Offshore Crisis, the 2020.... version

The idea behind bitcoin, blockchain, is good and blockchain has many uses. But a currency has to have something backing it up. The USD has the backing of the US government just as the pound sterling has the backing of the UK, the Yen Japan etc. If the currency becomes worthless those holding it could take over the dead beat country I suppose. But there is no intrinsic value to bitcoin that I can determine. A LOT of money was made by those who bought into bitcoin before the pyramid got so steep. Like Amway, DotCom bubble, LTCM failure and others before Bitcoin has produced some really good BS artists that can move on to investment bank positions or politics once the shine comes off.

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What country does actually back bitcoin and with what assets?

That’s the one trillion dollar question. Actually the bitcoin uses as a selling point that no country backs it.

All the more reason to stay away. I have seen some offshore purchases made in partial with Bitcoin, they are shady purchases on their own. Just sticking with the people/stocks that have to pay their bills monthly. Although it hasn’t affected me, this not paying the landlords and electric bills giveaway is appalling. Although sympathetic this virus shit is out of control, We have bills to pay as well. Contrary to popular belief/or disbelief, oil is not going away. It is neccessary in every facet of the economy. Price sucks right now, as it has in the past in cycles we are all aware of. But it isn’t on the death bed. The drillers are still drilling, the frackers are fracking. The overextended players are getting their due. No sympathy here.

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There’s no country backing it up. There are no assets.

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China has just introduced it’s Digital Yuan:


Cash is almost obsolete in China, with payments largely being made electronically, using Alipay, We Chat Pay and others.

yes
once cash is removed the voter loses a very important lever that had over the gov.
My prediction is China will create an internal currency and just swap over to it with a few lines of code in the banking system.

At the rate the social and political GM is decreasing, that may not be much longer.

Scandinavia is just about cashless already, but I have never heard of any worries about voting rights, or problems. (??)

OK we don’t have any private or corporate contribution to candidates or parties, so no need for hidden payment in brown paper bags.

it doesnt create a problem it just allows a potential outcome to become possible

How so???

the gov can turn your international asset, convertible cash, into local widgets at the flick of a switch.
A very tasty snack for indebted countries or ones with massive cash drains.

Bitcoin can be declared illegal at any time by any country making it worthless. Since it is purported to be used for illegal activities ranging from drug dealing to tax avoidance I’d say bitcoin is not a good long term investment.

I say it’s a great investment due to the amount of tax dodging that goes on.

Easier/safer for me to pay taxes than invest in something as shady as Bitcoin.

Lots of floaters need to be scrapped to create equilibrium in the market:

There are currently 25 newbuild floaters planned for delivery towards 2023

:exploding_head: :exploding_head:

3 posts were split to a new topic: Pacific Drilling Chapter 11

Pacific Drilling filing for chapter 11 seems like a big deal, why bury it at the end of a 300+ post thread.