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lightpole posted:The assumption that digital currency is crypto currency is bitcoin is a bad one. Bitcoin is crypto is digital but the reverse is not necessarily true. True, but I also do not want everything I have to be at complete control of the government so they can decide they can just turn my money off. Sure it can happen now if they have a cause and try, but I can also have cash which is not tied to my name. Things are pretty convenient now, the money in your bank account is already digital, crypto is nonsense that already went way too far.
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# ? Jul 26, 2021 13:48 |
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# ? Jun 5, 2024 22:45 |
I don’t think crypto is ever going anywhere and I’ve been waiting for the great reckoning for crypto that SA has continuously promised longer than I’ve been waiting for Donald Trump to not be able to wriggle his way out of something.
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# ? Jul 26, 2021 13:57 |
this was in Worthington, PA Worthington, PA’s demographics really show why they are concerned about this: Population est 2019: less than 600 people. The racial makeup of the borough was 99.10% White, 0.26% African American, 0.13% Asian, 0.13% from other races, and 0.39% from two or more races. Hispanic or Latino of any race were 0.26% of the population. Here’s a couple of others: There were more. I saw one about China being to blame for COVID and one about how you have a choice to not be vaccinated. There might have been even more but I was at a light and it turned green and I wanted to leave Worthington, PA.
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# ? Jul 26, 2021 14:02 |
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Do y’all think that banks send each other suitcases of cash back and forth? Currency went digital decades ago, and it doesn’t involve proof of work.
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# ? Jul 26, 2021 14:15 |
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maffew buildings posted:Crypto is disruptive technology that will empower everyday people in ways traditional finance never will. Now let me tell you about how billionaire's going on suborbital joyrides and not paying taxes is critical and momentous for mankind's future and also how women pose a danger in the workplace if they're attractive Pretty much all the people Crypto empowered were already independently wealthy. Its largely mined by companies and wealthy individuals now. Mainly because to mine it efficiently after the initial adopters, you had to have a large amount of hardware and power consumption. Crypto is no better than fiat currency, and its only value is how much fiat currency you can exchange it for.
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# ? Jul 26, 2021 14:54 |
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CainFortea posted:Actually the biggest use of crypto seams to be to turn coal into solved sudokus. I thought it was to turn drugs into money.
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# ? Jul 26, 2021 15:24 |
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boop the snoot posted:this was in Worthington, PA It's too early to run through the math but with percentages that are multiples like that you can just tell that there are exactly two African American people, one Asian person, etc. One wonders at their stories.
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# ? Jul 26, 2021 15:28 |
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Lemniscate Blue posted:It's too early to run through the math but with percentages that are multiples like that you can just tell that there are exactly two African American people, one Asian person, etc. The 0.39% must be the children of the one asian woman or the one latina woman
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# ? Jul 26, 2021 15:57 |
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TheWeedNumber posted:I thought it was to turn drugs into money. Its to turn fossil fuels into carbon emissions into "money" to buy drugs to turn drugs into "money" until some sucker can be found to turn the "money" into money.
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# ? Jul 26, 2021 16:11 |
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# ? Jul 26, 2021 16:12 |
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FrozenVent posted:Do y’all think that banks send each other suitcases of cash back and forth? Uh…. They do? It’s like the whole purpose of the armored truck industry.
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# ? Jul 26, 2021 16:24 |
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Crab Dad posted:Uh…. They do? It’s like the whole purpose of the armored truck industry. Cash is a giant pain in the rear end to deal with at any kind of scale and banks and businesses both hate it
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# ? Jul 26, 2021 16:29 |
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Crab Dad posted:Uh…. They do? It’s like the whole purpose of the armored truck industry. I knew you'd beat me to this.
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# ? Jul 26, 2021 16:30 |
Next you'll tell me people still try to steal that money in rubber impersonator masks! (All money is fiat money, be it digital or paper or crypto. The only thing that isn't fiat is capital.)
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# ? Jul 26, 2021 16:30 |
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Crab Dad posted:Uh…. They do? It’s like the whole purpose of the armored truck industry. Cash is a tiny, tiny proportion of interbank transactions. Like vanishingly small. It’s all wires nowadays, and those are done over the internet. There’s still some amount of manual work involved, because when you’re moving a billion dollars, you really want to take the time there’s no typos.
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# ? Jul 26, 2021 16:33 |
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boop the snoot posted:I don’t think crypto is ever going anywhere and I’ve been waiting for the great reckoning for crypto that SA has continuously promised longer than I’ve been waiting for Donald Trump to not be able to wriggle his way out of something. I don't think crypto will ever go away, but its never going to be adopted. Its just going to become our generation's version scratch off tickets
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# ? Jul 26, 2021 16:33 |
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Things looking bad in Tunisia https://twitter.com/timurkuran/status/1419515064223162371?s=19
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# ? Jul 26, 2021 16:39 |
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FrozenVent posted:Cash is a tiny, tiny proportion of interbank transactions. Like vanishingly small. About 1/4 of the M2 dollars are in physical form. Of that, 1/2 - 2/3 are held overseas. You're not wrong that most of this is happening digitally, but there is a massive industry of moving physical cash from place to place, including from bank to bank. I was on the Federal Reserve route for my company, which managed the central vault for almost every bank in the state and several outside it. It's a fraction of what's out there digitally, but it's a lot of loving cash money.
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# ? Jul 26, 2021 16:40 |
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FrozenVent posted:Cash is a tiny, tiny proportion of interbank transactions. Like vanishingly small. I don’t think you realize truly how much money gets moved around. I’d barely bat an eye at having to transfer 500 million in a single truck from the central cash processing bank to our distribution point. Armored truck companies are in the business of shorting the pipe by rerouting deposits right back to customers and we still had to have massive influx of cash from the banks and sometimes the feds. The amount may be tiny on paper but it’s still a huge amount in practice.
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# ? Jul 26, 2021 16:42 |
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Crypto has two use cases that are in tension with each other. Crypto as commodity wants the value to keep going up up up. Crypto as currency wants the value to be stable. In Fiat currencies, the currency use case is dominant. Crypto has the commodity use case as dominant, leading to all the problems that led everyone to move to fiat in the first place. But it gets the worst people alive rich at the cost of a few rainforests worth of co2 for no other social benefit, so it's impossible to say if it's good or not
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# ? Jul 26, 2021 16:42 |
Who wore it better? https://twitter.com/shugknite/status/1419481485908742147?s=21 https://twitter.com/naotodeniiro/status/1419486745108824065?s=21
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# ? Jul 26, 2021 17:12 |
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boop the snoot posted:this was in Worthington, PA You picked a really dumb part of PA. Unfortunately, there are worse.
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# ? Jul 26, 2021 17:20 |
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boop the snoot posted:this was in Worthington, PA A friend lives in a island community mostly based around tourism and retirees. 92.6% white, 0.3% African American. They had a lot of drama last year when a handful of BLM signs were repeatedly vandalized by a 78 year old small business owner until he finally got arrested. Dude lives in one of the most lily white spots in the country and is more likely to spot an orca whale each day than a black person and still the concept of them existing is enough to drive him into a rage.
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# ? Jul 26, 2021 18:19 |
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Some of the appeal of crypto is the promise of a currency not tied to state power. There are other ways to accomplish this than via crypto, but other ideas require someone to run them and the organizations running them are as vulnerable to force as a state bank is to the demands of its own state. States aren't sure if this is a good idea or a bad idea, as clearly removing power from the dollar helps most states that aren't the US, but internally currency control is a vital part of many states strategies and removing that lever can be problematic, though likely more transparent. Companies and other nonstate actors see opportunities to manage their own currencies. Given that plenty of companies are responsible for more economic activity than many states, access to those same traditionally state-owned levers is appealing (see the Facebook Libre). I think crypto in its grossly inefficient current form will go the way of the beanie baby since it adds about the same level of value, but the mechanisms in their design may have some other useful applications, and the desire for a headless currency probably isn't going anywhere.
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# ? Jul 26, 2021 18:36 |
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Crab Dad posted:The amount may be tiny on paper but it’s still a huge amount in practice. A small fraction of a ridiculously large number is still huge.
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# ? Jul 26, 2021 18:46 |
I love it. Midjack posted:A small fraction of a ridiculously large number is still huge. Also this. Cash transports are a big deal and high volume, but still a small portion of non-cash transactions. It serves to illustrate the point that that our present currency works just fine digitally.
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# ? Jul 26, 2021 19:00 |
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Isn't a lot of cash just sitting around at federal reserve banks and vaults, and they just change the name on who owns what pile as money shifts from bank to bank? I seem to remember this kinda being the case.
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# ? Jul 26, 2021 19:12 |
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CRUSTY MINGE posted:Isn't a lot of cash just sitting around at federal reserve banks and vaults, and they just change the name on who owns what pile as money shifts from bank to bank? actually it's piles of gold bars as I learned from the film Die Hard: With a Vengeance
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# ? Jul 26, 2021 19:15 |
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I was thinking more along the lines of Modern Marvels: Fort Knox, but to each their own on bullion storage.
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# ? Jul 26, 2021 19:36 |
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https://twitter.com/VICENews/status/1419697649398304769?s=19
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# ? Jul 26, 2021 19:58 |
piL posted:Some of the appeal of crypto is the promise of a currency not tied to state power. Narrator: That promise was a lie
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# ? Jul 26, 2021 20:04 |
https://twitter.com/Phil_Lewis_/status/1418676246003818496?s=20
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# ? Jul 26, 2021 20:13 |
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US Berder Patrol posted:actually it's piles of gold bars as I learned from the film Die Hard: With a Vengeance That movies owns up until the last 10 minutes. So many great NYC set pieces but the grand finale is at a Quebec border crossing? It was weird how his goons are still plentiful and armed with plenty of guns ready to fight and they just don't show what happens to them when they go charging out in the trucks.
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# ? Jul 26, 2021 20:41 |
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CRUSTY MINGE posted:Isn't a lot of cash just sitting around at federal reserve banks and vaults, and they just change the name on who owns what pile as money shifts from bank to bank? In some cases yes, but nowadays it’s mostly a database type deal. I like to think it’s one big excel spreadsheet. It’s entirely possible for, say, Royal Bank of Canada to borrow a billion from the Bank of Canada, sell that billion CAD for 800 million USD to the Royal Bank of Scotland who loans it to Lloyd’s Bank to disburse as a loan to ABC Constructions to buy a parcel of land from XYZ Holdings without a single paper dollar moving. This happens inside of a few hours, at most, and could be automated in theory.
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# ? Jul 26, 2021 21:42 |
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Wait I thought he went to Germany at the end or was that an alternate ending
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# ? Jul 26, 2021 21:44 |
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Milo and POTUS posted:Wait I thought he went to Germany at the end or was that an alternate ending wut eta: reading the alternate ending on Wikipedia, poo poo is wild quote:An alternative ending to the one shown in the final movie was filmed with Jeremy Irons and Bruce Willis, set some time after the events in New York. It can be found on the Special Edition DVD. In this version it is presumed that the robbery succeeds, and that McClane was used as the scapegoat for everything that went wrong. He is fired from the NYPD after more than 20 years on the force and the FBI has even taken away his pension. Nevertheless, he still manages to track Simon using the batch number on the bottle of aspirins and they meet in a bar in Hungary. In this version, Simon has double-crossed most of his accomplices, gotten the loot to a safe hiding place somewhere in Hungary, and has the gold turned into statuettes of the Empire State Building in order to smuggle it out of the country; but he is still tracked down to his foreign hideaway. McClane is keen to take his problems out on Simon, who he invites to play a game called "McClane Says". This involves a form of Russian roulette with a small Chinese rocket launcher that has had the sights removed, meaning it is impossible to determine which end is which. McClane then asks Simon some riddles similar to the ones he played in New York. When Simon gets a riddle wrong, McClane forces him at gunpoint to fire the launcher, which fires the rocket through Simon, killing him.[16][17] UP THE BUM NO BABY fucked around with this message at 21:54 on Jul 26, 2021 |
# ? Jul 26, 2021 21:51 |
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https://twitter.com/jason_koebler/status/1419661153278513157 I have never ceased to be amazed by the depravity of the police state holy poo poo.
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# ? Jul 26, 2021 21:52 |
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FrozenVent posted:In some cases yes, but nowadays it’s mostly a database type deal. I like to think it’s one big excel spreadsheet. My one semester of macro economics taught me that the federal reserve controls the rate of inflation in the US by adjusting how much physical currency banks are required to keep on hand. If inflation ticks up at an increasing rate, the fed can increase the percentage of total deposits that must be cash. That is supposed to slow the generation of new money since there is far less actual printed currency than there are 1s and 0s floating around saying they are money.
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# ? Jul 26, 2021 22:01 |
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Not really, bank “reserves” are pretty much digital nowadays. A mid sized bank is swinging billions of dollars back and forth every day, there’s no way the physical currency could keep up.
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# ? Jul 26, 2021 22:10 |
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# ? Jun 5, 2024 22:45 |
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FrozenVent posted:Not really, bank “reserves” are pretty much digital nowadays. I think what they are saying is that the bank has to keep X% of its account value(usually calculated at EOB) in physical cash, partly to prevent runs on the banks causing a banking collapse. https://www.investopedia.com/terms/r/requiredreserves.asp Apparently it was set to 0% in March 2020
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# ? Jul 26, 2021 22:24 |