So what do yall think the new currency is going to be?

[Elihu]

Hey yo! Longtime riggies. Nice to see so many familiar avatars! The point's at the end so stick with me:

National Debt (pffft)
President enters office leaves office
clinton 2Tril 4 Tril
bush 4 Tril 8 Tril
bombya 8 Tril 16 Tril
trump/brandon* 16 Tril **35 Tril

* trump and brandon lumped together because the previous blocks of time were 8 years each
** We're still a year out from reaching a trump/brando eight year cycle

(Sidebar: This 35 Tril is the shortfall they "borrowed". So let's just say the average annual revenue that they were actually able to raise and spend was, i dunno, a trillion per? So in the last 32 years the so-called gov has spent 70 trillion bucks..... uuuuuu... why is everything not perfect? How much would it take?, I jest, )

I realize those digits are notional, the whole thing is a type of ponzi. However this concept of doubling 2,4,8,16,32,64 etc, inexorably means that all borrowing will eventually do nothing but pay the interest which obviously cannot happen without changing the game. That 35, from what I understand, is growing by one trillion every six months, or 90 days? or something like that.

So that's why I chimed in. What's gonna happen? war? aliens? CBDC's? Yall ready? Maybe it can go alot farther than my little mind can think. That would mean we'll soon see budgets like 100, 500, Trillion, $1 quadrillion, etc. I don't know about you, but I think we've been scammed.

[Agent Orange Cooper]

I think Bitcoin will become the next default world reserve currency and store of value! We will find out what happens when an infinite supply of centralized fiat meets an absolutely scarce supply of decentralized uncensorable digital money. Exciting times.

[Elihu]

Exciting times.

you are right about that friend AOC no pun intended

but not having posted in a loooooong time I realize what a hasty swine I really am:

I don't know about you, but I think we've been scammed.

leave that off and maybe it's a decent post! my apologies all

[Belligerent Savant]

I think Bitcoin will become the next default world reserve currency and store of value! We will find out what happens when an infinite supply of centralized fiat meets an absolutely scarce supply of decentralized uncensorable digital money. Exciting times.

I definitely see it trending that way, agreed.

However: what does this mean?

Can one subscribe to the notion that Bitcoin is as touted to by the maximalists in that there is no malevolent intent behind it? Much as I'd like to believe this, I find it near-impossible to resolve the notion that those responsible for many great historical/recent evils/ills have NO influence at all on how first-world governments will handle their monetary systems.

Side-bar: is this guy a 'good guy' or a limited hangout of sorts, at least among certain demos? https://www.coindesk.com/business/2024/ ... e-bitcoin/

Michael Saylor's MicroStrategy Raising Another $500M to Buy More Bitcoin
The debt offering comes just days after the company closed on an $800 million capital raise, also with proceeds used to buy bitcoin.

Now billing itself as a Bitcoin Development Company, MicroStrategy (MSTR) Wednesday afternoon filed to raise $500 million in a convertible debt offering, with intentions to use the proceeds to purchase more bitcoin (BTC), according to a press release.
The company only days ago closed on an $800 convertible debt raise (upsized from an originally planned $600 million), with those proceeds plus some dollars already in the bank used to acquire another 12,000 bitcoin for $821.7 million.

CBDCs -- irrespective/outside of Bitcoin itself -- is confirmed (in my view) as a clear-cut Trojan Horse/malevolent tech, but I don't believe it will ever have the pervasive reach as planned. Urban areas/the struggling classes may well get F#cked, as they have been, in the years ahead, however, as I can see aspects of CBDCs being implemented in certain regions/locales -- it may not become a FEDERAL policy/implementation near-term, but I could see it being adopted by certain States, initially in certain cities (San Fran, NYC, Boston, Chicago, etc).

[Elihu]

BTW, I tried to do some math on dinosaur excel spreadsheet. It can receive a single digit trillion, ie, 9trillion, nine hundred ninety nine, etc, etc, etc,

35 trillion or 70 trillion is too much for it.

[DrEvil]

The problem with Bitcoin is that if it does become the reserve currency of choice it will lose everything that makes it attractive right now. The way it's designed is antithetical to the kind of control these people (large banks, governments, corporations, etc.) require, and they're not giving up control over something as important as a reserve currency (imagine if someone could 51% the dollar); that's the kind of thing they bomb people over, so if it does become the de-facto reserve currency it will be under their thumb. More likely they'll just fuck Bitcoin over somehow (maybe keep it as a sideline to launder all the drug money) and make their own Dollarcoin (DLC) from scratch.

[Belligerent Savant]

.
Yes - it is difficult, as an informed yet lay consumer or typical citizen (in other words, someone with limited inside information) to have any true insight into current or long term objectives Re: cryptocurrency (though I appreciate Bitcoin does have distinction in a number of respects relative to the alt coins or govt created digital currencies, current or future).

News items like the below only increase apprehension/reservations, however. The more Big Players involved the easier markets can be manipulated or compromised.

Blackrock's Spot Bitcoin ETF Holdings Near 204K BTC as Demand Soars


Blackrock, the world’s largest asset manager, has hit a significant milestone with its spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT). The fund’s crypto holdings have reached nearly 204K bitcoins, representing over $14.76 billion in assets under management (AUM).

Blackrock’s Ishares Bitcoin Trust (IBIT), the world’s largest asset manager’s spot bitcoin exchange-traded fund (ETF), has surpassed a staggering $14.76 billion in assets under management (AUM).

IBIT’s total bitcoin holdings as of March 11 were 203,755 BTC, worth $14.76 billion. The fund’s bitcoin holdings increased by 7,769.52 BTC from the previous trading day.

The price of bitcoin has soared over recent weeks, fueled by massive demand for spot bitcoin ETFs. Last week, Blackrock amended its prospectus, filed with the U.S. Securities and Exchange Commission (SEC), for the Blackrock Global Allocation Fund to potentially include investments in bitcoin exchange-traded products (ETPs).

Galaxy Digital CEO Mike Novogratz said last week that there is “runaway momentum” in spot bitcoin ETFs. Last month, reports indicated that Bank of America’s Merrill Lynch and Wells Fargo had begun offering spot bitcoin ETFs to clients. Moreover, a $30 billion investment platform for financial advisors, Carson Group, also approved four spot bitcoin ETFs on its platform, including IBIT.

What do you think about Blackrock increasing its bitcoin holdings to more than 200K BTC? Let us know in the comments section below.

https://news.bitcoin.com/blackrocks-spo ... and-soars/

[Agent Orange Cooper]

I definitely see it trending that way, agreed.

However: what does this mean?

Can one subscribe to the notion that Bitcoin is as touted to by the maximalists in that there is no malevolent intent behind it? Much as I'd like to believe this, I find it near-impossible to resolve the notion that those responsible for many great historical/recent evils/ills have NO influence at all on how first-world governments will handle their monetary systems.

Well, for me it's not so much about what the maximalists say, but what Bitcoin does, successfully and seemingly unstoppably every 10 minutes. It's the one thing in the world that actually works as advertised. It's possible it was let loose without any knowledge (or maybe more importantly, understanding) from the higher ups. I tend to view it in Biblical terms: Noah's financial ark—possibly divinely inspired. I'm a whacko though.

Side-bar: is this guy [Saylor] a 'good guy' or a limited hangout of sorts, at least among certain demos?

He seems like a good guy to me—and he's in the middle of making the most brilliant financial play of the century. MSTR is going to go the way of Berkshire Hathaway. If he's CIA (Microstrategy is located in McLean, after all), I wouldn't be surprised, but he's also Air Force and MIT connected, so who knows in whose interest he's acting. He might be secretly buying BTC on behalf of the USG (that's the micro-strategy). If I could ask him one question it would be what would he do in a hyperinflationary scenario where the government tries to 6102 MicroStrategy's Bitcoin stash. Would he give it up in the interests of national security? How much is 1% of the new global money supply worth? $500 billion? $1 trillion?

[DrEvil]

It's the one thing in the world that actually works as advertised.

That's not really the relevant question. Plenty of useless things work as advertised. The question should be: does it do something useful? In this case, does it fill the role of reserve currency as well as, or better than, the current reserve currencies? The way it's implemented right now doesn't strike me as something a bunch of financial voodoo priests would appreciate, the way anyone can mint new coins or run part of the ledger. The whole point of the current financial system is control, not power to the people. Doesn't matter how valuable something is if they can't control it. They'll just extract what they can and replace it with something more to their liking.

Also (and I mean this in the nicest way possible, I'm not being snarky), you may want to back off the Kool-Aid a bit there. When you start thinking something is divinely inspired you could miss what should be obvious warning signs, because how can God's plan be wrong, even when you're not really sure what the plan is?
Plus, talking about a digital currency of all things in religious terms is kinda.. weird. It's just software.

[Elihu]

22 hours ago
Bitcoin's original intent has at this point in time been usurped by the TPTB. As far as anyone's concerned, with the inception of ETFs, this intended project of "peer-to-peer" transactions has been co-opted and is fully controlled by THEM now. From start to finish, they own the miners (or soon will), they own the exchanges (hm, Binance's Freemasonic logo anyone?), they own the on/off ramps.

In essence, they've created the ultimate track-and-trace tool within a walled garden - you want to get into it, transfer your USD on Coinbase to crypto. Crypto purchase registered. Want to change to another crypto, again, transaction registered on both blockchains (e.g. Bitcoin to Ethereum), want to send it off an exchange, both wallet addresses registered by the exhange/blockchain.

Fanboys wanna talk "privacy" and "freedom" solve me this riddle, how any of the above is exemplary of privacy and freedom. It's a walled garden. No one is buying pizzas with Bitcoin, like supposedly the first Bitcoin transaction for 10K BTC.


20 hours ago
As of March 2023, the top 1% of Bitcoin addresses hold over 90% of the total Bitcoin supply, according to Bitinfocharts.


21 hours ago
See that’s the difference right there, if you let them print bitcoin backed bux and accept them, that’s on you. As for me, if you’ve got Bitcoin, that’s what you’ll put in my wallet in the amounts I say if you want any work done.


23 hours ago
Government took down Silk Road. Now government has a huge pool of BTC to use to manipulate the price. Artificially make it volatile...


23 hours ago
US Treasury is among the largest holders - if not THE largest holder - of Bitcoin.
Own BTC. Stick it to the man they said.


19 hours ago
Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.


22 hours ago
Pricing of Bitcoin is just as skewed by the feds and PPT as oil, currencies, Treasuries, etc. It’s not so much that it’s a bubble. I just don’t like being lied to by my own government:

Bitcoin founder “Satoshi Nakamoto”
Nakamoto Satoshi (Japanese use the family name first)
One of several possible ways to write that family name and boys first name: 中元 智
Nakamoto
Kanji: 中元 Hiragana: なかもと Katagana: ナカモト Pronunciation: “Nakamoto”
Kanji meaning: 中 “in, inside, middle, center” 元 “group of people” or “currency”
Satoshi
Kanji: 智 Hiragana: さとし Katagana: サトシ Pronunciation: “Satoshi”
Kanji meaning: 智 “Intelligence”
Thus, Nakamoto Satoshi literally means: Central Agency Intelligence or Central Intelligence Currency

Why would they do this? It occupies the field and crowds out “cryptocurrencies” that do not use a government crackable hash function and might actually be secure and anonymous, etc. It’s a liquidity sponge to help sop up (some excess liquidity) from all the money printing.

Bitcoin and all the others that use SHA or another nation’s national security apparatus hash function: they can hack, crack and spoof them. So they have complete control.

NSA has a habit of releasing cryptography they can hack but no one else can. See DES for one example. Side problem with that is after ten or twenty years, technology catches up and a teenage hacker living in his mother’s basement in Eastern Europe can crack it. It’s also a waste of electricity, particularly when it ultimately fails to deliver what it promises to provide: security, anonymity, etc.


17 hours ago
Staying on an exchange's wallet is insanity.

I don't think you understand the games that are going on. People are getting locked out of their accounts for almost no reason at all.

Its not your crypto while it sits on the exchange. People are getting off the exchanges and accumulating only.

The ETF's are only getting warmed up and scarcity is already a thing being discussed.

I think this thing is going to explode to places NO ONE is anticipating and when it gets there, GTFO fast.

THAT will be the rug pull of epic proportions that no one saw coming. It will be the way to "lose" billions and billions and billions of dollars that are a real problem sloshing around the US economy.

You know these assholes (banksters) love to pollute everything. They're doing it right now to crypto. Staining it with USD it can't wash off..


19 hours ago
Exciting times for Bitcoin were the days leading up to the infamous MtGox crash, and the wild west exchanges run by students in their basement. Mining was already widely considered broken with the crazy competition transitioning from PCs and graphics cards to ASICs. Just running a full node, just to make actual transactions meant having a cutting edge computer. "Supporting" the network for nothing seemed a bit socialist, or at least a kind of good faith investment while others figured out how to make the system scaleable and self-sustaining.

I distinctly remember that talking about and promoting Bitcoin as this cool new high-tech thing, which it was, a decade ago, was EXACTLY like trying to convince know-it-all Karens NOT to take the covid vax. Punk tryna sell me a ponzi!! It was nearly always the same attitude: "I never heard about Bitcoin until you told me about it a moment ago, but I already know more about it than you do."

Now it's like watching a nature show where the episode is on vultures. Some Englishman pontificates about these magnificent birds feasting upon the sunbaked rotting corpse that some other animals abandoned because it was starting to go off.


and I'll close with these last two:

21 hours ago
It's working out really well!
I own Bitcoin. I sell a small amout every month to fund my life of debauchery in Nicaragua. The price has more than doubled since October (when I got here) so this trip has not only been free, I made money! (If scoring in dollar terms).
When I get back to my seasonal mining job in May I will take 75% of my income to buy Bitcoin and ride the elevator to the top in September 2025.

Then, I will roll into tokenized gold to avoid the Bitcoin/Crypto winter that seems to end every cycle.


19 hours ago
That is awesome. Just left Managua a few hours ago, sitting in ****hole Miami airport. I also own bitcoin, and made some good profits during the last couple of weeks. Paid for my trip plus some. Used a SIM bought with bitrefill for my phone.

It must suck to not own any crypto right now and miss out on all this opportunity to make easy tax free money.

[Belligerent Savant]

Yo Elihu - what's the linky for those comments? Or is it from a prior link someone already shared here?

[Elihu]

zerohedge comments on the story about the whale becoming 14th largest BC holder whatever. yesterday

[Elihu]

https://www.zerohedge.com/crypto/who-mr ... btc-holder

[Elihu]

referring back to the OP,

the supposed upcoming currency supernova seems like it will mean the end of crypto convertibility. There won't be anything left to convert into. Everyone will be on the blockchain permanently. You will begin with what you had plus everything you are invited to donate for more tokens. Each will be their own walking, talking wifihotspot, cell number, insurance policy, tax return, weather spotter, etc,etc,etc, all day 24-7.

The "gods", so-called, referred to as the "whales" and "1%ers" in the foregoing banter, will be utterly free to pour in any amount of crypto, for as long as they want, for any purpose whatsoever they may want. And those on the block chain will build it or perish. Block Chain. Total Control.

imo...

[Elihu]

it will still be a growing dynamic thing but yeah, walled garden...