Originally posted by Sparko
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Bitcoin versus other monies.
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Originally posted by Catholicity View PostI'm familiar with the bitcoin. It was invented specifically for the buy and sell of illegal substances, parahpanelia and black market items. Its used primarily on the dark internet. Purchasers invest in hidden accounts using their currency, and then proceed to purchase in the bitcoin. After the subsequent arrest of the kid who ran the silk road (and the bitcoin's primary marketer) the internet currency crashed and became virtually worthless because 75 percent of its market was worthless. Because of why it was invented, it needs a second look as for the reason one would invest in it. Think about it. It was invented for the buy sell and trade of inherently illegal and evil items. My assesment is No."If you believe, take the first step, it leads to Jesus Christ. If you don't believe, take the first step all the same, for you are bidden to take it. No one wants to know about your faith or unbelief, your orders are to perform the act of obedience on the spot. Then you will find yourself in the situation where faith becomes possible and where faith exists in the true sense of the word." - Dietrich Bonhoeffer, The Cost of Discipleship
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In other Bitcoin news, El Salvador has made it legal tender. And their president just announced the development of a city where the economy is based on Bitcoin, including touches like no income tax and no capital gains tax.
https://www.coindesk.com/policy/2021...-have-bitcoin/
The above is an interesting article talking about El Salvador's fight with the IMF over Bitcoin."If you believe, take the first step, it leads to Jesus Christ. If you don't believe, take the first step all the same, for you are bidden to take it. No one wants to know about your faith or unbelief, your orders are to perform the act of obedience on the spot. Then you will find yourself in the situation where faith becomes possible and where faith exists in the true sense of the word." - Dietrich Bonhoeffer, The Cost of Discipleship
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Originally posted by Sparko View PostWell, I have basically lost all gains I had in the Crypto markets. I am currently about -$600 with what I have invested.
But I am sure it will go up again so as long as I don't sell I should recover.The first to state his case seems right until another comes and cross-examines him.
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Originally posted by Cow Poke View Post
Yup, it's not "lost" as long as you don't sell.
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Originally posted by Cow Poke View Post
Yup, it's not "lost" as long as you don't sell.“Users may be surprised to learn that, in a bankruptcy scenario, the crypto and funds held in their accounts may not be considered their own property,” Saval says.Celsius’ terms of use state that any funds deposited with the firm “may not be recoverable” in the event of bankruptcy.
Link to the article at CNBC: https://www.cnbc.com/2022/07/19/what...-bankrupt.html
I suppose the issue isn't with crypto as much as where you deposit it.
I think I'm going to remain out of crypto for a while yet.
PS: I would take the advice in the article and check the terms of use if you have crypto deposited somewhere."For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6
"Theology can be an intellectual entertainment." Metropolitan Anthony Bloom
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Originally posted by Thoughtful Monk View Post
Unfortunately, it looks like Cryptocurrency can be lost. a lawyer is quoted as saying
Anyone on Celsius may not get their money back.
(Celsius' CEO was famous for wearing a shirt that said "Don't Trust Banks". I'm digressing except to note the irony.)
Link to the article at CNBC: https://www.cnbc.com/2022/07/19/what...-bankrupt.html
I suppose the issue isn't with crypto as much as where you deposit it.
I think I'm going to remain out of crypto for a while yet.
PS: I would take the advice in the article and check the terms of use if you have crypto deposited somewhere.
They really need to fix that
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Originally posted by Sparko View Post
Yeah this seems to be a flaw with the various Crypto brokerages, like Coinbase too. If you have your crypto in private wallets then you are safe. But if you use a brokerage then you are using THEIR wallets which they just give you access to. So technically they own the crypto in the wallets if it goes belly up and can be called an asset to pay off any debts.
They really need to fix that"For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6
"Theology can be an intellectual entertainment." Metropolitan Anthony Bloom
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Originally posted by Thoughtful Monk View Post
The article did say there are calls to regulate crypto. Somehow that seems to go against the idea of crypto again that the government is being brought into the mix.
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Crypto critics, like Peter Schiff, have been vindicated...
Crypto Going Through A "Full Fledged Credit Crisis", Says Mike Novogratz In Latest Mea Culpa
Mike Novogratz is in the midst of continued crypto mea culpas in addition to having to literally wear one on his sleeve every day.
This time, Novogratz has come around on the idea of the risks of crypto leverage, admitting this week to Bloomberg that he was "darn wrong" about the "magnitude of leverage" in the crypto universe.
Novogratz said that crypto is in the midst of a “full-fledged credit crisis” at the Bloomberg Crypto Summit Tuesday. He commented: “What I don’t think people expected was the magnitude of losses that would show up in professional institutions’ balance sheets and that caused the daisy chain of events.”
“It turned into a full fledged credit crisis with complete liquidation and huge damage on confidence in the space," Novogratz continued.
After throwing his support behind Terraform Labs, which subsequently collapsed, Novogratz told Bloomberg that he learned that both the industry and retail investors “really had very, very little concept of risk management.”
Speaking of which, it's a great time to remind readers that Novogratz got a tattoo on his arm dedicated to Luna months before the "stablecoin" blew up.
He also took aim at the SEC for not putting into place enough regulation to stop the chaos, stating: “I don’t know what the SEC should have done, or could have done or might have done, but they didn’t do a lot to protect the retail investors.”
Recall, Zero Hedge contributor Quoth the Raven last week pointed out comments from FTX CEO and crypto-billionaire Sam Bankman-Fried that seemed to indicate blowups in the crypto lending space weren't finished yet. Bloomberg's Matt Levine dryly called crypto lending "the ponzi business" during the same interview.
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Originally posted by seanD View PostCrypto critics, like Peter Schiff, have been vindicated...
Crypto Going Through A "Full Fledged Credit Crisis", Says Mike Novogratz In Latest Mea Culpa
Crypto shills Michael Saylor and Max Keiser I'm waiting for next.
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Originally posted by Sparko View Post
Oh the government already has their grubby fingers in the mix in the form of taxes.
Given that people's money is involved, government regulation may actually be desirable."For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6
"Theology can be an intellectual entertainment." Metropolitan Anthony Bloom
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