Crypto

[VFlowers]

Has anyone here ever paid a shop / ML / WL / private with crypto currency, or perhaps suggested or discussed this?

With the way things are going in the financial world, this could become a necessity in the not so distant future. Shop owners and ML/WLs might want to think about it.

Otherwise Happy Easter (Punting)!

[harry444]

I waste my money on punting, not crypto. I would never accept payment for anything with crypto.

[Fungus the Bogeyman]

Crypto is the latest con job of the wealthy on the rest of us

[VFlowers]

Maybe I need to provide some background for my question.
1. The petro dollar is collapsing, and it will drag other western currencies down, too.
2. There will be bank runs, bank collapses, and maybe a big financial crash, with bail-ins, account freezing etc.
3. There is increasing inflation around the world.
4. Governments around the world are increasingly trying to reduce, outlaw the use of cash. Bank branches are closing, the number of ATMs is being reduced.
5. Governments are planning / trying to implement central bank digital currencies (CBDCs) that they have total control over.
6. People who openly oppose stuff like LGBTQ agenda, 'carbon reduction', 'green engergy', and other WEF agendas are getting increasingly debanked.
etc.....

Reason enough, IMHO, to think about alternatives to cash.

[rogertmark]

No cripto for me

[4FoW2]

So if we start contemplating crypto all your Doomsday scenarios come one step closer.
I for one ALWAYS demand to be served by a check out chick at Coles and Woolworths.
Anyway re your Doomsday scenarios - can't see this happening in our lifetime - I mean take the petrodollar collapse - any crypto currency ( most likely bitcoin) is too volatile and not universally accepted yet to be reasonably considered.
I also have great faith in the rise of people power, politicans like Pauline Hanson and Don Trump ( not that I support them) and the anti establisment left in politics that are gaining more popularity with voters.
I see your point but I think its a little Orwellian.
4FoW2

PS T'would be nice to have crystal balls.

[VFlowers]

So if we start contemplating crypto all your Doomsday scenarios come one step closer.
I for one ALWAYS demand to be served by a check out chick at Coles and Woolworths.
Anyway re your Doomsday scenarios - can't see this happening in our lifetime - I mean take the petrodollar collapse - any crypto currency ( most likely bitcoin) is too volatile and not universally accepted yet to be reasonably considered.
I also have great faith in the rise of people power, politicans like Pauline Hanson and Don Trump ( not that I support them) and the anti establisment left in politics that are gaining more popularity with voters.
I see your point but I think its a little Orwellian.
4FoW2

I would hope you are right. Got into this discussion with a ML/shop owner (who shared my concerns about increasing government overreach, control, surveillance, the future of cash etc) last week.......after the session....
But I guess you are aware that more and more countries, amongst them big players like Russia, India, China, Brazil etc., are now entering into mutual agreements to trade in their respective national currencies. The USA are sitting on a massive pile of debt and the US$ is backed by nothing than its status as the world trade currency, and that is rapidly breaking away. Plus the US-Fed keeps creating trillion of dollars out of thin air. I guarantee you that we will see a US$ (and other western currencies) collapse during our life-time....unless you are either quite old or very unwell......which I hope is not the case!


PS T'would be nice to have crystal balls.

Pun intended? ;)

And just came across this petition: https://stephenandrew.com.au/2023/04/05/right-to-use-cash-to-be-law/?fbclid=IwAR18jk0u0-7Sey0f8uLAi_CbJ9gD8HhAUA_kR6S9G-Y7aEMT0CTkZcURHIc

[harry444]

I knew a guy who lectured economics at UQ. He admitted to not understanding crypto.
I agree with Vflowers. I expect to see the end of US dominance in my lifetime. And with the anarchy already in place, probably soon.

[Fungus the Bogeyman]

This sky is falling mentality, play it out to its realistic conclusion....you dead from the roving gangs stealing wealth and resources wherever they can find it.
Why are all doomsday preppers somehow convinced somehow they get through their scenarios in good shape?

[joeblow251]

This sky is falling mentality, play it out to its realistic conclusion....you dead from the roving gangs stealing wealth and resources wherever they can find it.
Why are all doomsday preppers somehow convinced somehow they get through their scenarios in good shape?

I have been religiously watching "The Walking Dead" so to know what NOT to do.... in case doomsday happens in my lifetime

[VFlowers]

This sky is falling mentality, play it out to its realistic conclusion....you dead from the roving gangs stealing wealth and resources wherever they can find it.
Why are all doomsday preppers somehow convinced somehow they get through their scenarios in good shape?

I am not necessarily talking about 'doomsday' although that could be one possible outcome, and then the issue of how to anonymously pay for our punts will be the least of our worries...
I am talking about engineered crises that the governments use to implement more and more control over everything (the classic Hegelian 'problem-reaction-solution' approach) , the erosion of privacy and freedom, and possible counter measures.
Of course you could also have a BIG stash of silver coins somewhere and use those for your punts when our governments have inflated the FIAT currencies into oblivion and replaced them with CBDCs that they have total control over (i.e. they can decide how long 'your' digital coins will be valid, where you can use them, for what you can use them, and whether they allow you to use them at all, if for example you make a nasty comment ('hate speech') about drag queen shows in primary schools on social media....
And don't tell me it's not happening....just look at the 'hate speech' legislation they're trying to pass here in QLD, and look at the debanking of Maria Zeee and others...

But I didn't really want to create a big political-financial debate here.
I was only trying to suggest that there might be circumstances, when owning some crypto and crypto wallets and knowing how to use them could be advantageous in this industry - for punters and shops alike.

[joeblow251]

I am not necessarily talking about 'doomsday' although that could be one possible outcome, and then the issue of how to anonymously pay for our punts will be the least of our worries...
I am talking about engineered crises that the governments use to implement more and more control over everything (the classic Hegelian 'problem-reaction-solution' approach) , the erosion of privacy and freedom, and possible counter measures.
Of course you could also have a BIG stash of silver coins somewhere and use those for your punts when our governments have inflated the FIAT currencies into oblivion and replaced them with CBDCs that they have total control over (i.e. they can decide how long 'your' digital coins will be valid, where you can use them, for what you can use them, and whether they allow you to use them at all, if for example you make a nasty comment ('hate speech') about drag queen shows in primary schools on social media....
And don't tell me it's not happening....just look at the 'hate speech' legislation they're trying to pass here in QLD, and look at the debanking of Maria Zeee and others...

But I didn't really want to create a big political-financial debate here.
I was only trying to suggest that there might be circumstances, when owning some crypto and crypto wallets and knowing how to use them could be advantageous in this industry - for punters and shops alike.

Have to agree - not many people think about this stuff and it started a long time ago - started with Iraqi.
It only been expedited because sleepy Joe is driving all the foreign enemies together and all the woke policies. We are moving at a very fast pace to that orwellian world. Many will scoff at this idea, and when they finally realize it, it will be too late... me I'm going to live in Thailand - at least they are not like the western societies (yea I know they aren't perfect too)

[ArtieGee]

You forgot the rest of the WEM conspiracies:
* if you've been vaccinated for covid you're shedding spike protein that can infect those around you
* Bill Gates wants us all to get a chip in our arms so we can be tracked (for some reason to follow our massage history)
* the vaccine has already made us traceable due to altering our DNA
* the Chinese have installed software on all our phones to track us and our habits via Tic-Toc
* All these Chinese students are coming here to spy on us by any means as agents of the State (luckily massage and extras are their best weapon)
* covid19 was created in a lab to disrupt the world (this one might be true!)
There are tons more but they aren't as believable as these.
RTG

[SmithChips]

There will be electronic records with crypto right? Understand there may be a need to look into cash alternative, but these should be physical tangible currencies that are not easily traced.... unless I am missing something. (P.S I don't really understand crypto)

[VFlowers]

There will be electronic records with crypto right? Understand there may be a need to look into cash alternative, but these should be physical tangible currencies that are not easily traced.... unless I am missing something. (P.S I don't really understand crypto)

It depends.
I am also not an expert, and initially I was hoping that I could avoid this trend. Although in retrospect I really regret ignoring it when Bitcoin first appeared. I know a few people who literally made millions by buying, or even mining the stuff when it was dirt cheap and selling at the right time.
But lately, for the reasons I mentioned, I have started to look into the topic.
Not all crypto coins are created equal, and yes with some coins (Bitcoin for example), there are ways of reading out the blockchain and seeing all the transactions, and then it depends pretty much on what exactly your setup is, in terms of crypto wallet, computer, phone privacy protection.
But there are also so called 'privacy coins', like Monero or EpicCash, where transactions can't be traced, and I think this is where the future lies.
Unfortunately, in the crypto world at present, there is much more weed than there is garden.

[AdriannaVang]

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[CumShot]

Vflowers, just thinking about this


You forgot to have "hedge against inflation" in your crypto quiver.


Bitcoin on 1 Oct 21 was valued at 61,877.00 and today sits at 29,909.10 that is a halving of value. How is that beating the government or inflation?



2. There will be bank runs, bank collapses, and maybe a big financial crash, with bail-ins, account freezing etc.
How about FTX? would appear to be the type of 'crash' you are suggesting could happen, oh wait, that's a crypto exchange losing $12B and freezing accounts. Isn't noone bailing out the crypto folks.

Then let's discuss all of the rubbish tokens that have been issued and are...worthless

It's just too unstable. It does have a purpose but it's not a currency suitable for low dollar transactions.

Note : The author holds a small, very small amount of Bitcoin as an investment and gamble.

[VFlowers]

With crypto it's like with so many other things: There are people who get it, and there are people who don't.
I am not wasting my time or breath, let alone in this forum, to argue with, or try to convince people who have read 2.5 articles in the main stream media.
Just stick with the infinitely multipliable FIAT currencies that are backed by nothing, and be in the first row when what ultimately always happens with such currencies takes place.
Stick with our current banking system where the banks more and more tell you how much of the money that you believe you 'own' you can have, move or use - and with bail-ins.
And with governments bit by bit outlawing cash, so that they can monitor and control every little purchase and transaction.

[No Pay]

I knew a guy who lectured economics at UQ. He admitted to not understanding crypto.
I agree with Vflowers. I expect to see the end of US dominance in my lifetime. And with the anarchy already in place, probably soon.

why is Australia still following the US like a dog ?

[CumShot]

With crypto it's like with so many other things: There are people who get it, and there are people who don't.
I am not wasting my time or breath, let alone in this forum, to argue with, or try to convince people who have read 2.5 articles in the main stream media.
Just stick with the infinitely multipliable FIAT currencies that are backed by nothing, and be in the first row when what ultimately always happens with such currencies takes place.
Stick with our current banking system where the banks more and more tell you how much of the money that you believe you 'own' you can have, move or use - and with bail-ins.
And with governments bit by bit outlawing cash, so that they can monitor and control every little purchase and transaction.

A better answer would be that other equity investments also lost similar and also fluctuate widely. the point is that crypto is not a 'currency' it is a higher risk investment. yes it belong in portfolios but it's not a "currency". My AUD account holds $1,000 and it buys $1,000 worth of goods discounting for inflation.

Anyway, it's better to take this discussion to other forums "in the know" where you will get a softer reception from other people "in the know" with their ability to read those special articles.

PS: You were the thread starter, so don't waste our time either if you cannot make a reasoned argument.

[VFlowers]

A better answer would be that other equity investments also lost similar and also fluctuate widely. the point is that crypto is not a 'currency' it is a higher risk investment. yes it belong in portfolios but it's not a "currency". My AUD account holds $1,000 and it buys $1,000 worth of goods discounting for inflation.

Anyway, it's better to take this discussion to other forums "in the know" where you will get a softer reception from other people "in the know" with their ability to read those special articles.

PS: You were the thread starter, so don't waste our time either if you cannot make a reasoned argument.

If you read through my intial post again, you will maybe note that it wasn't my intention to discuss crypto as an asset or investment, nor enter the depths of monetary theories, but to discuss crypto as an alternative for quick and anonymous payments in a world that seems hell-bent on eradicating cash, inflating our current FIATs into oblivion, and tighten control over everything we do.
Quick, anonymous and untraceable payments are basically the essence for what this whole forum is about.
You obviously don't understand what crypto is and what it can do - in particular so called privacy-coins.
And this will be my last comment in this thread. Yes, I started it, but I have since learned that with the audience here, there is absolutely no point in keeping it alive.

[Yellow Fever]

If you read through my intial post again, you will maybe note that it wasn't my intention to discuss crypto as an asset or investment, nor enter the depths of monetary theories, but to discuss crypto as an alternative for quick and anonymous payments in a world that seems hell-bent on eradicating cash, inflating our current FIATs into oblivion, and tighten control over everything we do.
Quick, anonymous and untracable payments are basically the essence for what this whole forum is about.
You obviously don't understand what crypto is and what it can do - in particular so called privacy-coins.
And this will be my last comment in this thread. Yes, I started it, but I have since learned that with the audience here, there is absolutely no point in keeping it alive.

Thanks for bringing this to the table of discussion. It’s something I’ve never considered…and know zero about, the crypto world?
However; a cashless society would appear to be all Governments target….control to maximise taxable income?

Back in the day; cash, cheques, and Barter Card ruled.
Who knows where the World will be in 10 years time….

[CumShot]

If you read through my intial post again, you will maybe note that it wasn't my intention to discuss crypto as an asset or investment, nor enter the depths of monetary theories, but to discuss crypto as an alternative for quick and anonymous payments in a world that seems hell-bent on eradicating cash, inflating our current FIATs into oblivion, and tighten control over everything we do.
Quick, anonymous and untraceable payments are basically the essence for what this whole forum is about.
You obviously don't understand what crypto is and what it can do - in particular so called privacy-coins.
And this will be my last comment in this thread. Yes, I started it, but I have since learned that with the audience here, there is absolutely no point in keeping it alive.

Yep, exactly why crypto is not for this forum. We already have a way to make anonymous payments. it's called cash.

[romulsdefroz]

I’m with you on this – it’s definitely something shop owners and ML/WLs should start considering seriously. I’ve paid privately with crypto a few times already, and honestly, it just feels like where things are heading. Plus, with the constant innovation in the crypto world, there’s always something new popping up to make it easier. If you’re interested in keeping up with the latest, nyctale.io (https://nyctale.io/) has some good stuff worth checking out. Happy Easter to you too!

[MrBCCA]

Crypto is the latest con job of the wealthy on the rest of us

Just say you are middle aged and don't get it.