Official Cryptocurrency Thread: Skepticism to Speculation to FIGHT! FIGHT! FIGHT!

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. Frankie Carbone

    Frankie Carbone eh che se dice
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    We need her take on inflation next
     
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  2. letan

    letan Just looking for the gator board
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    ok boomer
     
  3. user15000

    user15000 Well-Known Member

    CEO of marathon

     
  4. user15000

    user15000 Well-Known Member

  5. kennypowers

    kennypowers Big shit like a dinosaur did it
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    Naughty btc only used for criminal activity like the colonial pipeline ransom
    in which the company was able to retrieve their money due to crypto
     
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  6. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    this mother fucker
     
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  7. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    Did she really say one BTC transaction uses a months worth of a household’s energy? That’s the biggest piece of bullshit I’ve heard, even the shills don’t make up lies as bad as that.
     
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  8. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    from Forbes

    A single bitcoin transaction uses roughly 707.6 kilowatt-hours of electrical energy–equivalent to the power consumed by an average U.S. household over 24 days, according to Digiconomist.
     
  9. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i use about 407 for a month btw
     
  10. user15000

    user15000 Well-Known Member

    This is not remotely correct.





    This has also been written about on multiple occasions. She has a fundamental misunderstanding of how this even works. If she’s that obviously wrong about btc, what else is she clueless about?

    https://www.google.com/amp/s/www.coindesk.com/what-bloomberg-gets-wrong-about-bitcoins-climate-footprint?amp=1

    https://blog.trezor.io/three-myths-about-bitcoins-energy-consumption-ef613a1f3d5?gi=a333ff6de75d

    https://www.google.com/amp/s/www.coindesk.com/frustrating-maddening-all-consuming-bitcoin-energy-debate?amp=1
     
    #16510 user15000, Jun 10, 2021 at 2:15 AM
    Last edited: Jun 10, 2021 at 2:40 AM
  11. Whammy

    Whammy Look kids, Parliament!
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    Balancing out the ideology of this thread lol
     
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  12. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    Just think critically about how that would even make sense.
     
  13. user15000

    user15000 Well-Known Member

    He interviewed Saylor last night. It was clear he’s interested in btc but has a very elementary level understanding of it (and that’s generous).

    In the last few days, Trump and Warren have shit on btc. This shouldn’t end up being a party split issue, but I’m sure they’ll make it one.
     
  14. Menelaus

    Menelaus The Red-Haired King
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    Bitcoin Put in Highest Risk Category in Bank Capital Plan
    Thursday, June 10, 2021 06:56 AM

    By Silla Brush

    • Global regulators consulting on 1,250% risk weight for crypto
    • Financial firms are starting to build crypto trading business
    (Bloomberg) --
    Banks will face the toughest capital requirements for holdings in Bitcoin and other cryptoassets under global regulators’ plans to ward off threats to financial stability from the volatile market.

    The Basel Committee on Banking Supervision said on Thursday that the banking industry faces increased risks from cryptoassets because of the potential for money laundering, reputational challenges and wild swings in prices that could lead to defaults.

    The panel proposed that a 1,250% risk weight be applied to a bank’s exposure to Bitcoin and certain other cryptocurrencies. In practice, that means a bank may need to hold a dollar in capital for each dollar worth of Bitcoin, based on an 8% minimum capital requirement. Other assets with this highest-possible risk weighting include securitized products where banks have insufficient information about underlying exposures.

    “The growth of cryptoassets and related services has the potential to raise financial stability concerns and increase risks faced by banks,” the Basel Committee, which includes the Federal Reserve and European Central Bank, said in the report. “The capital will be sufficient to absorb a full write-off of the cryptoasset exposures without exposing depositors and other senior creditors of the banks to a loss.”

    [​IMG]

    Bitcoin gained about 5% to reach $38,226 by 11:43 a.m. in London.

    Read more on Bitcoin response to Basel plan

    The proposal is open to public comment before it will take effect, and the committee said these initial policies are likely to change several times as the market evolves. No timeline was specified in the report but the process for agreeing and implementing Basel rules worldwide can typically take years.

    Some assets, such as tokens with values tied to real-world assets and stablecoins, are set for lower capital requirements.

    Crypto has exploded in popularity this year, with day traders and professionals alike hunting for profits in Bitcoin, as well as the more obscure niches of the market. Enthusiasm about institutional adoption, the idea that it’s a store of value akin to “digital gold,” and endorsements from big-name investors like Paul Tudor Jones and Stan Druckenmiller have all fanned the bull market.

    Bitcoin jumped from about $10,000 last September to as high as $63,000 in mid-April. However, in the past month, prices have collapsed, falling back to $37,000, on the back of tougher regulatory scrutiny in China and Elon Musk’s criticism of Bitcoin’s high energy cost.

    Read more: Coinbase Teams Up With 401(k) Provider to Offer Crypto

    While many banks have been cautious about jumping into crypto trading, the surge in consumer interest is driving financial firms including Interactive Brokers Group Inc. and Robinhood Markets Inc. to expand in the market. Standard Chartered Plc said this monththat it’ll set up a joint venture to buy and sell Bitcoin.
     
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  15. user15000

    user15000 Well-Known Member



    They manage $40 trillion in assets…

    “We will support everything in crypto services that we are allowed to support from a regulatory perspective. The level of communications back and forth with our regulators is intense.”
     
    #16516 user15000, Jun 10, 2021 at 7:16 AM
    Last edited: Jun 10, 2021 at 7:42 AM
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  16. user15000

    user15000 Well-Known Member

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  17. Penguin The Duck

    Penguin The Duck Well-Known Member
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    Just added my NFT of the cat to a liquidity pool and received .27 ETH.

    I can unstake the NFT and receive a random gutter cat NFT in return. And then sell it. The liquidity pool just caused the floor price on secondary to rise to .28 ETH for a gutter cat. I paid .07 for reference two days ago.

    HODL cat is here to stay, this is the dude that got staked
    View attachment 125944
     
  18. letan

    letan Just looking for the gator board
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  19. HuskerInMiami

    HuskerInMiami Well-Known Member
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    upload_2021-6-10_12-6-45.png
     
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  20. jorge

    jorge Founder of Post ITT if your team sucks
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    I was mostly just joking because user15000 posted nearly the same article right before
     
  21. wes tegg

    wes tegg I'm a Guy's guy, guys.
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    A lot of impactful legislation is the result of poorly-informed legislators. They can be entirely in the wrong and still very effectively fuck everything up. :twocents:
     
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  22. Room 15

    Room 15 Mi equipo esta Los Tigres
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    In general, having old legislators legislating technology scares me
     
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  23. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Most of them can’t even handle an email account but are going to legislate crypto? J-law ok gif
     
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  24. Room 15

    Room 15 Mi equipo esta Los Tigres
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    I realize that’s probably not entirely fair because they’re capable of hiring staffers that understand better but yolo
     
  25. wes tegg

    wes tegg I'm a Guy's guy, guys.
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    I'm not concerned about specifically what Elizabeth Warren is concerned about in that clip, but I'm pretty concerned that she is concerned.
     
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  26. Harrison Beck

    Harrison Beck Rut Roh maximalist
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  27. Menelaus

    Menelaus The Red-Haired King
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  28. user15000

    user15000 Well-Known Member

    Oh I know. Another member of Congress (Warren Davidson) responded on Twitter to tell her she’s wrong. I think we’re well past the point of btc being banned in the US. It already is regulated and has been for years. Guess we’ll see what they end up doing, if anything.
     
  29. jorge

    jorge Founder of Post ITT if your team sucks
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    Sadly a lot of the young ones aren't any less crazy when it comes to these things.
     
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  30. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    Yeah, GA has been pretty good about denying claims we've disputed but Alabama business owners have been getting claims from people they have never even heard of and the DOL sucks too much butt to respond to everything and so they just keep getting paid.
     
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  31. user15000

    user15000 Well-Known Member

    The dollar is used for criminal activity financed directly by the inept US government! It’s also untraceable! We must ban the dollar!
     
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  32. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    a national UI system was supposed to be the way things were done, as so many states have created broken systems intentionally

    but as usual for the US

    racism
     
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  33. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Liverpool



    Good read, per usual
     
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  34. user15000

    user15000 Well-Known Member

    Yep agree with all of that. Marty Bent and others have talked about the energy part for years. I think this ends with energy being priced in btc. And consider me not surprised that he thinks what Saylor is doing is smart.
     
  35. Chumbolone

    Chumbolone Well-Known Member
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    Again Celemo’s kid’s basketball drawings could bring us one step closer to TMB island

     
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  36. Arrec Bardwin

    Arrec Bardwin He ain’t me, he can’t be me
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    Gary could literally sell piles of shit and get people to buy it.
     
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  37. Penguin The Duck

    Penguin The Duck Well-Known Member
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    VeeFriends is getting unreal. I have a 2.5 ETH offer on mine currently.
     
  38. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Napkin drawings for 6k lol
     
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  39. Penguin The Duck

    Penguin The Duck Well-Known Member
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    Sorry let's longcat more tweets about Liz and El Salvador lol
     
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