Bitcoin is taking a dump with all the other shtcoins

Alexdenn05 wrote:

Blockchain uses as much CO2 as has been saved by all the EVs introduced in 2021. It should be banned, but there are probably constitutional issues raised by a blanket ban. Instead, it should be treated as a form of gambling and taxed like gambling winnings instead of capital gains.

That’s could be where we are headed maybe by the end of 2022. The SEC just hired a new guy and he understands the scam.

“ Gensler’s appointment of a crypto-focused senior adviser is in line with his stated focus on establishing a regulatory framework for crypto, as well as a signal that the SEC could step up its efforts to regulate the industry in 2022.

According to a source familiar with the Senate Banking Committee, Frayer spearheaded crypto policy for Brown – who has been outspoken about his concerns about the risks cryptocurrencies could pose to investors, calling blockchain a “shady diffuse network of online funny money” at a hearing in July – and other top-ranking Democrats.

According to the announcement, Frayer’s new role at the SEC will focus on “policymaking and interagency work relating to the oversight of crypto assets.”

Frayer has a degree in International Economics and Finance from the Catholic University of America.”

Jalapeno wrote:

When is Sen Warren going to crack down on corrupt company Tether and those crooks without physical address but based in China?

Pretty soon.

Where is the Steve guy? Is he OK?

nouriel roubini wrote:

Where is the Steve guy? Is he OK?

I more concerned for safety and wellbeing of that super hip, visionary "CEO" of El Salvador, Nayib Bukele.

"The country’s total amount of Bitcoin to 1,120 BTC, which is worth about $87.4 million. The country has an estimated average purchase price of just above $53,300."

Bitcoin is currently ~$41,500.

Mr Hip Guy paid ~$59,700,000 for 1,120 bitcoins.

This "investment" is now worth ~$46,500,000.

~$13,000,000 lost to a country with a per capita GDP of slightly over $3000.

My question is with how long of a rope will this guy be hung by the people of El Salvador?

Bitcoin's below it's PEAK?? No kidding- that's why it's a peak. The last 12 months it has gone up- and the other coins have gone up in multiples before this pullback. A pullback the stock market has too.

Jalapeno wrote:

When is Sen Warren going to crack down on corrupt company Tether and those crooks without physical address but based in China?

Crack down on China? The last couple years are proof that they can do whatever they want and easily shift the blame to theUS.

nouriel roubini wrote:

Alexdenn05 wrote:

Blockchain uses as much CO2 as has been saved by all the EVs introduced in 2021. It should be banned, but there are probably constitutional issues raised by a blanket ban. Instead, it should be treated as a form of gambling and taxed like gambling winnings instead of capital gains.

That’s could be where we are headed maybe by the end of 2022. The SEC just hired a new guy and he understands the scam.

https://www.coindesk.com/policy/2021/12/30/sec-chair-gary-gensler-hires-senate-banking-aide-to-advise-on-crypto-policy/

I have gained multiples off my $$ the last 12 months with crypto. Check Solana, Polygon and Decentraland the last 12 months.

Far as the CO2- That is with Proof Of Work- which Crypto is moving from by using the very green Proof of Stake.

Which part is the scam? My $$'s multiplied with crypto.

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

ccrryypptt wrote:

nouriel roubini wrote:

That’s could be where we are headed maybe by the end of 2022. The SEC just hired a new guy and he understands the scam.

https://www.coindesk.com/policy/2021/12/30/sec-chair-gary-gensler-hires-senate-banking-aide-to-advise-on-crypto-policy/

I have gained multiples off my $$ the last 12 months with crypto. Check Solana, Polygon and Decentraland the last 12 months.

Far as the CO2- That is with Proof Of Work- which Crypto is moving from by using the very green Proof of Stake.

Which part is the scam? My $$'s multiplied with crypto.

Its not a scam. Nor is playing penny slots at a casino.

Two stablecoins (tether and usd coin) are now in the top five of all shtcoins in market cap.

They are supposed to be pegged to the US dollar but they are scam. probably be big liquidity issues for anyone wanting to get out

& How can Tether stay on top of supposedly $80 billion worth of asset with 10 person operation?

ccrryypptt wrote:

CRYPTO MARKET CAP 2020: $758 BILLION

CRYPTO MARKET CAP 2021: $2.3 TRILLION

More suckers when the thing goes to turds 💩 . Is that your point? At one point dogecoin was higher market cap than Ford motors?

cryptokitty wrote:

Two stablecoins (tether and usd coin) are now in the top five of all shtcoins in market cap.

They are supposed to be pegged to the US dollar but they are scam. probably be big liquidity issues for anyone wanting to get out

& How can Tether stay on top of supposedly $80 billion worth of asset with 10 person operation?

You don't seem to understand the purpose of a stable coin.

Maybe...... wrote:

cryptokitty wrote:

Two stablecoins (tether and usd coin) are now in the top five of all shtcoins in market cap.

They are supposed to be pegged to the US dollar but they are scam. probably be big liquidity issues for anyone wanting to get out

& How can Tether stay on top of supposedly $80 billion worth of asset with 10 person operation?

You don't seem to understand the purpose of a stable coin.

I think Cryptokitty understands exactly what the purpose of a stable coin is: to part fiat currency from the gullible.

In other words wrote:

Maybe...... wrote:

You don't seem to understand the purpose of a stable coin.

I think Cryptokitty understands exactly what the purpose of a stable coin is: to part fiat currency from the gullible.

Why would someone buy a stable coin with Fiat ? I've never heard of a single person doing that.

Maybe...... wrote:

In other words wrote:

I think Cryptokitty understands exactly what the purpose of a stable coin is: to part fiat currency from the gullible.

Why would someone buy a stable coin with Fiat ? I've never heard of a single person doing that.

If you understand stable coin then you already know the answer. Its nothing more than trading fiat for crypto and then trading crypto for stable.

In other words, you go to the casino and buy a $100 chip. Then exchange that $100 chip for five $20 chips. And then pray the casino dosent go bankrupt making your five chips worthless.

My understanding is that stablecoin(s) helps keep the Ponzi scheme going by printing more of it to pump the price and make up for taking fiat to spend on coin exchange fees and hide for coin employees and shooting it over to other places throughout the crypto space to cover liquidity positions, whales secretly selling for fiat and things like that. You can see this with USDT paper Twitter accounts where are the stable coin is moved around and printed multiple times per day. The stable coin supply in circulation keeps increasing. Stablecoin such as Tether originally said they have one US dollar for every stable coin but it turns out this is hardly the case. They were investigated by the Attorney General of New York and fined millions of dollars and forbidden from ever doing business in state of New York anymore

Crypto Bros will try to counter this by saying the Fed does the same thing with Fiat printing, like crypto space is allowed to be corrupt in the crypto world just like you guys are in the fiat world , but there’s is both an asset and a liability with fiat printing and this is a recognized currency as opposed to a crypto using stablecoin as casino chips.

My thinking is that what Crypto Moon bros make in unrealized gain, they keep it in stablecoin or in one of the sht coins they think will keep mooning at an exchange without any intention of converting it back to fiat to cash in anytime soon, and my so my fear is what’s going to happen is when the crypto enthusiast/moon bro who think they’ve made money go to try to cash in for fiat money, the fiat money aka US dollar won’t be there because the whales and insiders will have taken it all

And because crypto”currency” does not do anything and does not have any utility and does not produce anything, the fiat money that goes into the system must be used to pay for coin exchange expenses, advertising, and liquidate positions for whales and insiders and not much else and so the only thing they can keep doing is getting more suckers to put fiat money into the system and use the monopoly play money to convince the suckers that they are making money if they just HODL

These people are Truly delusional with laser eyes & probably will go in economics textbooks as example of Ponzi scheme of epic scale