Crypto $$$

[zilo]

Originally Posted by XB GS 351 Coupe

Unfortunately your FIAT currency has no inherent value, they are simply imaginary numbers on your banking app, much like crypto, the money does not actually exist.

Nope...I am looking at a pile of tangible money right now.
I still use a passbook...so no "app" for me.

Originally Posted by XB GS 351 Coupe

if you go to the bank to draw out your money (assuming you have a reasonable amount in the bank) they will not actually be able to give you the money as they do not have it, it does. not exist. Try it, walk into your local branch and ask to withdraw $20,000 from your account. .

You are wrong. I have done it and it took them 45 minutes to count it.
I had to give them 2 days notice to get the quantity required in.
(CBA and ANZ)


please check facts before posting.

[XB GS 351 Coupe]

Originally Posted by zilo

Nope...I am looking at a pile of tangible money right now.
I still use a passbook...so no "app" for me.

Did not know such a thing still existed last time I seen one was in the late 80's I think.

Originally Posted by zilo

I have done it and it took them 45 minutes to count it.
I had to give them 2 days notice to get the quantity required in.
(CBA and ANZ)

So they had to get the money for you and you had to wait two days, You just confirmed exactly what I said. You can't just walk into the bank and access your money.

Originally Posted by zilo

You are wrong. .........please check facts before posting.

How am I wrong??

You have just confirmed for me exactly what I said, I think you are not comprehending what I am saying. I said you can't just walk into your local bank to get your money out, you reply to me saying I am wrong, then proceed to tell me how you couldn't just walk onto the bank to get your money out.

[zilo]

Originally Posted by XB GS 351 Coupe

How am I wrong??

You have just confirmed for me exactly what I said, I think you are not comprehending what I am saying. I said you can't just walk into your local bank to get your money out, you reply to me saying I am wrong, then proceed to tell me how you couldn't just walk onto the bank to get your money out.

You have forgotten what you wrote, let me refresh your memory.

here is what you wrote:-

Originally Posted by XB GS 351 Coupe

Try it, walk into your local branch and ask to withdraw $20,000 from your account.

It is a fact that I can withdraw up to $50k without a problem.
I do it regularly with CBA,ANZ and NAB in Hobart.
I withdrew much more than that, hence the notice by phone.

You have changed your story a little bit now from 20k to your money...but that's ok.....

[CyberWasp]

Are there any plans to restore TerraClassic USD?
It seems like they need a mechanism to burn a lot of LUNC.

I still have my LUNC staked and it is still earning LUNC & USD
But Terra Station won't let me stake any additonal LUNC however.

[XB GS 351 Coupe]

Originally Posted by CyberWasp

Are there any plans to restore TerraClassic USD?
It seems like they need a mechanism to burn a lot of LUNC.

I still have my LUNC staked and it is still earning LUNC & USD
But Terra Station won't let me stake any additonal LUNC however.

No idea really, picked up 1/2 a million LUNC after the crashed, then when it recovered slightly made a few$$, then they gave me 30 LUNA2 for some reason that I must have missed, free $100 not complaining, just have them sitting there.

I also have all my LUNC staked and earning just over 8%, more than any bank is paying.

Not sure what the future holds, I am just holding on to mine, if they go to zero I have not lost much, if they return to even 1/4 of their original value in the next year or two I will be ordering myself a new Ford Raptor if they go back to their pre crash value it will be a F150 Raptor

[buggerlugs]

https://www.abc.net.au/news/2022-07-...ato-/101076794

[FairmontGS]

Interesting conversation you are having on a public forum... about withdrawing 10, 20, 50k regularly at multiple branches in HBA.. Sounds like your line of work may be of interest to State and Federal authorities

[zilo]

Originally Posted by FairmontGS

Interesting conversation you are having on a public forum... about withdrawing 10, 20, 50k regularly at multiple branches in HBA.. Sounds like your line of work may be of interest to State and Federal authorities

ATO said to me that it is sound business practice to use cash.


On a one hundred dollar note it says ..

Legal tender throughout Australia-Philip Lowe.


(Did you notice it no longer says "and its territories"?)


But that is off topic,...so....

What does it say on a Bitcoin ?

[XB GS 351 Coupe]

Some nice gains on Crypto again in the last 48 hours, in profit on all my investments at the moment.

Should I sell or wait for the bull run for my F150 Raptor??

I think I will wait, patience is the key here.

[XB GS 351 Coupe]

Bought some Shiba Tokens back on the 17/6/22. Up 48% return on investment this morning, like always I wish I bought more.

Not a bad interest rate over a months.

Love how people call it a sh!t coin, all about timing, patience, research and a bit of luck.

[GasoLane]

Originally Posted by XB GS 351 Coupe

Bought some Shiba Tokens back on the 17/6/22. Up 48% return on investment this morning, like always I wish I bought more.

Not a bad interest rate over a months.

Love how people call it a sh!t coin, all about timing, patience, research and a bit of luck.

To put this in perspective how many Shiba did you buy and at what price.

It may sound grand but when you consider that Bitcoin is currently at A$33,698.22 but Shiba is A$0.0000174

[zilo]

Elon Musk doesn't love Bitcoin anymore.

[XB GS 351 Coupe]

Originally Posted by zilo

Elon Musk doesn't love Bitcoin anymore.

Not about love, it's about making money.

He likely made millions (billions?) selling off SOME of his Bitcoin, Bitcoin will be lucky to double in the next 1 to 2 years in the current market (only guessing, but hard to make substantial gains with bitcoin at this stage), while other crypto will (might?) double in the next months or two, like Shiba for example that jumped 50% in the past 4 weeks and might 10X or 50X or 100X in the next year or two, it might not, but you can pretty much guarantee that Bitcoin won't.

He is probably one of the smartest people out there (love him or the him) wish I knew what he put his bitcoin money into, I would probably put a few $$ there as well.

[zilo]

Originally Posted by XB GS 351 Coupe

Not about love, it's about making money.

At the expense of other/new entrant suckers.

Originally Posted by XB GS 351 Coupe

He likely made millions (billions?) selling off SOME of his Bitcoin,

That's not what is being reported unless you are spruiking crypto.

Originally Posted by XB GS 351 Coupe

He is probably one of the smartest people out there (love him or the him) wish I knew what he put his bitcoin money into, I would probably put a few $$ there as well.

Starlink, Tesla cars and Spacex ...would have thought it was obvious.
actually doing stuff/making stuff instead of trying to get a free ride.

[XB GS 351 Coupe]

Originally Posted by zilo

At the expense of other/new entrant suckers.

Everyone makes money at the expense of others, that's how money works, for someone to have more money someone else has to have less money. Unless you do what our Government does and just print more as needed.

Originally Posted by zilo

That's not what is being reported unless you are spruiking crypto.

Not sure what is reported where, fact remain he sold some of his Bitcoin for a sum around the Billion $ mark and he still kept about US$ 250 million in Bitcoin for his personal investment. Give or take a few $$ on these figures as that is only what was made public.

Originally Posted by zilo

Starlink, Tesla cars and Spacex ...would have thought it was obvious.
actually doing stuff/making stuff instead of trying to get a free ride.

I doubt that he put a Billion $$ of his own personal wealth into the companies that are paying him money. Seems counter intuitive. He is drawing a wage from those companies not investing his personal wealth into them.

[zilo]

Originally Posted by XB GS 351 Coupe

I doubt he put a Billion $$ of his own personal wealth into the companies that are paying him money. Seems counter intuitive. He is drawing a wage from those companies not investing his personal wealth into them.

That is just wild guesswork.

I know one fact though (since we are on a car forum)...

He does not drive a Ford (couldn't find one fast enough).....

[fordomatic]

Oh Zilo, you are forever the positive human on FF. I'd take you out for a drink if you lived in Canberra, but i'd pay in BTC of course.

[zilo]

Originally Posted by fordomatic

Oh Zilo, you are forever the positive human on FF. I'd take you out for a drink if you lived in Canberra, but i'd pay in BTC of course.

LOL....I don't get to Canberra much but will take you up on it when there next...

[Charliewool]

Watched this yesterday….
https://en.m.wikipedia.org/wiki/Trus...he_Crypto_King
How peoples greed can make them SO gullible!

[aussiblue]

I don't think he's wrong:

‘Not my job to be a crypto cheerleader’: ASIC boss warns on risky, volatile cryptocurrency investments

By Simone Fox Koob
August 23, 2022 — 4.00pm

The head of the corporate watchdog says his job is to protect consumers and not be a “crypto cheerleader” as he warns against investing in what he describes as highly volatile, inherently risky assets such as bitcoin.

A day after the federal government announced it would increase its regulatory focus on cryptocurrencies, Australian Securities and Investments Commission chair Joseph Longo said one of the regulator’s key priorities was to warn consumers about the risks involved with the crypto investment space.
ASIC chair Joseph Longo said cryptocurrency had captured the imagination particularly of young people.

ASIC chair Joseph Longo said cryptocurrency had captured the imagination particularly of young people.Credit:Tash Sorensen

“My job is to be frank with the Australian people,” he said. Cryptocurrency investment “is a highly risky and highly volatile activity and you should be really careful before you do it”, he told a Committee for Economic Development of Australia lunch in Melbourne on Tuesday. “Regulation is coming, and that will help.”

“It’s not my job to be a crypto cheerleader; my job is to protect consumers and administer the law,” Longo said. He noted there were lawful and beneficial uses of blockchain technology, but those should not be confused with bitcoin and other cryptocurrency investments.

ASIC research found that 44 per cent of investors they surveyed held cryptocurrencies. A quarter of participants said crypto was their only investment.

Longo said crypto had been a “financial innovation full of promise, celebrity status and volatility” which had skyrocketed in popularity with younger people due to promises of high returns and slick advertising. In recent months, he said, the value of crypto assets had dropped by about $US2 trillion ($2.9 trillion).

“I think crypto has captured the imagination, particularly for the younger generation who see crypto in almost ideological terms as a method of investing that’s away from authority and government control, and they see that as an attraction.”

On Monday, the federal government announced Australia would become the first country to chart the number, type and underlying code of available cryptocurrencies. It will “token map” the Australian crypto asset sector as a first step towards fresh regulation in the area, which the tax office estimates more than one million people have “interacted” with since 2018.

The industry has been calling on the government to introduce legislation to reduce the risk for investors and turn crypto into an established, safer asset class. The former Liberal government developed draft reforms last year which regulators and Treasury are assessing and implementing.

Longo said it would be very hard to regulate cryptocurrency due to its complexity.
Related Article
Australia will undertake the world’s first “token mapping” of the crypto sector, ahead of possible regulatory reforms of cryptocurrencies like Bitcoin and Dogecoin.
Cryptocurrencies
How Australia plans to protect crypto investors from themselves

“I think we are a long way from having global consensus on what to do about crypto,” he said.

“We will have to design a framework that suits us, that works within our existing legal and regulatory arrangements.”

Longo’s comments came as ASIC outlined its priorities for the medium term. These include work around cryptocurrency, cracking down on scams, and grappling with issues around greenwashing and sustainable finance.

Longo said while ASIC aimed to disrupt scammers’ operations, it “feels like a game of cat and mouse to pursue scammers and try to get ahead of the increasingly sophisticated techniques they use”.

“They’ll always be with us. We’re always going to have fraud in our society, and awful people doing terrible things. What’s changed, I think, is what we call digitally enabled fraud,” he said.

“The technology has turbocharged this activity and it’s crossed borders now.”

There was no one solution, he said.

“It’s like a form of pollution. There’s no easy answer to it.”

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.

[ford71V8]

Netflix has a doco about Gerald Cotten which was a decent watch.

Its called Trust No One: The Hunt for the Crypto King.

[hayseed]

With Crypto Currency been a hot news item Lately.. !!

Just curious on Peoples views..??

[zilo]

Originally Posted by hayseed

With Crypto Currency been a hot news item Lately.. !!

Just curious on Peoples views..??

sure..it is a Ponzi pyramid scheme...and it's toppling...

[XB GS 351 Coupe]

Originally Posted by hayseed

With Crypto Currency been a hot news item Lately.. !!

Just curious on Peoples views..??

Have not noticed it in the news.

My personal view is hold on to your coins and keep buying small amounts weekly. Crypto is currently on sale, you can get Solana for under A$20 at the moment. It will be up to $100-300 before too long once the market picks up again. Been buying some every week.

Most people make the mistake of buying when everything is running hot and selling when not, great way to lose your $$

Buy when cheap sell when high.

[zilo]

Originally Posted by XB GS 351 Coupe

Have not noticed it in the news.

Oh wow...just WOW...

[Citroënbender]

Twelve month return on Bitcoin remains quite good, stronger than gold.

[b0son]

Originally Posted by Citroënbender

Twelve month return on Bitcoin remains quite good, stronger than gold.

The 18mth return is a different story. Bitcoin looks either good or bad depending on what your preferred arbitrary timeframe is.

[CyberWasp]

I still don't think the bottom is in yet, so still waiting on the side line.
When the bear market started it was said that many would crash and burn and only the best will survive. That is what we are seeing at the moment.

[data_mine]

expect (much) more once the US SEC approves spot ETFs.

[data_mine]

US SEC just approved Bitcoin ETFs

so that's why.