Bitcoin Addresses Sanctioned By US Government

[Payelectronica]

Article in today's Washington Post. Im not versed in this. Hoping to get some of you who are more familiar to give your take on wha'ts going on.

https://www.washingtonpost.com/techn...=.7fc7c5b9ec9b

[walkingupwards]

Really pleasing to read. Hopefully all Cryptos will go down the toilet sooner than later.

Any person with a sense of logic would be terrified by the idea of replacing cash with digital currency.


Cryptos are a fraud and the idea behind them is as malicious as it could get.


Cash is king. God bless Cash!!

[dachilla]

Originally Posted by walkingupwards

Really pleasing to read. Hopefully all Cryptos will go down the toilet sooner than later.

Any person with a sense of logic would be terrified by the idea of replacing cash with digital currency.


Cryptos are a fraud and the idea behind them is as malicious as it could get.


Cash is king. God bless Cash!!

Lol but u still use paypal...

[JamesNorth101]

Originally Posted by walkingupwards

Any person with a sense of logic would be terrified by the idea of replacing cash with digital currency.

Because bits of paper with ‘value’ according to the number written on them that is entirely based on people’s belief that the paper holds value that any government can switch its printers on and churn out a load more is much more comforting.

[rsot]

Miss the days of bartering

[Payelectronica]

I’m not familiar with crypto on an in-depth basis but I’m smart enough to know that almost all my dealings with money over the last 15 years has been mainly digital currency.
The banks are only required to hold like 10% of what they are worth in cash, the rest is digital. Or illusion as far as I’m concerned.
Duchilla is correct to imply that PayPal is digital currency. Online banking is a form of digital currency. I have bought, sold and paid bills all from PayPal without touching any cash during the process.

[JamesNorth101]

I’m not sure the 10% ratio even applies anymore

[dan_ebay]

Originally Posted by JamesNorth101

Because bits of paper with ‘value’ according to the number written on them that is entirely based on people’s belief that the paper holds value that any government can switch its printers on and churn out a load more is much more comforting.

What's the alternative? Start walking round with 10 chickens to swap for a pig?

What gives Bitcoin value? Just because the supply is limited, the amount of shti I send down the toilet is limited too but nobody is offering me $4,000 per dump lol.

[Play]

Originally Posted by dan_ebay

What's the alternative? Start walking round with 10 chickens to swap for a pig?

What gives Bitcoin value? Just because the supply is limited, the amount of shti I send down the toilet is limited too but nobody is offering me $4,000 per dump lol.

I dont think anything of significance gives bitcoin any value, and the same can be said for fiat currency.

P.S. Back in the days, fiat currency used to be backed by Gold. This is no longer the case.

[phaz0rz]

Originally Posted by JamesNorth101

I’m not sure the 10% ratio even applies anymore

It does.

The Federal Reserve requires that depository institutions hold a certain percentage of their funds in reserve. For banks with net transaction accounts of $10.7 million to $58.8 million, that number is 3%. Banks with more than $58.8 million net transaction accounts must hold 10% of those funds in reserve.

[walkingupwards]

Originally Posted by dachilla

Lol but u still use paypal...

PayPal is based on and tied to fiat currencies. If I wire money to your bank, is that digital money?

Instant payment processors like PayPal are enough and fast as light, I don't get it why we need Bitcoin for example to replace fiat currency.


Cashless society, Blockchain technology...etc, You see where I am going


Nothing good will come out of Bitcoin. If payments are so damn deeply monitored and traceable, that will lead to a tyranny. A big fat ugly tyranny.

[JamesNorth101]

Originally Posted by dan_ebay

What gives Bitcoin value? Just because the supply is limited, the amount of shti I send down the toilet is limited too but nobody is offering me $4,000 per dump lol.

The exact same thing applies to standard currency.....

Bitcoin / gold / your bodily waste / bank notes only has value according to how much someone else wants it and values it

[phaz0rz]

Originally Posted by walkingupwards

Nothing good will come out of Bitcoin. If payments are so damn deeply monitored and traceable, that will lead to a tyranny. A big fat ugly tyranny.

In my opinion it was a cool concept when it was new, when "decentralized" was still theoretically possible.

Since then though the governments and traditional financial institutions of the world have slaughtered BTC to the point that it's barely recognizable compared to the original concept. There was no way the mega bankers and trillionaires currently ruling the world were going to just surrender their power and say "yeah, you're right, BTC is a better idea."

So now we are at a point where BTC is tied directly to Fiat and is basically a cool novelty you can use to buy drugs and other illegal items.

[dan_ebay]

Originally Posted by Play

I dont think anything of significance gives bitcoin any value, and the same can be said for fiat currency.

P.S. Back in the days, fiat currency used to be backed by Gold. This is no longer the case.

The value of anything is just relative to what people decide it's worth so not sure why it was brought up.

How would it being backed with gold help? The (fiat) $ is far more stable than gold.

[Payelectronica]

About 2 years ago I started seeing the btc machines in my city. Mainly in gas station/convenience stores. Always in a well to do areas. This past year they started popping up in the grittier parts of the city. Then I stared seeing them in the notso well to do areas. Not that I would know but, I hear you can find one strategically placed near many of the local strip clubs.
I was a bit surprised by its reach this past year.

[Payelectronica]

Originally Posted by dan_ebay

The value of anything is just relative to what people decide it's worth so not sure why it was brought up.

How would it being backed with gold help? The (fiat) $ is far more stable than gold.

Fiat currency is not more stable than gold. Just more convenient. The U.S. dollar became a fiat currency in 1971 because it was no longer being backed by gold. It became backed by the US Military. If that makes any sense.

[phaz0rz]

Originally Posted by Payelectronica

About 2 years ago I started seeing the btc machines in my city. Mainly in gas station/convenience stores. Always in a well to do areas. This past year they started popping up in the grittier parts of the city. Then I stared seeing them in the notso well to do areas. Not that I would know but, I hear you can find one strategically placed near many of the local strip clubs.
I was a bit surprised by its reach this past year.

So strippers in your area are big BTC investors?

I don't get it. What is strategic about putting BTC ATM's near strip clubs? Are people using them to buy BTC then going into the strip club and getting the strippers wallet address so they can send them BTC? Why not just use traditional $1 bills?

[walkingupwards]

Originally Posted by phaz0rz

So strippers in your area are big BTC investors?

I don't get it. What is strategic about putting BTC ATM's near strip clubs? Are people using them to buy BTC then going into the strip club and getting the strippers wallet address so they can send them BTC? Why not just use traditional $1 bills?

Because money laundering schemes

[Payelectronica]

Originally Posted by phaz0rz

So strippers in your area are big BTC investors?

I don't get it. What is strategic about putting BTC ATM's near strip clubs? Are people using them to buy BTC then going into the strip club and getting the strippers wallet address so they can send them BTC? Why not just use traditional $1 bills?

I don’t fully understand that myself. I just know it’s happening. I say strategic because I assumed the people who put them there did it for a reason. There was an article about Vegas strippers accepting bitcoin for payment. I’m not in Vegas though.

[Play]

Originally Posted by dan_ebay

The value of anything is just relative to what people decide it's worth so not sure why it was brought up.

How would it being backed with gold help? The (fiat) $ is far more stable than gold.

This is something you'll just need to research, and conclude yourself. Otherwise right now i'll just be giving you facts, and you'll respond with your opinion.

[bjammin]

Originally Posted by phaz0rz

So strippers in your area are big BTC investors?

I don't get it. What is strategic about putting BTC ATM's near strip clubs? Are people using them to buy BTC then going into the strip club and getting the strippers wallet address so they can send them BTC? Why not just use traditional $1 bills?

The strippers have been complaining about getting staph infections from the dirty cash, so they now prefer BTC or other cryptos

[bjammin]

The strippers have spoken