Crypto Mining ⚒ & Trading

Thanks for the post jak. Some good points. I’m seeing first hand the part where you say;Trying to day trade or even short term trade (ie: 1-3 years) would require you, IMO, to completely immerse yourself in your “coin” of choice literally 24/7 to try to time the rises and falls. As a friend is caught up in that. I stop by his “BatCave” /commercial building. always hot as a Georgia chain-gang in that place, and humming away mining numbers.
He starts his trading day about the time Asia is waking up, and I think he goes around the clock from then on.
What surprises me is the stupid amount of money people are willing to pay to acquire these mining machines, even used ones. . He flips some of his machines because of that and makes great profits on them.
Always a mind full after visiting him.

Each person has a different model of crypto adoption. I’m a very small miner and a hodl. I have a few machines, both GPU and ASIC’s which I have owned and run for years. Everything I earn, I hodl and forget it even exists. I pay attention to the prices, but on more of a macro level. I’m just slowly building a portfolio of various coins. I don’t have a high monthly overhead, but I also don’t get a high monthly reward. I’m the turtle slowly collecting as time moves forward. I view it like a dollar cost averaging for crypto. It’s not flashy, won’t make any headlines, but as I accumulate starting into my second decade, it adds up to quite a bit. Now if everyone’s price predictions come true, then I’m in really great shape. And, on the bonus side, I don’t have to monitor things daily, it just earns. To each his own. I know those who have a strong background in stock trading and chart reading would do well trading crypto, but they would need to spend a bunch of time reading the charts and researching the coins to get the best one for their trading and investing style.

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Hey jak167, I have a client who has rented warehouse space and put about 300 machines in there (I think ASICS). He thinks it will take him close to two years to get his money back mining Bitcoin. That seems like a long time, but he is determined.

I put a few bucks into $StrongBlock nodes - and it’s paying like a slot machine, only better. Seems like to me Proof of Stake will be the future - and maybe even for Bitcoin, if they see that it’s working well in the ETH world.

I agree crypto will slowly move over to Proof of Stake, but I feel it will be kindly like transitioning away from fossil fuels. A slow and long process. Plus some coins may still maintain the Proof of Work model. It all depends upon the coin. IMO, the main issue with nodes tends to be the uncertainty of it. You still need to know about your coin of choice. You could lock in $25k in a node and if its a shit coin, you basically still lose your ass. With the more major coins, you need to need to wait for your coin of choice to transition over. Also, some coin nodes require larger investments than others. Lastly, locking up the coin within the node for a fixed period of time may not work for some people. ETH has taken the lead to transition to Proof of Stake, but even they have push back the turn off of Proof of Work multiple time now for multiple years. It’s as varied as normal investing (ie: stocks, bonds, ETF’s, CD’s, etc). I currently don’t have plans to switch to Proof of Work as my primary means of crypto accumulation just yet. I have a few machines I plan to run into the ground (I’m already way into the green on them) and I may pick up a couple more, in particular ZCash. I also don’t think BTC, ETH, and the other major coins have reach a top yet. Based upon the articles I have read with chart analysis and historical analysis, we may see a larger jump as this year continues to unfold. If we have this larger jump, then I would think about switching over some to Proof of Work because I can still maintain liquidity in the remainder.

RE your friend, a two year turn around seems like too long to me. The current machines have a profitability period of 8-12 months. If he is running older machines, it may take him longer. He may also pay a higher amount for electric. Who knows? I wish him the best though. With the number of machines he has, he could become wealthy very quickly.

RE Strongblock, I haven’t had a chance to look at it in depth, just peeked at the website. It looks like it may be a good idea to make it easier to adopt create and run nodes. The easier it becomes, the better.

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Hello Jak167. My friend mentioned a name FLEX last time I was at his place. But don’t know where it fit in? He was pretty jazzed about it at the time (there is a lot to digest when I’m at his place of mining)… it’s were old school (me) meets new school [him].
Have you heard anything about it ?

See my Jan 5 post: " * The implementation date of the Basel III standards finalised in December 2017 has been deferred by one year to 1 January 2023. The accompanying transitional arrangements for the output floor has also been extended by one year to 1 January 2028."

What will all this do to BTC and other cryptos?

Did Russia Intentionally Trigger A Monetary System Reset?

by irdadmin | Mar 29, 2022 | Financial Markets, Gold, Market Manipulation, Precious Metals, U.S. Economy

“We are witnessing the birth of Bretton Woods III – a new world (monetary) order centered around commodity-based currencies in the East that will likely weaken the Eurodollar system and also contribute to inflationary forces in the West.” – Zoltan Pozsar, Bretton Woods III

Fiat currency is a “promise” to repay a debt obligation and nothing more. A hard asset-backed currency is a guarantee that repayment will occur.

On March 7th Zoltan Pozsar, who formerly worked at the NY Fed, was an advisor at the U.S. Treasury and currently is a strategist as Credit Suisse, published a research report titled “Bretton Woods III.” Anyone familiar with the Bretton Woods agreement understands the reference. Nixon’s snipping of the final thread connecting currency to gold is considered to be Bretton Woods II. Pozsar makes the case that Bretton Woods III is a reversion back to a monetary system in which currency is backed by commodities as opposed to being backed by a sovereign issuer’s “full faith and credit.”

A crisis is unfolding. A crisis of commodities. Commodities are collateral, and collateral is money, and this crisis is about the rising allure of outside money over inside money. Bretton Woods II was built on inside money, and its foundations crumbled a week ago when the G7 seized Russia’s FX reserves . – ibid
( https://investmentresearchdynamics.com)

The above excerpt is from a much longer article.
The IMF is also moved the scheduled date for a reserve currency rebalance from Oct of last year to July 31, 2022.
Any thoughts as to what expected effect on POG and cryptos will be?

Nvidia to pay $5.5 million penalty for ‘inadequate disclosures’ about cryptomining -SEC

BY CHRIS PRENTICE AND KANISHKA SINGH, REUTERS - 13 MINUTES AGO

WASHINGTON (Reuters) -Nvidia Corporation has agreed to pay $5.5 million to settle civil charges that the technology firm did not properly disclose the impact of cryptomining on its gaming business, the U.S. Securities and Exchange Commission (SEC) said on Friday.

In back-to-back quarters in fiscal 2018, Nvidia failed to disclose that cryptomining was a “significant element” of its revenue growth from sales of chips designed for gaming, the SEC said in a statement and charging order.

The firm, which did not admit or deny the SEC’s findings, agreed to pay a civil penalty of $5.5 million. A spokesperson for Santa Clara, California-based Nvidia ( NVDA ) declined to comment.

In 2018, Nvidia’s chips became popular for cryptomining, the process of obtaining crypto rewards in exchange for verifying transactions on distributed ledgers, the SEC said. The regulator alleged that Nvidia knew that information, but failed to share it with investors.

Those omissions misled investors and analysts who were interested in understanding the impact of cryptomining on Nvidia’s business, the SEC said.

This article originally appeared on Bitcoin.com.
Is anyone following the so called “Britton Woods III” situation with the recent BRICS Summit meeting?

Russia, China, BRICS plan new int’l reserve currency

By Jamie Redman

During the last month, the West has been struggling with red hot inflation and energy prices skyrocketing higher. Politicians in the UK, Europe, and the US have been trying to blame the economic calamity on a number of things like the Ukraine-Russia war and Covid-19.

Data from last month’s consumer prices in America and Europe have climbed to all-time highs and many analysts say Western countries are in a recession or about to experience one. Meanwhile, at the end of June, members of the BRICS nations met at the 14th BRICS Summit to discuss world affairs.

During the BRICS Summit, Russian President Vladimir Putin announced that the five-member economies — Brazil, Russia, India, China, and South Africa – plan to issue a “new global reserve currency”.

“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review,” Putin said at the time. “We are ready to openly work with all fair partners,” he added. Additionally, Turkey, Egypt, and Saudi Arabia are considering joining the BRICS group. Analysts believe the BRICS move to create a reserve currency is an attempt to undermine the US dollar and the IMF’s SDRs.

“This is a move to address the perceived US hegemony of the IMF,” ING Global Head of Markets Chris Turner, explained at the end of June. “It will allow BRICS to build their own sphere of influence and unit of currency within that sphere.”

While the news of a reserve currency created by BRICS may be a surprise to some, specific accounts about the member countries countering the US dollar have been reported on for quite some time. At the end of May 2022, a Global Times report noted members were urged to end their dependence on the dollar’s global dominance.

Putin explained the following month that “contacts between Russian business circles and the business community of the BRICS countries have intensified”. The Russian President further noted that Indian retail chain stores would be hosted in Russia, and Chinese cars and hardware would be imported regularly. Putin’s recent statements and commentary at the BRICS Summit have made people believe the BRICS members are not “just a ‘talk shop’ anymore”.

In addition to South Africa, Russia has also increased foreign aid and has delivered weapons to Sub-Saharan African countries. Furthermore, Putin and other BRICS leaders have been targeting US hegemony and exceptionalism in specific statements published by the media.

At this year’s St. Petersburg International Economic Forum, Putin addressed the crowd with a 70-minute speech and talked about the US ruling the world’s financial system for years. “Nothing lasts forever,” Putin said. “(Americans) think of themselves as exceptional. And if they think they’re exceptional, that means everyone else is second class,” the Russian President told the forum attendees.

Speaking with Russian ambassadors in a biennial speech, Putin said the West was weakening a great deal in terms of economic power.

“Domestic socio-economic problems that have become worse in industrialised countries as a result of the (economic) crisis are weakening the dominant role of the so-called historical West,” Putin remarked to the ambassadors. “Be ready for any development of the situation, even for the most unfavorable development.”

Russia and Putin have been saying that the US dominance in the world of finance has been dying for years now. In October 2018, speaking at the Valdai forum, Putin said the US sanctioning specific countries (including Russia) would undermine trust in the US dollar.

The Russian President noted that most of the fallen empires have made the same mistake. “It’s a typical mistake of an empire,” the Russian leader declared at the time. “An empire always thinks that it can allow itself to make some little mistakes, take some extra costs, because its power is such that they don’t mean anything. But the quantity of those costs, those mistakes inevitably grows.” Putin continued:

“And the moment comes when it can’t handle them, neither in the security sphere or the economic sphere.”

Moreover, in June, Bloomberg published a report about the BRICS Summit and noted that China’s President Xi Jinping suggested that the North Atlantic Treaty Organiaation (NATO) was responsible for antagonising the Russian Federation. Xi also said that certain countries that bolster exceptionalism will falter by suffering from security vulnerabilities.

“Politicising, instrumentalising, and weaponising the world economy using a dominant position in the global financial system to wantonly impose sanctions would only hurt others as well as hurting oneself, leaving people around the world suffering,” Xi detailed. “Those who obsess with a position of strength, expand their military alliance, and seek their own security at the expense of others will only fall into a security conundrum.”

The strengthening of the BRICS nations has been going on well before the conflict in Ukraine began. For instance, in 2014, Russia fully developed ​​the System for Transfer of Financial Messages (SPFS), and later the Mir payment system was launched. That same year, in response to the annexation of Crimea, Russia started to stockpile gold in vast amounts.

China has been hoarding massive amounts of gold as well, as both countries hiked their gold reserve purchases a great deal a few years before the war. Russian banks also joined the China International Payments System (CIPS) making it easier for the two countries to trade. In April last year, China opened its borders to billions of dollars of gold imports, according to a report from Reuters .

Since World War I, the US dollar has been the world’s global reserve currency and America emerged as the largest international creditor. Fast forward to today, and the dollar is booming against a number of other currencies, and the US dollar is the most robust it has been in an entire generation. The US dollar currency index (DXY) gained over 10% this year and outpaced strong currencies like the Japanese yen.

Just recently, the euro met parity with the dollar, and other currencies like the Indian rupee, Polish zloty, Colombian peso, and the South African rand have faltered against the greenback in recent times. However, the Russian ruble has been a strong competitor to the dollar this year and has been one of the best-performing fiat currencies in 2022.

With inflation soaring and interest rates getting hiked by the Federal Reserve, Kamakshya Trivedi, the Co-Head of a market research group at Goldman Sachs stressed that it’s been a “pretty tough mix” to deal with. Despite the uncertainty, the analyst at Goldman Sachs thinks the dollar, at least for now, will remain robust. But in comparison to the greenback’s recent spike in value, most of that rise is in the past, Trivedi remarked.

“For now, we still expect the dollar to trade on the front foot,” Trivedi wrote on 16 July. “There might be a bit more to go, but probably the largest part of the dollar move may well be behind us.”

(This article was first published by Bitcoin.com News on 25 July)

(https://www.themorning.lk/russia-china-brics-plan-new-intl-reserve-currency/)

Comments?

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I’ve heard about this attempt. I feel, if anything, it will cause more trauma within the established financial markets. Putin already told the west it had to pay for gas in rubles, which the west refused to do. Now, you have China, Russia, and India, some of the largest economies in the world, looking to move away from the dollar. Is it for economic reasons or for political reasons? Does this mean we will have more regional conflicts? China/Taiwan, India/Pakistan? Are they trying to build and stabilize their own economies to allow them to pursue these regional conflicts?

I feel less globalization could have serious ramifications from a conflict standpoint and an economic standpoint. We are definitely heading into a significantly more unsettled time where nationalist sentiment seems to take over rational discourse.

RE crypto, I feel that the increased conflict and splintering of economic cooperation would make crypto a more viable method of transacting business. It’s not controlled by any gov’t, but by those who use it. Oftentimes gov’t rattles sabers when the citizens don’t have the same animosity. I feel crypto acts a definite hedge against a fractured world economic system as crypto can cross all borders and convert to all currencies.

I feel even though the BRICS countries have been trying to crack down on crypto, trying to switch to a new reserve currency will make crypto adoption increase. A vast majority of China’s companies do business with the West. They would stand to fail spectacularly if they couldn’t trade with the West because the West would not allow its companies to use the BRICS currency. China won’t let all their business fail due to a new currency. What can bridge the gap? Crypto. Now China can say its business doesn’t trade in dollars, the West can say its business doesn’t trade in BRICS, yet both can still trade.

I feel that this effort will also push other countries and citizens to avoid all fiat currencies. Look at El Salvador and C.A.R. Switching to BTC as their primary currency has been a bit painful, but they are no longer beholden to any other large country’s currency manipulations. I feel you will see a more smaller countries making this move to avoid the bullshit the larger countries want to throw around. These third world countries want to improve themselves for the benefit of their citizens, they can’t do so under the thumb of a larger country. Going to BTC would remove a lot of the bullshit larger country dump on smaller ones. (ie: Russia raping African countries for their gold)

Just my 2 cents.

Crypto exchange FTX says investigating ‘unauthorised transactions’

FTX filed for U.S. bankruptcy protection on Friday and founder Sam Bankman-Fried resigned as chief executive

Last Updated at November 12, 2022 17:44 IST
(Reuters) -Collapsed crypto exchange FTX said on Saturday it had seen “unauthorized transactions”, with analysts saying millions of dollars worth of assets had been withdrawn from the platform.

Blockchain analytics firm Elliptic said that around $473 million worth of cryptoassets were “moved out of FTX wallets in suspicious circumstances early this morning,” but that it could not confirm that the tokens had been stolen.

FTX U.S. general counsel Ryne Miller said in a tweet shortly after 0700 GMT on Saturday that the firm had “expedited” the process of moving all digital assets to cold storage “to mitigate damage upon observing unauthorized transactions.”

Cold storage refers to crypto wallets that are not connected to the internet to guard against hackers.

Earlier on Saturday, Miller said in a tweet that he was “investigating abnormalities with wallet movements related to consolidation of FTX balances across exchanges.”

FTX did not respond to a Reuters request for comment.

Prior to Miller’s tweets, FTX officials appeared to confirm rumors of a hack on the firm’s Telegram channel, according to a CoinDesk report which said that the exchange had instructed customers to delete FTX apps and avoid its website.

“FTX has been hacked,” an account administrator in the FTX Support Telegram channel wrote in a message, according to CoinDesk.

Reuters could not immediately verify the details posted on FTX’s private Telegram channel.

FTX filed for U.S. bankruptcy protection on Friday and founder Sam Bankman-Fried resigned as chief executive.

The distressed crypto trading platform had struggled to raise billions to stave off collapse as traders withdrew $6 billion in crypto tokens from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal this week.

(Reporting by Akriti Sharma in Bengaluru and Elizabeth Howcroft in LondonEditing by William Mallard, Pravin Char and Frances Kerry)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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You. Been keeping on top of this story. Looks like SBF was robbing Peter to pay Paul. He used client deposits to cover his losses in his trading firm Alemeda Research. Not a good thing. Crypto will continue to go through these growing pains. Just like regular finance did in this country through the 1800’s to 1900’s. The more bad actors which get washed out the better for those that are left. That’s why I use Coinbase. It’s a US based company, trading on the markets, and they specifically do not lend or borrow against their customer deposits.

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Anyone paying attention here?
These stories may be of interest to those in this trading space:
Coinbase Global, Inc. (COIN) shares are moving higher Thursday, alongside several of crypto-related stocks, after a U.S. judge ruled that Ripple (XRP/USD) sales do not constitute an offer of investment contracts.

SEC Has No Jurisdiction Over Cryptos on Coinbase, Exchange Says in Lawsuit Response
Coinbase filed an answer to the SEC’s lawsuit early Thursday, arguing the regulator violated its due process and is reaching beyond its jurisdiction.

How long will the dollar last as the world’s default currency? The BRICS nations are gathering in South Africa this August with it on the agenda

If anyone has news relevant to the changes taking place in global currencies, POG, BRICS please post on the “FWIW - Focus on Global Economy” thread. Events taking place are all interrelated.
EZ

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Yes. I have been following those stories, and others too.

RE XRP, it’s being touted as a victory for XRP, however, it’s only a partial victory. The summary judgement order states for retail purposes, XRP is not a security. This decision should help Coinbase and other exchanges under attack from the SEC via enforcement versus regulation. They can argue the same for their exchanges and customers.

However, the order did not grant XRP relief on institutional investors due to institutional investors different status as to retail investors. The judge did not rule against XRP, but just denied their request for summary judgement. This fact means the SEC can proceed forward with its claims against XRP regarding institutional investors. XRP could still succeed at trial too. So it’s still up in the air.

More importantly, large financial institutions have embraced crypto and are pressing the SEC to allow certain ETF’s relating to cypto. https://www.cnbc.com/2023/06/15/blackrock-files-for-spot-bitcoin-etf-with-coinbase-as-a-crypto-custodian.html?&qsearchterm=crypto%20etf (just one example)

Since large institutions have embraced it, if anyone can force the SEC to back off and allow proper regulation to allow crypto to flourish, it’s these large financial institutions.

Then you add in BRICS action as well.

The dollar, IMO, at some point will lose its global standing and other options will take its place. IMO crypto has the best chance of making the jump to global acceptance due to its decentralized nature, the inability of gov’t to manipulate it, the universal acceptance (no currency conversions), and it’s ease of use. The blockchain is already embedded in multiple financial transactions we now use regularly. It’s not going to be difficult to add a BTC symbol to everyone’s accounts.

Our currency is already virtual right now. Not many people walk around with wads of 100’s in their pocket or store them in safes. Our currency is digital.

IMO if you are not a making crypto part of your portfolio, you will miss out.

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Thanks jak,
I don’t understand crypto enough to be comfortable with it, so I haven’t embraced it yet. Your explanations make it much easier to see it as a reasonable trading vehicle, but not as a tangible equity. Blockchain is crypto’s most attractive feature. I do feel apprehensive of how the IRS will treat it on 1040 filings.
EZ

Currently, the IRS treats is like any other capital gain or loss. If you trade it and earn a profit, you are subject to short term and long term capital gain/loss. If you mine it, like I do, you pay taxes on it as if it was straight income. The price at the time you received your mining reward now acts as your basis. It would be like someone paying you for your regular job in stock. The day you get it, sets your basis.

It’s funny because if I do end up selling some in the future for a profit (almost all of mine is profit), I will just tax a huge tax loss on my MDMN to offset the gain. :rofl:

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Jak your text reminds me of some of my early years in MDMN.
The stock that helped offset some of my capital gains along the way. My accountant and financial adviser remind me every year, “you know you still have some of that MDMN on the books”… “yea” “yea” yea" …“we just won’t talk about that”
is my standard reply… Maybe we bring it up next year…

And I agree with your earlier comment. : The dollar, IMO, at some point will lose its global standing and other options will take its place. IMO crypto has the best chance of making the jump to global acceptance due to its decentralized nature, the inability of gov’t to manipulate it, the universal acceptance (no currency conversions), and it’s ease of use. The blockchain is already embedded in multiple financial transactions we now use regularly. It’s not going to be difficult to add a BTC symbol to everyone’s accounts.

And On the BRICs subject of a gold backed currency.
One can read where India one of the main players, is getting cold feet.
(most likely pressure from its Anglo-Saxon hegemony, arms deals, computer chip deals, and other bones throw to her.) Something to keep a eye on in this fast changing world we ride upon.
C.s.

Are readers here aware that some states have recognized gold as legal tender for a very specific reason?:

23 US states move to reclaim gold and silver as legal tender

The shift is rooted in Article 1, Section 10 of the U.S Constitution, stating that “No State shall make any Thing but gold and silver Coin a Tender in Payment of Debts.”

The state laws declaring the shift of gold and silver currency would eliminate capital gains taxes on sales of gold and silver in states that accept the two metals as legal tender.

The article cited above explains in detail the reasoning behind this move. Anyone that has physical gold and silver may want to redeem it for spendable fiat money at some point in the future when/if hyperinflation occurs. The desire and reason for this lawful recognition is easy to see. If POG goes 10X or more at sometime in the future a ready media of exchange is needed, i.e. fiat currency. Everyone should realize at this point that inflation in reality is a hidden undeclared tax, disguised and explained away as a monetary failure resulting in devaluation of the currency, i.e. US dollar.

India has been an interesting focus of discussions on this and other threads for some time. Does anyone remember Why India wiped out 86% of its cash overnight?

On 8 November, Prime Minister Narendra Modi gave only four hours’ notice that virtually all the cash in the world’s seventh-largest economy would be effectively worthless.The Indian government likes to use the technical term “demonetization” to describe the move, which makes it sound rather dull. It isn’t. This is the economic equivalent of “shock and awe”.(India scraps 500 and 1,000 rupee bank notes overnight - BBC News)

The Indian government likes to use the technical term “demonetization” to describe the move, which makes it sound rather dull. It isn’t. This is the economic equivalent of “shock and awe”.

India’s demonetization was an experiment as explained in the citied article above. Could a similar move be declared to recall large denomination fiat currency to implement a CBDC? I certainly hope not, but is it a possibility? I think it would be extremely difficult to recall and reissue demonetized currency; But as part of an excuse for declaring an experimental guaranteed minimum income for some disadvantaged segment of society it may happen. Will there be an experiment to reform our means of exchange domestically? Could making BTC the equivalent of gold and exempt from capital gains tax as some states have done for gold and silver be a solution? I’d like to imagine that someday it could. It would be a welcome change for many cryptocurrency traders/miners and “stackers”. We do need simplified tax reforms implimented.

Back in March 2021 Fed Chairman said, “Bitcoin is lacking key ingredients that would make it a useful currency. As a result, the crypto currency is essentially more of a substitute for gold than the dollar, Fed Chairman Jerome Powell said Monday.” Of course that sentiment has changed since then as the FED and Treasury continues working on instituting CBCD.

In the link provided by CS a couple of interesting comments were made ( a couple of interesting excerpts) .

(BRICS Summit sees new role for the bloc in a changing world — MercoPress 1)

Strategic autonomy is important for India. As is friendship with the United States, the West more broadly, for both economic and strategic reasons.
(Ashok)

What we need is a neutral Currency, which nobody controls. Gold was such a currency. But unfortunately it is too hard to move, which makes it practically useless for international commerce.
… Gold standard was basically paper gold.The only practical solution is Bitcoin. But that is too young and immature today to take up that mantle. It needs to grow and become more stable. It needs the stability of Gold, for which it needs at least 10x marketcap and preferably 100x marketcap.

(anand srivastava)

Did anyone notice when I posted this back in January?

In August 1971, when the Bretton Woods agreement was abandoned, crude oil was priced at $3.56 a barrel and the market price for gold was $42.85. Converting this into ounces of gold per barrel gives us a value of 0.0831 ounces. Today, the gold price of oil is 0.0417 ounces per barrel, roughly half. In other words, using gold Glazyev can demonstrate that the true cost to OPEC+ of dollarisation has been to halve the value of their export revenues since the Bretton Woods agreement was suspended. By accepting a new trade settlement medium tied to gold, this US enforced erosion of oil values will cease. And to compensate for the loss of oil’s value from the ending of Bretton Woods, the gold price in dollars would have to be double that of today at over $3,800…

(Auryn/Medinah - 2023 1st Half General Discussion - #141 by easymillion)

CS had posted a link on FWIW - Focus on Global Economy mentioned earlier, and here’s another article discussing what CS had just commented on.

BRICS nations forge a path towards a gold-backed currency, challenging the US Dollar’s dominance

India is the only country that has not shown interest in the plans to launch a new currency.

According to Ms Vazquez

In her opinion the move suggests that the BRICS nations are actively engaging in the restructuring of the international financial system, seeking greater autonomy and influence.

(https://www.financialexpress.com/business/defence-brics-nations-forge-a-path-towards-a-gold-backed-currency-challenging-the-us-dollars-dominance-3168425/)

It is clear there are global changes in the reserve currencies used in international trade. Will CBCD move forward with BRICS creating its own International Trading rival to the IMF? The political conflict between the forces of Globalization and National self interest is unavoidable as the move to dedollarization from BRICS countries moves forward.

Some interesting news. https://www.cnbc.com/2023/08/29/first-bitcoin-etf-could-be-coming-soon-as-court-rules-in-favor-of-grayscale-over-sec.html

What about Glint and and Kinesis gold (KAU) as digital currencies? Will they gain traction?
Also, Kevin Freeman’s book - Pirate Money:
“The book is about money, the wealth gap, the Great Reset, Central Bank Digital Currency, and Chinese efforts to displace the American dollar. More importantly, though, it is about implementing a solution to provide Economic Justice for real people facing the severe challenges headed straight toward us all.”

Glint MasterCard -“With its mission to offer gold as a reliable form of money, Glint runs the world’s first gold-based savings and payments digital platform while offering multi-currency capabilities.”