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"In the United Kingdom, Kraken operates locally as a Financial Conduct Authority (FCA) Registered Cryptoasset Firm (‘Payward Ltd.’, FRN 928768) under the Money Laundering Regulations." So that's why I wouldn't say that there's no law. If the FCA deems XMR to be non-compliant with regulations, they can say to Kraken, "You're going to have to stop that." To be clear, FCA regulations are not laws. However, the FCA operates under legal authority granted by legislation such as the Financial Services and Markets Act 2000 (FSMA) and subsequent amendments. This means that while FCA rules themselves are not laws, they have a legal basis and firms must comply with them as part of their legal obligations.
The best response is to check their existing false belief by pointing out that 1 [yourgovernmentfiathere] is worth [check spot price here] LESS THAN THAT. 1 US FRN is 41,595.28 LESS THAN THAT.
A lot of these things already exists. They don't call them "CBDC" but in the US we have a system of digitized Federal Reserve Notes (dFRN). Like on Coinbase, I can only "cash out" into dFRN. They won't snail mail me a wad of cash nor will they let me, in the US, cash out into Euros or pesos or pounds, etc. Only dFRN. I also get auto-taxed on every purchase (dFRN or physical FRN) and my paycheck from work is automatically taxed by both state and local governments. Auto-taxes are already here. No CBDC required. Some people are in crypto for it, but I feel like most people aren't here to evade taxes and stuff. If the government made it harder to evade taxes, some people would leave but I think most wouldn't. They weren't here to do tax evasion to begin with. It could be different elsewhere, but in the US you are not getting a random, anonymous bank account. You have to fully KYC. That's with no CBDC. KYC'ing to get a bank account wouldn't be some new concept. Even in the 1920s they needed to know who owned the account. I think "CBDC = the US gov controls defi" is kinda out there. #1 to do any of this they'd need to issue a token on chains with defi. Crypto has totally and completely taken over and is running things if governments start to issue their national currencies natively on public chains. No country holds 50%+ of crypto users so one country cracking down imo won't be a death knell.
What is a FRN? In your opinion, just curious to see the knowledge basis.
The way I see it it depends on the role in your overall portfolio For me, BTC is in the role of private (no not fully secret, I get that, but sometimes good enough is good enough) currency. Like for spending. At some point in my life I may want to spend money online without my bank or government's permission. Happy to add more if you care, but in that role, Coinbase isn't the right answer for me For many, seems like including you, it's more like an investment. If you're just going to exchange FRN for BTC today and then exchange BTC for hopefully more FRN later, an exchange seems like the better choice. Convenience breeds compliance. If you're DCAing, your buys will be more frequent and regular through an exchange. If you're opportunity buying you'll hit your timing better through an exchange. You will make more money through an exchange If you're chasing both roles, I think what another respondent said makes sense. Have a different wallet for each
Bitcoin priced in BTC is exactly one. In FRN it's ~$28,000 (and climbing). In my heart it's worth more than any amount of easily duplicated expired gold certificates.
They’re not protected by the FSCS so if you have £75,000 and they go insolvent you lose it. There’s no government insurance. They’re regulated by the FCA for trading crypto-assets recently but that is it. https://www.fscs.org.uk/check/check-your-money-is-protected/ Search FRN: 900562 The first part of how they keep your money safe tells you they’re not with the FSCS. https://www.revolut.com/how-we-keep-your-money-safe/
And just on time, the context of the link was ignored. They're not demanding any specific amount - they're demanding that the notes the Treasury prints be provided in specific denominations. Why? \>how much demand we expect \>how much currency we expect that Reserve Banks will destroy because the notes are unfit to circulate, and \>other factors, such as inventory management or the issuance of a new design ​ The Treasury can print more dollars on its own authority and deposit them on their account with the Fed. The Fed can request that those dollars be in specific denominations. That's the context. Remember: The Fed does have the authority to DESTROY FRN's as well, taking them out of circulation, so they do need those replaced. ​ So, here your agenda was saying "Fed tells T-boys what to do" when in reality the context was something way different. The context is the Treasury issues as much currency as they want. The Fed places orders to fit within that issuance for specific denominations like you do when you got to McDonalds and order a Big Mac with no cheese. McDonalds could tell you to pound sand, or, because it is good customer service, they honor your request. In the same way, both agencies have a common mission to make sure the money supply is usable by the people. If the T-boys were printing ONLY $100 bills (ignoring the Fed's request for specific denominations) eventually the economy would grind to a halt due to lack of smaller bills and change to support transactions.
I must have misread the part "We accept Bitcoin" as "we are playing for Bitcoin". This was apparently an OT post looking for other fiat gamers. Do keep an eye out for the Law, because if you mix BTC with FRN, you are money laundering.
So... in the U.S.... if I go spend a $50 Federal Reserve Note at McDonalds or a gas station... and this $50 FRN says "Legal Tender" on it.... and the McDonalds or gas station does NOT accept the $50 FRN. You're telling me that they're breaking the law? No... they're not. U.S. businesses actually have the choice of NOT accepting FRNs, unless it's payment for \*debts\*. No business has to do shit, regardless of what the government says. Welcome to what De Facto Legal Tender means. The governments will be doing it, they'll be mining it, they'll be storing it, and the businesses will follow suit. Good day, sir!
Not Gold/Silver OR Crypto, but Gold/Silver AND Crypto. Anything anti-FRN (dollar)
Actually up or down… it’s all good. If it’s above 2000 then I’m getting more “future money” Sats for a buck! If it’s less than 2000 then all the SATS that have been stacked have gone up in value compared to the FRN (Federal Reserve Note). I hope this makes sense.
If you stack Sats… you want it to go up. Mo SATS per FRN (Federal Reserve Note)
Taxing should only apply when converting back into Federal Reserve Notes. That’s technically the only jurisdiction they have. They own the FRN, but not crypto. They believe competition is a sin
Take a step back and realize Government, Politicians, Education System, Movies, Tv, News, Celebrities.. Etc. are all different tools of the Corrupt Central Banks. Keep the people too dumb poor and too busy to have the luxury of clarity. Peer to Peer Decentralization of Currency would overtake the current Debit Fractional Currency System, which they control and generate FRN's at will. Ultimately Physical Precious Metals Assets are the King, but Crypto if held to a gold standard could completely change this world as we know it for the better.
I know people who have their entire retirement in FRN's. The crazy thing is, they actually DO understand that the Fed is printing like there's no tomorrow, and the inflation is insane, and the dollar is losing value. But they feel it's "safe" and "FDIC Insured". I tried to get them to buy some physical silver in March of 2020 when the bottom of the silver market fell out. It makes sense to keep a large chunk of your liquid net worth in FRN's for a number of reasons. One is quite simply: When BTC has a major dip in market price your not selling at a shit price. The other thing thing is, having cash in the bank might be important for other reasons. For example, if you're applying for a mortgage. Most banks don't give a shit about your $1M in BTC. They want you to have a W2 slave job, where you pay taxes and they want to see a bunch of FRN's sitting in a bank account.
inflation is a form of enslavement that is very sneaky at best. Our founding fathers were very fearful of banks. With a centralized banking system based on FRN and not backed by anything. And the out-of-control printing of FRNotes. You have inflation control of the people (enslavement).
I see the FRN as an IOU note and not as a real form of money. A bit of a Ponzi scam. Now a true dollar in my mind is not tied to a centralized Ponzi master.
The USD is private currency. You must pay the owners when you use it. That is why Bitcoin was invented. It is public domain. You do not have to pay for Bitcoin. You do for FRN. Questions?
Why would anyone tie up their BTC to pay extra for FRN?
5,000FRN is nothing to sneeze at! If it is held in dollars, then you should have the protection of the legal system to get it back.
How much has your grocery bill in USD gone up this year? I've seen reports of people paying 50% more for the same exact groceries, compared to Q1 pricing. 50% is a big swing too, no? FRN's are not worth the paper they are printed on.
Bitcoin is a global currency right now. And it's beating the FRN 40,000 to 1 as we speak.
I'm going to do the same thing that I did when it was under 100 FRN. I'm going to use it as a currency. As more people USE it, it becomes more valuable. You're welcome.
Kindly consult the [Federal Reserve Act of 1913](https://fraser.stlouisfed.org/files/docs/publications/books/fract_iden_1914.pdf). On page 70, it says: "Every Federal reserve bank shall maintain reserves in gold or lawful money of not less than thirty-five per centum against its deposits and reserves in gold of not less than forty per centum against its Federal reserve notes in actual circulation, and not offset by gold or lawful money deposited with the Federal reserve agent." As you can see, FRN were allowed to have as little as 40% gold backing already at the time the FED was established.
Found this on their site: "CB Payments Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900635) for the issuing of electronic money." Apparently they had some warning about proper licensing late last year. It seems that the licence above is sufficient to cover their current activities in the UK.
Looked this up and Coinbase CB Payments Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN: 900635) for the issuing of electronic money. ​ They are not approved as Cryptocurrency exchanger since no Crypto is approved in UK
Lol I just hope to stay ahead of FRN U$D inflation.
>So only one group of people should be allowed to print an unlimited supply of FRN’s? Yes, ideally one with democratic oversight, that spreads out the value of seigniorage evenly rather than concentrating it in those with access to economic power. Which since the majority of people are net beneficiaries of the state (receive more in entitlements than pay in taxes), fiat accomplishes far better than a system like Bitcoin where the profits of seigniorage are concentrated in a tiny number of rich miners and speculators. >How long do you think the economy will last before collapse? Longer than Bitcoins exponentially decreasing coin subsidized security model is going to hold up. >And what would be the difference if only group were allowed to do this or multiple groups? The difference is where monetary authority comes from. Government charges taxes and regulates the economy, and has a vested interest in keeping the purchasing power stable so the economy is stable so it can make money in taxes. Bitcoin miners don't have any incentive other than A) increasing speculative gains no matter how useless it makes it as a currency B) then later maximizing transaction revenues no matter how useless it makes it as a currency.
So only one group of people should be allowed to print an unlimited supply of FRN’s? How long do you think the economy will last before collapse? And what would be the difference if only group were allowed to do this or multiple groups?
Go back and do a little more research, and you will find out it is with the transaction of any negotiable paper instrument, except FRN’s.
$25 per BTC, $25 per ETH and $25 per XLM per week to be more precise. It's $75.00 a week "DCA" I also dump the bonus every 2 months (\~$185 after Federal and Oregon Income taxes) and 2x a year (\~$936 net x2) profit sharing bonus. Regardless of price. Also stimmy checks. My stimmy bux bought at 61K. Oof. And I have a spare tower that serves as a file server sitting on a couple of 1080ti that mine whatever NiceHash does. Current rate sets me at on average $4.85 a day and I don't pay electricity on the condo setup. With some variations that's where it sits after 11 months. Give or take that's at current numbers about $5600 a year without having to kill myself to save. The $75.00 comes from tips and soda can returns I collect out of the trash, then I make up the rest if needed. So it's not really $25/week it's more. It's $25 times three buckets and the same ratio applied when I get stuff outside my budget and FRN (Federal Reserve Note Savings) not including Biden Bucks. Percentage wise shit I don't want to be specific, but take the average of that as holdings since $0 start after cashing out to get condo April 2019 off BTC and do math. Give or take 4:1 return since 2019. I can't spend it. I can't spend the equity in my home either so it's academic.
Not at this time, but perhaps in the future. Currently stacking sats and would rather spend my worthless FRN's at this time...
Those scenarios I believe people will rotate out of FRN's and gold and into beans and lead. Bitcoin dips, but then rockets. YMMV.
Sorry, only give away FRN's...
This! Portland used to have deposit fiat and get BTC. I was so excited early on to have an alternative to FRN just like the author Boston T Party had been going on about.
>Reduce your expenses so you are able to put into bitcoin long term. You realize a whole lot of people already have their expenses reduced just to get by, right? I think that the idea of leveraging low interest debt as a way to negative-invest in FRN's in order to maximise investment makes a certain sense, particularly if one is aware of arguable likelihood of devaluation in the horizon... well that doesn't necessarily help what I'm talking about.