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How many furries know what Bitcoin is?

Do you know what Bitcoin is?

  • Yes.

  • I have heard of it but don't really know much.

  • Isn't it like, a dark web thing?

  • Never heard of it.


Results are only viewable after voting.

Kope

Artist?
Banned
Not really, since international financial regulations are mainly used to control and oppress. Read Confessions of an Economic Hitman some time. Or remember the Cantilon Effect I mentioned. It's why El Salvador and now many other countries are looking to Bitcoin for salvation, and why so many in Bitcoin are motivated to make it work no matter the price.View attachment 132105


Nothing sudden about it. I kept telling you that's the reason I and many others are in Bitcoin. You and others keep saying it's to make money on it going up, or to sell my bags to someone else, but it's always been to give people freedom from financial oppression.


They don't have enough. Even the totalitarian nightmare surveillance state of Communist China doesn't have enough.


In Europe there's a popular payment method called MB Way, where you see a QR code on the permanent terminal, and you just scan it with your banking app. Same concept. But that's if you want to have control of your money. I agree most people will just keep trusting their bank with it, so they'll just use Bitcoin with their debit card, which they can already,



Depends on the country. People in Venezuela have no problem using it, since they know their country's financial regulations and government are extremely corrupt.

But like I said, I'm not worried about KYC on non-custodial wallets. The concept is too stupid to even consider.


I'm not a liar. As I said, you'll just dismiss any proof as conspiracy.
“but it's always been to give people freedom from financial oppression.”

If you want to give me some freedom from financial oppression through some extra Bitcoin you have I’l I’d be willing to accept your offer :3
 

Rassah

Well-Known Member
While people were panicking and selling last week, thinking "crypto is crashing," guess who was buying it all up? Once again smart money knows what's up.
FB_IMG_1652900112153.jpg
 

Rassah

Well-Known Member
“but it's always been to give people freedom from financial oppression.”

If you want to give me some freedom from financial oppression through some extra Bitcoin you have I’l I’d be willing to accept your offer :3
Post a Bitcoin address here, see what happens.
 

Kope

Artist?
Banned

Yakamaru

Worshiper of Monster
While people were panicking and selling last week, thinking "crypto is crashing," guess who was buying it all up? Once again smart money knows what's up.
View attachment 132124
And now finally people can stop doing altcoins. Hopefully?
 

Yakamaru

Worshiper of Monster
The ones worth keeping will survive, I posit. The ones that offer something useful.
Yup. The ones with hard limits like Litecoin, preferably. Dogecoin was a meme coin but it made me richer, but that one's going the way of the dodo due to no hardcoded limit. Friend of mine made 200k out of it funnily enough.
 

Rassah

Well-Known Member
Most coins, including Litecoin, are going away and are generally a terrible investment. There is no "the new Bitcoin" or "better than Bitcoin." Even ETH has caveats.
 

KimberVaile

Self congratulatory title goes here
Most coins, including Litecoin, are going away and are generally a terrible investment. There is no "the new Bitcoin" or "better than Bitcoin." Even ETH has caveats.
The market will determine which coins have use cases, I am fairly sure. Most bad projects don't survive long market downturns.
 

Releaseone

New Member
Bitcoin is characterized as a digital currency that operates free of any central control or the oversight of banks or governments. At least, this was the case in the beginning. Now governments are adapting to the new reality, and they have started understanding that bitcoin and cryptocurrency overall will be around for longer than they expected. Now there are regulations the government is imposing. If you are new to cryptocurrency, my main advice is to be careful and study the crypto before buying/investing. I am lately following https://bhero.com and the projects they invest in or work with.
 

Miles Marsalis

The Last DJ.
@Rassah , out of morbid curiosity, have you been keeping your Bitcoin holdings over the last six months or did you sell with the hope of buying low later and riding the rise, however unlikely, back up again? I remember you saying you were maintaining your holdings no matter what and that the vast majority of your assets were in Bitcoin, so I'm interested to know if you're actually riding this out.
 

Rassah

Well-Known Member
@Rassah , out of morbid curiosity, have you been keeping your Bitcoin holdings over the last six months or did you sell with the hope of buying low later and riding the rise, however unlikely, back up again? I remember you saying you were maintaining your holdings no matter what and that the vast majority of your assets were in Bitcoin, so I'm interested to know if you're actually riding this out.
I and other wealthy holders don't sell. No point to. No one can predict bottoms, and selling would just add tax issues. I'm also finally selling of my two properties in the next 30 days with preparations to move to Europe, so I'm looking forward to buying about $400k of it cheap now. I rode the one from $32 to be$2.50 down, the $1200 one, and the $20k one, buying all the way down. So this isn't my first rodeo. Remember, this isn't about the short term valuation and volatility for us. It's still about forcing replacement of all central banking, with something that is deflationary and thus is guaranteed to go up long term.
 

idkthough120

blue/teal bat thing.
its not a bitcoin if i dont get to play NES games on it
 

Miles Marsalis

The Last DJ.
I and other wealthy holders don't sell. No point to. No one can predict bottoms, and selling would just add tax issues. I'm also finally selling of my two properties in the next 30 days with preparations to move to Europe, so I'm looking forward to buying about $400k of it cheap now. I rode the one from $32 to be$2.50 down, the $1200 one, and the $20k one, buying all the way down. So this isn't my first rodeo. Remember, this isn't about the short term valuation and volatility for us. It's still about forcing replacement of all central banking, with something that is deflationary and thus is guaranteed to go up long term.
Putting aside the six month slide down, you sure that it is wise to buy Bitcoin instead just keep the liquid cash? There are different regulatory frameworks in place in key markets that weren't for previous Bitcoin busts. This decline feels a lot systemic than the others. Institutional investors were responsible for the 2020 surge and they're arguably the ones driving this drop currently. Also, am I misremembering you saying that you invest 90% of assets in Bitcoin?
 

Rassah

Well-Known Member
Putting aside the six month slide down, you sure that it is wise to buy Bitcoin instead just keep the liquid cash? There are different regulatory frameworks in place in key markets that weren't for previous Bitcoin busts. This decline feels a lot systemic than the others. Institutional investors were responsible for the 2020 surge and they're arguably the ones driving this drop currently. Also, am I misremembering you saying that you invest 90% of assets in Bitcoin?
We should put aside six months slide down, since they're systematic of instant gratification culture and high time preference, created by, or at least influenced by our inflationary economy where people want to get stuff now rather than save up and get stuff later. Look at it over the long term.
Keeping liquid cash is problematic. Selling Bitcoin means you permanently lose a portion of your wealth to taxes. Bitcoin would have to fall by 15% to 25% more for you to buy in to break even. Moving it into cash means it's now in a bank, which is only insured for $250k, and could freeze your money until you explain there it came from. Unless you trade into one of those stablecoins that track the dollar, and those aren't very safe right now. Cash is also inflating hard right now, where official figure is 8.5% but I'm pretty sure we have been above 10% unofficially for two years. And then there's this. No one can predict the bottom and I've seen this so many times (imagine everyone who just sold at $17k expecting to buy in at $14k)
IMG_20211007_113548_538.jpg


Regarding the cause of the drop, it wasn't institutional investors exactly. The first one was thanks to Luna, such ran a stablecoin that was stable not by USD backing but with an algorithm. It basically shorted its own coin, so if the coin goes down in value, it earns more on the short and can use that to prop the coin back up. It was sort of like this.
2bfa9e242cc5a4824a2de96dff43696acb530cec1431cfbb38614e089dc8008a_1.jpg


And of course that Rube Goldberg idea inevitable failed. But it had a ton of money invested and backing it by this time, so when it started crashing hard, the algo bot that was trying to prop it up ended up selling 80,083 bitcoin to try to save it. That's $2.4 billion dollars, dumped on the market within a day or two. Institutions would've sold slowly, this was just dump. That's what caused the drop from $40k to $30k.
Oh, I should mention that before this, there was concern about some exchanges having issues, or new regulations being considered causing your money to get stuck on exchanges, so people started pulling money out of exchanges to store on their own wallets. It wasn't anything concrete, just general concern with calls to get your money out. This resulted in very shallow market, meaning it was easier to move the price with less money.
The next crash was caused in large part by a Bitcoin lending company called Celsius. It lets you borrow USD using BTC at ridiculously low interest rates, and lets you earn interest by buying and "staking" certain coins like they were a savings account paying a guaranteed fixed interest. I've been warning about that company being sketchy and possibly a ponzi for over a year now. Once the price of Bitcoin crashed due to Luna dump, and forced other altcoins to crash too (they all just follow Bitcoin), as ponzis do when money contracts, Celsius got into major trouble and froze withdrawals. It also caused a bunch of margin calls on its network, where the collateral backing your loan becomes too low, so they're forced to sell your collateral to pay off the loan before its value drops below the value of your loan. This forced selling, and panic about such a big company locking up funds, caused the price to drop, which forced more margin calls, causing more selling, causing more margin calls, etc. In all, over a billion worth of Bitcoin was force sold again, driving the price from $30k to $20k. The little bit of a drop from $20 to $17 and back to $20 was just some leftover margin calls and liquidations by other smaller companies.
Big institutions, like Microstrategy, Blackrock, Tesla, and various banks haven't sold and didn't get margin called or liquidated, since they just hold Bitcoin. The big whales I know who hold a whole lot of Bitcoin didn't sell either. Only ones who lost were a few who gambled with a bit of their extra money on those staking coins that paid interest, which mostly fell now.
Overall, while the price crash sucked, it was a good thing because it forcefully cleared out any scams, ponzies, worthless "DeFi" schemes (Decentralized Finance, which are algorithmic investment or savings schemes running in smart contract platforms, but which turned out to be not as decentralized as people though, and were run by some scammers who had most of the DeFi tokens and used them for pump and dump scams), and many of the shitcoin altcoins and NFTs that had no real value. It also hopefully means falling GPU prices so I can finally ungrade my gaming PC.
And I've really f'ed up part about all this, is that Bitcoin and crypto is regulated. It's subject to FinCEN, banking, and SEC regulations, depending on the coin. Things like Celsius and those staking coins that promise a return were subject to SEC regulations as investments. But SEC did absolutely nothing about them, even though they were blatant violations of its regulatory requirements, and had SEC looked at them it would've made them instantly illegal for now-obvious reasons. So SEC is completely guilty of dereliction of their duty. This crash, which was caused entirely by these obvious scams and dumb ideas, which Bitcoin had nothing to do with, is entirely the fault of SEC, government, failing to do its job. And now some opportunistic politicians will be using this as an excuse that "We need more regulations! We need to restrict this stuff!" when more regulations aren't going to do anything since the regulatory agency isn't even doing the job of enforcing the regulations that exist...
 

Miles Marsalis

The Last DJ.
@Rassah , let's not quite ignore the last six months (eight months, really), since this is a long-term trend and one that responsible elements in the finance industry have been warning about for awhile, but particularly last year. The cryptocurrency industry has been unregulated for some time and trading on overblown speculation, which has now come back roost even though Bitcoin is supposed be an inflation hedge. ;)

Not too long ago, you were deriding FinCEN, the SEC (actually you accused the SEC having "mafia" ties and engaging in criminal conduct), and lawmakers as being restrictive in imposing new regulations and reporting standards on the cryptocurrency industry. Now you're blaming them for not policing the industry enough when this is a mess the industry created itself, which has long attracted fraudulent actors.

However, I think we'll see if the Bitcoin crash bottoms out for real come Tuesday.
 

Rassah

Well-Known Member
@Miles Marsalis Let's not ignore eight months, but that's very short term. We have to take long term into consideration. And long term, a few years from now, it will continue to be up.
Yep, the Bitcoin industry has been warning about these scams and shitcoins for a while. And despite there being regulations, the regulatory agencies did nothing to stop it. Bitcoin is still an inflation hedge though. Since $7 trillion USD started to be printed, Bitcoin is up over 100%. And it will continue to go up, because the cause of the crash wasn't Bitcoin, but all those other things.

Yep, not too long ago I was deriding SEC for having Mafia ties, being selective with whom they pursue, being too restrictive on some businesses where they basically force them out, while looking the other way with others. Basically I accused them of being bullies who harass businesses for personal gain but who otherwise fail to do their jobs, like they failed with Enron, 2008 crash, and others.

And now, these "coins" and "investments" were obvious securities, and Celsius was a somewhat obvious scam with the interest rates it promised, and... Looks like I was proven right again. Though, thanks for reminding me, I didn't consider this aspect of it. Would be interesting to see if Celsius had a multimillion dollar deal with the SEC too.
 

Rassah

Well-Known Member
Bitcoin goes down in Fridays because in a trade where you need dollars to buy with or bitcoins to sell, you can't get dollars into the exchange to buy with, but you can get Bitcoin into the exchange to sell. So once all the buying dollars are used up, there's nothing left to prop up the price of bitcoins that are still being sold.
We'll see if it's different this time, and more dollars being deposited into exchanges will somehow make Bitcoin price go down instead.
 

Miles Marsalis

The Last DJ.
@Miles Marsalis Let's not ignore eight months, but that's very short term. We have to take long term into consideration. And long term, a few years from now, it will continue to be up.
Yep, the Bitcoin industry has been warning about these scams and shitcoins for a while. And despite there being regulations, the regulatory agencies did nothing to stop it. Bitcoin is still an inflation hedge though. Since $7 trillion USD started to be printed, Bitcoin is up over 100%. And it will continue to go up, because the cause of the crash wasn't Bitcoin, but all those other things.

Yep, not too long ago I was deriding SEC for having Mafia ties, being selective with whom they pursue, being too restrictive on some businesses where they basically force them out, while looking the other way with others. Basically I accused them of being bullies who harass businesses for personal gain but who otherwise fail to do their jobs, like they failed with Enron, 2008 crash, and others.

And now, these "coins" and "investments" were obvious securities, and Celsius was a somewhat obvious scam with the interest rates it promised, and... Looks like I was proven right again. Though, thanks for reminding me, I didn't consider this aspect of it. Would be interesting to see if Celsius had a multimillion dollar deal with the SEC too.
I fail to see your baseless conspiracy theories about the SEC having links to mafia elements and threatening to assassinate people translates into you being. Furthermore, the cryptocurrency industry has been largely unregulated up to now ... which means the SEC was inherently limited in any kind of intervention there, except for blatant violations like offering securities with registering with them. The cryptocurrency industry was also clearly lobbying for lax regulations and they are reaping what they sowed.

It's also ludicrous that Celsius had any kind of arrangement with the SEC as well, though reality seems not to temper your speculation, as this crash is evidence.

As for Bitcoin as an inflation hedge ... it's clearly not performing like one right now, sinking like a stone as it is. Offering vague assurances that Bitcoin will recover and is still a sound investment, or much more an viable payment system capable of supporting an economy doesn't change that fact.
 

Rassah

Well-Known Member
I fail to see your baseless conspiracy theories about the SEC having links to mafia elements and threatening to assassinate people translates into you being. Furthermore, the cryptocurrency industry has been largely unregulated up to now ... which means the SEC was inherently limited in any kind of intervention there, except for blatant violations like offering securities with registering with them. The cryptocurrency industry was also clearly lobbying for lax regulations and they are reaping what they sowed.

It's also ludicrous that Celsius had any kind of arrangement with the SEC as well, though reality seems not to temper your speculation, as this crash is evidence.

As for Bitcoin as an inflation hedge ... it's clearly not performing like one right now, sinking like a stone as it is. Offering vague assurances that Bitcoin will recover and is still a sound investment, or much more an viable payment system capable of supporting an economy doesn't change that fact.
Why was the SEC inherently limited? Crypto is subject to regulations and SEC has pursued, and even arrested and jailed some crypto operators before. As has FinCEN for prior operating crypto banks and crypto trades without licence or reporting. These "staking" coins and investment funds were clearly securities. Yet while going after some people, SEC completely ignored this for a year. Since when has SRC listened to anyone when asked to not regulate?

Why is it so ridiculous SEC had an arrangement with Celsius? I'm not saying they do, but SEC has had arrangements with others. They agreed not to pursue Ethereum as a security for example, despite spending a year building a case against it. And Celsius was clearly doing sketchy shit that should've been investigated. Yet, SEC didn't...

When you say "though reality seems not to temper your speculation, as this crash is evidence," what do you mean? The reality, this evidence, is the SEC failed to do their job. My speculation is that SEC doesn't actually do its job...

All investments, even inflation hedges, can have issues. Bitcoin didn't sink like a stone because it failed to keep up with inflation, obviously. It didn't sink like a stone because a bunch of dollars were printed. You claiming that Bitcoin isn't a hedge, because it failed temporarily for completely different reasons, doesn't change that fact either. Fact still remains: dollars get printed to infinity, bitcoins are limited to 21 million. That's all that matters really.
 

herness

Member
I know what is bitcoin and even invested a little in few different crypto but probably not gonna do that anymore until i have more information about the blockchain technology and all the regulations. This article explains very well what is crypto currency license and how to legally buy it in lithuania. It is a first step to being professional in this subject and actually starting making some cash with it.
 
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