BITCOIN

Weather Man

Persistance Is A Bitch
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Hard to see how a USA issued crypto coin used as currency doesn't crush these other coins.


Coinbase backs off promise that each USD Coin is backed by $1 in a bank account
  • Coinbase Global's (NASDAQ:COIN) website no longer promises customers that each USD Coin (USDC-US) they have in a Coinbase account is backed by a U.S. dollar in a bank account, Bloomberg reports, citing the company's website and other disclosures.
  • USD Coin is marketed as a stablecoin, meaning it has a fixed price and can be redeemed for fiat currency, unlike volatile cryptocurrencies like bitcoin. The claim that it was backed by actual dollars helped USD Coin climb to be the world's second-largest stablecoin with $28B in assets.
  • Coinbase (COIN) offers USDC in partnership with Circle Internet Financial, which last month disclosed USD Coin's assets for the first time. It turns out that assets held to back the stablecoin include cash & cash equivalents (61%), commercial paper (9%), corporate bonds (5%), U.S. Treasurys (12%), and Yankee certificates of deposit (13%).
  • The corporate bonds and commercial paper could fall in value and aren't as easily liquidated as the cash and cash equivalents holdings.
  • "Each USDC is backed by one dollar or asset with equivalent fair value, which is held in accounts with U.S.-regulated financial institutions," a Coinbase spokesman said in a statement to Bloomberg.
  • As recently as Monday, Aug. 9, Coinbase said on its website that USD Coin is backed by dollars held in a bank account.
  • On Monday, Circle Internet Financial said it wants to become a full-service federally chartered crypto bank.
  • Last month, Federal Reserve Chair Jerome Powell said stablecoins need increased regulation to protect their users.
 

Weather Man

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There is going to be a USA issued crypto tied directly to the dollar. It is also hard to see how the major credit cards don't get involved, if only by incorporating the security of crypto. Although, their might be a much cheaper way to do security than crypto.

So, the big retailers better get up to speed.
 

CompOrange04GT

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There is going to be a USA issued crypto tied directly to the dollar. It is also hard to see how the major credit cards don't get involved, if only by incorporating the security of crypto. Although, their might be a much cheaper way to do security than crypto.

So, the big retailers better get up to speed.

Its kinda weird.. you say credit card companies and retailers need to get on board


But you won’t lol
 

Weather Man

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Crypto has been around for a long time....we can see how it is playing out.

No, it's in its infancy.

If it does establish itself as a part of fiat currency, then it will not be an appreciating asset. What is surprising me is that the pace companies are creating new crypto's to service their customers securely. Maybe that will stop when nation state crypto's get established.

The case for crypto to be an appreciating asset into the future is hard to see. People can assign a value to pretty weird stuff, so money will be made and lost.
 

mysticsvt

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No, it's in its infancy.

If it does establish itself as a part of fiat currency, then it will not be an appreciating asset. What is surprising me is that the pace companies are creating new crypto's to service their customers securely. Maybe that will stop when nation state crypto's get established.

The case for crypto to be an appreciating asset into the future is hard to see. People can assign a value to pretty weird stuff, so money will be made and lost.
You should just put ALL your money in your mattress and see how everything plays out ;)
 

mysticsvt

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They have no idea how many actually exist, but they are worth $9,524, crazy.

Rumor of Satoshi sale hits Bitcoin
May 20, 2020 3:44 PM ET|About: Bitcoin USD (BTC-USD)|By: Stephen Alpher, SA News Editor


Cruising along with very volatility over about the past week, Bitcoin (BTC-USD) midday dropped about $400 in minutes after Whale Alert noted the transfer of 40 Bitcoin from a wallet that had been dormant since 2009.

The coins in the transaction were mined within the first month of Bitcoin's existence, says Whale Alert. It's possible the wallet was owned by Satoshi - the mysterious supposed creator of the crypto.

It could have been anyone, says Nic Carter, co-founder of Coin Metrics. Thousands may have been mining Bitcoin during that time.

Bitcoin has recovered a bit - currently down 1.2% to $9,524.

Your first post....Bitcoin was under 10K. Bitcoin has hit $46,899K....even then....you could have made a fortune had you invested. Meanwhile....tons of other coins are following the same path...and here you are just as you was then. Do you have the capability to learn? I guess you can't teach an old dog new tricks.
 

CompOrange04GT

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No, it's in its infancy.

If it does establish itself as a part of fiat currency, then it will not be an appreciating asset. What is surprising me is that the pace companies are creating new crypto's to service their customers securely. Maybe that will stop when nation state crypto's get established.

The case for crypto to be an appreciating asset into the future is hard to see. People can assign a value to pretty weird stuff, so money will be made and lost.

how is it honesty “ hard “ to see?

5 years ago compared to now…. It’s crazy the difference.
 

Weather Man

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how is it honesty “ hard “ to see?

5 years ago compared to now…. It’s crazy the difference.

Look at what the Fed has done in the last 5 years. With more stimulus, it probably won't slow down.

I am glad for all the guys making money off crypto, as I have said before. But when it comes to being a legitimate store of value, I'm with Warren Buffet.

I'm sure a 30 year old me would be all over it just like I was all over Intel and Microsoft when they first went nuts, made a LOT of money. That level of risk isn't acceptable to me now, even with a 1 to 3% position, which is the max I allow any individual asset in my portfolio.
 

VRYALT3R3D

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how is it honesty “ hard “ to see?

5 years ago compared to now…. It’s crazy the difference.

Just about every cryptocurrency has a small market share and capitalization. As such, it is highly dependent on other currencies and cannot stand alone. Since a central bank controls the money supply and the monetary policy, it can either allow crypto to exist or be hostile to it. Cryptocurrencies are always at risk of being cut out of intermediation and surveillance. As such, the cryptocurrency system has countercyclical effects and is therefore dependent on an elastic supply of money. As speculation continues to drive crypto purchases, it leads to more volatile spending. Credible currencies have price anchors to mediate speculation by having mechanisms in place to prevent high volatility.
 

Weather Man

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Wish I was rich enough to just let 2 and 3x gains go by the wayside. Must be nice!!!

It isn't about letting gains go by, it is about risk to assets and time available to recover from loss. If you fundamentally believe crypto isn't risky, your risk gauge is out of whack. But that risk gauge is also tied to what point of life you are at.

Now at a certain point of liquid wealth, age doesn't matter and they can risk assets knowing they have plenty in reserve. Less than 1% of Americans and probably less than .5% of Americans can afford to invest that way. I ain't one of them.
 

mysticsvt

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It isn't about letting gains go by, it is about risk to assets and time available to recover from loss. If you fundamentally believe crypto isn't risky, your risk gauge is out of whack. But that risk gauge is also tied to what point of life you are at.

Now at a certain point of liquid wealth, age doesn't matter and they can risk assets knowing they have plenty in reserve. Less than 1% of Americans and probably less than .5% of Americans can afford to invest that way. I ain't one of them.


Risky is investing more than you can afford to lose. I have about 14K...I can lose every penny and no worries. I've lost 30K on AMC in the last month, it'll come back up eventually. Few are investing more than they can afford to lose. Far as I am concerned the only losers are those watching from the side lines. I'm sure you ate out 5 times in the last month so you can afford to play, you choose not to.
 

CompOrange04GT

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Hell it’s not even about big investments…

lite coin for instance legit almost EVERY week.. I’d throw in $100 make some money rinse and repeat for WEEKS.

it was slow.. but that money started paying my vehicle payment haha
 

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