The US Will Not Ban Cryptocurrency

Discussion in 'Digital Currencies' started by hawkeye1, Apr 29, 2021.

  1. Jason1

    Jason1 Well-Known Member

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    why would he give a shit if it doesn't hold value for long?, he only needs i to get so high that he can sell and walk away with every ones stimmy checks.
    I think he will pull off the worlds biggest con.
     
  2. IfUdonotholditUdonotownit

    IfUdonotholditUdonotownit Active Member

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    Hee hee hee :) And in a similar vein, the the Zimbabwe dollar has proved itself to be a real stayer. In 1980 the Zimbabwe dollar replaced the Rhodesian Dollar, and in the year 2021 the official currency of Zimbabwe is still the Zimbabwe dollar. Hee hee hee ;) Nothing like a good stable currency to keep the locals fed, fat, and happy.
     
  3. alor

    alor Well-Known Member Silver Stacker

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    ^after the operation of cutting 000 behind
     
  4. Tokyo

    Tokyo Active Member

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    Lol mind of no logic. Over 60% fx in usd next major is buddy euro, even bigger % for market and Europe comes next. Look around
     
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  5. Tokyo

    Tokyo Active Member

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    Not mention you have 18-19aud as minimum wage and America are $7.50. Yes cost 7.50 for fast food order, What about yours? Currency doing fine?

    Look at Japan too they print tons as we know but they have problem with low wage and product value haven’t really move for 20 year. They still sell lots of 5-30 cent candy, 750ml good vodka for 1000 yen = 10-11 dollar, can of beer and cocktails for just over 100yen = one dollar. 120yen = $1.20 for 2Salmon nigiri sushi at sit down place
     
    Last edited: May 15, 2021
  6. alor

    alor Well-Known Member Silver Stacker

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    swaps/exchange for goods are done by a large part of the world community outside the exchange of USD system, the world is not s small place
    maybe the statistic is just mis-reporting, we are decived anyway
     
  7. alor

    alor Well-Known Member Silver Stacker

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    beer is usually cheaper than bottled water
     
  8. IfUdonotholditUdonotownit

    IfUdonotholditUdonotownit Active Member

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    This reminds me of an old Peter Schiff YouTube from about 10-14 years ago, where he was in a room with 3 other guys, arguing against their position that "the US dollar would always be there." One of these guys was some US politician, and he was the "authoritative figure" whom up the other two looked up to. He was hilarious, because he was just standing there laughing hysterically at Peter Schiff - he had his eyes closed (due to his excessive laughter), and said repeatedly to Schiff, "We can just print as much as we like, because they can't get enough of it..." He was delirious with laughter, and probably drunk on power as he contemplated the irresistible power of the US printing press. It was hilarious to watch Schiff get really frustrated as this guy just couldn't stop hysterically laughing as he repeated his mantra - "We can just print as much as we like, because they can't get enough of it..." By "they" he is referring to all the other countries in the world.

    Presumably junior gets his attitude and ideas from his colleagues in the Congress. If fat-boy was here (the politician was a chubby fellow), then no doubt he would point to this chart as proof of the soundness of his logic. Hopefully Biden will do a "Barak"; i.e. completely double the debt of his predecessor. PS: The technical term for this is "debt out the wazoo." Go Biden go!!! Fat-boy gives his blessing. :D

    Q: What is my position on this?
    A: As a US patriot, of course I stand with fat-boy, and together we insist that "the US dollar is here to stay." I'm in your camp Tokyo, and together, you, me, and fat-boy, are of one mind.

    KWN-Greyerz-I-1102021.jpg
     
    Last edited: May 15, 2021
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  9. hawkeye1

    hawkeye1 Active Member

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    I think his reputation matters to him. That is what he is busy destroying right now.

    I honestly don't think it's a con. I think it started out as, what he thought, was just some innocent fun on Twitter. Basically he was just having fun trolling. He didn't know when to stop and now it's spun completely out of control and he's trapped. He has to push it forward now and hope something comes out of it or many of his followers are going to lose tons of money (they will ultimately anyway) and he will get blamed.

    He can't back out and apologize profusely. That will open him up to endless lawsuits. They will probably be coming anyway too once the price collapses.

    Elon is now between a rock and a hard place. No wonder it seems like he's losing the plot by talking about non-existent Doge developers and how he is going to make Doge more efficient. What else can he do but try and will it all into existence? Anyone who's been in crypto knows though, it doesn't matter how much money he may or may not throw at development of DogeCoin, it isn't going to matter.

    Maybe he can do enough, show enough good will, to fend off a wave of lawsuits. Not to mention all the bad publicity for Tesla this will all generate.

    I wouldn't be surprised if he isn't sleeping well at night.
     
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  10. Jason1

    Jason1 Well-Known Member

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    its certainly possible,
     
  11. IfUdonotholditUdonotownit

    IfUdonotholditUdonotownit Active Member

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    Haha... it looks like Biden is going to do a Barak :)

    Biden is going to announcing a 6 trillion dollar budget to spend in 2022 fiscal year, and this will be the highest level of spending since WWII. And presumably that and more for 2023 :D How will the US manage such a debt? Who knows? But it sure as hell won't be his problem, as he will be dead by then.

    https://www.dailymail.co.uk/news/ar...propose-massive-6-trillion-spending-plan.html
     
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  12. Jason1

    Jason1 Well-Known Member

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    And they said he didnt have dementia lol, the wastage is insane. they got no chance in a war with china sadly. they will be broke
     
    Last edited: May 28, 2021
  13. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    No one should need ponder how they will manage the growing debt, it’s widely understood. As long as the USD is in demand then the government will continue to issue bonds.

    Biden’s tax plan on the other hand has absolutely nothing to do with managing debt repayments. It’s simply the Democrats imposing their value system on society.
     
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  14. IfUdonotholditUdonotownit

    IfUdonotholditUdonotownit Active Member

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    A rhetorical question. But I agree. And your answer is in full agreement with fat-boy (with whom I stand), who says, "We can just print as much as we like, because they can't get enough of it..." You gotta love the way fat-boy laughs hysterically when he says this (with eyes closed), because his laughter is infectious.
     
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  15. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Yes, looking back over your posts earlier I could see that. It’s heartening that there are US patriots who actually understand how the system operates. ;)
     
  16. hawkeye1

    hawkeye1 Active Member

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    But one of the huge drivers for demand for the USD is the fact that you needed it to buy oil. Now you have Russia starting to sell oil for Euros and other currencies. Also, you don't have the Chinese recycling dollars back into treasuries at anywhere near the same rate as early last decade.

    It was all well and good while the world was happy to play the petrodollar recycling game. Russia is not eager to play any more. And the Chinese have manipulated the petrodollar ponzi scheme into being in their geopolitical favour and to the detriment of the US.

    A system that was developed in the 1970's, at the height of the Cold War, no longer serves America's interests.
     
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  17. Tokyo

    Tokyo Active Member

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    I like USD make good money with swap ( forex) and America listed stocks.
    If go low enough i would swap my savings into usd

    Corporate tax cut from 35% down to 15% should be interesting to boost manufacture and company can move into America (minimum wage is below 7.50 in some area for cheap labor)
     
    Last edited: Jun 6, 2021
  18. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    From the latest IMF paper on USD invoicing:

    Invoicing: If you're waiting for the USD to lose it's status as the most invoiced currency then you'll be waiting a long time. And the "petrodollar" doesn't actually exist. It's just the USD.

    https://www.imf.org/en/Publications...s-in-Invoicing-Currency-in-Global-Trade-49574

    Global reserves: The USD's share of global reserves while shrinking as a % due to falling exchange rates, has actually increased.

    https://www.rt.com/business/519812-us-dollar-share-global-reserves/

    https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4

    And when the next liquidity crisis hits the world economy, businesses, pension and hedge funds as well as affluent individuals will flock to the USD.

    The system that was developed during the Cold War largely doesn't exist any more, the system that exists is one of currency sovereignty that is serving US interests very well, with US debt at an all time high, meaning the money tap is gushing and there's a host of non-USD issuing authorities, corporations and fund managers eagerly mopping up sovereign bonds.

    Screen Shot 2021-06-07 at 7.21.34 am.png

    https://tradingeconomics.com/united-states/government-debt

    The days of an imminent USD decline are far, far away.
     
    Last edited: Jun 7, 2021
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  19. precious roar

    precious roar Active Member

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    ^^ Agree. There will be some short term dips but overall a "strong" USD is here for a long time.
     
  20. hardyakkagold

    hardyakkagold Well-Known Member Silver Stacker

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    By 2025 the US$ will only be good for using as toilet paper, hold for a long time at your own peril.

    The poor old Aussie $ won't even be good for that as it's not even made from paper.

    All fiat currencies eventually return to their true intrinsic value which is 0.
     
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