BITCOIN

Crimson2v

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Unfortunately, no. What we are starting to find out is that as investor interest becomes more widespread - the more Crypto, BTC/ETH in particular - follow the S&P500.
Do you feel like crypto, mainly Bitcoin is still a good hedge against inflation considering your last statement?
 

cobracide

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Do you feel like crypto, mainly Bitcoin is still a good hedge against inflation considering your last statement?
Yes, BItcoin/Eth (and quality stocks) I believe are good hedges against inflation.

A pure inflation hedge is I-Bonds but you can on;y purchase $10K a year (and $5k from tax return refund) from the US Govt. Not really worth it in my case.

Wait until the Fed is through playing rate hike games and or try and score a bottom on the stock market if you are a player.
 
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Weather Man

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The crypto theft problem is getting worse and worse​

Sead Fadilpašić - 48m ago

Almost as much cryptocurrency has been stolen this year as in the entirety of 2021, new analysis suggests.
According to blockchain market analysts at Chainalysis, thieves and fraudsters stole $3.2 billion in various cryptocurrencies last year. But in the first four months of 2022, $2.9 billion worth of crypto has already been stolen, with roughly one major theft occurring every week.
The volume of crypto heists has not necessarily changed, but attacks are becoming more devastating, in part due to the rising popularity of Decentralized Finance (DeFi) projects, and the amount of money being poured into these projects.
 

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Weather Man

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Buffett: 'If you offered me all the world's Bitcoin for $25, I wouldn't take it'​

May 02, 2022 5:31 AM ETBitcoin USD (BTC-USD)By: Yoel Minkoff, SA News Editor19 Comments

Fortunes Most Powerful Women Summit - Day 2

Paul Morigi/Getty Images Entertainment

Just a month after Peter Thiel called Warren Buffett the "enemy No. 1" of Bitcoin (BTC-USD), describing him as a "sociopathic grandpa from Omaha," Buffett doubled down on his outlook of the popular crypto at Berkshire Hathaway's annual shareholder meeting. "Nobody wants their windpipe stepped on and I don't blame them. I don't like people to step on my windpipe, but I will say this," declared Buffett, who has previously referred to Bitcoin as "probably rat poison squared."
Quote: "If you said... for a 1% interest in all the farmland in the United States, pay our group $25B, I'll write you a check this afternoon. For $25B, I now own 1% of the farmland. If you tell me you own 1% of all the apartment houses in the United States and you want another $25B, I'll write you a check, it's very simple. Now if you told me you own all of the Bitcoin (BTC-USD) in the world and you offered it to me for $25 I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything. The apartments are going to produce rental and the farms are going to produce food. That explains the difference between productive assets and something that depends on the next guy paying you more than the last guy got."
"Assets, to have value, have to deliver something to somebody. And there's only one currency that's accepted. You can come up with all kinds of things - we can put up Berkshire coins... but in the end, this is money," he announced, holding up a dollar bill. "Anyone that thinks the United States government is going to change the way they let Berkshire money replace theirs is out of their minds. Whether it goes up or down in the next year, or five or 10 years, I don't know. But the one thing I'm pretty sure of is that it doesn't multiply, it doesn't produce anything. It's got a magic to it and people have attached magic to lots of things."
Munger chimes in: "In my life, I try and avoid things that are stupid, and evil, and make me look bad in comparison to somebody else - and Bitcoin (BTC-USD) does all three. In the first place, it's stupid because it's very likely to go to zero. In the second place, it's evil because it undermines the Federal Reserve system that we desperately need to maintain its integrity and government control... and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China, and with all of our presumed advantages in civilization, we are a lot dumber than the Communist leader in China."
The U.S. National Bureau of Economic Research recently found that Bitcoin (BTC-USD) usage in El Salvador is underwhelming, while the U.S. dollar dominates.
 

Weather Man

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Bitcoin adoption falters in El Salvador:

For some context, El Salvador's Chivo wallet quickly lost popularity after its rollout in September 2021. NBER's survey found that just 20% of respondents in the nation used Chivo after downloading it. 40% of all downloads occurred in September of last year and "virtually no downloads have taken place in 2022." It seems that people were incentivized to download Chivo given the $30 bonus offered by the government, hence the saturated influx of downloads at the onset of the Chivo launch, the NBER explained.

“The most important reason not to download the app, conditional on knowing about it, is that users prefer to use cash, which was followed by trust issues -- respondents did not trust the system or bitcoin itself,” the study said.

Note that in 2001, the greenback became the official currency in El Salvador.
 

Weather Man

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Earlier in the meeting: He spoke about how careful he and Vice Chairman Charlie Munger is with shareholders' money, "The idea of losing permanently other people's money — people who trust us — that’s just a future I don’t want to have."
 

Weather Man

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Bored Apes metaverse land auction crashes Ethereum, raises $320M

May 02, 2022 7:34 AM ET
Virtual land related to Yuga Labs' metaverse project, Otherside, was in such high demand during an auction on Saturday this that it disrupted the Ethereum blockchain and sent transaction fees soaring.
Yuga Labs, the creator of Bored Apes Yacht Club non-fungible tokens, raised $320M of cryptocurrency in the largest offering of its kind, Bloomberg reported. The auction only accepted ApeCoin (APE-USD) for bids on the virtual land.
Late Saturday night, the company said it was aware of failed transactions due to the large demand "being forced" through the Ethereum block chain," and that it would refund the "gas", or transaction fees, of those whose transactions failed.
On Saturday, each plot cost ~$5,800 based on ApeCoin's (APE-USD) price of $19, plus transaction costs in ether (ETH-USD). The transaction fees for each Otherdeed, the NFT minted in the metaverse project, reached ~$6,000, or 2 ether (ETH-USD) in fees to mint, exceeding the price of the deed itself, Bloomberg said, citing data from Etherscan.
"It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale," Yuga Labs said on a tweet. "We'd like to encourage the DAO to start thinking in this direction."
 

Coosawjack

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Just in from a trusted source.......FWIW??

GET READY FOR THE EXPOSURE OF WHO CREATED BITCOIN!
ONCE THE REAL CULPRITS HAVE BEEN EXPOSED, BITCOIN WILL DROP TO ZERO......
 

Coosawjack

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Suit yourself but you sure seem to be defensive about it......must be your "Cacky Lacky" acting up!!??

I've made my share of dumb investments over the years and Bitcoin sure sounded like one from the start.......hope you make a gang of money with it!!
 

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