Crypto Currency Warning: Coinbase Cuts Off 25K Russian Wallets!
- Thread starter Goldhedge
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I've only used a Ledger so I haven't compared to others. But it does the job.
I noticed that on the current tax return they do ask if you have bought any crypto currency. I know that if you try to buy on any exchange now there is a KYC requirement so even if you buy and lock the crypto in a wallet and take it off the exchange the govt will know you have it.
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Which is why private party transactions are all that's left. The US fed gov has been attacking any crypto exchange that doesn't spy on you for the past decade. All while people here claimed bitcoin has to be a scam, else the gumbymint would be attacking it. Hell, the last time I bought bitcoin, I paid cash at a cell phone store for a receipt with a code on it that was re-deemable online. Gone. Just like every other anonymous path. The US government despises economic freedom...for you. They simply will not allow it. At this point, I rather buy mining equipment than doxing myself on an exchange. No thank you.
One could conclude that crypto investors stepping in here to "buy the dip" are every bit as mistaken as the same types doing so in nasdaq darlings. Apart from the obvious double top formation on the weekly chart, there's the likelihood that ^BTCUSD goes back to test long term support...which is a long way down. It's not cheap here...it's just less expensive imo.
Switch to the real inflation hedge...this site's namesake as well as its non-yellow cohorts.
I understand your points. If you believe the banks run the govt what purpose would it serve for the govt to want you out of crypto at this point? Do they want to confiscate it? Do they want the banks to ultimately sell it to you? Why have some of the guys who have worked at the Citibank crypto department left and have started to set up their own crypto companies?
Citi’s digital asset co-heads resign with plans to create crypto startup
Matt Zhang also recently left Citi to launch his own crypto fund.
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Generally it means the currency is destroying some portion as it's transacted. ...just as ethereum is doing now, which is probably why transaction fees are insanely high. Now despite the fact that we're all told constantly that bitcoin is an old slow dinosaur, the simple fact is that it has never experienced these problems. Every 10mins a new block is created, and those blocks yield a declining mining subsidy that's halved at predictable intervals.
Many of the "new" whiz bang cryptos are inflationary and will have problems going forward. Many of the PoS coins in particular have inflated out of existence. Meanwhile bitcoin has plodded along in a manner that's slow, steady, reliable, and predictable. ...yet everyone thinks its price is volatile...which it is in terms of US dollars, because nobody really knows how to value it.
Many of the "new" whiz bang cryptos are inflationary and will have problems going forward. Many of the PoS coins in particular have inflated out of existence. Meanwhile bitcoin has plodded along in a manner that's slow, steady, reliable, and predictable. ...yet everyone thinks its price is volatile...which it is in terms of US dollars, because nobody really knows how to value it.
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ETH fees are quite low right now. Fees were high due to NFTs being so hot and taking up all the transaction space. They've cooled off a lot with the rest of crypto
By the way, Bitcoin is inflationary. Just because we supposedly know the eventual maximum number of coins there will be in the future (long after we're dead) doesn't mean the number of coins in circulation isn't increasing every 10 minutes from mining today. And we also don't know how well Bitcoin will function once coin issuance ends, or that coin issuance actually will end. Once coin issuance drops low enough there will be a lot of pressure from the miners and other parties to stop issuance reduction, keeping the inflation going. They'll have a lot of arguments why it's needed... To replace lost coins, provide price stability, avoid some deflationary hoarding issue, whatever. Bitcoin may once again change (or fork if agreement can't be settled on the matter). And that's assuming the pressure from the electricity usage narrative doesn't force PoS on Bitcoin soon, which is likely IMO. Just wait until the narrative evolves later this year after the ETH upgrade from "crypto uses too much energy" to "bitcoin uses too much energy because they haven't upgraded it."
My point is you sound ridiculous talking about Bitcoin not being inflationary when it absolutely is. ETH will be deflationary before Bitcoin (possibly this year after the 2.0 switch depending on usage).
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Yeah we've had this conversation before. 18,982,343 bitcoins exist right now and another 2,017,657(10.63%) will be created over the next 118 years. That's not monetary inflation beyond adoption. ...and no it's not debatable. A forward yearly monetary expansion rate of 0.09% is not inflation while adoption is increasing. New bitcoin supply is deflationary...it's simple mathematics.
Compared to the mess that is Ethereum 2.0 supply, as I said, bitcoin supply has been "slow, steady, reliable, and predictable".
Ethereum supply has grown from 89.63m in March of 2017 to the current 119,944,757 which is an increase of 33.82% in 5 years or 6.76% per year.
Please bring facts, evidence, and/or maths next time. Oh wait, I forgot who I was talking to.
Wasn't the
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We agree! "Bitcoin supply has been slow, steady reliable and predictable." And the fact you admit there is supply is an admission bitcoin is inflationary. Supply is inflation. Deflation is zero or negative issuance. And no, that's not debatable--words have meaning. Gold similarly has supply that is inflating as miners mine more gold.
I also agree Ethereum had higher issuance than bitcoin for most of its life. But ETH issuance has been decreasing over time more rapidly than bitcoin's issuance reductions, made as various upgrades are made. Bitcoin also has decreasing issuance, but on a regular schedule. Ethereum's rate of issuance fell below bitcoin's inflation rate this year for the first time ever after its EIP-1559 change, though it can still be higher depending on usage/fees. After the v2.0 upgrade later this year issuance is expected to be consistently lower than bitcoin's inflation rate, with the possibility of it going deflationary depending on usage. And that's actually deflationary: negative issuance. Not whatever bullshit you've convinced yourself of where increasing supply isn't really inflation because... well, because when the truth isn't want you want you change the meaning of words? But I'll wait until the upgrade happens and we can see the data. As you point out, Ethereum isn't a fixed project like bitcoin, it has active development and schedules follow development progress, not the calendar.
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No, I do not agree "bitcoin is inflationary". It's not as simple as you make it out to be...and I think you know that.
New supply is near zero...that's mathematics. Adoption rate remains robust...again simple mathematics.
Adoption rate >>>>>> new supply equals deflationary, but carry on making no sense whatsoever without presenting any facts or evidence to support anything you say...as usual.
blog.chainalysis.com
...and you claim *I* cherry pick data to make a case. ROFL
New supply is near zero...that's mathematics. Adoption rate remains robust...again simple mathematics.
Adoption rate >>>>>> new supply equals deflationary, but carry on making no sense whatsoever without presenting any facts or evidence to support anything you say...as usual.
The 2021 Global Crypto Adoption Index: Worldwide Adoption Jumps Over 880% With P2P Platforms Driving Cryptocurrency Usage in Emerging Markets - Chainalysis
The 2021 Chainalysis Global Crypto Adoption Index shows global adoption increased over 880% with P2P platforms driving usage in emerging markets.
blog.chainalysis.com
...and you claim *I* cherry pick data to make a case. ROFL
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Bitcoin price can increase despite its rate of inflation if adoption is higher than its inflation rate. But that doesn't mean it is deflating or deflationary. Biticoin has issuance... it's supply is inflating. The rate of inflation decreases over time on a "halvening" schedule. Eventually it will have no issuance and can be called deflationary... maybe it can be called deflationary before then once coin loss is higher than supply increase (but determining coin loss is tricky). Meanwhile words have meaning. There's no evidence I need to present, we agree bitcoin's supply is increasing. You just don't want to admit that means bitcoin has an inflation rate. You're the only person I ever met that can't admit the basic fact that bitcoin has an inflation rate. It's really odd.No, I do not agree "bitcoin is inflationary". It's not as simple as you make it out to be...and I think you know that.
New supply is near zero...that's mathematics. Adoption rate remains robust...again simple mathematics.
View attachment 249588
Adoption rate >>>>>> new supply equals deflationary, but carry on making no sense whatsoever without presenting any facts or evidence to support anything you say...as usual.
The 2021 Global Crypto Adoption Index: Worldwide Adoption Jumps Over 880% With P2P Platforms Driving Cryptocurrency Usage in Emerging Markets - Chainalysis
The 2021 Chainalysis Global Crypto Adoption Index shows global adoption increased over 880% with P2P platforms driving usage in emerging markets.
...and you claim *I* cherry pick data to make a case. ROFL
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Can and has. Supply constraints relative to demand = higher prices. Calling it "inflationary" is ridiculous. It is a deflationary situation.
Of course it has an inflation rate, and that inflation rate is a tiny portion of demand growth. You wish to paint both bitcoin and eth as "inflationary" without dealing in granularity.
Bizarre that you can see "inflation" with regard to bitcoin supply, yet when it comes to US debt dollars you wax endlessly about the risks of "deflation". You're consistently on the illogical and provably wrong side of everything. lol
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Hurray, we agree. I never said bitcoin's inflation was significant, only that it existed.
Bitcoin is a commodity with an inflation rate. Debt is something different. As debt expands there is an inflation rate associated with it, but the debt itself has a remaining structural issue. Debt isn't a "something" like a commodity, it's an IOU in place of "something." It either gets paid back (where the debt goes away) or gets defaulted on (where the debt also goes away). In both cases the debt GOES AWAY, which is deflationary. So in the end game the debt is going away, which is a deflationary process.
But you'll also be right because in the process of the debt imploding, they'll start printing actual base money (CURRENCY), which is not debt. THAT money will have inflation without the deflation component, and that can hyperinflate.
Oh, look, it's already started--see the spike in base money starting Jan of 2020:
M1
View a measure of the most-liquid assets in the U.S. money supply: cash, checking accounts, traveler's checks, demand deposits, and other checkable deposits.
fred.stlouisfed.org
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Thanks for the economics 101 lesson. Nice to see you finally coming to terms with reality instead of constantly preaching about the alleged dangers of deflation, which will not be allowed by the people that control the currency creating machinery.
I hope you're just now adjusting your views on Keith Weiner's silly speeches in an appropriate way. Smart man...constantly wrong.
So are cryptos going to be an effective inflation hedge? Well, no I suspect not, yet I'd choose cryptos with high demand relative to their float to outperform those with high float and slower adoption rates.
Bottom line though...people should have been swapping cryptos for PMs months ago while those ratios were sky high.
I hope you're just now adjusting your views on Keith Weiner's silly speeches in an appropriate way. Smart man...constantly wrong.
So are cryptos going to be an effective inflation hedge? Well, no I suspect not, yet I'd choose cryptos with high demand relative to their float to outperform those with high float and slower adoption rates.
Bottom line though...people should have been swapping cryptos for PMs months ago while those ratios were sky high.
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Nothing in my view has changed. I've been saying the same things for years, and Keith is also correct IMO. We still have a lot of debt built up that will go away somehow and that is deflationary... we haven't seen the outcome of that yet. We are seeing a huge expansion of M1 (which isn't quite base money, but it's close), which is very inflationary. But the government can still borrow for the moment increasing debt, but can that continue? I'm not sure. We're on the cusp of a huge monetary shift. What we see in prices--inflation or deflation or both--depends on what happens and how government reacts. But I suspect the end result will probably be a massive devaluation of the dollar which will look like inflation. Though we'll probably get a deflationary crash first as the economy implodes and debt starts defaulting.
The crypto question is THE question. I think it will be seen as something of value that isn't being destroyed by government. So it should be a haven. But government might try to stop money from running there, which might make prices drop for periods when laws are passed to stop the money flowing into it. Gold has the same problem and government has already outlawed it once. So both have risks. IMO I think crypto could be the better position since you can more easily travel with crypto compared to gold when people start wanting to get away from the authoritarian stuff. But I'm in gold too.
You've also got a bunch of Russian billionaires that are having their accounts and toys confiscated. If that's not a massive argument for crypto I don't know what is. Nothing travels the world easier while avoiding confiscation as well as crypto.
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To go with the above posts, here's a chart of the actual monetary base from the Fed data. It's also launching higher, but not as bad as M1, and it's much smaller than M1 and other money measures. But it's not debt, it's base money, basically currency.
Monetary Base; Total
Graph and download economic data for Monetary Base; Total (BOGMBASE) from Jan 1959 to Mar 2022 about monetary base and USA.
fred.stlouisfed.org
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That's cool. Lemme know when this "deflationary crash" begins, I'd love to see this increase in dollar purchasing power in action. ...except that won't happen. Instead there'll be a tiny reduction in the rate of purchasing power loss...just as happened every other time since the debt dollar/gold links were severed.
Ultimately I agree, cryptos will be seen as a haven. However, in this environment of rapidly rising price inflation and uncertainty, money flows into PMs will explode...and much of that increased flow will harm cryptos. They simply do not have the history of defending purchasing power that gold has. That is why keeping an eye on ratios is important for people wishing to protect their purchasing power.
Plainly, if this chart were extended to include the rise in the CPLie from 1.6% to 7.9% Bitcoin...and especially ethereum 2.0, the cryptos would have fared far worse.
I personally believe silver, platinum, uranium, and gold returns will smoke cryptos for some while to come. When that outperformance slows, I may well move toward cryptos again.
Which way is this chart going to go? Will an ounce of gold be >/< a unit of Eth 2.0 in one year?
Right now an ETH token buys 2.38 ounces of paper platinum. Is that going to be higher or lower in a year?
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When things go bad and the economy starts imploding, debt will be defaulting making dollars scarce. That's the deflationary crash. Yet everyone will still need dollars to pay their bills and their debts even as dollars are vanishing via default. So that high demand for dollars causes the value of dollars to rise even as the wheels are coming off the bus. People will be screaming for the government to stimulate and create more money because it will seem like there isn't enough. The government will comply, creating more money which will just make things worse. Eventually when things get bad enough, debts will be imploded, the government won't be able to borrow and will either have to allow the crash to happen and misery to be everywhere for a long, long time, or they will have to print a ton of non-debt money. If they print a ton of non-debt money, we'll get hyperinflation. So it depends what the government response to the crisis is.
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I was in an incident that reminded me of the power CBDC will have:
I went to the local DOLLAR TREE for some things. There was an older lady directly in front of me at the Check-out. Her purchase came to 15.00 and some change. She was using a card. The card was declined. She pulled out another card and that too went DECLINED.
The little old lady embarrassingly said I'm sorry I don't have any cash on me. Can you put these back on the shelf "? The cashier was reaching for the bags.
I pulled out my wallet fished out a $20.00 bill and told the cashier "Here Take it out of this".
The Little Old lady, and cashier thanked me. The customers in both lanes went silent.
I bought my items and walked out.
I can see this happening to all that rely on the NON-FEDERAL, Federal Reserve Digit Dollars / CBDC cards. If you fall out of grace with those in charge, accidently over spend, or want items UNAPPROVED for THEIR card. NO RECOURSE.
I went to the local DOLLAR TREE for some things. There was an older lady directly in front of me at the Check-out. Her purchase came to 15.00 and some change. She was using a card. The card was declined. She pulled out another card and that too went DECLINED.
The little old lady embarrassingly said I'm sorry I don't have any cash on me. Can you put these back on the shelf "? The cashier was reaching for the bags.
I pulled out my wallet fished out a $20.00 bill and told the cashier "Here Take it out of this".
The Little Old lady, and cashier thanked me. The customers in both lanes went silent.
I bought my items and walked out.
I can see this happening to all that rely on the NON-FEDERAL, Federal Reserve Digit Dollars / CBDC cards. If you fall out of grace with those in charge, accidently over spend, or want items UNAPPROVED for THEIR card. NO RECOURSE.
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So coinbase decided that 25,000 people were involved in illicit activity? I think we all know thats BS..
The scariest part of all is that governments around the world are seizing assets from private individuals. Right now it's Russians. Last week it was Canadians. The ultimate goal is CBDC and elimination of all else. There will be a short period of time to transfer to the CBDC and then everything else will be turned off.
I understand they can't turn off your private wallet held outside of the system but whats the point of having crypto if you cant use it in day to day transactions. Right now you can. In the future it will be CBDC only. Yes you can still transact person to person but as cryptos get demonized they are going to be much less appealing to the masses. Shut down all of the exchanges and how many are going to want to use them?
The bigger issue that no one is fighting for is freedom.
The scariest part of all is that governments around the world are seizing assets from private individuals. Right now it's Russians. Last week it was Canadians. The ultimate goal is CBDC and elimination of all else. There will be a short period of time to transfer to the CBDC and then everything else will be turned off.
I understand they can't turn off your private wallet held outside of the system but whats the point of having crypto if you cant use it in day to day transactions. Right now you can. In the future it will be CBDC only. Yes you can still transact person to person but as cryptos get demonized they are going to be much less appealing to the masses. Shut down all of the exchanges and how many are going to want to use them?
The bigger issue that no one is fighting for is freedom.
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Yep, and thats why this should be everyones line in the sand. Governments have gotten way to powerful and large. It's been a very long time since they represented the people and it really is about time they heard from us.
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When the tyrants that rule over us and pretend to be our representatives shut off the digital debt dollar accounts of those that "misbehave", they make it clear for all to see that debt dollar systems are inherently untrustworthy.
Attaching that to crypto currencies because of what is done with fiat debt dollar systems, is a mistake, imo, because you're effectively saying that PMs also cannot be used for commerce. Neither cryptos nor PMs require the approval of TPTB. You do not need a centralized exchange to use cryptos as currency.
Attaching that to crypto currencies because of what is done with fiat debt dollar systems, is a mistake, imo, because you're effectively saying that PMs also cannot be used for commerce. Neither cryptos nor PMs require the approval of TPTB. You do not need a centralized exchange to use cryptos as currency.
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I know nothin about Cryptos . That said what about those BitCoin miners before everybody and his brother thought they had the next best crypto ( now mousetrap) ?
Would a BitCoin thumb drive[?]be safe from all this shit ? OR would you only be able to deal with fellow BitCoin miners ?
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I paid for a lawyer in another country in dollars (stablecoins) the other day. I bought the stablecoins and sent them to the lawyer's wallet, transaction complete in 30 seconds, no banks or bank wires required. I guess the lawyer wanted to be paid in dollars and didn't want to deal with banks or bitcoin/Ethereum price volatility, so they asked for stablecoins. It's interesting because stablecoins are dollar proxies created by private groups or even software. They sort of "hitch a ride" on the value of government currency, but government doesn't control them.
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I don't trust BitCoin enough to mine it early or buy it now. I don't know shit about stablecoins. Obviously it aint BitCoin.
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More great news for cryptos.
So bitcoin is down 3.27% on the "news" that the EU douchebags hate economic freedom.
EU Is Set To Vote On Whether Or Not It Intends To Ban Bitcoin And Ethereum ⋆ ZyCrypto
Advertisement     The EU is set to vote on MiCA on Monday.However, provisions of the framework may effectively ban Bitcoin in the region.Mixed responses have greeted the news. The EU seems ready to finally pass its regulatory framework on crypto with a vote expected on Monday. However...
cryptonewmedia.press
So bitcoin is down 3.27% on the "news" that the EU douchebags hate economic freedom.
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now that is a man doing man things
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Two days ago I went to Walmart to pick up some GMO corn (not really, went to get car battery for my new standby generator).
A lady was in one of the intersections in the parking lot with window down to get my attention as I drove around her. She said she ran out of gas (I know, sounds like a scam). I said I don’t have a gas can with me. Anyway, I go over to her car (fricking cold and very windy), she tries to turn it over and just click click click. I see her fuel gauge does read empty and sounds like a dead battery too.
The little SUV is not in the best shape, she has a wheelchair in the passenger seat and she has no legs. Had some kind of contraption to operate throttle and brakes with hands. Her cellphone is broken (I saw the cracked screen), she is not from around here and has no money.
I know, things don’t add up. But she didn’t seem to be under the influence of anything and looked Native America.
So I really didn’t want to know anymore, curious, but I’m not a cop. So I went back into Walmart and bought a gas can, drove to a station and filled it up for $20.
(BTW, new gas containers suck, had to fill it slowly or it would squirt out the top and it also drains slowly, both a real pain when it is cold out, will modify my new container later).
So I emptied the gas in her vehicle and had her pop the hood. Positive terminal connection was not tighten down, so did that and then jumped her.
Told her to go to a church or shelter and see if there is any assistance they can provide.
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it's not just the Russians
3-14-2022, i'll just leave this here;
Crypto ATMs are similar to cash ATMs, but they allow people to buy Bitcoin using their bank cards. The only problem is — none of them have a proper ATM license and therefore are illegal in the U.K., according to the FCA.
3-14-2022, i'll just leave this here;
All crypto ATMs are illegal in the U.K., warns financial watchdog
None of the cryptocurrency cash machines currently operating in the U.K. are legal and must be shut down, said the Financial Conduct Authority (FCA).Crypto ATMs are similar to cash ATMs, but they allow people to buy Bitcoin using their bank cards. The only problem is — none of them have a proper ATM license and therefore are illegal in the U.K., according to the FCA.
it's not just the Russians
3-14-2022, i'll just leave this here;
All crypto ATMs are illegal in the U.K., warns financial watchdog
None of the cryptocurrency cash machines currently operating in the U.K. are legal and must be shut down, said the Financial Conduct Authority (FCA).
Crypto ATMs are similar to cash ATMs, but they allow people to buy Bitcoin using their bank cards. The only problem is — none of them have a proper ATM license and therefore are illegal in the U.K., according to the FCA.
They are going to regulate the living $hit out of it and with the energy requirements it won't be good. I don't know why everybody hates on the ISO's.
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they're gonna tell us it's provides jobs but those jobs won't provide enough money to afford to buy cryptos...idk why everybody hates bankers
Binance Granted a Crypto Asset Service Provider License From Bahrain’s Central Bank
The oil-rich kingdom has been making moves to strengthen its domestic crypto industry.
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Crypto exchanges aren't done in person. It's all digital. You can send money to a wallet instantly. The idea is that I can be sitting on a beach Tahiti and transact with Mugsy and his buddies in Brooklyn so the chances of getting robbed are non existent.
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They can be done in person when buying or selling crypto for cash. It used to be more common before exchanges were well established. Or you might exchange with someone in person like buying in for a home poker game or something.
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Real simple. Extensible Markup Language messaging system(ISO 20022) is backed by swift. It's quite literally centralized digital fiat. IOW, it's everything open source de-centralized crypto currencies were created to circumvent.
XML is your on ramp to furthering your digital monetary enslavement.
All along crypto advocates here, including myself, have been saying bitcoin is not compatible with central bankster plans. In fact it is the very antithesis of what a central banker would want in a crypto. ISO tokens are precisely what those same crooked bankers would want in a crypto, IE the exact opposite of bitcoin.
Research: Inflation rate of XRP was 400% higher than that of Bitcoin over past 12 months | CryptoSlate
Most top crypto assets share similar characteristics — they’re mostly decentralized, global, non-sovereign, and permissionless assets not tied to a real-world asset. Where cryptocurrencies largely differ, then, is in their monetary policy — or in some cases, their lack thereof.
cryptoslate.com