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https://www.sec.gov/news/press-release/2023-237quote:SEC Charges Kraken for Operating as an Unregistered Securities Exchange, Broker, Dealer, and Clearing Agency 
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Nov 21, 2023 03:21
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| # ? Jun 4, 2024 07:30 |
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Nov 21, 2023 03:48
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Somehow, this is good for Bitcoin.
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Nov 21, 2023 04:00
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Hopefully this means I won’t see crypto poo poo when I go to check the hockey score…
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Nov 21, 2023 04:24
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https://www.youtube.com/watch?v=3xH1vBuDbBA HOLDING IS A USE CASE. It's called store of value. I see people post things like, "Bitcoin is meant to be used. If 70% hasn't moved, then it's not being used." A post like this assumes that Bitcoin's utility is only being met if it is spent to purchase something. But why would I use Bitcoin to buy something when I can use a softer currency like USD? I live in a major city. There are merchants around me that accept Bitcoin, but I still don't spend it. The only time I'll EVER use Bitcoin to buy something is if I've run out of fiat USD, or if the merchant ONLY accepts Bitcoin. So until then, it'll remain in cold storage. --- Bitcoin's properties are and always will be unique to bitcoin. Could another coin be created? Yes. But ask yourself, who would do the creating? Imagine you want to be the guy to create a new one. You clone bitcoin code, change some variables and names, and then put it out there. Or even get clever and write a new protocol from scratch, it doesn't matter. Then what? Who is going to use it? Nobody seems to care. So you assemble a marketing team or invite your friends and families to "invest" their dollars to bring you funds needed to get developers, servers and marketing to get the word out. Maybe you entice these friends by giving them some coins upfront before anybody in the public could have a chance to obtain them fairly. Still it's just you and a handful of colleagues running your nodes in a very centralized fashion, trying to entice the world at large to come play with you in a decentralized and leaderless way, despite being centralized with leadership. You see the problem here? You are a person or small group of people with financial incentives to "pump" your new coin to the world. And for what reason? So you can ultimately exit - i.e.. "dump" your coins on retail. Everything that's NOT bitcoin, was created in this way, with these motivations. A person or people who created the coin and remain in control of the coin or token with the intention of profit. Bitcoin was created and given to the world by an anonymous person before there was any monetary incentive, and it grew in a grass-roots way without any leadership, without any central authority or early/insider/unfair access to profits. This sort of "immaculate conception" can only happen once. All the imitators will can never share Bitcoin's best properties, in part because Satoshi Nakamoto is unique among crypto creators. It appears he/she/they acted without an interest in personal gain, considering none of their coins have ever moved. --- The dollar will continue to fall against Bitcoin Why? I can't speak to other nations, but I can guarantee you that the debt of the United States will be inflated away. In practice it will be a soft default, and the quality of pensions and entitlements will be inflated away. There is no need to cut spending, if you simply devalue it via inflation, and it's far easier politically to deal with it that way. I cannot recommend Nate Hagens two recent podcasts enough: Luke Gromen: "Peak Cheap Oil and the Global Reserve Currency" | The Great Simplification #91 Doomberg: "Our Fragile Energy Economy" | The Great Simplification #83 The dollar is clearly overvalued at the moment, but international trade is still reliant on it, which even hints at a deliberate printing of excess dollars, that are traded for international assets while time still is. This will only last so long. There is a few terminal events that have and will take place. When the US defaulted on bonds held by the Russian state with the war in Ukraine as the official cause, it in simple terms signaled to all US trade partners, that the US is willing to default on debt if they don't like you. China saw that, and the Chinese is divesting as bonds and treasuries mature. This is maybe the first nail in the coffin, as US dollars can be increasingly risky to hold if you are politically vulnerable. The question then remains on the extent that large countries and commodity producing countries are willing to increasingly hold other currencies than the dollar for international trade. Rather then saying that the dollar will be replaced, its possible we will see a bit of a multipolar currency regime, where rubles, yuan, dollars and the rupee will "normalize" their exchange rates. The value of the dollar will decline, imports will be more expensive and yes inflation will arise. And its possible that only way out for the Americans is war, which is the scary part. So yeah, there are domestic reasons for increased inflation, while international political shifts take effect as well. Whether the nominal debt is 10 or 100 trillion matters not. Nobody feels that. What matters is the future price of eggs, bread. potatoes, concrete, oil and gas in hours worked equivalents. All but a tiny few will feel that. --- https://www.youtube.com/watch?v=iy1TqiPpyJs The five stages of nocoiner grief: Denial: MrUnderbridge posted:That's clearer than Seraphs graphs! TaurusTorus posted:Because bitcoin is the future and its going to the moon, buy now! SlapActionJackson posted:Also, Tether turned the money printer back on. Fish Appreciator posted:It's always timely to gloat towards crypto holders, because the only way they can actually get rich is by cashing out, thereby admitting it's a scheme, or by holding until BTC or any given shitcoin or NFT has as much spending power as USD, which will literally never happen. kw0134 posted:The same imaginary places that "accepts" buttcoin natively. Also we're adding a boondoggle system to the perfect bitcoin network because instead of solving this problem natively...never mind, did you see the latest buttcoin price????? Ariong posted:You haven't heard the last of me goons! Next time Bitcoin hits a milestone, I'll be back! And then when it loses 50% of its value in two months and slowly climbs back up to that milestone, I'll return once more! You can't stop the future of currency! titty_baby_ posted:Wondering where all the posts came from and hey look who got paid recently Hardcastlemccormik posted:Crypto is scam as a service Star Man posted:How did Bitcoin go from dipping below $20,000 at the beginning of the year to bouncing back to over $30,000? Hardcastlemccormik posted:I love it when the bitcoin worshippers post charts in here, as if any of their charts could ever show a picture of their favorite coin as a normal, stable asset that could be feasibly used as a currency. CharlestheHammer posted:Yeah people using crypto to get around US bullshit is the only thing it’s ever really accomplished CannonFodder posted:Can you show me with a cool graph? I only understand cool graphs with circles and convergent lines and tons of fun. Agents are GO! posted:Broke: posting charts Agents are GO! posted:Yesterday, upon the stair, Wayback posted:All of us are Seraph, just different aspects of his shattered psyche stuck in forum purgatory. Nessus posted:Wait did Seraph shift to a second account before getting banned? Maybe bitcoin really is generating wealth. MEIN RAVEN posted:Why yes, it is I, John….Smeraph. Definitely not that other guy, Seraph, who is handsome and smart and wise, that handsome devil. MechaCrash posted:Currency of the future, folks! Big rear end On Fire posted:Iran used crypto and shady cash exchanges to circumvent sanctions and move hundreds of millions to Hamas. titty_baby_ posted:Finally, a good use for crypto           
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Nov 21, 2023 16:21
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Welp I’m convinced
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Nov 21, 2023 16:28
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mmhm
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Nov 21, 2023 16:28
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take your meds seraph
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Nov 21, 2023 16:29
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Lumbermouth posted:Welp I’m convinced
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Nov 21, 2023 16:31
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Have you tried Haloperidol? I don’t know what use it is in helping deal with Bipolar mania, but at least you could sleep off your delusional episodes.
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Nov 21, 2023 16:31
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DerekSmartymans posted:Have you tried Haloperidol? I don’t know what use it is in helping deal with Bipolar mania, but at least you could sleep off your delusional episodes.
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Nov 21, 2023 16:32
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Did anybody else catch Time Warp this past weekend? How loving great were those night 2 sets at the techno stage? God drat, pure fuego.
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Nov 21, 2023 16:34
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drat that was a fast perma. I was kinda looking forward to see how they equated the strength of bitcoin to the US's national deficit.
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Nov 21, 2023 16:45
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bitcoin is a flat circle
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Nov 21, 2023 17:27
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It's Thanksgiving, I can barely wait for Thursday to bitecorn.
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Nov 21, 2023 17:31
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zedprime posted:It's Thanksgiving, I can barely wait for Thursday to bitecorn. I’m a feelthy nocoinman, all I have for Thanksgiving is buttcorns…
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Nov 21, 2023 17:45
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See you space coinboy
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Nov 21, 2023 17:51
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Strategic Tea posted:See you space coinboy i hope not, that place sucks
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Nov 21, 2023 17:59
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I think I enjoy the "The Dollar isn't backed by anything" talking point the most. Well. It's backed by the full faith and credit of the United States economy backed up by the USA military. That seems a little more convincing to me than "That metal is quite rare, and very shiny" or "Incredibly volatile internet funbux whose only real use case is crime." but what do I know?
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Nov 21, 2023 18:00
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Brake Rotor Advice posted:HOLDING IS A USE CASE. holding deez nutz
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Nov 21, 2023 18:02
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Squiggle posted:bitcoin is a flat circle I mean isn't that all coins. Has anyone ever made a square coin?
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Nov 21, 2023 18:06
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PurpleXVI posted:I mean isn't that all coins. Has anyone ever made a square coin? Some of the first coins were square! 
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Nov 21, 2023 18:14
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PurpleXVI posted:I mean isn't that all coins. Has anyone ever made a square coin? 
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Nov 21, 2023 18:19
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Changpeng Zhao is resigning from binance and appearing in a seattle federal court today to take a plea deal https://www.wsj.com/finance/currencies/binance-ceo-changpeng-zhao-step-down-plead-guilty-01f72a40
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Nov 21, 2023 18:50
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really interested to see how they got him, I cant imagine he came to the US voluntarily also, that $4.3B fine is pretty serious stuff, definitely not a slap on the wrist
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Nov 21, 2023 18:57
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drk posted:really interested to see how they got him, I cant imagine he came to the US voluntarily Just wait until they try to pay it in tether.
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Nov 21, 2023 19:00
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Powershift posted:Just wait until they try to pay it in tether. it would be a lot more fun if binance attempted to redeem several billion tether only to find out the bag was empty
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Nov 21, 2023 19:04
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lol, binance's in house shitcoin BNB has already lost almost $4B in value since that WSJ story came out an hour ago
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Nov 21, 2023 19:09
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Deptfordx posted:I think I enjoy the "The Dollar isn't backed by anything" talking point the most. Very odd sales pitch because if I cared about whether my money was backed by anything, why would I want internet tokens whose value is expressed in US dollars. Shouldn't I hoard gold
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Nov 21, 2023 19:21
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Binance founder Changpeng Zhao agrees to step down, plead guilty - Binance agrees to pay fines totaling $4.3 billion - CZ plea deal may preserve company's ability to operate - CZ to retain majority ownership of Binance - CZ won’t be able to have an executive role at the company WSJ posted:The chief executive of Binance, the largest global cryptocurrency exchange, plans to step down and plead guilty to violating criminal U.S. anti-money-laundering requirements Archive link: https://archive.ph/G8utD
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Nov 21, 2023 19:25
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Why does the Bangladesh coin have a pot leaf on it?
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Nov 21, 2023 19:42
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Lammasu posted:Why does the Bangladesh coin have a pot leaf on it? better question is why don't any of ours? it's a water lily
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Nov 21, 2023 19:46
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Deptfordx posted:
Actually power is a mysterious force from another dimension that you wield through the correct use of magic words
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Nov 21, 2023 19:54
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Deptfordx posted:I think I enjoy the "The Dollar isn't backed by anything" talking point the most. My favorite is how we can store energy on the blockchain.
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Nov 21, 2023 20:29
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Plea agreement is out, including details on the $4.3B in fines: https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.9.0.pdf summary: part of it is for doing crimes, which they got a discount on for being cool about it, the other part appears to be a an amount equal to 100% of the profit they made from US users on transaction fees and 100% of the money sent from the US to Iran (oops) DOJ posted:8) Defendant Binance agrees the appropriate sentence is a fine of $1,805,475,575 (“Criminal Fine”), which reflects a 20 percent discount off the bottom of the applicable Sentencing Guidelines fine range for Binance’s partial cooperation and remediation. Defendant Binance agrees to pay the Criminal Fine no later than 15 months after Binance’s sentencing, subject to crediting with regulatory agencies with which Binance has reached parallel resolutions as described in the Binance Plea Agreement.
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Nov 21, 2023 20:46
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Squiggle posted:Some of the first coins were square! Which actually makes me wonder... why aren't they still? What are the advantages to making round coins, which are presumably a bit more difficult to shape properly than cutting a square out of a sheet, that make them more prevalent in modernity?
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Nov 21, 2023 21:48
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PurpleXVI posted:Which actually makes me wonder... why aren't they still? What are the advantages to making round coins, which are presumably a bit more difficult to shape properly than cutting a square out of a sheet, that make them more prevalent in modernity? Round coins are harder to shave chunks off of and still look "right." Check out "Coin Clipping" https://en.wikipedia.org/wiki/Methods_of_coin_debasement
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Nov 21, 2023 21:51
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Desert Bus posted:Round coins are harder to shave chunks off of and still look "right." Also the reason coins have ridges - an improvement designed by Isaac Newton.
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Nov 21, 2023 22:01
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Star Man posted:How did Bitcoin go from dipping below $20,000 at the beginning of the year to bouncing back to over $30,000? Okay imagine an ecosystem consisting entirely of seraphs, hard committed solely to the idea that pogs are the future, and literally no one else involved. They take their entire paycheck and buy from miners every week and buy pogs, never selling. There's a few thousand of them, and a few miners, who only sell at net positive costs. No one seeks liquidity to balance investments. What happens to the cost of pogs in this environment?
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Nov 21, 2023 22:47
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circles also have the least outside with the most inside.
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Nov 21, 2023 22:50
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