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Ray Dalio Has a Dire Warning | Bitcoin Will Be Illegal
DerekJohnson
Administrator, Swaye's Wigwam Posts: 62,466 
DerekJohnson
Administrator, Swaye's Wigwam Posts: 62,466
https://www.youtube.com/watch?v=zjbIN3ShNZk
Comments
If free enterprise and liberty win, it won't be illegal.
TTTTT.
Not gonna end well.
TTTTT
Now, we’ve been talking in the club about what might set up the next financial crash - if digital currencies get too big, would they be the match that lights the fuse?
Having de facto, unregulated currencies seems...risky.
Again, I need to read up on it more. I just always heard alarm bells in my head from the moment Bitcoin was introduced, but I don’t know if that’s because I’m an ignorant Luddite or there’s something truly amiss.
Turns out it is illegal in many countries:
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
https://en.wikipedia.org/wiki/Virtual_currency_law_in_the_United_States
...but how the hell do they enforce this shit? Aren’t these some of the same agencies that are now having to cleanup that GameStop/Robin Hood mess? (Facepalm)
I’m going to bed. My brain hurts.
My take is a little different. The Throbber does not see the GME/Robin Hood thing as a mess at all. Quite the contrary.
What it is is a democratization of the con Wall Street has played for years. Envision the old Looney Tune where the fox and the sheepdog check in to work and then punch out at the end of the day. That’s Wall Street pretending to ‘do battle’ then all those fucks adjourn to the bar and cackle at what happened during the day while getting caught up on the latest gossip for the next day.
With the advent of the internet, that privileged info became public so the Wall Street game riggers had to come up with new ways to extract money from the investing public - thus high speed trading where they are Office Space-ing themselves to riches with fractions of cents on volume.
The Reddit bros are the next cycle in the democratization of capitalism. And the Wall Street guys are freaking out that their con is up. If anything the mess is that platforms like Robin Hood or eTrade or whoever are still controlled by the banksters. If there’s any justice in the world, the SEC or Congress will establish a truly agnostic trading platform that gives no fucks and acts in a first come/first serve manner. That’s where Robin Hood fell flat - it bowed to its overlords instead of performing as advertised.
GME was just the practice round. Wait until the Reddit Bros turn their sights on something like silver (rumored but possibly a head fake) or gold. And when they do, they’ll be prepared to counterattack whatever lessons they learned from GME. The bros have figured out the trading game is just an advanced version of the Sims. They'll be back.
For now Biden has his own guys in there at the SEC - they'll protect the status quo, their donors and the central bank. The Reddit bros will crack the code and then it's game on again.
Not sure how crypto plays in all that other than if and when it becomes a widely accepted means of exchange, the bros/companies will shift off the established markets and into a more wide open/truly capitalistic platform. The trick is going to be who controls the information related to the crypto. If it's the gubmint/status quo, the game will still be rigged. If it's the true free hand of capitalism, then maybe we've got a shot at meaningful distribution of wealth among the masses.
Anyways, everybody bit but me, at a time when I still had my libertarian card from my days in the UW Philo dep't., and this other guy, who like in his 40s and had gone back to LS late in life. The chief justice just loses his shit and is all like, "when i was your age, everybody would have blown a fuse at the idea of the government putting cameras anywhere, ..." This is like that. On the one hand, what's the real difference if it's a cop or a camera recording you running the light? And if it saves just one life ....
Here, digital currency unquestionably makes fraud and money laundering harder. On the other hand, I was the ability to roll the dice and slide one by the government even though I'll never do it. And I'm bothered by the gov. knowing how I spend my money ... how much and where? How am I supposed to cheat on my taxes????!!!!
I do think one thing: I have no glorious theory to justify this, but if we are a country, and even the loosest sense of that term, then an agreed upon currency is important and I don't see the upside of creating other "Official" currencies.
If we? all want to agree that Crypto is simply an electronic means of bartering, then sure. I have no issue with barter or in-kind exchange for goods and services. But if there is to be an "official" currency, call me old school, there should be US Fed symbolism and imprimatur on it. The Fed should not have many jobs, but money is one of them.
@RaceBannon
@MikeSeaver
Again, we have an ocean of material to nip about on Biden. This isn't where I'd start.