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What if I gave you a soon to be worthless unit of crypto currency that no one will accept as payment? Surely that would change your mind.
Cryptocurrency - a few tips from an old hand
- Thread starter Nik123
- Start date
What if I gave you a soon to be worthless unit of crypto currency that no one will accept as payment? Surely that would change your mind.
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Lol this is getting really really boring, and predictable. Every time there is a market downturn, the doom zombies come crawling out of the woodwork with the exact same argument ('errrr...prices down....you fraud....hurrr'').
Every time the market is up, they disappear. Shame on me for entertaining it, but hey - the simple, basic mindless argument is too tempting to take apart.
I'm going to check out and check back in during the predictable market upswing next year - and see how many of the naysaying retards are still around.
Here's something to chew on to tickle your funny bone.
The doom zombie argument: ''Prices down...you bad....grrr...''
View supported by: a couple of sherdog mouth breathers
My argument: Don't get your panties wet, this is the birth of a new institutional asset class, and long term has more potential than any investment on the planet. Wait and watch it play out long term (which is more than a few months), before getting really excited and hitting your keyboards.
View supported by:
- Morgan Stanley,
- Fidelity
- Yale University
- Bloomberg
- Multiple hedge funds
- Bill Gates, Richard Branson, Mike Novogratz
- Major Swiss stock exchanges
- ICE (owner of New York Stock Exchange)
Take care gents, speak soon x
Every time the market is up, they disappear. Shame on me for entertaining it, but hey - the simple, basic mindless argument is too tempting to take apart.
I'm going to check out and check back in during the predictable market upswing next year - and see how many of the naysaying retards are still around.
Here's something to chew on to tickle your funny bone.
The doom zombie argument: ''Prices down...you bad....grrr...''
View supported by: a couple of sherdog mouth breathers
My argument: Don't get your panties wet, this is the birth of a new institutional asset class, and long term has more potential than any investment on the planet. Wait and watch it play out long term (which is more than a few months), before getting really excited and hitting your keyboards.
View supported by:
- Morgan Stanley,
- Fidelity
- Yale University
- Bloomberg
- Multiple hedge funds
- Bill Gates, Richard Branson, Mike Novogratz
- Major Swiss stock exchanges
- ICE (owner of New York Stock Exchange)
Take care gents, speak soon x
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Don’t stress - I’ll buy you a new trailer on the market upswing. And few video tapes while I’m at it.
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Don’t bother, trailers lose 80% of their value after 5 years. Ironically, they are still a statistically better investment than crypto.
But I’ll take the tapes as long as they’re porn.
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This is incorrect. The USD is backed by OPEC petro, has been for nearly half a century
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Every source I have cross-checked to date backs my stance. USD is backed by no commodity or asset except government endorsement. The government itself simply prints money, backed by debt.
But I have an open mind. If you have a legitimate source clearly outlining the OPEC petro point, share it with me - I am happy to expand my horizons.
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When I get to my laptop I’ll link you. In the meantime you might be able to find some sources by googling Nixon petrodollar
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Ok here's a vid and some links:
Timestamped
https://en.wikipedia.org/wiki/Petrocurrency
1970 to 2000[edit]
President Nixon cancelled the fixed-rate convertibility of US dollars to gold in 1971. In the absence of fixed value convertibility to gold, compared to other currencies, the US dollar subsequently deteriorated in value for several years, making fixed USD to local currency exchange rates unsustainable for most countries.[12]
Since the agreements[13] of 1971 and 1973, OPEC oil is generally quoted in US dollars, sometimes referred to as petrodollars.
https://en.wikipedia.org/wiki/Petrodollar_warfarePresident Nixon cancelled the fixed-rate convertibility of US dollars to gold in 1971. In the absence of fixed value convertibility to gold, compared to other currencies, the US dollar subsequently deteriorated in value for several years, making fixed USD to local currency exchange rates unsustainable for most countries.[12]
Since the agreements[13] of 1971 and 1973, OPEC oil is generally quoted in US dollars, sometimes referred to as petrodollars.
The United States dollar remains de facto world currency.[1] Accordingly, almost all oil sales throughout the world are denominated in United States dollars (USD).[2] Because most countries rely on oil imports, they are forced to maintain large stockpiles of dollars in order to continue imports. This creates a consistent demand for USDs and ostensibly supports the USD's value, regardless of economic conditions in the United States.
https://www.investopedia.com/articles/forex/072915/how-petrodollars-affect-us-dollar.asp
History of the Petrodollar
Faced with mounting inflation, debt from the Vietnam War, extravagant domestic spending habits and a persistent balance of payments deficit, the Nixon administration decided to suddenly (and shockingly) end the convertibility of U.S. dollars into gold. In the wake of this “Nixon Shock,” the world saw the end of the gold era and a free fall of the U.S. dollar amidst soaring inflation. According to, Dr. Bessma Moomani in the article, " GCC Oil Exporters and the Future of the Dollar," through a series of carefully crafted bilateral agreements with Saudi Arabia beginning in 1974, the U.S. was able to promote bilateral political and commercial relations, market imported U.S. goods and services, and help recycle Saudi petrodollars (more on this later).
Through this framework of economic cooperation and, more importantly, petrodollar recycling, the U.S. managed to influence Saudi Arabia to persuade the other members of Organization of the Petroleum Exporting Countries (OPEC) to standardize the sale of oil in dollars. In return for invoicing oil in dollar denominations, Saudi Arabia and other Arab states secured U.S. influence in the Israeli-Palestinian conflict along with U.S. military assistance during an increasingly worrisome political climate that saw the Soviet invasion of Afghanistan, the fall of the Iranian Shah and the Iran-Iraq War. Out of this mutually beneficial agreement, the petrodollar system was born.
Benefits of the Petrodollar System
Since the most sought-after commodity in the world - oil - is priced in U.S. dollars, the petrodollar helped elevated the greenback as the world's dominant currency. In fact, according to the Bank for International Settlements (BIS) triennial survey, 88% of all foreign exchanges deals initiated in April 2016, involved the USD on one side [1]. With this status, the U.S. dollar enjoys what some have asserted to be an "exorbitant privilege" of perpetually financing its current account deficit by issuing dollar denominated assets at very low rates of interest as well as becoming a global economic hegemony.
Faced with mounting inflation, debt from the Vietnam War, extravagant domestic spending habits and a persistent balance of payments deficit, the Nixon administration decided to suddenly (and shockingly) end the convertibility of U.S. dollars into gold. In the wake of this “Nixon Shock,” the world saw the end of the gold era and a free fall of the U.S. dollar amidst soaring inflation. According to, Dr. Bessma Moomani in the article, " GCC Oil Exporters and the Future of the Dollar," through a series of carefully crafted bilateral agreements with Saudi Arabia beginning in 1974, the U.S. was able to promote bilateral political and commercial relations, market imported U.S. goods and services, and help recycle Saudi petrodollars (more on this later).
Through this framework of economic cooperation and, more importantly, petrodollar recycling, the U.S. managed to influence Saudi Arabia to persuade the other members of Organization of the Petroleum Exporting Countries (OPEC) to standardize the sale of oil in dollars. In return for invoicing oil in dollar denominations, Saudi Arabia and other Arab states secured U.S. influence in the Israeli-Palestinian conflict along with U.S. military assistance during an increasingly worrisome political climate that saw the Soviet invasion of Afghanistan, the fall of the Iranian Shah and the Iran-Iraq War. Out of this mutually beneficial agreement, the petrodollar system was born.
Benefits of the Petrodollar System
Since the most sought-after commodity in the world - oil - is priced in U.S. dollars, the petrodollar helped elevated the greenback as the world's dominant currency. In fact, according to the Bank for International Settlements (BIS) triennial survey, 88% of all foreign exchanges deals initiated in April 2016, involved the USD on one side [1]. With this status, the U.S. dollar enjoys what some have asserted to be an "exorbitant privilege" of perpetually financing its current account deficit by issuing dollar denominated assets at very low rates of interest as well as becoming a global economic hegemony.
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Bitcoin killing it today
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So in your mind, money backed by the world' most powerful governments, which are bolstered by the world's most power armies and corporations is going to fail.
But money "mined" by guessing the answer to a random question will thrive, despite depending solely the compliance of the very governments, armies and corporations that keep the internet working? LOL
Kid, they can render bitcoin worthless overnight ANY TIME they want. How you say? Well, let's go with a random idea:
Ya know how people who run marijuana dispenaries get their accounts seized everyday by banks that decide on a whim that they can't actively deposit money earned from something banned by the federal government? What if a couple of lobbyists petitioned the government to do the same thing with bitcoin? Simply go to every bank and investment house and say "if you take deposits of bitcoins, exchange bitcoins for cash, offer an exchange rate of bitcoin to cash, or knowingly deposit money that was converted from bitcoin from another course we will fine $10,000 per transaction". Guess what happens? Bitcoin dies.
This "thing" were bitcoin advocates keep saying that cryptocurency can't be "stopped" are obviously unfamiliar with a popular government tactic called "seizure". Scenario Two: It's where the government takes your servers, your laptops, your data keys, your office chair and your house and waits around for 5 years before they respond to your court filings. This would cause a massive run on companies holding bitcoins, just like a traditional bank run. Do this everyday for 2 years and the average investor will want out. And he'll never come back, knowing any government can do it any day without breaking a sweat. It would be incredibly easy to categorize cryptocurrency as money laundering or a ponzi scheme. They are letting it ride because people are throwing money at it, which is for the time being, good for corporation interests.
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Killing @Nik123 you mean?
All his picks are down at least 95% since he posted this hype train, and now he's trying to convince more suckers to join in the scam.
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This quoted post was from 5 months ago when @Nik123 said "big players" are coming in, same shit he is spewing today.
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Thanks for taking the time to craft a...bluntly put.... non-retarded response. Interesting reading mate, thanks - and a relief to engage someone with a seemingly higher IQ than a farm vegetable (I mean that sincerely).
Here's the thing though - and I quote - ''Petrodollars are the primary source of government revenue in many Middle Eastern countries that are net exporters of oil. Simply put, petrodollars are oil revenues denominated in U.S. dollars. Because petrodollars are denominated in U.S. dollars, the true purchasing powering of them are reliant on both the core rate of U.S. inflation and the value of the U.S. dollar.''
So what these sources state is - the petrodollar is what denominates OPEC oil revenue, and is in itself reliant on the value of the US dollar.
So the US dollar is not simply backed by OPEC oil, it is the other way around. Since the removal of gold backing in 1971, the only thing backing the US dollar is the government and collective trust.
https://www.investopedia.com/terms/p/petrodollars.asp
Furthermore, being the denomination currency for OPEC oil actually introduces serious liquidity and systemic risks for the US dollar as a currency going forward because of the forced reserve requirement deficits the US is obligated to run -
'..if the persistent deficits continue ad infinitum, eventually, foreign countries will begin to doubt the valuation of the dollar, and the greenback may lose its role as the reserve currency. This is known as the Triffin Dilemma.'
Read more: How Petrodollars Affect The U.S. Dollar | Investopedia https://www.investopedia.com/articl...trodollars-affect-us-dollar.asp#ixzz5XONbpBSj
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So in your mind, money backed by the world' most powerful governments, which are bolstered by the world's most power armies and corporations is going to fail.
But money "mined" by guessing the answer to a random question will thrive, despite depending solely the compliance of the very governments, armies and corporations that keep the internet working? LOL
Kid, they can render bitcoin worthless overnight ANY TIME they want. How you say? Well, let's go with a random idea:
Ya know how people who run marijuana dispenaries get their accounts seized everyday by banks that decide on a whim that they can't actively deposit money earned from something banned by the federal government? What if a couple of lobbyists petitioned the government to do the same thing with bitcoin? Simply go to every bank and investment house and say "if you take deposits of bitcoins, exchange bitcoins for cash, offer an exchange rate of bitcoin to cash, or knowingly deposit money that was converted from bitcoin from another course we will fine $10,000 per transaction". Guess what happens? Bitcoin dies.
This "thing" were bitcoin advocates keep saying that cryptocurency can't be "stopped" are obviously unfamiliar with a popular government tactic called "seizure". Scenario Two: It's where the government takes your servers, your laptops, your data keys, your office chair and your house and waits around for 5 years before they respond to your court filings. This would cause a massive run on companies holding bitcoins, just like a traditional bank run. Do this everyday for 2 years and the average investor will want out. And he'll never come back, knowing any government can do it any day without breaking a sweat. It would be incredibly easy to categorize cryptocurrency as money laundering or a ponzi scheme. They are letting it ride because people are throwing money at it, which is for the time being, good for corporation interests.
One of my friends recently bought at 8200 Canadian up here. He smugly talked down to me for weeks saying to me "What, are you not an investor"
It's now at 5700 Canadian. I tried explaining to him several times about how Crypto is not some sound investment idea and he laughed at me.
It's pure gambling.
