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U.S. Secret Service Launches Cryptocurrency Awareness Hub

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Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#31

Post by lupire »

Consultant32452 wrote: post #18
tern wrote: post #11

Earlier quoted context omitted.

The opposite may be the case in the long-term. Cryptocurrency ownership may shift global power and non-participation could be harmful to the state, in the same way participation in the global economy may weaken the national economy, but strengthens it from the perspective of the neoliberal order.

Prediction: Western currencies are on the way out. The US in particular can never repay its debt, it can't even normalize interest rates because it can't afford the interest. What will replace it is government-issued crypto-currency that will give them total control over how you spend money. If the Mayor of New York doesn't want you to buy soda, your currency will not be capable of being traded for soda in NYC.

The government likes it's debt. If they had (only) crypto, first thing they'd do is borrow more of it, or, if that's impossible, create it using tax-funded supercomputers, which is even worse than printing it the old way.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#32

Post by fullstop »

gzer0 wrote: post #9
DethNinja wrote: post #8

They should mention this in their website: Cryptocurrencies are harmful to the banking system and may weaken the state apparatus. Hence, citizens shouldn’t buy them.

And equally so, they should mention that scammers around the world took home a record $14 billion in cryptocurrency in 2021, thanks in large part to the rise of DeFi [1]. This is a public information campaign; the sole purpose is to provide public awareness information on digital asset security and how to ensure it remains secure. [1] https://www.cnbc.com/2022/01/06/crypto-scammers-took-a-recor...

I can't find a good number on this, but I would have to assume that scammers still take more fiat through phone scams and things of that nature.

I have to hand it to the cryptocurrency scammers, though, they are definitely more sophisticated than phone scammers.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#33

Post by prox »

Consultant32452 wrote: post #18
tern wrote: post #11

Earlier quoted context omitted.

The opposite may be the case in the long-term. Cryptocurrency ownership may shift global power and non-participation could be harmful to the state, in the same way participation in the global economy may weaken the national economy, but strengthens it from the perspective of the neoliberal order.

Prediction: Western currencies are on the way out. The US in particular can never repay its debt, it can't even normalize interest rates because it can't afford the interest. What will replace it is government-issued crypto-currency that will give them total control over how you spend money. If the Mayor of New York doesn't want you to buy soda, your currency will not be capable of being traded for soda in NYC.

Isn’t that exact opposite of what pro cryptocurrency folks usually mention? That it’s untraceable and able to give power to the common people?

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#34

Post by the_lonely_road »

lupire wrote: post #24
howmayiannoyyou wrote: post #16

> safeguarding the integrity of the nation’s economy Without question crypto, now +2 trillion in market cap, is a systemic risk to the US economy, notwithstanding serious policy mistakes the Congress, Treasury & the Fed have made since QE1. I'm hoping USSS and other entities cleans house. USDT fully diluted market cap is about equal to that of PNC Bank, America's 7th largest bank. If PNC Bank's reserves and market ac…

> market cap is about equal to that of PNC Bank, America's 7th largest bank. PNC Market cap, or assets they hold? A currency is not the same as the bank that holds it. Also, how big is PNC compared to #1?

A flea buzzing around the ankles of the big 4 giants.

A bank’s assets include the amount in customers’ deposit accounts, as well as loans, mortgages and credit card accounts. Some of these banks have thousands of branches, while others are mostly, or exclusively, online. All of these banks are FDIC insured.

7. PNC Bank: $4.49B As of July 2021, PNC Bank acquired BBVA USA and is transitioning customers and accounts. Including BBVA branches, PNC Bank now has branches in over half the country.

ATMs: About 18,000; the bank may reimburse up to two out-of-network ATM fees per statement period.

Branches: 2,800+ in 27 states and Washington, D.C., with high concentrations in Pennsylvania and Texas.

1. Chase: $2.45 Trillion Chase, the largest bank for consumers and small businesses, is part of JPMorgan Chase & Co. It has one of the largest branch networks out of all the biggest banks, with locations in the most states.

ATMs: 16,000; some or all out-of-network ATM fees waived for premium accounts.

Branches: 4,700+ in 48 states and Washington, D.C., with high concentrations in California, the East Coast and Texas; no branches in Alaska or Hawaii.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#35

Post by lupire »

andruby wrote: post #30
lupire wrote: post #24

Earlier quoted context omitted.

> market cap is about equal to that of PNC Bank, America's 7th largest bank. PNC Market cap, or assets they hold? A currency is not the same as the bank that holds it. Also, how big is PNC compared to #1?

For USDT, you could make the case that it is comparable to the assets banks hold from customers. The creators of USDT claim that every holder can exchange it back to 1USD each. Although legally this is very different from a bank, I would argue that economically, it’s similar.

You can't make that case for PNC, though.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#36

Post by lupire »

UncleMeat wrote: post #28
lupire wrote: post #24

Earlier quoted context omitted.

> market cap is about equal to that of PNC Bank, America's 7th largest bank. PNC Market cap, or assets they hold? A currency is not the same as the bank that holds it. Also, how big is PNC compared to #1?

In the cryptocurrency world, there is minimal distinction between the token and the "bank." This is by design. USDT can go to zero in a flash in a way that dollars cannot.

In the PNC world, there is a significant distinction.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#37

Post by jonathan-adly »

jeremyjh wrote: post #17
danuker wrote: post #12

Earlier quoted context omitted.

I argue that they strengthen the "state apparatus". Through competing with the national currency, cryptos force it to innovate and become faster, more resilient, more inclusive, and less prone to inflation. The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings.

> The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings. I literally laughed out loud. People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).

>People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).

Source? As far as I can see, Bitcoiners are especially hammering the messages about Austrian economics, the right of freedom to transact, self-custody, separating money from the state and so on. Their scripture material, rarely talk about "price" at all. The maxis will even make fun of you with 1 bitcoin = 1 bitcoin meme. I don't want to make an equally ridiculous claim about "why people buy Crypto" - but clearly not everyone buys Crypto to sell in a week and make more USD.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#38

Post by mellavora »

vmception wrote: post #21

The state could use public resources better by providing uniform education on cryptocurrencies. Most of the terms aren't standardized and even their use isn't. For example, if you put up a Google Form and asked for people's Ethereum addresses, many will provide the 0xAbc123 version and many others will provide the Abc123 version without the 0x. Both audiences may not realize that the 0x is purely cosmetic and address…

> The state could use public resources better by providing uniform education on cryptocurrencies. Most of the terms aren't standardized and even their use isn't.

I'm not sure that the USG defining standard terms of use would mean that those terms become adopted by the entire crypto ecosystem.

I'm also not sure how a USG regulated contract market would play in a space whose main attraction seems to be "no regulations"

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#39

Post by Vespasian »

scanr wrote: post #26

Assuming crypto is or becomes a systemic risk to the world economy, anyone predict what happens in the event of a crash? I suspect bailing crypto speculators out will be relatively unpalatable.

Regulation will happen.

Some Crypto people may believe that they are immune to the governments of the world but they really aren't.

Whoever can kick down your door has the ability to make some rules and especially after a significant economic crash rules will be demanded.

Since crypto doesn't do anything fundamentally new I predict that most of those rules will look like current financial laws "but on the blockchain".

That or the industry will just fizzle out once it turns out that you can't escape the society you are living in.

Re: U.S. Secret Service Launches Cryptocurrency Awareness Hub

#40

Post by UncleMeat »

Consultant32452 wrote: post #22
jeremyjh wrote: post #17

Earlier quoted context omitted.

> The fact that more and more capital is directed towards them is a symptom of the fact the national currencies have shortcomings. I literally laughed out loud. People buy crypto because they think it will rise in value, nor because it has any relevance as a currency (outside of certain illicit markets).

Deflationary currency encourages savings, inflationary currency encourages spending. We're just so accustomed to a world where our money is steadily becoming worthless that sometimes we forget there are other options.

The "inflation/deflation" argument is a red herring. The shape of mining curves is much more important than their upper limit. For all of the bluster that deflationary systems are better for the little guy because their wealth isn't eaten by inflation, the logarithmic mining curves are the biggest source of wealth consolidation seen perhaps in human history, shifting absolutely bonkers amounts of wealth from latecomers to early adopters.

And while individual coins can be designed not to inflate, the overall proliferation of new tokens, forks, and entire blockchains does mean that there are way more assets over time. This sucks some of the investment out of older systems like BTC, putting downward pressure on their price. This can function similar to inflation and, in the extreme, send a very large number of these systems back down to zero.

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