Bitcoin, Cryptocurrency, and the Future of Global Finance

#1,979
#1,979
Rasputin_Vol said:
IDK, I'm sure they will be clever enough to find a way to do something similar. But explain to me how this would limit black book budget schemes.
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Did somebody say crypto would limit that?

I suppose if all $ is on the blockchain, that would limit this, but the government could still do transactioms that are paid for with guns, drugs, etc.
 
#1,980
#1,980
n_huffhines said:
Did somebody say crypto would limit that?
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I figured that is what you were saying when you posted this...

n_huffhines said:
One example, how would the pentagon "lose" $500b if everything is on a blockchain ledger?
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Maybe I misunderstood what you were saying here, but I read that as you/yourself suggesting that their wouldn't be the ability to hide as much off balance sheet transactions.
 
#1,981
#1,981
Vol423 said:
From what I have read, cryptocurrency is incredibly exposed to a potential "run-on-the-bank" event because the amount of actual cash underlying the system is infinitesimally small compared to the amount of cryptocurrency in existence. If true, the slightest jitter in the market could cause the whole system to implode.
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Vol423 said:
The problem comes when people say, I'm done with crypto. I want U.S. dollars that I can actually spend. When enough people do that, you end up with a "run-on-the-bank scenario". There isn't enough actual cash to exchange for the cryptocurrencies. When word of that leaks, more and more people try to cash out. Then, the whole system implodes like a house of cards.

Most people don't even understand that the banking system works this way. A bank branch may only have enough cash in the vault on any given day to cash-out 5% or 10% of all funds on deposit with that branch. They specifically carry more cash in the vaults on days that are normal paydays, like the 15th and last day of each month, for example, because more people cash their paychecks or even make additional withdrawals on those days. Thee proliferation of debit and credit cards over the last twenty years will have relieved so many of the cash transactions that it wouldn't surprise me if banks hold well below 1% of funds in cash on some days.
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What do you know? There's yet another Liquidity Crisis (run-on-the-bank) for crypto.
 
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#1,982
#1,982
Rasputin_Vol said:
I figured that is what you were saying when you posted this...

Maybe I misunderstood what you were saying here, but I read that as you/yourself suggesting that their wouldn't be the ability to hide as much off balance sheet transactions.
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The context was "limit power" broadly, not specifically "limit blackbook..."
 
#1,985
#1,985
I wonder what happened to @reecetn ? He was always touting the cryptos and how they are the future. I guess he lost his ass and moved on.
 
#1,987
#1,987
reecetn said:
This post will be great humor in the near future. Thank you.
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So I take it you're not killing it at the moment? I can't remember if it was you or not, but I tried to get someone to bet me if the S&P 500 or bitcoin would finish higher this year. Looks like the S&P will.
 
#1,988
#1,988
VolStrom said:
So I take it you're not killing it at the moment? I can't remember if it was you or not, but I tried to get someone to bet me if the S&P 500 or bitcoin would finish higher this year. Looks like the S&P will.
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I don't know if there are side bets like that in any market.

But...

I do know that unless you bought the last yr and a half in assets you will still be in profit after this big dump. I don't think that would be the case for stock boys. And I will bet any amount you want against anything you want. That the VET I bought today will outperform the s and p over the next year buy a wide margin. This happens so many times and almost at the same intervals it is hard for me to believe there are still people out their that do not get it and still miss out.
 
#1,992
#1,992
They are saying the kid is on the run now. He's supposedly grabbed what ever he had left and ran. He's bankrupt, and a federal investigation is likley.
 
#1,997
#1,997
sheesh, unreal. This is going to have far, far reaching affects. You guys just couldn't help yourselves could you? You couldn't be happy playing small ball with some pizza money, you had to go full lex luthor.
 
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