"Bitcoin could be fuelling division of society"

Well looks like the ECB have toned down their anti-Bitcoin paper, did they realise this paper would go down like a lead balloon following the anticipated Trump win?

Last revised: 4 Nov 2024

In the original it said: "Current non-holders should realize that they have compelling reasons to oppose Bitcoin and to advocate for legislation against it, aiming to prevent bitcoin prices from rising or to see Bitcoin disappear altogether."

That sentence now reads: "Current non-holders should realise that they have reasons to worry about Bitcoin and legislation favoring it."
Also the last sentence was altered, leaving out the words "implying wealth redistribution".
 
Duke of Marmalade said:
This was accepted wisdom for all as the below quote from a ECB expert which I reproduced in post #20 is evidence. As it happens it has gone up 5k which is a return of around 1/6 against potential losses if He had lost. There were much simpler and far better value ways to bet on a Trump win. I'd say there are a lot of folk kicking themselves that they could have made much more by betting a Trump win on Betfair.
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So the ECB were right - a Trump win would see BTC hit 90k (from 70k). Presuming they were also right that a Trump loss would sink it to 30k, bitcoin folk were sitting through a bet which, as it turns out, has had a similar though slightly less pay-out of 1 to 2 compared to a straight bet with the bookies.
 
Bobby Kennedy jnr said:
“I intend as President of the United States to sign an Executive Order on day 1… to transfer approximately 200,000 Bitcoin held by the US Government to the US Treasury where it will be held as a strategic asset. …. On day one as President, I will sign another Executive Order directing the US Treasury to purchase 550 Bitcoin daily until the US has a reserve of at least four million Bitcoin. … our nation holds approximately 19% of global gold reserves; this policy will give us around the same proportion of total Bitcoin. The cascading impact of these actions will eventually move Bitcoin to a valuation of hundreds of trillion of dollars. On day one as President, I will sign also an Executive Order directing the IRS to issue public guidance that all transactions between BTC and the USD are unreportable transactions, and by extension untaxable. … Bitcoin is a technology for freedom, for optimism, for independence, for democracy, for transparency, it is the currency of hope, it is the perfect currency.”
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According to Bobby bitcoin is currently only at 1% of its potential price. Fill your boots.
 
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Duke of Marmalade said:
So the ECB were right - a Trump win would see BTC hit 90k (from 70k). Presuming they were also right that a Trump loss would sink it to 30k, bitcoin folk were sitting through a bet which, as it turns out, has had a similar though slightly less pay-out of 1 to 2 compared to a straight bet with the bookies.
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I think this is an astute point and shows the gamble nature of btc. It is what it is. Speculation, a gamble and at worse a ponzi. I do not see any evidence to the contrary..and gladly i have some btc! As time goes on its becoming clearer to me that its silly.

Happy for it to rocket to moon or wherever but i shant be buying more and will likely sell soon.

I still dont know:
1. What even it is.
2. What practical, real-life use it has here and now.

And for that reason...
 
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But weirdly im still open minded and open to persuasion. I have some of the stuff.

Just dont know why
 
Little piece in the FT yesterday, this is the truth...

"Far from validating crypto’s fundamental value, the current bull run exposes a more precarious reality: the financial industry’s embrace of crypto represents nothing more than a perpetual talent for transforming speculative trends into fee-generating products."
 
ClubMan said:
Indeed...
m.independent.ie

Digital euro needed to ensure private actors don’t control future of money, Central Bank Governor warns

Publicly controlled financial systems risk falling behind private sector innovations creating a danger to not just the financial system but even monetary sovereignty – the control of money by the political system, the Governor of the Central Bank has warned.
m.independent.ie m.independent.ie
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Such gaslighting if off the charts.

"Asked if there was a risk democracies could lose control of money and payments, he said it could happen if authorities failed to act"

Bitcoin IS democracy in action.
 
jman0war said:
Bitcoin IS democracy in action.
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Absolutely. Proof, if proof were needed, is that China has banned it but more importantly the greatest democracy on planet earth has just voted to ensure that the US becomes the Bitcoin capital of the World as I have earlier illustrated with the MAGA endorsements of Trump/Musk, Bobby Kennedy et al
 
  • A Judge in China has confirmed the legality of crypto assets as a commodity.
  • China’s Bitcoin and crypto ban remain in place but with a shift in the overall outlook.
 
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