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(CNBC)   Head of the European Central Bank says crypto isn't worth the paper it's printed on   (cnbc.com) divider line
    More: Obvious, Euro, European Central Bank, Central bank, Eurozone, latest comments, central banks, digital assets, Monetary policy  
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550 clicks; posted to Business » on 23 May 2022 at 10:50 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-05-23 9:50:37 AM  
Not entirely true.  It's worth exactly what someone is willing to pay for it.
 
2022-05-23 10:54:02 AM  
She's just jealous of how I got magically rich overnight by being so much smarter than everyone else.
 
2022-05-23 11:01:00 AM  
"It is based on nothing," she added. "There is no underlying asset to act as an anchor of safety."

See what you do is make another crypto coin to back the other.
 
2022-05-23 11:02:39 AM  

EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.


Yeah, "pay for it" with a real currency like Dollars, Pounds, or Euros.
 
2022-05-23 11:06:19 AM  

EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.


Just like a handful of donkey shiat, a cup of cockroaches or a headache.
 
2022-05-23 11:16:05 AM  

iamskibibitz: EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.

Yeah, "pay for it" with a real currency like Dollars, Pounds, or Euros.


Yes, that's what gives it value. That's how value works.
 
2022-05-23 11:20:01 AM  
I would argue it was worth alot...to those who cashed out above their start point and ran.  To all the HODLers out there, well they always have hope

/and the daily stress of cognative dissonance
//welcome to day-trading part 2, feels like 1998 again
 
hej
2022-05-23 11:20:39 AM  

EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.


Technically correct at that exact moment in time.
 
2022-05-23 11:23:10 AM  
If you're an economist or an economic/financial historian it has to be crazy-making to watch cryptocurrency play out.
 
2022-05-23 11:38:12 AM  
c.tenor.comView Full Size
 
2022-05-23 11:41:58 AM  
Who let this geezer out of the home?

/She even admitted her own son is buying crypto
//lulz
 
2022-05-23 11:43:50 AM  
But Matt Damon challenged my manhood during the Super Duper Bowl!
 
2022-05-23 11:47:06 AM  
Lagarde called on global policymakers to put rules in place to protect inexperienced investors making big bets on digital assets

she continued  "you know.... morons".
 
2022-05-23 11:51:31 AM  
I think the whole "inexperienced investors" thing is crap and patronizing. Experienced traders are lemmings. The whole market is a joke to begin with.
 
2022-05-23 11:53:24 AM  

AsparagusFTW: Who let this geezer out of the home?

/She even admitted her own son is buying crypto
//lulz


I bet she doesn't even have a TikTok or very many IG followers.
 
2022-05-23 11:53:39 AM  

hej: EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.

Technically correct at that exact moment in time.


Is this crash different?

It's only use is as a speculative instrument.  Or as a way to purchase drugs, guns or "services" in a libertarian paradise*

* which will never exist.
 
2022-05-23 11:55:29 AM  

morg: I think the whole "inexperienced investors" thing is crap and patronizing. Experienced traders are lemmings. The whole market is a joke to begin with.


They probably didn't lose their life savings on Terra though
 
2022-05-23 11:56:49 AM  
Your US dollars are backed literally by nothing except the promise that if you stop paying us what you owe us, we'll kill you with our military.
 
2022-05-23 11:58:53 AM  
It would be a lot easier/a lot more fun if BTC was crashing at a time when stocks weren't.

My employer's stock is down more than BTC over the last year....and it's fully regulated and all that jazz.
 
2022-05-23 12:00:51 PM  

morg: I think the whole "inexperienced investors" thing is crap and patronizing. Experienced traders are lemmings. The whole market is a joke to begin with.


I'mma go with the joke where I get to own parts of actual companies that employ real people and produce/sell real things that have use/value to real customers.

It's been reeeal farkin' funny for me for a good long time now.
 
2022-05-23 12:01:24 PM  

SpectroBoy: Lagarde called on global policymakers to put rules in place to protect inexperienced investors making big bets on digital assets


Why? I've no interest in underwriting their stupidity.
 
2022-05-23 12:15:49 PM  
Ok.  When the central banks start saying something is bad, it is good.

The central banks are there to protect the elite, nothing else.  They NEVER have the little guys back.  Sometimes it happens by accident.  But rarely.

Are they saying real currencies should be backed by something tangible?
 
2022-05-23 12:27:41 PM  

EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.


That, in essence is capitalism.  Doesn't matter if the product is useful, valuable, safe, or even 'there'...so long as you can convince someone to buy it...that's what it's worth. Fraud isn't a term in the capitalist ethos.

'fraud' is only a thing if you rip off a rich person.
 
2022-05-23 12:34:11 PM  
Europe is not happy with crypto.

It seems like it taking power away from Euro back to the dollar.
 
2022-05-23 12:39:29 PM  

hammettman: hej: EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.

Technically correct at that exact moment in time.

Is this crash different?

It's only use is as a speculative instrument.  Or as a way to purchase drugs, guns or "services" in a libertarian paradise*

* which will never exist.


People already buy guns, drugs, and "services". You don't need a libertarian paradise to do that. In fact the value of crypto is to buy illegal things more anonymously than you can with the legal banking system. Crypto has the same intrinsic value as any other currency. Which is none but it's value lies in its ability to be a trade medium for objects that have intrinsic value. The problem with it now is that people started treating it as an asset to be held and not as currency to be spent so it turned into a giant pyramid scheme.
 
2022-05-23 12:40:40 PM  

mr0x: Europe is not happy with crypto.

It seems like it taking power away from Euro back to the dollar.


Last week when she was complaining central bankers from 44 nations were being orange pilled in E.S.

This week while she is complaining, Norway's parliament is being orange pilled in Oslo.

China banned it last year, their hash rate went to 0. Now it stands at ~20% of the hash rate. Not even they can prevent it.

/She keeps complaining
//Bitcoin doesn't care
 
2022-05-23 12:54:30 PM  

bdub77: Your US dollars are backed literally by nothing except the promise that if you stop paying us what you owe us, we'll kill you with our military.


I think it's more accurate to say the US dollar is backed by the US economy. Everyone is willing to accept $ because they can use it buy stuff from the US. The US has the largest economy in the world which means it produces the most goods and services. Ultimately power comes down to the military but a strong military needs to be supported by a strong economy.
 
2022-05-23 1:05:43 PM  

AsparagusFTW: mr0x: Europe is not happy with crypto.

It seems like it taking power away from Euro back to the dollar.

Last week when she was complaining central bankers from 44 nations were being orange pilled in E.S.

This week while she is complaining, Norway's parliament is being orange pilled in Oslo.

China banned it last year, their hash rate went to 0. Now it stands at ~20% of the hash rate. Not even they can prevent it.

/She keeps complaining
//Bitcoin doesn't care


More and more countries are accepting Bitcoin.  Bitcoin is accepted in about 1/1,000,000,000,000th of the places that the dollar is accepted.  As more and more places accept Bitcoin, it will be worth proportionally more dollars every day.

It's simple game theory.
 
2022-05-23 1:13:24 PM  
Head of Centralized Banking says Decentralized Banking is not the way to go. He says it's a scam! Btw, your bank charged you a monthly fee because you don't have enough money in your account, which made you go negatively, so there's a fee for that, which you can't pay so there's a fee for that ...


Fark user imageView Full Size
 
2022-05-23 1:52:25 PM  

dragoneer27: People already buy guns, drugs, and "services". You don't need a libertarian paradise to do that. In fact the value of crypto is to buy illegal things more anonymously than you can with the legal banking system. Crypto has the same intrinsic value as any other currency. Which is none but it's value lies in its ability to be a trade medium for objects that have intrinsic value. The problem with it now is that people started treating it as an asset to be held and not as currency to be spent so it turned into a giant pyramid scheme.


Crypto is useful for conducting potentially-anonymous transactions that generally aren't reversible. This makes it very attractive for trafficking unlawful things to traffic in (drugs, guns, CP, people). It is useful for money laundering and tax evasion. For most people this activity wouldn't impact them at all. There is one activity that crypto has enabled which everyday people do have to worry about.

Ransomware. Hackers used to deface websites, take down mail servers, and conduct industrial espionage primarily for shiats and giggles. Crypto has allowed the mass targeting of everybody online. This simply didn't exist before. Sure, viruses spread and deleted files but it was more of a nuisance. Crypto allows serious amounts of money to be extracted from just about anyone. Can't do that with credit cards, cash, or EFTs. Even the method of getting people to buy Google/Apple gift cards can be blocked and tracked. Crypto allows easy extortion through malware and countless billions have been extracted that way. For that reason alone the advocates for Crypto should burn.
 
2022-05-23 1:56:09 PM  

bdub77: Your US dollars are backed literally by nothing except the promise that if you stop paying us what you owe us, we'll kill you with our military.


How many nuclear carriers does Bitcoin or ETH have?

It's a pretty significant backing.
 
2022-05-23 2:09:36 PM  

Wine Sipping Elitist: Head of Centralized Banking says Decentralized Banking is not the way to go. He says it's a scam! Btw, your bank charged you a monthly fee because you don't have enough money in your account, which made you go negatively, so there's a fee for that, which you can't pay so there's a fee for that ...


[Fark user image 425x440]


A credit union seems much easier to use than bitcoin.
 
2022-05-23 2:26:55 PM  

bdub77: Your US dollars are backed literally by nothing except the promise that if you stop paying us what you owe us, we'll kill you with our military.


They're also backed by the knowledge that no one would dare call in our debts, because we are too big to fail.
 
2022-05-23 2:28:40 PM  

EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.


True

Thats called the Free Market.

As the Fed prints USD like a news paper printing press
 
2022-05-23 2:30:51 PM  

HotWingConspiracy: "It is based on nothing," she added. "There is no underlying asset to act as an anchor of safety."

See what you do is make another crypto coin to back the other.


The Beauty is in the blockchains immutability.

Btw there are enough 256 private blockchain keys to give every atom in the known visible universe its own unique key

Happy hacking!!
 
2022-05-23 2:31:33 PM  

iamskibibitz: EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.

Yeah, "pay for it" with a real currency like Dollars, Pounds, or Euros.


Are those Fed printed on a newspaper press dollars??
 
2022-05-23 2:31:56 PM  

doctorguilty: But Matt Damon challenged my manhood during the Super Duper Bowl!


I may have even posted on here at the time that Matt Damon promoting crypto during the Super Bowl may have been the official "shoe shine boy with stock tips" moment.
 
2022-05-23 2:32:03 PM  

Phil McKraken: EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.

Just like a handful of donkey shiat, a cup of cockroaches or a headache.


Settle down, Bankster
 
2022-05-23 2:32:41 PM  

replacementcool: iamskibibitz: EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.

Yeah, "pay for it" with a real currency like Dollars, Pounds, or Euros.

Yes, that's what gives it value. That's how value works.


Lolzz

It went right over his head
 
2022-05-23 2:33:56 PM  

hej: EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.

Technically correct at that exact moment in time.


On an immutable Blockchain
 
2022-05-23 2:34:47 PM  

AsparagusFTW: Who let this geezer out of the home?

/She even admitted her own son is buying crypto
//lulz


To be fair

Her son will have to live in the Future
 
2022-05-23 2:35:46 PM  

morg: I think the whole "inexperienced investors" thing is crap and patronizing. Experienced traders are lemmings. The whole market is a joke to begin with.


U shouldnt badmouth wall street and the NY stock exchange like that
 
2022-05-23 2:38:52 PM  

bdub77: Your US dollars are backed literally by nothing except the promise that if you stop paying us what you owe us, we'll kill you with our military.


USD is worth what the Fed says its worth.  And thats abt all its worth
 
2022-05-23 2:39:49 PM  

Fark_Guy_Rob: It would be a lot easier/a lot more fun if BTC was crashing at a time when stocks weren't.

My employer's stock is down more than BTC over the last year....and it's fully regulated and all that jazz.


Shush!!

Ull make our farker bros upset.
 
2022-05-23 2:41:00 PM  

AmbassadorBooze: Ok.  When the central banks start saying something is bad, it is good.

The central banks are there to protect the elite, nothing else.  They NEVER have the little guys back.  Sometimes it happens by accident.  But rarely.

Are they saying real currencies should be backed by something tangible?


Blockchain keeps those fukers up at night
 
2022-05-23 2:42:14 PM  

A Cave Geek: EvilEgg: Not entirely true.  It's worth exactly what someone is willing to pay for it.

That, in essence is capitalism.  Doesn't matter if the product is useful, valuable, safe, or even 'there'...so long as you can convince someone to buy it...that's what it's worth. Fraud isn't a term in the capitalist ethos.

'fraud' is only a thing if you rip off a rich person.


Bernie madoff went to jail quickly bec he made the mistake of stealing from the rich
 
2022-05-23 2:42:54 PM  

mr0x: Europe is not happy with crypto.

It seems like it taking power away from Euro back to the dollar.


Lolzz

I remember my first 12 pack too
 
2022-05-23 2:44:05 PM  

Linux_Yes: Fark_Guy_Rob: It would be a lot easier/a lot more fun if BTC was crashing at a time when stocks weren't.

My employer's stock is down more than BTC over the last year....and it's fully regulated and all that jazz.

Shush!!

Ull make our farker bros upset.


If you need it explained to you why it's a pretty farking bad idea to have much of your own portfolio invested in your employer's stock there's not much I can do for you. Count yourself lucky you manage to tie your shoes in the morning.
 
2022-05-23 2:44:52 PM  

dragoneer27: bdub77: Your US dollars are backed literally by nothing except the promise that if you stop paying us what you owe us, we'll kill you with our military.

I think it's more accurate to say the US dollar is backed by the US economy. Everyone is willing to accept $ because they can use it buy stuff from the US. The US has the largest economy in the world which means it produces the most goods and services. Ultimately power comes down to the military but a strong military needs to be supported by a strong economy.


Wrong

Ultimately power comes down to the people but only if they chose to use it.

Which is great news for blockchains
 
2022-05-23 2:45:40 PM  

Rapmaster2000: AsparagusFTW: mr0x: Europe is not happy with crypto.

It seems like it taking power away from Euro back to the dollar.

Last week when she was complaining central bankers from 44 nations were being orange pilled in E.S.

This week while she is complaining, Norway's parliament is being orange pilled in Oslo.

China banned it last year, their hash rate went to 0. Now it stands at ~20% of the hash rate. Not even they can prevent it.

/She keeps complaining
//Bitcoin doesn't care

More and more countries are accepting Bitcoin.  Bitcoin is accepted in about 1/1,000,000,000,000th of the places that the dollar is accepted.  As more and more places accept Bitcoin, it will be worth proportionally more dollars every day.

It's simple game theory.


BTC has been failing for 13 years now
 
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