It also stinks of being a liquidity trap which really helps TPTB suppress Gold..funny that ? What's the old adage see what they do not what they say....what do CB's hoard ? Not BTC...not Copper....not even Silver......GOLD
Plus the manipulation and collusion amongst the whales all fine in the wild west of something completely unregulated. ALl the old scams going back a hundred years legislated out of existence have found a new home....particulary the whales pump and dumps...it used to be called painting the tape
I understand it very well better than most crypto fanatics and that's what riles them :) What is even more curious a lot of crypto fanatics have little to no understanding of financial markets...we are talking diddly squat...so they don;t really understand crypto and they don;t undertand the universe it exists in. Yes many have done well by sheer speculation and timing and the lesson I learned is just because something stinks if others don;t notice the smell and see gains in it you should seriously look to join the party when it starts. Like most ponzi schemes it can be worth a punt.
As I have said before BTC is an utter failure at what it set out to be so like most rogues it reinvented itself. It's not a peer to peer currency it touted itself as, it's a vehicle of speculation nothing more...it;s the Emperors new rags reimagined.....it can only climb higher via the dumb schmucks getting on board as a ludicrous valuation.....while the BTC early crowd cry from their palaces like Marie Antoinette...can;t afford BTC...let them have Satoshi's....
Happy to ignore if hodlers stop banging the drum but they don't because they want the ponzi to carry on ponzi'ing so like all ponzi schemes you need new entrants to replace those exiting and even more entrants to raise the bar. That's why I can't resist pointing out the boat has more holes in it than a swiss cheese !
To be fair to crypto the dollar isn't backed by anything either since 1971. And neither are the other fiats but i single out the dollar as it had a commitment(Bretton Woods Agreement) to be backed by gold which it reneged on...(have the yanks ever kept their end of a bargain ?) So it's backed basically by a complex network of shady agreements to keep it the reserve currency backed by military force) It's basically worse than many other fiat currencies which operate on trust.
BTC touted as a utility peer to peer currency was as successful as a cheap firework with a bucket of water thrown over it ! Immediately the BTC ravers screamed "it's a store of value" some muppet mispelled hold and hodl was born. Add the mysterious unidentified origins aka the mysterious Satoshi next add the vast majority of BTC is held by mega rich whales most BTC is owned by less than a thousand whales and of those the largest percentage is probablywith circa 200 Whales. Sound like a viable future hard money currency to you ? Sound like a universal peer to peer currency to you ?
Kogg as someone else pointed out Staley ignored the Whistlebowers points and threw the kitchen sink at finding the whistleblower , does that sound like someone who is going to have a reasonable conversation or out to destroy someone ? Seems like a fox walking back towards the hounds to have a conversation with the Huntmaster of the merits of fox hunting.....
I've been pondering Barclays a lot of late. Something jumps out at me and has for some time. Of all my credit cards it's the only one with no balance transfer offers and I am squeaky clean. I hear a lot people have had their limits reduced which hasn;t happened to me as yet. I've been thinking they are really battening down the hatches on risk which may well be very sensible or there is a reason they seem to be acting differently. Banks make money out of this kind of thing and they used to do all kinds of deals now nada.... Prudence or something else ?
I had a wry chuckle of late at the emergence and seeming approval of BTC ETF's which apparently like Gold ETF's will have no link to the underlaying (in BTC case) so called asset. Something that doesn;t exist not linked to something else that actually doesn;t exist.....It's like a double Ponzi
Is that the same Crimea that had the west not meddled in Ukrainian politics would still be part of Ukraine ? TPTB are oft so stupid and ill informed they have probably never heard of the law of unintended consequence let alone stand any chance of predicting the more obvious consequences of their meddling ! This is how all conflicts have happened throughout history **** for brains up the top and buy do we ever have some **** for brains in these times. Of course in the past when they started regional or global conflicts out goes the rallying cry to the masses to come go die for them while they stay warm in their bastions of power. Just like certain politicians in the US saying "we need to go back into Afghanistan" as Blackadder would say "We "We" ? because you sure know as Captain Edmund Blackadder would it won't be those mover and shakers in political circles going anywhere near the place ! Th'at's what other peoples children are for in their narcissitic heads...
The people in Crimea seem quite happy how it's all panned out by all accounts
Some Charlie on one PM board I can't remember which was blabbering about he was sure Gold was going to hit 2000 inside the next FIVE YEARS ! Obviously said Charlie was oblivious it was above that a year past and could easily hit 2000 in the NEXT FIVE WEEKS ...in Five years it could be 5000....
On the subject of govt and tax ...Reminds me of the brush off Johnson got from Bezos trying to get him to play ball on tax due to Amazon smoke and mirrors and routing everything through Luxembourg i Believe.......If that was me I'd use all the powers of the law to literally make an example of Amazon and literally shut them down.....I use Amazon for just about everything and I would applaud making that bald headed Blofeld lookalike pay or just get out of the UK. I doubt I am not alone...it's not like they actually make stuff I want I can source elsewhere and so can everyone else !
HOC had been hovering around 3.20 mark just over year ago when CEY slumped from north of 200/220 at that time to below a quid now. The bet is which one (if either) will retrace to it's OTH, my bet is HOC. But I'd be interested in others such as Sotolo thoughts ?