BITCOIN

[quad]

Time to make money off Xiden?!

Bannon Touts Cryptocurrency $FJB for Trump Supporters to 'F Joe Biden'

The website for the new right-wing cryptocurrency claims it will help those who buy it "fight" for America.

www.newsweek.com

 

[quad]

Freedom. Jobs. Business. price today, FJB to USD live price, marketcap and chart | CoinMarketCap

The live Freedom. Jobs. Business. price today is $0.000003684 USD with a 24-hour trading volume of $214.82 USD. We update our FJB to USD price in real-time.

coinmarketcap.com

 

[Weather Man]

Academic says Bitcoin is worse than a Ponzi scheme​

BTC-USD +1.51%Dec. 27, 2021 3:39 PM ET8 Comments

• Robert McCauley, a scholar from Boston College and Oxford, argued Monday that Bitcoin (BTC-USD) is worse than a Ponzi scheme because the eventual use case for the cryptocurrency remains unclear, while its high energy use makes it a "negative-sum game."
• Expanding on a piece he published last week in the Financial Times, McCauley told CNBC that the approximately $20B spent on mining to date "is gone."
• McCauley's case comes in two parts. First, he contends that the basic outline of Bitcoin trading resembles the structure of a Ponzi scheme, in that early investors are paid out by late-comers, with no economic value created in between.
• Second, the Boston University non-resident senior fellow at Global Development Policy Center asserted that the expense related to maintaining the Bitcoin (BTC-USD) system, especially in electricity use, meant that it will cost society over the long run.
• "Every day, there's money being paid to miners by investors. And every day, that money is mostly going up the flue. It's mostly going up in smoke," he said. "And that's all social cost. That's all loss."
• McCauley, who also works as an Oxford University faculty member, noted that the collapse of some Ponzi schemes still allowed victims to recoup a portion of their funds. To make this point, he highlighted the Bernie Madoff scam, which has returned about 70 cents on the dollar at this point.
• In contrast, he contended that a total collapse of Bitcoin would leave no assets left to be divvied up among the remaining investors.
• Asked if Bitcoin (BTC-USD) could still prove its economic value and change his opinion of the cryptocurrency, McCauley suggested that he's still waiting for it to prove its usefulness.
• "It's been a while, we've been waiting for the use case," he said. "New ideas are coming down the pike for what it will get us eventually. But we're still sort of waiting."
• For a contrary opinion on the future of Bitcoin (BTC-USD), read the latest commentary from cryptocurrency investor Anthony Pompliano, who says he thinks in terms of Bitcoin each time he makes a purchase.

 

[q6543]

Wow ..reading articles like that, and seeing some people's thought process, is so incredibly bullish.

He's over there waiting to see it's usefulness proven.
I think pretty much whenever you see the term "crypto currency " in a article, feel free to delete it and pay it no mind. The writer doesn't know the subject.

 

[q6543]

The MULTIVERSE is here, there and everywhere.
We have begun to discover all that is.
Everything...EVERY THING will become
1. Digitized
2. Tokenized
3. Fractionalized

And then sold back to us block by block..bit by bit.

And yet this Robert McCauley can't seem to find 1 use case....Hmmmmm

 

[Weather Man]

Wow ..reading articles like that, and seeing some people's thought process, is so incredibly bullish.

He's over there waiting to see it's usefulness proven.
I think pretty much whenever you see the term "crypto currency " in a article, feel free to delete it and pay it no mind. The writer doesn't know the subject.

No, I think he pretty much called it. There is an entire industry devoted to promoting crypto, because there is an awful lot of money that could be made. We'll find out when the Fed is forced to take the punch bowl away.

 

[CompOrange04GT]

No, I think he pretty much called it. There is an entire industry devoted to promoting crypto, because there is an awful lot of money that could be made. We'll find out when the Fed is forced to take the punch bowl away.

He called it about as much as you have ……

 

[Weather Man]

He called it about as much as you have ……

I have freely admitted that the Fed pumping has made people money in the crypto world. The pump hasn't been shut off, and people enjoy playing the fractional penny coins with a passion. Not often people can say they own a million shares of something. Actually, quite brilliant marketing.

That doesn't change what it is.

 

[q6543]

I see an entire industry devoted to telling people NOT to own digital assets... so, grain of salt.

 

[Weather Man]

I see an entire industry devoted to telling people NOT to own digital assets... so, grain of salt.

You've got that backwards. There are just plenty of people who can see the train wreck coming. It will be interesting to see what the original band of large holders do.

 

[quad]

Academic says Bitcoin is worse than a Ponzi scheme​

BTC-USD +1.51%Dec. 27, 2021 3:39 PM ET8 Comments

• Robert McCauley, a scholar from Boston College and Oxford, argued Monday that Bitcoin (BTC-USD) is worse than a Ponzi scheme because the eventual use case for the cryptocurrency remains unclear, while its high energy use makes it a "negative-sum game."
• Expanding on a piece he published last week in the Financial Times, McCauley told CNBC that the approximately $20B spent on mining to date "is gone."
• McCauley's case comes in two parts. First, he contends that the basic outline of Bitcoin trading resembles the structure of a Ponzi scheme, in that early investors are paid out by late-comers, with no economic value created in between.
• Second, the Boston University non-resident senior fellow at Global Development Policy Center asserted that the expense related to maintaining the Bitcoin (BTC-USD) system, especially in electricity use, meant that it will cost society over the long run.
• "Every day, there's money being paid to miners by investors. And every day, that money is mostly going up the flue. It's mostly going up in smoke," he said. "And that's all social cost. That's all loss."
• McCauley, who also works as an Oxford University faculty member, noted that the collapse of some Ponzi schemes still allowed victims to recoup a portion of their funds. To make this point, he highlighted the Bernie Madoff scam, which has returned about 70 cents on the dollar at this point.
• In contrast, he contended that a total collapse of Bitcoin would leave no assets left to be divvied up among the remaining investors.
• Asked if Bitcoin (BTC-USD) could still prove its economic value and change his opinion of the cryptocurrency, McCauley suggested that he's still waiting for it to prove its usefulness.
• "It's been a while, we've been waiting for the use case," he said. "New ideas are coming down the pike for what it will get us eventually. But we're still sort of waiting."
• For a contrary opinion on the future of Bitcoin (BTC-USD), read the latest commentary from cryptocurrency investor Anthony Pompliano, who says he thinks in terms of Bitcoin each time he makes a purchase.

There will be a push towards using renewable energy to secure the Bitcoin network. Ethereum will transition to 100% proof of stake using a fraction of the energy required to secure the current Ethereum network.

Cryptos are a lot different than ponzi schemes. They offer a secure network where all transactions are recorded on a transparent blockchain. Governments can't corrupt it and print extra Bitcoin or Ethereum as they are doing with FIAT currencies. The dollar has been losing value since it was created in 1913. Nobody has audited the Federal Reserve.

The Federal Reserve is a bunch of private bankers that get to issue the US currency. There's nothing federal about it. They can print money and give it out to their buddies and bribe politicians. The political landscape would change if that power to print money at will is removed.

Look at this debt clock. It is ticking and the dollar is a train wreck. It can also be argued that the entire world economy is a pyramid scheme.

https://www.usdebtclock.org/

 

[quad]

I have freely admitted that the Fed pumping has made people money in the crypto world. The pump hasn't been shut off, and people enjoy playing the fractional penny coins with a passion. Not often people can say they own a million shares of something. Actually, quite brilliant marketing.

That doesn't change what it is.

And it has devalued the dollar making things cost more. The middle class and lower income people get screwed because their incomes don't keep pace with inflation. So their purchasing power is reduced.

 

[quad]

You've got that backwards. There are just plenty of people who can see the train wreck coming. It will be interesting to see what the original band of large holders do.

People like Michael Saylor are not going to sell their Bitcoin. He bought at an average price of around $29,000. If Bitcoin were to go to $10,000 why would he sell at such a loss? He'd ride it out if he could. He is also not interested in trading crypto because it triggers capital gains tax. He plans on never selling his Bitcoin for the rest of his life if he can. And he is not the only one.

I won't sell my Ethereum. I'll hold them even if they go to zero. I don't care. And there are many others like me. The price will crash if everyone sells their cryptos. But everyone won't sell it.

 

[KilledbyKenne]

I really don't know why you guys still argue with 'skyisfalling-man' about this. He won't be swayed and will always say, "It's going to crash. Just wait."

BTC could be at $1m/ea in 10 years and he'll still be talking about how devastating the crash to zero will be when it finally gets here.

 

[Weather Man]

People like Michael Saylor are not going to sell their Bitcoin. He bought at an average price of around $29,000. If Bitcoin were to go to $10,000 why would he sell at such a loss? He'd ride it out if he could. He is also not interested in trading crypto because it triggers capital gains tax. He plans on never selling his Bitcoin for the rest of his life if he can. And he is not the only one.

I won't sell my Ethereum. I'll hold them even if they go to zero. I don't care. And there are many others like me. The price will crash if everyone sells their cryptos. But everyone won't sell it.

Those would not be the actions of the average investor.

 

[Weather Man]

I really don't know why you guys still argue with 'skyisfalling-man' about this. He won't be swayed and will always say, "It's going to crash. Just wait."

BTC could be at $1m/ea in 10 years and he'll still be talking about how devastating the crash to zero will be when it finally gets here.

You're wrong, if BTC went to 1 million, I would be eating crow.

 

[Weather Man]

Double

 

[Weather Man]

And it has devalued the dollar making things cost more. The middle class and lower income people get screwed because their incomes don't keep pace with inflation. So their purchasing power is reduced.

No argument with that statement.

 

[Coosawjack]

You're wrong, if BTC went to 1 million, I would be eating crow.

Me too!!

 

[mysticsvt]

You're wrong, if BTC went to 1 million, I would be eating crow.

If you look back at the start of this thread you should be stuffed with crow already...several times over. Monday...crow...yum....Tuesday....crow..again? Okk........Wed...not crow again?!...indeed good sir. Thur.......crow soup!........Friday....crow pie! Eat Up....it's what's for dinner.