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  • Bern's Avatar
    02-17-2024, 08:25 AM
    Cop acts squirrelly around nuts.
    22 replies | 701 view(s)
  • Bern's Avatar
    02-13-2024, 07:08 AM
    "Fiat working as intended" - Federal Reserve /sarc
    6 replies | 863 view(s)
  • Bern's Avatar
    02-05-2024, 07:34 AM
    The grand Bitcoin experiment in El Salvador will continue for a few more years then.
    6 replies | 364 view(s)
  • Bern's Avatar
    02-02-2024, 01:53 PM
    I'm not sure if this is still active: $20 off order of $200 at ammo.com: https://ammo.com/forum-friends
    7 replies | 1201 view(s)
  • Bern's Avatar
    02-01-2024, 08:07 AM
    https://www.zerohedge.com/crypto/globalists-want-cbdcs-2024-what-really-comes-next-will-surprise-them Nick reiterates nearly everything I have been saying about CBDCs and crypto.
    21 replies | 3031 view(s)
  • Bern's Avatar
    01-29-2024, 10:42 PM
    https://www.kitco.com/news/article/2024-01-29/crypto-support-congress-grows-while-anti-cbdc-sentiment-spreads Still a *long* way to go, but at least progress is being made.
    21 replies | 3031 view(s)
  • Bern's Avatar
    01-29-2024, 11:53 AM
    Inflation occurs when the rate of money production exceeds the rate of real growth. This is why the Fed's magic fiat dollar has not been a good store of value. They inflated it's growth far beyond the rate of real economic growth. Gold has held a stable value for millennia because the rate of production (exploration, mining, refining and minting) is low - comparable to the rate of real economic growth. The rate of Bitcoin production is hard coded in the design. The rate of production is slowing down (the "halving" events) and there will ever only be 21 million bitcoin. It is capped by design. The amount of BTC in existence is therefore deflationary (and it's value should continue to increase over time). This is why Bitcoin can "easily fulfill" a store of value function. If if were made legal tender, I agree that it's value would initially surge as you suggested. I also think that it's value would eventually reach equilibrium and the wild volatility that has been evidenced through the last decade would diminish. Different crypto platforms have varying structures (some with capped issuance like BTC and many with unlimited issuance potential) with different rates of growth (some inflationary and some deflationary and most that can be adjusted after a democratic vote on the governance).
    76 replies | 3124 view(s)
  • Bern's Avatar
    01-29-2024, 08:30 AM
    https://www.youtube.com/watch?v=Sai3gC9LZYI
    651 replies | 41950 view(s)
  • Bern's Avatar
    01-28-2024, 08:29 AM
    https://news.bitcoin.com/morgan-stanley-sounds-alarm-on-us-dollars-dominance-says-crypto-could-significantly-alter-currency-landscape/ He was partially right. Consumers are interested in crypto. I don't see anyone interested in CBDCs. And this is the point of this thread. Crypto is the free market competitor to authoritarian CBDCs.
    21 replies | 3031 view(s)
  • Bern's Avatar
    01-28-2024, 06:17 AM
    Innovations in the decentralized crypto space continue. Solana (SOL) recently announced a new tech called token extensions: https://www.youtube.com/watch?v=CEuKahqOYbs It is the advances like this in a free market with crypto innovation that will make it difficult for CBDCs to compete (or justify an existence).
    21 replies | 3031 view(s)
  • Bern's Avatar
    01-27-2024, 10:28 AM
    Answer my question first.
    76 replies | 3124 view(s)
  • Bern's Avatar
    01-27-2024, 09:32 AM
    I did not say that Bitcoin *is" a store of value. I said that it "can easily fulfull" that function. If Bitcoin were made legal tender tomorrow, what do you think would happen to it's value?
    76 replies | 3124 view(s)
  • Bern's Avatar
    01-27-2024, 07:36 AM
    From 1960 to 2018, the most encounters at the southern border recorded in one year was 1,643,679 in the year 2000. It was less than 400,000 in 2018. https://www.cbp.gov/sites/default/files/assets/documents/2019-Mar/bp-southwest-border-sector-apps-fy1960-fy2018.pdf In FY2022 and FY2023, the totals were 2,378,994 and 2,475,669 per: https://www.cbp.gov/newsroom/stats/southwest-land-border-encounters
    306 replies | 11983 view(s)
  • Bern's Avatar
    01-27-2024, 07:33 AM
    Bitcoin (and other crypto) can easily fulfill the 3 functions of money (medium of exchange, unit of account and store of value). They also meet the bar for the six commonly understood characteristics of money (durable, portable, divisible, scarce, uniform and acceptable). They fall short in comparison to gold on the 7th characteristic, but they are way, way better on the counterparty risk front than a CBDC, which is what everyone is going to end up with if the war on crypto is successful. $.02
    76 replies | 3124 view(s)
  • Bern's Avatar
    01-25-2024, 01:43 PM
    Milei is not a dictator. He does not have absolute control to cut what he wants. He has to work with a legislative body from which his party is a small minority. That said, Milei has come out swinging. https://www.reuters.com/world/americas/mileis-argentina-omnibus-bill-faces-gauntlet-after-clearing-first-hurdle-2024-01-25/
    651 replies | 41950 view(s)
  • Bern's Avatar
    01-25-2024, 07:48 AM
    Have any of the Texit folks done a sober assessment of the likely consequences of a Texit implementation? How would that play out exactly with existing Federal assets/investments in the State (NASA, military bases/equipment, research grants, etc.)? What impact would that have on businesses that are currently headquartered here (and might prefer to stay domiciled within the USA versus an independent Texas)?
    85 replies | 6681 view(s)
  • Bern's Avatar
    01-25-2024, 07:40 AM
    If he hadn't fumbled at the goal line and actually won in 2008, I'm quite certain he would have been invited.
    651 replies | 41950 view(s)
  • Bern's Avatar
    01-25-2024, 07:31 AM
    ClaytonB and OB both did good jobs expounding on the intrinsic value issue. Thank you. "intrinsic" value - OB] With respect to their use as money, I already posted a link to an article I wrote specifically on that very topic: The Seventh Characteristic of Money Feedback would be appreciated - as always.
    21 replies | 3031 view(s)
  • Bern's Avatar
    01-24-2024, 02:46 PM
    Do you believe that the current dollar value of gold represents it's "intrinsic" value or an investment value premium over it's "intrinsic" value? The value of gold is a function of it's industrial value and it's monetary/investment value. There is a real cost to mining and refining (and vaulting) gold, but that is not the foundation of it's value any more than the cost of mining a bitcoin determines it's value. Whatever is used for money will take on value simply by virtue of it being used for money. This is the magic of legal tender laws granting Fed's fiat money value. Make Bitcoin or gold legal tender and they would similarly invite a "used as money" value premium.
    76 replies | 3124 view(s)
  • Bern's Avatar
    01-24-2024, 12:33 PM
    It's not "the ETFs". It's GrayScale (GBTC). GBTC was a closed end fund for over a decade that got converted into an ETF. The conversion allowed GBTC owners to sell. GBTC outflows have exceeded the inflows for all the other ETFs combined. Half of the GBTC selling over the first 3-4 ETF trading days was FTX bankruptcy liquidation. GBTC also has a fee structure of 1.5% whereas the others are around 0.4%. So no one wants to keep money locked up in it. Now it looks like Mt. Gox is getting ready to liquidate another huge pile of BTC a decade after they went kaputsky. Wherever BTC bottoms may be the last great opportunity to buy low.
    26 replies | 5272 view(s)
  • Bern's Avatar
    01-24-2024, 11:58 AM
    If only swordy had this passion for promoting Mike Lee's No CBDC Act. https://www.lee.senate.gov/2023/3/sen-lee-fights-central-bank-digital-currency CATO commentary: https://www.cato.org/blog/senator-lee-pushes-back-cbdcs
    4 replies | 1095 view(s)
  • Bern's Avatar
    01-24-2024, 11:53 AM
    Madison320 - all forms of money are "intrinsically" worthless units. The value we assign to it lies in it's utility and function as money: The Seventh Characteristic of Money
    76 replies | 3124 view(s)
  • Bern's Avatar
    01-24-2024, 07:25 AM
    FX Hedgers wrote a decent article about the BTFP here: https://www.fxhedgers.com/p/another-bank-bailout-and-no-one-noticed Doesn't contain the inane spin that The Economist used.
    17 replies | 3148 view(s)
  • Bern's Avatar
    01-24-2024, 07:20 AM
    See also: http://www.ronpaulforums.com/showthread.php?565482-Central-Bank-Digital-Money-(CBDC)-is-not-quot-crypto-quot
    1 replies | 445 view(s)
  • Bern's Avatar
    01-24-2024, 07:17 AM
    So glad everyone bothered to read the article this thread is presumably about. Pithy statements like "CBDC is just government crypto." gloss over huge and important distinctions. Folks who think that way are the intended audience for the article that I wrote. Understanding this issue is important.
    21 replies | 3031 view(s)
  • Bern's Avatar
    01-24-2024, 07:09 AM
    You were trying to make the case that copyright is Constitutionally limited to the original author. I presented argument from one of the dudes that helped shape the Constitution that copyright should be considered as property - presumably with all the standard rights to lend, lease or assign as any other property.
    12 replies | 2456 view(s)
  • Bern's Avatar
    01-23-2024, 07:25 AM
    https://twitter.com/MassieforKY/status/1749661201909375155 1749661201909375155
    1 replies | 332 view(s)
  • Bern's Avatar
    01-23-2024, 07:22 AM
    https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2389728 (Link contains a button to view the paper as a free PDF) From the paper:
    12 replies | 2456 view(s)
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