Kashkari Says Bitcoin is Still Useless \ stacker news ~bitcoin

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Kashkari Says Bitcoin is Still Useless www.zerohedge.com/crypto/feds-kashkari-says-13-trillion-market-cap-bitcoin-remains-useless-blackrocks-fink-strongly

815 sats \ 36 comments \ @siggy47 15 Oct bitcoin

Of course, the Fed does not want anyone seeing this 'alternative' currency taking off since it exposes the potemkin reality that they spend every day defending.

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272 sats \ 0 replies \ @StillStackinAfterAllTheseYears 15 Oct

I mean, the guy's name is a homophone for "Cash Carry," so of course he's all-in on fiat.

219 sats \ 0 replies \ @0xbitcoiner 15 Oct

The old nursery rhyme!

79 sats \ 1 reply \ @grayruby 15 Oct

No Neil, bitcoin makes central bankers useless.

50 sats \ 0 replies \ @ogi099 15 Oct

And actually saves people lifes in countries, where it's easier to have Internet than clear water

74 sats \ 0 replies \ @TheMorningStar 15 Oct

Kash Kari will regret if he lives another 5 years.

48 sats \ 0 replies \ @kepford 15 Oct

He went on to compare Bitcoin’s growth to much larger markets like mortgages, noting liquidity and transparency drives adoption more than rules.

When I really finally got bitcoin. What it was. The only thing that compares to it for me is the Internet. It will be even more of an impact IMO. Though, the two are linked. The Internet is still growing and evolving and will likely do so for until long after I'm no longer living.

We are so early and I really don't think any of us know where it will end up. I wasn't early to the Internet. At least I didn't feel like I was at the time. But now, looking back I was pretty early. Making sites, learning how it all works, and using it to build a career.

People that mock bitcoin will be mocked. These stances will not age well.

54 sats \ 0 replies \ @TomK 15 Oct

And I say: Trashkari is useless. Like all these parasitic rent-seekers

44 sats \ 0 replies \ @BitByBit21 15 Oct

Bitcoin says Kashkari is useless

44 sats \ 1 reply \ @kepford 15 Oct

Horse and buggy whip consultant says, "Automobiles are useless".

44 sats \ 0 replies \ @siggy47 OP 15 Oct

Good comparison.

44 sats \ 0 replies \ @zapsammy 15 Oct

the fud intensifies

44 sats \ 1 reply \ @kepford 15 Oct

Who? Tick tock, next block

1 sat \ 0 replies \ @siggy47 OP 15 Oct

Exactly

43 sats \ 0 replies \ @handtomouth 16 Oct

Look who’s talking. They are the useless ones.

43 sats \ 8 replies \ @Solomonsatoshi 15 Oct

Kashkari ignores why bitcoin is not often used as a MoE- because in nearly all 'advanced democracies' btc has been classified as a speculative commodity so anyone using it as a MoE faces a huge regulatory compliance cost! And in many jurisdictions any business accepting Bitcoin is risks losing its access to fiat banking- understandably few business owners want to take that risk...on top of the CGT calculation accounting nightmare. While Blackrock appear to be on a different page to Kashkari they are not- they are simply reinforcing the perception and reality of Bitcoin as a speculative commodity by seizing evermore btc into their institutional custody thus reducing further btcs liquidity potential and increasing the effectiveness of any eventual ban on private custody. The banksters are working together slyly and determinedly to nip this challenge to their MoE hegemony in the bud. Why did Tesla reverse acceptance of Bitcoin for sales of Tesla- pressure from their bankers and government. Kashkari is the head of a state backed monopoly over MoE- the USDs global hegemony is the USAs biggest strategic asset- bitcoin if used as a MoE threatens that (it could be used to completely bypass SWIFT) so Bitcoin has been restricted via regulation to use as a speculative commodity- thats why few of us use it as a MoE. Kashkari knows all this so his disingenuous FUD is simply him defending his fiat debt slavery bankers cartel monopoly.

20 sats \ 7 replies \ @028559d218 16 Oct

How do you/how does one calculate the CGT on zaps? Hundreds if not thousands of microtransactions for pennies?

That regulatory barrier has got to go imo.

0 sats \ 6 replies \ @Solomonsatoshi 16 Oct

Yes but they do not want to surrender their state sponsored MoE monopoly.

As long as Kashkari and the private banks who own the Federal Reserve own the government via patronage then they will not allow Bitcoin to be used in a way that ordinary citizens could adopt on a mass scale.

If they did Kashkaris FUD would be exposed for the shape shifting regulatory capture BS it is and rendered redundant.

The duplicity of Kashkaris FUD is proof of that- he knows why businesses and consumers cannot use Bitcoin in a convenient and legal way as a MoE because his cartel have ensured that is the case. Regulatory capture and control by private bankers who have enslaved the nation and its citizens to their fiat debt slavery.

0 sats \ 5 replies \ @028559d218 16 Oct

Well... it's outrageous. I don't know how this changes - maybe someone like Donald Trump wittingly or unwittingly decides to remove the cap gains taxes on Bitcoin... or hopefully once Bitcoin gets big enough people will simply want to spend it and transact in it.

I can understand not removing all capital gains taxes immediately, it would be a big shock to the system. But certainly on small purchases, for example under 50$ or maybe 200$. It would do so much for businesses, innovation, and adoption in this space. Imagine going to fill up your car with gas and paying in Bitcoin Lightning. It would be possible to go 90% off fiat for real.

My hope, and still belief, is that long term Bitcoin will become big enough and popular enough and normal enough that the voters will literally want Bitcoin as a MoE. Once everybody 'gets it' it just makes so much sense to have that as an option. Voters will literally vote for it, the same way that voters wanted an end to slavery (19th century) or women voting (in the 20th century). One day it just 'clicks'.

0 sats \ 4 replies \ @Solomonsatoshi 16 Oct

'Imagine going to fill up your car with gas and paying in Bitcoin Lightning. It would be possible to go 90% off fiat for real.'

Exactly but the bankers who own our governments do not want this!

Maybe Trump might inadvertently allow removal of CGT on Bitcoin but I doubt it- he got rich using banks fiat finance and he owes them a lot still. IMO it is only possible if we fight for it- demand it- ignore the stupid laws and just use Bitcoin for what it was expressly created for - P2P cash payments. Fuck the government that is owned by parasitic rentseeking fiat bankers who just want to keep us slaves- we will not be free of them until we fight and free ourselves from them.

It can be done- El Salvador has done it, Argentina appears to have, other pockets of true democracy and freedom of markets have done it ~ eg Lugano. We can do it too I hope...because until then we do not have a free market in money and we do not have free market capitalism - we have crony capitalism controlled by un-elected private bankers.

0 sats \ 3 replies \ @028559d218 16 Oct

I believe that in the long term, the market will have no choice but to shift to a 'bitcoin standard'.

Bitcoin is not perfect, but it is the biggest, most liquid, most available, most secure, most decentralized, PoW asset. As governments go further into debt and take on debt obligations they cannot possibly repay... the gradual shift to Bitcoin just seems so obvious.

To quote MS, we need that 'killer app' than can onboard and educate the next generation of Bitcoiners. I am hopeful that Proton Wallet will do this... the company has a great 10-year track record and they wouldn't be incorporating it (Proton Wallet) unless they really felt that it would be successful and have organic demand.

I have like 8 (?) Proton Wallet invites left and I still don't have any takers. I guess it's possible that they've invited enough people that there are plenty of invites. However I'm still looking for people interested I haven't found any other stackers lol

I think they need to integrate coin control... then we'll really be off to the races.

0 sats \ 2 replies \ @Solomonsatoshi 16 Oct

I hope you are right. And yes the Swiss are long experienced in the protection of private wealth being the last(?) nation to drop gold backing currency and obviously having been a safe haven for wealth SoV throughout European history and Protonmail and some Swiss jurisdictions are on the right track...of freedom of choice and markets. The Swiss also have a very localised and direct form of democracy which enables common sense to prevail where in most democracies corporate capture controls governments.

But Bitcoin might not replace fiat as the dominant currency- Bitcoin is better for individuals but not so convenient for the nation state and the private bankers who have attached themselves to our democracies.

Bitcoin might be relegated to a subservient position, being very hard to use for MoE ie never widely adopted as money and a niche SoV.

There has been a succession of reserve currencies and the USD era looks like it may be closing but whether Bitcoin or The Chinese CBDC Yuan (DCEP) succeeds remains for us to see.

USD vs DCEP vs BTC

0 sats \ 0 replies \ @028559d218 16 Oct

In my opinion we are around 1995/1996 in terms of Bitcoin adoption relative to the Internet.

The Etfs (yes I know they are not self-custody but they are for institutions) are the equivalent to Windows 1995. And lightning is the rough... equivalent to the transition between Dial-Up modems and Cable Modems and Fiber of the late 1990s.

In the mid 1990s the internet was just starting to become for the public... and most people rarely if ever used it. I am optimistic and hopeful that Bitcoin follows a similar trajectory over the next 10-15 years.

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0 sats \ 0 replies \ @028559d218 16 Oct

Government money, generally speaking, especially the Chinese kind can never compete with Bitcoin. Full stop. That's like saying the public sector (that has had a 50+ year monopoly) can compete with the private sector that is just now finding its footing. No way.

Bitcoin is already on its way to becoming a very serious store of value. Yes it's volatile or seen as 'speculative' (which is BS) but I'm not sure I would call it a 'niche' SoV?

MSTR (for all the haters out there HA) is the best performing Sap500 stock of the last 4 years and there are some serious institutions talking about Bitcoin custody and long-term value appreciation.

Now that does not mean MoE yet... but it would make sense that large institutions and ultimately banks would 'want it' before more businesses would accept it.

Personally I believe we'll see Btc as a widespread or semi-widespread MoE in my lifetime and it will probably use Lightning.

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43 sats \ 7 replies \ @Rothbardian_fanatic 15 Oct

Where is @DarthCoin when you need him?

130 sats \ 5 replies \ @siggy47 OP 15 Oct

I'll be Darth in his absence. Fuck the guvs! Why you waste time on this bullshit?

43 sats \ 4 replies \ @Rothbardian_fanatic 15 Oct

Hahahaha, you channel @DarthCoin very well, however, he has a lot of great memes to lay out there.

0 sats \ 3 replies \ @siggy47 OP 15 Oct

I have been on the receiving end enough!

86 sats \ 2 replies \ @nym 15 Oct

He always has a lesson in there somewhere though!

24 sats \ 1 reply \ @siggy47 OP 15 Oct

Yes he does.

43 sats \ 0 replies \ @Rothbardian_fanatic 16 Oct

Often very acerbic.

1 sat \ 0 replies \ @jgbtc 16 Oct

Here's my best Darth impression. I think he'll approve.

43 sats \ 0 replies \ @Rothbardian_fanatic 15 Oct

Isn’t Kashkari that idiot that is the head of the Minneapolis Fed? He has some fairly left-field ideas on how to “run the economy”. Can he even imagine that the BLS figures that he predicates his decisions on are totally bogus politically motivated numbers pulled out to the air? Is he one of the masterclass, superior, credentialed experts? Are we up a creek without a paddle?

43 sats \ 0 replies \ @OriginalSize 15 Oct

The hubris of this guy pisses me off so much. A sandwich, a cellphone, a book. Buy these things and voila the Fed will take Bitcoin seriously. Can't wait!

43 sats \ 0 replies \ @lrm_btc 15 Oct

One man's trash

43 sats \ 0 replies \ @kepford 15 Oct

I mean, useless is a pretty strong word. Long way from bitcoin fixes everything. Between those two there is a lot of room.

43 sats \ 0 replies \ @Satosora 15 Oct

Its so useless, but they will be selling the rest of theirs to get "useless" fiat back. Sounds like hypocrisy.