Full Cryptocurrency Transactions Ban Planned in Russia

[Nobert]

Humans have a difficult time with the understanding large numbers:

To experience 1 million seconds takes about 12days

To experience 1 billion seconds takes about 32yrs

To experience 1 trillion seconds takes about 320centuries

To compare Madoff to BTC is willful ignorance.

And,

to experience $2Trillion market cap crash it takes about 1 second

https://www.elitetrader.com/et/threads/2-trillion-market-cap-to-zero-in-1-sec.362668/

 

[They]

Do you really think most of the institutions very likely onboarding into BTC in Q1 2022 are buying the narrative? Or are they essentially just seeking the best potential "number go up" asset that they can even access at the current time?

Do you really think most of the institutions in Argentina very likely onboarding into USD in Q1 2022 are buying the narrative? Or are they essentially just seeking the best potential "number go up" asset that they can even access at the current time?

Fixed it for you.

 

[virtusa]

Do you really think most of the institutions in Argentina very likely onboarding into USD in Q1 2022 are buying the narrative? Or are they essentially just seeking the best potential "number go up" asset that they can even access at the current time?

Fixed it for you.

View attachment 274366

View attachment 274365

Changing from weak fiat currencies into BTC is useless. The problem will remain.

Most people in these countries are poor because they have no real education. As they are stupid they believe the fairy tale that BTC will change their life. The majority of them don't know anything about BTC, except that it can make them rich. They don't even realize that it can make them poorer then they are already.

The last month they lost between 20% and 30% of their buying power. And they are so poor that they can even not save money if ever BTC will go much higher.
They are always in "survival mode", never in "hodler mode".

 

[klimkovaev1209]

They want to ban everything in Russia

 

[virtusa]

They want to ban everything in Russia

No, they don't want to ban Putin and the oligarchs.

 

[They]

Changing from weak fiat currencies into BTC is useless. The problem will remain.

Most people in these countries are poor because they have no real education. As they are stupid they believe the fairy tale that BTC will change their life. The majority of them don't know anything about BTC, except that it can make them rich. They don't even realize that it can make them poorer then they are already.

The last month they lost between 20% and 30% of their buying power. And they are so poor that they can even not save money if ever BTC will go much higher.
They are always in "survival mode", never in "hodler mode".

It was an example of if you lived in Argentina, Venezuela, etc - when would you say you were going to sell out of your USD and go back into Pesos or Bolivars? Never, and this is how many people look at BTC and USD.

If you live in those countries and don't have assets to keep in USD your are fucked and that's the way the IMF wants to keep it.

 

[virtusa]

It was an example of if you lived in Argentina, Venezuela, etc - when would you say you were going to sell out of your USD and go back into Pesos or Bolivars? Never, and this is how many people look at BTC and USD.

If you live in those countries and don't have assets to keep in USD your are fucked and that's the way the IMF wants to keep it.

Yes, but the big problem is that the USD is fairly stable, while BTC is like a lottery. Depending on when you spent your money, your buying power for food can change hugely.
So while you know with the USD more or less what you have in buying power, with BTC it is unpredictable.

If you need to buy food, you cannot wait three months or longer till BTC is high. If you wait three months you will probably be dead already. But at least your funeral will then be cheaper as BTC is higher.

 

[mlawson71]

I agree. I'd happily trade BTC, but I don't think I'd like to be paid in it.

 

[They]

Yes, but the big problem is that the USD is fairly stable, while BTC is like a lottery. Depending on when you spent your money, your buying power for food can change hugely.
So while you know with the USD more or less what you have in buying power, with BTC it is unpredictable.

If you need to buy food, you cannot wait three months or longer till BTC is high. If you wait three months you will probably be dead already. But at least your funeral will then be cheaper as BTC is higher.

Yes, in 3rd world countries bitcoin is for those with disposable income. In the USA/EU/UK etc it is for those who earn enough to have savings.

Of course then there are the gamblers, that exist in every country and don't give a shit about their next meal, and for them we have call options on stocks and cryptos and mega leverage.

 

[Cryptjitsu]

Do you really think most of the institutions in Argentina very likely onboarding into USD in Q1 2022 are buying the narrative? Or are they essentially just seeking the best potential "number go up" asset that they can even access at the current time?

Fixed it for you.

Kind of a strawman there.
USD rules both fiat & crypto. And even BTC itself.
BTC pumps when USDT is minted.
Dont get it twisted.

Regardless, maybe the institutions are swallowing the narrative, but imo, they are just looking to toss it around among each other to post returns. That's assuming they are onboarding this year en masse, which I think they are but def not 100% certain.
I doubt even Saylor believes what he preaches and will dump BTC in a jiffy on everyone else once his goals are met.