Crypto Currency Thread

[anonymous-user]

Stone Ridge Asset Management talking about its $115m worth of bitcoin and moving heavily into the space as a service provider

extract

"Three years ago, the founders of the $10 billion Stone Ridge Asset Management had a problem. Several of the advisory firm’s founders and senior employees were buying bitcoin at such a rate it became obvious the purchases needed to be looked at more closely by the firm’s auditors. As word got out that Stone Ridge’s staff was personally investing in bitcoin at such a scale the firm’s clients increasingly wanted to express the same thesis. As Stone Ridge co-founder, Robert Guttman, put it, that thesis is a belief in “the long term growth of an open-source monetary system—in assets like bitcoin.”

The problem was, Stone Ridge needed a way to turn the dollars they wanted to invest into bitcoin, and to safely store that cryptocurrency once they had it. And since they were personally invested in bitcoin, they needed to do all that in a way that not only satisfied their clients, auditors and regulators, but themselves. So, instead of just establishing a few custom funds for their clients as they’re wont to do, Stone Ridge took the extraordinary step of building execution and custody tools from scratch and kicking off an entirely new line of revenue, executing cryptocurrency purchases, and then holding onto the assets for their customers."

https://www.forbes.com/sites/michaeldelcastillo/20...

[anonymous-user]

A44RON said:

https://www.bankofengland.co.uk/-/media/boe/files/...


Bank of England digital currency challenges and design...

https://uk.reuters.com/article/britain-boe-bailey-bitcoin/boes-bailey-sees-little-intrinsic-value-in-bitcoin-idUSL9N2GY00C

LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Monday (12 Oct 2020) it was hard to see how Bitcoin BTC= had any intrinsic value and he cautioned over its use as a means of payment.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” Bailey said during a BoE question and answer session with members of the public.

“It may have extrinsic value in the sense that people want it.”

He said he was “very nervous” about people using Bitcoin for payments because its value was uncertain, pointing out that investors should realise its price is extremely volatile.

[guindilias]

He must have someone close to him to supply his class A's.

[g4ry13]

JPJPJP said:

A44RON said:

https://www.bankofengland.co.uk/-/media/boe/files/...


Bank of England digital currency challenges and design...

https://uk.reuters.com/article/britain-boe-bailey-bitcoin/boes-bailey-sees-little-intrinsic-value-in-bitcoin-idUSL9N2GY00C

LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Monday (12 Oct 2020) it was hard to see how Bitcoin BTC= had any intrinsic value and he cautioned over its use as a means of payment.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” Bailey said during a BoE question and answer session with members of the public.

“It may have extrinsic value in the sense that people want it.”

He said he was “very nervous” about people using Bitcoin for payments because its value was uncertain, pointing out that investors should realise its price is extremely volatile.

Shocker: the Bank of England is not supportive of a currency they have no control over.

[98elise]

g4ry13 said:

JPJPJP said:

A44RON said:

https://www.bankofengland.co.uk/-/media/boe/files/...


Bank of England digital currency challenges and design...

https://uk.reuters.com/article/britain-boe-bailey-bitcoin/boes-bailey-sees-little-intrinsic-value-in-bitcoin-idUSL9N2GY00C

LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Monday (12 Oct 2020) it was hard to see how Bitcoin BTC= had any intrinsic value and he cautioned over its use as a means of payment.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” Bailey said during a BoE question and answer session with members of the public.

“It may have extrinsic value in the sense that people want it.”

He said he was “very nervous” about people using Bitcoin for payments because its value was uncertain, pointing out that investors should realise its price is extremely volatile.

Shocker: the Bank of England is not supportive of a currency they have no control over.

Like Dollars or Euros?

[g4ry13]

98elise said:

g4ry13 said:

JPJPJP said:

A44RON said:

https://www.bankofengland.co.uk/-/media/boe/files/...


Bank of England digital currency challenges and design...

https://uk.reuters.com/article/britain-boe-bailey-bitcoin/boes-bailey-sees-little-intrinsic-value-in-bitcoin-idUSL9N2GY00C

LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Monday (12 Oct 2020) it was hard to see how Bitcoin BTC= had any intrinsic value and he cautioned over its use as a means of payment.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” Bailey said during a BoE question and answer session with members of the public.

“It may have extrinsic value in the sense that people want it.”

He said he was “very nervous” about people using Bitcoin for payments because its value was uncertain, pointing out that investors should realise its price is extremely volatile.

Shocker: the Bank of England is not supportive of a currency they have no control over.

Like Dollars or Euros?

Those other currencies which are central bank ones?

Good luck walking into Starbucks and paying for your coffee in $ in the UK.

[A44RON]

g4ry13 said:

JPJPJP said:

A44RON said:

https://www.bankofengland.co.uk/-/media/boe/files/...


Bank of England digital currency challenges and design...

https://uk.reuters.com/article/britain-boe-bailey-bitcoin/boes-bailey-sees-little-intrinsic-value-in-bitcoin-idUSL9N2GY00C

LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Monday (12 Oct 2020) it was hard to see how Bitcoin BTC= had any intrinsic value and he cautioned over its use as a means of payment.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” Bailey said during a BoE question and answer session with members of the public.

“It may have extrinsic value in the sense that people want it.”

He said he was “very nervous” about people using Bitcoin for payments because its value was uncertain, pointing out that investors should realise its price is extremely volatile.

Shocker: the Bank of England is not supportive of a currency they have no control over.

what will happen to BitCoin when the top-10 countries roll out their own digital currencies? Not too far away, perhaps next year.

[guindilias]

A44RON said:

what will happen to BitCoin when the top-10 countries roll out their own digital currencies? Not too far away, perhaps next year.

Also happening next year - flying pigs and blue moons.

[A44RON]

guindilias said:

A44RON said:

what will happen to BitCoin when the top-10 countries roll out their own digital currencies? Not too far away, perhaps next year.

Also happening next year - flying pigs and blue moons.

Ha. Did you even read that document from the BoE?

I'll tag you in this post again this time next year

[dimots]

A44RON said:

Ha. Did you even read that document from the BoE?

I'll tag you in this post again this time next year

I read it. It’s hilarious.

Something like bitcoin that’s not like bitcoin because it’s ‘risk free’ and not volatile’.

I.e. something they can change the value of at will. A bitcoin they can manipulate.

Unbelievable. Doomed to fail.

[p_k_n]

dimots said:

I read it. It’s hilarious.

Something like bitcoin that’s not like bitcoin because it’s ‘risk free’ and not volatile’.

I.e. something they can change the value of at will. A bitcoin they can manipulate.

Unbelievable. Doomed to fail.

Yep, basically a different type of FIAT in what will be a failed attempt to counter pure cryptocurrencies such as BTC.

[g4ry13]

A44RON said:

g4ry13 said:

JPJPJP said:

A44RON said:

https://www.bankofengland.co.uk/-/media/boe/files/...


Bank of England digital currency challenges and design...

https://uk.reuters.com/article/britain-boe-bailey-bitcoin/boes-bailey-sees-little-intrinsic-value-in-bitcoin-idUSL9N2GY00C

LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Monday (12 Oct 2020) it was hard to see how Bitcoin BTC= had any intrinsic value and he cautioned over its use as a means of payment.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” Bailey said during a BoE question and answer session with members of the public.

“It may have extrinsic value in the sense that people want it.”

He said he was “very nervous” about people using Bitcoin for payments because its value was uncertain, pointing out that investors should realise its price is extremely volatile.

Shocker: the Bank of England is not supportive of a currency they have no control over.

what will happen to BitCoin when the top-10 countries roll out their own digital currencies? Not too far away, perhaps next year.

Next year?! Certainly not in the UK.

[guindilias]

A44RON said:

Ha. Did you even read that document from the BoE?

I'll tag you in this post again this time next year

Which "top ten" countries have you selected for the rollout?

[A44RON]

g4ry13 said:

A44RON said:

g4ry13 said:

JPJPJP said:

A44RON said:

https://www.bankofengland.co.uk/-/media/boe/files/...


Bank of England digital currency challenges and design...

https://uk.reuters.com/article/britain-boe-bailey-bitcoin/boes-bailey-sees-little-intrinsic-value-in-bitcoin-idUSL9N2GY00C

LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Monday (12 Oct 2020) it was hard to see how Bitcoin BTC= had any intrinsic value and he cautioned over its use as a means of payment.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” Bailey said during a BoE question and answer session with members of the public.

“It may have extrinsic value in the sense that people want it.”

He said he was “very nervous” about people using Bitcoin for payments because its value was uncertain, pointing out that investors should realise its price is extremely volatile.

Shocker: the Bank of England is not supportive of a currency they have no control over.

what will happen to BitCoin when the top-10 countries roll out their own digital currencies? Not too far away, perhaps next year.

Next year?! Certainly not in the UK.

ignorance is bliss on this thread

[A44RON]

dimots said:

A44RON said:

Ha. Did you even read that document from the BoE?

I'll tag you in this post again this time next year

I read it. It’s hilarious.

Something like bitcoin that’s not like bitcoin because it’s ‘risk free’ and not volatile’.

I.e. something they can change the value of at will. A bitcoin they can manipulate.

Unbelievable. Doomed to fail.

All currencies throughout history fail.... 100%.

[guindilias]

Go on then, name your ten countries. And you can't count Venezuela, because everything they do fails, not just their crypto. And it's been and gone anyway.

[A44RON]

guindilias said:

Go on then, name your ten countries. And you can't count Venezuela, because everything they do fails, not just their crypto. And it's been and gone anyway.

Despite what you might think, Venezuela had a strong economy 20 years ago, actually the strongest economy in South America up until Chavez... and now Argentina is going the same way as Venezuela.

China is leading the way with their digital Yuan roll-out. USA, Russia, India, UK, ECB, Canada, Australia, Japan and Singapore are actively pursuing viability for their own digital currencies with patents.

Nothing lasts forever when it comes to currencies - they all fail eventually; 21% of them fail through hyper-inflation, 20% fail through war and 24% through centralised monetary policy, 12% by independence and 23% are currently in circulation approaching one of the other outcomes. The average life-expectancy for a currency is 27 years.

Even the British Pound has lost 99.5% of its value in its 300-year history and the US Dollar 99% and rising...

World reserve currency history:
Portuguese Real: 1450-1525 (75 years)
Spanish Real: 1525-1635 (110 years)
Dutch Guilder: 1635-1710 (75 years)
French Livre: 1710-1815 (105 years)
UK Pound Sterling: 1815-1925 (110 years)
US Dollar: 1925-present (95 years)

My bet is the China digital Yuan will be the next World Reserve currency.

[dimots]

A44RON said:

Despite what you might think, Venezuela had a strong economy 20 years ago, actually the strongest economy in South America up until Chavez... and now Argentina is going the same way as Venezuela.

China is leading the way with their digital Yuan roll-out. USA, Russia, India, UK, ECB, Canada, Australia, Japan and Singapore are actively pursuing viability for their own digital currencies with patents.

Nothing lasts forever when it comes to currencies - they all fail eventually; 21% of them fail through hyper-inflation, 20% fail through war and 24% through centralised monetary policy, 12% by independence and 23% are currently in circulation approaching one of the other outcomes. The average life-expectancy for a currency is 27 years.

Even the British Pound has lost 99.5% of its value in its 300-year history and the US Dollar 99% and rising...

World reserve currency history:
Portuguese Real: 1450-1525 (75 years)
Spanish Real: 1525-1635 (110 years)
Dutch Guilder: 1635-1710 (75 years)
French Livre: 1710-1815 (105 years)
UK Pound Sterling: 1815-1925 (110 years)
US Dollar: 1925-present (95 years)

My bet is the China digital Yuan will be the next World Reserve currency.

I think China has a lot of work to do before they can offer that kind of security to the rest of the world. But maybe.

[A44RON]

Today, the IMF will be holding a conference on digital currencies and cross-border payment systems...

The ECB weighed in many times in the last year and the writing is on the wall - CBDCs are coming and probably sooner than we think (ec.europa.eu)

The recent regulatory changes in the US are allowing for bank custody of digital assets, especially BitCoin, ie. the acceptance that digital currencies are not going away and in fact are the future. Jay Powell will give his speech on CBDCs at today's IMF talk.

They will allow Central Banks to circumvent the banking and fiscal system and give or take money (tax or transfer payments) directly. Central Banks will be able to manage fiscal policy outside of governments balance sheets. Multi-interest rates set centrally will be the norm.

For example, they could give restaurant owners direct payments for stimulus, while at the same time charging negative interest rates on larger savers.

[bigandclever]

p_k_n said:

Anyone watch Pompliano's interview with Michael Saylor (MicroStrategy) a few weeks ago? One of the most logical and bullish podcasts I have watched in a long time.

https://www.youtube.com/watch?v=WrR95PFYDFQ

Having worked with the maniac for many years, back in the early days of MSTR, I nearly didn’t