The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

My concern about REAL crypto

Anything related to bitcoin, crypto, blockchain

ShepardHumphries

Bronze Contributor
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
124%
Feb 5, 2020
91
113
When I say "real" crypto, I mean stuff like BTC, Monero etc.

Meth and BTC currently both have value to some people, and this subjective value in the marketplace creates the "price." My concern is that in 5 years, once the central banks have their own centralized "cryptos" rolled out, both meth and BTC will likely not be "legal." We have learned from meth (already illegal), prostitution and the marijuanas, that a thing that is illegal can still have value in the marketplace.

My concern is that the pimp, BTC user and meth salesmen will need to have some real cojones to do their thing... (My concern is not about the goodness or badness of any of these things... it is about the risk assessment for trading in that thing of value) For the record, I don't have any interest in meth.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

RussRussman18

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
120%
Jul 8, 2016
123
148
Louisiana
The cryptos developed by the banks are going to be much more convenient for the average person than monero etc. This alone is enough for them to have majority market share. Add in ever-advancing transaction-tracking tech a la the IRS (seriously, they can extrapolate a lot more than you think), and laws banning non-bankster crypto. Well, it's not hard to see where it will go
 

Speculatooor

Bronze Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
249%
Jul 11, 2019
152
378
Netherlands
Crypto will be regulated, not banned. Check FATF report on digital/virtual assets. Coinbureau also did a video on it.
 

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
493%
Jan 23, 2011
9,678
47,666
34
Texas
Crypto will be regulated, not banned. Check FATF report on digital/virtual assets. Coinbureau also did a video on it.
Vaccines will never be mandated either.

Look. I agree with you that crypto is good, and it should go up over time. But statements like this, show confirmation bias. You don’t have a crystal ball and can’t definitively say that it will never be banned. China did and we are only 10 steps behind them in the US.

You understand that crypto is a solution to untrustworthy monetary policy… But you simultaneously trust the government to do what they say.

It absolutely is exposed to this risk.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

doster.zach

Silver Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
197%
Oct 14, 2021
489
963
Missouri
It absolutely is exposed to this risk.

I think there will always be a few cryptos in the mainstream. Some with a little less privacy and anonymity for convenience sake.
 

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
493%
Jan 23, 2011
9,678
47,666
34
Texas
I think there will always be a few cryptos in the mainstream. Some with a little less privacy and anonymity for convenience sake.
I’m sure even with an outright ban there will be a massive black market for all of it. They’ll exist, but it will certainly hurt the price.
 

doster.zach

Silver Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
197%
Oct 14, 2021
489
963
Missouri
I’m sure even with an outright ban there will be a massive black market for all of it. They’ll exist, but it will certainly hurt the price.

Oh for sure. Every regulation the U.S. would put on Bitcoin would drop the price immediately.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Antifragile

Progress not perfection
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
453%
Mar 15, 2018
3,709
16,813
Anyone who holds an extreme position on either side of this, is wrong.

People who think BTC will be banned and will lose most of its value. Wrong.
People who think BTC is the new world order currency. Wrong.

Reality is far more complex than that. Maybe Bitcoin will be banned in the USA, but then if it's accepted as reserve currency in poor countries, it'll make USA regret the ban.

Remember: government taxes you in fiat money. They will charge you taxes in whatever their money is - fiat. Crypto has its place but it will not replace the USD without a revolution.

As far as predictions for the future. Be fearful when others are being greedy (and vice versa). Good luck.
 

MTF

Never give up
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
455%
May 1, 2011
7,560
34,430
Lol banks can go and shove their cryptos up their a$$. Same with governments. Nobody serious will buy crypto that isn't really decentralized.
 

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
493%
Jan 23, 2011
9,678
47,666
34
Texas
Anyone who holds an extreme position on either side of this, is wrong.
How is my paying attention to that possibility “extreme?”

I think calling my position of giving attention to that possibility extreme is extremely bullish and therefore extreme. :smile::thumbsdown:

Remember. I’m not a bear. Just a realistic bull. I own, and am building, a sizable position in coinbase.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

MTF

Never give up
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
455%
May 1, 2011
7,560
34,430
By which you mean, people who don't understand concepts like data security, decentralization, fungibility, software ethics, etc.

AKA, 99% of the population

None of these people invest in crypto anyway. When its time comes for 99% of the population, it will be way easier.
 

Antifragile

Progress not perfection
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
453%
Mar 15, 2018
3,709
16,813
How is my paying attention to that possibility “extreme?”

I think calling my position of giving attention to that possibility extreme is extremely bullish and therefore extreme. :smile::thumbsdown:

Remember. I’m not a bear. Just a realistic bull. I own, and am building, a sizable position in coinbase.

Holding an extreme point of view is not the same as being aware of possibilities for outliers. I shouldn't have to teach you that @Kak ;)
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Speculatooor

Bronze Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
249%
Jul 11, 2019
152
378
Netherlands
Vaccines will never be mandated either.

Look. I agree with you that crypto is good, and it should go up over time. But statements like this, show confirmation bias. You don’t have a crystal ball and can’t definitively say that it will never be banned. China did and we are only 10 steps behind them in the US.

You understand that crypto is a solution to untrustworthy monetary policy… But you simultaneously trust the government to do what they say.

It absolutely is exposed to this risk.

I am confused, did you reply to me? You agree with me on something I have not said? What statement of mine shows confirmation bias? You project a lot of things on my reply to you.

The only thing I said is that crypto will be regulated not banned. Did you even check the FATF report?
 

Ocean Man

Life-long learner.
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
222%
Sep 26, 2018
902
1,998
United States
When I say "real" crypto, I mean stuff like BTC, Monero etc.

Meth and BTC currently both have value to some people, and this subjective value in the marketplace creates the "price." My concern is that in 5 years, once the central banks have their own centralized "cryptos" rolled out, both meth and BTC will likely not be "legal." We have learned from meth (already illegal), prostitution and the marijuanas, that a thing that is illegal can still have value in the marketplace.

My concern is that the pimp, BTC user and meth salesmen will need to have some real cojones to do their thing... (My concern is not about the goodness or badness of any of these things... it is about the risk assessment for trading in that thing of value) For the record, I don't have any interest in meth.
How does a single government regulate something that is decentralized? Validated and ran not by a single company but thousands and millions of people?

Short-answer: you can’t. You can’t stop something that has already grown to this size.

There are definitely plans for CBDCs (Central bank digital currencies).

But I personally don’t see myself using them.

ETH allows me to use many different applications and services. Same goes for other tokens. Is a CBDC going to have applications like OlympusDAO or Wonderland? Am I going to be able to lend my money without KYC or any real middlemen? Would I be able to get loans without the person knowing my credit score or without having to divulge any unnecessary information about myself?

Probably not.

There’s nothing that CBDCs offer that would want me to buy any. There’s always going to be a way to get the token you want whether or not a government “bans” it.
 

TheLearner

Bronze Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
131%
Mar 17, 2018
86
113
DFW, USA
None of these people invest in crypto anyway. When its time comes for 99% of the population, it will be way easier.
It looks to me like that's beginning to happen, the most popular Reddit discussion theme of 2021 was cryptocurrency. It's pretty easy to open a coinbase account and buy crypto even if you aren't tech savvy. Once the large brokerage houses offer a crypto investment product it'll really be mainstream.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Kevin88660

Platinum Contributor
FASTLANE INSIDER
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
118%
Feb 8, 2019
3,457
4,078
Singapore
Vaccines will never be mandated either.

Look. I agree with you that crypto is good, and it should go up over time. But statements like this, show confirmation bias. You don’t have a crystal ball and can’t definitively say that it will never be banned. China did and we are only 10 steps behind them in the US.

You understand that crypto is a solution to untrustworthy monetary policy… But you simultaneously trust the government to do what they say.

It absolutely is exposed to this risk.
I am sure that a country can choose to ban crypto. Some will try.

But it is like casino. You can make gambling illegal as most places do. You cannot stop money flowing to your neighbours where casino is legal.

End up more countries wanted to share a piece of the pie and more countries legalize it.

Absence of a world government, the competition and backstabbing dynamic between countries will always make sure that a worldwide ban is not possible.
 

ShepardHumphries

Bronze Contributor
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
124%
Feb 5, 2020
91
113
I think there will always be a few cryptos in the mainstream. Some with a little less privacy and anonymity for convenience sake.
I would like to clarify the difference between "crypto" and "decentralized crypto." Crypto is not of much interest to me and only solves a tiny "problem."
 

Martzee

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
142%
Oct 6, 2020
149
211
52
Denver, Colorado, United States
When I say "real" crypto, I mean stuff like BTC, Monero etc.

Meth and BTC currently both have value to some people, and this subjective value in the marketplace creates the "price." My concern is that in 5 years, once the central banks have their own centralized "cryptos" rolled out, both meth and BTC will likely not be "legal." We have learned from meth (already illegal), prostitution and the marijuanas, that a thing that is illegal can still have value in the marketplace.

My concern is that the pimp, BTC user and meth salesmen will need to have some real cojones to do their thing... (My concern is not about the goodness or badness of any of these things... it is about the risk assessment for trading in that thing of value) For the record, I don't have any interest in meth.
Can you define the reality of crypto? Not just names like BTC or Monero (never heard of this one, for the sake of acclaimed scarcity)...
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

loop101

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
161%
Mar 3, 2013
1,557
2,505
I'm surprised BTC did not get a huge boost today when Biden said that if Russia invaded Ukraine, that "their banks would not be able to deal in Dollars".

If Russia and China said they would only trade with the US using BTC instead of USD, that would crash the value of the USD. They could even jointly make their own crypto coin to split the appreciation in value.

I know very little about crypto, is there any talk of a European/Russian/Arab/Chinese crypto coin to replace the USD as the world's reserve currency?

I expect that before Biden is out of office, Russia and China will coordinate invasions of Ukraine and Taiwan. That would be an ideal time for them to also attack the USD. Not much America could do, short of going to war with everyone.

It is really starting to feel like the end of America. Probably good for crypto.
 

MitchC

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
283%
Mar 8, 2014
1,966
5,554
Australia
General Gaddafi was killed for trying to create a gold standard dollar in Libya.

To think there’s not a possibility that once central banks have copied the tech and made their own that all other crypto could be banned is naive.

It’s almost like they are letting us play with it now to watch us work out the kinks and get excited and used to it so that when theirs comes out it’s not a shock.

They tried to ban cash in Australia here recently, before covid. Then covid came and businesses just stopped accepting it anyway to “slow the spread”.

Monero etc are also banned in Australia.

All exchanges already have to do KYC. Once your government controlled digital wallet comes into play I really don’t see there being much room to escape the system and transact in crypto if they decide to ban it.

I’m not saying I think this will happen but it’s definitely possible.

On the other side of the coin, these exchanges are huge businesses now and must certainly have some pull, a large percentage of the population as well as businesses and funds are invested in it. It may well have already gone too far to be banned now.

Regulation was mentioned above and mr wonderful is big on this. He said it’s good for crypto. He controls a massive fund that wants to invest but can’t because the rules are so ambiguous. “Tell us the rules so we can play”.

I have all my money in crypto and after writing out this post I think crypto will likely still be used as a store of value so Bitcoin should be good. But to think a crypto is going to replace the cbdc as what we transact in is unlikely so I would probably avoid anything claiming to become this. Monero to Bitcoin will always be possible so that will likely always be used.

I have friends way down the rabbit hole who are convinced xrp is going to be the new currency and this court case is just to drag things out and buy them more time to get ready to introduce it. I’m not sure what to make of that :rofl::rofl::rofl:
 
Last edited:

MitchC

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
283%
Mar 8, 2014
1,966
5,554
Australia
Also I’m about to invest in some physical silver, does anyone know much about this? Probably @Kak

The thing I don’t get is why each coin is priced differently, surely no one who is investing actually cares about how rare the design is? Or is there more to it than that?

My plan is to buy as much of the cheapest bullion I can, is that the right thing to do?

I just cannot understand why for example 1 ounce of this design would be $32 and 1 ounce of another would be $52. Why would you buy the $52 one?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Kak

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
493%
Jan 23, 2011
9,678
47,666
34
Texas
Also I’m about to invest in some physical silver, does anyone know much about this? Probably @Kak

The thing I don’t get is why each coin is priced differently, surely no one who is investing actually cares about how rare the design is? Or is there more to it than that?

My plan is to buy as much of the cheapest bullion I can, is that the right thing to do?

I just cannot understand why for example 1 ounce of this design would be $32 and 1 ounce of another would be $52. Why would you buy the $52 one?
Don’t buy the $52 design. Lol. I never understood that either. I don’t care about supposedly rare designs. I buy it for the metal.

I buy the secondary market bars, valcombi, 9fine mint, and the house bars from APMEX. They are usually the usually the cheapest options per ounce. I always want well marked stuff though. I know there are cheaper “ingots” or whatever, but I don’t buy un-minted piles of metal chunks.

If you’re starting out, don’t just go buy 100 ounce bars. Get some one ounce and ten ounce stuff as well. It’s a good idea to have a variety of weights.
 
Last edited:

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top