Guys Let's All Get Rich - Are You Ready?

[Saurabhaj]

Many people are going against this crypto because of problems they are facing on exchanges no one trust.


Having crypto makes person vulnerable to exchanges who do not have any decent support.

 

[SteveTabernack]

Many people are going against this crypto because of problems they are facing on exchanges no one trust.


Having crypto makes person vulnerable to exchanges who do not have any decent support.

Only cucks keep their cryptos on the exchanges

 

[Saurabhaj]

Only cucks keep their cryptos on the exchanges

Haha,i don't know about about cucks but you haven't given a thought about what i was talking about.

Do you know the most popular way of selling your purchased bitcoins or cryptos is to first load it up on exchanges and then selling it for inr or usd or euro or anything else.

In that sense,you rely on exchanges for your purchase and selling.

By the way,coinbase price bitcoin at premium still people buy from it.

 

[SteveTabernack]

Haha,i don't know about about cucks but you haven't given a thought about what i was talking about.

Do you know the most popular way of selling your purchased bitcoins or cryptos is to first load it up on exchanges and then selling it for inr or usd or euro or anything else.

In that sense,you rely on exchanges for your purchase and selling.

By the way,coinbase price bitcoin at premium still people buy from it.

What, so you're worried about that short time you have you're cryptos on the exchanges when purchasing and selling? I don't see much risk in that.

Thankfully this is an open market with more than one exchange to rely on.

 

[RegenWaiting]

N

What, so you're worried about that short time you have you're cryptos on the exchanges when purchasing and selling? I don't see much risk in that.

Thankfully this is an open market with more than one exchange to rely on.

This, but also the expanding of infrastructure, services, and staff to meet the exponential rise in demand for crypto
will further reinforce the safety and quality of exchanges as this will be required to be competitive. We are already
witness to this in that some have temporarily paused the creation of new accounts.

Edit: And the lowering of fees.

 

[JeanLucBB]

Good post.

Another difference which I realized after is that of redistribution. Inflation or deflation is irrelevant in the absence of redistribution, for example when companies have stock splits. However, when the government prints money in the real world it actually changes the distribution of money, as the access to printed money is not proportional to existing capital.

It is not simply a change in the label. If everybody was twice as rich, and all prices doubled, it would be irrelevant.

The graphs showing the relative value of dollars to gold in the past hundred years are somewhat dishonest as there are more dollars in circulation now than then, whereas the gold supply has grown by less. If you were in a position where you could increase your total fractional share of dollars, than you've done well against gold. Now, that is harder than it used to be as there are banks like mine offering 0.04% interest rates on their savings account.

On the bright side, I have figured out how to invest in stocks and mutual funds. TD Ameritrade allows people on J-1 visas to do so.

Another thing I would mention about the fork issue is that it's really a feature of TRUE democracy in a similar sense to what Regenwaitingis talking about, despite many looking at it as a nuisance. Typically in politics if it's the choice between Trump or Hilary or Turnbull and Shorten for example, these two party systems don't offer an opt-out button. Interested in non-interventionism? Sorry, no viable candidate with the chance to get elected offers it. Particularly in Australia for me the issue is I have no viable opt-out in climate change policy, I can either have centre-left climate change nut A Turnbull, or centre-left climate change nut B Shorten. I could vote for One Nation (which I do) but the fact is they are undetectable and incompetent, they aren't a viable alternative in the slightest.

The fork issue solves this in that it allows an op-out for parties that don't agree with the consensus rules of the coin. Not happy with the rules? Fine, forks are a simple option that allow you to make your own and create your own community that offers the features you are interested in along with competition to the initial coin forked from. Both sides can then experience both, make up their minds and draw the best features from each. A lot of people feel threatened by this particularly those from the r/bitcoin cult because it means they don't get smooth sailing with no questions asked, they actually have to deal with the reaction and competition from the split coin which may eventually result in them having to make positive changes themselves. This is an incentive problem that we completely lack in political democracy and its one of the great features of bitcoin in particular. Without the BCH fork and the free-market competition it brings the chance of on-chain scaling improvements would be borderline zero.

The other issue is that people who think forks are free money should put their money where their mouths are. Create a forked chain with their own consensus rules (and it's not that difficult, a non-programmer could get it done) and see how many people use it. They'll quickly find their nonsensical and simplistic analysis of forks is pure hot garbage.

 

[JeanLucBB]

brehbrahs you guys making money or what?

I dumped my Verge too early ;(

 

[Rudiger]

brehbrahs you guys making money or what?

Overall I am, but just sitting on BTC now seeing it not do a whole lot. I didn't think I'd be challenging Bezos by now or anything crazy like that, but maybe at least Soros and I'm nowhere near brehbrah

 

[JeanLucBB]

yeh what a ride, holy sh*t!

Lisk almost a 20 bagger for me at this point too.

Fark me wish I'd chucked decent amounts of money at some of these alts initially. $400 to $7000 in Lisk decent though.

 

[Afro_Vacancy]

The total value of my investments is ~4% below where it started.

For some reason my bitcoin cash is listed as "arrives in 9 days".

 

[JeanLucBB]

yeh i remember us talking about Verge, always loved that coin and glad to see it do so well. Here are the coins i'm invested in now:
BCH
KMD
NEO
AE
XVG
XLM
XRP
TIX
PART

I'm leaving them be for now and only shifting BCH as it hits new heights (i really think it will hit $8k in January). Overall there is money being made, though i agree with @Rudiger that by now we should be billionaires

Like most of those but not a fan of KMD or NEO, don't know TIX or PART. I put a 4k into raiblocks which doubled recently too and thinking of buying more. Similar tech to Iota and Byteballsack but specifically aimed at human peer-to-peer currency.

 

[Afro_Vacancy]

Relevant, here's a good article on the collapse of the US dollar as the world reserve currency. Last year, declassified documents revealed an alliance between the house of Saud and the US, whereby the house of Saud would accept payments for oil in US treasury bills. That's been the foundation of the global economy in the forty years since. Francois Mitterand (former French president) referred to the US dollar's status as world reserve currency as an unfair advantage.

Anyhow, the petrodollar system is collapsing. This article discusses Sino-Russian attempts to replace it. Overall the global situation looks truly bleak, and I expect a major conflagration in the coming years, either that or a total disintegration of living standards in the USA. The UK has decided that it too wants collapsing living standards, as it initiated Brexit.

https://www.counterpunch.org/2017/12/25/the-petro-yuan-bombshell/

The Petro-Yuan Bombshell
Pepe Escobar
The new 55-page “America First” National Security Strategy

(NSS), drafted over the course of 2017, defines Russia and China as “revisionist” powers, “rivals”, and for all practical purposes strategic competitors of the United States.

The NSS stops short of defining Russia and China as enemies, allowing for an “attempt to build a great partnership with those and other countries”. Still, Beijing qualified it as “reckless” and “irrational.” The Kremlin noted its “imperialist character” and “disregard for a multipolar world”. Iran, predictably, is described by the NSS as “the world’s most significant state sponsor of terrorism.”

Russia, China and Iran happen to be the three key movers and shakers in the ongoing geopolitical and geoeconomic process of Eurasia integration.

The NSS can certainly be regarded as a response to what happened at the BRICS summit in Xiamen last September. Then, Russian President Vladimir Putin insisted on “the BRIC countries’ concerns over the unfairness of the global financial and economic architecture which does not give due regard to the growing weight of the emerging economies”, and stressed the need to “overcome the excessive domination of a limited number of reserve currencies”.

That was a clear reference to the US dollar, which accounts for nearly two-thirds of total reserve currency around the world and remains the benchmark determining the price of energy and strategic raw materials.

And that brings us to the unnamed secret at the heart of the NSS; the Russia-China “threat” to the US dollar.

The CIPS/SWIFT face-off

The website of the China Foreign Exchange Trade System (CFETS) recently announced the establishment of a yuan-ruble payment system, hinting that similar systems regarding other currencies participating in the New Silk Roads, a.k.a. Belt and Road Initiative (BRI) will also be in place in the near future.

Crucially, this is not about reducing currency risk; after all Russia and China have increasingly traded bilaterally in their own currencies since the 2014 US-imposed sanctions on Russia. This is about the implementation of a huge, new alternative reserve currency zone, bypassing the US dollar.

The decision follows the establishment by Beijing, in October 2015, of the China International Payments System (CIPS). CIPS has a cooperation agreement with the private, Belgium-based SWIFT international bank clearing system, through which virtually every global transaction must transit.

What matters, in this case, is that Beijing – as well as Moscow – clearly read the writing on the wall when, in 2012, Washington applied pressure on SWIFT; blocked international clearing for every Iranian bank; and froze $100 billion in Iranian assets overseas as well as Tehran’s potential to export oil. In the event Washington might decide to slap sanctions on China, bank clearing though CIPS works as a de facto sanctions-evading mechanism.

Last March, Russia’s central bank opened its first office in Beijing. Moscow is launching its first $1 billion yuan-denominated government bond sale. Moscow has made it very clear it is committed to a long term strategy to stop using the US dollar as their primary currency in global trade, moving alongside Beijing towards what could be dubbed a post-Bretton Woods exchange system.

Gold is essential in this strategy. Russia, China, India, Brazil & South Africa are all either large producers or consumers of gold – or both. Following what has been extensively discussed in their summits since the early 2010s, the BRICS are bound to focus on
trading physical gold.

Markets such as COMEX actually trade derivatives on gold, and are backed by an insignificant amount of physical gold. Major BRICS gold producers – especially the Russia-China partnership – plan to be able to exercise extra influence in setting up global gold prices.

The ultimate politically charged dossier

Intractable questions referring to the US dollar as top reserve currency have been discussed at the highest levels of JP Morgan for at least five years now. There cannot be a more politically charged dossier. The NSS duly sidestepped it.

The current state of play is still all about the petrodollar system; since last year what used to be a key, “secret” informal deal between the US and the House of Saud is firmly in the public domain.

Even warriors in the Hindu Kush may now be aware of how oil and virtually all commodities must be traded in US dollars, and how these petrodollars are recycled into US Treasuries. Through this mechanism Washington has accumulated an astonishing $20 trillion in debt – and counting.

Vast populations all across MENA (Middle East-Northern Africa) also learned what happened when Iraq’s Saddam Hussein decided to sell oil in euros, or when Muammar Gaddafi planned to issue a pan-African gold dinar.

But now it’s China who’s entering the fray, following on plans set up way back in 2012. And the name of the game is oil-futures trading priced in yuan, with the yuan fully convertible into gold on the Shanghai and Hong Kong foreign exchange markets.

The Shanghai Futures Exchange and its subsidiary, the Shanghai International Energy Exchange (INE) have already run four production environment tests for crude oil futures. Operations were supposed to start at the end of 2017; but even if they start sometime in early 2018 the fundamentals are clear; this triple win (oil/yuan/gold) completely bypasses the US dollar. The era of the petro-yuan is at hand.

Of course, there are questions on how Beijing will technically manage to set up a rival mark to Brent and WTI, or whether China’s capital controls will influence it. Beijing has been quite discreet on the triple win; the petro-yuan was not even mentioned in National Development and Reform Commission documents following the 19th CCP Congress last October.

What’s certain is that the BRICS supported the petro-yuan move at their summit in Xiamen, as diplomats confirmed to Asia Times. Venezuela is also on board. It’s crucial to remember that Russia is number two and Venezuela is number seven among the world’s Top Ten oil producers. Considering the pull of China’s economy, they may soon be joined by other producers.

Yao Wei, chief China economist at Societe Generale in Paris, goes straight to the point, remarking how “this contract has the potential to greatly help China’s push for yuan internationalization.”

The hidden riches of “belt” and “road”

An extensive report by DBS in Singapore hits most of the right notes linking the internationalization of the yuan with the expansion of BRI.

In 2018, six major BRI projects will be on overdrive; the Jakarta-Bandung high-speed railway, the China-Laos railway, the Addis Ababa-Djibouti railway, the Hungary-Serbia railway, the Melaka Gateway project in Malaysia, and the upgrading of Gwadar port in Pakistan.

HSBC estimates that BRI as a whole will generate no less than an additional, game-changing $2.5 trillion worth of new trade a year.

It’s important to keep in mind that the “belt” in BRI should be seen as a series of corridors connecting Eastern China with oil/gas rich regions in Central Asia and the Middle East, while the “roads” soon to be plied by high-speed rail traverse regions filled with – what else – un-mined gold.

A key determinant of the future of the petro-yuan is what the House of Saud will do about it. Should Crown Prince – and inevitable future king – MBS opt to follow Russia’s lead, to dub it as a paradigm shift would be the understatement of the century.

Yuan-denominated gold contracts will be traded not only in Shanghai and Hong Kong but also in Dubai. Saudi Arabia is also considering to issue so-called Panda bonds, after the Emirate of Sharjah is set to take the lead in the Middle East for Chinese interbank bonds.

Of course, the prelude to D-Day will be when the House of Saud officially announces it accepts yuan for at least part of its exports to China.

A follower of the Austrian school of economics correctly asserts that for oil-producing nations, higher oil price in US dollars is not as important as market share; “They are increasingly able to choose in which currencies they want to trade.”

What’s clear is that the House of Saud simply cannot alienate China as one of its top customers; it’s Beijing who will dictate future terms. That may include extra pressure for Chinese participation in Aramco’s IPO. In parallel, Washington would see Riyadh embracing the petro-yuan as the ultimate red line.

An independent European report points to what may be the Chinese trump card; “an authorization to issue treasury bills in yuan by Saudi Arabia”; the creation of a Saudi investment fund; and the acquisition of a 5% share of Aramco.

Nations under US sanctions such as Russia, Iran and Venezuela will be among the first to embrace the petro-yuan. Smaller producers such as Angola and Nigeria are already selling oil/gas to China in yuan.

And if you don’t export oil but is part of BRI, such as Pakistan, the least you can do is replace the US dollar in bilateral trade, as Interior Minister Ahsan Iqbal is currently evaluating.

A key feature of the geoconomic heart of the world moving from the West to Asia is that by the start of the next decade the petro-yuan and trade bypassing the US dollar will be certified facts on the ground across Eurasia.

The NSS for its part promises to preserve “peace through strength”. As Washington currently deploys no less than 291,000 troops in 183 countries and has sent Special Ops to no less than 149 nations in 2017 alone, it’s hard to argue the US is at “peace” – especially when the NSS seeks to channel even more resources to the industrial-military complex.

“Revisionist” Russia-China have committed an unpardonable sin; they have concluded that pumping the US military budget by buying US bonds that allow the US Treasury to finance a multi-trillion dollar deficit without raising interest rates is an unsustainable proposition for the Global South. Their “threat” – under the framework of the BRICS as well as the SCO, which includes prospective members Iran and Turkey – is to increasingly settle bilateral and multilateral trade bypassing the US dollar.

It ain’t over till the fat (golden) lady sings. When the beginning of the end of the petrodollar system – established by Kissinger in tandem with the House of Saud way back in 1974 – becomes a fact on the ground, all eyes will be focused on the NSS counterpunch.

 

[Rudiger]

Relevant, here's a good article on the collapse of the US dollar as the world reserve currency. Last year, declassified documents revealed an alliance between the house of Saud and the US, whereby the house of Saud would accept payments for oil in US treasury bills. That's been the foundation of the global economy in the forty years since. Francois Mitterand (former French president) referred to the US dollar's status as world reserve currency as an unfair advantage.

Anyhow, the petrodollar system is collapsing. This article discusses Sino-Russian attempts to replace it. Overall the global situation looks truly bleak, and I expect a major conflagration in the coming years, either that or a total disintegration of living standards in the USA. The UK has decided that it too wants collapsing living standards, as it initiated Brexit.

https://www.counterpunch.org/2017/12/25/the-petro-yuan-bombshell/

Wow. Time to build that bunker after all.

 

[Afro_Vacancy]

Good Bloomberg article from last year:
https://www.bloomberg.com/news/feat...behind-saudi-arabia-s-41-year-u-s-debt-secret

They're one of the only mainstream media organizations that routinely publishes actual information in their articles.

 

[JeanLucBB]

Relevant, here's a good article on the collapse of the US dollar as the world reserve currency. Last year, declassified documents revealed an alliance between the house of Saud and the US, whereby the house of Saud would accept payments for oil in US treasury bills. That's been the foundation of the global economy in the forty years since. Francois Mitterand (former French president) referred to the US dollar's status as world reserve currency as an unfair advantage.

Anyhow, the petrodollar system is collapsing. This article discusses Sino-Russian attempts to replace it. Overall the global situation looks truly bleak, and I expect a major conflagration in the coming years, either that or a total disintegration of living standards in the USA. The UK has decided that it too wants collapsing living standards, as it initiated Brexit.

https://www.counterpunch.org/2017/12/25/the-petro-yuan-bombshell/

A non-issue compared to the United States public debt and more semantics of "worlds reserve currency" than a serious economic issue. The $ value of oil imports and exports to the US dollar and economy is nowhere near a singularly important factor.

Waiting for much of these issues to come to pass with great enthusiasm as it will be the only thing that will put the petro-dollar conspiracy theories to rest. It will certainly have an impact on the demand for USD but doesn't drastically harm the US economy itself which is what ultimately backs the value of the greenback. Oil exporters and importers have the ability to hedge in whatever currency they like.

It may make the USD cheaper (but nothing even close to majority USD usage is in oil trade) but even that would only increase American export activity.

It really is a non-issue. Outside of conspiracy theorists and far-left + far-right circles this is considered a joke.

 

[JeanLucBB]

I have been eyeing QTUM and have a very very large stake in OMG.

How much OMG?

 

[JeanLucBB]

Hey @macaroni do you use Bitfinex at all? I love the charting on it but I can't get it to f*****g save the goddamn f*****g chart when I add things to it was wondering if it was just me.

 

[JeanLucBB]

Relevant, here's a good article on the collapse of the US dollar as the world reserve currency. Last year, declassified documents revealed an alliance between the house of Saud and the US, whereby the house of Saud would accept payments for oil in US treasury bills. That's been the foundation of the global economy in the forty years since. Francois Mitterand (former French president) referred to the US dollar's status as world reserve currency as an unfair advantage.

Anyhow, the petrodollar system is collapsing. This article discusses Sino-Russian attempts to replace it. Overall the global situation looks truly bleak, and I expect a major conflagration in the coming years, either that or a total disintegration of living standards in the USA. The UK has decided that it too wants collapsing living standards, as it initiated Brexit.

https://www.counterpunch.org/2017/12/25/the-petro-yuan-bombshell/

Think of it this way

I exchange Yuan for USD then buy oil with USD, then the seller of oil either buys an American good or service or sells those USD instantaneously on institutional forex markets for ultra cheap rates and buys Yuans to buy a Chinese good or service.

This or

I use the Yuan to buy oil then the seller either buys euro goods and services or sells the euros and buys USD to buy American good or service.


Same thing. Basic f*****g logic it is an absolutely ludicrous conspiracy. There is no net-effect one way or the other, it doesn't change the value of USD which is based on the US economy and monetary policy along with another range of variables. The conspiracy assumes that forex markets and hedging options don't exist. Spoiler alert: they do.

 

[Rudiger]

Think of it this way

I exchange Yuan for USD then buy oil with USD, then the seller of oil either buys an American good or service or sells those USD instantaneously on institutional forex markets for ultra cheap rates and buys Yuans to buy a Chinese good or service.

This or

I use the Yuan to buy oil then the seller either buys euro goods and services or sells the euros and buys USD to buy American good or service.


Same thing. Basic f*****g logic it is an absolutely ludicrous conspiracy. There is no net-effect one way or the other, it doesn't change the value of USD which is based on the US economy and monetary policy along with another range of variables. The conspiracy assumes that forex markets and hedging options don't exist. Spoiler alert: they do.

Jesus christ it's all so over my head but I appreciate it.

 

[JeanLucBB]

Relevant, here's a good article on the collapse of the US dollar as the world reserve currency. Last year, declassified documents revealed an alliance between the house of Saud and the US, whereby the house of Saud would accept payments for oil in US treasury bills. That's been the foundation of the global economy in the forty years since. Francois Mitterand (former French president) referred to the US dollar's status as world reserve currency as an unfair advantage.

Anyhow, the petrodollar system is collapsing. This article discusses Sino-Russian attempts to replace it. Overall the global situation looks truly bleak, and I expect a major conflagration in the coming years, either that or a total disintegration of living standards in the USA. The UK has decided that it too wants collapsing living standards, as it initiated Brexit.

https://www.counterpunch.org/2017/12/25/the-petro-yuan-bombshell/

During the high point of media attention on the Grexit issue I was reading the similar things to these doomsday prediction and even mainstream stock analysts were buying into it. Collapse this collapse that, ripple effects and domino effects, banking and liquidity crisis, credit runs and minuscule $ value situations causing gigantic $ value impacts. Not to the same extent but similarly with Brexit. People love to make a big deal of these sorts of things but at the end of the day the end result typically aligns with what the numbers and logical result suggested in the first place, which is far smaller results and far less complicated.