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Bitcoin & crypto? Pt. 2

Discussions about the economic and financial ramifications of PEAK OIL

Re: Bitcoin & crypto? Pt. 2

Unread postby AdamB » Thu 30 Jun 2022, 20:22:05

theluckycountry wrote:Well the seven sisters controlled oil prices via their cartel for long enough.


Such is the definition and purpose of a cartel. But they aren't the central banks cartels are the owners of the commodity acting in collusion to get the price they want.
What does a science denier look like?

Armageddon » Thu 09 Feb 2006, 10:47:28
whales are a perfect example as to why evolution is wrong. Nothing can evolve into something that enormous. There is no explanation for it getting that big. end of discussion
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Re: Bitcoin & crypto? Pt. 2

Unread postby Doly » Fri 01 Jul 2022, 15:02:11

Though who is buying it and why is the mystery?


For me who is buying bitcoin and why has always been a mystery. And I know somebody who got into bitcoin, but he was just repeating the usual points that it's independent from all national currencies and that makes it good. He didn't seem to be putting much, if any, critical thinking into it. I don't think bitcoin would have any traction if it only had buyers like him.
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Re: Bitcoin & crypto? Pt. 2

Unread postby JuanP » Fri 01 Jul 2022, 15:49:33

Doly wrote:For me who is buying bitcoin and why has always been a mystery.


:lol:
I consider it gambling. It is okay to do, if you don't mind potentially losing every penny you put in. I will never, ever buy cryptocurrencies.
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Re: Bitcoin & crypto? Pt. 2

Unread postby vtsnowedin » Fri 01 Jul 2022, 19:33:17

What gets me is the number of banks , hedge funds and institutions including retirement funds that bought into one crypto currency or an other for fear of missing out. Especially the ones that used borrowed or leveraged money to do it. Can any of these say they met their fiduciary requirements while betting their clients money?
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Re: Bitcoin & crypto? Pt. 2

Unread postby theluckycountry » Fri 08 Jul 2022, 07:41:32

vtsnowedin wrote:What gets me is the number of banks , hedge funds and institutions including retirement funds that bought into one crypto currency

Can any of these say they met their fiduciary requirements while betting their clients money?


Well it's not like they care, the Pig men up top in all these institutions only care about their own futures, not ours, they will commit the money to anything that is 'recommended' to them. The GFC proved to them that they will suffer no consequences for maleficence or simple stupidity, they walk, and with pockets full.

I have none of my life savings with these dogs aside from deposits in four banks ,which I can, and will, transfer into hard assets as soon as I perceive the wheels are falling off. Banking collapses don't happen overnight but market crashes do and the rules with pension funds, here at least, make it impossible to move your money fast. Here it takes two weeks minimum for any re-allocation to be processed.

Anyone with half a brain would be out of the markets now, we've had the big gains and now it's time for the big losses. So why do most people stay in? They don't want to pay the taxes on their gains. It's a trap by design.
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Re: Bitcoin & crypto? Pt. 2

Unread postby vtsnowedin » Fri 08 Jul 2022, 12:18:49

theluckycountry wrote:
vtsnowedin wrote:What gets me is the number of banks , hedge funds and institutions including retirement funds that bought into one crypto currency

Can any of these say they met their fiduciary requirements while betting their clients money?


Well it's not like they care, the Pig men up top in all these institutions only care about their own futures, not ours, they will commit the money to anything that is 'recommended' to them. The GFC proved to them that they will suffer no consequences for maleficence or simple stupidity, they walk, and with pockets full.

I have none of my life savings with these dogs aside from deposits in four banks ,which I can, and will, transfer into hard assets as soon as I perceive the wheels are falling off. Banking collapses don't happen overnight but market crashes do and the rules with pension funds, here at least, make it impossible to move your money fast. Here it takes two weeks minimum for any re-allocation to be processed.

Anyone with half a brain would be out of the markets now, we've had the big gains and now it's time for the big losses. So why do most people stay in? They don't want to pay the taxes on their gains. It's a trap by design.

With a two week transfer time frame can you afford to wait to secure your hard assets?
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Re: Bitcoin & crypto? Pt. 2

Unread postby AdamB » Fri 08 Jul 2022, 12:59:52

Doly wrote:He didn't seem to be putting much, if any, critical thinking into it.


Be honest, from your perspective as someone who is technically oriented. Do you know many who DO put critical thinking into..."it"? Whatever "it" might be?
What does a science denier look like?

Armageddon » Thu 09 Feb 2006, 10:47:28
whales are a perfect example as to why evolution is wrong. Nothing can evolve into something that enormous. There is no explanation for it getting that big. end of discussion
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Re: Bitcoin & crypto? Pt. 2

Unread postby AdamB » Fri 08 Jul 2022, 13:01:56

vtsnowedin wrote:What gets me is the number of banks , hedge funds and institutions including retirement funds that bought into one crypto currency or an other for fear of missing out. Especially the ones that used borrowed or leveraged money to do it. Can any of these say they met their fiduciary requirements while betting their clients money?


Of course they can. As long as they correctly quantified the risk/reward of the investment, up to and including the entire investment vanishing in a scam, crash, theft or folks realizing that you only make money at the front end of a ponzi scheme.
What does a science denier look like?

Armageddon » Thu 09 Feb 2006, 10:47:28
whales are a perfect example as to why evolution is wrong. Nothing can evolve into something that enormous. There is no explanation for it getting that big. end of discussion
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Re: Bitcoin & crypto? Pt. 2

Unread postby theluckycountry » Mon 11 Jul 2022, 15:21:56

vtsnowedin wrote:With a two week transfer time frame can you afford to wait to secure your hard assets?


That's for pension funds, or as they are called here, superannuation funds. I have no money to speak of there but I do in bank accounts and that money can be transferred into government bonds or allocated gold bullion in the WA government mint with the click of a mouse.

My nephew asked me why I thought Aussie bonds were safe but not the banks and I explained to him the bonds are Aussie government debt and to default on that the Australian government would have to declare bankrupt. Not likely given our position as one of the best economies in the world. Banks on the other hand are just corporations and they can go bankrupt at the drop of a hat, I said.

He struggled to grasp the concept, a testament to a life of being programed that banks are the pillar of society. I explained about the new legislation, rushed through Parliament in 2021 that allows his deposits to be seized. He was unconvinced.

After the call I wondered how many people had had similar conversations with the 'unconvinced' back in 1933 just before the collapse of the banks? Back then millions lost their life savings because they thought "The banks could never do that" Ahhh, simple souls, simple minded people...

https://www.newcastleherald.com.au/stor ... -deposits/
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Re: Bitcoin & crypto? Pt. 2

Unread postby AdamB » Mon 11 Jul 2022, 16:21:48

theluckycountry wrote:My nephew asked me why I thought Aussie bonds were safe but not the banks and I explained to him the bonds are Aussie government debt and to default on that the Australian government would have to declare bankrupt. Not likely given our position as one of the best economies in the world.


As long as "best" equals 13th largest behind other pipsqueaks like Canada and South Korea. And Italy and Russia. I mean really, like maybe 6% of the size of the US economy? BRAZIL is bigger than you Chinese mining slaves. Germany, Japan and India. And properly, your GDP should just be assigned to the UK, seriously when are you folks going to grow a pair and dump the Monarchy? Let me guess, your wonderful government took your guns away, or your insignificance in the world makes you a bunch of cowards when the Queen shows up requiring someone to kiss the ring while bending the knee? Are you first in line for that duty Lucky? :)
What does a science denier look like?

Armageddon » Thu 09 Feb 2006, 10:47:28
whales are a perfect example as to why evolution is wrong. Nothing can evolve into something that enormous. There is no explanation for it getting that big. end of discussion
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Re: Bitcoin & crypto? Pt. 2

Unread postby vtsnowedin » Mon 11 Jul 2022, 19:36:40

AdamB wrote:
theluckycountry wrote:My nephew asked me why I thought Aussie bonds were safe but not the banks and I explained to him the bonds are Aussie government debt and to default on that the Australian government would have to declare bankrupt. Not likely given our position as one of the best economies in the world.


As long as "best" equals 13th largest behind other pipsqueaks like Canada and South Korea. And Italy and Russia. I mean really, like maybe 6% of the size of the US economy? BRAZIL is bigger than you Chinese mining slaves. Germany, Japan and India. And properly, your GDP should just be assigned to the UK, seriously when are you folks going to grow a pair and dump the Monarchy? Let me guess, your wonderful government took your guns away, or your insignificance in the world makes you a bunch of cowards when the Queen shows up requiring someone to kiss the ring while bending the knee? Are you first in line for that duty Lucky? :)

Best and biggest are two very different things. When you get it down to GDP per person OZ ranks 21 out of 198. Not bad, and then consider that some of those ranked above them get there by large oil revenues that are in the hands of a few and do not trickle down to the average citizen. A young person in Australia looking at other counties that have better opportunities for his or her advancement is looking at a very short list.
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Re: Bitcoin & crypto? Pt. 2

Unread postby AdamB » Mon 11 Jul 2022, 21:14:14

vtsnowedin wrote:Best and biggest are two very different things.


Indeed. But residents of a Chinese mining operation aren't the kind to spot small meanings in words. :)

They don't call the denizens of where Lucky lives banana benders because of their intellectual acumen. Dem wordz stuf be hards.

vtsnowedin wrote: When you get it down to GDP per person OZ ranks 21 out of 198. Not bad, and then consider that some of those ranked above them get there by large oil revenues that are in the hands of a few and do not trickle down to the average citizen.


Pretty pathetic when it is 6% or so of the US of A's. Their entire mining colony has an economy the likes of...FLORIDA. I would have loved to compare their economy to Vermonts, but that state of yours is pretty meager in the GDP department VT.

vtsnowedin wrote: A young person in Australia looking at other counties that have better opportunities for his or her advancement is looking at a very short list.


Sure. All little league players look up and hope to be MLB players one day. They can't build their own CARS Vt. Cars! You and I could probably do that, give us enough to fire up a factory and we could get it done. Banana benders can't.
What does a science denier look like?

Armageddon » Thu 09 Feb 2006, 10:47:28
whales are a perfect example as to why evolution is wrong. Nothing can evolve into something that enormous. There is no explanation for it getting that big. end of discussion
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Re: Bitcoin & crypto? Pt. 2

Unread postby vtsnowedin » Mon 11 Jul 2022, 22:03:20

AdamB wrote:
vtsnowedin wrote: A young person in Australia looking at other counties that have better opportunities for his or her advancement is looking at a very short list.


Sure. All little league players look up and hope to be MLB players one day. They can't build their own CARS Vt. Cars! You and I could probably do that, give us enough to fire up a factory and we could get it done. Banana benders can't.

OK so can you give us an example of a country an Australian young person with say a BS in engineering, or some other professional field, could immigrate to where they would be better off then just staying in OZ and working there. Keep in mind the the other countries immigration laws and language barriers do matter. If they won't let you in or you can't speak the required language a heaven on earth is of no use to you.
I'll give you that a few singers and actors/actresses have done well moving to the USA and Hollywood but that is the exception to the rule.
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Re: Bitcoin & crypto? Pt. 2

Unread postby AdamB » Mon 11 Jul 2022, 23:10:01

vtsnowedin wrote:
AdamB wrote:
vtsnowedin wrote: A young person in Australia looking at other counties that have better opportunities for his or her advancement is looking at a very short list.


Sure. All little league players look up and hope to be MLB players one day. They can't build their own CARS Vt. Cars! You and I could probably do that, give us enough to fire up a factory and we could get it done. Banana benders can't.

OK so can you give us an example of a country an Australian young person with say a BS in engineering, or some other professional field, could immigrate to where they would be better off then just staying in OZ and working there.


I have no idea. I'm American, there wasn't any other place I've ever thought was worth running off to. Although I am partial to Canada. If a young person gets that BS in engineering I'd think the first thing on their mind would be fleeing the Chinese mining colony for anywhere the Queen might allow them. Certainly New Zealand should be a step up, and they can just about swim from the mining camps to their if they had any gumption.

vtsnowedin wrote:Keep in mind the the other countries immigration laws and language barriers do matter. If they won't let you in or you can't speak the required language a heaven on earth is of no use to you.


Sure. And I can't imagine any other country on the planet needing immigrants worthy only of banana bending. Maybe some of those banana republics in Central and South America?
What does a science denier look like?

Armageddon » Thu 09 Feb 2006, 10:47:28
whales are a perfect example as to why evolution is wrong. Nothing can evolve into something that enormous. There is no explanation for it getting that big. end of discussion
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Re: Bitcoin & crypto? Pt. 2

Unread postby mousepad » Tue 12 Jul 2022, 07:13:59

AdamB wrote:Sure. And I can't imagine any other country on the planet needing immigrants worthy only of banana bending. Maybe some of those banana republics in Central and South America?

Don't worry. All of the West has a knack for importing uneducated and unskilled. The dumber you are, the easier to get in.
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Re: Bitcoin & crypto? Pt. 2

Unread postby AdamB » Tue 12 Jul 2022, 09:11:34

mousepad wrote:
AdamB wrote:Sure. And I can't imagine any other country on the planet needing immigrants worthy only of banana bending. Maybe some of those banana republics in Central and South America?

Don't worry. All of the West has a knack for importing uneducated and unskilled. The dumber you are, the easier to get in.


Sounds like Lucky is an absolute shoe in for anywhere then. :)
What does a science denier look like?

Armageddon » Thu 09 Feb 2006, 10:47:28
whales are a perfect example as to why evolution is wrong. Nothing can evolve into something that enormous. There is no explanation for it getting that big. end of discussion
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Re: Bitcoin & crypto? Pt. 2

Unread postby vtsnowedin » Tue 12 Jul 2022, 15:36:03

Bitcoin down to $19,345 as I type this.
An acquaintance sold out all of it he had at a tidy profit a while back. :)
There were and are some winners in all this but the ones holding it now are mostly not in that group and probably never will be.
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