enron, Theranos, et al…
Financial guy on tv said the other day, that in the next couple of yrs, crypto will be regulated out of existence by the gov’t.
It’s not currency. Only governments can issue currency. So what is it? A magic trick that fools people into thinking that running a program can produce something that is actually exchangeable for real currency.
Real currency is based on an illusion too, but it’s backed by the full “faith and credit” of the federal government, which is equal to zero. And those dollars are losing their purchasing power as an out of control government puts more and more unbacked dollars into circulation.
crypto-miners use a TON of electrical power, employ almost no people or contribute to Society in any way, in their greedy quest for money ...
no sympathy for seeing these bastards go out of business!!
All you crypto haters: what will you do about CBDC? It is coming. It is crypto currency entirely managed by the fed. They will be able to turn your “money” on or off, and decide where and on what it can be spent. A parallel economy is the way. The best option for a parallel economy is another form of crypto. No one is going to carry around little sacks of gold and silver to trade. Frankly I never understand the hate for crypto.
Oh now that IS too bad.
If the miners all give up, there will be no crypto!
I like to invest my money in tangible things, like stocks, bonds, real estate, even precious metals.
I'll leave the crypto currency to others to get rich - or bankrupt from - accordingly.
Mining is no longer profitable even with ASIC miners at these low-price points. So I have turned off my mining operation. I am just one of the smaller, “home” miners that was leaning on mining as my side hustle. I am out till the prices improve.
The “Safe And Effective” trope applies to crypto investments too.
Bitcoin will continue because it has becoming necessary in order for certain kinds of people to transact certain types of business.
I’m not referring to drug dealers or criminals here; they have the wherewithal to maintain their wealth in any form the wish to store it. I mean us.
Banks and other financial institutions are following Paypal’s lead and going ‘woke.’ They are erecting a social monitoring system they will use, not only to block transactions between individuals on the thinnest of pretexts, but to confiscate wealth without fear of consequences from anyone they object to. Unilaterally. Without fear of recourse.