Bitcoin, Ether Futures Rack up Nearly $200M in Liquidations on Short Squeeze

Tanis143

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Where is the money come from?
Banks?
School me on bitcoins..
Best way I can describe it is think of baseball cards but each card is unique and they are digital, not physical objects. Their value is in their rarity. They are also a form of digital currency that you can exchange for a set monetary value. That value is determined by the market. So to get a full bitcoin you have to pay around $20k for one, store it in a digital wallet (usually on an encrypted thumb drive) then either trade it to someone for something else or sell it back to the market for a profit.
 

HarryBear

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And get paper cash back?
What if the internet digital crashes?
Thumb drives get wet or broken?
Sounds like to much risk and where does the money digitally come from?
I guess I can say I'm not much for digital currency...
I'm dumb, old school.
 

Tanis143

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And get paper cash back?
What if the internet digital crashes?
Thumb drives get wet or broken?
Sounds like to much risk and where does the money digitally come from?
I guess I can say I'm not much for digital currency...
I'm dumb, old school.
Usually the funds go to your bank, where you can get cash for them.
Crash as in computer crash? It doesn't quite work that way. However prices can/have gone down on the value of cryptocurrency.
There have been many stories of people encrypting their thumb drives and either losing the drive itself or forgetting the passcode with several million dollars worth of bitcoin are on the drive.

Its not that the money comes from anywhere, its an assigned value, similar to gold, based on the rarity of the bitcoins. While gold has several physical uses, bitcoins are valued because they digital, which makes them almost untraceable unlike wire transfers, bank transfers, etc.
 

cjjtulsa

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Paper currency= fake money. Bitcoin/crypto currency= fake nerd money.
And just wait: once the Fed Reserve rolls out that CBDC (Central Bank Digital Currency), we'll all be slaves to it. It'll start with the poor - SNAP payments and other will be in it. Then marketed to the gullible younger crowd, where everything trendy is good! "Download the app, and sign up for payments and salaries in the new digital dollar, and get $150 in digi-dollars free!". They'll be tripping over themselves to get signed up. Then property taxes can only be paid in CBDCs, etc., until we're slaves to the Fed. And then you are completely controlled.
 

Tanis143

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And just wait: once the Fed Reserve rolls out that CBDC (Central Bank Digital Currency), we'll all be slaves to it. It'll start with the poor - SNAP payments and other will be in it. Then marketed to the gullible younger crowd, where everything trendy is good! "Download the app, and sign up for payments and salaries in the new digital dollar, and get $150 in digi-dollars free!". They'll be tripping over themselves to get signed up. Then property taxes can only be paid in CBDCs, etc., until we're slaves to the Fed. And then you are completely controlled.

Nah, they won't need to do that. I think I read that over 80% of transactions now days are done through debit/credit cards. The feds already have control over people's digital currency. Its why we like to keep some cash on hand in case the grid goes down.
 

cjjtulsa

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Nah, they won't need to do that. I think I read that over 80% of transactions now days are done through debit/credit cards. The feds already have control over people's digital currency. Its why we like to keep some cash on hand in case the grid goes down.
Somewhat, but not yet. I did explain it to someone who insisted the CBDC will never happen. I put it like this:
You get your paycheck by direct deposit - you never actually see or handle cash.
You pay all of your bills through online bill pay - you never actually see or handle cash.
You buy all of your goods in store and online with a check card or credit card - you never actually see or handle cash
Virtually everything we do currency transaction-wise never requires cash. We've already been conditioned to the CBDC - we just haven't had it issued yet. I'm guessing within 5 years. Maybe 10 if we're lucky. The fiat paper dollar is in it's death throes.
 

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