As the crypto market is starting to take off as a result of banking uncertainty it’s hard to ignore that BTC is increasing in price at a faster rate than bitcoin cash.
https://www.tradingview.com/symbols/BCHBTC/
It’s kind of annoying but it allows BCH users to continue accumulating at cheaper prices.
I bought gold as protection against banks and inflation for the last 20 years, but now I have to admit that bitcoin is a better form of money than gold. I now have a 50/50 exposure to gold and BTC. I wouldn't be surprised if over time bitcoin will take over my entire portfolio. It has been difficult to convince other gold bugs that they should at-least buy some bitcoin. And these are the people that understand sound money and why we need it. It is even harder to convince my friends and family that don't understand money at all and are still living the fiat experience.
A few things with gold that I have always struggled with for the last 20 years, and that bitcoin fixes almost like magic:
I've been trying to raise these points to my fellow gold bugs for some time, but the hate towards Bitcoin is real. Something new is unfortunately always treated as a tread. But in time I'm convinced that the best money will win.
This is the first time (I think! someone please provide a counterexample) that bitcoin has absolutely rallied while the rest of the economic universe teetered on the brink of financial calamity.
It makes complete sense: the Fed and the Treasury are being forced into expansionary policies in the midst of the worst inflation we've seen in fifty years.
There is truly no way out: raise rates and banks collapse because they hold long-term bonds with much lower rates that they can't liquidate without massive losses. Lower rates and print money, and hyperinflation consumes every crumb of economic output.
This is the perfect storm that bitcoin was created to address. It doesn't fix the problem, but it offers a life raft to anyone who cared enough to consider it with an open mind.
Bitcoin is still in its infancy, and we are living in historic times.
Protesting in the street shows your collective disgust with your government's recent unilateral actions.
You are to be applauded for your engagement with and attention to such matters. A government should fear its people and not the other way around (as things stand today in many parts of the world). Being from the US, I'm sad to say that the people here would rather fight each other over stupid (highly engineered) wedge issues than the real enemy. The ones who hold us and the products of our collective labor captive have designed a very effective cage with many tantalizing distractions indeed.
Don't get me wrong - public protests have a place and are important. But they also disrupt your lives and the lives of your family, friends, and countrymen.
In the end, the chances of a public protest overturning or convincing your country's policy makers is minimal. It also opens you up to the potential for real harm at the hands of the elites' police and/or military. Governments are beholden to those that keep them in power. These are the same people that seek to rob you of the fruits of your labor and (in this instance) want to force you to work and generate yield for them until you die.
Consider an alternative.
Buying bitcoin is peaceful. It doesn't disrupt your life or the lives of those around you who suffer along side you. The only people it harms is the elite fiat cartel that enslaves you. Will they still be rich in a bitcoin world? Absolutely. But the rules will change. They will be forced to play by at least some of the same rules as the rest of us. Bitcoin is rapidly becoming the only tool left against tyranny.
So go ahead and protest. I am too. I buy bitcoin to hopefully slowly and steadily starve these parasites into oblivion.
Vive la France. Liberte, egalite, fraternite toujours.
BCH is now at it's lowest against BTC. It's all upside!
For me it’s surely a good time to buy right now
I have been working on something for a while that I believe is a missing piece of the BCH puzzle - an online marketplace(akin to Amazon or Ebay) where users can spend their coin or make more BCH in exchange for their goods and services. A marketplace that focuses on Bitcoin Cash only and free, voluntary trade but that is also user-friendly and feels interesting to use.
With global banking systems in trouble and BTC running out of reasons to exist, now is absolutely the time to close the gap and spread our wings as a free community. It is my belief that an online marketplace can accelerate adoption and usage as it answers the questions that I see time and again:
- Where can I spend my BCH now that I've accumulated it?
- Where can I attain more BCH without KYC?
These are questions, that if answered, will lead new users to adopt more readily.
And so it's with pleasure that today I announce the Flipstarter for Agora Connect to help drive us forward to the place where we all know we are heading.
To view the Flipstarter or pledge, you can do so here: Flipstarter - Agora Connect Online Bitcoin Cash Marketplace
Screenshots of development so far(because I messed up the link to the screenshots in the Flipstarter): Screenshots
To track delivery and see regular updates, you can do so on the Official Twitter Account here: Agora Connect Twitter
Most of you know me on Twitter and/or Telegram but in case you want to follow, I will also be posting updates on my Twitter here: NeonDaThal Twitter
I'm open to any questions, comments, inputs, feedback or anything else anybody wants to discuss around the Flipstarter or the site.
I hope you are as excited about this as I am.
Some people may think you might have to pay taxes when you move crypto off an exchange. You do not. You can move crypto off, back on again, or to multiple wallets you own. No taxes need to be considered.
It's a transfer, not a transaction.
Imagine starting a round of bank bail outs while inflation is still higher than the fed funds rate.
Over the next few months as contagion in the banking sector spreads and stocks start making new lows the fed will have no choice but to cut rates with inflation still well above the fed funds rate.
This is going to be an inflationary recession with banks going under left and right. You cant keep interest rates at zero for a decade then raise them at the fastest pace on record and expect nothing bad to happen. Rates were kept lower for longer than they were prior to the 2008 crisis and raised faster than they were in 2006/2007 meaning this is going to be a far bigger problem than 2008.
We are about to experience a chaotic financial crisis that grips the entire world before inflation can be contained, and the response of bail outs and QE will end up causing runaway inflation.
Bitcoin was invented for two reasons, to protect against inflation and to protect against a repeat of 2008, well now we have both simultaneously.
I am all in.
Equivalent of 19,000 sats for a nice brew this morning. England UK
First Silvergate, now SVB. They were invested in Mortgage Backed Securities. Who's next? And what is the impact on crypto?
My advice is to DIVERSIFY🔥
The problem with the Silicon Valley Bank is that people need it to process payments. A lot of firms, big and small, are in a pickle because of its collapse.
For example Etsy, not exactly a small enterprise, is finding itself unable to pay it's creators for things people have already paid for, and maybe even received. They had (at least part of) their accounts at SVB.
SVB failed because of their greed. They made bets on leverage, and they lost. Now their clients are fucked because of their greed.
Bitcoin lets people buy/sell things without intermediaries. Peer to peer electronic cash. We still have a ways to go, but the advantages are evident.
Bitcoin is a deflationary asset and a great store of value. So why doesn't bitcoin go up when the economy and the stock exchange goes down? Why does it instead tend to mirror the economy/stocks?
Only put in banks what you can afford to lose. As for the rest, put in bitcoin
Bank failures?
:Everythingisfine.gif:
We just witnessed the second largest bank collapse in US history, and most shareholders lost everything. I work at a Biotherapeutics startup where we are creating therapies to cure cancers with natural killer cells. My first one-on-one meeting with our CEO, we actually had a small argument over Bitcoin. He said it was like the old tulip bubble, I explained why that perception was completely wrong and said I actually don't trust the banking system. Our company's investments are held in this very bank, and we received an email regarding this.
More banks will suffer from the Fed's overreaching via quantitative tightening from the mass inflation caused by their own printing of trillions of fiat from thin air. The US debt ceiling has to be perpetually raised, and the dollar will perpetually be debased. When the banking system fails more, the government will pivot from raising interest rates and begin to cut rates and print more fiat to bail out the banks. Never ending cycle that inevitably makes fiat lose value. We've witnessed the bank runs in Greece, the hyperinflation in Turkey, Venezuela, etc. Jerome Powell and the Fed are intentionally creating economic slowdown that will bring recession and will print more money to keep the scheme going as a bandaid every time, its how our antiquated money system is set up, and the majority of our generations will suffer.
Simply holding cash means losing roughly 8-10 percent of its purchasing power each year. Fiat has infinite supply and is meant to debase into nothing, as it is backed by nothing. To quantify it, US banks have 17.6 trillion in deposits, only 3.1 trillion is backed by cash, with only 100 billion is backed by physical cash. Fractional reserves at its worst.
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