Sen. Roger Marshall, R-Kan., who sits on the Agriculture Committee, was the lone GOP naysayer. He assailed crypto as “a national security threat” in a brief interview. He went as far to suggest the Securities and Exchange Commission or the CFTC should be allowed to step in and shut down all crypto use.
“Right now, we’re not even close to having our arms around it,” he told Semafor. “We should be considering a pause using this as a currency.”
You, a politician, do not get to decide what is used as a currency. You do get to decide what is legal tender, but currency is just whatever folk use to keep tabs of debts and liabilities.
For example, you are a US Senator. You do not get to decide who uses Canadian dollars…..
There is no limit to what politicians believe they can control.
Since the people who lose their money on this sort of rubbish will be the first to scream that the government should compensate them since it didn’t stop the nonsense in the first place, I have a certain sympathy for the pollie.
I would not use crypto currency for long term investments. If it has no legal protection, it is incredibly risky.
Would you invest in a company that had no legal protection?
When it comes to Kansas, we smile and nod, and kinda let them run off and do whatever. Whatever keeps them occupied.
@Joey the Poet
You’re not really getting the point of this blog are you? It’s a place for some good ole boys and gals to let off some steam. In real life we’re all like you church of england vicars.
O/T
I note that Ngozi Fulani, the lady so insulted by Lady Hussey, appears to come from a tribe traditionally the middle man in the intra-African slave trade south of the Sahara. The victim of a sexual assault by the chief of the IMF was also, I understand, from the Fulani tribe.
There is no suggestion that any of these worthy ladies have ever been associated with slave trading.
“Would you invest in a company that had no legal protection?”
You do it all the time if you buy stocks. The price you will get for the stock of a company that has gone bankrupt is usually zero. Oh you might get something back eventually, depending on the results of liquidation, but you’re usually last in line.
Now investing in something illegal? That’s a different story. But crypto isn’t actually illegal to have.
“I would not use crypto currency for long term investments. If it has no legal protection, it is incredibly risky.
Would you invest in a company that had no legal protection?”
And there you see the problem.
Would you use the dollar, pound or euro as a long term investment? And legal protection from what?
I’d say all these fools losing their money is the best thing that’s happened to crypto. Get rid of the idiots & we might be able to use crypto for the reason it was created. As a token of value in commerce. Where its value will be decided by how much goods or services its exchangeable for. Not by the gambling desires of cretins.
Let’s explain something. You can speculate in the ForX market. I do very nicely from it, thankyou. But you’re speculating on the relative purchasing power of currencies. Because 99.9_% of currencies are used to buy & sell tangible stuff. Goods, services, assets. Speculating on crypto currencies where 99.9_% of the currency is being for “investment” is just plain loco. You might as well play roulette.
Speculating on crypto currencies where 99.9_% of the currency is being for “investment” is just plain loco.
And the other .1% is for laundering drug money.
What’s not to love as an investment?
@philip:
Seeing the name I looked up the Fulani. Seems the Fulani upper classes were slavers but the Fulani lowest class were slaves, so calling yourself Fulani (it seems it’s not her original name) seems like major cakeism.
Seems to me, then, that the question said to have been put to the Fulani woman was reasonable and to the point.
Since the people who lose their money on this sort of rubbish will be the first to scream that the government should compensate them since it didn’t stop the nonsense in the first place, I have a certain sympathy for the pollie.
Its about time the moral hazard of politicians bailing people and companies out of their stupid decisions was ended, put politicians like the control it gives them.
The victim of a sexual assault by the chief of the IMF was also, I understand, from the Fulani tribe.
Are they related to the Fukawi? (War cry: “We’re the Fukawi! We’re the Fukawi!”; totem: the oomagoolie bird.)
@BiT and @philip I found this on facebook – perhaps some background on the woman pretending to be african (heads up to Karl ballantine) -Morning peoples – hope you are all well – now after yesterdays outrageous episode of race baiting which destroyed the life of an 84 year old woman who has loyally served our late queen for 70 years as close companion and lady in waiting – I thought I would have a look at the so called Charity known as “Sistah Space” and registered by the U.K. Charity Commission in 2018 under the registration number 1179934 –
Now there is very little to see as far as finances are concerned and the income went from virtually nothing to 350k in four years – the sole paid employee of that Charity is one Ngozi Fulani (our race baiter) who receives 65k per annum tax free and there was a further 180k paid out in “expenses” which are not accounted for – and there are no records of where the rest of the money went to and the accounts for three years have always been filed late and the Charity subsequently fined – – now that’s not her real name of course – it’s a West African name and yet the lady was born in the U.K. to Gladstone and Mildred Headley who were both Barbadian by birth – her real name is Mary Headley – apart from that little subterfuge – the Charity wasn’t formed in 2015 it was formed in 2018 and commenced fund raising in 2019 – I can also find no details of a change of name for the lady either so one can assume that she has either previously married a West African or adopted a West African name for effect and dresses as a West African for some reason whilst being Caribbean by nature of her parents and indeed British by birth – all very odd and also suspicious and perhaps the reason why she was so evasive when Lady Hussey attempted to engage with her –
Ngozi Fulani is also on record previously for accusing the Royal Family of being guilty of Domestic Violence against Meghan Markel and for also accusing the Royal Family of being “institutionally racist” her charity had received payments from the Guardian and the Independent for those interviews as it did for the Daily Mail story – now I must make it clear that all charities registered with the commission are bona fida – but that doesn’t mean that they are run properly and it doesn’t mean that someone inside those organisations isn’t helping themselves to a very comfortable lifestyle – people in glass houses comes to mind but either way the woman is a fraud and we should not donate a single penny to her ”charity” – xx
Sounds like our racebaiter is involved in “cultural appropriation”at the very least
I suspect it is quite a lot more than that, just that it’s been done by professionals, so the source of funds appears legitimate, which is why I am surprised that Sam Bankster-Fraud’s main worry is being deported from the Bahamas back to the USA.
His main worry should be various gang of swarthy types turning up at his apartment and politely explaining the consequences of not returning their money.
Compared to that, being deported back to the USA and put in some Club Fed type institution would be a cake walk.
Chris Miller – the joke was an explorer arriving at a native village, lost and seeking directions. The locals announced, “We’re the Fukawi”, to which the intrepid explorer replied, “I don’t know either”.
But it’s not funny on paper, it has to be heard.
Yeah Dennis. It’s what these clowns don’t get because they don’t understand what money is. Unless you’re talking gold coins or something, money has no value in itself. It’s part of a process & doesn’t exist outside of that process. I suppose Confederate dollar bills have independent value because one can buy & sell the piece of paper. But current bills don’t other than what goods & services they can be confidently exchanged for. There aren’t many people confidentially exchanging Bitcoin for kilos of coca & none of these clowns want to buy coca anyway. Hence the only value Bitcoin has is it’s exchange rate with fiat. It’s an abstraction from an abstraction. So you’re valuing on the exchange rate which is equivalent to it holding itself up by its own bootlaces.
I thought I would have a look at the so called Charity known as “Sistah Space” and registered by the U.K. Charity Commission in 2018 under the registration number 1179934
LOL
To be fair, I’ve seen a lot worse – but it’s still surprising what you can get away with.
“money has no value in itself”
An IOU has value, in itself? (which is what one’s peso account is)
“I suppose Confederate dollar bills have independent value because one can buy & sell the piece of paper.”
One can sell an amount in a bank peso current account for a gold coin?
It all has value unless the system is destroyed and all debt is forgiven, at which point, yes of course, the contra balance (the peso current account) also collapses. So, essentially, “we” don’t want the legal systems backing it all up to collapse? Because, if they do, the rest of the legal infrastructure probably also collapses too and any other assets owned (gold coins, property?) may also be at risk (physical risk)?
Apols, I know we all know that, I was just confused by the terminology of “no value”.
Navigators in the US Air Force are considered members of the Fukawi Tribe. Their battle cry is “We’re the Fukawi.”
I had an argument with a navigator about what direction was North one night at a military camp in the mountains. Being a local boy I knew the area well. I also pointed out the Big Dipper and Pole Star to him.
He continued to insist that West was North. I know somewhere in his curriculum, he had celestial navigation. Perhaps this is why the Air Force developed the GPS constellation. I certainly wouldn’t have trusted him to get me home without it.
Thanks moqifen. Must confess I really don’t like the bitch treating the old lady like that. Maybe I’m thinking of my parents as I last remember them. Or perhaps what my appearance is when I look in the mirror!!
Anyway, she can fuck off back to Fulani-land.
An IOU has value, in itself?
No. An IOU has no value in itself. What has the value is the confidence it can be exchanged. o it has no value independent of the commerce it is used for.
Thought experiment:
Somebody wants something from you but wants to give you an IOU for it. Do you accept?
From a stranger?
From someone you know well & trust?
So with all currency, where the token of value itself has no intrinsic value, the value is in the confidence, not the token itself. If it’s not a part of commerce, it’s valueless.
Another example:
I have about a million in Colombian pesos in the house. Sounds a lot, but that’s around £170
Will you accept a few thousand of them for anything? This is genuine government money. Buy you anything in Colombia (& likely Venezuela, these days)
You probably won’t, if you’ve any sense. There no one going to accept them from you for anything. Most bureaus de change won’t look at them.
They’re not usable for commerce in the UK. So they have zero value in the UK. No confidence. They’re just pieces of paper. Totally legitimate currency backed by the legal system of the country that issued them. But of no value
Chris Miller – the joke was an explorer arriving at a native village, lost and seeking directions. The locals announced, “We’re the Fukawi”, to which the intrepid explorer replied, “I don’t know either”.
The Fukawi are a tribe of four foot tall pigmies who live in the midst of six foot tall savannah grassland, hence their battle cry. I first heard about them (and the oomagoolie bird) in a rugby song called the “Wild West Show” over 50 years ago.
Thought experiment:
OK, I understand, interesting.
Of course, using that basis, pretty much everything can fall into the “depends” category as to whether or not it might have any value. Ie, context. Even the gold coins – depending on the particular context and circumstances.
For example, I’m entirely confident that my £ notes (bank IOUs) will get me a pint later down the pub. Dumped on a small remote island, what would I be prepared to offer (say) my labour in exchange for – some confederate bills or a fishing rod? The latter obviously.
Even the gold coins –
Do you know enough to assay one?
Even those depend on confidence. All money is confidence.
@moqifen
Did you check any of that before passing it on? It does not match the data freely available at https://register-of-charities.charitycommission.gov.uk/charity-search/-/charity-details/5120148/
Specifically, I can see no way Ngozi Fulani was paid 65k since the accounts show nobody was paid a salary. And the total expenditure was £163,298 which makes it impossible that anyone could have been paid expenses of 180k. Her real name is not Mary Headley according to wikipedia which says she was originally Marlene Headley – and you do know that in England your real name is whatever you want it to be, don’t you? The accounts have been filed for three years, but have not always been late – two were late and one on time.
I would conclude that the thing which is really odd and suspicious is that rant.