BITCOIN brings banks buy in

17 Mar 2021 07:23 #1 by homeagain

OK, I am not a financial fanatic,and I just TRY to keep up....can someone explain,in layperson's terms,crypto currency,bitcoin and the digital concept
of money...I know it is NOT tangible and consists of 101010101010 for trading....HOW does this differ from the derivative fiasco that led banks down
the path of destruction.???

The denier (spg?)from Iraq was suppose to be the BIG JACKPOT (it was sham).....

Please Log in or Create an account to join the conversation.

17 Mar 2021 08:24 #2 by FredHayek
Crypto was supposed to be a way to preserve your wealth during high inflation periods. When you have both parties spending trillions of dollars in "relief" packages, the nation should see high inflation and your dollar is worth less after a year. But instead Crypto has become more a "beanie baby" collector's market.
People keep bidding up the virtual bitcoins and alternatives. It is very sensitive to changes in the market and has scary volatility that I just won't touch.
Besides, inflation has actually been low for the past few years. The Fed wants it at 2% and often the economy is below that.

Thomas Sowell: There are no solutions, just trade-offs.

Please Log in or Create an account to join the conversation.

17 Mar 2021 09:09 #3 by homeagain
THEN WHY r the banks buying in?........sounds irrational.

Please Log in or Create an account to join the conversation.

17 Mar 2021 19:23 #4 by ScienceChic
Until it's regulated, an official government currency, cybersecurity is vastly improved, and there are consumer protections, I won't be touching bitcoin/cryptocurrency with a ten foot pole.

Bitcoin and Blockchain: A Russian Money Laundering Bonanza?
By Owen Matthews, Newsweek | On 09/18/17

Cryptocurrencies, such as bitcoin, work on a technology known as blockchain, a decentralized network of synchronized online registries that track the ownership and value of each token. They can be used as virtual cash and traded like currency. Private companies can issue their own virtual currencies to finance specific ventures, similar to crowdfunding or bonds. And their future value can also be traded, like options.

With approximately $70 billion in bitcoins in circulation and more than 100,000 merchants around the world—including Russia's largest online retailer, Ulmart—accepting similar forms of payment, "suddenly everyone has to take cryptocurrency seriously," says Richard Titus, an investor of cybermoney. Virtual currencies are also a potential bonanza for money launderers, online blackmailers and cybercriminals—especially in Russia. And with the market still basically unregulated, Titus warns, "it's definitely the Wild West." Even JPMorgan Chase CEO Jamie Dimon, usually a bull on tech innovation, warned in September that virtual currencies are "a fraud.… It won't end well. Someone is going to get killed. It will blow up."

There's even been talk of creating a supranational cryptocurrency for the emerging BRICS nations—Brazil, Russia, India, China and South Africa—as "a good alternative to the dollar," Kirill Dmitriev, head of the Russian Direct Investment Fund, told state-run news agency Ria Novosti in August. Though the entire sum of cryptocurrencies in the world remains under $100 billion, a long way off the estimated 10.2 trillion U.S. dollars, the idea of undermining America's dominion as owner of the world's chief reserve currency appeals to Putin, who recently called for the BRICS nations "to overcome the excessive domination of the limited number of reserve currencies."

China is the world leader in bitcoin mining, with miners deploying huge power-hungry computer server banks to crunch the necessary numbers—and Moscow is eager to get into that business.

Regulation of Cryptocurrency Around the World - Library of Congress Law

"Now, more than ever, the illusions of division threaten our very existence. We all know the truth: more connects us than separates us. But in times of crisis the wise build bridges, while the foolish build barriers. We must find a way to look after one another as if we were one single tribe.” -King T'Challa, Black Panther

The truth is incontrovertible. Malice may attack it. ignorance may deride it, but in the end, there it is. ~Winston Churchill

Please Log in or Create an account to join the conversation.

18 Mar 2021 06:47 #5 by homeagain

Please Log in or Create an account to join the conversation.

18 Mar 2021 16:44 #6 by FredHayek
Elon Musk and Tesla are big on Bitcoin too. If you have risk capital, you can afford to lose, maybe try it, but I think it is a bubble about to burst. Many banks are flush with cash, they had expected a lot more loan defaults because of the Covid-19 economy but it just didn't happen because there was so much money thrown around by the Feds. So maybe they are taking the money that they expected to lose and put it in cryptocurrencies.

I do know one woman who had done a job for someone and he paid her in bitcoin, 3.5 bitcoins a few years ago. She threw away the laptop that had the access codes on it. Oops. She threw away tens of thousands of dollars. And she really needed the money, because she got breast cancer afterwards. Ouch.

Thomas Sowell: There are no solutions, just trade-offs.

Please Log in or Create an account to join the conversation.

Time to create page: 0.149 seconds
Powered by Kunena Forum
© My Mountain Town (new)