Take his rants with a giant grain of salt. He’s a bonafide nutter. There may be another reserve currency to replace the USD…eventually. I highly doubt the biggest countries are going to surrender their sovereign currency status for a 1 global currency.
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-In terms of trading, most strategies can be applied to other markets. And honestly, once you have been trading long enough, you can adapt and trade anything. Either way, nothing to panic about.
-Some think that it will be crypto.
Yeah the hopium is strong amongst with those. Central bankers/planners are going to be the biggest obstacle.
That and quantum computing will soon be able to crack Bitcoin’s encryption within minutes.
-Perhaps, but I do not think that that will matter much. Eventually, there will be no more BTC to mine, but I personally do not think that cryptocurrency will become useless as a result, or even BTC for that matter. The value of anything is measured by how much someone is willing to give for it. And I am sure that there are alternative, viable solutions that can be used to sustain and validate.
I think that some form of digital currency makes the most sense, but that does not necessarily mean that it needs to be crypto or some other currency that can be mined. Any digital currency may offer an underlying value in the form of utility simply by ease of transfer. Printing more paper does not seem very logical.
The specifics of what that may look like is not overly clear. The decentralized nature of the blockchain has already provided solutions for a wide range of applications that could easily prove valuable should more world governments elect to adopt some form of digital currency. If we want to jump even further, it may also make the most sense if/when a universal, global currency is established.
I do not cling to any hope, one way or the other, I am simply being objectively pragmatic.
Yeah i know what you mean. Im still a bit bearish on the tech. As long as someone creates the code, people will chase to crack it, scam it and steal it. Just as people chased counterfeit paper money. Far more people are code savvy then paper savvy.
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Yes. You are right. I think that some of the same rules will apply. Just as governments created new tech and systems to deter counterfeiting, the same would likely happen out of necessity if digital currency is introduced as the standard. Security, policing/enforcement, regulation, oversight and all of that fun, government stuff will likely need to evolve and be expanded on.
But this does not really seem so unreasonable or unbelievable, I guess. We now have cyber-crimes divisions, just as an example of our evolution. And just as governments used unique tech that cannot be so easily-obtained or duplicated, the same could be done with encryption or digital security.
If super-duper quantum computers are used to break encryption, even better systems can be used to create better security measures. Usually, that kind of secret tech that is not available to the public is generally far superior to anything that we can get our hands on.
But, there are many different ways to approach this, I think. Perhaps the solution does not even need to be decentralized in order to work effectively. But then you are likely looking at something more akin to centralized banking and other, non-autonomous, government-controlled solutions.
Probably, we would need to see a significant event, far beyond what we have experienced already, in order for such a shift from fiat to occur. Such an event could happen quickly or over several decades. We cannot know for sure.
However, currency manipulation can only last for so long, even in such a complex system consisting of multiple, foreign nations and currencies. Eventually, debt and inflation must be reckoned with.
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Cryptocurrency’s future: should we be concerned?
US Watchdog Says Banks Shying Away From Stumbling Crypto Industry
U.S. banks have been cooling in their crypto interest since this year’s twin failing of Terra (and its currency, LUNA) and FTX, said Michael Hsu, the acting chief of the Office of the Comptroller of the Currency (OCC).
“Overall, I can say – and this is going to be obvious – is that there was more interest before Terra/LUNA and FTX than since Terra/LUNA and FTX,” said Hsu, whose banking agency released its “Semiannual Risk Perspective” report Thursday, in which cryptocurrency risks were given heightened prominence.
“Most crypto market participants appear unprepared for the stresses and surprises that have taken place this year, resulting in substantial losses for millions of consumers,” noted the report, which is issued twice a year to flag risks to banking in the U.S.
https://www.yahoo.com/finance/news/us-watchdog-says-banks-shying-180000262.html
It sucks that the bad actors have to ruin it for everyone…
It will take a lot of time and effort to rebuild confidence for the next bull run…
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Offshore Brokers that only accept crypto for deposits and withdrawals should consider adding another payment option.
Binance and Its CEO at Risk of Criminal Charges Over Money-Laundering Rules: Report
A split among Department of Justice prosecutors is delaying charges against the company and some of its executives, Reuters reported.
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Use money transfer systems that we can control else risk being criminally charged for something that we do not need to prove.
Sounds about right.
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I don’t know, we seen what FTX did
Binance reportedly processed over $10 billion in illegal payments this year and a DOJ investigation is looking into top executives including CEO Changpeng Zhao
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The US Justice Department has been investigating crypto exchange Binance over money laundering violations, Reuters reported Monday.
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The report says that Binance processed over $10 billion worth of illegal payments in 2022.
https://www.yahoo.com/finance/news/binance-reportedly-processed-over-10-152818927.html
Doesn’t surprise me at all. DNC benefitted from millions of contributions by him. His family also runs in the very same circles as DNC power players. His mother co founded a big DNC superpac.
CZ had a big role in exposing the balance sheet problems that led to FTX imploding.
Many of those DC power players are pissed that their 2nd biggest doner (behind George Soro’s) has been neutered. Many are asking questions of those who benefitted from SBF’s shell game.
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Why hasn’t Sam Bankman-Fried been charged?
Many are asking the very same question. If it was anyone else he would have been in custody already. The biggest reason why is what i had mentioned prior.
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could be another case of Jon Corzine and MF Global
Jon Corzine grilled over MF Global’s failure, missing $1.2B
Jon Corzine told a congressional panel Thursday that he can’t explain why nearly $1.2 billion disappeared from customer accounts managed by MF Global, the brokerage firm he managed before it went under this year.
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Many are making the same assertion.
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Sounds like the same thing here
SBF scheduled to testify tomorrow at US House hearing on FTX collapse
FTX’s fallen CEO, Sam Bankman-Fried, is scheduled to testify tomorrow as a witness before the U.S. House of Representatives Committee on Financial Services.
The committee is investigating the events that led up to FTX’s implosion, which resulted in the crypto exchange filing for bankruptcy last month. Prior to Bankman-Fried testifying, John J. Ray III, the new CEO of FTX, will speak to the House during its first panel.
https://www.yahoo.com/finance/news/sbf-scheduled-testify-tomorrow-us-163707030.html
It certainly does. BTW he’s not appearing in person either, He’s staying put in the Bahama’s and testifying via ZOOM. Most likely from fear of being cuffed and stuffed once he sets foot on american soil.
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It’s funny he’s not being charged, yet they want to talk to him, I don’t know how another company can get away with stealing billions of dollars from customers, how many people have been charged talking to these House of Representatives Committees or to a congressional panel?
But, US Prosecutors Look to Charge Binance, Executives on Possible Money Laundering Violations:
U.S prosecutors are considering criminal charges against crypto exchange Binance and individual executives, including founder and CEO Changpeng Zhao, Reuters reported, citing two people.
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It’s all kabuki theater. They will feign outrage, deflect, etc. When you’re a DC politician, the “appearance” of doing something carries the same weight as actually doing something.
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