Why Americans haven't been convinced on cryptocurrency

NoahA said:
You're of course right, and I do see it the same way as well, but a part of me is still not that surprised. When there are no consequences for your bad actions, and you're given the script of what needs to be done, you almost have to follow the instructions. Its up to government to change the rules, to enforce independence, and to perhaps ensure they take some accountability and responsibility and even repercussion's for a badly done job.

I guess what I'm saying is that if you design a system that promotes this type of behavior, its no surprise when you get exactly this. In other countries, when you go against the regime, you end up dead. Clearly that won't happen in the US to this extent, but there really are no incentives to do good, only to keep your job.

Changing the system to take away these crooked incentives is how to change things, and I'm hopeful that fixing the money with Bitcoin will fix everything else.

I saw a brief documentary on Powell, and he is actually a smart guy that comes from the private sector, and debt restructuring specifically if I recall. He made a boat load of money and I think he clearly understand business and finance well. For years he had Trump publicly berating him, but he kept his cool. When people claim the FED doesn't know what they are doing, we have to first figure out what their true goal is. Clearly, if you help the little guy, it has to come from somewhere. If you give tax cuts to the rich, (ala trickle down economics), you are actually screwing the little guy. My point is that there is no course of action that can be seen as beneficial for all, or even most.

In conclusion, its not so much that the FED is stupid and is doing a horrible job, but rather, why is the FED even at the wheel, driving this economy, when the economy would do much better with prices and signals set by the market? I don't want any official having the power to increase or decrease rates based on trying to achieve some goal which will help some and hurt others. Rates should be set by the market with regards to supply and demand and liquidity.

Much like we don't want officials printing up magical money, we also don't want them magically changing rates, as if they have the power to all of a sudden create or destroy jobs, or speed up and slow down the economy at the flip of a switch. The anger shouldn't be placed at the FED officials (although they clearly are dishonest pieces of shit), but rather, it should be placed at how the system allows for this random manipulation of key variables that give officials too much power to manipulate.
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I'm currently reading a book "7th Propery, Bitcoin and Monetary Revolution" and it discussed central banking failures in the US history and the reason they call it The Federal Reserve is because it would have been rejected if it was called a Central Bank when it was being established

You know Cantillon effect, the money printers cannot help themselves from stealing from the masses, since ancient times. Rome did it with their constant clippings of coins, it's the reason empires collapsed, when it can no longer be supported

Fix the money, fix the world

Afghanistan is the place to drop bombs when they want to print money. Start a war, make people distracted, scare people, print money to fix made-up problems. Wouldn't be surprised if that's what Russia/Ukraine is all about, and perhaps the pandemic. Recall the explanation in the book "The Bitcoin Standard", wars happen because of collapse in fiat ponzi schemes

Back to the Fed, Jerome and his irks make farting sounds and who knows, trillions of $ of value created in all assets, stock market, bond market, real estate, cryptos

But if they miscalculated and instead sharted we get a recession or depression, pain and suffering for the masses

Does it make a difference to Jerome and his buddies lives which one happens? Not a single bit, they fly private jets, live in their mansions, get hired by the Goldman Sachs or Blackrock or get paid millions of $ for speeches after they quit their Fed jobs thingies

Yea, maybe if they are not sociopaths, they feel guilty or feel bad
 
7th Propery, Bitcoin and Monetary Revolution
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I may add that to my to-read list. Looks like 4.8 out of 5-star review on Amazon. But, I have yet to read the bitcoin standard. So it may take a while, so much other shit I'm trying to get through before the end of the year here.
 
Sprout said:
It a matter of perspective;

https://twitter.com/x/status/1486892762821951489
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That pic right there encapsulates why I got into swing trading the equity indices in the first place. Because over the longer-term, that is exactly what they do. Up over time with draw downs along the way. By focusing only on a single day one can miss the opportunity around the corner, so just hold a bit longer. Since cryptos are so comparatively new, only time will tell if that same pattern will hold for them.
 
We have found time and time again that the big banks have been manipulating gold prices. So I have no doubts the same shit occurs with crypto. And I don't expect any fix for this. The sec, etc, has tried time and time again, and no matter how many times they take down the big manipulators, there is always another institution willing to back rogue traders to continue these manipulations.

In the case of Amaranth Advisors, Brian Hunter did one of the most largest manipulations of the nat-gas market. But eventually he dug a hole big enough that he could not get out of.

Boom!
 
In regard to Buffett's talk how he would love to purchase 5-year PUTs on Bitcoin.

Did he not look up the history for BTC? A 5-year PUT has been a tremendous loss throughout its lifetime. Even if he could pick & chose with perfect market timing, the 5-year PUT (if there were such a thing) has been a tremendous loss.
 
Bottom line is that almost nobody really cares. There's no competitive use case for Cyptocurrency at this point when compared to standard payment and exchange methods. I'm included in that 16% figure (like many of my technically proficient friends). I have a couple of accounts at exchanges (which I have not touched for awhile). I've experimented with wallets. I've traded it a bit and made some money. But it's not really worth my time or energy; most people I have talked to feel the same. It's a speculative trading device for a few and technically interesting (in the abstract) for others. It would be interesting to know what percentage of that 16% figure regularly exchange or hold more than a minor amount of Crypto. Probably a pretty low amount.
 
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