Role of Crypto/Cybercurrencies in the PTB's loss of control?

bjorn

The Living Force
FOTCM Member
Plot twist.

If you look at the Nasdaq chart and compare it to the BTC trend during the stock market period, BTC seems to be breaking free from the Nasdaq correlation. As it should be. What does crypto have to do with stock markets? The only thing that matters is the extent to which crypto is regulated. The rest does not matter. This feels like the old days again when BTC ran its own course. The shittier the world went, the harder BTC even rose.

It is because all the big banks and corporations went in full throttle into bitcoin too. Though they didn't get the memo that crypto doesn't follow the stock market. Let this be the moment that crypto officially decouples itself from the stock market.

Anyhow, it's going to crash again at some point. Get out, get your profit and buy something that is actually real and practical. That's my plan at least.
 

BlueKiwi

Jedi
So, to me it's pretty naive to say that it would take all the supercomputers of the world to crack Encryption Algorithm X, because so few people actually fully understand it that who the heck really knows?

I've just started reading this thread and my first thought was "Quantum computers" and yeah there's already been speculation e.g
Quantum computers could crack Bitcoin by 2022

So who has the quantum computers has the bitcoin ?

Just a thought..
 

Ellipse

The Living Force
FOTCM Member
An interesting article about cryptocurrencies :

Cryptocurrency Is a Giant Ponzi Scheme​


This renders cryptocurrency not merely a bad investment or speculative bubble but something more akin to a decentralized Ponzi scheme. New investors are being lured in under the pretense that speculation is driving prices when market manipulation is doing the heavy lifting.

This can’t go on forever. Unbacked stablecoins can and are being used to inflate the “spot price” — the latest trading price — of cryptocurrencies to levels totally disconnected from reality. But the electricity costs of running and securing blockchains is very real. If cryptocurrency markets cannot keep luring in enough new money to cover the growing costs of mining, the scheme will become unworkable and financially insolvent.

No one knows exactly how this would shake out, but we know that investors will never be able to realize the gains they have made on paper. The cryptocurrency market’s oft-touted $2 trillion market cap, calculated by multiplying existing coins by the latest spot price, is a meaningless figure. Nowhere near that much has actually been invested into cryptocurrencies, and nowhere near that much will ever come out of them.
Ponzi schemes of this scale typically target other financial firms, banks, elite institutions, and other wealthy investors. Cryptocurrency, by comparison, is the people’s Ponzi.
Regulators and policymakers have been slow to protect the public. Ponzi schemes can remain solvent for years while flying under the radar of law enforcement and regulators. Madoff ran his hedge fund as a Ponzi for at least seventeen years.
Cryptocurrencies have virtually no legal use case. They’re great for facilitating ransomware, laundering money, distributing narcotics and child porn, running Ponzi schemes, and… not much else. They fail as currencies due to high transaction costs. They fail as “digital gold” or a “store of value” because they consume ludicrous amounts of energy to run what is essentially a glorified spreadsheet.
These people and everyone else in the cryptocurrency industry are complicit in the Ponzi scheme and actively misleading the public. They understand that fraud is the engine driving their industry and fueling their profits — and that is perhaps the most damning indictment of private cryptocurrencies and the industry surrounding them.
 

Ellipse

The Living Force
FOTCM Member
Extracts of another interesting article:

Bitcoin: The Postmodern Ponzi​


In Bernie Madoff’s twenty year scheme many investors absolutely made money, and investing in Ponzi schemes at the right time can indeed make you very rich. Some people also become disgustingly wealthy from playing roulette, however the majority do not and you’ll never hear about the ones who lost everything. This is the essence of why Ponzi schemes are illegal and considered a form of fraud, they are a form of gambling that depends on information asymmetry and collusion where the rest of society bears the costs and negative externalities of cleaning up the mess to right the victims when the music inevitably stops and there are no more chairs.

Bitcoin is no different. Purchasing a bitcoin is buying an entry in an accounting database, an extraordinarily expensive collection of bits. It has no manifestation in the real world, produces nothing, has no assets, income, customers, cashflow or dividends. The net present value of bitcoin is zero and can never be non-zero. It’s value is purely from a form of recursive speculation, a delusion that more victims will come to speculate in the speculation thus perpetuating the scam and driving the speculated “value” higher.

It is a futures contract with an underlying on human gullibility, a bet that there will be more fools in the future to pay out present fools. Einstein once said “Two things are infinite: the universe and human stupidity; and I’m not sure about the universe” and in today’s the strange upside-down world you can now invest in Einstein’s thesis and it’s called bitcoin.

A store of value cannot be based purely on faith in an inexhaustible pool of fools willing to pay monotonically more for something indefinitely. It should be intuitively obvious to every school child that this game of musical chairs can’t and won’t continue forever. Reality has a way of asserting itself and at some point this scheme will exhaust the pool of fools who will be left hodling a pathetic share in the collective delusion of a non-currency that is completely useless in the real world. Bitcoins are completely unsuitable for monetary purposes, they sustain no economic activity, are unsuitable to transact in as a unit of exchange, and can can never perform any function beyond an empty speculative bubble.

This new class of scam diverges from that classical Ponzi in a significant and legally important way. Instead of the smoke-filled rooms we have the haze of post-truth obscurantism induced by our new media landscape that feeds on illusion, distrust in experts and confusion as a means to obscure the underlying mechanism of the wealth redistribution scheme.

 

BHelmet

The Living Force
To call it a Ponzi is a slight misnomer. It WILL be used to scam the public but it won’t collapse to zero although it may decline a huge amount. It is a key part of the 4th industrial revolution digital economy. It has real uses and those uses will become clearer going forward. But yes it will be a means to drain wealth from the people. The entire financial system will implode at some point including stock prices. It will be an epic wealth transfer.

A classic Ponzi is person A invests and gets paid by person B’s investment etc. Bitcoin is a far more complex scheme. Yes Crypto is still in the casino speculation phase. But by the end of this year it will Most likely get regulated and it will still have value. Although a lot of people Will indeed lose their shirts as the process unfolds.
 

davidfxl

Padawan Learner
The question was asked in the last C's session.

Q: (L) Okay. We have a lot of questions here, so I guess we might as well get to the first one. Mike has some questions about Bitcoin.

(Mike) In general, who is the person (or people) that created Bitcoin?

A: CIA.

Q: (L) Well, alright.

(Mike) For what purpose did they initially create Bitcoin?

A: Bridge to nowhere.

Q: (L) What do you mean, "Bridge to nowhere"?

A: Digitize, and then deprive common man of resource.


So short term, make some money and run. Long term you will loose. If the internet infrastructure goes down (i.e.. natural disaster event) you have nothing.
 

BlueKiwi

Jedi
I knew a few guys who were way into cryptocurrencies, and they lost a lot of money. Most of the cryptocurrency markets are "controlled" by a few people who own a larger than usual proportion of it.

At some point in time "they" will agree to do what they term a "pump and dump" whereby they all start buying more, driving the price up. Then other people see it's value increasing, so buy as much as they can, increasing the price further.

Then just when it's the right time "they" sell it all / dump and make their money and the value drops drastically and that leaves everyone else out of pocket. Essentially theft.
 

BHelmet

The Living Force
I knew a few guys who were way into cryptocurrencies, and they lost a lot of money. Most of the cryptocurrency markets are "controlled" by a few people who own a larger than usual proportion of it.

At some point in time "they" will agree to do what they term a "pump and dump" whereby they all start buying more, driving the price up. Then other people see it's value increasing, so buy as much as they can, increasing the price further.

Then just when it's the right time "they" sell it all / dump and make their money and the value drops drastically and that leaves everyone else out of pocket. Essentially theft.
That's the concept. But the "few people/whales" work in concert with the Fed. The Federal reserve is running over a trillion and a half dollars EVERY Day through the repo markets. That's enough liquidity to pump and dump any market any time they want.
 

Scottie

Administrator
Administrator
Moderator
FOTCM Member
I think there is probably a lot of infighting going on. There are those who want CBDCs right now, those who want to keep fiat propped up longer, those who want a horrible crash, those who want cryptos to soar, etc.

Since we know the endgame is complete control, more control seems likely. But we also strongly suspect there will be "mitigating circumstances" that will blow large, gaping holes in even the best laid of plans.

Even with the 'real' economy, you go to work and then a number in a computer is incremented (direct deposit). You can say, "Yes, but I do real work to get that digital number incremented." And that's true. At the same time, bank accounts can disappear overnight or you can be locked out of cards, accounts, and just about anything else in the blink of an eye. So the way I look at it, we already have CBDCs that are totally controlled. Enough paper money and checks are kept around just to maintain the old illusion.

So, expect to pay a fortune for everything and to lose whatever you have. Then when it happens, you won't need to panic and freak out. In the meantime, prepare for all eventualities. If you happen to guess correctly and 'make some money', well alrighty then. Just remember that getting something from nothing goes against what appear to be the inherent rules of this reality.

IOW, if you strike it rich, make sure there's some kind of balance where you return the favor/work/energy to the universe.
 

Benjamin

Jedi Council Member
India plans to unroll a digital version of the rupee this fiscal year (Apr. 1). This is the largest economy after China to create a CBDC (Central Bank Digital Currency).

 
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axj

The Living Force
I think this might be the end of crypto for a while.

Most psychics see new all time highs in crypto in March/April and possibly another wave higher around September. Even from a technical analysis view, Bitcoin is still in a bullish market structure. I think around the middle of February this retracement will be over and it will go higher again.

Silver is definitely good too, but its price may stay suppressed until after the whole financial and currency system collapses. Which may happen this year or it may take another couple years.
 

bjorn

The Living Force
FOTCM Member
Most psychics see new all time highs in crypto in March/April and possibly another wave higher around September. Even from a technical analysis view, Bitcoin is still in a bullish market structure. I think around the middle of February this retracement will be over and it will go higher again.

With the US now non-stop banging on the drums of war that Russia could invade Ukraine at any moment I don't expect much action. We have been tormented by endless ''covid cases" for 2 years now, this will also probably go on for some time. The main thing now that moves the stock market and crypto is hysterical propaganda right down to the bottom.
 

bjorn

The Living Force
FOTCM Member
With the US now non-stop banging on the drums of war that Russia could invade Ukraine at any moment I don't expect much action. We have been tormented by endless ''covid cases" for 2 years now, this will also probably go on for some time. The main thing now that moves the stock market and crypto is hysterical propaganda right down to the bottom.

I meant the warmongering will go on
 
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