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Crypto Currency Warning: Coinbase Cuts Off 25K Russian Wallets!

Lancers32

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Gotcha. Thanks for the response.
 

solarion

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With the ridiculous smashdown of platinum, I've been stacking physical. While doing so, I noticed that bitcoin fees are ridiculously low on a percentage basis.

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800 satoshis = $.3105 or 0.009% of the transaction. Bitcoin is a fantastic currency imo.
 

Juristic Person

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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.

How do you see this playing out? Do the Central Bankers win?
 

solarion

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That's a big question. Do you mean "win" as in dealing directly with the peasants via their CBDC dogshit? Then, no I do not believe the central banksters will win, because that would short circuit the commercial banks and those guys control CONgress and the white house like puppet masters.

There's also East vs West central banksters to consider. In the East, China, Russia, and India they're doing things very differently than the central banksters in the West. IE they're stacking gold to back up their moves.
 

Juristic Person

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That's a big question. Do you mean "win" as in dealing directly with the peasants via their CBDC dogshit? Then, no I do not believe the central banksters will win, because that would short circuit the commercial banks and those guys control CONgress and the white house like puppet masters.

There's also East vs West central banksters to consider. In the East, China, Russia, and India they're doing things very differently than the central banksters in the West. IE they're stacking gold to back up their moves.
By CB's winning - I mean CBDC's becoming the digital currency of the future and displacing Bitcoin (and the alt's). In other words, Bitcoin essentially going to zero. I don't see that happening but wondering what your take is.

Hold/Get IN on BTC or get out....
 

solarion

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I certainly don't see bitcoin going to zero. I see it being worth far more in the future, though I suspect we see better buying opportunities soon. On a technical basis, btc doesn't look great, whereas the metals look like a coiled spring.

Since the rabid currency creation spree the fed embarked on beginning in March of 2020, bitcoin is still up $31,008(+357.52%), while the metals have done very little, particularly platinum...which is up only 5.5% during that time, while M2 has expanded by over 41%.

While I'm certainly not getting out of bitcoin, I am moving some portion of my crypto holdings into things that I feel will outperform bitcoin in a stagflationary environment.
 

ds_mustang

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Agree with solarian. Gold preparing to break out of a massive cup and handle consolation pattern with a 10 year base. Upside should be significant. Another gold bull run is ahead.

 

Juristic Person

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I certainly don't see bitcoin going to zero. I see it being worth far more in the future, though I suspect we see better buying opportunities soon. On a technical basis, btc doesn't look great, whereas the metals look like a coiled spring.

Since the rabid currency creation spree the fed embarked on beginning in March of 2020, bitcoin is still up $31,008(+357.52%), while the metals have done very little, particularly platinum...which is up only 5.5% during that time, while M2 has expanded by over 41%.

While I'm certainly not getting out of bitcoin, I am moving some portion of my crypto holdings into things that I feel will outperform bitcoin in a stagflationary environment.
Is now the best time to move out of crypto? Seems like we are at or near the bottom on a lot of coins. I agree with stacking more metals but moving crypto to metals at this point might not be a the best move. I think that time was back in October/November. The crypto market has tanked by over $1 trillion since then.
 

solarion

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Is now the best time to move out of crypto?
Nope. I was swapping cryptos for metals hand over fist at ratios 2x where they are now. Specifically 68k bitcoin = 2300+ ounces of silver not long ago. Now, while it may seem counter-intuitive to swap now with bitcoin down 42% from its high...it still may continue lower while metals rise vs fiat.

I only swapped bitcoin for 10oz of platinum recently because of the artificial drop in the price of platinum, not necessarily because I'm convinced bitcoin will go much lower, though I do believe platinum will outperform bitcoin for some while.

To a large part, it depends on whether or no one believes crypto currencies will serve as an effective hedge against inflation.
 

Juristic Person

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Nope. I was swapping cryptos for metals hand over fist at ratios 2x where they are now. Specifically 68k bitcoin = 2300+ ounces of silver not long ago. Now, while it may seem counter-intuitive to swap now with bitcoin down 42% from its high...it still may continue lower while metals rise vs fiat.

I only swapped bitcoin for 10oz of platinum recently because of the artificial drop in the price of platinum, not necessarily because I'm convinced bitcoin will go much lower, though I do believe platinum will outperform bitcoin for some while.

To a large part, it depends on whether or no one believes crypto currencies will serve as an effective hedge against inflation.
$1,000,000 Bitcoin by 2030 would be considered a conservative estimate by some. Even half that would be about a 12x from the current price. Will Silver 12x in that time? Gold? I don't see it. PM's should act a as hedge against inflation but like crypto there is so much manipulation that it doesn't work that way.
 

solarion

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Sure and when bitcoin was 60k it was allegedly going to 100k. As soon as I recognized that everyone expected that to happen I immediately began swapping bitcoin for physical silver, platinum, and gold. Call it contrarian if you like, but that's how these things work. Perhaps bitcoin will be $1m in 2030, but if that happens it will likely be due to the fact that the dollar has lost another 99% of its purchasing power and people have zero faith in it anymore.

In that scenario is $300 silver really all that hard to believe? How about 13.2k platinum? I don't have any trouble seeing either of those things happening if bitcoin rises to anywhere near $1m each. The reason is simple...ratios. If I have say 2 bitcoin that each buys me $750k fiats, but I don't want fiats because they're dogshit, then I will instead diversify by buying lots of things that are also outside the debt dollar system. Perhaps I can swap 1 of my 2 bitcoins in this hypothetical scenario for physical silver...which has mysteriously STILL not set a new all time high...and is only $50 an ounce.

Do you suppose I'd take one of those bitcoins and swap it for 15,000 ounces of silver? You're damn skippy I would and with the quickness.
 

Scorpio

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800 satoshis = $.3105 or 0.009% of the transaction. Bitcoin is a fantastic currency imo.

go buy chitcoin with cash and look at the fees,

they take a big cut of the action

I can go in a bank and buy currency for free by giving them some piece of paper or other

or a trade can be accomplished to purchase some thing or other for a few bucks, no matter the dollar amount
10 grand, 25 grand, 100 grand, no big deal

I will just say when I was buying the recent lows, they were large, not on a percent basis, but large dollar amount
so that will have to be factored in the break even

we can have the same discussion re metals, what you buy it at, and what you can sell it at because of premiums

as posted before, purchasing others had high % hits on small fry stuff, making that usurious

once in the system, then the costs drop off, but going in and out you get killed

worse than used car dealers without a handshake and a smile

so as you have stated, a better option is P to P,

where you trade those frn digits to someone who wants out of chitcoin or other for whatever reason,
bypassing the charade of a system in place

now you just have to figure out how to do the transfer safely for both parties
 

anywoundedduck

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It's difficult to cash out any significant amount of crypto if you're not in good standing with an exchange and a bank. But as more people get screwed by inflation, banks, government overreach, etc., more and more people will move into crypto and just use it directly (which was the goal from the start). The crypto space is radically different than it was 5 years ago... and it will be radically different in another 5 years. Based on all the nonsense I'm seeing around the world, crypto is looking like a safe haven of financial freedom that people will continue to move to.
NOT
Same old lie.
If I stuck a gun in your face and demanded your crypto wallet, what then?
If the government can sieze my crypto wallet, what then?
If a 737 hits building 7, where all the exchange records and assets reside, what then?
Rhetorical questions.
All these claims of security in cryptos is bullshit.
 
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solarion

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All these claims of security in cryptos is bullshit.
Nothing you said made any sense at all. If someone sticks a gun in your face and demands your wallet and gold watch...for fucks sake, just give them the damn watch and wallet. It's not worth dying over. That's hardly evidence of poor crypto security though...a gold buffalo in your pocket is at least as vulnerable to a mugger than is a bitcoin brain or paper wallet. Crypto security features in no way protects lazy and or stupid people from themselves. One actually has to learn about secure storage habits to keep them safe.

go buy chitcoin with cash and look at the fees
It wasn't bad at all the last time I did so, but it was years ago. I've no doubt it has gotten much worse as most of the easy ways to swap debt dollars for cryptos have been shut down by our rulers. ...for our own protection I'm sure.

As far as my metal swaps, I've been very lucky there. A good relationship with an LCS geek goes a long way, but I get it, the cost to swap can be prohibitive.
 

ds_mustang

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NOT
Same old lie.
If I stuck a gun in your face and demanded your crypto wallet, what then?
If the government can sieze my crypto wallet, what then?
If a 737 hits building 7, where all the exchange records and assets reside, what then?
Rhetorical questions.
All these claims of security in cryptos is bullshit.
What's your point? If I stuck a gun in your face and demanded your gold, what then? Government already banned gold once, so what if they do it again? Yes risks exist, so what? Gold doesn't solve them either. So you do the best you can.

Just FYI, a plane hitting a building isn't a risk for crypto as the Blockchain record is stored redundantly on thousands of computers all across the world.
 

Juristic Person

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Sure and when bitcoin was 60k it was allegedly going to 100k. As soon as I recognized that everyone expected that to happen I immediately began swapping bitcoin for physical silver, platinum, and gold. Call it contrarian if you like, but that's how these things work. Perhaps bitcoin will be $1m in 2030, but if that happens it will likely be due to the fact that the dollar has lost another 99% of its purchasing power and people have zero faith in it anymore.

In that scenario is $300 silver really all that hard to believe? How about 13.2k platinum? I don't have any trouble seeing either of those things happening if bitcoin rises to anywhere near $1m each. The reason is simple...ratios. If I have say 2 bitcoin that each buys me $750k fiats, but I don't want fiats because they're dogshit, then I will instead diversify by buying lots of things that are also outside the debt dollar system. Perhaps I can swap 1 of my 2 bitcoins in this hypothetical scenario for physical silver...which has mysteriously STILL not set a new all time high...and is only $50 an ounce.

Do you suppose I'd take one of those bitcoins and swap it for 15,000 ounces of silver? You're damn skippy I would and with the quickness.
Absolutely! I would too. Thanks for your response. I agree.
 

anywoundedduck

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What's your point? If I stuck a gun in your face and demanded your gold, what then? Government already banned gold once, so what if they do it again? Yes risks exist, so what? Gold doesn't solve them either. So you do the best you can.

Just FYI, a plane hitting a building isn't a risk for crypto as the Blockchain record is stored redundantly on thousands of computers all across the world.
My point is a gold coin is an asset unto itself, whereas a crypto thing is merely a ledger entry thats duplicated on thousands of computers, worth zilch. It is another fiat ponzi scheme. Richard Nixon would be proud.
 

Mujahideen

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solarion

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How is it fiat or a Ponzi scheme?
Good luck. I've been trying to get those answers out of him for years. I think it goes something like this...

Duck dislikes fiat and ponzi schemes and also dislikes cryptos...therefore cryptos are fiat and a ponzi scheme. ...because words don't actually have meaning if you dislike things.
 

anywoundedduck

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How is it fiat or a Ponzi scheme?

Fiat is not backed by assets.
Crypto is not backed by assets.
Ponzi is when the populace suddenly realize that their crypto is worthless, and try to get out without losing their shirt, but most, except those who got out early (insiders) will lose it all. Exactly like the investors who trusted Charles Ponzi in 1920s. A hundred years later, here we are again.
Is it 5,000 or 6,000 different crypto currencies floating around? All of which purport to have some value.
 

Juristic Person

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Fiat is not backed by assets.
Crypto is not backed by assets.
Ponzi is when the populace suddenly realize that their crypto is worthless, and try to get out without losing their shirt, but most, except those who got out early (insiders) will lose it all. Exactly like the investors who trusted Charles Ponzi in 1920s. A hundred years later, here we are again.
Is it 5,000 or 6,000 different crypto currencies floating around? All of which purport to have some value.
Many of them do have value. Think of crypto as software....which has a functionable service. Many of them are also "worthless" as you claim....but not all of them.
 

ds_mustang

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Digital things can be assets in today's digital world. More and more of our time and attention is spent online. More and more things exist on the internet. Younger people are coming to value the digital world as much or more than the real world. They don't spend any time with many physical things older people had... letters/mail, newspapers, magazines, books, DVDs, albums, etc. It's all online now. It's difficult to get kids interested in bikes or even driving now. The world they are interested in is online.

An older person thinks "what is the value of that digital thing? It isn't even real." A younger person thinks "who cares about that physical thing? It isn't online."
 

solarion

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Fiat is not backed by assets.
Fiat means "by decree". It does not mean "backed by assets". Fiat is something you're forced to used via coercion...usually by human authority figures. IE...a "decree".
Ponzi is when the populace suddenly realize that their crypto is worthless, and try to get out without losing their shirt, but most, except those who got out early (insiders) will lose it all.
That is not what a ponzi scheme is. A ponzi scheme pays old investors with capital provided by new investors. Social security is a ponzi scheme...bitcoin is not, as it does not pay old intestors with capital derived from new investments.

You're welcome to dislike fiat, ponzi schemes, and cryptos if you like, that's your prerogative. You've every right to your own opinions, but if you choose to incorrectly re-define words to support those biases, then you're merely signaling that your opinion is not be taken seriously.

$1,000,000 Bitcoin by 2030 would be considered a conservative estimate by some. Even half that would be about a 12x from the current price. Will Silver 12x in that time? Gold? I don't see it. PM's should act a as hedge against inflation but like crypto there is so much manipulation that it doesn't work that way.
One thing more I'd like to clarify. I do not know which of gold, silver, platinum, or bitcoin will perform the best from now to 2030. Obviously I cannot know if paper silver is going to 12x from here. I do know, or at least I think I know, that all of the afore mentioned assets will rise in value relative to units of fiat over time. In the past, crypto clearly outperformed the metals dramatically. When that move began to appear unsustainable to me, I swapped a significant portion of my crypto holdings to metals...and have thus far been rewarded, though the move was intended to reduce risk among my investments, not necessarily to "profit". This is where the bulk of my wealth is stored...physical metals and cryptos and now with what I consider to be relatively low risk as I do not see PMs or cryptos having all that much downside from here...and silver and platinum seem particularly safe at these levels...imo.

Now that said, I also began again speculating in the PM mining space in February with some small portion of my wealth. Since then I've used a series of trades in SILJ option contracts to provide significant leverage on the price of silver, and to a lesser extent gold. Those trades have resulted in a 200% return since that time as SILJ has risen from just under 11 to the current price of 14.32.

So to address your point, I don't necessarily need paper silver itself to 12x to make a bunch of fiats as it rises vs fiat dog barf, as I've no hesitation in gambling with some small amount of fiats within the mining space. I anticipate that PM miners will shock everyone with the gains in the coming years, and wouldn't be surprised if returns on PM miners are many times greater than that seen in the crypto space.
 

Flight2gold

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Bitcoin is software. Software can be modified.

A software-defined limit now does not mean it will be the same limit in the future.
Of course Bitcoin Core can be modified. It's open source and anyone can submit changes. It's only changed by a large consensus of BTC experts.
I think you're angling toward the possibility of it being hacked. Thats a big negative good buddy. As of today, Bitcoin's blockchain has never been hacked. There are three major ways hackers attempt to steal your BTC though. The 51% attack, someone creates a weak blockchain or the exchange is hacked due to weak security. The 51% attack is basically a fake blockchain someone installs and if you fall for it your crypto is gone. All tokens have their own blockchain. If the designer is not top notch, then yes, the blockchain is weak. Exchanges like Coinbase have poured millions into their security over the years. They can be hacked but not likely. What they do is give the US govt. access to your wallet. Like many have already said in this thread, If you don't hold your seed phrase or private keys your at high risk. And no worries about spending your BTC or other crypto in the future. You'll see millions of usable crypto spending apps created in the coming years. Amazon is looking to accept BTC soon. You'll be able to buy a house or a car from Ford or Chevy also.

Edit: And btw, you don't actually hold your BTC. Whether your BTC is in a Ledger hardware wallet, a piece of paper or on your phone your BTC is on the blockchain. It's not in the little pink Ledger you bought off of Amazon. Thats why you can always recover your BTC if your house burns down and your pink Ledger was toast. That is, as long as you have your seed phrase.
 
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