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Old 05-14-2020, 08:41 AM   #621
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Facebook is the wrong company to do a centralized cryptocurrency, I could see PayPal pulling it off maybe a central bank from a country like Canada or New Zealand, I could also see the EU pulling it off.

More then likely if it did happen, it's be a new player though.



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Old 05-14-2020, 08:53 AM   #622
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Facebook is the wrong company for anything I agree, but they had some major, legitimate players backing them - until Facebook did what Facebook does.

I'm a little surprised myself that no nation's central bank has tried creating a digital version of their currency, but doing so flies in the face of one of the central beliefs of the proponents of cryptocurrencies: a rabid distrust of central banks and regulated currencies.
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Old 05-14-2020, 09:06 AM   #623
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I believe some are looking at it, Canada and the UK both were looking at creating one (independently). I believe Canada started, who knows where that project is at though.

There would also have to be some sort of ageing of the data in whatever is accepted, the blockchain needs to truncate at some point. Major corporations aren't going to accept any currency that keeps a transaction record forever. As a VP of one of the major FinServs said to me a few years ago "I don't want any data I don't need, and the second I am not required to have the data that I need, I want it gone."

As for those who distrust central banks, well, they will never be happy with any currency that can get true global adoption. Even Bitcoin, for the most part, has lost them to coins that try and obfuscate the transactions.
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Old 06-11-2020, 03:36 PM   #624
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https://www.cbc.ca/news/business/osc...tten-1.5607990

The Quadriga cryptocurrency exchange that saw millions of dollars disappear just as its founder died was a "fraud" and Ponzi scheme, according to the Ontario Securities Commission.

The regulator said Thursday that Vancouver-based Quadriga's late founder Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with unsuspecting clients.

The OSC spent 10 months analyzing trading and blockchain data, interviewing key witnesses, collaborating with overseas regulatory bodies and using third-party and bank information to reconstruct what was going on at Quadriga in the months leading up to 30-year-old Cotten's death.

On Thursday, the OSC attributed about $115 million of the $169 million clients lost to Cotten's "fraudulent" trading.

Another $28 million was lost when Cotten used client assets on three external crypto asset trading platforms without authorization or disclosure.

The OSC said he also misappropriated millions in client assets to fund his "lavish" lifestyle and because he was in sole control of the company ever since 2016, he "ran the business as he saw fit, with no proper system of internal oversight or controls or proper books and records."

By the time the OSC started investigating, over 76,000 clients — about 40 per cent of them Ontarians — were owed a combined $215 million.

"OSC Staff would likely have pursued an enforcement action against Cotten and Quadriga," the agency wrote in its report.

"However, this is not practical given that Cotten is deceased and Quadriga is bankrupt, with its assets subject to a court-supervised distribution process."
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Old 10-31-2020, 02:57 AM   #625
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So BTC passed $18,000 Canadian today
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Old 11-02-2020, 12:20 PM   #626
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Is that the all time high?
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Old 11-02-2020, 12:26 PM   #627
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Is that the all time high?
No, It's been floating around 13k USD for the past few months. So about 7k off still from the 20k highs.

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Old 11-02-2020, 12:26 PM   #628
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$19,783 USD was the all time high...so BTC was over 20k Canadian. All time highs are coming though IMO
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Old 11-02-2020, 01:31 PM   #629
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It is just a matter of time until banks start buying it up if they already aren't.
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Old 11-05-2020, 02:06 PM   #630
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Up to $19,700 CDN today.
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Old 11-30-2020, 10:09 AM   #631
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Bitcoin reached a new all-time high today.

Where to from here?
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Old 11-30-2020, 10:52 AM   #632
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I was talking about it with a friend a number of years ago when it was around 20$. I was saying we missed out buying when it was cheap and no point now. Obviously a very poor decision on my part.

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Old 11-30-2020, 11:34 AM   #633
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Hah, well I'm sure plenty of us have many similar regrets on that front. Can't change the past now, the only thing we can control is what we do today.
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Old 11-30-2020, 12:42 PM   #634
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Hah, well I'm sure plenty of us have many similar regrets on that front. Can't change the past now, the only thing we can control is what we do today.
Yeah I ended up investing a bit a few years ago and had around 1.2 bitcoin which I diversified into alt coins and turned it into about .25 of a bitcoin when all was said and done. lol Just keeping my Bitcoin now and staying out of everything else. Hopefully she continues to go up

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Old 11-30-2020, 09:18 PM   #635
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Current Bitcoin Price
25,446.76 CAD

Remember when I told you all to buy because it would be over 20k by the end of the year and was mocked by many...something about Pepperidge farm. Page 29 is an especially good read

countin' these rocks bitch!
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Old 11-30-2020, 09:46 PM   #636
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Current Bitcoin Price
25,446.76 CAD

Remember when I told you all to buy and was mocked by many...something about Pepperidge farm
Remember when I said I'd be interested when you could actually buy goods with Bitcoin, and you said it was coming soon? How is that working out?

The difference between this and something like, say, Tesla stock, is that Tesla actually makes electric cars that people buy,, or to put it differently, there's not just theoretical value propping up that stock. Bitcoin could go to a billion dollars and it would still be based on nothing but a collective decision to attribute value to it, and unlike, say, gold, it has no intrinsically unique properties that make it more desirable than other scarce stores of value, so its long-term viability is still unlikely.

Maybe the collective decision will hold for years yet. When one of the crypto whales decides to dump all his holdings and take cash, or quantum decryption entirely exposes blockchains to compromise, or someone invents a new and shinier store of digital value that can actually be used in commerce, then the bubble will burst. All bubbles make money for those who get in while it is expanding and out before it pops. Yay you, I suppose, buy your Caribbean island while you can.
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Old 11-30-2020, 11:22 PM   #637
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Pizza Hut started accepting Bitcoin payment in Venezuela today!

Small example , but you can buy goods with Bitcoin. And with companies like PayPal getting into the game and Coinbase issuing a mastercard backed prepaid card you can buy anything you want now .

No different then holding any foreign currency really. You can argue it’s a foreign currency you don’t want to hold , but don’t argue “you can’t buy stuff with it”
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Old 11-30-2020, 11:46 PM   #638
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Small example , but you can buy goods with Bitcoin. And with companies like PayPal getting into the game and Coinbase issuing a mastercard backed prepaid card you can buy anything you want now .
That's actually interesting, and an ingenious way around the difficulty of using bitcoin directly to pay for goods. However, that card is available only in the EU, and I'd give it time first to see how successful it is as a business model before assuming it is going to work. If it does catch on, I'll rethink my stance on viability as a currency, although that still doesn't address bitcoin's deflationary nature and is more like a way of making crypto usable, not necessarily bitcoin in particular.

As far as paying for pizza in Venezuala... check out the map of crypto adoption in this article: https://www.coindesk.com/bitcoin-ado...zuela-research. That it becomes situationally viable when your country is a sharthole economically is not really an endorsement, I'm sure a lot of barter goes on there as well but that doesn't mean barter is superior to fiat currency as a concept to base an economy upon.
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Old 12-01-2020, 01:30 AM   #639
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Isn’t the whole viability of a crypto currency as a hold of value against other currencies ?

I think Venezuela is a perfect example of the use of a crypto currency. A country experience hyper Inflation and an alternative store of value for people who don’t want to or can’t use the USD
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Old 12-01-2020, 02:53 AM   #640
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Quote:
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Pizza Hut started accepting Bitcoin payment in Venezuela today!

Small example , but you can buy goods with Bitcoin. And with companies like PayPal getting into the game and Coinbase issuing a mastercard backed prepaid card you can buy anything you want now .

No different then holding any foreign currency really. You can argue it’s a foreign currency you don’t want to hold , but don’t argue “you can’t buy stuff with it”
I can see it now

'how much is a large pepperoni and mushroom?'

'how are you paying sir?'

'I thought I would avail myself of your new bitcoin option'

'well let me check, the price is 1/2000th of a coin, no wait sorry that's 3/100th's no wait its gone back up again now its 1/3000th, hold on its dropping again'


I know that's what I look for in a currency, wild massive swings of 10 to 25% for no appreciable reason and one unit of currency potentially worth tens of thousands of dollars that have to be divided up to buy a pizza

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