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1. Embed this notice
   BrianKrebs (briankrebs@infosec.exchange)'s status on Wednesday, 05-Feb-2025 04:10:31 JST BrianKrebs

   Another ringing endorsement of cryptocurrency:

   El Salvador Abandons Bitcoin as Legal Tender After Failed Experiment

   https://ticotimes.net/2025/02/02/el-salvador-abandons-bitcoin-as-legal-tender-after-failed-experiment

   • Kevin Beaumont repeated this.
   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 04:10:30 JST feld

     in reply to
     @briankrebs extremely slanted article.
     
     It's still a valid currency but it's not legal tender so you can't force people to accept BTC payments and the gov won't take it for taxes etc to appease the IMF. It was part of their negotiations for a loan.
     Another Linux Walt Alt likes this.
   • Embed this notice
     Scott Frazer (sfrazer434@mastodon.social)'s status on Wednesday, 05-Feb-2025 06:28:53 JST Scott Frazer

     in reply to

     • feld

     @feld @briankrebs I mean, the idea of trying to buy something with a “currency” thats value can swing up to 15% in a day is hilarious. And that’s only looking at the swings over the last two months.

     The idea of _requiring_ people to accept that “currency” is beyond folly.

   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 06:28:53 JST feld

     in reply to

     • Scott Frazer
     @sfrazer434 @briankrebs I know, right? Pretty risky.
     
     I prefer being forced by threat of violence to use currencies that lose ~300% of their purchasing power before I've even turned 40. Like the US dollar.
   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 06:39:37 JST feld

     in reply to

     • Scott Frazer
     @sfrazer434 @briankrebs are you telling me the CPI calculator at bls.gov or the FRED charts are lies?
   • Embed this notice
     Scott Frazer (sfrazer434@mastodon.social)'s status on Wednesday, 05-Feb-2025 06:39:38 JST Scott Frazer

     in reply to

     • feld

     @feld @briankrebs you might want to actually spend some of that money on an economics class. Also some new material. Cryptobros are really boring with their misunderstanding of fiat/limited money supply. Keep looking for that greater fool, tho. Given the current environment you’re sure to find some

   • Embed this notice
     ClassWario (classwario@mastodon.social)'s status on Wednesday, 05-Feb-2025 06:43:04 JST ClassWario

     in reply to

     • feld

     @feld @briankrebs El Salvador also left in the “legal tender” designation; though it is not now (means you can refuse it as payment, when you couldn’t before this).

     Two days after this, Rubio announces El Salvador is going to take US deported immigrants (to jail). Bukele announced they are still buying Bitcoin, adding to the 650 million usd reserve. Says Trump will bolster btc.

     USAID refitted. Will it pay btc to El Sal? Would pit Trump against IMF, and usd

     feld likes this.
   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 06:49:41 JST feld

     in reply to

     • Scott Frazer
     @sfrazer434 @briankrebs but you haven't actually explained anything. If you would like to share some unique insights or data that supports your unwavering faith in the Chicago School of Economics I'd love to hear it. Maybe I'll learn something new.
   • Embed this notice
     Scott Frazer (sfrazer434@mastodon.social)'s status on Wednesday, 05-Feb-2025 06:49:42 JST Scott Frazer

     in reply to

     • feld

     @feld @briankrebs I wouldn’t try to tell someone of your immense cranial capacity anything, my dude. I’m just here explaining to the others why you’re wrong

   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 07:14:34 JST feld

     in reply to

     • Scott Frazer
     • I am Water
     @SlicerDicer @sfrazer434 if he's as old as I think he is, the dollar was backed by gold when he was born. He's already lived through several massive economic changes. Entire classes of financial instruments were created out of thin air since his first breath.
   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 07:14:35 JST I am Water

     in reply to

     • Scott Frazer
     • feld
     • I am Water
     @sfrazer434 @feld @briankrebs I should ask too, do you disagree with diversification and risk. How are BTC any different than high yield bond risk that comes with enormous risk.
     
     Incidentally I can get coupon rate of 6% tax free. What’s the rates on that for sewage bonds in the municipal market. Those rates are not close to being touched by many. Makes you think doesn’t it?
     
     6% tax free is pretty good mind you. End of day all you gotta do is beat inflation. Staying ahead of the peers is irrelevant long term. Only beating inflation and growing.
   • Embed this notice
     Scott Frazer (sfrazer434@mastodon.social)'s status on Wednesday, 05-Feb-2025 07:14:36 JST Scott Frazer

     in reply to

     • feld
     • I am Water

     @SlicerDicer @SlicerDicer @feld @briankrebs cool. I’ve put you on the list of enormous cranial capacity havers along with the other guy.

     I’m still not buying your digital beanie babies.

   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 07:14:36 JST I am Water

     in reply to

     • Scott Frazer
     • feld
     @sfrazer434 @feld @briankrebs Never said you had to, I’m just asking what’s ok about today’s rates not being at rational levels? The long term average is 7% for fed. We are at 4 and change.
     
     So what is ok about this? How is this assessing risk? Interest rates are a reflection of risk. Risk is always there regardless of market conditions. See the mortgage that went bad. From a fire, that was liquidated at about 30% of the appraised value. The unknowns and the risk is there. This is not a perfect world.
     
     You see it printed in the news now, people on verge of default from storms or fires of randomness. What happens to the lender who had the low rate.
     
     How many loans can you have go bad before payback at each percentage of rate. What is the rate loans go bad at nominal level. What is the rate they go insolvent at extreme events. How often do extreme events happen for the life of the loan 30 years just say.
     
     These are hard questions I know but what is rational about today.
   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 07:14:37 JST I am Water

     in reply to

     • Scott Frazer
     • feld
     • I am Water
     @sfrazer434 @feld @briankrebs I am being serious here too, I’ve done 19 million is my largest first mortgage. Do you understand what LTV is then the risk involved in appraisal? What that means to the asset? When you sell at auction and how that becomes profitable at what rates to guarantee you make money?
     
     Just asking as I made 9% through 2008. So like what about this market has any sanity since 2013 when it went off the rails. Risk has not been assessed appropriately. It’s only material to the party investing to diversify with unknowns and irrational rates.
     
     That all said, 15% in a day is minor for the asset valuation of total BTC when you see swings far harder in the overall market. Just the market cap is bigger. Moving money from place to place.
   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 07:14:38 JST I am Water

     in reply to

     • Scott Frazer
     • feld
     @sfrazer434 @feld @briankrebs What qualifications do you have? I’ve done first mortgages on the scale of millions and bonds.
     
     What about the current market assessment shows risk is being taken seriously based on the premium of interest rates?
   • Embed this notice
     BrianKrebs (briankrebs@infosec.exchange)'s status on Wednesday, 05-Feb-2025 09:09:00 JST BrianKrebs

     in reply to

     It's probably worth noting that the NYT and other publications say the Securities and Exchange Commission is now moving to scale back a special unit of more than 50 lawyers and staff members that had been dedicated to bringing crypto enforcement actions.

     Meanwhile, the Trump family is deeply and personally invested in a number of recent memecoin ventures that have attracted billions from investors. President Trump and First Lady Melania Trump each launched their own vanity memecoins last month, dubbed $TRUMP and $MELANIA.

     The Wall Street Journal reported recently that the market capitalization of $TRUMP stood at about $7 billion, down from a peak of near $15 billion, while $MELANIA is hovering somewhere in the $460 million mark. Just two months before the 2024 election, Trump’s three sons debuted a cryptocurrency token called World Liberty Financial.

     Bloomberg writes that ten days after the Trump/Melania memecoins were launched, an application was filed with the SEC to issue leveraged exchange-traded funds on the coins. "This is precisely what sensible regulation should prevent, letting insubstantial projects into the regulated financial system to extract money from bubble-chasing speculators. People who want to gamble should do it without the false flag of SEC protection; people with real economic projects should raise capital from informed investors with full disclosure."

     https://www.nytimes.com/2025/02/04/business/sec-crypto-task-force.html

     https://www.bloomberg.com/opinion/articles/2025-02-04/trump-coin-etfs-are-the-crypto-products-the-sec-should-prevent

   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 11:55:02 JST feld

     in reply to

     • Felichs
     • I am Water
     @SlicerDicer @felichsdakatze My favorite Mastodon Moment^TM was when Slicer schooled a guy on mortgages who has a PHD in economics and currently works doing research for the Treasury
   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 11:55:03 JST I am Water

     in reply to

     • Scott Frazer
     • Felichs
     • feld
     @felichsdakatze @feld @briankrebs @sfrazer434 Never said the fed and mortgage are the same you implied that. I only said what historical norms of fed are. You can infer the rest by determination of what 60 percent of the loans are at way lower than the current fed rate. What the actual inflation rate is to those mortgages and more.
     
     Maybe you need to stop implying things. I’m well aware what the fed rate is to current mortgage rates, high yield bond rates, treasury rates and even coupon rates for specific things like septic systems.
     
     Fed sets rates and others follow in kind. It’s not exact science of course as you can see since fed started cutting rates the bonds and mortgages went up. Agreeing with my assessment that the economy is too overheated for cuts. But then again none of that matters I suppose.
   • Embed this notice
     Felichs (felichsdakatze@mastodon.social)'s status on Wednesday, 05-Feb-2025 11:55:04 JST Felichs

     in reply to

     • Scott Frazer
     • feld
     • I am Water

     @SlicerDicer @feld @briankrebs @sfrazer434

     What exactly are your qualifications? Where from?

     If you are comparing mortgage rates to fed rates then there is a massive hole in your financial education.

     So I'll just cut it down:. Cryptos are speculative vehicles, and nothing more. If you don't understand why, there are plenty of accredited courses you can do, worldwide, that will fill you in on the details.

   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 11:59:57 JST feld

     in reply to

     • Felichs
     • feld
     • I am Water
     @SlicerDicer @felichsdakatze This is the second time today I've seen people wade into threads like "whoa guys, economics is hard and you talked about bitcoin you better go take some economics courses"
     
     Shit, did you know SEC chair Gary Gensler taught a course on Bitcoin at MIT? Did you even know they teach economics courses on Bitcoin anywhere?
     
     And qualifications? Determination and willingness to read thousands of pages of economic books and papers and laws > PHDs apparently. It's why he was in charge of assessing risk of multi million dollar loans for a private organization.
     
     You can learn things and be highly successful without needing to pay an Ivy League university a small fortune. The information is there for everyone to access.
   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 12:36:46 JST I am Water

     in reply to

     • Felichs
     • feld
     • I am Water
     @feld @felichsdakatze Was cool when I chartered the plane from Oahu to Maui for your dogs as there was so much money @feld lol
     feld likes this.
   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 12:36:47 JST I am Water

     in reply to

     • Felichs
     • feld
     @feld @felichsdakatze My qualifications is I managed and executed the investments for a very large trust for quite a long time. I never lost money being weird.
   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 12:37:24 JST feld

     in reply to

     • Felichs
     • I am Water
     @SlicerDicer @felichsdakatze you know what's a speculative asset that people are in deep denial about?
     
     Houses.
   • Embed this notice
     feld (feld@friedcheese.us)'s status on Wednesday, 05-Feb-2025 12:43:15 JST feld

     in reply to

     • Felichs
     • I am Water
     @SlicerDicer @felichsdakatze So if we're gonna fix this economy without resetting the housing market everyone better be happy with being locked in at current value for another 14 years
     
     And local governments better be ok with not having property tax increases from assessments either. So that will put pressure on the economy from a different angle.
   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 12:43:16 JST I am Water

     in reply to

     • Felichs
     • feld
     @feld @felichsdakatze To reach the same purchasing power at current wage growth levels to hit pre Covid levels? 14 years roughly.
     
     That’s assuming zero appreciation of houses.
   • Embed this notice
     I am Water (slicerdicer@friedcheese.us)'s status on Wednesday, 05-Feb-2025 12:47:56 JST I am Water

     in reply to

     • Felichs
     • feld
     @feld @felichsdakatze You can see this happening in some counties already.
     
     15% increase followed by 33% increase in tax. To meet bills they generally won’t go insolvent. That’s not how it works they just raise taxes. If the assessment doesn’t meet the budget they must.
     
     If the value goes down as they have in Austin to the tune of 20% how do you make up the difference for the current wage increases? The insurance doesn’t go down either as the cost to rebuild is the insurance cost. Not what the cost it’s appraised at. The cost of the house I use to own was 400k to buy, the rebuild cost was 500k as I bought it at a low market. Guess what the insurance was based on? The rebuild cost.
     feld likes this.