Bitcoins - about to hit $5,000 per coin today!

[gib]

I don't read every post in this thread, and I don't need an answer.  It was a rhetorical question, to make the point that crypto isn't that much safter than bank deposits.

Bank deposits are at least FDIC insured up to $250,000 per depositor, per insured bank, for each account ownership category.

Crypto cold storage?  Risky as well for so many reasons.

Dude, really? Think about what you just said for a moment...

Bank deposits are insured for money (up to 250K), OF WHICH THE TREASURY CAN INFINITELY PRINT....

In other words, infinitely devalue.

Bitcoin is our protection against that...

[loco]

Dude, really? Think about what you just said for a moment...

Bank deposits are insured for money (up to 250K), OF WHICH THE TREASURY CAN INFINITELY PRINT....

In other words, infinitely devalue.

Bitcoin is our protection against that...

Why would the treasury print more money for that?  The money would come from the fees that banks pay into the Deposit Insurance Fund.  They'd just be moving money that already exists.

[ROBOAK]

gib is a grifter and a bullshit artist, im not shitting on bitcoin, i understand the value of protection from inflation and counter fitting, i used to work as a driver  for an escort agency and the girls would take every penny they made at the end of the night and dump it all in to a bit coin  ATM and that could be any where from $5000 to $100,000 in just one night


that being said , bit coin is real, but it does also get used as a ponzi/pyramid scheme by guys like gib to pump up the bottem

[GymnJuice]

gib is a grifter and a bullshit artist, im not shitting on bitcoin, i understand the value of protection from inflation and counter fitting, i used to work as a driver  for an escort agency and the girls would take every penny they made at the end of the night and dump it all in to a bit coin  ATM and that could be any where from $5000 to $100,000 in just one night


that being said , bit coin is real, but it does also get used as a ponzi/pyramid scheme by guys like gib to pump up the bottem

Are they hiring? I know a guy with a BMW...

[SOMEPARTS]

Bitcoin Gold and silver and lead is our protection against that...

[gib]

Why would the treasury print more money for that?  The money would come from the fees that banks pay into the Deposit Insurance Fund.  They'd just be moving money that already exists.

Yes, you are sort of right with the point you make here. The problem occurs when the total funds they have from deposits exceeds the amounts they need to pay out. That is when the money printing starts. Either way, with Bitcoin you self custody. With cash you take counterparty risk. With Bitcoin you can self store store any amount. With cash, not only do you have counterparty risk, but its capped at 250K.

[gib]

gib is a grifter and a bullshit artist, im not shitting on bitcoin, i understand the value of protection from inflation and counter fitting, i used to work as a driver  for an escort agency and the girls would take every penny they made at the end of the night and dump it all in to a bit coin  ATM and that could be any where from $5000 to $100,000 in just one night


that being said , bit coin is real, but it does also get used as a ponzi/pyramid scheme by guys like gib to pump up the bottem

Bitcoin is not a Ponzi scheme as the ledger is public, and every single block from the outset needs to be mined. But yes, Bitcoin (just like cash) can be used in a Ponzi scheme. Its important to learn the difference.

As for those whores who were putting money into Bitcoin, hats off to them. Smart ladies.

[ROBOAK]

Bitcoin is not a Ponzi scheme as the ledger is public, and every single block from the outset needs to be mined. But yes, Bitcoin (just like cash) can be used in a Ponzi scheme. Its important to learn the difference.

As for those whores who were putting money into Bitcoin, hats off to them. Smart ladies.

    i did not say bit coin is a ponzi scheme


i said "YOU" are the ponzi scheme

i know the differance....

[gib]

   i did not say bit coin is a ponzi scheme


i said "YOU" are the ponzi scheme

i know the differance....

I think you are confusing concept. A Ponzi scheme is an abstract concept, not capable of being a person. However, a person can engage in Ponzi scheme. Maybe that's what you mean. If so, bear in mind that Bitcoin is in itself a bearer instrument, so in the case of Bitcoin, if you are buying and holding in self custody, you guarantee yourself that you are not being scammed in a Ponzi scheme. Remember, the Bitcoin ledger is public, decentralized and immutable.

[ROBOAK]

I think you are confusing concept. A Ponzi scheme is an abstract concept, not capable of being a person. However, a person can engage in Ponzi scheme. Maybe that's what you mean. If so, bear in mind that Bitcoin is in itself a bearer instrument, so in the case of Bitcoin, if you are buying and holding in self custody, you guarantee yourself that you are not being scammed in a Ponzi scheme. Remember, the Bitcoin ledger is public, decentralized and immutable.

i bet you have 100 different accounts spread out on various chat forums where you pump bit coin,      you're just making your rounds....

[obsidian]

https://blockworks.co/news/australian-bank-nab-stablecoin-ethereum

‘Big Four’ Australian Bank Issues Stablecoin On Ethereum
With its recent stablecoin pilot, NAB joins a growing list of major financial institutions to use the Ethereum blockchain

One of Australia’s ‘big four’ banks says it has completed its first intra-bank cross-border transaction using its own stablecoin via Ethereum.

The transaction, part of a National Australia Bank (NAB) pilot for an AUD-backed stablecoin, involved deploying stablecoin smart contracts for seven major global currencies, showcasing the potential to shorten cross-border transactions from days to minutes.

NAB intends to issue its stablecoin under the ticker “AUDN,” which will be managed as a liability on its books. The firm further plans to enable transactions for the Australian, New Zealand, Singapore and US dollars, as well as the euro, yen and pound sterling.

Digital asset infrastructure provider Fireblocks and fintech platform Blockfold assisting with the smart contracts, direct custody of the tokens (alongside minting and burning). NAB says its stablecoin was issued as an ERC-20 token.

“We believe that elements of the future of finance will be blockchain enabled and we’re already witnessing rapid change in the tokenisation market,” Drew Bradford, NAB Markets Executive General Manager, said in a statement.

The bank claimed it’s the world’s first major financial institution to process a cross-border stablecoin transaction via a public Layer-1 blockchain. A NAB spokesperson shared the current AUDN token contract with Blockworks, viewable on Etherscan.

In any case, ANZ — another ‘big four’ Australian bank — became the first institution in the country to issue and conduct payment of a stablecoin linked to the nation’s dollar last year, also via Ethereum, although it wasn’t cross-border.

As well, JPMorgan alongside Singapore’s DBS Bank and others executed foreign exchange transactions using tokenized deposits, a slightly different concept to stablecoins, as part of a 2022 pilot. The group used Ethereum Layer-2 network Polygon for the trades.

A number of institutions worldwide have also leveraged Ethereum and Polygon to issue tokenized bonds.

Still, NAB considers its recent stablecoin transaction a milestone for the bank. It expects to support “select corporate and institutional clients” in transacting with digital assets by the end of the year.

[obsidian]

https://cryptonews.com/news/ethereums-annualized-deflation-rate-briefly-surpasses-5-heres-how-that-can-impact-the-eth-price.htm

Ethereum’s Annualized Deflation Rate Briefly Surpasses 5% - Here’s How That Can Impact The ETH Price

The rate at which the Ether (ETH) supply is deflating, which has been accelerating in recent weeks, recently saw a spike higher. Ether is the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain. ETH is the world’s second most valuable cryptocurrency by market capitalization and Ethereum is the dominant blockchain in Decentralized Finance.

Last Saturday, the annualized burn rate as a result of Ethereum Improvement Proposal 1559 jumped to its highest since last May at 5.679%, outstripping the Ether issuance rate of 0.578% by a whopping 5.101%. The deflation rate has since dropped to around 1.75% as of Wednesday the 15th of March.



Cryptocurrency markets saw extreme volatility last weekend and at the beginning of this week amid uncertainty relating to last week’s series of major regional US bank collapses and the policymaker response. Ether was last changing hands on exchanges in the upper-$1,600s, having hit multi-month highs above $1,700 earlier this week.



The spike in the Ether burn rate came amid a jump in the Ethereum gas price, a fee charged to users of the network, to its highest level since last May. If demand for the Ethereum network continues to rise, causing a rise in network congestion, that will cause further upside in Ethereum gas fees, which will translate to a further acceleration in the cryptocurrency’s rate of deflation. An accelerating deflation rate is likely to be a long-term tailwind for the ETH price.

Explainer – What is Driving the Accelerating ETH Deflation Rate?

Before answering the question as to what is driving the increase in the ETH deflation rate, we need to understand why ETH deflation even happens at all and that requires an understanding of how the Ethereum network fee structure works. Network fees are split into two components. The first is a base fee that all users must pay to ensure that their transaction is accepted and processed on the blockchain.

There is then an optional tip that users can pay to have their transaction processed more quickly. The Ethereum network automatically calculates the base fee, which rises at times of heavy network traffic. Ethereum Improvement Proposal (EIP) 1559, which was implemented into the Ethereum code in the London hardfork in August 2021, requires that all of these base fees paid by users are then burned, removing the tokens from circulation permanently.

As a result, when the base gas fee rises, the rate at which Ether is burned also rises. When this burn rate exceeds the ETH Issuance Rate, which is around 0.55%, the ETH supply will decline. ETH is issued to the nodes and stakers that secure the Ethereum network.

[Theoak*]

gib is a grifter and a bullshit artist, im not shitting on bitcoin, i understand the value of protection from inflation and counter fitting, i used to work as a driver  for an escort agency and the girls would take every penny they made at the end of the night and dump it all in to a bit coin  ATM and that could be any where from $5000 to $100,000 in just one night


that being said , bit coin is real, but it does also get used as a ponzi/pyramid scheme by guys like gib to pump up the bottem

How is he using btc as a pomzi scheme? Probably only gib and I who see btc in the same light and have no influence  on pumping or calling the bottom. It's either btc goes to 0 or 1million and if it goes to 1million, it's going a lot higher.

What you see is shitcoiners fuding btc as old tech, prone to 51% attack, killing the Amazon rainforest just so they can pump their bags because they're salty they missed out on an early entry.

99% of 20000+ coins are outright scams and 1% will eventually die out in the long run or end up using  using satoshi as unit of account. People are not going to use multiple coins for micro payments. Btc is the best form of money humanity has ever had and its ushering in a new era or freedom and progress.

[gib]

i bet you have 100 different accounts spread out on various chat forums where you pump bit coin,      you're just making your rounds....

I'll bet you a Bitcoin I don't. Deal?

[gib]

How is he using btc as a pomzi scheme? Probably only gib and I who see btc in the same light and have no influence  on pumping or calling the bottom. It's either btc goes to 0 or 1million and if it goes to 1million, it's going a lot higher.

What you see is shitcoiners fuding btc as old tech, prone to 51% attack, killing the Amazon rainforest just so they can pump their bags because they're salty they missed out on an early entry.

99% of 20000+ coins are outright scams and 1% will eventually die out in the long run or end up using  using satoshi as unit of account. People are not going to use multiple coins for micro payments. Btc is the best form of money humanity has ever had and its ushering in a new era or freedom and progress.

100% Agree.

And by the way, if one was going to do a pump and dump, BTC would be the absolute worst and most difficult to do it with, given its market-cap and liquidity. There really are some paranoid idiots out there...

[gib]

Fidelity quietly switches on Bitcoin access to over 30,000,000 customers...

[Flexacon]

You see Jerome Powell’s grilling today?

US senate laying the groundwork for the next big stimmy program. It was all ‘you’re going after people’s jobs’ over and over again. The US govt will jump into save American jobs in 2024 and pump in stimmy like there’s no tomorrow.

What's your twitter feed looking like? I got everyone thinking that QE in back as the reserve balance went up $2Trillion and tech stocks pumped.  Bears are capitulating and everyone thinks the bull market is back on.

It's not QE (securities held at the FED haven't changed) but no one seems to wanna listen. This is gonna get ugly.

Also Fidelity quietly switches on ETH access to over 30,000,000 customers...

[loco]

Yes, you are sort of right with the point you make here.

I'm "sort of right"?  LOL

I'm 100% right.  That's how FDIC insurance works.

The problem occurs when the total funds they have from deposits exceeds the amounts they need to pay out. That is when the money printing starts. Either way, with Bitcoin you self custody. With cash you take counterparty risk. With Bitcoin you can self store store any amount. With cash, not only do you have counterparty risk, but its capped at 250K.

No.

Have many FDIC-insured banks, large and small, failed in the last 90 years?  Yes.

Since 1933, no depositor has ever lost a penny of FDIC-insured funds.

These facts don't create a strong case for your claims.

[gib]

I'm "sort of right"?  LOL

I'm 100% right.  That's how FDIC insurance works.

No.

Have many FDIC-insured banks, large and small, failed in the last 90 years?  Yes.

Since 1933, no depositor has ever lost a penny of FDIC-insured funds.

These facts don't create a strong case for your claims.

You are entirely wrong. Hundreds banks have failed in the US since 1933. And in all such cases (SVB being the rare exception) all deposits over 250K were NOT refunded.

On average, between 1980 and 1994, a US bank failed every three days. The pace of bankruptcies peaked immediately after the 2008 financial crisis. 465 banks failed from 2008 to 2012.

You can learn a little more here: https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008%E2%80%93present)

Please educate yourself and stop spreading your fiat ponzi scam nonsense here.

Bitcoin doesn't care what you accuse it of, or what you accuse those of who use it, or what lies you tell about it. It just keep on doing what it does...

[loco]

Hundreds banks have failed in the US since 1933.

Yes, that's what I said:

Have many FDIC-insured banks, large and small, failed in the last 90 years?  Yes.

Slow down, and read carefully.

And in all such cases (SVB being the rare exception) all deposits over 250K were NOT refunded.

That's because only FDIC-insured funds are refunded, uninsured funds are not.

Currently, bank deposits are FDIC insured up to $250,000 per depositor, per insured bank, for each account ownership category.

Those who are aware of the rules and followed them did not lose a single penny of FDIC-insured funds in 90 years of FDIC-insured bank failures.

Not a strong case at all for your claims.

[gib]

For those of us with higher net worth, its not practical to keep our cash scattered across numerous banks. And in any case, we don't like keeping our wealth stored in a currency which steals from us through devaluation. Also, not all such people have access to banks in the US.

But yes, if you have a small amount of cash, live in the US, then yes you will be fine (other than the continuous devaluation) with a US bank. But even in that case, that of course does not mean cash it a better investment than Bitcoin.

[loco]

For those of us with higher net worth, its not practical to keep our cash scattered across numerous banks. And in any case, we don't like keeping our wealth stored in a currency which steals from us through devaluation. Also, not all such people have access to banks in the US.

But yes, if you have a small amount of cash, live in the US, then yes you will be fine (other than the continuous devaluation) with a US bank. But even in that case, that of course does not mean cash it a better investment than Bitcoin.

So BTC is only for multi-millionaires, who don't have access to US FDIC-insured banks, who keep way too much cash lying around doing nothing instead of investing it in appreciating assets such as stocks, real estate, and bonds.  Everyone else should stay away from BTC.

Got it.

[Mayday]

What's your twitter feed looking like? I got everyone thinking that QE in back as the reserve balance went up $2Trillion and tech stocks pumped.  Bears are capitulating and everyone thinks the bull market is back on.

It's not QE (securities held at the FED haven't changed) but no one seems to wanna listen. This is gonna get ugly.

Also Fidelity quietly switches on ETH access to over 30,000,000 customers...

My feed is the same as yours. One massive circle jerk claiming QE is back. Spastics, the lot of them.

But you can see from this BTC rally and why I had said this could turn utter crazy when people think QE is coming but they get it wrong. YOLO central right now. Glad I left my hedge in play but at the same time glad I took a 2.5x profit of my bull holdings.

It’s going to turn to a total shitshow as the market is pricing cuts in July but Fed will be holding rates at least out to November.

[dunkin donuts]

Sincere question for open discussion: why do gold bugs advocate for only 5% of your personal wealth in gold? While at the same time writing and speaking volumes on the merrits of gold. It's like they want to insure only 5% of their wealth and gamble away the 95% on speculative assets? Or keep the 95% in cash and see it devalue? Or what?

I bought some gold and am contemplating buying more, but I am worried about liquidity when buying only in 1 kg bars. And also overall, I question the gold narrative for the question posed above.

I also don't trust bitcoin because there is plausible reason to assume it's the work of MIT spooks contracted by the central banks and government to steer the cattle into their digital prison

[GymnJuice]

For those of us with higher net worth, its not practical to keep our cash scattered across numerous banks. And in any case, we don't like keeping our wealth stored in a currency which steals from us through devaluation. Also, not all such people have access to banks in the US.

But yes, if you have a small amount of cash, live in the US, then yes you will be fine (other than the continuous devaluation) with a US bank. But even in that case, that of course does not mean cash it a better investment than Bitcoin.

I think you can buy CDs at different banks through your brokerage account. Each CD at each bank should be individually counted as a separate FDIC 250k allotment. This is my understanding.