Role of Crypto/Cybercurrencies in the PTB's loss of control?

Onetrickponystar

Padawan Learner
Crypto can only flourish in a healthy economy. Get out while you can.
Agreed. This is just the beginning. Stocks will get slaughtered, but crypto will have it worse. There will be plenty short pumps and dumps, so it still is possible to make some money in trading, but it is very very risky business.

I see crypto dipping way lower before a true recovery. This will give a lot of opportunities in the nearby future though. But right now I wouldn't risk it.
 

axj

The Living Force
How can anyone call crypto an inflation hedge when it tanks because of high inflation reports?

Crypto can only flourish in a healthy economy. Get out while you can.

It is not tanking because of high inflation. Currently crypto just follows the stock markets which are dropping in part because of interest rate increases (to “curb inflation“).

The other reason is that crypto is inversely correlated to the dollar, which has been rallying.
 

Ryan

The Living Force
FOTCM Member
How can anyone call crypto an inflation hedge when it tanks because of high inflation reports?
Nobody is selling because of inflation. Have you been following the deliberate attack on LUNA/UST? There's also the first signs of an attack on USDT appearing. The idea seems to be about causing a de-peg of USD stablecoins and shorting them throughout the panic selling as everyone tries to exit. Rumours are that Citadel, the hedge fund from the GMC/Wall Street fiasco, are involved.
 

DreamGod

Jedi Master
Dont know if you read the financial news, but as a crypto aficionado, I must say that today was "The Day" when all is down to the ground, all suspected for an attack to Terra Luna cryptocurrency and Stablecoin, it went from $100dlls to $0.000001dlls in less than a week and at least 6 suspected holders who kill themself because of their loses.

It is gettin dramatic in Financial and Crypto World.

Stay safe friends.
 

hlat

The Living Force
FOTCM Member
Nobody is selling because of inflation. Have you been following the deliberate attack on LUNA/UST? There's also the first signs of an attack on USDT appearing. The idea seems to be about causing a de-peg of USD stablecoins and shorting them throughout the panic selling as everyone tries to exit. Rumours are that Citadel, the hedge fund from the GMC/Wall Street fiasco, are involved.
Tether is also worth zero. It's a total scam run by conmen.
tvc_b0923fe41e1b04ffe0613435ba1fffd5.png

From top 10 cryptocurrency to zero, in less than a week.
tvc_6a3e0af050af92a06c4e078e7c34f1ff.png

These articles didn't age well.


 

Ryan

The Living Force
FOTCM Member
Nope. It's nonsense to equate the dollar to scam crypto tether.
It makes perfect sense. The US fiat dollar is one of the biggest scams of all time.

The Cs warned about bitcoin's purpose to deprive common man of resource, and luna this week has done just that.
Luna was deliberately destroyed by an attack. So if we assume that is the intended purpose for Bitcoin, that doesn’t necessarily mean that Bitcoin as an idea isn’t worthwhile, just that it’s been set up to fail.
 

hlat

The Living Force
FOTCM Member
It makes perfect sense. The US fiat dollar is one of the biggest scams of all time.
Here's some knowledge about the tether scam. It seems to me that you're committed to supporting tether, and that's your free will if you choose to ignore the knowledge, so I will respect your free will and will not mention the tether scam to you anymore.
 

Jones

Ambassador
Ambassador
FOTCM Member
Perhaps suggesting that a currency is or could be fiat is the scam. At the most basic foundation, human energy is security and humans the commodity backing a currency. At least I think so because other commodities only have value in potential until human energy is added and the value can be realised. Precious metals that are either undiscovered or are still in the ground have potential value, add human energy to find them or do something with them and now value can be realised.

It's pretty much the same with cryptos from that perspective - if peeps couldn't be sold on the idea of expending energy on them then they'd have no value.
 

Scottie

Administrator
Administrator
Moderator
FOTCM Member
I think the point is (or should be) that any monetary system is kind of dumb. Well, they can be useful, but historically, they aren't used for the benefit of everyone.

I grow food. You make mud bricks. We both do work to create something, requiring time and energy. We then exchange mud bricks for food. DONE!

But wait, what if we each sold our product for a piece of Official Paper? We would need a source of Official Paper, hence banks. But wait, if we made it so that people could store OP in our bank, why would they want to? Interest! Okay, but how do we get interest? Loans! Hang on... That means banks would need to magically and officially be able to multiply money. Hmm. We'll just create a SuperBank that makes the rules, and says normal banks can do that. And of course the SuperBank will also make money... not by actually doing anything real or productive, but because everyone agrees that it's a good idea.

It's a little more complicated than that, but you get the idea.

The US dollar itself is not evil, but what and how it is used IS often evil. Dollars are not real money, because the very phrase 'real money' is an oxymoron. Or maybe more accurately, the idea of money itself is simply a creation for controlling the masses to the benefit of a very few. This is very hard for us to accept I think because as soon as we can talk and move around, we quickly learn that you have to pay for stuff with money and you can't just grab that colorful box of Fruit Loops off the shelf.

That said, SOME system is probably needed because unless Jesus descends and brings Heaven on Earth, this is still good old 3d Earth.

It seems that right now, the Old System is collapsing, and a New System is taking shape. That may include digital currencies or cryptos, or maybe not. It may include a gold-backed ruble, or maybe not. We'll see.

But even with a gold-backed basket of currencies like the Russians talk about, it's not that gold makes it better or magical. Gold is valuable because we agree that it is. There are shinier metals, heavier metals, better electrical conductors, etc.

The difference in this case IMO is that gold-backed is also linked with a different political outlook, a different social outlook, and other differences as compared to the old Western System.

Should they succeed, there is no guarantee that this New System won't also become corrupted. Putin may be awesome, but imagine the next Russian president as a psycho - now with thousands of hypersonic warheads. Oops!

In the end, all money is basically hot air. So, again, make money if you can, but never forget that ultimately, it's all an illusion for the purposes of control.
 

Ryan

The Living Force
FOTCM Member
It's pretty much the same with cryptos from that perspective - if peeps couldn't be sold on the idea of expending energy on them then they'd have no value.
The US dollar itself is not evil, but what and how it is used IS often evil.
Exactly. Money is a technology. Nothing more, nothing less. Like all technology, it can be used for good or evil.

Obviously there are scams in crypto, just like there are scams in the world of fiat currency. I agree that Tether has a very shady legal and accounting history. But it's much more likely they've simply grown far faster than they expected and have been thrust into regulatory challenges in a mainstream banking and investment environment that has been outright hostile to cryptocurrency. In Jan 2019, Tether's market cap was only about $2 billion; it's now >$80 billion. That kind of growth is almost unprecedented. Despite some of their ethically-questionable behaviour during their explosive growth, there's no outright evidence they intended to scam people from the beginning. Here's an recent article showing the mainstream financial media's view of Tether:


It's also worth noting that Tether's main competitor, USDC, grew from ~$260 million to ~$50 billion in the same timeframe. They're registered in the US and have been focused on regulatory compliance from the beginning. I would expect that unless Tether sorts its regulatory situation out (which it appears to be doing), it's likely that a lot of people will start shifting their assets across to USDC, as most exchanges support both coins these days. But the bottom line is that neither of these coins are as vulnerable as LUNA/UST was, being fully collateralized coins.

As @Scottie has pointed out before, and has been discussed on this thread, the current banking infrastructure can do pretty much everything a CBDC requires. With the US government having full regulatory control over USDC, and likely soon USDT, that means a large portion of the crypto market cap will basically be an extension of the USD. So expect to see the Wall St financial raiders like Citadel et al start targeting Bitcoin, Ethereum and other coins to scare investors out of USD alternatives.

Given Bitcoin's infrastructure resilience, it's not out of the realms of possibility that there could be an NSA/CIA attack at the cryptography level, but it's more likely that the Consortium has been buying up large positions in both Bitcoin and Ethereum to manipulate the market in the same way they've been suppressing the gold price. With more nations announcing support for Bitcoin payment mechanisms though (even Chinese courts seemingly reversing their position on Bitcoin holdings for citizens), it's possible that such market manipulation will fail, especially with the mounting economic pressure on the USD from Russia and China via the traditional financial system. If the value of the USD collapses, the Consortium's stablecoin leverage against other cryptocurrencies won't be worth squat. So, I guess we'll see.

In the end, all money is basically hot air. So, again, make money if you can, but never forget that ultimately, it's all an illusion for the purposes of control.
Yep. Vast wealth is only meaningful if they can be used to move yourself and others into a realm where Free Will for All reigns supreme.
 

DreamGod

Jedi Master
Nope. It's nonsense to equate the dollar to scam crypto tether. The Cs warned about bitcoin's purpose to deprive common man of resource, and luna this week has done just that.
It was "designed originally" for that, it doesnt mean it cant change in something better or usefull, remember that miscalculation have been made
 
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