FOREX

Calm-Professional103

Maybe 1.30 - 1.35 CAD but I’m no FOREX expert

xDUDSSx

They are similar, BTC/USD is down \~23% from ATH, while BTC/EUR is down \~28%, because dollar has dropped against the euro by about 5% since the end of February. So BTC is doing 20% worse in EUR (and other currencies like GBP). The post is a bit overexaggerated that's for sure, but it does bring up an interesting point, that in times such as these one shouldn't forget about FOREX currency movements, because although forex tends to move slowly and very little, sometimes there can be a big change which has huge implications.

coinfeeds-bot

tldr; Stablecoins are poised to revolutionize the global FOREX market, potentially replacing traditional systems like SWIFT. With daily trading volumes in FOREX reaching $7.5 trillion, stablecoins could serve as invisible rails for currency swaps, especially in emerging markets. Companies like Nonco aim to use blockchain networks for efficient global value transfers, leveraging stablecoins pegged to fiat currencies. This shift could modernize the monetary system, enhancing infrastructure and institutional adoption while reducing reliance on outdated mechanisms. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Logical-Ask7299

I’m sorry but even FOREX is much more exciting than this. This isn’t a bear or bull, it’s a bore

JLivermore1929

At this point, it is basically a FOREX type product versus use cases.

Inside-Tax4606

# HOW TO RECOVER FUNDS LOST IN FOREX TRADING, CRYPTO INVESTMENT OR CRYPTO TRADING - HACKATHON TECH SOLUTIONS Jordan is my name,and I work as a solar panel installer. Recently, I faced a distressing situation that I want to share in hopes that it might help others who could find themselves in a similar predicament.I was involved in a forex trading scheme that turned out to be a scam. Initially, everything seemed legitimate, and I was drawn in by promises of substantial returns on investment. However, things quickly went awry. I began receiving frequent demands for additional fees and charges that seemed to come out of nowhere. Despite my attempts to address these issues and seek clarification, the situation only worsened.As the demands for more money continued, I found myself in a dire situation. The scam had already resulted in a significant financial loss amounting to £375,000. This was a devastating blow, especially considering my role in the solar panel industry, where financial stability is crucial for both personal and professional reasons.Desperate to recover my lost funds, I began searching for a solution. That's when I came across  HACKATHON TECH SOLUTIONS .  They offered a glimmer of hope in an otherwise bleak situation. I reached out to them, explaining my predicament and providing all the necessary documentation related to the scam and the payments I had made.To my immense relief,  HACKATHON TECH SOLUTIONS  acted swiftly. Their team of experts worked diligently to assess the situation, track down the funds, and navigate the complex processes involved in such cases. Remarkably, within just 48 hours, they were able to recover the full amount of £375,000 that I had lost. This was a remarkable turnaround and exceeded all my expectations.The efficiency and professionalism demonstrated by  HACKATHON TECH SOLUTIONS   were nothing short of outstanding. They kept me informed throughout the process and addressed all my concerns with clarity and confidence. Their expertise was evident, and their ability to recover such a substantial amount in such a short time frame was truly impressive.For anyone who finds themselves in a similar situation, I highly recommend reaching out to  HACKATHON TECH SOLUTIONS . Their services proved invaluable in my case, and their success in recovering my funds has been a tremendous relief. If you’re facing fraud or financial loss due to deceptive schemes, don’t hesitate to seek their assistance. They have the skills and knowledge required to tackle such complex issues and provide effective solutions.while my experience was certainly challenging, the resolution provided by  HACKATHON TECH SOLUTIONS   has been a significant positive outcome. I hope my story helps others who might be struggling with similar issues and encourages them to take action to recover their losses. Reach out to HACKATHON TECH SOLUTIONS  via below contact details E m a i l : i n f o @ h a c k a t h o n t e c h s o l u t i o n . c o m W h a t s a p p : + 3 1 6 4 7 9 9 9 2 5 6 Telegram:@ h a c k a t h o n t e c h s o l u t i o n s

Inside-Tax4606

# HOW TO RECOVER FUNDS LOST IN FOREX TRADING, CRYPTO INVESTMENT OR CRYPTO TRADING - HACKATHON TECH SOLUTIONS Jordan is my name,and I work as a solar panel installer. Recently, I faced a distressing situation that I want to share in hopes that it might help others who could find themselves in a similar predicament.I was involved in a forex trading scheme that turned out to be a scam. Initially, everything seemed legitimate, and I was drawn in by promises of substantial returns on investment. However, things quickly went awry. I began receiving frequent demands for additional fees and charges that seemed to come out of nowhere. Despite my attempts to address these issues and seek clarification, the situation only worsened.As the demands for more money continued, I found myself in a dire situation. The scam had already resulted in a significant financial loss amounting to £375,000. This was a devastating blow, especially considering my role in the solar panel industry, where financial stability is crucial for both personal and professional reasons.Desperate to recover my lost funds, I began searching for a solution. That's when I came across  HACKATHON TECH SOLUTIONS .  They offered a glimmer of hope in an otherwise bleak situation. I reached out to them, explaining my predicament and providing all the necessary documentation related to the scam and the payments I had made.To my immense relief,  HACKATHON TECH SOLUTIONS  acted swiftly. Their team of experts worked diligently to assess the situation, track down the funds, and navigate the complex processes involved in such cases. Remarkably, within just 48 hours, they were able to recover the full amount of £375,000 that I had lost. This was a remarkable turnaround and exceeded all my expectations.The efficiency and professionalism demonstrated by  HACKATHON TECH SOLUTIONS   were nothing short of outstanding. They kept me informed throughout the process and addressed all my concerns with clarity and confidence. Their expertise was evident, and their ability to recover such a substantial amount in such a short time frame was truly impressive.For anyone who finds themselves in a similar situation, I highly recommend reaching out to  HACKATHON TECH SOLUTIONS . Their services proved invaluable in my case, and their success in recovering my funds has been a tremendous relief. If you’re facing fraud or financial loss due to deceptive schemes, don’t hesitate to seek their assistance. They have the skills and knowledge required to tackle such complex issues and provide effective solutions.while my experience was certainly challenging, the resolution provided by  HACKATHON TECH SOLUTIONS   has been a significant positive outcome. I hope my story helps others who might be struggling with similar issues and encourages them to take action to recover their losses. Reach out to HACKATHON TECH SOLUTIONS  via below contact details Email: [info@hackathontechsolution.com](mailto:info@hackathontechsolution.com) W h a t s a p p: + 3 1 6 4 7 9 9 9 2 5 6 Telegram: @ h a c k a t h o n t e c h s o l u t i o n s

C-Class_hero_Satoru

Man have you heard about FOREX? People are trading currencies for ages. The thing that it will be adopted doesn't stop anyone from trading, there will always be money making opportunities. It feels like you just hate trading and traders.

Longjumping-Low3164

I answered you. I am not a troll. I started my crypto journey in 2017. Before that I traded FOREX since 2005.

JLivermore1929

I just evened out your downvote. It is a 100% valid point. FOREX is used for corporate hedging and degenerates. I am not selling, unless it is a meme coin (DOGE).

BionicHawki

Have you heard of FOREX trading? This is still considered an investment.

beniboync

I've been trading before, currencies and indexes. I gave myself 2 years and if it does not work I would stop. I was very strict on my risk management, spent a lot of time monitoring charts, reading and learning about macroeconomics, events impact on the market, etc. But it still wasn't working at the end. I was tired of wasting my time in front of my screen, losing money and see no progress. Before I ended trading, I started doing some researches about the market I was dealing with, on internet and reddits, then I understood FOREX is an unfair market, and you win only by chance. Trading US stocks market is better imo, it's transparent and more fair than forex, there still is big players but better odds of wining if you are good. Now I'm just investing in top 5 cryptos, quickly checking charts few times during the week and living my life hahah

vattenj

It is already possible to spend BTC in a few countries and there are OTC traders everywhere in the world that you can just swap for local fiat to spend. Speculation is of course its usage, but so do lots of speculations on FOREX market Fiat money is a debt note issued by the domestic government, its value is totally tied to the enforcement power of the government, thus USD is most credible since US has the most military enforcement power Cryptocurrency on the other hand are just like gold, a product of labor energy input. You can reject it, it is your personal choice, no one forces you

Blessed2Breathe

The FED has talked about a CBDC for the last decade. How are you in the crypto space and not paid attention to the roll/influence the FED has in regulatory positions? Are you just a "Number go up" type of person, or do you actually understand the use case for blockchain technology? If you know the multiple use case delimma, you understand why the FED has trouble with an alternative asset class that bypasses traditional FOREX trading. To add to that, a crypto token can be a validation tool, regulated security, currency, FOREX hedge, alternative high yield assets class (threat to government bonds). When you understand a token, chain/side chain or exclusive network can be all of those things at once in a single day, you begin to understand why the FED has, and is concerned about providing regulatory clarity before they shore up their legal protection of the US dollar. The FED does not want to accidentally undermine the world reserve currency. Welcome to the big boy world of crypto technology. It's more than "number go up." This is basically like the early days of the internet.

CarpePrimafacie

Following you. I barely know a little bit about charting. Haven't had time to really study it. But it's good to see people trying to teach the new people. I learned trying my hand at FOREX whichbI got out of due to volatility. Bitcoin is even more volatile than the wild ride of USD/JPY back in the day. If we all studied charting and statistics and probability more in school we'd all be rich or we would have driven the market even more. Refer back to my not having time to study in depth all the charting and you can infer how rich I am... 😳

GoldenRain99

5%, you say? Well I know a couple FOREX traders who guarantee a 5% gain daily as well!

Jan_Burton

What country is this? Because there are a lot of from WisdomTree and similar that allow long/short FOREX positions that may allow this. Buying very short dated bonds will also work, short dated US corporate bonds denominated in USD - unless your country doesn't even allow stock trading this should be possible?

Longjumping-Milk-578

An angry gay male, 32, in an abusive relationship, slapped around constantly by his weight lifter boyfriend, works in sales for a biotechnology firm, tried full time FOREX trading and lost his entire life savings.

DubzDubington

Tether and all dollar coins of significance are owned by the same bankers behind private central banks in every country. All of the players in the crypto-sphere who wouldn’t allow “them” control or thought they actually had power because of their crypto balance were unalived. The banking cartel needs control of these e-money Brrrrrrprinters because it’s how they hide and prevent the actual world inflation from catching up to the industrialized democratic global infrastructure and societal order. They need Tether and USDC and whatever other ones on top of being MASSIVE WHALES IN BTC, ETH & Alt Coins. They print so much fucking money that they are running out of places to “hide it”. Government spending, foreign aid, lobbying groups, banks, NYSE, FOREX, Crypto, Housing, Automobiles, Precious Metals & the companies that mine them, oil and their industry whales, mitigation technologies which convert bi-product chemicals/gases/waste burn-off into electricity, energy & power. These rulers of the rigged game need to always be in control of the “narrative” and propaganda that keeps us divided, dumb and materialistically driven, intellectually lazy: greedy CONSUMERS & dopamine chasers! Tether is a rabbit hole that leads to a macro-picture of this world that isn’t just awful, it’s one you’ll wish you could “unsee”. Crypto, Drones, Robotics, A.I., Advanced Black Box Technology & so on are Sci-Fi coming to life and Sci-Fi is what made us allow them to lead us down this path of “progress” which is ABSOLUTE & TOTAL ENSLAVEMENT of the masses by the infinitely tiny minority (0.001%) of humanity which belong to the ancient families of old - via means of total domination through technological and electrical/all energy through an infrastructure we allow and take part in building. The road to hell is built by the 99% - wage slaves of the earth and the smartest and most ambitious fruitful minds who don’t have a clue they’re state of mind control from being raised on Exciting Sci-Fi and The Education System of smart-slave indoctrination. The thing we don’t understand is Time: how far ahead the enemy plans and how long ago they started this endeavor with the assistance of the agents of the original rebellion. If you were told everything you’ve ever been taught about History and reality and this world is a total Lie designed to act as a piece of a bigger Lie to make-up the entirety of reality/history/knowledge/science/academic hive mind vanity & ultimately THE GREAT DECEPTION 👌 The slave who thinks they are free is the greatest slave to own. They are enslaved in their minds which is the smallest container to control someone in on earth. It also is the least likely for the slave to escape: years and years of influence during the most prime years of human learning capacity and macro-ideological conceptualization and the slaves ability to think for themselves - they don’t even know how.

fan_of_hakiksexydays

I don't think you read my whole response. Like I said, if you do more advanced stuff, off the beaten path stuff, or more micro cap stuff and deal with dexes, of course it's gonna take more work. Otherwise, most crypto tax stuff is gonna be plug and play. Same in FOREX if you start trading more obscure currencies or off platforms, then of course you're not gonna have nice forms and data on hand, it's gonna have more manual calculations and more work. Take metals for instance, that takes 5 times more work to do calculations and taxes for, compared to crypto.

barnsligpark

Legal tender status by itself, does not make it a foreign currency as such - in El Salvador the official currency is still the dollar. Before there is be any official recognition of BTC as a nations foreign currency, it would probably have to be their main currency. Also capital gains does still apply on FOREX.

2LostFlamingos

FOREX trades are taxed 60/40 in USA long term / short term capital gains. So if your crypto is currently subject to long term capital gains, this change would be significantly worse for you. Assuming you’re American.

ImaginarySector366

Why are you so salty was it your $2000 was it your money ARE YOU FOREX…Made $2000, made already made past in the time where there was no volatility. Opened new ones with the $2000 to double didn’t check the time it couple minutes before the morning time in the UK, and yeah it was a haywire and couldn’t even get out and was liquor.

Haha_bob

Etherium upgrade or any upgrade to blockchains doesn’t mean crap. It’s not like stocks where new advancements, regulatory approvals, and financial reports can swing prices. I have seen news that would make stocks moon happen to cryptos with a 1 maybe 2 day pump and then a progressive rolling down the hill back where it started. Best example that sticks in my mind is Zilliqua. Announce their coin will be the primary coin of an upcoming metaverse. Huge news right? If it was a stock, would have been huge news and permanently change the price level. It pumped and deflated shortly after the news. In reality crypto trading follows the trends and mentalities of FOREX trading, with a lot more volatility. JP Morgan publishing shit like this shows they don’t even understand what they are dealing with. God help anyone who’s money is being managed by JP Morgan in the crypto space.

CryptoNerdSmacker

This along with the AMM change coming up in a few weeks would be key pieces to that puzzle. The exchange market is a bit open for the US. Ripple’s been thoroughly examined and then some given the recent litigation. Maybe an exchange is the way for them to go, an exchange where they can offer clients lightning fast transactions with almost no fee. They could then bridge it to all kinds of things like DEX, Central Banks, FOREX, etc. You know they’ve always been on the horn about being one of the main players in moving value at the speed of information but I dunno why I never considered them having an official exchange. Interesting, they are for sure poised to go that route if they wanted.

togetherwem0m0

there are many opportunities to explore bitcoins potential, but the most salient is network effect. "the stock market" has wide broadbased participation globally, especially the US based ones, so they have little, if any, upside potential from increases in the network effect. Participation is already near maximized, so how do you get more participation? for bitcoin, the network effect still has a tremendous amount of headroom to expand. The more people that participate in the bitcoin network, the higher the value of the asset is to its participants. For many reasons, bitcoin has potentially huge value to billions of people. It is the FOREX market to link all forex markets. Value can be transferred near instantly and without respect to borders. Settlement of quick, transfer near immediate, secured by power of work provided by parties who are not controlling the nodes. Bitcoin is the apex money of the future, it is the base layer.

disparue

FOREX profits are taxed as capital gains if you're in the US.

Junior_Client3022

The definition of currency is not "being listed on FOREX" Also Bitcoin is the ONLY deflationary currency because of burning where even gold supply cannot be reduced. Basically I think you're dead wrong. You give a 30 year timeline yet Bitcoin has been around for over half that and is working perfectly. It is scaling perfectly with the user base and will continue to do so. It's doing better than it ever has. Thriving. You wouldn't give a bunch of people in the 80's 1gb/s. That is an unnecessary cost and with bitcoin more attack surface. You bring up a lot of fake issues that I'm going to ignore. Obviously don't care about any upgrades coming out. HFSP.

C-Class_hero_Satoru

So why I cannot buy Bitcoin on FOREX? I think it does not meet some criteria to be considered deflationary currency. Another thing why I said this, technology progress very fast, remember computers 30 years ago, now imagine computers after 30 years. I think people in the future will see Bitcoin as relict from the past, of course it will have some value like trading pokemon cards has today, but I don't think that people will use it, it will be more like a trophy. I think crypto currency will replace FIAT but not Bitcoin, it's ~15 years and Bitcoin id already dealing with problems like being slow and expensive to use. Do you think people will wait 10 min to validate transaction? No. We already have better alts than Bitcoin today. Bitcoin is just a sentiment, the oldest coin, store of value, but not an innovation anymore. Technology will progress very fast and new coins will replace coins we have today.

SuperSmash01

FOREX would like a word.

vattenj

Value store and concealing are other main usage areas, but since people from this segment seldom move their coins, the liquidity only comes from daily demand, which depends on speculative trades by speculators on exchanges, not real world usage. It is the same for almost all the financial markets, FOREX for example, most of the volume is driven by speculations, very little by real world trades

the__itis

FOREX rules already cover this stuff.

vattenj

Financial is much more difficult than a smartphone, people can trade FOREX and stocks/commodity/futures/options online since the beginning of internet, but still, very few made it to a successful trader I see those people in capital controlled country use USDT to transfer money oversea daily, that might be the biggest useage right now. Still, not for average Joe

dpatou23

Perhaps the best use case scenario for Bitcoin for the next couple of decades is for people to use the blockchain as a global savings account. When they need to spend, they could jump into the fiat (or CBDC) they require. This way, middle class to poor people won't have their savings devalue over the long term. Institutionalization of Bitcoin with the ETF will only accelerate this use case. You call it greed, I call it good. Maybe the next generations will use Bitcoin as a global means of exchange. Until then, the fractional reserve system can continue working in conjunction with Bitcoin. It's not the banks that are in danger of becoming obsolete. It's FOREX, and the banks that realize that they can move money around more efficiently through Bitcoin will have a competitive advantage over the ones who don't. >This means you either transfer your Bitcoin to an authorized custodian or be on OFAC and be subject to fine and/or imprisonment. The world doesn't revolve around the US and neither does Bitcoin. You could move to a country that supports Bitcoin with your brain wallet. Or you could vote for pro Bitcoin politicians in your country. Did you think politicians and banks wouldn't fight against this until they realize what's possible? And what happened to the land of the free? >One more thing, if you think that Banks will NOT control the majority of the hash power by 2030, you need some serious self reflection. *remind me in 6 years (I believe through my self reflection, that pro Bitcoin governments will)

izkornator

The volatility issue is a state of mind called unit of account. We are constantly pricing things in our local unit of account. When we leave our unit of account zone, we are exposed to FOREX volatility. Since Bitcoin is both non sovereign but also international, its still in a strange halfway house as far as being a unit of account. Like Gold, Bitcoin shares an ever growing perception of being a store of wealth that is superior to fiat currencies. We rarely go to the shops with gold. But yet Gold is universaly accepted. Far more widely so that most fiat currencies. Its because Gold an Bitcoin are not a currency, they are money. At our current state of play (meaning this condition is transient) it makes sense to hold (hodl) the good money, and spend the bad. This phenomenon known as "Gresham's Law." *extracted from ChatGPT:* *When Gresham's Law comes into play, individuals prefer to use the inferior currency for transactions while holding onto the superior currency. This behavior can be driven by various factors such as differences in intrinsic value, legal tender laws, or market perception.* I have often thought on this phenomenon and its reflexive logic. I guess the end state is that the inferior currency becomes close to worthless in that economy. Whenever you travel to a country where the local currency is weaker than say the EURO, and you buy something using your EUROs, and get local currency back as change, this is "Gresham's Law" in action.

iterativ

There is FOREX too (that yep, US "cracked down" too few years ago, anything they think it's potential danger to "dollar dominance"). You exchange currencies for gain. Free as in freedom.

Liberum_Cursor

Yeah, you can provide liquidity for a pair of stablecoins. It basically functions as arbitrage since both stablecoins "want" to approach their stable value due to market incentives. This is actually how some massive hedgefunds operate in the "real world" of finance, trading currency in the [FOREX market.](https://www.investopedia.com/terms/forex/f/forex-market.asp) It's generally considered pretty low risk, since currency values are more "stable" than commodities, stocks, metals, etc. I like Cardano, so my examples will reflect that: iUSD and Djed stablecoin liquidity provision on [Vyfi](https://app.vyfi.io) yields about 37% apr right now. Another non-arbitrage related approach would be to provide value for decentralized lending platforms like [Liqwid Finance,](https://app.liqwid.finance) where Djed yields about 8% right now.

OmniMan888

Crypto is the most dangerous to play leverage. It's better to play leverage with stocks or FOREX. Crypto is more of a Hodl investment.

Present_Bill5971

Have USDC and USDT available. It’d be cool to get some additional currencies liquid. I will probably never try FOREX, but in the case I did, I’d rather it be on blockchain

wtfcowisown

Nobody has actually given you an answer here. I'll provide a unique perspective and my own opinion. You mention that we are losing money through power usage by the miners. However, transaction fees and the incoming supply (new blocks) are what pay miners. The govt prints money and hands it out to banks. There is a natural loss there as it enters circulation. You can dive deep into just this aspect to see how corrupt it really is. Bitcoin is much better than that by transparently paying miners as a naturally reducing rate (EX: the halving every few years) The power usage by miners is a necessary expense to make sure the network is more secure. The longer the coin is mined the higher the difficulty goes, further securing the network. Just like the US govt spending money to make sure counterfeit dollars aren't created, Bitcoin has an expense to maintain that security. A lot of people struggle to understand Bitcoin simply because they think of it as a stock or a company. It's a currency, much more understandable if you have some knowledge of the FOREX market.

tsuiteruze

FOREX and leverage.

vattenj

Nothing new here, most of the volumes, even include FOREX market are fake, it just that normal people can not tell the difference

Geolinear

From the article: TLDR - Through the recent Chinese tech advancement, the e-CNY app now enables tourists to recharge their wallets using Visa and Mastercard. - China leads the Central Bank’s Digital Currencies (CBDCs) adoption and enforcement along Nigeria and the Bahamas. - The integration of these international cards streamlines transactions for tourists who will now not have to go through the tedious FOREX processes to transact within the state.

tsuiteruze

Heads over to see FOREX charts....

infested33

So exactly what the HFT firms are doing the past decade especially in FOREX.

jps_

>What you dont understand is that the US is attacking current crypto businesses on purpose to take them out and afterwards to introduce its own crypto services. The irony is strong in you: demonstrating how little you actually understand while you tell someone they understand very little. US doesn't need to "kill off" anything, anymore than BTC needs to "kill off" DOGE. There are tens of thousands of currencies and barter assets in play. They coexist. That's actually how the world works. There are hundreds of millions of captive customers who will adopt whatever the US decides to use as currency, because the alternative is to live in some other country. But no matter what the US chooses to use as its currency, its citizens can still trade FOREX, or gold, or oil. Or crypto. Because that's how the US works. What the US is "killing off" are "give me your money and I'll make you rich" schemes. And yes... it sucks that you can't participate in getting rich quick. All the way up until you discover it's someone else who got rich quick, using your money, and left you holding a bag of bits, waiting in anticipation of the bull run that never comes.

Armolin

I disagree, FOREX is the biggest casino in finance.

FattestLion

I’m so sick and tired of ads saying shit like: “Tired of losing money on stocks?! Try FOREX with our tea leaves fibonacci BA indicator system! Guaranteed $5000 per month with just 30 minutes of trading per day!” If the indicators were so fucking good they wouldn’t sell them lol

Party_Practice_7292

Rumours of upcoming CC sub IPO and listing of moons on FOREX markets.

onesided_duncan

I think those count as capital gains because it's how FOREX traders make their income. But the whole thing is that the government classes crypto as an asset, not a currency. And the entire problem stems from that misclassification imo.

Boddis

Maybe only in the same way you can buy FOREX currency

someloserwithabeard

I pretty sold on moons at this point lol. Swing trading I get, same rules as FOREX and options? News + trends + history?

someloserwithabeard

Always great rules to play by - FOREX taught me some brutal but valuable lessons 😂 I imagine there are entire communities dedicated to the sole purpose of making projects look legit. Anyway major red flags you know of? Or is that all part of the risk

Local_Honeydew

Diversifying would actually mean throw some cash at stocks, blue chips or FOREX, not throw money at more high risk speculative cryptocurrencies.

jrodder

Kind of... It twists the brain when you think about it, and really you can see that if you trade in FOREX. A dollar is a unit of currency, and it's "value" in those markets is always compared to something else. You cant trade USD it's always a pairing. You are saying the Euro lost value, you could also easily say the USD gained strength in that pairing resulting in the same effect. We do think in terms of the current reserve currency because that is indeed the standard for each country. Typically those trade against each other as a measure of the backer, and in the case of USD it's the "full faith and credit of the United States". (Power to tax citizens, GDP as well as the military used to enforce dollar hegemony)

ice_blade_sorc

Yep this, some countries don't have services or apps that allows the user to do FOREX transactions, or have international stock exchanges. I mean they're available but registration is not straightforward and not as quick when a person needs it. First world countries almost always have it easier.

CryptoScamee42069

Great post OP. A few thoughts from me (for what it’s worth): I’m not sure where your gold background is coming from. While gold has been used as a medium of exchange for roughly 5000 years, and as a form of currency for roughly 2500 years, it was not any form of globally accepted currency or norm until Germany adopted the classical gold standard in 1871. Under the classical gold standard, paper currency was only able to be circulated with the equivalent value of gold being stored in treasuries and bank vaults (a good rule IMO) but this standard was only in effect close to 50 years, not 150. You are correct that in 1914 the war prompted a push away from the classical gold standard to give governments scope to increase spending, but the transition to fiat was not that instantaneous. They moved to the gold exchange standard where a 40% reserve ratio was established, meaning governments could issue $50 of paper currency with only $20 of gold in their vault, for example. This system lasted until the end of world war II once it became apparent the US was holding ~70% of the world’s gold in circulation, because they were the largest economy since the 1870s but late entrants to both wars, enabling them to exchange materiel and supplies to Europe for gold. This is how the USD became the global reserve currency (and gave rise to the fallacy in the US that war is good for the economy). It is if you’re not in it but providing the tools of the trade. What followed is the Bretton Woods system where world leaders agreed the USD backed by gold was the most stable currency, and other currencies would be pegged to that, but with one major flaw - no reserve ratio was set. For the next few decades the US printed paper currency relatively unimpeded until leaders like Charles De Gaulle realised they didn’t have the gold to back the notes and pushed for France to return the USD for the equivalent in gold. As others followed suit the US lost most of its gold in a ten year period and this system was no longer feasible. In 1971 Nixon officially severed the convertibility of currency to gold, though the process somewhat began with Johnson some years prior. That was the moment fiat currency began and the FOREX came to life. The key takeaway here is the transition away from hard money was iterative, but the 20th century saw *four* international monetary systems. Not because the previous ones failed, but because hard money constrains government’s ability to spend beyond their means. I.e. fixed supply (store of value) is undesirable to governments because they can’t control it, and fiat enables them to syphon the economic value of the working class for their own benefit. Therefore, hard money was too good (in the eyes of governments) at doing exactly what it was supposed to. Why does my unsolicited history lesson matter? Because BTC will face the same challenges with adoption. Governments can’t control it, they can’t print it, so it will be less favourable to them than CBDCs. There is also rampant misunderstanding among hard money advocates (precious metals investors) and BTC maxis. The former often don’t believe in digital assets because its intangible and the latter commonly view gold as the thing that failed and paved the way for fiat. In actual fact, both share more properties with one another than either share with fiat. Hence, references to BTC being digital gold. There are seven properties of sound money: - medium of exchange - unit of account - durable - divisible - portable - fungible - store of value BTC and gold share these properties, unlike fiat which does not have fixed supply and cannot be considered a store of value. Hence, fiat is in fact just a currency, not sound money. I advocate strongly for investors to understand they should not be viewed as opposing one another, but complementary. BTC is more divisible and transferrable (you can’t send physical gold anywhere in the world in an instant), while gold is tangible and will always be with you while BTC wallets could be hacked or the internet itself compromised (more in a doomsday scenario, but yeah). I position more in BTC because of its continued growth potential, but have a proportion of precious metals on hand should the worst happen and it’s the ultimate inflation hedge. All of that aside, BTC overtaking gold’s StF our market cap would be absolutely insane (in a good way). TL;DR: fiat sucks, BTC and gold are complementary not mutually exclusive, fiat sucks.

vattenj

That is very different, any securities must be bought on regulated exchanges, and the ownership is just like a bank account, always belong to the account owner. You can not buy APPL stock in Nasdaq if you are living in another country without your domestic stock exchange connecting to Nasdaq That's exactly why SEC could not set some regulation in crypto, the cross-border nature of such asset makes it extremely difficult to regulate, just like FOREX market, so far still remain unregulated and decentralized

ChiggaOG

I say it shows much Old Money has vested in this system of FOREX for youngsters.

ChiggaOG

I’m not because the rate at which a person turns $500 in to $1 million is lower. Cryptocurrency is similar to FOREX trading. I have better luck in the stock market knowing a WSB user can turn $500 into $40k with the right call options.

iterativ

In FOREX 0.5% move daily is a reason to open champagne. Stocks, not far from that. In crypto 10% move is just another Monday. Those that print such articles most likely they don't get it.

Umpire_State_Bldg

Explain why it is valid to divide the FOREX volume by the number of BTC mined per day. Thanks.

Virtual_Twist_9879

What is the sec doing to stop leveraged trading? I honestly don't understand how they even have a say in it when they approve leveraged futures and stuff like FOREX has silly leverage like x100+

vattenj

It is not DEX, but cross-border nature of crypto made it difficult to define tax target. Just like FOREX market is never regulated, once it is cross-border, none of the laws in one country matters, unless the other country have the same law, which is very rare

Competitive_Milk_638

About 19 zillion centralized shitcoins need to disappear, CBDCs need to die, and the SEC needs to get their shit together and start regulating legit cryptocurrencies as commodities or FOREX trading pairs, not securities.

ST-Fish

> so many things could go wrong over 10 years and those coins would be lost forever. I like how we pretend keeping a piece of paper with 12 words on it safe is literally impossible unless you are a tech genius. There's not much that can go wrong if you aren't actively fucking yourself over, and if we expect people to actively fuck themselves over, literally no investment is safe. Maybe somebody scams you into withdrawing your 401k and investing it into FOREX trading. That doesn't mean that "many things could go wrong with your 401k".

Cautious_Pressure248

I know nothing about laws in Pakistan so please excuse me if this is ignorant, what are regulations like on the FOREX markets? Is it easy to transact in foreign currencies there?

Obsidianram

Ummmm...care to guess how many stocks there are between the NASDAQ, AMEX, NYSE? And then factor in the FD's on top of that, just for starters... Haven't even gotten into the futures markets, FOREX or foreign exchanges... "Older generation" my nut sack...

asWorldsCollide2ptOh

Also ake out the majority of U.S buyers/adoptors and it will have an negative impact on price. If it becomes a thing where US banks will not facilitators of the exchange of fiat to digital assets then, many Americans simply won't bother going though a FOREX.

cr0n_dist0rti0n

Agreed. That’s because the US is the behemoth within regards to finance and money. ~90% FOREX is done through American dollars. ~61% of global financial instruments are based in America. Not being an American myself, it’s annoying but the world we live in. Part of whats going on here is geopolitical and the US is attempting to maintain its dominance in the face of a global technology, blockchain, that is seriously challenging it. At this point, like it or not, no matter where you live, America matters. Although I’m sure blockchain will erode that over time. What will 2050 be like for the American dollar?

SkuniMasterMind

Oh boy, let me introduce you to *FOREX traders*

nick83487

There's nothing wrong with profiting off a currency, look at the FOREX market

Whole_Visible

No. There's far less regulatory incentive to push a handful of crytocurrencies compared to singular nations incentives to push their own currency. In fiat world, it makes sense to see a common currency in each country because each singular country will want a strong currency that they can use to try and stimulate trade and create demand for their currency so they can issue debt that can be used for investment. These countries will dictate that payments processors in their country have to support their currency at a minimum as well as take them for tax payments, permit payments, etc. It drives adoption. Here on this sub people will make fun of CBDCs in Nigeria and China are more common in payments their initial years than Bitcoin in 14 years. Cryptocurrencies lacks enforcement and standardization forces that can enforce required payment acceptance in the real world for any particular coin Cryptocurrencies, they're easily convertible. There's no heavy push in payments to standardize around a handful of coins, instead we have services like NowPayments and Bitpay that accept dozens of coins. I've paid for digital services like VPNs and Dropbox equivalent services with crypto. Not once with BTC or ETH. They've all used services like NowPayments or Bitpay and I'd use a different coin with far lower fees and way faster confirmation times So far to me service adoption tells me that the future of crypto is a lot of coins. Crypto payment processors all end up supporting dozens of cryptocurrencies. Traditional stock brokerages expand to cryptocurrencies and they may start with BTC and ETH but then end up supporting dozens. Websites like Reddit end up facilitating the creation and usage of numerous cryptocurrencies like MOONs and BRICKs. The speed and fees of Ethereum promotes the usage of level 2s which often have their own tokens and require the usage of bridges. The continued development of bridges makes the general cryptocurrency user accustomed to bridging and converting to different cryptocurrencies The major utility of cryptocurrencies for the past 10 years has been the crypto equivalent to FOREX and asset/security trading, not payments. The last 10 years suggests that fractionalizing and tokenization of ideas/businesses is the larger appeal over payments and that means a multi-coin/token world is likely

vattenj

If the congress does not know how to make laws to regulate FOREX market, then I doubt if they know how to make laws to regulate crypto, since they share some similarities: Domestic laws do not apply to banks in another country and the market is decentralized

plopseven

I’m sorry, I know I’ll get downvoted into oblivion, but if something costs money, it’s a security. It’s not a currency - this isn’t a FOREX market - all of the crypto coins in the world are merely less regulated IPO companies selling you their goods and services that they say are backed by deposits and fractional reserve banking like everything else in the financial system.

benmck90

I hear ya. What's worse than stocks is FOREX... The swings are sooo minuscule as to not be worth it.

AvocadoDiavolo

I wonder how this can hold up against all the countries that accept it as a legal tender. Is it legal to heavily tax FOREX trading?

CryptoCrumbSniffer

All currencies are speculative assets and mediums of exchange. The only reason people think speculative asset when they hear BTC and not something like USD is because, relative to USD BTC has larger valuation fluctuations. Yet, take something else like Rubles which had greater volatility than BTC at times. Most say it's a medium of exchange, which it is. But it was also a great speculative asset last year on the FOREX market. IMHO people's perceptions are very myopic and shaped mostly by media. If most people used BTC as I do they would view it primarily as a medium of exchange and store of value.

jonathan_lehman

Not BTC, $USD would be down and worthless. The shmuck buying w/out BTC would be paying the same for that beer or breakfast, the BTC buyer would be paying based on acquisition cost. Regardless, no scenario where the BTC buyer is paying more than then the USD alone buyer. It’s simple FOREX, hence BTC is a commodity and not security as the SEC is scrambling to do, resulting in a firesale collapse of global commodity exchange markets.

Token_Broker

Basically the dark web for crypto scams. DEXs are only really needed to swap stable coins to a desired crypto, but unfortunately the Dex does nothing to stop scams One day, if CBDCs become a thing, you will be able to do FOREX for cheap and at your leisure. No middle man needed and true exchange rates. Long way to go for trust and hack proof DEXs though

Skrappyross

I mean, buying euros for a profit in dollars is called FOREX and it's a market multiple times larger than the stock market so.... Not really.

Fullback22x

Not OP. But this is a crazy argument. Losing faith in USD doesn’t make it worthless. Just makes it less valuable. Anywho, the entire reason BTC is equated to USD is to help the lay people understand how much an item is worth. If you went to buy a house with BTC how much are you giving them? Until BTC flips USD as the dominate currency then you will always think in what is familiar to you. Do you not think FOREX markets should exist? Why think in persons when it’s just going to be compared to DXY?

iterativ

Unless you trade, just like FOREX, to take advantage of fluctuation, I don't see a reason to sell coins, only to spend it for good and services. If you buy a coin with the expectation to gain in a year or more, that is not crypto. Just use it, it's electronic cash, it's not "investment asset".

danmarius7

I had an auto trader FOREX MT4 programmed by mysel back in 2008. Luckly when the Financial Crisys happened my program was offline, but I would have lost everything based on the algoritm. Stopped trading right then and there.

iterativ

That is FOLE. Fear Of Losing Everything. It's more dangerous than FOMO. I understand if you come from FOREX with massive leverages, but spot crypto why ?

Ljmac1

Nah buy low sell high, repeat. There’s no problem with trying to make money in markets. Not to mention you’re still participating just at different price points. Btc probably won’t be a widely adopted currency in first world countries for a long time if ever. They’ll just use shitty CBDC’s or some stable coin variation. So getting rich in fiat is ok in my books using Btc. It’s basically FOREX.

Lillica_Golden_SHIB

Relatable 😑 I blew up a whole FOREX account (although it didn't have a lot of money in it) just because I was dead sure I wouldn't need one, then volatility was so crazy that price plunged heavily for just a sec before shooting up and I was liquidated lol

Arcosim

Something tells me FOREX trading will come back recharged with this.

Arcosim

FOREX guys will have a field day.

iterativ

There is FOREX. While not investment, there is trading going on. Bitcoin and many other coins are currencies. Not "investment products", not "securities". Plus, the point was, those countries were much better off by using Bitcoin, even is the worst crash happens.

Bashir_Jasper03

Well, I don't see it in that light. Some of us here in this space and FOREX started with a demo trading account. Some of us became better over time with better risk management skills

honestlyimeanreally

> You don't invest in currencies, you use them. yeah, FOREX traders are all delusional and there is zero money to be made. pack it up folks! funnily enough, your argument could've been applied to bitcoin when it was a $186, too.

GranPino

It’s quite tough. You shouldn’t trust me, but neither this sub. This sub has many bot armies building certain narratives and it’s quite easy to believe them. It’s impossible to do due diligence to every statement here and the psychological bias of seeing positive and negative statements are very strong even if you find that they are false. It’s better to focus on a few projects and going deep. And include new ones only when you have those projects under control. I usually do token investments in projects im interested, as a way to psychologically focus more on information about said projects. Later I will decide if I actually invest more seriously or sell. For me it’s very important my own thesis of what future crypto can provide as added value. I’m an economist, and my own thesis believes that all thesis about crypto substituting FIAT are totally clueless about how monetary policy works. There is a reason why countries left the gold standard behind. It was very inflexible and it has more disadvantages than advantages. However I do believe that the real value for crypto is occupying a place in the international finances. Things like liquidity pools are a revolution for FOREX. We obtained much higher efficiency trading shitcoins in DeFi that multinationals get to exchange Swedish crowns to Yens. Also all kind of financial contracts/options, financial leverage and trading can be more efficient in the blockchain than in the traditional financial system. Those efficiencies are key for massive future adoption. We are missing 100% trustworthy euros and dollars to really kickstart a financial revolution. Unfortunately we don’t have them yet, but they could arrive. Therefore, my preferred thesis of investment is blockchains with high capacity for tx at very low price

iterativ

You compare it with previous weeks and zero volatility. That was worse than FOREX (that if they get 0.5% change, then it's time to open the champagne).

R4ndyM4r5h420

FOREX or somewhere like phemex. Back in the 80s or 90s 1 GBP was equal to something like 2.5 USD. Now its cratering towards parity.

plopseven

The FOREX markets can have an $88B unaccountable “blind spot,” the Pentagon can fail 6 audits for yearly budgeting above $800B and the IRS wants to audit *YOU* for $600 Venmo payments. Talk about two different sets of rules.

Meefoo

I forgot to suggest the consideration, that even FIAT fails, fluctuates and changes. The fact that there are FOREX markets that trade fiat volatility, implies that fiat shares many similarities with cryptocurrency... It is simply more established. Just like token swaps, FIAT is exchanged back and forth with pairings. This, along with more factors than I really understand, alters the value of FIAT constantly. Inflationary problems, have made many FIAT currencies valueless. I've witnessed first hand the elimination of three zeros from Mexican currency. Then watched as new currency was simply printed an distributed to create the illusion that the FIAT wasn't in distress. One last thought for now... Is it possible that giving democratic-style access to tools that allow people to swap currency in open markets can have a positive impact on both FIAT and cryptocurrency? I don't see FIAT and cryptocurrency as completely separate. They seem to be inescapably intertwined. Perhaps cryptocurrency can become the dominant pet rock, and push FIAT aside... But i really don't think that is going to happen anytime soon.

genjitenji

Alright. Experiment, find me a FOREX rate that converts USD to Nigerian currency. Then I’ll find you an exchange with a lower exchange rate for USD-Nano-Nigerian currency combined.

genjitenji

Crypto exchange fees are much less than FOREX.

ChemistryInfinite312

PrimeXBT depending on your region. All major instruments in Crypto, Indices, Commodities and FOREX. It also has a demo account feature where you can actually win money in weekly trading competitions - don't need to deposit anything to access it.