BitCoin falling like a Dotcom

[China]

Turkey: Crypto exchange CEO flees country as probe is launched

 

The Turkish crypto exchange Thodex ceased operations and its chief executive officer has fled the nation amid allegations that hundreds of millions of dollars were stolen.

 

A prosecutor in Istanbul has launched an investigation and police are searching the Thodex offices, the state-run Anadolu Agency reported. The trading platform is “unable” to continue operations with founder and CEO Faruk Fatih Ozer out of the country, the company said in a written statement earlier Thursday.

 

While not the largest Turkish crypto exchange, the shuttering of the platform has left the remaining assets of about 390,000 active users “irretrievable,” according to Oguz Evren Kilic, who represents an unspecified number of Thodex users and has filed a legal complaint on their behalf.

 

As authorities and customers try to work out the details of what happened, officials are calling for rapid regulation of the crypto market. A surge in the prices of digital tokens has been accompanied by convictions globally in scams tied to crypto platforms as well as speculation that authorities will seek tighter controls.

 

Click on the link for the full article

[tshile]

If real virtual reality was a thing and good one scenario I’d definitely run is fleeing the country because you’ve been caught stealing hundreds of millions of dollars through some scheme

[Hersh]

What platform do y'all use to trade? Coinbase is expensive AF to make trades on. Didn't know about Coinbase Pro which seems better but I haven't signed up yet. 

[China]

Kansas City Chiefs' Sean Culkin becomes 1st NFL player to convert entire salary to Bitcoin

 

 If he makes the Kansas City Chiefs' roster to begin this season, tight end Sean Culkin will be the first NFL player to convert all of his salary to Bitcoin.

 

Culkin, who is vying to be a backup behind starter Travis Kelce, would be paid his $920,000 salary by the Chiefs in U.S. dollars but in turn will convert it to Bitcoin.

 

"I've always had a lot of interest in and a passion for finance and economics from my days at Mizzou," Culkin said. "Even before that, my dad was big, really bullish on gold. Early on, I was always exposed to his philosophies on what made gold an intractable investment looking at it from a macro perspective. There's a lot of overlap between gold and Bitcoin. I really spent all of my time in the offseason the past year just hearing about this growing space in crypto. It just seemed like it was getting bigger and bigger.

 

"Through education and learning and having a level of conviction over the course of time, I just felt like I wanted to be compensated from my services in football in Bitcoin."

 

Culkin, 27, joined the Chiefs this past February on a reserve/future contract. He tweeted about his decision earlier Monday, saying Bitcoin is "the future of finance."

 

Click on the link for the full article

[China]

Jack Dorsey and Elon Musk agree on bitcoin's green credentials

 

Tesla chief Elon Musk has agreed with Twitter boss Jack Dorsey, who has said that bitcoin "incentivises" renewable energy, despite experts warning otherwise.

 

The cyrptocurrency's carbon footprint is as large of some of the world's biggest cities, studies suggest.

 

But Mr Dorsey claims that could change if bitcoin miners worked hand-in-hand with renewable energy firms.

 

One expert said it was a "cynical attempt to greenwash" bitcoin.

China, where more than two-thirds of power is from coal, accounts for more than 75% of bitcoin mining around the world.

 

A recent study suggested that the amount of bitcoin mining happening in China could threaten the country's emission reductions targets.

 

Meanwhile, analysis by the University of Cambridge suggests the bitcoin network uses more than 121 terawatt-hours (TWh) annually, which would rank it in the top 30 electricity consumers worldwide if it was a country.

 

Click on the link for the full article

[dfitzo53]

6 hours ago, China said:

Kansas City Chiefs' Sean Culkin becomes 1st NFL player to convert entire salary to Bitcoin

 

 If he makes the Kansas City Chiefs' roster to begin this season, tight end Sean Culkin will be the first NFL player to convert all of his salary to Bitcoin.

 

Culkin, who is vying to be a backup behind starter Travis Kelce, would be paid his $920,000 salary by the Chiefs in U.S. dollars but in turn will convert it to Bitcoin.

 

"I've always had a lot of interest in and a passion for finance and economics from my days at Mizzou," Culkin said. "Even before that, my dad was big, really bullish on gold. Early on, I was always exposed to his philosophies on what made gold an intractable investment looking at it from a macro perspective. There's a lot of overlap between gold and Bitcoin. I really spent all of my time in the offseason the past year just hearing about this growing space in crypto. It just seemed like it was getting bigger and bigger.

 

"Through education and learning and having a level of conviction over the course of time, I just felt like I wanted to be compensated from my services in football in Bitcoin."

 

Culkin, 27, joined the Chiefs this past February on a reserve/future contract. He tweeted about his decision earlier Monday, saying Bitcoin is "the future of finance."

 

Click on the link for the full article

"I've studied finance for a long time so I know it's important to put all your eggs in one basket."

[Hersh]

6 hours ago, China said:

Jack Dorsey and Elon Musk agree on bitcoin's green credentials

 

Tesla chief Elon Musk has agreed with Twitter boss Jack Dorsey, who has said that bitcoin "incentivises" renewable energy, despite experts warning otherwise.

 

The cyrptocurrency's carbon footprint is as large of some of the world's biggest cities, studies suggest.

 

But Mr Dorsey claims that could change if bitcoin miners worked hand-in-hand with renewable energy firms.

 

One expert said it was a "cynical attempt to greenwash" bitcoin.

China, where more than two-thirds of power is from coal, accounts for more than 75% of bitcoin mining around the world.

 

A recent study suggested that the amount of bitcoin mining happening in China could threaten the country's emission reductions targets.

 

Meanwhile, analysis by the University of Cambridge suggests the bitcoin network uses more than 121 terawatt-hours (TWh) annually, which would rank it in the top 30 electricity consumers worldwide if it was a country.

 

Click on the link for the full article

 

So is their insane theory that by using way more energy that will somehow encourage more renewable energy?

[tshile]

Dear anti-fiat blockchain enthusiasts

 

Please take some time to learn about the Great Depression, MMT, and what a stable and well run fiat currency looks like, how it functions, and maybe spend some time understanding the marching orders of the fed. Somewhere in there mix in some reading on why the US is different than other fiat currencies because of the dominance we have on the global stage for trade/finance. 

 

before you go on your rants

 

cause otherwise you look pretty stupid... just trying to help you out. 

 

 

Edited April 27, 2021 by tshile

[Corcaigh]

A lot of the use cases for crypto and blockchain applications are way more compelling if you happen to live somewhere where you have no good reason to trust the central bank or government authorities. In the US and other relatively well managed economies a regulated central authority/system may often be the most efficient answer, at least until the blockchain applications are way easier to use. Thanks to the internet the speed and transaction costs for many services are already way lower than they used to be. Crypto advocates often cite the example of banks and international money transfer, but centralized services such as Transferwise/Wise have taken quite a bit of that business years ago. Of course, an easy to use crypto solution would be better but until grandma has a robust way of managing her public and private keys, we may be best served as consumers in paying a small fee to a middleman who we have legal recourse against if they don't perform.

 

But there still are a number of situations where the 'middle-men/agents' could be cut out who are either siphoning off money at a rate that the service they provide is not warranted. And to eliminate consolidating all the information in one place, which makes them rich targets for identify thieves and worse. Medical records, credit history, etc., are all things where middle-men take our personal data and typically deliberately make it difficult for someone to access it without paying them a fee, if they even allows access at all. And then there are applications which could make government much more efficient.

 

One thing you also see with a number of the 'crypto crowd' is ranting about Wall Street dinosaurs, Yale, Harvard, East Coast generational privilege, big media/professional journalists (i.e. anyone who disagrees with them), etc. While there is an element of truth is some arguments, they come across as Trumpian ... anyone who doesn't buy in fully is part of the corrupt old regime.

[Corcaigh]

3 hours ago, Hersh said:

 

So is their insane theory that by using way more energy that will somehow encourage more renewable energy?

 

And dumping mercury and paint in the Chesapeake will force improvements and advancements in environmental cleanup. You know it makes sense.

[Hersh]

2 minutes ago, Corcaigh said:

 

And dumping mercury and paint in the Chesapeake will force improvements and advancements in environmental cleanup. You know it makes sense.

 

It's just so bizarre to watch otherwise really smart people push this theory. 

[Corcaigh]

2 minutes ago, Hersh said:

 

It's just so bizarre to watch otherwise really smart people push this theory. 

 

There were arguments that a lot of the mining was done in remote locations and using hydro that would be lost in the grid due to transmission inefficiencies, OR that it was done with coal-fired station power during times of the day where there was low demand. But apparently those were just lies.

 

[tshile]

19 minutes ago, Corcaigh said:

 

One thing you also see with a number of the 'crypto crowd' is ranting about Wall Street dinosaurs, Yale, Harvard, East Coast generational privilege, big media/professional journalists (i.e. anyone who disagrees with them), etc. While there is an element of truth is some arguments, they come across as Trumpian ... anyone who doesn't buy in fully is part of the corrupt old regime.

Of course. Spot on. 
 

but I think there’s more to it than ease of use. 
 

why would the us government move to a blockchain form of dollars? Even if centrally managed still? 

black budgets, campaign finances are just two easy reasons why this will never happen (for the foreseeable future baring some incredible change.) why would they want those transactions traceable? Even good politicians know if they go digging deep into their campaign contributions they’re likely to find things they don’t like. Why would they want that easily done by the public? We have budgets they won’t even tell congress what the money is for - they’re gonna put it in a block chain for everyone to trace as their leisure? Yeah right. 
 

there are other issues but those are just two easy ones. 
 

additionally they suffer the same problem all other anti-fiat people do. They lack a basic understanding of why the gold standards was done away with. They lack a basic understanding of what happens if your currency is locked into some measure and the economy takes a dump. They’re incapable of seeing what the fed does and why and just write all of it off a the corrupt oligarchy keeping the rest of us down...

[TradeTheBeal!]

Huge, if true.

 

 

[Corcaigh]

16 minutes ago, tshile said:

politicians know if they go digging deep into their campaign contributions they’re likely to find things they don’t like. Why would they want that easily done by the public?

 

Wait, are you saying I should set my Venmo transactions to private?

 

My wife recently started using Venmo and was a little surprised that she could see transactions from a bunch of her contacts.

 

All part of Venmo's 'social strategy'. What kind of idiot wants their friends to see what they are spending money on - just to brag?

[tshile]

I used Venmo once to pay a babysitter

 

and was like... wtf is this nonsense... turned that off immediately. 
 

also got to see who all my babysitters friends re and when and where to go to dinner cause they apparently have 1 person pick up the bill and then Venmo each other with a “for dinner at <where they are>” ....

[Hersh]

48 minutes ago, tshile said:

I used Venmo once to pay a babysitter

 

and was like... wtf is this nonsense... turned that off immediately. 
 

also got to see who all my babysitters friends re and when and where to go to dinner cause they apparently have 1 person pick up the bill and then Venmo each other with a “for dinner at <where they are>” ....

 

I never understand why people make any of that public or why there is even a public option on those services. 

[China]

Feds Arrest an Alleged $336M Bitcoin-Laundering Kingpin

 

FOR A DECADE, Bitcoin Fog has offered to obscure the source and destination of its customers' cryptocurrency, making it one of the most venerable institutions in the dark web economy. Now the IRS says it has finally identified the Russian-Swedish administrator behind that long-running anonymizing system and charged him with laundering hundreds of millions of dollars worth of bitcoins, much of which was sent to or from dark web drug markets. What gave him away? The trail of his own decade-old digital transactions.

 

 

[China]

Tesla is now sitting on $2.5 billion of bitcoin

 

Tesla is sitting on roughly $2.5 billion worth of bitcoin, according to a securities filing, giving the automaker a significant gain on paper just a few months after investing.

 

The automaker said its investment in the volatile cryptocurrency was worth $2.48 billion at the end of March. The company announced earlier this year that it had purchased $1.5 billion worth of bitcoin and planned to accept it as payment for vehicles.

 

Tesla said Monday it registered a net gain of $101 million from sales of bitcoin during the quarter, helping to boost its net profits to a record high in the first quarter. That figure included a $27 million impairment and $128 million in realized gains, according to Wednesday’s filing.

 

Tesla does not account for bitcoin as a mark-to-market asset, meaning it only recognizes an earnings benefit if it sells to lock in the gains.

 

Bitcoin was trading near $59,000 on the final day of March, slightly above its price Wednesday morning. The crypto asset has swung widely in the intervening weeks, trading well above $60,000 before falling sharply to below $50,000.

 

Click on the link for the full article

[TradeTheBeal!]

 

[techboy]

 

[Springfield]

All I know is King Elon is gonna take dogecoin to a dollhair this Saturday when he's on SNL and all you beta's are gonna be left wishing that you got on the money train.

[tshile]

I hope you’re right because I know enough people riding that wave that I’d like it to happen for their sake. 
 

even though every single one of them, if it happens, will use that to throw mockery my way for not joining them. Funny how that works. 
 

anyways, subscribing to the greater fool theory, when you reach the point of large numbers of people that don’t understand the instrument they’re putting money in depending on an SNL appearance by a buffoon that’s announced (and theory was crafted) weeks in advance, I’m struggling to come up with who the greater fools are that will dump money in said instrument to bail them all out. 
 

🤷‍♂️ 

[Springfield]

I can't believe that I bought into ANY crypto, let alone a meme coin, but here it is making me as much or more money than I made (and then lost) on AMC, GME, PLTR, CCIV or any other meme pump and dump stock.

 

Plus, here's my issue with BTC or really any "real" crypto...

They're all too ****ing expensive to be relevant.

 

BTC is ~$56,000 right now. Say Amazon starts accepting BTC for payment. Are you going to order your jumbo Bounty paper towel for $5.99 in BTC? That's like .001 BTC? It's so incongruent with the USD that it makes zero sense to actually use as a currency unless you're buying really, really, really expensive ****. So what's the point? This **** will never actually be anything other than a manipulated currency exchange that we will never use unless it gets close or equal to a 1:1 or 1:10 or 1:100 exchange and then STABLE.

 

So people laughing at dog coin can **** right off. Nobody is going to use your Bitcoin for anything, any time soon. It's just as much of a meme coin as dog coin. Now come here and tell me I'm wrong and there's some sort of non-imaginary value of Bitcoin.

[dfitzo53]

5 minutes ago, Springfield said:

I can't believe that I bought into ANY crypto, let alone a meme coin, but here it is making me as much or more money than I made (and then lost) on AMC, GME, PLTR, CCIV or any other meme pump and dump stock.

 

Plus, here's my issue with BTC or really any "real" crypto...

They're all too ****ing expensive to be relevant.

 

BTC is ~$56,000 right now. Say Amazon starts accepting BTC for payment. Are you going to order your jumbo Bounty paper towel for $5.99 in BTC? That's like .001 BTC? It's so incongruent with the USD that it makes zero sense to actually use as a currency unless you're buying really, really, really expensive ****. So what's the point? This **** will never actually be anything other than a manipulated currency exchange that we will never use unless it gets close or equal to a 1:1 or 1:10 or 1:100 exchange and then STABLE.

 

So people laughing at dog coin can **** right off. Nobody is going to use your Bitcoin for anything, any time soon. It's just as much of a meme coin as dog coin. Now come here and tell me I'm wrong and there's some sort of non-imaginary value of Bitcoin.

Look at this loser not buying drugs and hit men on the dark web.