Bitcoin.....

[Ben Rhimene]

Too many people are confusing cryptocurrency with digital currency.

I am an expert on neither; my world revolves around the real thing.

This might be a helpful (and short) primer for those interested in learning more about the differences:

https://crypto-current.co/digital-cu...nology%2C DLT.

[RunTheCourse]

Ahhh... thanks MG and the others for the lesson on the distinction as I too didn’t make that until rereading this tread and doing more research. My personality makes me prone to take those types of risks so of course I took the leap and hopped on the roller coaster....I’m on a sex board right? I’m an early adopter who’s licking his wounds from the recent bloodbath. For me now it’s like my first hobby experience, there’s no turning back now because it’s a part of the portfolio

[Ben Rhimene]

I’m an early adopter who’s licking his wounds from the recent bloodbath. For me now it’s like my first hobby experience, there’s no turning back now because it’s a part of the portfolio

Hey RTC...sorry you have been wounded. But your sex crypto analogy is flawed. Investing is analogous to sex, whereas crypto is analogous to the new chick on LC with no reviews, an unclear menu, but looks kinda hot with a big rack. You might have fun, but you might get jacked, and you definitely know the odds are better sticking to verified vets on OH2.

Yesterday Fed Board of Governor Lael Brainard spoke at a crypto conference about a digital dollar:

https://www.cnn.com/2021/05/24/econo...ard/index.html

I find the comments about stronger consumer protection thru a central currency versus third party crypto to be highly compelling and has convinced me that governments will take over this space and private crypto won't survive. I can see being wrong on that, but feel pretty good about my analysis.

[RunTheCourse]

“Uhhhggg”- Charlie Brown. That’s why I fuck with you and MG the long way...nuanced analogous skills.

[mathguy]

I am an expert on neither; my world revolves around the real thing.

This might be a helpful (and short) primer for those interested in learning more about the differences:

https://crypto-current.co/digital-cu...nology%2C DLT.

Hey Ben, that's not a bad link but it could be a little confusing for some. It doesn't fully explain the story behind digital currency and crypto currency. Granted, like you said it's just a quick and simple tutorial to understand the basics.

What I said earlier about the fact that digital currency is already happening/occuring was also a slight misnomer. Part of the problem is that the line between our physical and fiat currencies (e.g. dollars, euros...) and digital transactions in a mostly cashless society are becoming blurred. We in fact do live in a nearly cashless society that relies on heavily on digital transactions. Those are not technically a form of new legal tender, as it's all still based on government issued, centralized, fiat money distributed by the respective authority.

There is already a project by the Digital Dollar Foundation to launch a pilot program over the next 12mos to gather data on how a new form of digital currency in the US might work.

That digital currency, however, is intended to be a separate form of currency and not to replace "cash" or the dollar. It's primarily to speed up certain types of transactions even further. So, it would simply be another available option [potentially].

I don't know that we will move away from the dollar anytime soon. A digital currency will likely just be a faster form of the US backed dollar, very similar to how cashless digital transactions happen today. A US issued dollar, as are most world currencies today, are fiat currencies anyway. Meaning they have nothing "backing" their value (such as gold).

Every currency today are simply a function of the global markets, supply and demand, and so on.... Their value could just as easily be stored in a centralized database without a single printed piece of "cash" in existence (theoretically anyway). That's what much of our money is like today anyway; data points inside bank database ledgers.

Crypto IS a type of digital currency. It is not a digital currency that will replace government issued currency (i.e. dollars or euros) and it is nothing at all like the concept of a government issued digital currency. So, crypto is digital BUT digital currency does not have to be cryptocurrency. Not at all. In fact, a more general purpose government issued currency replacement almost certainly won't be anything like the privatized crypto available today.

[Ben Rhimene]

Hey Ben, that's not a bad link but it could be a little confusing for some. It doesn't fully explain the story behind digital currency and crypto currency.

So, crypto is digital BUT digital currency does not have to be cryptocurrency.

Hiya MG.

FULLY agree.

That 2nd point is what I fear most do not appreciate enough. My take is the Feds will slowly introduce a digital version of the Dollar and run it through some sort of blockchain super ledger. As it is tested in the RW and the public has time to adapt and adopt (2 VERY different things!) It will expand, including linking to other digital national currencies (imagine not having to have banks exchange your currencies while charging fees and giving you bad rates!!!).

In the meantime, for those who invest in private crypto, here is today's quote for Bitcoin:

https://search.yahoo.com/search?p=Bi...&ei=UTF-8&fp=1

I draw your attention to the 52 week price delta. If you bought at $8 grand you are still way up, but if you bought high $50k you have taken it on the chin. That sort of volatility speaks volumes to the sector at this point in time.

Over time (probably not my lifetime) hard currency will be all but eliminated. Plenty of privacy issues to be concerned about, but from the Fed's perspective, there are massive benefits in terms of data, security, and policing (how much more difficult will it be for organized crime to operate if there are very few cash transaction?! Those deals will stick out for sure!) It might kill the hobby too if SOs could trace all funds...of course, by then America might be advanced enough to legalize Sex Work.

[lovelyxxxo]

Hiya MG.

FULLY agree.

That 2nd point is what I fear most do not appreciate enough. My take is the Feds will slowly introduce a digital version of the Dollar and run it through some sort of blockchain super ledger. As it is tested in the RW and the public has time to adapt and adopt (2 VERY different things!) It will expand, including linking to other digital national currencies (imagine not having to have banks exchange your currencies while charging fees and giving you bad rates!!!).

In the meantime, for those who invest in private crypto, here is today's quote for Bitcoin:

https://search.yahoo.com/search?p=Bi...&ei=UTF-8&fp=1

I draw your attention to the 52 week price delta. If you bought at $8 grand you are still way up, but if you bought high $50k you have taken it on the chin. That sort of volatility speaks volumes to the sector at this point in time.

Over time (probably not my lifetime) hard currency will be all but eliminated. Plenty of privacy issues to be concerned about, but from the Fed's perspective, there are massive benefits in terms of data, security, and policing (how much more difficult will it be for organized crime to operate if there are very few cash transaction?! Those deals will stick out for sure!) It might kill the hobby too if SOs could trace all funds...of course, by then America might be advanced enough to legalize Sex Work.

Actually crypto was invented originally for the intent of untraceable transactions on the dark web or as older gen calls it the onion... So crypto currency is perfect for things like hobbying.. The s.o cant see what you spent your doge or bit on only that a transaction has taken place..

Which...
Is why most p411 providers in Canada or europe pretty much all accept bitcoin ( we click a box in our services ) when i went to canada last year to visit a hobby lady who introduced me to this She only accepts bitcoin. And says when she travels to the usa she only accepts butcoin or crypto cus crypto isnt federally reconized as currency ( it isnt real) therfore offering services in exchange for services is 100% legal as the states say its only illegal to exchange bcd activities for monetary gain ( paper currency the almighty green paper form)
See explanation below

"In most states offering sexual services or agreeing to provide those services in exchange for money is considered prostitution whether or not the services are provided. That is why those sting operations you see on television are successful. The prostitute agrees to provide the service, the undercover police office pays for the service and then handcuffs the prostitute without the service being provided."
( this comes from one of the biggest lawfirms in the U.S)
Here is the ruling on crypto:
"So what does the future hold for Bitcoin You can use the virtual currency to make purchases in a wide variety of video games and at some retailers like overstock.com and tigerdirect.com. You can also use bitcoin to safely purchase gift cards for hundreds of business like Home Depot, Dunkin Donuts, and AMC Theatres. However, the Bitcoin website notes that “Bitcoin is not a fiat currency with legal tender status in any jurisdiction.”1 And based on the regulatory and enforcement actions of major governments, including the United States and Russia, that status is unlikely to change anytime soon."
Here is a explination link of the diffrence between crypto and fiat currency( cash/ paper/etc)
https://www.investopedia.com/article...id-bitcoin.asp

[Ben Rhimene]

Actually crypto was invented originally for the intent of untraceable transactions on the dark web or as older gen calls it the onion... So crypto currency is perfect for things like hobbying.. The s.o cant see what you spent your doge or bit on only that a transaction has taken place..

Great contribution Lovely. But it sort of proves my point...eliminating the private versions helps law enforcement. In effect, any private cryptos that survive become a form of barter because the public version is legal tender. Will there be enough activity on the private side once there is a public version? And isn't it likely that the Feds outlaw the private version once the public version is accepted? Crude analogy: you can still buy CSA banknotes, but you cannot buy anything with them...they have novelty value only. This will be an interesting space over the next 5-10 years...

[lovelyxxxo]

I mean they originally tried to ban bitcoin at one time unsuccesfully.. My thinking is bitcoin is far to big to ever be outlawed. But idk you could be very right on future outcomes.. I mean uncle sam always gets his tax one way or another..

[Ben Rhimene]

To be clear, I did not mean outlaw. Possible, but I think having a digital valid legal tender will make private crypto all but useless, except for criminals, and thus their transactions will stand out, which they won't want.