Bitcoin is still early

[Tim]

that's a good thing tho - to a certain extent that is

to a certain extent that is

[xraygoggles]

i mean sure you could consider them money inasmuch as you could consider almost any fork of bitcoin money, including bsv or bcash. but according to the market inferior money for one reason or another, not to be taken seriously in my humble opinion

What are your thoughts on Monero? If ur looking for anonymity and privacy this is the sine qua non coin. It's not as well-known as bitcoin unless ur an OG in this space, but it will never go away - it has a legit use-case as verily the only untraceable cryptocurrency. I keep a small stack of XMR in my hard wallet.

[jacoavlu]

What are your thoughts on Monero? If ur looking for anonymity and privacy this is the sine qua non coin. It's not as well-known as bitcoin unless ur an OG in this space, but it will never go away - it has a legit use-case as verily the only untraceable cryptocurrency. I keep a small stack of XMR in my hard wallet.

I guess I’d consider it a useful shitcoin. Never used or owned it but wouldn’t hate on someone that did.

[xraygoggles]

Just noticed the Strike app to buy bitcoin now has a Visa debit card coming out - lol.

Bitcoin: the future of money; different than the current monetary regime; a revolution in banking; now with cashback at ur fav merchants!

Grifters gonna grift.

[MMJB LLC]

The holders of all you mentioned incur permanent capital losses. That is not a macroeconomic liquidity credit liquidity event. That is microeconomic, hurts only those that were so unfortunate. The global credit markets remain wide open and on solid footing.

So what happens with counterparty risk? What's that saying, "One man's debt is another man's asset". Ok, if a pension goes bankrupt (almost happened last week in the UK), what happens to those creditors of the pension fund? If they can't be paid, had too little reserves and become insolvent, then what happens to the creditors of the creditors of the pension fund? And so on. In our debt based economy, very few "assets" do not have counterparty risk. "Permanent capital loss" (which is an oxymoron term because what capital loss isn't permanent) doesn't happen in a vacuum.

[Tim]

So what happens with counterparty risk? What's that saying, "One man's debt is another man's asset". Ok, if a pension goes bankrupt (almost happened last week in the UK), what happens to those creditors of the pension fund? If they can't be paid, had too little reserves and become insolvent, then what happens to the creditors of the creditors of the pension fund? And so on. In our debt based economy, very few "assets" do not have counterparty risk. "Permanent capital loss" (which is an oxymoron term because what capital loss isn't permanent) doesn't happen in a vacuum.

So you are saying a government pension fund is highly leveraged and has created counter party risks? Risk/return. Morons is the correct term for the creditors of the pension fund. A pension fund is to be funded and invested conservatively for a lifetime. Not leveraged for returns.

[MMJB LLC]

So you are saying a government pension fund is highly leveraged and has created counter party risks? Risk/return. Morons is the correct term for the creditors of the pension fund. A pension fund is to be funded and invested conservatively for a lifetime. Not leveraged for returns.

Pretty much. Orange County in 1994 will look just like an appetizer when this thing blows. And this isn't stupidity, reckless yes, but not stupid. Very simplistic example. Take a public pension fund (but could be any institution). The state in order to meet its budget set the return for the pension fund at lets say 7%. How does a pension fund manager make 7% when UST have been yielding <3%, and closer to 1%, for most of the last 10 year (and many other bonds having 0 or negative rates). The fund managers have to go out on the duration curve with leverage, why, well because its a conservative investment and never makes 100 bp moves in a month let alone a year. Or they buy higher risk assets like PE etc. Pensions and a lot of other funds (insurance etc) are probably on the edge. The UK pension funds nearly imploded a few weeks ago and all the BOE intervention did was buy time. I for sure don't know and guess probably many others don't know how systemic this issue has become. I really hope they don't go over the edge because nobody is going to get through this unscathed. But I think that is wishful thinking.

[Tim]

Pension funds do have a real significant risk.
Unfunded liabilities! Does not impact me or you unless you have a pension with them.
Home loans and car loans and credit cards still work for me and you.
I feel sorry for those that are impacted by 7% assumptions. Going to run out of money.

That is exactly why ERISA was passed. Pension funds were being looted, abused and going broke in the private sector.
State and city pension funds are at risk. Mostly over promising benefits, political promises leading to unfunded liabilities. Oh well, benefits will get cut eventually. Can is kicked down the road with every union contract.

[xraygoggles]

https://www.blockchaincenter.net/en/there-is-no-second-best/

This website shows what would have happened to Saylor if he had invested in ETH instead of BTC - instead of -$1.2 billion in the hole, he would be up $1.8 billion.

[jacoavlu]

https://www.blockchaincenter.net/en/...o-second-best/

This website shows what would have happened to Saylor if he had invested in ETH instead of BTC - instead of -$1.2 billion in the hole, he would be up $1.8 billion.

I like that they include the amount if he’d bought and staked the eth lol

[xraygoggles]

Wow - another one bites the dust; I will admit I did not see this one coming.

Turns out SBF - aka alpha male hero who came in this summer and saved a bunch of overleveraged degenerate crypto platforms (Voyager, BlockFi, etc) - was doing the very same thing with his twin firms (Alameda hedge fund & FTX exchange). All it took was some tweets by CZ (rival CEO) and dumping some FTT tokens to cause a run on FTX, and the house of cards to come crashing down.

Now, Alameda will have to unwind its junk assets, and pay back its lenders. One of them, Genesis, has its tentacles in many different firms. There could be further contagion.

[burritos]

McKenzie Scott lost $12.8 billion dollars. Whoops, my bad. She gave it away.

https://www.philanthropy.com/article...billion-so-far

And people on both sides are soiling their pants or having wet dreams based the fluctuations of crypto. I don’t really care about anyone in this post, but it is an amusing juxtaposition that brings me joy.

[Tim]

McKenzie Scott lost $12.8 billion dollars. Whoops, my bad. She gave it away.

https://www.philanthropy.com/article...billion-so-far

And people on both sides are soiling their pants or having wet dreams based the fluctuations of crypto. I don’t really care about anyone in this post, but it is an amusing juxtaposition that brings me joy.

https://www.cnn.com/2022/09/28/business/mackenzie-scott-dan-jewett-divorce/index.html

Pretty certain a prenup was in place. Although her generosity might make a divorce easier from a financial standpoint. As far as divorce attorney's, she is a heavy favorite.

[jacoavlu]

Wow - another one bites the dust; I will admit I did not see this one coming.

Turns out SBF - aka alpha male hero who came in this summer and saved a bunch of overleveraged degenerate crypto platforms (Voyager, BlockFi, etc) - was doing the very same thing with his twin firms (Alameda hedge fund & FTX exchange). All it took was some tweets by CZ (rival CEO) and dumping some FTT tokens to cause a run on FTX, and the house of cards to come crashing down.

Now, Alameda will have to unwind its junk assets, and pay back its lenders. One of them, Genesis, has its tentacles in many different firms. There could be further contagion.

crypto degens never disappoint https://twitter.com/FTX_Official/sta...r-QIzBr2ihjsbQ

[NapoleanDynamite]

The FTX happenings with Scam Bankster Fraud have made me very happy. Only a few more to fall. Hope to see Coinbase go down too along with all poopcoins they shill...especially ETH. In the mean time...cheaper bitcoin for me!