Trouble Looming for Bitcoin, FTX, ethereum and monero? 'We are about to see massive disruptions': IMF chief . Is Digi Money a Scam or Here to Stay?

POSTED BY: JAYNEZTOWN
UPDATED: Tuesday, December 9, 2025 15:18
VIEWED: 9872
PAGE 1 of 7

JAYNEZTOWN

Wednesday, October 18, 2017 2:34 AM

'We are about to see massive disruptions': IMF
https://www.cnbc.com/2017/10/13/bitcoin-get-serious-about-digital-curr
ency-imf-christine-lagarde-says.html
on digital currency future


EDIT update

Crypto in The Bahamas and across the world from a young Ponzi Bernie Madoff protege?



imgbb.com/

Bankman-Fried, along with other industry executives, testified before the Committee on Financial Services in relation to regulating the cryptocurrency industry.

FTX token vs Dogecoin comparison
https://www.bittsanalytics.com/which-is-better-FTX%20token-vs-Dogecoin
-comparison-FTT/DOGE

For The Win (FTX) vs Monero (XMR)
https://cryptorival.com/coins/forthewin-vs-monero/

FTX token vs Dogecoin comparison
https://www.bittsanalytics.com/which-is-better-FTX%20token-vs-Dogecoin
-comparison-FTT/DOGE

NOTIFY: N  | REPLY  | REPLY WITH QUOTE  | PERMALINK  | TOP  | HOME

SIGNYM

Thursday, October 19, 2017 7:30 AM

There's the "blockchain technology" which acts like a distributed ledger, and then there are cryptocurrencies which are applications of blockchain, and then there is Bitcoin which is a specific cryptocurrency.

I think the blockchain technology is here to stay, but there are a lot of problems with the idea of crytpocurrencies. The upside to cryptocurrencies are that they are decentralized; but the downsides to cryptocurrencies is that they suffer the same flaws as ANY fiat currency, and in some ways are worse because they're completely electronic. So if the power goes out, or the sun burps at us, you're hosed.

What people claim are upsides to crytpocurrencies aren't really as solid as you might think.

For example, one original claim about Bitcoin is that it has to be "mined", and that there is an upper built-in fixed limit to the number of coins created, so technically it could not be inflated like bank-issued currencies. However, altho BITCOIN can't be reproduced, there's no restriction on the number of OTHER cryptocurrencies created, such as Litecoin, Auroracoin, Ethereum, Vertcoin etc. So there's no REAL protection from inflation by crypto. So as a "store of wealth", crytpocurrencies aren't all that robust.

Another presumed advantage of cryptos is that it is "private". Well, leave it to the spook agencies to figure out how to figure out the blockchain record of transactions, which are recorded at every step of the way.

A third presumed advantage is the ease of moving crytpocurrencies between exchanges for a very low fee, without the mediation of banks. The problem with being able to RELIABLY use crytpocurrencies to purchase stuff is that its value is rocketing up and down. It's impossible to "price" anything in crytpocurrency.

A fourth presumed advantage is the ability to bypass banks. But sooner or later, banks will ALSO issue their own cryptocurrencies, so ... what then?

As mentioned, cryptocurrencies, like fiat currency, have nothing to back them up, so there's no "there" there in terms of value. Security is an issue: I recall people storing their Bitcoin in Mount Gox, only to have it somehow stolen. And it suffers the same problem as regular currencies: Despite its decentralization, there's nothing to prevent people from "hoarding" or speculating on cryptos, so in terms of wealth equalization it's a bust.

*****

I think the blockchain technology is here to stay. It offers HUGE advantages in terms of recording transactions. But what I believe will happen is that there will be MANY applications of blockchain: nations (like Iceland and Russia) have already created national cryptos issued by central banks, and there will be many more crytpos created by banks, individuals, nations, and consortia. The "value" of each cryptocurrency will be decided on a number of factors, such as ease of use, stability of value, "backing" etc. MANY will fall by the wayside. Ultimately, I think there will be at least one gold-backed cryptocurrency if not more, and many national cryptocurrencies, and quite possibly one international-bank (IMF)-backed crytpocurrency, which may be backed by SDRs (special drawing rights). I honestly don't know if Bitcoin or the other "retail" cryptocurrencies will survive.



-----------
Pity would be no more,
If we did not MAKE men poor - William Blake

NOTIFY: Y  | REPLY  | REPLY WITH QUOTE  | PERMALINK  | TOP  | HOME

SIGNYM

Saturday, October 21, 2017 6:55 AM

Speak of the devil!

Quote:

---

The Next Generation Of Currency Wars: Private Vs State-backed Crypto

Recently Russia announced that it will be unleashing a CryptoRuble, just a week after Vladimir Putin strongly criticized Bitcoin and other private cryptocurrencies. When announcing the move, Minister of Communications Nikolay Nikiforov acknowledged that it was in part inspired by the aim of getting ahead of other governments:

I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after two months our neighbors in the EurAsEC will.

In doing so, Russia is following the lead of another country that too has become hostile to private crypto, China. Last July the People’s Bank of China became the first central bank to announce it had developed a crypto-prototype that it plans to offer alongside the traditional renminbi.

That the first forays into state-backed cryptocurrency comes from two countries with a history of restricting a free and open internet is not surprising. While Bitcoin originated as a way to opt out of government control of money supply, increasingly governments see the underlying technology as a way to increase their control of the economy.

As Xiong Yue explained:

" For example, if the government plans to subsidize certain farms, say some corn farms, to support this sector of agriculture, they can directly add a certain amount of money to the wallets of some farms, for instance 100 million dollars and program this money to be sent to certain fertilizer merchants at a certain time, and that each can only spend maximum of 10 million dollars per year, and in this way, they can make sure that the farmers won’t squander the windfalls, and that this money won’t flow to other sectors, for instance, the stock market or real estate market. Even though this kind of monetary policy is bound to fail,

---

Quote:

---

from the perspective of government officials, CBDC provides them a better tool. For them, with the help of the CBDC, they can plan and manage the economy better."

Not to be left behind, the IMF – who some analysts, such as Jim Rickards, believe is prepared to step up to replace the US dollar as the next global reserve currency – recently opened the door to issuing their own cryptocurrency in the future. While some crypto-advocates have naively celebrated recent comments by Christine Lagarde on the future potential of digital currency, such praise simply reflects the increasing awareness of technocrats that the finance is changing and they must be prepared for it. Considering central banks around the world have continued to advance their war on cash, it is not surprising to see Lagarde and others come adapt to the concept so quickly.

Exchange Regulation
The usefulness of state-controlled crypto is why we should expect increased scrutiny and regulation on private cryptocurrency exchanges.

It's been reported that the Chinese government, which shutdown private crypto-exchanges in September, is looking into reopening exchanges with increased regulation. Russia, too, is working on exchange regulation, rather than an outright ban. This apparent change in direction may be the consequence of China’s exchange ban resulting in an increased use of peer-to-peer platforms in the face of the government crackdown.

For the same reason that government prefers regulated bank accounts to cash and safes, state officials may recognize the benefit to propping up licensed exchanges. Already we have seen numerous cryptoexchanges be willing to collect and hand-over sensitive customer information in exchange for government-issued licenses. Much like banks, these exchanges are increasingly being enlisted as tax collectors for government.

Calm Before the Storm?
While this loss of privacy may outrage Bitcoin’s initial supporters, it’s understandable why many current holders may be perfectly happy with these developments. After all, while much of Bitcoin’s initial appeal was its usefulness in black mark

NOTIFY: Y  | REPLY  | REPLY WITH QUOTE  | PERMALINK  | TOP  | HOME