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There are so many benefits to using a cryptocurrency, that it would seem foolish to neglect such an invention. For example, it allows you to send money anywhere in the world in an instant, with basically no fees involved. Everyone can be included in the financial system, it will change the way we interact with money, it can prevent fraud, and much more.
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Welcome to the Monthly Skeptics Discussion thread. The goal of this thread is to promote critical discussion by challenging popular or conventional beliefs.
This thread is scheduled to be reposted on the 1st of every month. Due to the 2 post sticky limit, this thread will not be permanently stickied like the Daily Discussion thread. It will often be taken down to make room for important announcements or news.
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Anyone like any projects that are actually legitimate micro caps? If it's over 10 million in market cap I'm not interested. What are you favorite micro caps? We all talk about the same coins over and over again and there's never anything new. What about the micros?
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Just wondering how many other people here are in the same boat?
I feel like when I first learned about bitcoin I was evangelizing left and right to anyone who would lend an ear. These days I’ve made my peace with my own belief that bitcoin has the fundamentals and time on its side to become the staple deflationary asset that runs world economies.
I feel as though we’re all computer scientists living in the 1960’s who sound like crackpots when we tell people how big a part of our lives bitcoin will be in just 10 or 20 years like how they might have reflected upon the coming ubiquity of computers or the internet.
I dunno, maybe I am really a crackpot tho.
Great podcast, specifically on Dorsey's stance on Bitcoin and how it is needed between merchants/customers.
Just wondering how many other people here are in the same boat?
I feel like when I first learned about bitcoin I was evangelizing left and right to anyone who would lend an ear. These days I’ve made my peace with my own belief that bitcoin has the fundamentals and time on its side to become the staple deflationary asset that runs world economies.
I feel as though we’re all computer scientists living in the 1960’s who sound like crackpots when we tell people how big a part of our lives bitcoin will be in just 10 or 20 years like how they might have reflected upon the coming ubiquity of computers or the internet.
I dunno, maybe I am really a crackpot tho.
Great podcast, specifically on Dorsey's stance on Bitcoin and how it is needed between merchants/customers.
Hello everyone,
I'm new to this subredidit. I've been involved in crypto for a number of years. I don't have a huge portfolio, but I'm really interested in the theory of blockchain and cryptoassets, including tokenomics and user experience in the dapp world. I've been working on a number of my own projects, on the Tron blockchain, and am always looking to network.
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Hello everyone,
I'm new to this subredidit. I've been involved in crypto for a number of years. I don't have a huge portfolio, but I'm really interested in the theory of blockchain and cryptoassets, including tokenomics and user experience in the dapp world. I've been working on a number of my own projects, on the Tron blockchain, and am always looking to network.
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1 million satoshi (0.01 BTC) currently costs ~$75.00 USD.
10 million satoshi (0.1 BTC) currently costs ~$750 USD.
100 million satoshi (1 BTC) currently costs ~$7,500 USD.
1 billion satoshi (10 BTC) currently costs ~$75,000 USD.
Better not wait until EOY 2021 when 1 million satoshi will probably cost $750 USD, or you'll complain that it's "too expensive" to be a millionaire...
It will be pretty mind-bending when, in a decade or so, we will look back on this and talk about "how easy" it was to stack a few million sats... And, we'll probably all wish we'd stacked more.
To all the trolls: YES. I believe it is more likely than not that we will see a 10x gain (~1.3 trillion market cap) by the end of 2021. And then I think another 10x (~10 trillion market cap) gain within the next 10 years after that is more likely than not to occur. This is a LONG way from Bitcoin becoming a new reserve currency. But it IS Bitcoin becoming Gold 2.0.
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Since the start of the coronavirus outbreak, the U.S. Federal Reserve has created trillions of dollars in order to keep the central bank’s private partners’ liquidity strong during the economic downturn. These moves have caused a number of sound money advocates and economists to explain that the Fed’s monetary policies will lead to hyperinflation in the U.S. Now that the petro-dollar is on its last leg, market analysts are concerned about other countries that depend on the USD. Just recently the U.S. central bank has opened 14 swap lines in order to send billions of dollars to countries who need them.
The U.S. economy is facing some issues that stem from the choices the government used during the Covid-19 outbreak. Rather than follow the footsteps of Sweden and Thailand, U.S. lawmakers decided to shut down the nation’s industries, and to-date, the unemployment levels in America is around 26.5 million citizens. Essentially the U.S. bureaucracy’s rash lockdown orders wiped the 22.7 million jobs created during the last decade. Meanwhile, the American people have been upset that the Fed has given its private partners trillions in liquidity and printed a measly $1,200 check for every citizen.
The CARES act was loaded with Wall Street bailouts, pork funds, and the act even incentivized hospitals that were already broke to fudge Covid-19 numbers. This week, global oil prices dropped below zero to a low of negative $40 per barrel, which compromised the U.S. dollar even though it hasn’t been seen in fiat currency (FX) trading charts. The destruction of the USD has a number of economists worried that it will tank the U.S. economy, but there are a number of countries that could also feel the brunt of a USD collapse as well.
National Public Radio (NPR) disclosed on April 21, that the Federal Reserve was sending billions in USD to nations in need. According to the report, the U.S. central bank opened 14 swap lines, which are emergency payment processors for international institutions that are desperate for dollars. The funds are being sent to the country’s central bank on a continuous basis and the Fed is sending funds to countries like Norway, Mexico, Japan, and Australia. In addition to the dollar swap lines, the Fed now allows 170 central banks to purchase and hold U.S. Treasury bonds and they can trade them for dollars as well. News.Bitcoin.com reported on how the dollar could collapse from the world’s oil wars, but many people don’t realize that most international trade is still conducted in dollars. Despite the fact that the USD is only protected by military force now, a large number of countries very much depend on the American dollar for international swaps, so they can obtain a myriad of global commodities.
“Dollars are the lynchpin of global trade. International loans, debts, and bank transactions are largely done with dollars,” NPR reporter Greg Rosalky wrote on Tuesday. The dollar isn’t just America’s money — It’s the world’s money,” Rosalky added.
Many people have asked why the dollar is so strong today, since barrels of oil dropped below zero sending shockwaves to the petro-dollar system. The reason for the strong dollar is due to all the quantitative easing (QE) the Fed did during the last few weeks and most of the funds it distributed in 2009 and the following years after. After the 2008 economic catastrophe, the Fed printed roughly $3.5 trillion dollars and fed excess Treasury bonds and dollars to a number of international central banks. An economist at UC Berkeley, Barry Eichengreen calls the Fed’s recent swap line scheme an act of “responsibility.”
“With privilege comes responsibility, and our responsibility is now to provide dollars that the global economy needs to stabilize the economy and eventually begin growing again,” Eichengreen said. “[The Federal Reserve] has taken a step in the direction of acknowledging its exorbitant responsibility, but it needs to do more and provide dollar swap lines to more countries in distress,” the economist added.
What’s interesting is the fact that Satoshi Nakamoto’s Bitcoin came out in 2009 at the exact same time the world’s central banks were getting hooked on dollars like alleyway junkies. 11 years ago, Nakamoto wrote about central banks like the Fed creating massive ‘busts and booms’ to the global economy, and the U.S. central bank is one of the biggest manipulators.
“The root problem with conventional currency is all the trust that’s required to make it work,” Nakamoto said. “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve,” the cryptocurrency inventor added. While a majority of stocks and commodities have fallen in value since March 12, bitcoin and the entire crypto-economy today is only $5 billion shy of a quarter of a trillion dollars. The precious metal gold, which has been considered a safe-haven for a millennia, has also done extraordinarily well during the economic downturn.
With the Fed creating trillions of dollars out of thin air and sending billions to a number of countries who need USD support, clearly shows the U.S. monetary system is not as reliable as it once was. It’s frightening for the American citizenry, but millions of other international citizens will feel the pain if the U.S. economy continues to sink. What’s worse is that the former Vice Chairman of the Federal Reserve, Alan Blinder has admitted that these swap line funds are not going to poor countries that really need help. “It would be very hard politically for the Fed to sell the idea that they should establish swap lines with a whole bunch of poor countries,” Blinder said.
What do you think about the Fed’s USD support system feeding other countries? Let us know in the comments below.
The post Liquidity Crisis: The Fed Is Sending Billions of Emergency Dollars to USD-Dependent Nations appeared first on Bitcoin News.
Facebook is buying a stake in Reliance Jio, India’s largest telecom operator. The deal has boosted Reliance Industries’ share price and is welcomed by the Indian cryptocurrency community. Besides Facebook’s investment into Reliance Jio, Whatsapp has also entered into a partnership with Jio Platforms and Reliance Retail.
Social media giant Facebook announced on Wednesday that it is buying a stake in Reliance Jio, the largest private sector company in India. Facebook signed binding agreements to invest “₹43,574 crore [$5.7 billion]” into Jio Platforms, which represents the largest foreign direct investment (FDI) in India’s technology sector. Reliance Jio independently announced on Wednesday:
This investment by Facebook values Jio Platforms at ₹4.62 lakh crore pre-money enterprise value … Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms.
Reliance Jio’s valuation is approximately “$65.95 billion, assuming a conversion rate of ₹70 to a US dollar,” the company’s announcement adds. The deal between Reliance Jio and Facebook costs the social media giant approximately 5.7 billion dollars or 435.74 billion rupees at the current exchange rate.
The deal with Facebook has boosted the share price of Reliance Jio’s parent company, Reliance Industries. Its stock was up 10.30% to Rs 1,363.35 on the BSE stock exchange on Wednesday following the news of Facebook’s investment.
Reliance Jio, a wholly owned subsidiary of Reliance Industries, currently has about 388 million subscribers. According to local media, it became the biggest telecom operator in the country by subscriber base early this year. India is the largest market for Facebook and its mobile messaging platform, Whatsapp. In India, Facebook has approximately 328 million monthly users and Whatsapp has more than 400 million users.
Commenting on why Facebook decided to invest in Reliance Jio, CEO Mark Zuckerburg said: “This is especially important right now because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs.”
“The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India,” Reliance Jio described. Mukesh Ambani, chairman and managing director of Reliance Industries and India’s richest man, said in a statement:
ln the post-corona era, I am confident of India’s economic recovery and resurgence in the shortest period of time. The partnership will surely make an important contribution to this transformation.
Concurrent with Facebook’s investment in Reliance Jio, the two companies also struck another deal. Jio Platforms, Reliance Retail and Facebook’s Whatsapp have entered into a commercial partnership agreement “to further accelerate Reliance Retail’s new commerce business on the Jiomart platform using Whatsapp and to support small businesses on Whatsapp,” Reliance Jio explained. Ambani elaborated:
In the very near future, Jiomart — Jio’s digital new commerce platform, and Whatsapp — will empower nearly 3 crore [30 million] small Indian Kirana shops to digitally transact with every customer in their neighborhood. This means all of you can order and get faster delivery of day-to-day items, from nearby local shops.
Facebook detailed that it will work with Reliance Jio to create new ways for people in India and businesses to work more effectively, especially in the face of the covid-19 crisis.
“In the face of the coronavirus, it is important that we both combat this global pandemic now, and lay the groundwork to help people and businesses in the years to come,” the social media giant emphasized. “For instance, by bringing together Jiomart, Jio’s small business initiative, with the power of Whatsapp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience.”
The cryptocurrency community in India is upbeat about the deal between Facebook and Reliance Jio. Last year, Reliance Jio announced its plan to build the largest blockchain network in India. Local regulatory news and analysis outlet Crypto Kanoon broke down what Facebook buying a stake in Reliance Jio means for the Indian crypto sector. Voicing concerns over privacy issues, the news outlet pointed out that the Reliance Jio and Facebook deal is not a joint venture and the two companies will continue to operate independently with their own business models.
Nonetheless, the partnership between Reliance Jio and Facebook “will have a spillover effect” on cryptocurrency as more people in India will start experimenting with digital assets, Crypto Kanoon noted. “There is also going to be [a] surge in the search for terms like ‘blockchain’ and ‘bitcoin.'” Furthermore, the news platform added that having a local partner could help Facebook navigate “various regulatory issues, including those related to privacy and local storage,” asserting:
You can expect FB-JIO lobbying for favorable regulation. In future, you can expect a regulation in favor of centralized digital assets regulated by RBI.
“You might see groceries getting delivered from ‘Gupta General Store’ of your locality in the near future,” the news platform added, noting that 30 million “Kirana shops in India start accepting digital payments, possibly a ‘Jiocoin.'”
The Indian cryptocurrency space recently got a boost when the supreme court quashed the banking ban by the central bank, the Reserve Bank of India (RBI). Since then, the crypto sector has been growing and attracting investments from abroad despite the global coronavirus pandemic and the nationwide lockdown. Meanwhile, Facebook’s Libra project has undergone a major change.
Are you happy about the deal between Reliance Jio and Facebook? Let us know in the comments section below.
The post Facebook Buys Stake in Reliance Jio — How the Deal Affects Cryptocurrency in India appeared first on Bitcoin News.
🚧🛑🚧🛑🚧🛑🚧🛑🚧🛑🚧🛑🚧🛑🚧 Bitcoin Cash: Forked at Block 478558, 1 August 2017, For each 1 BTC you get 1 BCH Bytether: Cross for...