Hope you cryptoers got out

[WinstonSmith]

Forgive my ignorance on this. I really have not given it any thought. Can a nation function long term and stay is existence without a currency controlled by the govt ?

Not the way we use our currency.

 

[WinstonSmith]

I see your point, but the US Banks have regulatory approval to deal in Crypto and I believe they are spending **** tons of money lobbying the politicians to allow the banks to regulate it. Once the details of the plans, revenue streams, kickbacks and regulatory fines are worked out, Crypto will be mainstream. And with it, we will see a 80% reduction in work force of traditional banking.

So, at the end of the day we are still stuck with a government and banking sector controlled currency? I thought the whole point of crypto (the original bitcoin) was to not have a government controlled currency?

 

[HKMurkure]

So, at the end of the day we are still stuck with a government and banking sector controlled currency? I thought the whole point of crypto (the original bitcoin) was to not have a government controlled currency?

That was the original intent. But I believe the banks see that crypto and defy can put them out of business. So they say it is bad and evil! But let us regulate it and it will be good!

 

[WinstonSmith]

That was the original intent. But I believe the banks see that crypto and defy can put them out of business. So they say it is bad and evil! But let us regulate it and it will be good!

So if it's controlled and regulated by gov what's the point?

 

[HKMurkure]

So if it's controlled and regulated by gov what's the point?

I believe crypto will inevitably be government controlled. It is unfortunate, but banks and governments will not allow it to go unregulated. The unintended consequences of Defi and Web3 is that the sheer processing power and amount of transactions that can be completed by a few servers can place said banks out of business or certainly take a lot of fee revenue from their books. Hence, the lobbying for control.

Crypto was a joke initially and only a few people got it. Then the smart money starting seeing what is could become and are now using their political leverage to not only be in it, but control it (in this country). I think the crypto market is similar to the internet in the 90's. Put some real money into it then, and now it is "the way".

 

[NewLeaf]

I don't know if anyone told you this, but disagreeing with someone isn't disrespectful. Furthermore, you took offense to a generalized statement I made. If you're that sensitive, this site may not be for you.......

Take a step off your high horse, swallow some of that pride (June ended already), and stick to your day-job or fixed income because being a psychic ain't gonna work out for you.

P.S. NOW I'm being disrespectful. And no, simply living long in this day and age does not automatically qualify you for additional respect.

Old fart/youngPunk . Got it.

 

[WinstonSmith]

I believe crypto will inevitably be government controlled. It is unfortunate, but banks and governments will not allow it to go unregulated. The unintended consequences of Defi and Web3 is that the sheer processing power and amount of transactions that can be completed by a few servers can place said banks out of business or certainly take a lot of fee revenue from their books. Hence, the lobbying for control.

Crypto was a joke initially and only a few people got it. Then the smart money starting seeing what is could become and are now using their political leverage to not only be in it, but control it (in this country). I think the crypto market is similar to the internet in the 90's. Put some real money into it then, and now it is "the way".

It is widely admitted, by our own government no less, that North Korea has effectively mapped out the crypto world to the point they can steal at will. It's like keeping your money in an unguarded safe surrounded by criminals that all have the combination. How is that an investment worth considering? It's not secure and it has failed in its mission to be a currency that is not controlled by governments and the current banking system. I just can't see the point or why it is deemed "the way". Granted, our current currency is a hot mess at best and there really is no where to put money these days that has a chance of keeping up with inflation but still. I just can't make sense of it. Maybe I'm just not smart enough to understand.

 

[letusbuyyourcar]

So, at the end of the day we are still stuck with a government and banking sector controlled currency? I thought the whole point of crypto (the original bitcoin) was to not have a government controlled currency?

That's similar to what I thought regarding Bitcoin/crypto. Most of the Drugs Inc episodes I saw showed users and dealers on " The Dark Web" paying for all kinds of dope with crypto. So if the gubment gets involved it seems to ME that crypto would die a quick death just from the anonymous users wanting to stay anonymous. But whatever...

 

[letusbuyyourcar]

It is widely admitted, by our own government no less, that North Korea has effectively mapped out the crypto world to the point they can steal at will. It's like keeping your money in an unguarded safe surrounded by criminals that all have the combination. How is that an investment worth considering? It's not secure and it has failed in its mission to be a currency that is not controlled by governments and the current banking system. I just can't see the point or why it is deemed "the way". Granted, our current currency is a hot mess at best and there really is no where to put money these days that has a chance of keeping up with inflation but still. I just can't make sense of it. Maybe I'm just not smart enough to understand.

Yeah another good point. If you keep a "Digital Wallet" full of crypto then it seems like it could probably be easier for hackers/criminals to steal that than the cash in your pocket .

 

[InTune]

We just moved $20,000 into gubmint I-bonds. 9.62% annualized return for May through October, new 6 month rate will set November 1st.
$10,000 limit pp online, $5000 additional if you buy with tax refund.

I bonds — TreasuryDirect

www.treasurydirect.gov

I bought 10000 limit also. With so many questions about Crypto. Not a risk I want to take.