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rxwine
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November 3rd, 2021 at 7:09:02 PM permalink
Being as the source of the account security is in your head, or you know the whereabouts, so in a way, much easier than sending you to a bank to withdraw money. Just torture the crap out of someone until they give it up.
There's no secret. Just know what you're talking about before you open your mouth.
stonethehustler
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November 4th, 2021 at 2:23:59 AM permalink
I know the feeling... I had a couple of bitcoins and a couple of years ago I sold and bought the bike, and now if I had them left I would have to buy a house: D
SOOPOO
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November 4th, 2021 at 4:54:51 PM permalink
NYC mayor elect says he will take first 3 paychecks in BTC. Says NYC will become crypto capital of the world, or something like that. No one really knows if this is important or not.
ben771williiams
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November 5th, 2021 at 12:39:00 AM permalink
Hi, now you need to buy bitcoin, I would like to buy bitcoin myself, but not enough money yet, I want to buy at least 5 bitcoins. They will be very expensive in 2022, almost three times more than now, can you imagine how rich you will get in one year?
AZDuffman
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November 5th, 2021 at 3:12:40 AM permalink
Quote: SOOPOO

NYC mayor elect says he will take first 3 paychecks in BTC. Says NYC will become crypto capital of the world, or something like that. No one really knows if this is important or not.
link to original post



He had better hurry as places like El Slavador are far ahead on adoption.
All animals are equal, but some are more equal than others
darkoz
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November 20th, 2021 at 11:29:58 AM permalink
Some Bitcoin honesty from a guy named Nick.

For Whom the bus tolls; The bus tolls for thee
ChumpChange
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December 3rd, 2021 at 11:57:14 PM permalink
Bitcoin crashed 23%, or -$13K to $43.6K. Other crypto-currencies crashed well over 20%.
Seems like a junk bond. #cryptocrash
Last edited by: ChumpChange on Dec 4, 2021
odiousgambit
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December 4th, 2021 at 6:12:02 AM permalink
Shades of tulip craze revisited, or rare opportunity to buy at a good price?

reason given for the current crash hard to believe. Some dude, Navellier, badmouthed crypto. Really?
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!”   She is, after all, stone deaf. ... Arnold Snyder
OnceDear
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December 4th, 2021 at 7:15:00 AM permalink
Quote: odiousgambit

Shades of tulip craze revisited, or rare opportunity to buy at a good price?

reason given for the current crash hard to believe. Some dude, Navellier, badmouthed crypto. Really?
link to original post

Concensus view of the reason seems to be an extension of general market jitters.

Quote: forbes

The drop in cryptocurrencies came after a volatile week in financial markets. The omicron variant has led countries around the world to restrict travel amid worries that vaccines may not be as effective against the strain. Fed Chairman Jerome Powell indicated earlier this week the central bank could speed up the tapering of its pandemic bond-buying program with inflation looking more persistent than policy makers had believed.


Quote:

=Bloomberg]Bitcoin plunged along with other cryptocurrencies on Saturday, in another indication of the risk aversion sweeping across financial markets.



Market jitters come and go. Not to any time table we can see in advance.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
billryan
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December 4th, 2021 at 8:00:21 AM permalink
Quote: OnceDear

Quote: odiousgambit

Shades of tulip craze revisited, or rare opportunity to buy at a good price?

reason given for the current crash hard to believe. Some dude, Navellier, badmouthed crypto. Really?
link to original post

Concensus view of the reason seems to be an extension of general market jitters.

Quote: forbes

The drop in cryptocurrencies came after a volatile week in financial markets. The omicron variant has led countries around the world to restrict travel amid worries that vaccines may not be as effective against the strain. Fed Chairman Jerome Powell indicated earlier this week the central bank could speed up the tapering of its pandemic bond-buying program with inflation looking more persistent than policy makers had believed.


Quote:

=Bloomberg]Bitcoin plunged along with other cryptocurrencies on Saturday, in another indication of the risk aversion sweeping across financial markets.



Market jitters come and go. Not to any time table we can see in advance.
link to original post



That is because we peons lack the vision thing that mdawg and a few others possess. You can be certain that mdawg will have made a profit on his trades this week, next week and next month.
The difference between fiction and reality is that fiction is supposed to make sense.
lilredrooster
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December 4th, 2021 at 8:47:07 AM permalink
Quote: ChumpChange

Bitcoin crashed 23%, or -$13K to $𝟒𝟑.𝟔 𝐊




Quote: odiousgambit



reason given for the current crash



.
that is not a crash - that's a downturn - it's ups and downs are much more extreme than the Dow or S&P

and I just checked the price 1 minute ago - it was 48,438.50

remember when there was an anti-Bitcoin guy here who was having a schaudenfreude rush because it fell close to 30,000?


.
Last edited by: lilredrooster on Dec 4, 2021
Please don't feed the trolls
OnceDear
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December 4th, 2021 at 9:16:53 AM permalink
Quote: billryan


That is because we peons lack the vision thing that mdawg and a few others possess. You can be certain that mdawg will have made a profit on his trades this week, next week and next month.
link to original post

Let's not make this thread about MDawg or his trading prowess. As I understand it he doesn't trade BTC.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
ChumpChange
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December 4th, 2021 at 3:01:49 PM permalink
A downturn would be less than a couple per cent. Bitcoin is the definition of unstable price volatility. If the US dollar was this unhinged, the price of bread would have to be updated every 5 minutes.
lilredrooster
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December 4th, 2021 at 3:29:07 PM permalink
Quote: ChumpChange

A downturn would be less than a couple per cent. Bitcoin is the definition of unstable price volatility. If the US dollar was this unhinged, the price of bread would have to be updated every 5 minutes.
link to original post




it's a classic example of the relationship between risk and return

the higher the risk - the higher the potential return

it's not for everybody - I can only step my toe into it - I can't go swimming in waves like that

I don't think there's many who believe it can compete with the U.S. dollar - maybe it's most enthusiastic cheerleaders do

it's more like a penny stock that has shot way up and it's totally unclear what its future will be

like a dot com sensation in 1999 - many of them totally crashed - not all


.
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lilredrooster
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December 6th, 2021 at 2:07:56 AM permalink
__________


massive bitcoin mining operations are starting in upstate NY in the dying towns where industry has faded

.



.
https://economictimes.indiatimes.com/markets/cryptocurrency/a-bitcoin-boom-fueled-by-cheap-power-empty-plants-and-few-rules/articleshow/88118672.cms


.
Please don't feed the trolls
rxwine
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December 6th, 2021 at 8:44:26 AM permalink
That looks more like a still pic from the Matrix movie. (are there humans in cannisters?)


Quote: lilredrooster

__________


massive bitcoin mining operations are starting in upstate NY in the dying towns where industry has faded

.



.
https://economictimes.indiatimes.com/markets/cryptocurrency/a-bitcoin-boom-fueled-by-cheap-power-empty-plants-and-few-rules/articleshow/88118672.cms


.
link to original post

There's no secret. Just know what you're talking about before you open your mouth.
OnceDear
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December 6th, 2021 at 9:36:30 AM permalink
Quote: lilredrooster

__________


massive bitcoin mining operations are starting in upstate NY in the dying towns where industry has faded
.
https://economictimes.indiatimes.com/markets/cryptocurrency/a-bitcoin-boom-fueled-by-cheap-power-empty-plants-and-few-rules/articleshow/88118672.cms

link to original post


Bitcoin remains an environmental obscenity. I'm starting to feel guilty ever owning any BTC. Like a vegan owning an abbatoir.

This migration will keep ancient coal fired stations polluting long after they should have been retired. OK. These will use some renewable energy, but that will just need to be replaced from non-renewables.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
AZDuffman
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December 6th, 2021 at 12:17:16 PM permalink
Quote: OnceDear


Bitcoin remains an environmental obscenity. I'm starting to feel guilty ever owning any BTC. Like a vegan owning an abbatoir.

This migration will keep ancient coal fired stations polluting long after they should have been retired. OK. These will use some renewable energy, but that will just need to be replaced from non-renewables.
link to original post



Do you somehow think that keeping your money in the bank is not using similar power?
All animals are equal, but some are more equal than others
billryan
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December 6th, 2021 at 1:10:14 PM permalink
Quote: AZDuffman

Quote: OnceDear


Bitcoin remains an environmental obscenity. I'm starting to feel guilty ever owning any BTC. Like a vegan owning an abbatoir.

This migration will keep ancient coal fired stations polluting long after they should have been retired. OK. These will use some renewable energy, but that will just need to be replaced from non-renewables.
link to original post



Do you somehow think that keeping your money in the bank is not using similar power?
link to original post



I'm pretty sure I can store my money in the bank for the next twenty generations and it would use less energy than what's involved in building one bitcoin.
The difference between fiction and reality is that fiction is supposed to make sense.
OnceDear
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December 6th, 2021 at 1:24:46 PM permalink
Quote: AZDuffman

Quote: OnceDear


Bitcoin remains an environmental obscenity. I'm starting to feel guilty ever owning any BTC. Like a vegan owning an abbatoir.

This migration will keep ancient coal fired stations polluting long after they should have been retired. OK. These will use some renewable energy, but that will just need to be replaced from non-renewables.
link to original post



Do you somehow think that keeping your money in the bank is not using similar power?
link to original post

The energy used to run the Fiat banking sytems pales into insignificance.
AIUI, When money was made out of Gold, scraped from the bowels of the earth and cast into coins, there were less of the Earths resources used to mine and mint a bucketful of gold coins than get used to mine one BTC. And each transaction costs energy too.
Transactions need the miners and the miners burn electricity like it's going out of fashion. And then, to add insult to injury, more electricity is used by AC to expel the heat generated by the mining rigs.
If these mining rigs are to exist at all, it would be logical to have them in cold climates so that they could at least be used to heat homes up. Having them in hot climates where the heat is unwanted is just nuts. Some of these rigs dump their excess heat into lakes, damaging the eco systems and killing fish.

Quote: https://minerdaily.com/2021/how-much-power-does-it-take-to-mine-a-bitcoin/

"How much power does it take to mine a bitcoin? In this assessment we find that an average of 143,000 kWh of energy is required to produce one bitcoin. ..."

Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
lilredrooster
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December 6th, 2021 at 3:22:52 PM permalink
Quote: OnceDear



https://minerdaily.com/2021/how-much-power-does-it-take-to-mine-a-bitcoin/]"How much power does it take to mine a bitcoin? In this assessment we find that an average of 143,000 kWh of energy is required to produce one bitcoin. ...




that's really crazy because according to the link the average electricity rate in the U.S. is 12.52 cents per kWh

that means it costs $17,903.60 on average to mine one bitcoin

but the price at this moment is $50,471.80 so it looks like mining is very profitable

but you're right - it is an environmental disaster


.
https://www.electricchoice.com/electricity-prices-by-state/


.
Please don't feed the trolls
OnceDear
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December 6th, 2021 at 4:37:38 PM permalink
Quote: lilredrooster

Quote: OnceDear



https://minerdaily.com/2021/how-much-power-does-it-take-to-mine-a-bitcoin/]"How much power does it take to mine a bitcoin? In this assessment we find that an average of 143,000 kWh of energy is required to produce one bitcoin. ...




that's really crazy because according to the link the average electricity rate in the U.S. is 12.52 cents per kWh

that means it costs $17,903.60 on average to mine one bitcoin

but the price at this moment is $50,471.80 so it looks like mining is very profitable

but you're right - it is an environmental disaster


.
https://www.electricchoice.com/electricity-prices-by-state/


.
link to original post

Sorry. that was an out of date article, Dearer now
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
AZDuffman
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December 6th, 2021 at 4:40:08 PM permalink
Quote: AZDuffman


Do you somehow think that keeping your money in the bank is not using similar power?
link to original post

Quote: OnceDear


The energy used to run the Fiat banking sytems pales into insignificance.
AIUI, When money was made out of Gold, scraped from the bowels of the earth and cast into coins, there were less of the Earths resources used to mine and mint a bucketful of gold coins than get used to mine one BTC. And each transaction costs energy too.
Transactions need the miners and the miners burn electricity like it's going out of fashion. And then, to add insult to injury, more electricity is used by AC to expel the heat generated by the mining rigs.
If these mining rigs are to exist at all, it would be logical to have them in cold climates so that they could at least be used to heat homes up. Having them in hot climates where the heat is unwanted is just nuts. Some of these rigs dump their excess heat into lakes, damaging the eco systems and killing fish.



A quick search shows it takes about 4 tons of ore to make an ounce of gold. But gold is about $1800 per ounce, so you need at this time about 28 ounces of gold to get the dollar value of one BTC. That is about 113 tons of ore to move to get the equivalent dollar amount. Moving all that ore, then dumping it, the energy to process it. Those chemicals that process it are some wicked things.

IOW, using some electricity is not a big deal.
Last edited by: OnceDear on Dec 7, 2021
All animals are equal, but some are more equal than others
rxwine
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December 7th, 2021 at 10:18:57 AM permalink
Isn't it the encryption processing using all the energy? Besides, I get an electronic deposit, and use the money electronically. It doesn't physically ever leave the bank, or even seem to exist to some extent. I sure don't lug gold around.

edit, I'm talking about regular banking, no crypto.
There's no secret. Just know what you're talking about before you open your mouth.
OnceDear
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December 7th, 2021 at 10:26:53 AM permalink
Quote: rxwine

Isn't it the encryption processing using all the energy? Besides, I get an electronic deposit, and use the money electronically. It doesn't physically ever leave the bank, or even seem to exist to some extent. I sure don't lug gold around.

edit, I'm talking about regular banking, no crypto.
link to original post

The fiat banking system uses far far less electricity than mining BTC, and yes, encryption uses a chunk of that. Not much. BTC mining rigs work flat out solving complex puzzles, in between assisting with transactions. Solving those puzzles is what gobbles up the energy. A day may come where mining rigs stop bothering to do that and just process transactions, for the modest transaction fees. Roll on that day.

Cash as coins was an extreme example of the waste of fiat currency. Pretty much all money is no more than data on a ledger somewhere. Even paper money uses little energy to create or transport around.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
lilredrooster
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December 15th, 2021 at 3:52:26 AM permalink
___________


theft - from hacking - mismanagement and failure have caused some crypto exchanges from around the world to lose customers funds

.
https://www.theguardian.com/technology/2021/dec/12/the-search-is-on-for-50m-in-lost-cryptocurrency-after-two-australian-exchanges-collapsehttps://www.theguardian.com/technology/2021/dec/12/the-search-is-on-for-50m-in-lost-cryptocurrency-after-two-australian-exchanges-collapse


.
Please don't feed the trolls
BTLWI
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January 10th, 2022 at 8:24:42 PM permalink
Quote: BTLWI

I'll make 6 figures + from blockchain gaming in 2022.
link to original post



Still going to do this. It's not casino gambling.

NFT's + Crypto + Defi + Gaming. 6 Figures USD in 2022. Easy.

I got into a project early so this should be easy. Can't use the NFT's yet for earning but they were free and now worth a lot.
OnceDear
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January 11th, 2022 at 3:38:23 AM permalink
Quote: BTLWI

Quote: BTLWI

I'll make 6 figures + from blockchain gaming in 2022.
link to original post



Still going to do this. It's not casino gambling.

NFT's + Crypto + Defi + Gaming. 6 Figures USD in 2022. Easy.

I got into a project early so this should be easy. Can't use the NFT's yet for earning but they were free and now worth a lot.
link to original post



Good luck.
If the young lady that was selling farts in a jar, until her doctor advised a change of diet, can make a business of selling NFT farts, then you should do this easily.

https://duckduckgo.com/?q=selling+farts+in+a+jar+nft&ia=web
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
Haloreece
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January 11th, 2022 at 5:28:08 AM permalink
i just got some wins from legacy tesla stuff so looking into NFT crypto combos for 2022.

probably play with NFTs but just hodl big cryptos for few years. playing with alts seems like a disaster.

ive held nimiq for years now and they cant got POS over the line. could be brilliant coin if/when they do tho.
Suited89
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January 11th, 2022 at 8:03:16 PM permalink
One of the things that concerns me recently is the Kazakhstan situation. I don't recall seeing much about the fact that said country is responsible for between 1/6 and 1/5 of the B$ hash rate. IOW, when the gov't shut down the internet for 5-6 days, no mining, and I note a disaterous decline in price during that period. Might be a coincidence, nonetheless, not much reporting upon the unrest and its effects. Perhaps its the big secret that bitcoins are being mined profusely in Oligarch States. Of couse the US is trying to avoid the "BitCoin mining gap", with certain states favoring such activities by reducing the delivery charges/taxationn of the electricity.

As I've written elsewhere, BitCoin is merely a collectable (given the rarity compared to world population) with an intrinsic value based upon the electricity needed to produce a BitCoin. For the rest of us, it looks like fiat is still cheaper to manage and produce, given ATM cards, credit cards, taps, swipes, etc.

Suited89
some people need to reimagine their thinking
BTLWI
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January 15th, 2022 at 1:34:24 PM permalink
Quote: OnceDear

Quote: BTLWI

Quote: BTLWI

I'll make 6 figures + from blockchain gaming in 2022.
link to original post



Still going to do this. It's not casino gambling.

NFT's + Crypto + Defi + Gaming. 6 Figures USD in 2022. Easy.

I got into a project early so this should be easy. Can't use the NFT's yet for earning but they were free and now worth a lot.
link to original post



Good luck.
If the young lady that was selling farts in a jar, until her doctor advised a change of diet, can make a business of selling NFT farts, then you should do this easily.

https://duckduckgo.com/?q=selling+farts+in+a+jar+nft&ia=web
link to original post



I won't be relying on selling farts, I just got invited into an NFT guild - so I guess you could say things are getting pretty serious.
AZDuffman
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January 16th, 2022 at 5:21:30 AM permalink
For those of you who would like a visual of current transaction blocks:

https://txstreet.com/v/eth-btc
All animals are equal, but some are more equal than others
rxwine
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January 17th, 2022 at 12:26:07 AM permalink
Walmart is putting out its own cyrpto coin.
There's no secret. Just know what you're talking about before you open your mouth.
AZDuffman
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January 17th, 2022 at 3:57:43 AM permalink
Quote: rxwine

Walmart is putting out its own cyrpto coin.
link to original post



Actually its own digital coin. "Crypto" coins are decentralized. WMT will control the coin.
All animals are equal, but some are more equal than others
OnceDear
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January 17th, 2022 at 4:56:16 AM permalink
Quote: AZDuffman

Quote: rxwine

Walmart is putting out its own cyrpto coin.
link to original post



Actually its own digital coin. "Crypto" coins are decentralized. WMT will control the coin.
link to original post


Looks like a bit of a scattergun of patents and trademark applications. They seem to be proposing a digital currency AND some crypto management software.
https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html

WMT might own and fully control the coin, seemingly making the exercise futile unless it's going to be sweetened by a loyalty program. I'm not sure that disqualifies it from using 'crypto' technology or being called a crypto product. They also seem to be jumping on the NFT bandwagon.

"An old Wall Street saying has it that when everybody’s getting into the market and even the shoeshine boy is giving stock tips (or the barber/hairdresser or the taxi driver or the waiter or the bartender), then it’s time to sell."
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
AZDuffman
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January 17th, 2022 at 5:49:05 AM permalink
Quote: OnceDear

Quote: AZDuffman

Quote: rxwine

Walmart is putting out its own cyrpto coin.
link to original post



Actually its own digital coin. "Crypto" coins are decentralized. WMT will control the coin.
link to original post


Looks like a bit of a scattergun of patents and trademark applications. They seem to be proposing a digital currency AND some crypto management software.
https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html

WMT might own and fully control the coin, seemingly making the exercise futile unless it's going to be sweetened by a loyalty program. I'm not sure that disqualifies it from using 'crypto' technology or being called a crypto product. They also seem to be jumping on the NFT bandwagon.

"An old Wall Street saying has it that when everybody’s getting into the market and even the shoeshine boy is giving stock tips (or the barber/hairdresser or the taxi driver or the waiter or the bartender), then it’s time to sell."
link to original post



I do not understand why a big player, probably cannot be a bank due to regs. does not make a stable coin. Make a promise to sell at $1.01 and buy at $0.99. Put the proceeds into US Treasury products. Totally free money!
All animals are equal, but some are more equal than others
billryan
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January 17th, 2022 at 6:55:40 AM permalink
Why would people want a stable cyrpto-currency? I'm not sure I see the point of it? By stable, I assume you mean one pegged to the US dollar. We already have such a currency.
The difference between fiction and reality is that fiction is supposed to make sense.
OnceDear
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January 17th, 2022 at 7:40:47 AM permalink
Quote: AZDuffman


I do not understand why a big player, probably cannot be a bank due to regs. does not make a stable coin. Make a promise to sell at $1.01 and buy at $0.99. Put the proceeds into US Treasury products. Totally free money!
link to original post



Quote: billryan

Why would people want a stable cyrpto-currency? I'm not sure I see the point of it? By stable, I assume you mean one pegged to the US dollar. We already have such a currency.
link to original post

Why would anyone pay $1.01 for a dollar bill that can only be spent in Walmart?
Well there are some who would, and do, pay a lot more.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
AZDuffman
AZDuffman
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January 17th, 2022 at 8:36:33 AM permalink
Quote: billryan

Why would people want a stable cyrpto-currency? I'm not sure I see the point of it? By stable, I assume you mean one pegged to the US dollar. We already have such a currency.
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Multiple reasons. For one it is a "parking place" for crypto investments when you sell one but do not want to buy another just yet. For another it is good for vendors who do not want the high fees of credit cards or PayPal. If you live in a place like Venezuela where the government likes to steal bank deposits it is safer than a bank account.

Just a few.
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AZDuffman
AZDuffman
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January 17th, 2022 at 8:37:18 AM permalink
Quote: OnceDear

Quote: AZDuffman


I do not understand why a big player, probably cannot be a bank due to regs. does not make a stable coin. Make a promise to sell at $1.01 and buy at $0.99. Put the proceeds into US Treasury products. Totally free money!
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Quote: billryan

Why would people want a stable cyrpto-currency? I'm not sure I see the point of it? By stable, I assume you mean one pegged to the US dollar. We already have such a currency.
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Why would anyone pay $1.01 for a dollar bill that can only be spent in Walmart?
Well there are some who would, and do, pay a lot more.
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Who said only at WMT? I am saying a dollar backed coin that can be spent by whomever takes it.
All animals are equal, but some are more equal than others
billryan
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January 17th, 2022 at 9:12:30 AM permalink
Can I assume that when you say "park", you really mean hide? It seems to me the whole crypto-currency scheme is designed to avoid paying taxes. I came to that conclusion years ago, and nothing I've seen has dissuaded me. It amuses me the lengths people go through to try and color that differently.
The difference between fiction and reality is that fiction is supposed to make sense.
AZDuffman
AZDuffman
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January 17th, 2022 at 9:40:41 AM permalink
Quote: billryan

Can I assume that when you say "park", you really mean hide? It seems to me the whole crypto-currency scheme is designed to avoid paying taxes. I came to that conclusion years ago, and nothing I've seen has dissuaded me. It amuses me the lengths people go through to try and color that differently.
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Call it what you want. Idea is to protect your money from government confiscation.
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UP84
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January 17th, 2022 at 9:42:38 AM permalink
Quote: AZDuffman

Who said only at WMT? I am saying a dollar backed coin that can be spent by whomever takes it.
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These already exist, they’re called pennies, nickels, dimes and quarters.
Any unit of exchange that is pegged to the dollar is not a fiat currency and thus not a cryptocurrency.
billryan
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January 17th, 2022 at 11:26:16 AM permalink
Quote: AZDuffman

Quote: billryan

Can I assume that when you say "park", you really mean hide? It seems to me the whole crypto-currency scheme is designed to avoid paying taxes. I came to that conclusion years ago, and nothing I've seen has dissuaded me. It amuses me the lengths people go through to try and color that differently.
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Call it what you want. Idea is to protect your money from government confiscation.
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It sounds like the intention is to steal money from the government, which means stealing from the rest of us. Why not work on creating more instead of trying to hide less.
The difference between fiction and reality is that fiction is supposed to make sense.
AZDuffman
AZDuffman
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January 17th, 2022 at 11:56:52 AM permalink
Quote: billryan

Quote: AZDuffman

Quote: billryan

Can I assume that when you say "park", you really mean hide? It seems to me the whole crypto-currency scheme is designed to avoid paying taxes. I came to that conclusion years ago, and nothing I've seen has dissuaded me. It amuses me the lengths people go through to try and color that differently.
link to original post



Call it what you want. Idea is to protect your money from government confiscation.
link to original post



It sounds like the intention is to steal money from the government, which means stealing from the rest of us. Why not work on creating more instead of trying to hide less.
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No, it is to avoid the government stealing people's money. The IRS can make it impossible to live and conduct business, they can take everything you have. Except crypto, which you can keep private.
All animals are equal, but some are more equal than others
billryan
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RogerKint
January 17th, 2022 at 12:44:59 PM permalink
Okay, as I slowly exit the conversation.
The difference between fiction and reality is that fiction is supposed to make sense.
rxwine
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January 19th, 2022 at 10:11:05 AM permalink
Quote:

an estimated $15 million worth of Ethereum was stolen from exchange platform Crypto.com.

Multiple users had begun reporting missing funds and odd activity on their accounts, prompting the site to release a statement via Twitter, reading, “We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.”



Quote:

by Wednesday morning, it was discovered that those weren't the only losses.

A new report by OXT Research is claiming that nearly 444 Bitcoin were also stolen from the exchange site after a hacker had used a Bitcoin tumbler to move the funds. Per Bitcoin’s latest valuation, the loss of these coins is equivalent to around $18.4 million, making the total value of funds stolen around a whopping $33 million.

Crypto.com has not yet commented on the latest findings, with CEO Kris Marszalek having most recently tweeted that “no customer funds were lost," adding, "Our team has hardened the infrastructure in response to the incident. We will share a full post mortem after the internal investigation is completed.”



https://www.msn.com/en-us/money/markets/crypto-exchange-shuts-down-withdrawals-after-hackers-reportedly-steal-33-million-in-bitcoin-ethereum/ar-AASWsgv?ocid=msedgntp
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UP84
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January 19th, 2022 at 10:49:25 AM permalink
Quote: rxwine

Quote:

an estimated $15 million worth of Ethereum was stolen from exchange platform Crypto.com.

Multiple users had begun reporting missing funds and odd activity on their accounts, prompting the site to release a statement via Twitter, reading, “We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.”



Quote:

by Wednesday morning, it was discovered that those weren't the only losses.

A new report by OXT Research is claiming that nearly 444 Bitcoin were also stolen from the exchange site after a hacker had used a Bitcoin tumbler to move the funds. Per Bitcoin’s latest valuation, the loss of these coins is equivalent to around $18.4 million, making the total value of funds stolen around a whopping $33 million.

Crypto.com has not yet commented on the latest findings, with CEO Kris Marszalek having most recently tweeted that “no customer funds were lost," adding, "Our team has hardened the infrastructure in response to the incident. We will share a full post mortem after the internal investigation is completed.”



https://www.msn.com/en-us/money/markets/crypto-exchange-shuts-down-withdrawals-after-hackers-reportedly-steal-33-million-in-bitcoin-ethereum/ar-AASWsgv?ocid=msedgntp
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No big surprise. For exchanges like Crypto.com that use hot wallets these types of breaches are inevitable. Another problem is the tumblers...they make it easier for the hackers to get away with this stuff.
billryan
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January 19th, 2022 at 11:01:03 AM permalink
For what it is worth, the person who I quoted about bitcoin crashing and who had the numbers almost exactly right is now calling for a pullback to $25,000 before a rebound to the high 40s.
Just passing it along for those who like to speculate. I have and will have no skin in the game.
The difference between fiction and reality is that fiction is supposed to make sense.
Dieter
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January 19th, 2022 at 12:33:11 PM permalink
Quote: AZDuffman

Quote: OnceDear

Quote: AZDuffman

Quote: rxwine

Walmart is putting out its own cyrpto coin.
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Actually its own digital coin. "Crypto" coins are decentralized. WMT will control the coin.
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Looks like a bit of a scattergun of patents and trademark applications. They seem to be proposing a digital currency AND some crypto management software.
https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html

WMT might own and fully control the coin, seemingly making the exercise futile unless it's going to be sweetened by a loyalty program. I'm not sure that disqualifies it from using 'crypto' technology or being called a crypto product. They also seem to be jumping on the NFT bandwagon.

"An old Wall Street saying has it that when everybody’s getting into the market and even the shoeshine boy is giving stock tips (or the barber/hairdresser or the taxi driver or the waiter or the bartender), then it’s time to sell."
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I do not understand why a big player, probably cannot be a bank due to regs. does not make a stable coin. Make a promise to sell at $1.01 and buy at $0.99. Put the proceeds into US Treasury products. Totally free money!
link to original post



Some potential customers of such a digital coin might see it as offering all the downsides of traditional money with few of the advantages of decentralized cryptocurrency.

Transactional immediacy is there without a merchant account (MC/Visa etc), no batch settlements. Otherwise... I don't see a saleable advantage.
May the cards fall in your favor.
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