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Bitcoin Addresses Sanctioned By US Government
 

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

Re: Bitcoin Addresses Sanctioned By US Government
 

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!!

Re: Bitcoin Addresses Sanctioned By US Government
 

Lol but u still use paypal...

Re: Bitcoin Addresses Sanctioned By US Government
 

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.

Re: Bitcoin Addresses Sanctioned By US Government
 

Miss the days of bartering :FF:

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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.

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

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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.

Re: Bitcoin Addresses Sanctioned By US Government
 

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.

Re: Bitcoin Addresses Sanctioned By US Government
 

It does. :nerd:

Re: Bitcoin Addresses Sanctioned By US Government
 

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 :surrender:


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.

Re: Bitcoin Addresses Sanctioned By US Government
 

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

Re: Bitcoin Addresses Sanctioned By US Government
 

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.

Re: Bitcoin Addresses Sanctioned By US Government
 

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.

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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.

Re: Bitcoin Addresses Sanctioned By US Government
 

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.

Re: Bitcoin Addresses Sanctioned By US Government
 

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? :lol:

Re: Bitcoin Addresses Sanctioned By US Government
 

Because money laundering schemes :humble:

Re: Bitcoin Addresses Sanctioned By US Government
 

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.

Re: Bitcoin Addresses Sanctioned By US Government
 

:doh:

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.

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

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Re: Bitcoin Addresses Sanctioned By US Government
 

Can a player make it rain with Bitcoin in the stripclub? 😂

Re: Bitcoin Addresses Sanctioned By US Government
 

I'm picturing a guy at the club busting out a pad + pen so the stripper can yell out her complex wallet address over T-Pain playing loudly in the background.


Stripper: No, no, it's UPPERCASE J, LOWERCASE M, 4, 1, LOWERCASE Q...

Re: Bitcoin Addresses Sanctioned By US Government
 

That's just silly......they have QR Codes on their butts that you can scan.
https://i.postimg.cc/6Qck1SJZ/w.jpg

Re: Bitcoin Addresses Sanctioned By US Government
 

Lmao. Hilarious

Re: Bitcoin Addresses Sanctioned By US Government
 

Lmao, leave it to MM78 to know how BTC works in the clubs

Re: Bitcoin Addresses Sanctioned By US Government
 

What is it you don't agree with? Gold is down 6% in 6 months. The $ was changed to FIAT because whenever the economy crashed people would hoard gold otherwise which clearly isn't good to get the economy going again.

Gold is also worthless just as paper is, I'm not sure how a lump of shiny metal is going to benefit me more than a piece of paper if the world economies really went to shti big time. If that happened I'd want guns and seeds, not a lump of shiny metal.

Obviously the $ is inflationary but that's good because it make people spend/invest their money which grows the economy. Nearly all economists would agree that a currency being slightly inflationary is a good thing.

Re: Bitcoin Addresses Sanctioned By US Government
 

This right here sums up fiat currency. Banks can loan 9 out of every 10 dollars they have. The safety mechanism that keeps this in check is called the Basel Tiers. It keeps check of the appropriate liquidity that banks must keep or they get yanked of their lending capacity. The way many of these banks keep that measly 10% alive in well is when they sell the other 90 percent of loaned capital for cash or other assets. That is why the financial crisis wiped the tranches "layers of paper investments" out in a matter of hours. It was filled will pure turds and fugazi contracts. It not only margin called them on cash, it bankrupted them and the insurers of cash where the smart traders bet againsts them.

Another thing that might help the argument in this thread is the real meaning of inflation. Inflation is many times taught as too much money printed or out there caused by the government. That is true. But the key to understand things ahead of time is seeing from the seller's point of view. See, that seller knows he can demand more money and raise product/service prices. Hence, he inflates the over amount of cash and debt in the system from buyers. Inflation is really not always a printing problem, but a DEBT problem from creation by lenders/consumers and not just a printing problem.

As for gold value, it would be tough to use in certain aspects. But you have to remember gold obviously has a resistance to corrosion, can be used as a conductor, and has always been an asset to humans. Gold is controlled by usage demand AND the regular belief it is a safe haven.

Re: Bitcoin Addresses Sanctioned By US Government
 

Floyd Mayweather, DJ Khaled charged by SEC for pumping crypto

https://finance.yahoo.com/news/sec-f...ns_yh0zpmoewwg

Re: Bitcoin Addresses Sanctioned By US Government
 

^^Not surprising. They kinda deserved it, in that case.

Crypto is dead now that it's controlled by the government. The purpose has been defeated.

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reading this thread is great! Capitulation. We are not there yet. We need just about most people to hate it.

Yes. Bitcoin hit a yearly low. However, fundamentals are at ALL TIME HIGH...

I just put in 2 more orders... One at $3200 and another $1300.

If I reach my Target then I am good with it until at least year 2020 when we get out of bear market... If it doesnt hit targets then thats ok. Cause then it means its up.

Re: Bitcoin Addresses Sanctioned By US Government
 

I'm of the opinion shiny metals which are scarce hold more value than paper with numbers on it. But hey, that's my opinion. :rolleyes: