Bitcoin and cryptocurrency

In other news: Concerned about the Chaos in Crypto, Saudi Arabia returns to a More Secure Payment Method.

AP (Riyadh) Saudi officials are telling the public to return to more secure payment methods. For example, three chickens and a cow gets you 10 measures of oil.
 
edwest3 said:
In other news: Concerned about the Chaos in Crypto, Saudi Arabia returns to a More Secure Payment Method.

AP (Riyadh) Saudi officials are telling the public to return to more secure payment methods. For example, three chickens and a cow gets you 10 measures of oil.
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Due to inflation, it's now three goats and a camel...
 
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snark said:
Due t
edwest3 said:
In other news: Concerned about the Chaos in Crypto, Saudi Arabia returns to a More Secure Payment Method.

AP (Riyadh) Saudi officials are telling the public to return to more secure payment methods. For example, three chickens and a cow gets you 10 measures of oil.
Click to expand...
Due to inflation, it's now three goats and a camel...
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Darn. I suspected as much...
 
Orionblamblam said:
muttly said:
"This coin is worth a million dollars, why because I say so."
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Thats true of *all* money. Even a bar of solid gold is only worth what people agree that its worth.
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So why did President Nixon take the U.S. off the gold standard? In the late 1950s, there was paper money with Silver Certificate at the top, meaning you could get One Dollar in silver at the time. Then, some idiots decided to lower the silver content in coins in 1965. I guess the Vietnam War needed that extra silver.

So-called cryptocurrency is nothing based on nothing and an advertising campaign. You have no argument.
 
edwest3 said:
Orionblamblam said:
muttly said:
"This coin is worth a million dollars, why because I say so."
Click to expand...
Thats true of *all* money. Even a bar of solid gold is only worth what people agree that its worth.
Click to expand...

So why did President Nixon take the U.S. off the gold standard? In the late 1950s, there was paper money with Silver Certificate at the top, meaning you could get One Dollar in silver at the time. Then, some idiots decided to lower the silver content in coins in 1965. I guess the Vietnam War needed that extra silver.

So-called cryptocurrency is nothing based on nothing and an advertising campaign. You have no argument.
Click to expand...

What argument do you think I'm making that you believe I don't actually have?
 
Orionblamblam said:
edwest3 said:
Orionblamblam said:
muttly said:
"This coin is worth a million dollars, why because I say so."
Click to expand...
Thats true of *all* money. Even a bar of solid gold is only worth what people agree that its worth.
Click to expand...

So why did President Nixon take the U.S. off the gold standard? In the late 1950s, there was paper money with Silver Certificate at the top, meaning you could get One Dollar in silver at the time. Then, some idiots decided to lower the silver content in coins in 1965. I guess the Vietnam War needed that extra silver.

So-called cryptocurrency is nothing based on nothing and an advertising campaign. You have no argument.
Click to expand...

What argument do you think I'm making that you believe I don't actually have?
Click to expand...

"... what people agree that its worth." The U.S. government had its money backed by gold then President Nixon changed that. I doubt his decision was arbitrary. So, who sets the price for so-called cryptocurrency?
 
Why am I reminded of Poe's 'The Maelstrom' ??

FWIW, long ago and far away, I read that due to precession etc, Medieval tidal ranges were significantly bigger than at present. Their 'averages' matched our 'Springs'. Which is why their 'tidal mills' worked better than you'd expect from location. Also, why coastal erosion in that era had a severe case of the 'godzillas'.

A spin-off from such greater tidal ranges was that coastal 'over-turns' and 'whirlpools' got super-sized unto 'legendary'...
 
Walmart doesn't to anything without a cut or a payout. They will make their money
regardless if anyone else does. I too would like to know who sets the value of this
type of currency.
 
edwest3 said:
"... what people agree that its worth." The U.S. government had its money backed by gold...
Click to expand...

Yes it did. The US government agreed that gold was worth, what, thirty some dollars an ounce. The government is composed of people; the decision making is based on people making decisions, not received wisdom of objective gods.
 
muttly said:
Walmart doesn't to anything without a cut or a payout. They will make their money
regardless if anyone else does. .
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Is this a recent insight? That's pretty close to the definition of a commercial enterprise.
Show me a store that doesn't make a profit on what it sells and I'll show you a line of customers waiting for inadequate stocks of overpriced, low-quality products.
 
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I meant the money they are paid by others that use their stores as a business be it a
bank, Subway, or a vending machine. These business making money or not is no concern
to them nor is what kind of service is rendered or the quality of product to Walmart customers.
In this sense ,as long as they are getting paid is all that matters.
 
FTX collapse sends shockwaves through Coinbase’s stocks and bonds (ft.com, subscription or registration may be required)

Coinbase’s stock and bonds have been knocked by the collapse of FTX, which has sparked renewed concerns about the outlook for the US-listed cryptocurrency trading venue.

Over the past month, Coinbase’s bonds maturing in 2028 have tumbled by about a tenth in price, with investors demanding an elevated 14 per cent yield to purchase the debt. The bonds are now priced at 59 cents on the dollar, a big discount compared with 93 cents at the start of 2022.

“Given where the debt is trading, it would imply distressed valuations,” said John McClain, portfolio manager at Brandywine Global Investment Management, which owns Coinbase bonds.

The failure of Sam Bankman-Fried’s $32bn crypto exchange has also rattled Coinbase’s equity valuation, with its Nasdaq-listed shares plummeting by about a fifth over the past four weeks to change hands at just under $48 apiece, after a small uptick on Friday. Coinbase’s stock, which traded at almost $369 at the height of the crypto bull run last November, is down 81 per cent for the year to date.

Coinbase’s direct exposure to FTX is small — limited to just $15mn on deposit with the Bahamas-based exchange, according to the company, but the sharp falls highlight growing scepticism about the future of the crypto industry.

[snip]
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martinbayer said:
Good thing we're not talking about any actual cold hard cash here anyway...
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THIS is the thing of it. Something (Calling rubbish a currency does not make it so) based on thin air and selling it as the "Emperors new clothes" was actually taken seriously by a shed load of people but, we are talking about people who when a stranger they do not know trashes them, cry. Folks, the pyramid had no foundations to start with so when the sand blows away, it was ALWAYS going to come down. If you go in with your eyes open you have to know when to get the H out. Or drown with the ship.
 
Hey. Cryptocurrency is billed as "The Future of Money." And you do give these people your cold, hard cash. After that, it disappears into other investments and complex schemes that would take the average person weeks to figure out. It is lent out, lent out again, and all with attached fees and costs. Another "get rich quick scheme." It's not the future of anything, just the various coin/token owners' way to get rich quickly. And they come up with stupid names for the "coins" and the associated companies.

I watched part of an interview with Mr. Bankman-Fried. He was asked about what happened and could not give a good answer. As if he turned his head for a moment, and when he looked again, billions of real dollars were gone. I hope people have woken up to this 'absolutely nothing new' scheme and now realize that the reality is that the value of any coin/token could drop dramatically and their money is not insured. They may never see it again.
 

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