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Now that Coinbase went public we get to see their quarterly financials

70% of Coinbase trading volume is institutional. Hedge funds, banks and 9000 other US corporations buying up crypto treasuries before it goes mainstream

All while the corporate media puts out FUD to scare the sags away
 

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Basically, you're saying that we need cryptocurrencies so that you can sidestep financial infrastructure. Is that what you are saying?
The financial infrastructure still exists.. and expands into cyberspace. I mean the post office still exists. We have the option to sidestep intermediaries with peer to peer transactions. Unless you want to start paying negative yields to store fiat like in Europe

Anyways this crowd appears way too old to learn new tricks
 

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Peer to peer is exactly what the governments don't want and will never approve.

It would be great for terrorists, criminals, and tax cheats, but governments have no intention of facilitating those transactions.

Even creating your own currency is illegal. I don't know where the crypto believers get all this baloney.

It reminds me of kids asking their parents about planting a "money tree" out back.

The billionaire pump and dumpers made big piles of money from the greater fools.

They are getting out now that the government regulators are watching them more closely.
 

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You have nothing to add sags and it's not worth explaining the same things to you over and over and over again

Thankfully the government isn't all corrupt boomers collecting lobby "fees" and the few remaining will be in nursing homes soon enough
 

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Basically, you're saying that we need cryptocurrencies so that you can sidestep financial infrastructure. Is that what you are saying?
That misses the benefits of blockchain/public ledgers.

Cryptocurrencies are simply an artifact of a system that is self regulated and fully controlled, without having to trust a third party authority. In fact, it's specifically designed so that there isn't a powerful third party who has more control than you.

Most are constructed so all participants are equal, which is the part that authoritarians (ie the establishment) don't like.
 

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Dogecoin to the moon!!
 

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Yeah, and Evans Toys makes millions.

These are outliers
Yeah I know i just find this funny when "kids make millions".
 

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The Fed is scheduled to release a report on their own digital currency in September.

China is already testing their digital currency. It doesn't appear that the 2 largest economies in the world are thinking much about any other coins.

That is the part nobody in crypto wants to talk about. They just hope it all goes away.
 

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That is the part nobody in crypto wants to talk about. They just hope it all goes away.
Naw they talk about it all the time and consider it a good thing

USD coins are already by far the most traded by volume. Fed could just adopt the USDC or spend years developing their own. Either way the impact is nothing. Governments are great at releasing reports about things they want to do some day

Boomers are addicted to the debt spiral fiat printing and nothing will change until they all retire
 

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impact of government issued digital currency is probably positive for crypto. All these new people getting comfortable with digital assets = massive potential new user base. some people will be happy to receive their digital CAD programmed to debase over time and simply watch it debase. many more will take the opportunity to venture out a step or two. that's my guess anyway.
 

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The fatal flaw in that theory is that crypto is priced in those same devalued USD.

For the value of the crypto to remain constant, it has to increase in value in USD. That would be currency inflation.

Currency inflation encourages people to retain the currency because it will have more purchasing power in the future than today.

Fiat currencies lose value slowly over time which encourages people to spend it in support of the economy.
 

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The fatal flaw in that theory is that crypto is priced in those same devalued USD.
This is not fatal at all. 1 crypto unit of measurement equals 1 crypto unit of measurement. It's basic math sags

What is fatal is people using a randomly inflationary unit to measure property value. This is poor math sags. Imagine trying to do scientific measurements with a unit that randomly increased when it was convenient for someone else to change

A major issue in the upcoming election is the hot RE market. Loose monetary policies rewards those in debt with assets like real estate. This has caused people to lose sense of what RE is worth and just take insane levels of unsustainable debt and bid any price for RE. People have more FOMO for RE than anything because they need a home. Soon those who don't own a home won't be able to.

Money is hard to understand even on a money forum. Crypto is extremely important for the younger generation
 

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Right now regular money does everything better than crypto for my day-to-day financial needs. Even if transactions could be done as fast with crypto as with credit/debit cards, why would I bother with the extra conversion to fill up the crypto wallet? Also crypto can never fully replace real money because you need some form of physical currency (coins and bills). Digital only goes so far, we're in a physical world.

That's my little thesis on why cryptos are doomed to fail, regardless of how good the technology gets.
 

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Right now regular money does everything better than crypto for my day-to-day financial needs.
It's not really about currency yet it's about banking and DeFi

“The 8.8% we pay on stablecoins is the real value of the US dollar. It’s not 0.1%, which is what JP Morgan or Wells Fargo or other people tell you that you should be earning for your dollar,” CEO Alex Mashinsky told Blockworks in an interview, recounting his earlier days when you could earn 7% from a bank on a simple deposit. “Most people don’t believe that. Most people think that the real indication of where the market is is the cost of money.”

“We have $20 billion telling you that it’s 8.8%,” he continued.
 

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Physical money doesn't have to go away for crypto to work either

The post office still does fine even though 99% of mail is done via email today
 
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