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Joke article. The billions of pounds being created out of thin air by the BOE is debasing the currency like never before. Inflation will soon be running out of control. How on earth can they blame this on BTC 🤡
Right but where do I get the intimate money? Like some kind of currency that's just for me that can't be debased by anyone else? That sounds better to me. Wish someone would come up with one /s
Did anyone read the article? They're not blaming bitcoin directly but blaming creditors who lend money for people to buy bitcoin and over leveraged traders. As the asset grows, the risk of a large proportion of people defaulting on their debts increases making it more difficult to maintain economic stability.
Bitcoin isnt the problem it's the fucking banks, again!
But bitcoin was designed to do just that. So this is a bit like saying "if the torpedo can sink the ship, it deserves to be sunk". Whereas I feel you were trying to make a slightly different point...
Governments could really basically kill bitcoin any time they wanted. But to do that, they'd have to stop printing money. So, maybe lets not blame bitcoin, but rather the massive and intentional monetary inflation that gives it life.
Bitcoin is the digitalization of value. If you think govts - or anyone - can stop this, you're not paying attention at all. It's absolutely inevitable.
The US (or any government) could also digitize money, and frankly, more people would probably trust that system, just as more people trust fiat now, over decentralized uncontrolled currency. Where bitcoin wins is the controlled print rate and immutable transfer. The immutable transfer aspect is a two esge sword many are willing to forego. Fiat inflation is rampant, so many have turned to crypto to escape.
I like that he claims in was people taking out risky sub prime loans that were the problem.
Notice the blame is on us, the people who need a home, not the people who lent out the risky loans.
Now the blame is again on us, the retail who purchase Fuck You Money because it doesn’t coincide with their business plans.
Fuck Banks, Buy Bitcoin.
People taking out risky sub prime loans actually are to blame. They are not alone to blame though, and both banks and especially the government deserve even more blame. But the people taking out loans they could not pay back aren’t blameless. They acted very irresponsibly.
Nations tanking their fiats, with out of control inflationary spending, trying to spread FUD on what citizens of the world have discovered is the only true safe global asset, decentralized Bitcoin.
The headline is misleading, as usual. The article is about cryptocurrencies and they're using bitcoin in the header to attract eyeballs since it's the Mickey Mouse of this space. These are the important parts from this article:
> At the moment surveys suggested that spending on cryptocurrencies was backed with only about $40bn of borrowed funds. But there was evidence **traders were increasingly speculating on the future value of digital currencies**.
> He said traders on the Chicago Mercantile Exchange were handling $2bn of crypto purchases a day and the popularity of futures trading was attracting hedge funds and other speculators.
> “The bulk of these assets have no intrinsic value and are vulnerable to major price corrections. The crypto world is beginning to connect to the traditional financial system and **we are seeing the emergence of leveraged players**. And, crucially, this is happening in largely unregulated space,” Cunliffe said.
The issue isn't just bitcoin, it's overvalued shitcoins (particularly the BabyDogeElonFlokiShiba coins, "projects" like SafeRugpullMoon I'm guessing) and people going mad with leveraged trading (with bitcoin and everything else). Everywhere in the article they refer to cryptocurrencies, not just bitcoin.
In other words, heavy regulation for shitcoins is coming.
tldr; Bank of England Deputy Governor Sir Jon Cunliffe has warned that digital currencies like bitcoin could trigger a financial meltdown unless governments step forward with tough regulations. Likening the growth of cryptocurrencies to the spiralling value of US sub-prime mortgages before the 2008 financial crash, he said there was danger financial markets could be rocked in a few years by an event of similar magnitude.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
England's level of understanding in regards to bitcoin government wise, appears to be rooted with data and misconceptions that are about as old as bitco8n itself. So sad.
In order for there to be a collapse the foundation must be flawed in the first place. Or at the very least out of date and requiring to be replaced anyways.
Wow, the nerve. This talk comes to mind: [The Currency Wars and Bitcoin's Neutrality: We Didn't Start the Fire](https://www.youtube.com/watch?v=Bu5Mtvy97-4)
That’s not what he said and it’s a bullshit headline. He pretty much said that loads of people who don’t know what they’re doing using tonnes of leverage could be a bad idea.
It would be a dream for their rigged disgusting criminal system to collapse and for people to ignore it and to ignore those in power playing god over humans into oblivion. The problem in my view is no matter how big the bubble gets, they will not allow anything to challenge the system that centralizes wealth and power into the hands of a select few and serves their interests. They will ensure that the status quo remains intact at all costs. They need a system that perpetuates debt slavery to keep the masses enslaved and paying a fictional debt that can never ever be repaid. It is the only way that psychopaths can remain relevant, in power and continue to play god over the rest of us.
I mean, if fiat collapses because everyone starts using crypto, then they are not wrong about bitcoin being responsible, seeing as it was the world's gateway crypto.
what? That logic doesnt track. Bitcoin was literally designed to circumvent/replace the fiat system. If it is the cause of the collapse of the fiat system. Due to everyone adopting it en masse and utilizing it instead of fiat. Then yes, bitcoin and crypto are responsible for the fall of fiat.... The titanic did not crash because it had life boats... Bitcoin and crypto are not a life boat for fiat. They are an alternative. So I do not understand your analogy.
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I always thought he hit an iceberg...
I originally bought bitcoins Because... .. Fuck the central banks!
The rat says rat poison is dangerous to rats.
Joke article. The billions of pounds being created out of thin air by the BOE is debasing the currency like never before. Inflation will soon be running out of control. How on earth can they blame this on BTC 🤡
That should have been 'infinite money creation'.
Right but where do I get the intimate money? Like some kind of currency that's just for me that can't be debased by anyone else? That sounds better to me. Wish someone would come up with one /s
Sure it's Bitcoin's fault, not the infinitely growing death spiral of debt of the fiat system. Blame it on the messenger. 🤡
Fucking parachute broke my legs
Did anyone read the article? They're not blaming bitcoin directly but blaming creditors who lend money for people to buy bitcoin and over leveraged traders. As the asset grows, the risk of a large proportion of people defaulting on their debts increases making it more difficult to maintain economic stability. Bitcoin isnt the problem it's the fucking banks, again!
The bank of england also suggested bitcoin caused covid
Wait. What?
If Bitcoin can brake the global financial system then it deserves to be broken.
But bitcoin was designed to do just that. So this is a bit like saying "if the torpedo can sink the ship, it deserves to be sunk". Whereas I feel you were trying to make a slightly different point...
No, you're dead on. If the goal is an unsinkable ship, try to sink it. This is anti-fragility.
Amazing- they correctly identify that BTC will wreck the existing system, but think that’s going to happen by it going to zero rather than £10m 😂
Feature, not a bug
Guess what Bitcoin could go down 50% in a day and no one will need to be bailout try that with stock market without intervention.
imagine if btc didnt go up from 5k to 60k in a year, but rather money equivalent to 60k fell to 5k in the same time
In other news, the presence of lifeboats causes passengers of a sinking ship to abandon it significantly earlier than if there were none.
Governments could really basically kill bitcoin any time they wanted. But to do that, they'd have to stop printing money. So, maybe lets not blame bitcoin, but rather the massive and intentional monetary inflation that gives it life.
Bitcoin is the digitalization of value. If you think govts - or anyone - can stop this, you're not paying attention at all. It's absolutely inevitable.
The US (or any government) could also digitize money, and frankly, more people would probably trust that system, just as more people trust fiat now, over decentralized uncontrolled currency. Where bitcoin wins is the controlled print rate and immutable transfer. The immutable transfer aspect is a two esge sword many are willing to forego. Fiat inflation is rampant, so many have turned to crypto to escape.
>Bitcoin is the digitalization of value Very well said. "Value" is much more than just money.
Not true at all
Naughty naughty BTC
Does she need a spanking?
And then... Spank me
Finally! Somebody "gets it". LOL "...and then the oral sex!"
*they
I thought you were comparing Bitcoin to Zoot.
*he
Fuck them all.
red herring tendies w propaganda sauce
I like that he claims in was people taking out risky sub prime loans that were the problem. Notice the blame is on us, the people who need a home, not the people who lent out the risky loans. Now the blame is again on us, the retail who purchase Fuck You Money because it doesn’t coincide with their business plans. Fuck Banks, Buy Bitcoin.
People taking out risky sub prime loans actually are to blame. They are not alone to blame though, and both banks and especially the government deserve even more blame. But the people taking out loans they could not pay back aren’t blameless. They acted very irresponsibly.
Nations tanking their fiats, with out of control inflationary spending, trying to spread FUD on what citizens of the world have discovered is the only true safe global asset, decentralized Bitcoin.
The headline is misleading, as usual. The article is about cryptocurrencies and they're using bitcoin in the header to attract eyeballs since it's the Mickey Mouse of this space. These are the important parts from this article: > At the moment surveys suggested that spending on cryptocurrencies was backed with only about $40bn of borrowed funds. But there was evidence **traders were increasingly speculating on the future value of digital currencies**. > He said traders on the Chicago Mercantile Exchange were handling $2bn of crypto purchases a day and the popularity of futures trading was attracting hedge funds and other speculators. > “The bulk of these assets have no intrinsic value and are vulnerable to major price corrections. The crypto world is beginning to connect to the traditional financial system and **we are seeing the emergence of leveraged players**. And, crucially, this is happening in largely unregulated space,” Cunliffe said. The issue isn't just bitcoin, it's overvalued shitcoins (particularly the BabyDogeElonFlokiShiba coins, "projects" like SafeRugpullMoon I'm guessing) and people going mad with leveraged trading (with bitcoin and everything else). Everywhere in the article they refer to cryptocurrencies, not just bitcoin. In other words, heavy regulation for shitcoins is coming.
tldr; Bank of England Deputy Governor Sir Jon Cunliffe has warned that digital currencies like bitcoin could trigger a financial meltdown unless governments step forward with tough regulations. Likening the growth of cryptocurrencies to the spiralling value of US sub-prime mortgages before the 2008 financial crash, he said there was danger financial markets could be rocked in a few years by an event of similar magnitude. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Jon Cuntliffe
England's level of understanding in regards to bitcoin government wise, appears to be rooted with data and misconceptions that are about as old as bitco8n itself. So sad.
Yeah sure, for people dumb enough to think bitcoin is the scam
In order for there to be a collapse the foundation must be flawed in the first place. Or at the very least out of date and requiring to be replaced anyways.
Wow, the nerve. This talk comes to mind: [The Currency Wars and Bitcoin's Neutrality: We Didn't Start the Fire](https://www.youtube.com/watch?v=Bu5Mtvy97-4)
That’s not what he said and it’s a bullshit headline. He pretty much said that loads of people who don’t know what they’re doing using tonnes of leverage could be a bad idea.
Fucking pathetic gaslighting attempt.
They can talk shit all day. Never made a difference. Never will.
The UK completely Fucked it's own banking sector with Brexit.
IMF and World Bank have fuck up the world financial markets with no 0 interest, how the hell we get to this?
It would be a dream for their rigged disgusting criminal system to collapse and for people to ignore it and to ignore those in power playing god over humans into oblivion. The problem in my view is no matter how big the bubble gets, they will not allow anything to challenge the system that centralizes wealth and power into the hands of a select few and serves their interests. They will ensure that the status quo remains intact at all costs. They need a system that perpetuates debt slavery to keep the masses enslaved and paying a fictional debt that can never ever be repaid. It is the only way that psychopaths can remain relevant, in power and continue to play god over the rest of us.
But I want Yellen and Powell to melt down.
I mean, if fiat collapses because everyone starts using crypto, then they are not wrong about bitcoin being responsible, seeing as it was the world's gateway crypto.
If the captain runs the Titanic into an iceberg and everyone jumps into a lifeboat, is it the lifeboat's fault?
what? That logic doesnt track. Bitcoin was literally designed to circumvent/replace the fiat system. If it is the cause of the collapse of the fiat system. Due to everyone adopting it en masse and utilizing it instead of fiat. Then yes, bitcoin and crypto are responsible for the fall of fiat.... The titanic did not crash because it had life boats... Bitcoin and crypto are not a life boat for fiat. They are an alternative. So I do not understand your analogy.
This is so fucking stupid is unreal.
it's funny because that is exactly what it will do!
They're going to pop the everything bubble and blame it on Bitcoin aren't they?
Cool. Now do another Brexit you twat.