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Where are they going to🤣🤣🤣 | r/bitcoin | Where are they going to🤣🤣🤣 | r/Bitcoin | 2024-24-05 |
The difference between us and gold bugs is that they despise us, but we dont despise them. Im happy for goldbugs and their gains. They will come around eventually when gold plummets due to asteroid mining. | r/bitcoin | The difference between us and gold bugs is that they despise us, but we dont despise them. Im happy for goldbugs and their gains. They will come around eventually when gold plummets due to asteroid mining. | r/Bitcoin | 2024-24-05 |
Problem with gold is central banks move the price. Will they increase or decrease in the future? I think they will decrease. | r/bitcoin | Problem with gold is central banks move the price. Will they increase or decrease in the future? I think they will decrease. | r/Bitcoin | 2024-24-05 |
Are you joking about the asteroid mining?
By the time its cheaper to mine gold gold and bring it back to earth, I don't think wealth or money will make much of a difference. | r/bitcoin | Are you joking about the asteroid mining?
By the time its cheaper to mine gold gold and bring it back to earth, I don't think wealth or money will make much of a difference. | r/Bitcoin | 2024-24-05 |
Someone send this to Peter Schiff, the Bitcoin hater | r/bitcoin | Someone send this to Peter Schiff, the Bitcoin hater | r/Bitcoin | 2024-24-05 |
I think it will make more of a difference. Or what's the point in buying bitcoin? But i do get your point about the cost of mining gold. Good thing space travel is getting exponentially cheaper thanks to the new privatised space race | r/bitcoin | I think it will make more of a difference. Or what's the point in buying bitcoin? But i do get your point about the cost of mining gold. Good thing space travel is getting exponentially cheaper thanks to the new privatised space race | r/Bitcoin | 2024-24-05 |
This makes shitcoin look legitimate and not too far behind Bitcoin, which is far from reality.
Shitcoin are at best worthless casino tokens that can disappear overnight for various reasons. They are also the best way for n00b to get ripped off by fraudulent insiders. | r/bitcoin | This makes shitcoin look legitimate and not too far behind Bitcoin, which is far from reality.
Shitcoin are at best worthless casino tokens that can disappear overnight for various reasons. They are also the best way for n00b to get ripped off by fraudulent insiders. | r/Bitcoin | 2024-24-05 |
Over what time period? | r/bitcoin | Over what time period? | r/Bitcoin | 2024-24-05 |
Anyone went bankrupt from investing gold? lol | r/bitcoin | Anyone went bankrupt from investing gold? lol | r/Bitcoin | 2024-24-05 |
The altcoin number should also drop 99% at some point for this to be realistic | r/bitcoin | The altcoin number should also drop 99% at some point for this to be realistic | r/Bitcoin | 2024-24-05 |
lol gold | r/bitcoin | lol gold | r/Bitcoin | 2024-24-05 |
Well, I couldn't have bought bitcoin 20 years ago, so not sure what your point is. Maybe I should go back in time and not invest in it, since you're unhappy with how long I've had it? | r/bitcoin | Well, I couldn't have bought bitcoin 20 years ago, so not sure what your point is. Maybe I should go back in time and not invest in it, since you're unhappy with how long I've had it? | r/Bitcoin | 2024-24-05 |
My friend, you’re dodging this question in spectacular fashion. Like Neo from the Matrix dodging bullets. How long did it take you to make your 100%? | r/bitcoin | My friend, you’re dodging this question in spectacular fashion. Like Neo from the Matrix dodging bullets. How long did it take you to make your 100%? | r/Bitcoin | 2024-24-05 |
r/bitcoin | r/Bitcoin | 2024-24-05 |
||
Then because of the fact that it was around for 15 more years, we can expect it to be around even more 15 years! And another. I don’t know what effect this is called though. | r/bitcoin | Then because of the fact that it was around for 15 more years, we can expect it to be around even more 15 years! And another. I don’t know what effect this is called though. | r/Bitcoin | 2024-24-05 |
Or forever | r/bitcoin | Or forever | r/Bitcoin | 2024-24-05 |
i sure hope it do | r/bitcoin | i sure hope it do | r/Bitcoin | 2024-24-05 |
My grandpa was around for the past 90 years. He definitely isn't around for the next 90 years. | r/bitcoin | My grandpa was around for the past 90 years. He definitely isn't around for the next 90 years. | r/Bitcoin | 2024-24-05 |
The Triple Lindy effect suggests a 55 year old man can jump off of a diving boards in a row and not splash. | r/bitcoin | The Triple Lindy effect suggests a 55 year old man can jump off of a diving boards in a row and not splash. | r/Bitcoin | 2024-24-05 |
I was specifically speaking regarding the "store of value" narrative. Of course physical gold will still exist, but will people remain fixated on using it as a store of value despite it having inferior properties? | r/bitcoin | I was specifically speaking regarding the "store of value" narrative. Of course physical gold will still exist, but will people remain fixated on using it as a store of value despite it having inferior properties? | r/Bitcoin | 2024-24-05 |
Tell that to my super soft champion crew socks that had the red an blue logo on the ankle that I wore for 25 years... | r/bitcoin | Tell that to my super soft champion crew socks that had the red an blue logo on the ankle that I wore for 25 years... | r/Bitcoin | 2024-25-05 |
I was in NO WAY promoting this site. I was just trying to find information because I can't find info on this site on the internet and maybe someone out there has some info. | r/bitcoin | I was in NO WAY promoting this site. I was just trying to find information because I can't find info on this site on the internet and maybe someone out there has some info. | r/Bitcoin | 2024-24-05 |
We have a lot of newcomers entering the Bitcoin space recently who are exploring different exchanges and such. Some users are developing a habit of asking if various random websites some complete stranger PM'd them is a scam or not. Sometimes these sites are completely unrelated to Bitcoin. This is not the purpose of r/Bitcoin.\n\n* Do not trust unsolicited messages telling you to check out some shady website.\n* Do not trust Discord randos telling you that you won a prize.\n* Do not trust anyone who promises guaranteed profits.\n* Do not trust website with unpronounceable domain names\n* Do not trust anyone claiming to give away free Bitcoin. (YouTube, Twitter, Discord)\n* Do not trust anyone claiming they will double however much Bitcoin you send them.\n* Do not trust 'pretty girls' on Tinder telling you about new investment opportunities.\n* **If you have to ask** if some sketchy website or special offer is a scam, **then it probably is.**\n\nYou have to learn to think for yourselves. Recognize that there are many tricksters out there who will go to great lengths to separate you from your Bitcoin. Use your head and stay safe. If you send your Bitcoin to a scammer, it's gone forever. There are no refunds!
^^I ^^am ^^a ^^bot ^^and ^^cannot ^^respond. ^^Please ^^contact ^^r/Bitcoin ^^moderators [^^directly ^^via ^^mod ^^mail](https://www.reddit.com/message/compose?to=%2Fr%2FBitcoin) ^^if ^^you ^^have ^^questions. | r/bitcoin | We have a lot of newcomers entering the Bitcoin space recently who are exploring different exchanges and such. Some users are developing a habit of asking if various random websites some complete stranger PM'd them is a scam or not. Sometimes these sites are completely unrelated to Bitcoin. This is not the purpose of r/Bitcoin.\n\n* Do not trust unsolicited messages telling you to check out some shady website.\n* Do not trust Discord randos telling you that you won a prize.\n* Do not trust anyone who promises guaranteed profits.\n* Do not trust website with unpronounceable domain names\n* Do not trust anyone claiming to give away free Bitcoin. (YouTube, Twitter, Discord)\n* Do not trust anyone claiming they will double however much Bitcoin you send them.\n* Do not trust 'pretty girls' on Tinder telling you about new investment opportunities.\n* **If you have to ask** if some sketchy website or special offer is a scam, **then it probably is.**\n\nYou have to learn to think for yourselves. Recognize that there are many tricksters out there who will go to great lengths to separate you from your Bitcoin. Use your head and stay safe. If you send your Bitcoin to a scammer, it's gone forever. There are no refunds!
^^I ^^am ^^a ^^bot ^^and ^^cannot ^^respond. ^^Please ^^contact ^^r/Bitcoin ^^moderators [^^directly ^^via ^^mod ^^mail](https://www.reddit.com/message/compose?to=%2Fr%2FBitcoin) ^^if ^^you ^^have ^^questions. | r/Bitcoin | 2024-24-05 |
We have a lot of newcomers entering the Bitcoin space recently who are exploring different exchanges and such. Some users are developing a habit of asking if various random websites some complete stranger PM'd them is a scam or not. Sometimes these sites are completely unrelated to Bitcoin. This is not the purpose of r/Bitcoin.\n\n* Do not trust unsolicited messages telling you to check out some shady website.\n* Do not trust Discord randos telling you that you won a prize.\n* Do not trust anyone who promises guaranteed profits.\n* Do not trust website with unpronounceable domain names\n* Do not trust anyone claiming to give away free Bitcoin. (YouTube, Twitter, Discord)\n* Do not trust anyone claiming they will double however much Bitcoin you send them.\n* Do not trust 'pretty girls' on Tinder telling you about new investment opportunities.\n* **If you have to ask** if some sketchy website or special offer is a scam, **then it probably is.**\n\nYou have to learn to think for yourselves. Recognize that there are many tricksters out there who will go to great lengths to separate you from your Bitcoin. Use your head and stay safe. If you send your Bitcoin to a scammer, it's gone forever. There are no refunds!
^^I ^^am ^^a ^^bot ^^and ^^cannot ^^respond. ^^Please ^^contact ^^r/Bitcoin ^^moderators [^^directly ^^via ^^mod ^^mail](https://www.reddit.com/message/compose?to=%2Fr%2FBitcoin) ^^if ^^you ^^have ^^questions. | r/bitcoin | We have a lot of newcomers entering the Bitcoin space recently who are exploring different exchanges and such. Some users are developing a habit of asking if various random websites some complete stranger PM'd them is a scam or not. Sometimes these sites are completely unrelated to Bitcoin. This is not the purpose of r/Bitcoin.\n\n* Do not trust unsolicited messages telling you to check out some shady website.\n* Do not trust Discord randos telling you that you won a prize.\n* Do not trust anyone who promises guaranteed profits.\n* Do not trust website with unpronounceable domain names\n* Do not trust anyone claiming to give away free Bitcoin. (YouTube, Twitter, Discord)\n* Do not trust anyone claiming they will double however much Bitcoin you send them.\n* Do not trust 'pretty girls' on Tinder telling you about new investment opportunities.\n* **If you have to ask** if some sketchy website or special offer is a scam, **then it probably is.**\n\nYou have to learn to think for yourselves. Recognize that there are many tricksters out there who will go to great lengths to separate you from your Bitcoin. Use your head and stay safe. If you send your Bitcoin to a scammer, it's gone forever. There are no refunds!
^^I ^^am ^^a ^^bot ^^and ^^cannot ^^respond. ^^Please ^^contact ^^r/Bitcoin ^^moderators [^^directly ^^via ^^mod ^^mail](https://www.reddit.com/message/compose?to=%2Fr%2FBitcoin) ^^if ^^you ^^have ^^questions. | r/Bitcoin | 2024-24-05 |
r/bitcoin | r/Bitcoin | 2024-24-05 |
||
Brad Sherman has no idea.
The US dollar is the global reserve, but it has little to do with the US government. The government has the "power" to borrow, and be fiscally irresponsible... but the dollar *isn't theirs*.
From [The International Monetary System'. Forty Years After Bretton Woods](https://www.bostonfed.org/-/media/Documents/conference/28/conf28.pdf) - Proceedings of a Conference Held in May 1984 Sponsored by the Federal Reserve Bank of Boston
>**In spite of the Gold Reserve Act of 1934, the United States was not really on a gold standard**. The essence of the gold standard is that the money supply must be limited by the gold reserve. **The last time that the Federal Reserve tightened monetary policy because the gold reserve ratio fell close to the legal minimum was in March 1933**. Since then, whenever the gold reserve neared the legal minimum, the required reserve ratio was reduced and finally eliminated entirely. **A country that loses more than half of its gold reserve, as the United States did in 1958-71, without reducing the money supply is not on the gold standard**.
>**What happened in August 1971 was the abandonment of the anomoly of dollar convertibility into gold when the United States was not on a gold standard**.
Just want to emphasize this. 1971 was a late political acknowledgement (a leftover *anomaly*/artifact to be cleaned up). The US was not on a gold standard (and arguably wasn't even before 1933).
That part about "without reducing the money supply"?
...well.... now onto global monetary expansion *without central bank/US Gov't involvement*:
>The pressures causing some currencies persistently to strengthen, and others to weaken, in response to their differences in economic performance, were exacerbated by the unusual dependence on the dollar. **For from the early sixties onward there was virtually no control over the worldwide supply and use of dollars.** The "dollar shortage" of the fifties was becoming the "dollar glut" of the sixties.
The "eurodollar" or "shadow banking" system arose by the 1950s. It's really just a wholesale global banking market. By the 60s, banks in the US were increasingly borrowing from offshore vs. obtaining "funding" from the Fed. Offshore funding allowed banks to bypass restrictions (like reserve requirements).
>**It appeared impossible for the United States to maintain effective control over the supply of dollars at home and abroad simply by following the old rules of the gold standard game**--i.e., by maintaining a surplus in its external current accounts.
Can also be said of Fed Funds, reserve levels/QE and QT.
>The urgent needs for capital expansion around the world attracted the expertise of *rapidly developing multinational companies*, many of them based in the United States, and all of them drawing on additional dollars to finance their desired growth.
*Companies/corporations* not governments or central banks.
>Capital outflows from the United States, spurred by direct investment from within and **substantial borrowings from without**, began to flood the world with an apparent excess of dollar liquidity-despite the absorption of liquidity that might have been expected from the large current account surplus of the United States. **Central banks abroad found themselves with what became an "overhang" of dollars in their foreign exchange reserves.**
There are numerous examples of Fed chairs lamenting their inability to even measure the money supply. Other countries realized long before that *private sector generated* USD funding had taken off. An "Overhang" in exchange reserves is a mild way to put it.
>**One improvisation after another was attempted in order to preserve or restore confidence in the credibility of the dollar as a reliable standard of value and medium of exchange capable of assuring stability in the payments relations throughout an expanding world.** A **""gold pool" among leading central banks**, initiation of a "ring of swaps" between the dollar and a dozen or more other currencies, creation of U.S. dollar obligations denominated in foreign currencies, the introduction of an Interest Equalization Tax and other measures to deter capital outflows--all these were part of an effort to sustain the dollar while also building a network of closer joint involvement with other countries in maintaining currency arrangements that could serve the best interests of all. **But this combination of improvisations could not cope with, and indeed may have contributed to, the enormous expansion in markets for U.S. dollars offshore**, and the **new networks of interbank relations** that **made possible the creation of additional supplies of dollars outside the United States and beyond the control of the Federal Reserve**.
The global dollar market *is the dollar*. It has very little to do with the Fed, or congress, or anything like that. The US' influence is limited to operating the "most free" markets available (they don't, and cannot discern whether a dollar was generated offshore or not).. which allows for global dollar creation/destruction/circulation by commercial banks.
In giving up control over their denomination, they have gained the ability to borrow irresponsibility from a dollarized world. | r/bitcoin | Brad Sherman has no idea.
The US dollar is the global reserve, but it has little to do with the US government. The government has the "power" to borrow, and be fiscally irresponsible... but the dollar *isn't theirs*.
From [The International Monetary System'. Forty Years After Bretton Woods](https://www.bostonfed.org/-/media/Documents/conference/28/conf28.pdf) - Proceedings of a Conference Held in May 1984 Sponsored by the Federal Reserve Bank of Boston
>**In spite of the Gold Reserve Act of 1934, the United States was not really on a gold standard**. The essence of the gold standard is that the money supply must be limited by the gold reserve. **The last time that the Federal Reserve tightened monetary policy because the gold reserve ratio fell close to the legal minimum was in March 1933**. Since then, whenever the gold reserve neared the legal minimum, the required reserve ratio was reduced and finally eliminated entirely. **A country that loses more than half of its gold reserve, as the United States did in 1958-71, without reducing the money supply is not on the gold standard**.
>**What happened in August 1971 was the abandonment of the anomoly of dollar convertibility into gold when the United States was not on a gold standard**.
Just want to emphasize this. 1971 was a late political acknowledgement (a leftover *anomaly*/artifact to be cleaned up). The US was not on a gold standard (and arguably wasn't even before 1933).
That part about "without reducing the money supply"?
...well.... now onto global monetary expansion *without central bank/US Gov't involvement*:
>The pressures causing some currencies persistently to strengthen, and others to weaken, in response to their differences in economic performance, were exacerbated by the unusual dependence on the dollar. **For from the early sixties onward there was virtually no control over the worldwide supply and use of dollars.** The "dollar shortage" of the fifties was becoming the "dollar glut" of the sixties.
The "eurodollar" or "shadow banking" system arose by the 1950s. It's really just a wholesale global banking market. By the 60s, banks in the US were increasingly borrowing from offshore vs. obtaining "funding" from the Fed. Offshore funding allowed banks to bypass restrictions (like reserve requirements).
>**It appeared impossible for the United States to maintain effective control over the supply of dollars at home and abroad simply by following the old rules of the gold standard game**--i.e., by maintaining a surplus in its external current accounts.
Can also be said of Fed Funds, reserve levels/QE and QT.
>The urgent needs for capital expansion around the world attracted the expertise of *rapidly developing multinational companies*, many of them based in the United States, and all of them drawing on additional dollars to finance their desired growth.
*Companies/corporations* not governments or central banks.
>Capital outflows from the United States, spurred by direct investment from within and **substantial borrowings from without**, began to flood the world with an apparent excess of dollar liquidity-despite the absorption of liquidity that might have been expected from the large current account surplus of the United States. **Central banks abroad found themselves with what became an "overhang" of dollars in their foreign exchange reserves.**
There are numerous examples of Fed chairs lamenting their inability to even measure the money supply. Other countries realized long before that *private sector generated* USD funding had taken off. An "Overhang" in exchange reserves is a mild way to put it.
>**One improvisation after another was attempted in order to preserve or restore confidence in the credibility of the dollar as a reliable standard of value and medium of exchange capable of assuring stability in the payments relations throughout an expanding world.** A **""gold pool" among leading central banks**, initiation of a "ring of swaps" between the dollar and a dozen or more other currencies, creation of U.S. dollar obligations denominated in foreign currencies, the introduction of an Interest Equalization Tax and other measures to deter capital outflows--all these were part of an effort to sustain the dollar while also building a network of closer joint involvement with other countries in maintaining currency arrangements that could serve the best interests of all. **But this combination of improvisations could not cope with, and indeed may have contributed to, the enormous expansion in markets for U.S. dollars offshore**, and the **new networks of interbank relations** that **made possible the creation of additional supplies of dollars outside the United States and beyond the control of the Federal Reserve**.
The global dollar market *is the dollar*. It has very little to do with the Fed, or congress, or anything like that. The US' influence is limited to operating the "most free" markets available (they don't, and cannot discern whether a dollar was generated offshore or not).. which allows for global dollar creation/destruction/circulation by commercial banks.
In giving up control over their denomination, they have gained the ability to borrow irresponsibility from a dollarized world. | r/Bitcoin | 2024-24-05 |
wow. That's a legit insane statement.
To paraphrase: 'We are fiscally irresponsible but because the dollar is fake we can still claw through this thing, but bitcoin is the alternative for people to get away from this so that's bad' lol | r/bitcoin | wow. That's a legit insane statement.
To paraphrase: 'We are fiscally irresponsible but because the dollar is fake we can still claw through this thing, but bitcoin is the alternative for people to get away from this so that's bad' lol | r/Bitcoin | 2024-24-05 |
The most punchable face in the planet. | r/bitcoin | The most punchable face in the planet. | r/Bitcoin | 2024-24-05 |
Every time Brad Sherman speaks he makes the case for Bitcoin stronger by saying the quiet part out loud. | r/bitcoin | Every time Brad Sherman speaks he makes the case for Bitcoin stronger by saying the quiet part out loud. | r/Bitcoin | 2024-24-05 |
All hail the mighty dollar!!!!!! | r/bitcoin | All hail the mighty dollar!!!!!! | r/Bitcoin | 2024-24-05 |
Fantastic summary, wow!! Saved a copy of the pdf. | r/bitcoin | Fantastic summary, wow!! Saved a copy of the pdf. | r/Bitcoin | 2024-24-05 |
"We have fiscal policies that would make Argentina blush"... That's a hell of a quote | r/bitcoin | "We have fiscal policies that would make Argentina blush"... That's a hell of a quote | r/Bitcoin | 2024-24-05 |
I bet the people in Rome used to say this before they hyperinflated their currency. | r/bitcoin | I bet the people in Rome used to say this before they hyperinflated their currency. | r/Bitcoin | 2024-24-05 |
Yup. Unreal. | r/bitcoin | Yup. Unreal. | r/Bitcoin | 2024-24-05 |
That’s my former congressman 🤬 | r/bitcoin | That’s my former congressman 🤬 | r/Bitcoin | 2024-24-05 |
…Went on the Caligula Standard you mean | r/bitcoin | …Went on the Caligula Standard you mean | r/Bitcoin | 2024-24-05 |
> Just want to emphasize this. 1971 was a late political acknowledgement (a leftover *anomaly*/artifact to be cleaned up). The US was not on a gold standard (and arguably wasn't even before 1933).
That's what I would call historical revisionism. Before 1971, "oh yes, the dollar is absolutely a gold-backed currency, and it's important everybody believe that". After 1971 "oh it wasn't even ever a gold standard anyway, so fiat is cool now and always was".
> but the dollar *isn't theirs*.
Haha I mean you can believe that if you want to but I'm not sure how it's useful to see the world that way. Seems pretty trivial to falsify: Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they wouldn't do this, but as an exercise it should reveal the truth of the matter: Do you think the eurodollar would persist at that point? It's a faith based system. It exists because of social consensus. Global trade means a global money will emerge and, over time, the least-worst money system will be selected.
Ok, so I gave a pretty extreme example there, maybe hard to imagine that actually being carried out. But are we just going to pretend Congress banning Russia from SWIFT was not a thing? Of course it's theirs. In our world there is no greater 'state of exception' than the US Congress deciding to make up new rules. At least while we live in a monopolar world. Very tempted to say "bitcoin fixes this" here, but it would be more tongue in cheek than true, at least so far.
> In giving up control over their denomination, they have gained the ability to borrow irresponsibility from a dollarized world.
Certainly agree with that. It makes me sad to think of people in developing countries that are using stablecoins to escape their currency debasemenet. Out of the frying pan, into the fire. | r/bitcoin | > Just want to emphasize this. 1971 was a late political acknowledgement (a leftover *anomaly*/artifact to be cleaned up). The US was not on a gold standard (and arguably wasn't even before 1933).
That's what I would call historical revisionism. Before 1971, "oh yes, the dollar is absolutely a gold-backed currency, and it's important everybody believe that". After 1971 "oh it wasn't even ever a gold standard anyway, so fiat is cool now and always was".
> but the dollar *isn't theirs*.
Haha I mean you can believe that if you want to but I'm not sure how it's useful to see the world that way. Seems pretty trivial to falsify: Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they wouldn't do this, but as an exercise it should reveal the truth of the matter: Do you think the eurodollar would persist at that point? It's a faith based system. It exists because of social consensus. Global trade means a global money will emerge and, over time, the least-worst money system will be selected.
Ok, so I gave a pretty extreme example there, maybe hard to imagine that actually being carried out. But are we just going to pretend Congress banning Russia from SWIFT was not a thing? Of course it's theirs. In our world there is no greater 'state of exception' than the US Congress deciding to make up new rules. At least while we live in a monopolar world. Very tempted to say "bitcoin fixes this" here, but it would be more tongue in cheek than true, at least so far.
> In giving up control over their denomination, they have gained the ability to borrow irresponsibility from a dollarized world.
Certainly agree with that. It makes me sad to think of people in developing countries that are using stablecoins to escape their currency debasemenet. Out of the frying pan, into the fire. | r/Bitcoin | 2024-24-05 |
TL;DR: “We are your betters and we’re going to lay down the way it’s gonna be.” | r/bitcoin | TL;DR: “We are your betters and we’re going to lay down the way it’s gonna be.” | r/Bitcoin | 2024-24-05 |
Anyone over the age of 65 should start shutting the fuck up about the economy, the fed, and the USD. We found something better. We get you don't understand it, but let's show you to the retirement home where you can play some shuffle board and talk about the good old days. We need to fix your mess now. Quite now. Shhhhhhh. | r/bitcoin | Anyone over the age of 65 should start shutting the fuck up about the economy, the fed, and the USD. We found something better. We get you don't understand it, but let's show you to the retirement home where you can play some shuffle board and talk about the good old days. We need to fix your mess now. Quite now. Shhhhhhh. | r/Bitcoin | 2024-24-05 |
The fed is smarter than you give them credit for. Congress has decided they will spend more money each and every year than taxes provide. And the fed has made that work for more than 50 years.
Recently we’ve had years where inflation was higher than the interest rates paid on the debt. That evaporated the debt, poof, into thin air.
You keep your money in a matress and you’re going to have a bad time. But any investment that returns more than inflation, including BTC, or VOO, or currently a HYSA and you’re safe, and the US government can spend more money on Social Security, Medicare, and Tanks. | r/bitcoin | The fed is smarter than you give them credit for. Congress has decided they will spend more money each and every year than taxes provide. And the fed has made that work for more than 50 years.
Recently we’ve had years where inflation was higher than the interest rates paid on the debt. That evaporated the debt, poof, into thin air.
You keep your money in a matress and you’re going to have a bad time. But any investment that returns more than inflation, including BTC, or VOO, or currently a HYSA and you’re safe, and the US government can spend more money on Social Security, Medicare, and Tanks. | r/Bitcoin | 2024-24-05 |
They’ve made deficit spending work for decades, more than 50 years, they know what they’re doing. And if you know how to protect your savings from inflation, and you live in the US, you benifit as well. | r/bitcoin | They’ve made deficit spending work for decades, more than 50 years, they know what they’re doing. And if you know how to protect your savings from inflation, and you live in the US, you benifit as well. | r/Bitcoin | 2024-24-05 |
Did someone, in 4th grade, write his speech and he just didn't proofread it? | r/bitcoin | Did someone, in 4th grade, write his speech and he just didn't proofread it? | r/Bitcoin | 2024-24-05 |
[They don't actually want CBDC](https://www.youtube.com/watch?v=92nEzgOzoXQ) | r/bitcoin | [They don't actually want CBDC](https://www.youtube.com/watch?v=92nEzgOzoXQ) | r/Bitcoin | 2024-24-05 |
>That's what I would call historical revisionism
It ain't revisionism. It's recognition of mechanical reality, instead of clinging to an ideal that was essentially dead on arrival. Per the same quote:
>A country that loses more than half of its gold reserve, as the United States did in 1958-71, without reducing the money supply is not on the gold standard.
You can go back further and look at the impact of Canadian bond lending to American banks (continental dollars) pre-1933 to demonstrate that there was no "real" control via a farcical gold standard from the get go.
>Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they ~~wouldn't~~ *couldn't* do this,
Fixed it. A CBDC misunderstands what the dollar is. The US needs dollars to spend in its own economy. It gets those dollars from global commercial banks. These global commercial banks can create dollars when they lend. Suddenly switching to a a CBDC would undermine the ability of global banks to do what they do (and politicians have no desire to assume that role).
They would much rather give the commercial banks the monopoly on dollar extension/creation in exchange for obligating a select few of them to buy the treasuries debt issuance.
>Do you think the eurodollar would persist at that point? It's a faith based system. It exists because of social consensus. Global trade means a global money will emerge and, over time, the least-worst money system will be selected.
Why do you think the eurodollar was selected then? Because it wasn't a top down imposition either.
>But are we just going to pretend Congress banning Russia from SWIFT was not a thing?
SWIFT is just a messaging service. Russian banks are still transacting in dollars through correspondent relationships. Just makes it a bit harder (ok, exaggerating a little - but it's still not a robust revocation of dollar usage). SWIFT ban is political theatre.
The US can make some aspects of dollar intermediation a pain for folks, but they certainly *do not* control the use/creation/destruction of dollars globally. | r/bitcoin | >That's what I would call historical revisionism
It ain't revisionism. It's recognition of mechanical reality, instead of clinging to an ideal that was essentially dead on arrival. Per the same quote:
>A country that loses more than half of its gold reserve, as the United States did in 1958-71, without reducing the money supply is not on the gold standard.
You can go back further and look at the impact of Canadian bond lending to American banks (continental dollars) pre-1933 to demonstrate that there was no "real" control via a farcical gold standard from the get go.
>Say Congress issues a CBDC, dissolves the Fed and drops the dollar. Loads of reasons why they ~~wouldn't~~ *couldn't* do this,
Fixed it. A CBDC misunderstands what the dollar is. The US needs dollars to spend in its own economy. It gets those dollars from global commercial banks. These global commercial banks can create dollars when they lend. Suddenly switching to a a CBDC would undermine the ability of global banks to do what they do (and politicians have no desire to assume that role).
They would much rather give the commercial banks the monopoly on dollar extension/creation in exchange for obligating a select few of them to buy the treasuries debt issuance.
>Do you think the eurodollar would persist at that point? It's a faith based system. It exists because of social consensus. Global trade means a global money will emerge and, over time, the least-worst money system will be selected.
Why do you think the eurodollar was selected then? Because it wasn't a top down imposition either.
>But are we just going to pretend Congress banning Russia from SWIFT was not a thing?
SWIFT is just a messaging service. Russian banks are still transacting in dollars through correspondent relationships. Just makes it a bit harder (ok, exaggerating a little - but it's still not a robust revocation of dollar usage). SWIFT ban is political theatre.
The US can make some aspects of dollar intermediation a pain for folks, but they certainly *do not* control the use/creation/destruction of dollars globally. | r/Bitcoin | 2024-24-05 |
What a great advertisement for Bitcoin. You almost wonder if it's intentional, often pretending to be against something but making a terrible argument is more effective at convincing people. | r/bitcoin | What a great advertisement for Bitcoin. You almost wonder if it's intentional, often pretending to be against something but making a terrible argument is more effective at convincing people. | r/Bitcoin | 2024-24-05 |
Insane timeline we are in. | r/bitcoin | Insane timeline we are in. | r/Bitcoin | 2024-24-05 |
we don't want it for ourselves, we want it for *everyone.* | r/bitcoin | we don't want it for ourselves, we want it for *everyone.* | r/Bitcoin | 2024-24-05 |
He's been doing that for like 10 years now I think too - you could say he's the Peter Schiff of Congress. You'd almost think he's doing it on purpose, that he was just using sarcasm to boost Bitcoin, if it weren't for his tone, facial expressions, and everything else. | r/bitcoin | He's been doing that for like 10 years now I think too - you could say he's the Peter Schiff of Congress. You'd almost think he's doing it on purpose, that he was just using sarcasm to boost Bitcoin, if it weren't for his tone, facial expressions, and everything else. | r/Bitcoin | 2024-24-05 |
You're goddamn right | r/bitcoin | You're goddamn right | r/Bitcoin | 2024-24-05 |
He said the quiet bits out loud! | r/bitcoin | He said the quiet bits out loud! | r/Bitcoin | 2024-24-05 |
Put more succinctly:
We don't want Bitcoin to do to us what we're doing to the rest of the world. | r/bitcoin | Put more succinctly:
We don't want Bitcoin to do to us what we're doing to the rest of the world. | r/Bitcoin | 2024-24-05 |
Isn’t this the “yes maybe we do print money out of thin air, but we’re the US Government ” guy?
Clown | r/bitcoin | Isn’t this the “yes maybe we do print money out of thin air, but we’re the US Government ” guy?
Clown | r/Bitcoin | 2024-24-05 |
As soon as Mr. Sherman says he is willing to sell all his current investments and assets, exchange them for USD, deposit in a CD, and keep the money there (and all future funds he may receive) while he is a Congressman, I will believe that he genuinely believes what he is saying is true.
Change all your assets into USD while you are a Congressman, sir, and put your USD where your mouth is.
Oh wait, it's not fun watching your net worth melt away via inflation? Like all people in the US who don't have assets, and just keep getting poorer and poorer as prices rise and wages can't keep up? Would that not be so much fun for you, Mr. Fiat bro?
Exchange all your assets for USD!
Exchange all your assets for USD!
Exchange all your assets for USD!
(it's OK I can be a bit mean spirited with him he plays golf with my uncle most weekends) | r/bitcoin | As soon as Mr. Sherman says he is willing to sell all his current investments and assets, exchange them for USD, deposit in a CD, and keep the money there (and all future funds he may receive) while he is a Congressman, I will believe that he genuinely believes what he is saying is true.
Change all your assets into USD while you are a Congressman, sir, and put your USD where your mouth is.
Oh wait, it's not fun watching your net worth melt away via inflation? Like all people in the US who don't have assets, and just keep getting poorer and poorer as prices rise and wages can't keep up? Would that not be so much fun for you, Mr. Fiat bro?
Exchange all your assets for USD!
Exchange all your assets for USD!
Exchange all your assets for USD!
(it's OK I can be a bit mean spirited with him he plays golf with my uncle most weekends) | r/Bitcoin | 2024-24-05 |
Sounds like all he's saying is exactly what needs to be said | r/bitcoin | Sounds like all he's saying is exactly what needs to be said | r/Bitcoin | 2024-24-05 |
Praise the Benjamin Franklins! -A Buttcoiner probably | r/bitcoin | Praise the Benjamin Franklins! -A Buttcoiner probably | r/Bitcoin | 2024-24-05 |
Anyone who can fill me in on who he is and where he is speaking? | r/bitcoin | Anyone who can fill me in on who he is and where he is speaking? | r/Bitcoin | 2024-24-05 |
I believe this guy is pro bitcoin. He's just working the bitcoin standard from the inside by saying the quiet parts out loud. | r/bitcoin | I believe this guy is pro bitcoin. He's just working the bitcoin standard from the inside by saying the quiet parts out loud. | r/Bitcoin | 2024-24-05 |
ie we don’t tax enough (because it would be too obvious) so we need everyone using a currency we can print more of and debase. So we can spend opaquely on “benefits”
They already tax plenty anyway. Capital gains tax odds corrupt in itself. Charge people transparently for the benefits you offer them - that’s better | r/bitcoin | ie we don’t tax enough (because it would be too obvious) so we need everyone using a currency we can print more of and debase. So we can spend opaquely on “benefits”
They already tax plenty anyway. Capital gains tax odds corrupt in itself. Charge people transparently for the benefits you offer them - that’s better | r/Bitcoin | 2024-25-05 |
Crypto is culture
Crypto is a vibe
It's new and hip with all the money on one side | r/bitcoin | Crypto is culture
Crypto is a vibe
It's new and hip with all the money on one side | r/Bitcoin | 2024-25-05 |
I bet Ben would have been a bro. | r/bitcoin | I bet Ben would have been a bro. | r/Bitcoin | 2024-25-05 |
They can’t stop BTC | r/bitcoin | They can’t stop BTC | r/Bitcoin | 2024-25-05 |
I applaud him for his honesty. | r/bitcoin | I applaud him for his honesty. | r/Bitcoin | 2024-25-05 |
They deny basic economics because their existence depends on such lies. | r/bitcoin | They deny basic economics because their existence depends on such lies. | r/Bitcoin | 2024-25-05 |
Incredible clip | r/bitcoin | Incredible clip | r/Bitcoin | 2024-25-05 |
The real friends were the debt we collected along the way.
The real debt was the money our friends owed us along the way.
The real money was the friends our debt collected along the way. | r/bitcoin | The real friends were the debt we collected along the way.
The real debt was the money our friends owed us along the way.
The real money was the friends our debt collected along the way. | r/Bitcoin | 2024-25-05 |
You're avoiding inflation because you're not holding only the dollar. That's why they're not happy. | r/bitcoin | You're avoiding inflation because you're not holding only the dollar. That's why they're not happy. | r/Bitcoin | 2024-25-05 |
When one fails to discuss and argue with logic and reason, they resort to name calling and labelling.
-- Sun Tzu's cousin, probably | r/bitcoin | When one fails to discuss and argue with logic and reason, they resort to name calling and labelling.
-- Sun Tzu's cousin, probably | r/Bitcoin | 2024-25-05 |
The victim wants to appropriate their stolen goods for themselves. The language of a morally bancrupt individual. | r/bitcoin | The victim wants to appropriate their stolen goods for themselves. The language of a morally bancrupt individual. | r/Bitcoin | 2024-25-05 |
There is a Sherman Tank and there’s a Sherman Stank. | r/bitcoin | There is a Sherman Tank and there’s a Sherman Stank. | r/Bitcoin | 2024-25-05 |
We have to Stop them!!!!!! | r/bitcoin | We have to Stop them!!!!!! | r/Bitcoin | 2024-25-05 |
How much debt is the US government in? 3 trillion and some change? Yet we're the unreasonable ones? | r/bitcoin | How much debt is the US government in? 3 trillion and some change? Yet we're the unreasonable ones? | r/Bitcoin | 2024-25-05 |
He's in the US Congress and just publicly admitted that the USA's monetary policy is less sound that a country known for destroying their currency. That's a pretty big admission. | r/bitcoin | He's in the US Congress and just publicly admitted that the USA's monetary policy is less sound that a country known for destroying their currency. That's a pretty big admission. | r/Bitcoin | 2024-25-05 |
💯 | r/bitcoin | 💯 | r/Bitcoin | 2024-25-05 |
I've wondered have they thought through the whole cbdc thing and could it actually backfire on them. Get people comfortable with digital currency and it won't be much of a leap for them to accept that there's actually an even better form of this digital currency called bitcoin and switch to that | r/bitcoin | I've wondered have they thought through the whole cbdc thing and could it actually backfire on them. Get people comfortable with digital currency and it won't be much of a leap for them to accept that there's actually an even better form of this digital currency called bitcoin and switch to that | r/Bitcoin | 2024-25-05 |
It's not that you're too stupid. It's that *we* (meaning Congress) are too fiscally irresponsible, so you have to give up control for the greater good. | r/bitcoin | It's not that you're too stupid. It's that *we* (meaning Congress) are too fiscally irresponsible, so you have to give up control for the greater good. | r/Bitcoin | 2024-26-05 |
I mean basically what he's saying is that because the world treats USD as the reserve currency, that is the ONLY reason why it hasn't been downgraded and a bunch of other bad stuff. Which is definitely true. So it's not like he's lying haha, he's telling the truth.
As soon as the world finally decides to not give the USD this privileged position in the world, everything is going to start toppling. US credit rating would get smashed, inflation would skyrocket, and so on, which are obviously bad things nobody wants.
So I mean I get why he hates Bitcoin, because Bitcoin, being a global hard currency, is going to eventually, once it gets to the level of adoption of being a globally used currency, is going to make the USD look realllllllll bad in comparison and all the other countries that treat USD as the global reserve even though its not their own currency, it's gonna make a lot more sense to switch from USD to BTC. This guy has just made the conscious choice from very early on in Bitcoin's journey that we should keep going on the unsustainable path to monetary collapse and allow no alternatives instead of letting the people have this way out. Govt doesn't have a way out of course, the monetary collapse is inevitable, but the people have an exit for their own finances thanks to Bitcoin. And he just wants the people to be stuck in the same mess the govt has made for itself. And that is why he's awful. I get his reasoning, but he's intentionally supporting bad goals to try to keep the broken system propped up longer by not allowing people to have a way out. Choosing broken govt system over giving the people a chance when the broken govt system does collapse, and it WILL collapse eventually.
Basically it's like we're all in a burning house, and he wants to block the exit and instead hand out damp washcloths so we all survive a bit longer in the house before it burns us down inside it. While anyone rational sees we need that BTC exit since there is nothing that is gonna stop the house from burning down. | r/bitcoin | I mean basically what he's saying is that because the world treats USD as the reserve currency, that is the ONLY reason why it hasn't been downgraded and a bunch of other bad stuff. Which is definitely true. So it's not like he's lying haha, he's telling the truth.
As soon as the world finally decides to not give the USD this privileged position in the world, everything is going to start toppling. US credit rating would get smashed, inflation would skyrocket, and so on, which are obviously bad things nobody wants.
So I mean I get why he hates Bitcoin, because Bitcoin, being a global hard currency, is going to eventually, once it gets to the level of adoption of being a globally used currency, is going to make the USD look realllllllll bad in comparison and all the other countries that treat USD as the global reserve even though its not their own currency, it's gonna make a lot more sense to switch from USD to BTC. This guy has just made the conscious choice from very early on in Bitcoin's journey that we should keep going on the unsustainable path to monetary collapse and allow no alternatives instead of letting the people have this way out. Govt doesn't have a way out of course, the monetary collapse is inevitable, but the people have an exit for their own finances thanks to Bitcoin. And he just wants the people to be stuck in the same mess the govt has made for itself. And that is why he's awful. I get his reasoning, but he's intentionally supporting bad goals to try to keep the broken system propped up longer by not allowing people to have a way out. Choosing broken govt system over giving the people a chance when the broken govt system does collapse, and it WILL collapse eventually.
Basically it's like we're all in a burning house, and he wants to block the exit and instead hand out damp washcloths so we all survive a bit longer in the house before it burns us down inside it. While anyone rational sees we need that BTC exit since there is nothing that is gonna stop the house from burning down. | r/Bitcoin | 2024-26-05 |
I've no idea who he is. I'm not American. But there is no way I won't precise this statement as pro bitcoin and anti fiat. | r/bitcoin | I've no idea who he is. I'm not American. But there is no way I won't precise this statement as pro bitcoin and anti fiat. | r/Bitcoin | 2024-26-05 |
Who paid this guy to shill? | r/bitcoin | Who paid this guy to shill? | r/Bitcoin | 2024-27-05 |
Well put. That's exactly why I hold crypto! | r/bitcoin | Well put. That's exactly why I hold crypto! | r/Bitcoin | 2024-27-05 |
I was not a trader a year ago but i have gotten to much profit if i opened a positional trade year ago
There is an OB here
So i have bought a year ago | r/bitcoin | I was not a trader a year ago but i have gotten to much profit if i opened a positional trade year ago
There is an OB here
So i have bought a year ago | r/Bitcoin | 2024-24-05 |
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I've been tossing up which way to store mine and my top three ideas atm are:
1: Creating an single player minecraft world and travelling in one direction for a few thousand blocks then building the phrases into the landscape in a way that you can only see them from the sky with a max sized map, this alone would take an hour or so to fill and you would need to know where to start
2: Having a series of saves on a pokemon ROM (Crystal would be my favorite so going with that), where The seed phrases are hidden as the old trainer names of pokemon I trade to myself then win the pokemon league with, so I need to look at the hall of fame to see the corresponding pokemon to then see its old trainer to know the seeds
3: In factorio having a spaghetti world where everything is confusion but having a series of receiver chests amongst it that get populated by a series of logistics robots that are only activated when I flick a switch, and each chest has an item limit corresponding to a letter of the alphabet to spell out my phrases
Which of these works best, or do you have any suggestions yourself? | r/bitcoin | I've been tossing up which way to store mine and my top three ideas atm are:
1: Creating an single player minecraft world and travelling in one direction for a few thousand blocks then building the phrases into the landscape in a way that you can only see them from the sky with a max sized map, this alone would take an hour or so to fill and you would need to know where to start
2: Having a series of saves on a pokemon ROM (Crystal would be my favorite so going with that), where The seed phrases are hidden as the old trainer names of pokemon I trade to myself then win the pokemon league with, so I need to look at the hall of fame to see the corresponding pokemon to then see its old trainer to know the seeds
3: In factorio having a spaghetti world where everything is confusion but having a series of receiver chests amongst it that get populated by a series of logistics robots that are only activated when I flick a switch, and each chest has an item limit corresponding to a letter of the alphabet to spell out my phrases
Which of these works best, or do you have any suggestions yourself? | r/Bitcoin | 2024-24-05 |
Ready player one? | r/bitcoin | Ready player one? | r/Bitcoin | 2024-24-05 |
Write it down on a piece of paper. Beats all of them.
If it really must be on a computer then put it in a text file and encrypt it. Name it something obvious.
The odds are you will forget your scheme, or the saves will become unusable at some point in the future. Or some automated system scans it for seed words and steals your money. | r/bitcoin | Write it down on a piece of paper. Beats all of them.
If it really must be on a computer then put it in a text file and encrypt it. Name it something obvious.
The odds are you will forget your scheme, or the saves will become unusable at some point in the future. Or some automated system scans it for seed words and steals your money. | r/Bitcoin | 2024-24-05 |
None. Paper is safer. Metal plate is even safer. What if you just lost or corrupt that game save, or worse not being able to remember how you first designed it?
The idea sounds greet in term of creativity tho. | r/bitcoin | None. Paper is safer. Metal plate is even safer. What if you just lost or corrupt that game save, or worse not being able to remember how you first designed it?
The idea sounds greet in term of creativity tho. | r/Bitcoin | 2024-24-05 |
Hammer it into metal bro | r/bitcoin | Hammer it into metal bro | r/Bitcoin | 2024-24-05 |
Why so complicated? I just have a notepad file with my seed on the desktop /s | r/bitcoin | Why so complicated? I just have a notepad file with my seed on the desktop /s | r/Bitcoin | 2024-24-05 |
WTF did I just read....ngmi | r/bitcoin | WTF did I just read....ngmi | r/Bitcoin | 2024-24-05 |
Just post it note on your fridge's back side | r/bitcoin | Just post it note on your fridge's back side | r/Bitcoin | 2024-24-05 |
That's the neat part. You don't. | r/bitcoin | That's the neat part. You don't. | r/Bitcoin | 2024-24-05 |
Written on a post-it note that's stuck to your monitor or laptop.
That's actually how MrBeast stored his private key for $2 million worth of bitcoin. He stored his bitcoin private key on a post-it note that was stuck to his laptop. His house got burglarized and the thief stole his laptop with the post-it note on it but the thief never transferred the bitcoin. The post-it note even said "bitcoin private key" on it.
https://www.reddit.com/r/Bitcoin/comments/106y2bc/mr_beast_learns_a_valuable_lesson/ | r/bitcoin | Written on a post-it note that's stuck to your monitor or laptop.
That's actually how MrBeast stored his private key for $2 million worth of bitcoin. He stored his bitcoin private key on a post-it note that was stuck to his laptop. His house got burglarized and the thief stole his laptop with the post-it note on it but the thief never transferred the bitcoin. The post-it note even said "bitcoin private key" on it.
https://www.reddit.com/r/Bitcoin/comments/106y2bc/mr_beast_learns_a_valuable_lesson/ | r/Bitcoin | 2024-24-05 |
Never let your seed phrase see an online device. | r/bitcoin | Never let your seed phrase see an online device. | r/Bitcoin | 2024-24-05 |
Pokémon on gameboy original wouldn’t be bad.
Name your entire batch of Pokémon you store in your storage your passphrase. | r/bitcoin | Pokémon on gameboy original wouldn’t be bad.
Name your entire batch of Pokémon you store in your storage your passphrase. | r/Bitcoin | 2024-24-05 |
"A" for creativity.
"F+" for security. | r/bitcoin | "A" for creativity.
"F+" for security. | r/Bitcoin | 2024-24-05 |
Is the file named "seed phrase.txt"? | r/bitcoin | Is the file named "seed phrase.txt"? | r/Bitcoin | 2024-24-05 |
If your going down the route of hiding your seed phrase somewhere, it would be stupid to use the words, since they are pretty obvious.
Every word in the BIP39 dictionary has a corresponding number. It's much easier to obfuscate / hide 24 numbers than 24 words.
It also gives you a million more possibilities to creatively hide them. Think in music (sound frequency numbers), images (numeric color codes), network infrastructure machines (IP adresses), etc.. | r/bitcoin | If your going down the route of hiding your seed phrase somewhere, it would be stupid to use the words, since they are pretty obvious.
Every word in the BIP39 dictionary has a corresponding number. It's much easier to obfuscate / hide 24 numbers than 24 words.
It also gives you a million more possibilities to creatively hide them. Think in music (sound frequency numbers), images (numeric color codes), network infrastructure machines (IP adresses), etc.. | r/Bitcoin | 2024-24-05 |
Step 1. Don’t. | r/bitcoin | Step 1. Don’t. | r/Bitcoin | 2024-24-05 |
Write it on a piece of card and stick it on your forehead.
Same thing. | r/bitcoin | Write it on a piece of card and stick it on your forehead.
Same thing. | r/Bitcoin | 2024-24-05 |
How do you know? 😂 | r/bitcoin | How do you know? 😂 | r/Bitcoin | 2024-24-05 |
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