Will Crypto Currency Make Its Way Into the Hunting World

12 May 2022, 02:26

Beretta682E

quote:
Originally posted by fulvio:
Cash is King .... always has been.

Always has been for a good reason.

Real cash like US $ is backed by

Blue water navy
Credibility of never defaulting
Credible monetary authorities
Backing by a country that has been around 250 years and not invaded
Nuclear power
Deep developed financial intermediation to trade its debt

The list goes on

Turn to gold

Been around 5000 + years
Ability to account for most gold ever produced
Alchemy has failed todate
You physically own it and not dependent on someone’s computing power

All crypto has is a story and for speculation that is all that is needed.

Mike

12 May 2022, 03:13

BaxterB

Wait till those mining farms start being attacked by eco-terrorists. That will be interesting.

12 May 2022, 03:47

jdollar

Proponents tend to ignore that the “mines” take tremendous amounts of electricity and produce a tremendous amount of heat. Which is crazy considering all they’re mining is ones and zeros………

12 May 2022, 07:40

Saeed

Another one bites the dust!

12 May 2022, 07:57

Beretta682E

quote:
Originally posted by Saeed:
Another one bites the dust!

Someone should ask Lehman prime broker clients how 2008 turned out.

Or ask numerous futures broker clients who have been to bankruptcy.

The internal mechanics of crypto have few protections from any regulatory authority and no central bank is extending a life line to crypto.

The inside market making in crypto is opaque

https://slate.com/technology/2...er-ben-mckenzie.html

I am betting mstr will blow up

https://finance.yahoo.com/news...tries-134205244.html

Mike

12 May 2022, 08:10

jdollar

P T Barnum was right…

12 May 2022, 08:51

Beretta682E

quote:
Originally posted by jdollar:
P T Barnum was right…

PT had nothing on the crypto bros

https://www.theblockcrypto.com...-ust-and-luna-crisis

https://www.anchorprotocol.com/

This stuff makes madoff look like a saint. At least in madoff the clients if they held thru bankruptcy process did okay - 81 percent recovery.

So Bitcoin a highly volatile speculative financial instrument is converted into a $1 peg instrument thru algorithms and dynamic hedging and burning tokens.

Then that $1 peg instrument can be deposited to yield 20 percent a year and that yield is created by algorithms and dynamic hedging and burning tokens.

And then these crypto dudes bitch about the fed providing liquidity and how blockchain is the future of financial honesty.

This stuff is pure toxic theft token. No wonder Buffet called it “Rat Poison”

Mike

12 May 2022, 10:26

Saeed

quote:
Originally posted by Beretta682E:
quote:
Originally posted by Saeed:
Another one bites the dust!

Someone should ask Lehman prime broker clients how 2008 turned out.

Or ask numerous futures broker clients who have been to bankruptcy.

The internal mechanics of crypto have few protections from any regulatory authority and no central bank is extending a life line to crypto.

The inside market making in crypto is opaque

https://slate.com/technology/2...er-ben-mckenzie.html

I am betting mstr will blow up

https://finance.yahoo.com/news...tries-134205244.html

Mike

Anyone with an iota of intelligence would never invest in Wall Street!

A bunch of self serving crooks!

12 May 2022, 10:42

Beretta682E

quote:
Originally posted by Saeed:
quote:
Originally posted by Beretta682E:
quote:
Originally posted by Saeed:
Another one bites the dust!

Someone should ask Lehman prime broker clients how 2008 turned out.

Or ask numerous futures broker clients who have been to bankruptcy.

The internal mechanics of crypto have few protections from any regulatory authority and no central bank is extending a life line to crypto.

The inside market making in crypto is opaque

https://slate.com/technology/2...er-ben-mckenzie.html

I am betting mstr will blow up

https://finance.yahoo.com/news...tries-134205244.html

Mike

Anyone with an iota of intelligence would never invest in Wall Street!

A bunch of self serving crooks!

Wall Street has been a phenomenal machine to create wealth prosperity and allocate resources. Created trillions of dollars of wealth and built some of the greatest companies and products in human history - planes, autos, computers, Medicine.

Crypto is a zero sum game. It’s produces nothing and uses valuable energy.

Mike

12 May 2022, 14:31

larryshores

Back to the original question. Given the volatility, I do not see crypto becoming widespread in the hunting industry . Perhaps I am wrong .

12 May 2022, 16:49

larryshores

https://gizmodo.com/bitcoin-pr...epeg-with-1848914849

12 May 2022, 17:06

Saeed

quote:
Originally posted by Beretta682E:
quote:
Originally posted by Saeed:
quote:
Originally posted by Beretta682E:
quote:
Originally posted by Saeed:
Another one bites the dust!

Someone should ask Lehman prime broker clients how 2008 turned out.

Or ask numerous futures broker clients who have been to bankruptcy.

The internal mechanics of crypto have few protections from any regulatory authority and no central bank is extending a life line to crypto.

The inside market making in crypto is opaque

https://slate.com/technology/2...er-ben-mckenzie.html

I am betting mstr will blow up

https://finance.yahoo.com/news...tries-134205244.html

Mike

Anyone with an iota of intelligence would never invest in Wall Street!

A bunch of self serving crooks!

Wall Street has been a phenomenal machine to create wealth prosperity and allocate resources. Created trillions of dollars of wealth and built some of the greatest companies and products in human history - planes, autos, computers, Medicine.

Crypto is a zero sum game. It’s produces nothing and uses valuable energy.

Mike

Bullshit!

The false wealth WS creates like making Facebook gain 100 billion in one and loose it the next!

I will stick to other, proper investments.

Soros would never have made enough money to feed himself, let alone trying to destroy everything he does not like if it wasn't for WS.

12 May 2022, 17:15

Beretta682E

quote:
Originally posted by larryshores:
https://gizmodo.com/bitcoin-pr...epeg-with-1848914849

This is the $15 bil stable coin genius 8 days before his stable coin blows up

https://twitter.com/encryptedp..._-Ht4EITKbQYHdiBOweg

You see any resemblances to the crypto bull story line 95 percent will go broke - just not mine.

Mike

12 May 2022, 17:35

Beretta682E

quote:
Originally posted by larryshores:
Back to the original question. Given the volatility, I do not see crypto becoming widespread in the hunting industry . Perhaps I am wrong .

https://www.theguardian.com/te...peg-cryptocurrencies

This is truly scary

https://www.bloomberg.com/news...he-stablecoin-tether

$69 bil of coins - most issued in 2020-2021 - claimed to be $ backed. But no real disclosure of what it holds as reserves.

Get a run on this back and who shall provide the safety out or safety backup like the US federal reserve did to Swiss National Bank in 2008.

The underlying plumbing that financially intermediates buying and selling in crypto is a joke - it’s highly levered has no real backstop.

Mike

12 May 2022, 19:30

larryshores

Very scary indeed.

12 May 2022, 19:45

jdollar

Bottom line is no crypto has real financial underpinning. House of cards in the active process of collapsing, like all ponzi schemes. Get in at the start, make your money, then run like hell.

12 May 2022, 20:37

Saeed

Looks like the bottom has fallen off crypto

12 May 2022, 20:47

Beretta682E

Maybe someone can explain this financial wizardry to me.

Tether and all these stable coins are fully secured backed by $$ based assets and are pegged to one us $.

Still you can lend this same security for 8-10 percent interest

https://celsius.network/earn?u...O6HkjUkaAjfWEALw_wcB

Luna just went to $.03

https://www.bloomberg.com/news...n=socialflow-organic

Scary investment and transactional space.

Mike

12 May 2022, 21:25

Beretta682E

Luna went to basically $0.

So something that was worth $63 and had 346 mil coins with a value of about $22 bil went to 7 bil
Coins and zero price in weeks. Burned and destroyed every buyer along the way.

https://www.theblockcrypto.com...20-fold-in-four-days

This is the highly speculative stuff on which one wants to settle $20-$50k bills for African safari cause $30 wire is too expensive.

Mike

13 May 2022, 00:48

jdollar

A sci-fi writer couldn’t make this shit up. What a great investment- until it isn’t!

13 May 2022, 01:46

larryshores

quote:
Originally posted by Beretta682E:
Luna went to basically $0.

So something that was worth $63 and had 346 mil coins with a value of about $22 bil went to 7 bil
Coins and zero price in weeks. Burned and destroyed every buyer along the way.

https://www.theblockcrypto.com...20-fold-in-four-days

This is the highly speculative stuff on which one wants to settle $20-$50k bills for African safari cause $30 wire is too expensive.

Mike

Once again you are zeroing in on my I do not think this will work in the safari industry.

13 May 2022, 02:09

jdollar

I don’t think this is sustainable enough to work in any business long term.

13 May 2022, 02:22

larryshores

quote:
Originally posted by larryshores:
quote:
Originally posted by Beretta682E:
Luna went to basically $0.

So something that was worth $63 and had 346 mil coins with a value of about $22 bil went to 7 bil
Coins and zero price in weeks. Burned and destroyed every buyer along the way.

https://www.theblockcrypto.com...20-fold-in-four-days

This is the highly speculative stuff on which one wants to settle $20-$50k bills for African safari cause $30 wire is too expensive.

Mike

Once again you are zeroing in on why I do not think this will work in the safari industry.

13 May 2022, 06:12

Beretta682E

Now Luna has created 400 bil. coins.

https://www.theblockcrypto.com...rs-above-400-billion

11:15 am 25 bil.

8:36 pm 401 bil.

This is lunacy.

Bitcoin traded between $30,000 and $26,000 today. This is the asset class that is going to be the next gold, apple and Berkshire.

Only thing missing in sci big wigs sharing an inner circle coin with the poor folks

Mike

13 May 2022, 06:19

jdollar

Great. A 15% price swing in one day on the best known shitcoin. What a deal. What a great way to pay your outfitter.

13 May 2022, 06:33

Beretta682E

quote:
Originally posted by jdollar:
Great. A 15% price swing in one day on the best known shitcoin. What a deal. What a great way to pay your outfitter.

The lunacy in the space is crazy.

https://coinmarketcap.com/

Luna after declining 99.99 percent has the 11th largest crypto market cap. It has traded 880 bil dollars today.

It is worth $12 bil today as it went from $63 to $.006973 and issued 400 bil. coins.

And all crypto bros are worried about inflation and fed and Uncle Sam debasing the dollar.

There is a great story about zim where Goodwin the authors dad drinks a coke when inflation was picking up and it was the same nominal $ as his pension in Rhodesia.

Mike

13 May 2022, 06:46

jdollar

The shitcoin boosters are strangely silent….

13 May 2022, 10:30

Beretta682E

quote:
Originally posted by jdollar:
The shitcoin boosters are strangely silent….

Cause the space is indefensible expect as a pure speculative instrument.

Luna at

11:15 am 25 bil.

8:36 pm 401 bil.

1:25 pm on 5/13 there are 6.5 trillion coins

All those bottom feeders trying to catch a falling knife at 8:36 after crypto was down 99.99 percent got whipped out as 15x coins were created and went down another 99.99 percent.

Went from $.006973 at 8.36 to $.00004682 at 1:26 - this is craziness.

This is for the whole story of supply of crypto is limited and fiat money will get printed to infinity.

https://www.youtube.com/watch?v=NMRbP_b4JXM

The crypto bs spewed at end of March. When something sounds too smart it is normally step one of the fraud to come.

Mike

13 May 2022, 14:40

Saeed

How can you issue new coins when you have no money?

Sounds just like Mugabe and the Zim Dollar!

13 May 2022, 21:59

Beretta682E

quote:
Originally posted by Saeed:
How can you issue new coins when you have no money?

Sounds just like Mugabe and the Zim Dollar!

The whole thing is a sophisticated version of zim.

Fiat money has value cause it is backed by legitimate states with unbelievable ability of violence as well as creating rule based property rights and law and order. They also create environment for economic growth and provide massive risk sharing (medical care, disaster relief, old age retirement, public education).

Crypto is sophisticated hucksterism - it’s all zero sum. They create no value or develop no product or service. Some of the blockchains may have computational value but trying to get cash flows from them has proved elusive. The internal finance and intermediation is far worse than the warren buffet terminology of rat poison for Bitcoin.

These are mechanisms of conning gullible people and separating them from their money. The African PH and that side of the hunting business is not the most sophisticated financial crowd. The clients tend to me much financially sophisticated.

Just since this thread we have seen what crypto is - from story of cheap way to transfer money to the next Berkshire or apple or the greatest protection from fiat money debasement. In reality we have seen massive volatility and the 4th largest crypto currency basically go zim dollar faster than even Uncle Bob could dream.

White tails bucks get stupid in rut, leopards will comes to carrion in trees and humans/African hunters/ph will be attracted to speculative stories (and have rational justifications for speculative stories beyond speculation) - it’s just nature.

Mike

14 May 2022, 05:16

Saeed

Using crypto for hunting Africa is no different to booking a hunt with Mark Sullivan!

Brainless assholes do it!

15 May 2022, 03:03

drongo

Only fools will invest in crypto currency. Remember the dot com boom and bust? Same thing: investing in a product/company that has no real value.

15 May 2022, 03:33

Michael Robinson

quote:
Originally posted by Michael Robinson:
It boils down to this for me.

I will not accept your promise to pay, just because some (how many do you need?) random computers spread across the world with independent IP addresses are willing to say you have real money.

Nope.

Nahgonna happen.

15 May 2022, 08:52

Frostbit

quote:
Originally posted by Saeed:

Brainless assholes do it!

https://blockworks.co/emirates...unch-nft-collection/

______________________
DRSS
______________________
Hunt Reports

2015 His & Her Leopards with Derek Littleton of Luwire Safaris - http://forums.accuratereloadin...6321043/m/2971090112
2015 Trophy Bull Elephant with CMS http://forums.accuratereloadin...6321043/m/1651069012
DIY Brooks Range Sheep Hunt 2013 - http://forums.accuratereloadin...901038191#9901038191
Zambia June/July 2012 with Andrew Baldry - Royal Kafue http://forums.accuratereloadin...6321043/m/7971064771
Zambia Sept 2010- Muchinga Safaris http://forums.accuratereloadin...6321043/m/4211096141
Namibia Sept 2010 - ARUB Safaris http://forums.accuratereloadin...6321043/m/6781076141

15 May 2022, 13:51

Saeed

quote:
Originally posted by Frostbit:
quote:
Originally posted by Saeed:

Brainless assholes do it!

https://blockworks.co/emirates...unch-nft-collection/

They are airline.

And I doubt they will be going hunting in Africa!

18 May 2022, 00:18

Beretta682E

Love it when crypto bros lose money they expect to be made whole and bailed out by the state and it’s fiat money that they all hate.

https://fortune.com/2022/05/15...Ef7VEj93LnyKK61yzmcI

This space is a complete fraud and a zero sum game where every current buyer today is buying to sell to some greater fool tomorrow and every seller is realizing he has found his greater fool.

As crypto produces nothing - it’s solely value has to be not on future cash flows but on future buyers for a story.

Mike

18 May 2022, 01:34

LivingTheDream1

I love crypto and will continue to trade and use it to pay for goods. To me it is just extremely easy to use and I just dislike banks in general. I like how there is a timestamp ledger so I can see every transaction and literally follow the money (granted there is shaddy way to hide transactions).

Anything that is based on algorithms can be manipulated. I didn't buy Luna or UST because I could see the issue with it and having a mint function (understanding crypto exploits you will understand why this is concerning). LUNA and UST shouldn't be made whole because the contract worked exactly as the algo programmed it to work.

The US Dollar has value because the US got says so, they have printed so much of it and with inflation the dollar does not have the same value it did 10 years ago.

The biggest problem with crypto is it is complicated and requires a bit of technical understanding. This will slow down adoption. Without widespread adoption there will be wild swings.

But...not financial advise...but let's see where the price is at the end 2025, crypto goes in cycles, this is a down swing (see 2018 for a comparison).

18 May 2022, 02:12

jdollar

Just curious, where do you use it to pay for goods and services? Does your doctor, car mechanic, gas station, grocery store, car dealer, power company accept it? Everyone takes dollars. Until every person and business accepts it, I see no purpose in owning it other than as a highly speculative and risky investment.

18 May 2022, 03:14

LivingTheDream1

I have used it mostly on the secondary market to pay friends or for stupid little stuff. I have two friends who did buy Teslas with Bitcoin. I think it is really important to separate Bitcoin and other crypto. They all have a different purpose (or proposed use case).

The fact it is getting integrated into PayPal and some credit cards probably will make this more mainstream but in my mind defeats the point and does create a tax headache. There is definitely risk and the industry needs to mature but there are some advantages. It will be a while till everybody accepts it.