Crypto Currency and Skiing

[James]

So if a snowboarder pays in Crypto, can they ride at Alta?

Firing up the DeLorean now…

 

[fatbob]

My take is that of course investment brokers are all about it because they rake when people trade ,and the more assets in scope for them to take a rake on the better. The fintech banks/apps have been swift to enable functionality in crypto for this very reason. I'm not sure how it works when there are errors made or a brokerage custody account gets hacked because of the very "it's gone and it's anonymous who has it now" nature of the assets.

As a non meme stonker, besides the suspicion that it is really for crime and gamblers, I'm still struggling to see the net human/societal benefit in transacting through crypto other than a "stick it to the man" type liberty where you hope your 1s and 0s are better looked after by opaque processes* on the interweb (and fly by night intermediaries) than regulated by central banks etc with certain rules.

*Yes I know that people might claim you can track everything through the distributed ledger but reality is for all but savants they at best will be doing it through 3rd party apps or trusting** whatever platform they are on.

**On the matter of trust, money is itself fairly mindblowing when you think about it and how most of our assets or liabilities is not actually represented by much physical at all anymore but that's a whole other wormhole to insanity.

 

[Wilhelmson]

Exactly! Google "Proof of Stake".......vs "Proof of Work". If more of us choose to go w/ the POS framework, the electrical concerns become more in line w/ traditional finance usage and you get to "have a say" in which system you support! Learning this stuff has been like learning to ski! FUN!

There will be carbon capture tokens, a global tax on energy consumption.

 

[Wilhelmson]

and it's anonymous who has it now" nature of the assets

As it is the assets are segregated from conventional custody, changing fast.

 

[raytseng]

The proof will be in the pudding.

Let's check back next year at this time at end of sesson, and perhaps cyrus will share with us how many transactions or percentage of sales were completed in crypto.

I will guess it is less than 5, with 50% of my bet that it will be 0 transactions*
(*with the extra requisite these has to be a new unknown customer; not friends/family that have a peior relationship).

 

[fatbob]

As it is the assets are segregated from conventional custody, changing fast.

Yeah I'm not sure even if one steers well clear of crypto, one is safe from the prospect of a great crypto heist damaging liquidity in all cash or investment accounts or triggering a mass run on banks etc... [/eeyore]

Which is why I'd kinda like it to be left in its own "For bros and crims and hedge fundies" space only. I highly recommend the BBC podcast The Missing Cryptoqueen for a true crime story of how ordinary unsophisticated people get hurt by stuff they don't really understand

BBC Radio 5 Live - The Missing Cryptoqueen

Dr Ruja persuaded millions to join her financial revolution - then she disappeared. Why?

www.bbc.co.uk

 

[Yo Momma]

C'mon @Cyrus Schenck let's go w/ some Renoun NFT skis! (kidding!) Please, no Madonna references guys!

 

[Tricia]

Just to keep up appearances here is my new Bogner jckt!!!!!!! ROFLMAO....... Okay...... I confess... It was a "hand me down" from an ex Bogner employee up here in VT!!! Rockn' w/ the PJ's!!

Goes well with the pajama pants...and the smile.

 

[Uncle-A]

Could this be the end of crypto when a few people on an obscure forum mock a company for accepting btc as payment?

disclaimer, I own a whopping $144 of crypto. Trade for some baby formula for my nephew?

Not mocking crypto, a company can accept payment anyway they want, it can open its product's to new customers or close it off to others. It is a business decision and they will succeed or fail based on it's decision.

BTW, I am also looking for baby formula for grand kids. NJ is sold out of the stuff that they need.

 

[Cyrus Schenck]

The proof will be in the pudding.

Let's check back next year at this time at end of sesson, and perhaps cyrus will share with us how many transactions or percentage of sales were completed in cryto.

I will guess it is less than 5, with 50% of my bet that it will be 0 transactions*
(*with the extra requisite these has to be a new unknown customer; not friends/family that have a peior relationship).

can confirm it is already above 0%

 

[ForeverSki]

I wonder how many people who use crypto to buy stuff understand it’s a taxable transaction.

 

[Uncle-A]

At minimum learn the ecosystems. Crypto and Blockchain based finance is coming ( Groups like FTX US are the latest incarnation of the paradigm and taking finance in new directions) and if you're not at least familiar w/ how it all works, you'll be behind the game as far as financial markets are concerned. Investment brokers have opened Crypto accounts in droves........ for THEIR OWN $$$$....

I consider my crypto "Tuition" for learning during this current phase as the SEC pushes it into it's regulatory infancy.

I will say that transactions are CRAZY EASY!... but caveat emptor!

Many of these investment brokers that have gotten into the game are using crypto like a growth stock rather than a payment vehicle. Purchase a crypto item and if it goes up you sell it just as you would do a growth stock. If it goes down you lost your capital investment, how long until some pump and dump scheme comes around using crypto?

The US Dollar has been the currency of choice throughout the world for years. I would bet that some countries would like to change that to their own currency. What better way to start that transition than to have Crypto Currency disrupt the financial system of the USA.

 

[Yo Momma]

BTW, I am also looking for baby formula for grand kids. NJ is sold out of the stuff that they need.

Up here I've heard parents are ordering it from Canada.

 

[Uncle-A]

Up here I've heard parents are ordering it from Canada.

My daughter was on the phone with the formula maker to see if the Canadian formula was the same as the specific one her preme twins need.

 

[Tony S]

....... maybe more like High Risk Tolerance = "Dumber"!?!? ... just like most that are recent to it, I've actually lost $$$ in crypto! but all good in the name of "Learning"
The key word to learn is "HODL" and don't play w/ more than you are willing to lose!

Just to keep up appearances here is my new Bogner jckt!!!!!!! ROFLMAO....... Okay...... I confess... It was a "hand me down" from an ex Bogner employee up here in VT!!! Rockn' w/ the PJ's!!

Always with the distracting pants.

 

[ilovepugs]

how long until some pump and dump scheme comes around using crypto?

There have been a number of crypto pump and dump schemes already.

crypto promoters are notorious for selling their currencies as “investments” yet attempting to evade all regulatory scrutiny. A close friend of mine is a financial regulator here in Vermont and regularly makes referrals to the SEC regarding crypto.

 

[Seldomski]

My friend in California bought some goods where crypto was the preferred payment (you can guess what the goods were). The change in his 'wallet' from the purchase ended up exceeding the initial purchase several times over as the crypto market has bounced all over the place. I am guessing there are some wallets like this out there where the owner has some balance that they can't really zero out effectively and looking to buy really anything they want with the remainder.

Personally I don't really see the benefit in owning crypto and see mostly negatives at enabling bad actors... but if its pushing innovation in the financial system, that could be a good thing overall. There are tax consequences for trading in crypto...

 

[Tony S]

I wonder how many people who use crypto to buy stuff understand it’s a taxable transaction.

There are tax consequences for trading in crypto

Reading this thread is like going to the dentist.

 

[scott43]

Reading this thread is like going to the dentist.

We're all getting little toothbrushes and bubblegum toothpaste??

 

[Powder High]

I prefer Monopoly money.

It's been around much longer and is more widely recognized worldwide than Bitcoin and other newcomers to alternative currencies -- and there are paper notes to back it up.