[BeatTheJerk]

What I’ve never really understood is why are all these coins so correlated ?

[ChuckyTheGoat]

Hi, Razz. Doesn't necessarily have to be in a Crypto thread. It's just a matter of moving from a metal-backed currency to a Fiat currency. IE, a currency backed by nothing.

I don't think it matters too much whether the metal is pulled out openly (like it is in above note) or surreptitiously. People will figure out soon enough.

See Johnson's comment: "And they will be used side-by-side with our new coins."

OK, guy. Then, why does the 1964 Kennedy Half Dollar (90% silver) have a MUCH higher melt value (and higher than Face resale value) than the 2022 Half Dollar. LBJ told his citizens that it's interchangeable.

To your point about other nations, yes, I've read about the demise of the Roman empire b/c they were pulling silver out of their coins to finance war. Same thing here. I know it's a leap of faith, but this pattern repeats in history.

I love Johnson's comment about Silver being "scarce" and observation of a "worldwide shortage of silver." Johnson to the rescue: 'By the powers invested in me, I declare this to be sound money.'




People reference Nixon pulling the US off the gold standard in 1971, because the USA was short on gold reserves and defaulting. The Coinage Act of a 1965 is a precursor and IMHO a more direct example of the emerging Fiat currency.

Only connection between Silver and Crypto is that they are presented as monetary solutions to the Fiat currency. I'm confident that Silver will have a role. Personally, I'm losing faith in Crypto, but that's just me.

Regarding your last question, I do think it's relevant. The "money" used to be right in the coin. Effectively, that's self-regulating. The melt value and face value are similar numbers. Not so anymore, the modern dime/quarter has a melt value of about 25% of face.

[Ra77er]

Let me add that I am a total believer in a decentralized currency. If we could somehow switch with it being minimally disruptive then it would be the way to go 100%. That is just my opinion of course. I think there is corruption at the highest levels. The detractors to a crypto would be people that want to retain control.

[Ra77er]

Let me answer BTJ first.

that is odd to me also. If it is seperate types of digital coins, why are the correlated?

[Ra77er]

Okay thats cool Chucky. I love the way you write and I hope I haven't upset you with any of my responses. Sometimes I can be a little slow.

Johnson probably had no idea what the world would look like in 80+Years. Perhaps it was his advisors I dunno. the fact that the money doesnt have the exact same value today as it did then doesnt necessarily mean ill intent. If he was being advised that there was a scarcity of silver and they needed some solutions then this just may have been the best answer at the time.


You could be right to be upset about it, I'm just offering another perspective. I think most people don't put that much faith in their money anyway as is (even if it were backed by the actual goods).

I can see a correlation now with what you are saying. If you want a currency backed by a metal then okay gold and silver. If you don't like the idea of a fiat currency then you've been placing a lot of weight on your dollars and that has to rationally balanced.

[ChuckyTheGoat]

Healthy discussion, Razz. It's all good. I've worked on my writing, it's not a skill that was natural to me.

Read some of the economists who are smarter than me. For thousands of years, transaction value ties back to the Silver and Gold. You can't have confidence in trade if you don't believe in the item you're receiving.

The Nixon announcement in 1971 "temporarily suspended" convertibility of the US Dollar to Gold. IE, if one holding a note wanted to get the fair value in Gold he could do so BEFORE Nixon's decree. So, it was a natural force on barter.

US citizens should be disgusted by the actions in 1965 and 1971. It's government taking a view of their citizens as ignorant sheep.

As much as people across the globe hate Putin, he's putting the USA to the sword. He's putting an end to handshake agreements conducted in US Dollars and unlimited debt.

[Ra77er]

I understand all of what you are saying. I know we were taken off the gold standard and now you've enlightened me on the Act of '65. I understand that this means a great deal to you.

I think it is a good thing because it shakes out inventive and creative people to help grow and push the country. If I were wealthy then I would invest in a variety of ventures and not just stockpile one resource. That seems incredibly narrow sighted. If other countries are upset about this, then it should be implemented in a rational way. If other countries believe that America is just trying to steal from them then that is wrong. We have to adapt to new things or we die.

[Ra77er]

Let me try and explain that post a little better.

Taking America off the gold standard would make the generation adapt.
Doing it again with silver would make the generation adapt.
Its an important process of growing into the future. Metaverse, hell we might be taking taxis to mars in the future, or heavens only knows.
People get stuck in their ways.

[Ra77er]

Look at sportsbettors. Some of these touts had a system that worked at some point but eventually the well dries up. You have to adapt. Those men did us a great service. Like hey guys, money is just a thing, have fun figure out something cool, love your family, stop being so focused on money.

[homie1975]

What I’ve never really understood is why are all these coins so correlated ?

i believe it's because at the end of the day they are all rooted in speculation hence they trade together.

[icon]

Well looks like it may be a rough ride for a while for crypto, Celsius (ponzi) just collapsed.

Crypto Lending Service Celsius Pauses Withdrawals, Citing 'Extreme Market Conditions.' (coindesk.com)


The biggest crypto lending company is a massive ponzi scheme (substack.com)

[ChuckyTheGoat]

Well looks like it may be a rough ride for a while for crypto, Celsius (ponzi) just collapsed.

Crypto Lending Service Celsius Pauses Withdrawals, Citing 'Extreme Market Conditions.' (coindesk.com)


The biggest crypto lending company is a massive ponzi scheme (substack.com)

Didn't know that. Thanks for the note.

I know that BlockFi has down-sized their Interest returns several times. For now, I like BlockFi, at least for holding below their Tier1 payouts.

[Optional]

Last time I decided to actively buy in was at around $7000 in April 2020. Just started buying a few hundred a week and stopped when it hit 10000.

For what it is worth, I've started doing the same again now with ETH, XRP and APE.

[ChuckyTheGoat]

Last time I decided to actively buy in was at around $7000 in April 2020. Just started buying a few hundred a week and stopped when it hit 10000.

For what it is worth, I've started doing the same again now with ETH, XRP and APE.

Opti, looks like you're doing better than most.

[raiders72001]

Well looks like it may be a rough ride for a while for crypto, Celsius (ponzi) just collapsed.

Crypto Lending Service Celsius Pauses Withdrawals, Citing 'Extreme Market Conditions.' (coindesk.com)


The biggest crypto lending company is a massive ponzi scheme (substack.com)

That's a killer. Add fear of interest rate hikes, I was wrong about that correlation, and bitcoin may drop the normal 80% off the top. We're over 60% now.

[raiders72001]

Last time I decided to actively buy in was at around $7000 in April 2020. Just started buying a few hundred a week and stopped when it hit 10000.

For what it is worth, I've started doing the same again now with ETH, XRP and APE.

Well played. As Chucky said, much better than most. Your current buys will pay off.

[raiders72001]

From icon's links.

Celsius transferred about 3,500 WBTC ($89m) to FTX within the last hour and transferred about 50,000 ETH to FTX three hours ago. https://etherscan.io/tx/0xb8bc845a55e948678b4027bb760dd874a96fd848da71c8cec fd7ce1e2080c829…

Show this thread

A CFO arrested on Money laundering, fraud and tax evasion charges



3 to 4 weeks ago Celsius’s CFO Yaron Shalem got arrested on money laundering and fraud in what is known in Israel as the Moshe Hogeg case.
Celsius knew of the arrest, and tried to cover it up by deleting comments or postings on Reddit asking for confirmation.

[povis]

Bitcoin will be fine but good luck hodling celsius and all other crap earn 17% APY without risk yeah right.

[jjgold]

The novelty wore off finally

[TheLock]

The novelty wore off finally

It’s time to buy.

[Fishhead]

The novelty wore off finally

LOL

[jjgold]

All the losers lost everything on the pyramid schemes especially all the small coins

The best big thing

[BeatTheJerk]

So you mean to tell me all the banks & investment firms are losing their money right now ? Company’s like Goldman Sachs, JP Morgan, Morgan Stanley etc bought in well after 25k last summer. I read like 15 banks invested 4 billion dollars last year @ one point. They are all HODL

[themike78]

Bitcoin crashing huge just like I predicted. It will finally reach zero this week. I do feel bad for all of the people that invested in this scam and lost money. They should have listened to my expert advice.

[shadymcgrady]

Michael saylor has got a team of cardiologists on stand by?

[BeatTheJerk]

Bitcoin crashing huge just like I predicted. It will finally reach zero this week. I do feel bad for all of the people that invested in this scam and lost money. They should have listened to my expert advice.

Huge orgasm this morning by Mike.

[themike78]

Huge orgasm this morning by Mike.

Loooool

[Fishhead]

Bitcoin crashing huge just like I predicted. It will finally reach zero this week. I do feel bad for all of the people that invested in this scam and lost money. They should have listened to my expert advice.

Get back to work pal

[TheLock]

Squares won’t be able to wrap their brains around this but……..

A lot of people on this board have already profited substantially from Bitcoin and are now patiently waiting to buy again when a relative bottom has been established.

[BeatTheJerk]

Squares won’t be able to wrap their brains around this but……..

A lot of people on this board have already profited substantially from Bitcoin and are now patiently waiting to buy again when a relative bottom has been established.

I sent you a pm weeks ago, & you were a “fuckin’ mute” toward me. I’d rather you tell me to fukk off than ignore me, if you don’t like my line of questioning.

[TheLock]

I sent you a pm weeks ago, & you were a “fuckin’ mute” toward me. I’d rather you tell me to fukk off than ignore me, if you don’t like my line of questioning.

No offense intended my friend!

I don’t answer PMs anymore. I get so many PMs (most of them spammy).

[jjgold]

Jerky watch your tongue man you might get hurt

[BeatTheJerk]

No offense intended my friend!

I don’t answer PMs anymore. I get so many PMs (most of them spammy).

Alright I’m gonna decide to believe you lol.

[BeatTheJerk]

Jerky watch your tongue man you might get hurt

You need to address the other thread 1st, before you start some more ignorant shit with me in this thread.

[JIBBBY]

Bitty now 23K and dropping, I'd normally say now is the time to invest but at this point who knows? I thought 29k was the bottom for bitcoin. I was wrong!