Fiat Pairs : Dangerous Game

icriulashonhara (38) in cryptocurrency • 7 years ago

The hot new way of gambling is betting on which cryptos will see fiat pairs established.

Stop doing it.

While we can't predict the future, others keep attempting it on us. Both "news" are not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xpr involved. Be careful around predictive "crystal ball" news.
— CZ (@cz_binance) April 20, 2018

These companies would probably see regulatory action if they did leak information about which coins would see pairs established. What kind of regulatory action? The kind where you are accused of insider trading and then made an example out of by the SEC. It's one of the worst kinds.

SEC insider trading.PNG

Please, disregard their inability to justify text (as you must also excuse my own, it's a limitation on STEEM), and place your gaze upon all the content of the SEC's own lay description of Insider Trading. The key here is misappropriating information for personal gain, or your friend's personal gain, or the personal gain of some random twitter follower - which seems graspingly tenuous and unlikely - you get the picture. You're getting bags dumped on you. @ActualAdvice dumped his XRP bags and he wasn't even the one spreading the ... I don't even know what to call it. CHUD? Crypto-Hype Underhanded Dumping (strategy).

For full disclosure, I didn't sell any of my XRP. I'm still holding it until we retrace to that glorious $3.00 point. I believe it will happen. Make it so, CNBC's Brian Kelly.

As ever, none of this is legal advice or financial advice. I am not advising you about any particular situation and the facts of your own scenario are your own. I offer only general information about trends I see and how they relate to time-honored ways of scamming people out of money. It's like how I mention that many Progressive Liberals (as well as Conservative Republicans - not as much any more, though) use Barnum Statements, I'm not actually a professional Spirit Medium Debunker, I'm just telling you the technique they're using, and where else the same horseshit is shoveled.

cryptocurrency fiatpairs theoppositeoffud bagdumping stopgambling

7 years ago by icriulashonhara (38)

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cyberdemon531 (71) · 7 years ago

back me up ircruiia!

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1 vote

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icriulashonhara (38) · 7 years ago

That's right. Every US Dollar should be backed by 1 XRP held by the US Government.

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1 vote

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mrcoolice (45) · 7 years ago

I like the stuff you write but I often find it hard to comment because it's so well wrapped that all that I can do is offer generic agreement.

Any chance I could get your thoughts on the future of the global economy as a whole? In my (admittedly very limited) view it seems like we're approaching the next big crisis point. Housing market and debt bubbles everywhere, the planned phasing out of quantitative easing, the unrealistic chances of interest rates ever returning to pre-2008 recession levels. It seems like it could be a recipe for another inevitable recession within the next few years.

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1 vote

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icriulashonhara (38) · 7 years ago

Unwrap THIS offers Toblerone bar

JP Morgan Chase is promising that nothing bad will happen, so terrible things lie ahead. For everyone. It's not just the US economy, it's a global problem. US QE policies led to big problems in China. China tried to dump all their worthless dollars and found slave markets to dump them in. It's a pun, because the Chinese government is also hugely complicit in human trafficking into their vassal states. Canada will probably be the first to go, then Australia. This recession will be global. And the worst part is that people do not have any savings. If they turn to their governments to save them, they will find no salvation. Government debt acquisition is just non-functional as a means of delaying the inevitable, any longer.

It's also really odd that Goldman Sachs fell from being the largest bank in America so quickly. A bank which has had really aggressive emerging markets positions has seen big losses, while the GDP of emerging nations is up massively.

Something is wrong, but nobody can really put their finger on what it is. The markets don't make sense and the rules are all made up. It really is like, suddenly, finding yourself in Bizarro World.

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2 votes

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icriulashonhara (38) · 7 years ago

Marco does not represent me in this scenario.

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2 votes

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mrcoolice (45) · 7 years ago

Yeah, this is all more or less what I expected. It seems like most of the first world is willfully ignorant of what's going on. Behind closed doors I can easily imagine a lot of high powered people feeling powerless to stop the oncoming onslaught. The Chinese have more openly noticed and seem like they are posturing to grab more economic power when the crash comes but I'm not sure it's within their capability to benefit because they are so heavily exposed to the potential fallout.

I don't know what this will ultimately mean for crypto. My expectation is that it will initially take a hit in the same manner most asset classes will, after that there's a fair chance money will flood into it in a desperate attempt to escape the ever more obviously rigged financial system. Although it might take multiple cycles of this for it to shake off the stigma surrounding it and become a legitimate new frontier for financial management.

Also, I LOVE toblerone!

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1 vote

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icriulashonhara (38) · 7 years ago

It didn't upload my Sealab 2021 .gif. How disappointing.

Almost a month back - Wow, time flies when you're having fun. - the VIX went insane, Credite Suisse's inverse ETF the XIV went equally bonkers and everyone who made the mistake of betting against the establishment was told:

It wasn't fun. A near-200% spike in volatility, which people predicted, should have made bold and wise men millionaires. It made them nothing.

China immediately shut down all trading on their XIV-equivalent ETF. Countries are just bracing as hard as they can so they can blame some other nation for the inevitable economic collapse.

What it will mean for Crypto is that nationally backed currencies will be viewed as the garbage they are. People might finally catch wise to the dollar as the single largest pump and dump scheme in existence. You're right. I expect a lot of monetary influx, but it won't be from individuals, as individuals don't even have enough money to buy in with all the high bank fees associated with crypto purchases. The rich will get richer and the poor will get poorer.

Savor the Toblerone. It is a haven in these troubled times.

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1 vote