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Bitcoin
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Its not.
Actually a large group of people heavily invested in bitcoin are democrats living in the silicon valley area. Some drove prius and teslas. Do they wish the tech is greener? Yes of course! And thankfully some are the same developers writing code for bitcoin.
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Quote from MRItech
Its not.
Actually a large group of people heavily invested in bitcoin are democrats living in the silicon valley area. Some drove prius and teslas. Do they wish the tech is greener? Yes of course! And thankfully some are the same developers writing code for bitcoin.
I would argue that the heavy supporters of crypto in SV are very much of the libertarian bent. …
That disruptive, extralegal, extragovernmental streak of the Elon Musk/ Peter Thiel (“Crypto is libertarian, AI is Communist”) types. Some of the Crypto start-ups have seen a big clash over politics as their libertarian/right leaning leadership clashes with their liberal rank & file workforce.
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Nice peice in [i][Quartz[/i]
[link=https://qz.com/1284178/almost-half-of-cryptocurrency-and-bitcoin-bros-identify-as-libertarian/]https://qz.com/1284178/al…entify-as-libertarian/[/link]
“The Venn diagram between libertarians and crypto bros is so close its basically a circle”-
Why has Bitcoin gone up since the election in 2020
Much of it is driven by the trumpers who feel the world is ending and the US is on the verge of collapse
The same people buying gold when Obama was president are the same people buying Bitcoin today
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And some driven by people who are not trumpers. If you look at governmental debt, you can make the argument that republican party is more likely to abuse the federal reserves. Both republican and democratic parties are equally culpable. The solution is not trusting the right government, or distrusting the wrong government. The solution is take the money printing machine out of reach from any government.
Quote from Chirorad84
Much of it is driven by the trumpers who feel the world is ending and the US is on the verge of collapse
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There are some young newbies non trumpers playing the game too
Not sure they have much money to make an impact though
The stimulus checks are only so much
Most of this latest rally in Bitcoin though is from those libertarian/trumper types that think the world is ending
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Most of the rally came after the halving event. It happens every four years and so it seems to coincide with the presidential elections.
Quote from Chirorad84
There are some young newbies non trumpers playing the game too
Not sure they have much money to make an impact though
The stimulus checks are only so much
Most of this latest rally in Bitcoin though is from those libertarian/trumper types that think the world is ending
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Well the halving event occurred at the same time trump lost
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Incorrect. Halving occurred in May 2020 — almost half a year prior to the election And as referenced above, halving is on a 4 year cycle. Peak bull market cycles are historically 1.5 years after the halving (but we only have a couple cycles to base this upon).
Trump has nothing to do with Bitcoin. Bitcoin is bigger than Trump. It is bigger than the Democratic or Republican parties.-
Trump has nothing to do with Bitcoin but the trumpers who think the world is ending and that the US and Europe are on the verge of economic collapse are certainly the driving force for $hitcoin
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I dont think crypto is a monolith. There are people with all kinds of crazy views that own crypto, just like there are all kinds of crazy people who drives fords or toyotas.
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Bitcoin has limited supply by the program that created it. There is a finite number of bitcoins. Thus, the supply is decreasing and people hold it speculating the price will increase and it thus increase by simple supply / demand.
This will continue to drive the price higher as demand increases and supply doesnt change. Until it reverses, which will be equally fast and dramatic.
Its basically a deflationary asset.
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Quote from Waduh Dong
Bitcoin has limited supply by the program that created it. There is a finite number of bitcoins. Thus, the supply is decreasing and people hold it speculating the price will increase and it thus increase by simple supply / demand.
This will continue to drive the price higher as demand increases and supply doesnt change. Until it reverses, which will be equally fast and dramatic.
Its basically a deflationary asset.
Occasionally there will be accurate posts on this thread, here is another. Yes.
(except for the reversal doom suggestion) -
The supply is limited by design, but a significant amount of Bitcoin is lost for various reasons and supply may actually drop ….no one really knows what the supply will do.
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A finite supply doesnt mean current growth will continue. That was my point. There is only so much money in the world. For the price to keep going up , new money has to come in. When you have 1 trillion in market cap it takes a lot of money to significantly move the price, ie Bitcoin 100x from here would take a ton of money like tens of trillions of dollars and it would be easier for a new random crap coin to do 100x as they dont have near the market cap. You start running out of money in the world and that was the apple comparison, again also they cant really 100x unless the majority of money in the world flows into apple.
These are very basic concepts that people dont seem to understand.
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Bitcoin pumpers are really smarter than the rest of us
They get it
We arent quite as smart as them
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Btc will not go 100x
A few alt coins will. Many will do 10x.
Many also wont.
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Quote from dergon
Quote from MRItech
Its not.
Actually a large group of people heavily invested in bitcoin are democrats living in the silicon valley area. Some drove prius and teslas. Do they wish the tech is greener? Yes of course! And thankfully some are the same developers writing code for bitcoin.
I would argue that the heavy supporters of crypto in SV are very much of the libertarian bent. …
That disruptive, extralegal, extragovernmental streak of the Elon Musk/ Peter Thiel (“Crypto is libertarian, AI is Communist”) types. Some of the Crypto start-ups have seen a big clash over politics as their libertarian/right leaning leadership clashes with their liberal rank & file workforce.
____________
Nice peice in [i][Quartz[/i]
[link=https://qz.com/1284178/almost-half-of-cryptocurrency-and-bitcoin-bros-identify-as-libertarian/]https://qz.com/1284178/al…entify-as-libertarian/[/link]
“The Venn diagram between libertarians and crypto bros is so close its basically a circle”
You associate Elon Musk with ” AI is communist.”
the guy who is trying to design cars which drives themselves? You cannot make this up.
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That was a Peter Thiel direct quote, not Musk
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The broader point being that the logic of …
“Crypto has lots of supporters in Silicon Valley. Silicon Valley is liberal. Therefore crypto supporters are liberals”
… doesn’t hold.-
Silicon Valley more Libertarian than Liberal.
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Musk tweets … moves market.
[link=https://www.bloomberg.com/news/articles/2021-05-22/musk-tweets-he-supports-crypto-in-battle-against-fiat-currencies?srnd=premium]Musk Tweets He Supports Crypto in Battle Against Fiat Currencies[/link]
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And this ….
[link=https://www.bloomberg.com/news/articles/2021-05-22/larry-summers-says-crypto-has-chance-of-becoming-digital-gold]Summers Says Crypto Has Chance of Becoming Digital Gold[/link]
which tends to be where I come down on it. Gold has no particular intrinsic value, but it trades as a market overall agreement that it is a haven asset class.
BTC and other crypto could do that too. What that means to me is that the eventually settled-in trading value could be … anywhere. It could be $1000 it could be $1,000,000 … who the heck knows.
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Its likely that this is just another bear market in crypto and we will see a recovery and then some.
Unlike stocks which have intrinsic value (cash flows), crypto depends solely on popularity and investor sentiment (greater fool theory).
So buying the dip in crypto is harder because sentiment and demand may stay down. Or worse, people realize these tokens are worthless, have no cash flows, few to no rights, etc. Then this will be in the books like the other manias,
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Is this a dip
Or a downward trend
It lost over 40% of its value in a month
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This dip is nothing new for crypto.
You know stocks will recover eventually. They have some value beyond sentiment and popularity.
Bitcoin and many other cryptos have no value beyond what someone is willing to pay. Therefore much riskier.
Bitcoin is also probably being manipulated by whales since relatively few own a big chunk of the supply.
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Uhhhhhh ya think Bitcoin is being manipulated?
Basically some individuals always figure out ways to take fools money
You can see individuals on this board going down with the sinking ship all the while telling themselves that they are the smart ones
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You both referring to Elon Musk?
I question what he’s trying to do… His tweets doesn’t earn him money. He lost net value and stock price with every tweet, I wouldn’t consider that manipulation. “Shooting oneself in the foot” a better description. Try doing the reverse, you’ll find that its harder to do, even harder when BTC gains an even greater market cap. Its like trying to pump and dump the USD, or the Japanese yen… you can’t, not by yourself, not by a single entity.
Quote from Chirorad84
Uhhhhhh ya think Bitcoin is being manipulated?
Basically some individuals always figure out ways to take fools money
You can see individuals on this board going down with the sinking ship all the while telling themselves that they are the smart ones
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Musk announced he sold his Bitcoin holdings at that time the price was in the mid 50s
So he likely sold higher than when he announced it
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[Deleted by Admin]
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This thread is going to be funnier when by 2022 BTC is six figures +
Fossils don’t understand that volatility is a feature, not a bug – especially for a nascent technology.
Intrinsic value, lol, the old stupidity trotted out constantly. Enjoy your inflated fiats
Price BTC in gold, price stocks in gold
Only QQQ has had returns that slightly outdo the rapidly explanding M2, the SP doesn’t. BTC crushed both. But what I do I know, what’s technical analysis worse when you have fanbois of fossils like Munger and Buffet, whose time is over, saying irrelevant stuff or salty about how they can’t manipulate markets anymore. So choice.
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100% incorrect. Musk explicitly announced that Tesla sold 0% of their bitcoin accumulation.
FAKE NEWS.-
Show me where you saw that
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Quote from Chirorad84
Show me where you saw that
[link=https://www.cnbc.com/2021/05/16/elon-musk-suggests-tesla-is-dumping-bitcoin.html]https://www.cnbc.com/2021…s-dumping-bitcoin.html[/link]
In an early Monday morning tweet, Tesla CEO Elon Musk said the company has not sold any Bitcoin. -
Then he isnt as smart financially as he is engineering wise
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Chiro, where did you see that he/TSLA sold in the mid 50s?
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Reddit
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[link=https://www.google.com/amp/s/wap.business-standard.com/article-amp/international/elon-musk-says-tesla-sold-bitcoin-to-prove-liquidity-as-cash-alternative-121042800009_1.html]https://www.google.com/am…ve-121042800009_1.html[/link]
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Sold in mid 50s in April
So obviously he is not being completely truthful
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This article states that he sold 10% as a test of it’s liquidity back when bitcoin was booming. Afterwords he bought the stake back up completely. Misleading to say he sold his bitcoin stakes in the setting of the recent market moves. He didn’t really do that, at all.
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I agree with everything. Bitcoin- no intrinsic value, but valuable nonetheless because of how its traded. “Who the heck knows” is a good way to put it. But if you study the risk/returns profile, placing 5% of your assets into bitcoin is an calculated risk, not a gamble. If you lose it all, then its 5% lost. But there’s that non-trivial chance it can be 100x if it gains widespread acceptance.
Quote from dergon
And this ….
[link=https://www.bloomberg.com/news/articles/2021-05-22/larry-summers-says-crypto-has-chance-of-becoming-digital-gold]Summers Says Crypto Has Chance of Becoming Digital Gold[/link]
which tends to be where I come down on it. Gold has no particular intrinsic value, but it trades as a market overall agreement that it is a haven asset class.
BTC and other crypto could do that too. What that means to me is that the eventually settled-in trading value could be … anywhere. It could be $1000 it could be $1,000,000 … who the heck knows.
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Yes its great to drop 40-50% in a month
Builds character
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Reading a little about North Korea stealing Bitcoin
Interesting stuff
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Iran bans bitcoin mining as its cities suffer blackouts and power shortages
[link=https://www.cnbc.com/2021/05/26/iran-bans-bitcoin-mining-as-its-cities-suffer-blackouts.html?utm_term=Autofeed&utm_medium=Social&utm_content=Main&utm_source=Twitter#Echobox=1622053793]https://www.cnbc.com/2021…ter#Echobox=1622053793[/link] -
Quote from Chirorad84
Then he isnt as smart financially as he is engineering wise
Read: yet again I am unaware and keep running my mouth/fingers
first order thinkers, never cease to amaze -
[link=https://www.wsj.com/articles/sec-is-running-out-of-options-to-rein-in-elon-musk-11622670845?mod=e2tw]https://www.wsj.com/artic…k-11622670845?mod=e2tw[/link]
WSJ –
[h1][b]SEC Has Limited Options to Regulate Elon Musk[/b][/h1]
[h2]Tesla CEO has resisted demand for restraint in his public comments[/h2]The SEC sued Mr. Musk and [link=https://www.wsj.com/market-data/quotes/TSLA]Tesla[/link] Inc. [link=https://www.wsj.com/market-data/quotes/TSLA?mod=chiclets]TSLA 4.58% [/link]in 2018 [link=https://www.wsj.com/articles/federal-judge-approves-elon-musk-tesla-settlements-with-sec-1539699262?mod=article_inline]over tweets the regulator deemed fraudulent[/link], settling the case for a combined $40 million and changes to the companys corporate governance. As part of the deal, it also fashioned a unique way to restrain Mr. Musks social-media habit: forcing the company to preapprove any statement by its CEO that could move markets.
…
To get the result it wants, the SEC could double down on the policy by going back to federal court and asking a judge to hold Mr. Musk in contempt for violating it. The regulator also could try to unwind the whole deal and resume its fraud lawsuit against Mr. Musk, with the potential to have him barred from public markets. Neither option is appealing, according to securities lawyers and legal researchers.
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One weapon available to the SEC, Ms. Velikonja said, is seeking to have Mr. Musk barred from serving as an officer or director of a public company.
… Barring Mr. Musk from the company could hurt its future prospects and market value, risking shareholder harm, lawyers said. Absent fresh allegations of fraud by Mr. Musk, regulators probably wouldnt try it.
[/QUOTE]
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[h3][link=https://www.bloomberg.com/opinion/articles/2021-06-08/colonial-hackers-led-the-fbi-down-a-hot-wallet-trail-to-bitcoin-ransom?srnd=premium]Colonial Hackers Broke the Fundamental Bitcoin Rule[/link][/h3] Getting the money is always the weak point in any kidnapping or hijacking scheme, and this one was no different.
So now the FBI had the address where 75 Bitcoins were paid, and they had a search tool that could track movement at that address. In analog times, this would be akin to making a drop to a post-office box and having the feds camped outside waiting for the perpetrator to pick it up.
…
Somehow, they had the private key for this last address. Most cryptography works on a public-private key protocol. The public key can be thought of as similar to an email address, and the private key the password. Except these passwords are extremely long and almost impossible to guess.
Law enforcement agencies dont like to share their tradecraft, so how the FBI managed to get the key to this stash isnt yet public. Theres a chance that the FBI hacked the hackers, or that someone else did and passed the key to the Bureau. Or maybe an informant handed it over.[/QUOTE]
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If they went with a briefcase of cash, theyd still have it
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Pigs get slaughtered
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[link=https://www.bloomberg.com/news/articles/2021-06-09/crypto-is-wild-west-needing-consumer-protections-warren-says?utm_campaign=socialflow-organic&cmpid=socialflow-twitter-business&utm_source=twitter&utm_content=business&utm_medium=social]https://www.bloomberg.com…&utm_medium=social[/link]
Warren calls for increased US oversight of the crypto markets, calls it the “wild west”
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[link=https://www.bloomberg.com/news/articles/2021-06-10/bitcoin-put-in-highest-risk-category-in-bank-capital-proposal?srnd=premium]Banks to Face Stiff Bitcoin Capital Requirements[/link][/h3] Volatility in the market means banks should be prepared to lose all their money.
[blockquote] The Basel Committee on Banking Supervision said on Thursday that the banking industry faces increased risks from cryptoassets because of the potential for money laundering, reputational challenges and wild swings in prices that could lead to defaults.
The panel proposed that a 1,250% risk weight be applied to a banks exposure to Bitcoin and certain other cryptocurrencies. In practice, that means a bank may need to hold a dollar in capital for each dollar worth of Bitcoin, based on an 8% minimum capital requirement. Other assets with this highest-possible risk weighting include securitized products where banks have insufficient information about underlying exposures.
The growth of cryptoassets and related services has the potential to raise financial stability concerns and increase risks faced by banks, the Basel Committee, which includes the Federal Reserve and European Central Bank, said in [link=https://www.bis.org/bcbs/publ/d519.htm]the report[/link]. The capital will be sufficient to absorb a full write-off of the cryptoasset exposures without exposing depositors and other senior creditors of the banks to a loss.[/blockquote]
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Bitcoin pops back above $39,000 after Musk suggests Tesla could accept the cryptocurrency again
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It seems the revolution is on track.
[link=https://www.forbes.com/sites/roberthart/2021/06/09/el-salvador-makes-history-as-worlds-first-country-to-make-bitcoin-legal-tender/?sh=40763db2eaa3]El Salvador Makes History As Worlds First Country To Make Bitcoin Legal Tender (forbes.com)[/link]-
Wow
I stand corrected
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Wait I thought Bitcoin people were arguing that it is not a currency
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Not yet it isnt. Thats why there arent more countries joining yet.
El Salvador is currently using USD as legal tender. They have the most to gain and least to lose accepting bitcoin. Might be why they are willing to accept the trade-offs. When the sidechain technology matures, other nations will follow suit.
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El Salvador trades horses and cattle for goods
You are definitely on your way
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The FBI is probing whether foreign governments, groups or individuals funded Capitol rioters using Bitcoin, says report
[link=https://www.google.com/amp/s/www.businessinsider.com/fbi-investigates-foreign-bitcoin-funding-for-capitol-rioters-nbc-news-2021-1%3famp]https://www.google.com/am…-nbc-news-2021-1%3famp[/link]
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[link=https://www.bloomberg.com/news/articles/2021-06-18/crypto-meme-stocks-michael-burry-warns-about-mother-of-all-crashes?srnd=premium]Michael Burry Warns Retail Traders About the Mother of All Crashes’ in Crypto/Memes
[/link]
[b] [/b]
Michael Burry, who became a household name after his winning bet against mortgages was featured in The Big Short, issued a series of tweets on Thursday warning individual investors about losses the size of countries in the event of crypto and meme-stock declines.
All hype/speculation is doing is drawing in retail before the mother of all crashes, Burry wrote on Twitter before the posts were deleted. When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries. History aint changed.…
Burry isnt alone in his recent warnings about the cryptocurrency space. Mark Cuban, the billionaire owner of the Dallas Mavericks and an early crypto adopter, revealed to his Twitter followers this week that hed been hit by the drop from roughly $60 to $0 of the DeFi Titanium token, part of a stablecoin project called Iron Finance.[/QUOTE]
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I don’t think the FSEC is doing enough to regulate here. On Crypto or meme stocks. There’s people that are high profile on twitter or other outlets that plugging this stuff. Like “davey day trader” Dave Portnoy from Barstool. It’s not the same as like Jim Cramer who hits his buy button. Jim goes over fundamentals. Whereas these twitter people are just using their platforms to plug stuff.
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[link=https://www.bloomberg.com/news/articles/2021-06-22/bitcoin-s-drop-closer-to-30-000-stirs-fears-of-a-deeper-selloff?srnd=premium]China Crypto Clampdown Sends Bitcoin Closer to Key $30,000 Level[/link]
Chinas latest broadside came Monday, when the nations central bank said it had summoned officials from the biggest lenders as well as AliPay to reiterate a ban on cryptocurrency services. Concerns about the environmental impact of the energy-hungry computers that underpin Bitcoin also continue to swirl. Chinese officials are already trying to root out crypto mining operations.
[link=https://www.bloomberg.com/news/articles/2021-06-21/bitcoin-forms-death-cross-as-selloff-shows-no-sign-of-reprieve?srnd=premium]Bitcoin Forms Death Cross as Selloff Shows No Sign of Reprieve[/link]-
Quote from dergon
[link=https://www.bloomberg.com/news/articles/2021-06-22/bitcoin-s-drop-closer-to-30-000-stirs-fears-of-a-deeper-selloff?srnd=premium]China Crypto Clampdown Sends Bitcoin Closer to Key $30,000 Level[/link]
Chinas latest broadside came Monday, when the nations central bank said it had summoned officials from the biggest lenders as well as AliPay to reiterate a ban on cryptocurrency services. Concerns about the environmental impact of the energy-hungry computers that underpin Bitcoin also continue to swirl. Chinese officials are already trying to root out crypto mining operations.
[link=https://www.bloomberg.com/news/articles/2021-06-21/bitcoin-forms-death-cross-as-selloff-shows-no-sign-of-reprieve?srnd=premium]Bitcoin Forms Death Cross as Selloff Shows No Sign of Reprieve[/link]
their motivation is much more suspect. Crypto transactions being hard or impossible to trace. So the government can’t keep tabs on their people. They are the prime example of surveillance state and for nefarious purposes.
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Quote from DICOM_Dan
Crypto transactions being hard or impossible to trace.
Not quite… Pseudonymity is quite different from anonymity. Yes, anyone can create a brand new anonymous account to transact in bitcoin. But that account can only maintain anonymity if no more transaction is made. The more transactions made, the likelier the account can be linked to the owner. Once the identity is disclosed, every single transaction ever made on the account can be traced. So quite the contrary, bitcoin transactions are more traceable than the renminbi.
I don’t believe the “meeting climate goals” bullshit that the CCP claimed either… But I think the reason for the bitcoin minding crackdown is not nearly as conspiratorial as you made it sound. Coal is heavily subsidized by the chinese government so that the poor villagers in the rural areas can stay warm. They just don’t want bitcoin miners to strike rich on the generous government subsidies.-
China shutting down Bitcoin is good for it in the long run. No one in the community wanted 60% of mining centralized in China run by coal energy. Plenty of cheap clean power in plenty of places all over the world.
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[link=https://www.forbes.com/sites/billybambrough/2021/06/24/crypto-price-alert-jpmorgan-issues-fair-value-bitcoin-warning-as-ethereum-binances-bnb-cardano-xrp-and-dogecoin-lose-billions/?sh=52e8b6f13ca7]https://www.forbes.com/si…lions/?sh=52e8b6f13ca7[/link]
[b] JPMorgan Issues Serious Bitcoin Warning As Ethereum, Binances BNB, Cardano, XRP And Dogecoin Lose Billions [/b]
“It would still take price declines to the $25,000 level before longer-term momentum would signal capitulation,” JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note first reported by [link=https://www.bloomberg.com/news/articles/2021-06-24/jpmorgan-says-grayscale-share-sales-extra-headwind-for-bitcoin][i]Bloomberg[/i][/link], giving bitcoin a fair value between $23,000 and $35,000 over the medium term, based on a comparison of its volatility versus gold.
“Despite this weeks correction we are reluctant to abandon our negative outlook for bitcoin and crypto markets more generally,” the analysts wrote, adding that though there has been “some improvement, our signals remain overall bearish.”
Meanwhile, the bank’s strategists also warned the potential unlocking of shares in the Grayscale Bitcoin Trust (GBTC) could become a source of downside risk for the bitcoin price.
“Selling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin,” JPMorgan analysts wrote. The Grayscale Bitcoin Trust, the largest digital asset fund manager, allows institutional investors to gain exposure to bitcoin through shares in the trust, which currently holds just over 650,000 bitcoin tokens3% of bitcoin’s supply.
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Quote from dergon
[link=https://www.forbes.com/sites/billybambrough/2021/06/24/crypto-price-alert-jpmorgan-issues-fair-value-bitcoin-warning-as-ethereum-binances-bnb-cardano-xrp-and-dogecoin-lose-billions/?sh=52e8b6f13ca7]https://www.forbes.com/si…lions/?sh=52e8b6f13ca7[/link]
[b] JPMorgan Issues Serious Bitcoin Warning As Ethereum, Binances BNB, Cardano, XRP And Dogecoin Lose Billions [/b]
“It would still take price declines to the $25,000 level before longer-term momentum would signal capitulation,” JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note first reported by [link=https://www.bloomberg.com/news/articles/2021-06-24/jpmorgan-says-grayscale-share-sales-extra-headwind-for-bitcoin][i]Bloomberg[/i][/link], giving bitcoin a fair value between $23,000 and $35,000 over the medium term, based on a comparison of its volatility versus gold.
“Despite this weeks correction we are reluctant to abandon our negative outlook for bitcoin and crypto markets more generally,” the analysts wrote, adding that though there has been “some improvement, our signals remain overall bearish.”
Meanwhile, the bank’s strategists also warned the potential unlocking of shares in the Grayscale Bitcoin Trust (GBTC) could become a source of downside risk for the bitcoin price.
“Selling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin,” JPMorgan analysts wrote. The Grayscale Bitcoin Trust, the largest digital asset fund manager, allows institutional investors to gain exposure to bitcoin through shares in the trust, which currently holds just over 650,000 bitcoin tokens3% of bitcoin’s supply.
I feel like not too long ago JPM said Bitcoin going to $146k. This was in January.
[link=https://www.cnbc.com/2021/01/05/jpmorgan-bitcoin-price-could-rise-to-146k-as-it-competes-with-gold.html]https://www.cnbc.com/2021…ompetes-with-gold.html[/link]
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[link=https://www.bloomberg.com/news/articles/2021-06-27/u-k-financial-regulator-bars-crypto-exchange-binance?srnd=premium]Crypto Exchange Binance Banned From Doing Business in U.K.[/link]
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[link=https://www.nytimes.com/2021/07/30/us/politics/infrastructure-deal-cryptocurrency.html]Infrastructure Deal Puts Cryptocurrencies in Washingtons Cross Hairs
[/link]
In a hunt for funds to help pay for the Senates [link=https://www.nytimes.com/2021/07/28/us/politics/senate-infrastructure-deal.html]bipartisan infrastructure package[/link], lawmakers have turned to the cryptocurrency industry as a potential source of tax revenue and are proposing tougher scrutiny of digital transactions.
A provision of the package would require cryptocurrency brokers and investors to provide more disclosure about their transactions to the Internal Revenue Service.
The aim is to bring more transparency to an opaque sector, which critics argue is a haven for money laundering and tax evasion. But the provision also underscores the realization in Washington that the [link=https://www.nytimes.com/2021/07/16/business/dealbook/crypto-powell-regulators.html]$2 trillion industry is here to stay[/link] and offers a new opportunity to generate federal tax revenue.
By strengthening tax enforcement on such digital assets, the federal government could raise $28 billion over a decade, according to an estimate by the Joint Committee on Taxation, which analyzed the plan. While that would be just a small fraction of the $550 billion that lawmakers have proposed in new federal spending on infrastructure, it is among the [link=https://www.nytimes.com/2021/07/28/business/economy/infrastructure-deal-takeaways.html]few fresh sources of revenue[/link] included in the plan.
The potential for more federal scrutiny of crypto transactions is rattling nerves in the nascent financial technology industry, which has so far escaped the kind of rigorous oversight applied to traditional financial services.[/QUOTE]
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[link=https://www.washingtonpost.com/politics/2021/08/06/crypto-bitcoin-infrastructure-senate/?utm_source=rss&utm_medium=referral&utm_campaign=wp_politics]Cryptocurrency brawl bogs down infrastructure bill, as Yellen and White House fight off changes[/link]
The Biden administration is pushing back against a last-minute effort by a bipartisan group of senators to limit a proposal in the [link=https://www.washingtonpost.com/us-policy/2021/08/01/senate-infrastructure-bill-debate/?itid=lk_inline_manual_2]infrastructure bill[/link] to increase federal regulation of cryptocurrencies. The fierce lobbying push helped stall plans to finish voting on the bill Thursday night, and now it appears debate will stretch into the weekend.
Treasury Secretary Janet Yellen spoke with lawmakers Thursday to raise objections to the effort led by Senate Finance Chairman Ron Wyden (D-Ore.) and two Republican senators to weaken the legislations proposed cryptocurrency reforms, according to two people who spoke on the condition of anonymity to share details of private conversations. Yellen lobbied Wyden about the matter, the people said.
Last month, the White House and Sen. Rob Portman (R-Ohio) agreed to a proposal to require increased tax compliance for cryptocurrency brokers as a way to help pay for the bipartisan infrastructure bill. The deal came under intense criticism from cryptocurrency investors, who have [link=https://finance.yahoo.com/news/coinbase-ceo-brian-armstrong-says-192444291.html]argued [/link]it would give the Biden administration sweeping powers to virtually cripple the growing field of cryptocurrencies.
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[link=https://inshorts.com/en/news/crypto-is-a-limited-supply-of-nothing-billionaire-john-paulson-1630329410618]https://inshorts.com/en/n…-paulson-1630329410618[/link]
[link=https://inshorts.com/en/news/crypto-is-a-limited-supply-of-nothing-billionaire-john-paulson-1630329410618]Cryptocurrency: “A limited supply of nothing” …: Billionaire John Paulson
[/link]Billionaire John Paulson, who bet against US housing market over a decade ago, told Bloomberg, “Cryptocurrencies are a bubble. I would describe them as a limited supply of nothing.” Stating that he’s not a believer of cryptocurrencies, he said, “[They] will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero.”
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BTC is going to fly the 2nd half of this year. Not financial advice.
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[Deleted by Admin]
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Paulson is talking his book. Bitcoin is setup for 100K (small position in GBTC)
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I bought 50k of Solana
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Quote from docholliday126
Paulson is talking his book. Bitcoin is setup for 100K (small position in GBTC)
It’s always the legacy guys that say “crypto” instead of “fiat”.
I wonder why.
Those who haven’t figured it out, won’t. What’s more, it doesn’t matter if Paulson is wrong = no skin in the game.-
Quote from Intermittent Blasting
Quote from docholliday126
Paulson is talking his book. Bitcoin is setup for 100K (small position in GBTC)
It’s always the legacy guys that say “crypto” instead of “fiat”.
I wonder why.
Those who haven’t figured it out, won’t. What’s more, it doesn’t matter if Paulson is wrong = no skin in the game.
Few.-
I got some solana in June and July 35 and 25. Wish I put in more. I decided to get more Ethereum and BTC instead. I didnt pay much attention to it until this afternoon when saw it show up google when I used the search engine to read about store hours. I figured it eventually go up since things seemed on discount earlier including Bitcoin if Ethereum does go to 30 k at some point and Bitcoin goes proportionally higher then I will be a happy camper. I do have some losers but they were cheap when I bought them so I havent loss money on them or not so much.
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[link=https://www.yahoo.com/news/donald-trump-says-cryptocurrencies-disaster-110206031.html]https://www.yahoo.com/new…isaster-110206031.html[/link]
Trump not a fan of crypto
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