Apparently, creating fake money can have negative consequences. This is one of those less enduring UCB affiliations: SBF sentenced (FTX)

Our Admin and AD need to work harder to create partnerships with large, sound corporations. If Cal's Colleges of Chemistry, Engineering, Computing, and Business can do it, why can't Athletics?

He should start a crypto club in prison

BearoutEast67 said:

---

Apparently, creating fake money can have negative consequences. This is one of those less enduring UCB affiliations: SBF sentenced (FTX)

Our Admin and AD need to work harder to create partnerships with large, sound corporations. If Cal's Colleges of Chemistry, Engineering, Computing, and Business can do it, why can't Athletics?

---

I agree with your last statement, but to be fair to Cal Athletics on their partnership with FTX, other more sound and bigger sporting teams were also sponsored by FTX (like the Warriors).

ferCALgm2 said:

---

BearoutEast67 said:

---

Apparently, creating fake money can have negative consequences. This is one of those less enduring UCB affiliations: SBF sentenced (FTX)

Our Admin and AD need to work harder to create partnerships with large, sound corporations. If Cal's Colleges of Chemistry, Engineering, Computing, and Business can do it, why can't Athletics?

---

I agree with your last statement, but to be fair to Cal Athletics on their partnership with FTX, other more sound and bigger sporting teams were also sponsored by FTX (like the Warriors).

---

There was also Miami Heat FTX Arena? When it became sponsor and received Memorial field naming rights, FTX had billions in annual revenues, and its founders were multi-billionaires based on FTX's then perceived market value. Campus has its own problems with naming rights. The school is even named after someone with skeletons (Bishop Berkley (yes, he was clergy) was a slave owner, not to mention being fairly narrow minded about such things as Calculus). You run the risk that a naming right for a business or individuals that turn out bad. There will be always be that risk.

I'm long retired, but I was part of quite a few investigations that involved money laundering, wire fraud, commodities fraud, securities fraud and related conspiracy charges…. Just like SBF here. Shortly after Cal I worked in the FDIC's Legal Division, during a period some here might remember as the S&L debacle. These frauds span the industries, here crypto.

FTX is/was a centralized exchange, with that, one person, or a controlling group at the helm, without adequate controls in place, can and eventually would wreak havoc upon others. Bitcoin, and at least a few other cryptos are decentralized. FTX is not a Bitcoin or crypto failure. The likes of Gensler or the SEC should be focused on these exchanges. Through multiple accounts, Gensler met with SBF, seemingly twice, before the FTX collapse. Really unfortunate nothing came of those discussions to prevent the catastrophe...

As for "funny money," that's our fiat system, officially since 15 Aug 1971 (Nixon, off gold standard). The history of such "money" has never ended well. I keep enough of the stuff to pay the bills and secure "hard" assets, BTC being one. I think it was over 6 months back in an NIL thread here where I inquired about giving Bitcoin, instead of USD. Unless I'm mistaken, there was no response. The price has nearly tripled since...

Found that post, 01 Sep 2023:

https://bearinsider.com/forums/2/topics/116234/replies/2214428

SBF proved to be a bad apple, which caught many of us, me included, by surprise. I thankfully was not negatively impacted.

As an aside, I recently finished a great book called the "Lords of Finance." For those who love history, as well as finance, it's amazingly well done, and well-written. I mentioned it here before, but a good foundational read on the history of money: "Layered Money."

Apologies in advance if there any replies as I likely won't check back in until football season begins.

if a company wants to advertise, pretty hard to turn them down unless they are in an unsavory business

FTX appeared to most as legit and maybe could have been except for the Stanfraud parents LOL

wifeisafurd said:

---

ferCALgm2 said:

---

BearoutEast67 said:

---

Apparently, creating fake money can have negative consequences. This is one of those less enduring UCB affiliations: SBF sentenced (FTX)

Our Admin and AD need to work harder to create partnerships with large, sound corporations. If Cal's Colleges of Chemistry, Engineering, Computing, and Business can do it, why can't Athletics?

---

I agree with your last statement, but to be fair to Cal Athletics on their partnership with FTX, other more sound and bigger sporting teams were also sponsored by FTX (like the Warriors).

---

There was also Miami Heat FTX Arena? When it became sponsor and received Memorial field naming rights, FTX had billions in annual revenues, and its founders were multi-billionaires based on FTX's then perceived market value. Campus has its own problems with naming rights. The school is even named after someone with skeletons (Bishop Berkley (yes, he was clergy) was a slave owner, not to mention being fairly narrow minded about such things as Calculus). You run the risk that a naming right for a business or individuals that turn out bad. There will be always be that risk.

---

This is why we should brand ourselves as California, not Berkeley! There is not even a 100% consensus as to the exact origin of the name California, so we would always have some wiggle room.

Hey, that's a great idea for a dedicated thread: Should we call ourselves "California" or "Berkeley"?

Big C said:

---

wifeisafurd said:

---

ferCALgm2 said:

---

BearoutEast67 said:

---

Apparently, creating fake money can have negative consequences. This is one of those less enduring UCB affiliations: SBF sentenced (FTX)

Our Admin and AD need to work harder to create partnerships with large, sound corporations. If Cal's Colleges of Chemistry, Engineering, Computing, and Business can do it, why can't Athletics?

---

I agree with your last statement, but to be fair to Cal Athletics on their partnership with FTX, other more sound and bigger sporting teams were also sponsored by FTX (like the Warriors).

---

There was also Miami Heat FTX Arena? When it became sponsor and received Memorial field naming rights, FTX had billions in annual revenues, and its founders were multi-billionaires based on FTX's then perceived market value. Campus has its own problems with naming rights. The school is even named after someone with skeletons (Bishop Berkley (yes, he was clergy) was a slave owner, not to mention being fairly narrow minded about such things as Calculus). You run the risk that a naming right for a business or individuals that turn out bad. There will be always be that risk.

---

There is not even a 100% consensus as to the exact origin of the name California, so we would always have some wiggle room.

---

Boy, that is slippery slope. Do you start looking at states that have done bad things? Does every Civil War Rebel state have to change the name of their college to something other than the State? Do we have The Football is a Religion Crimson Tide?

BearoutEast67 said:

---

Apparently, creating fake money can have negative consequences. This is one of those less enduring UCB affiliations: SBF sentenced (FTX)

Our Admin and AD need to work harder to create partnerships with large, sound corporations. If Cal's Colleges of Chemistry, Engineering, Computing, and Business can do it, why can't Athletics?

---

Cal should allocate a small percentage to bitcoin. It's still only $0.07 million per coin now but it may not last long at this price.

Cal89 said:

---

As an aside, I recently finished a great book called the "Lords of Finance." For those who love history, as well as finance, it's amazingly well done, and well-written. I mentioned it here before, but a good foundational read on the history of money: "Layered Money."

---

Bitcoin is the:

Math class you never had.
History class you never had.
Finance class you never had.
Physics class you never had.
Economics class you never had.

— The ₿itcoin Therapist (@TheBTCTherapist) March 30, 2024

Thanks for the recommendation. I'll have to check it out after finishing the Bitcoin Standard and Broken Money.

Cal89 said:

---

I'm long retired, but I was part of quite a few investigations that involved money laundering, wire fraud, commodities fraud, securities fraud and related conspiracy charges…. Just like SBF here. Shortly after Cal I worked in the FDIC's Legal Division, during a period some here might remember as the S&L debacle. These frauds span the industries, here crypto.

FTX is/was a centralized exchange, with that, one person, or a controlling group at the helm, without adequate controls in place, can and eventually would wreak havoc upon others. Bitcoin, and at least a few other cryptos are decentralized. FTX is not a Bitcoin or crypto failure. The likes of Gensler or the SEC should be focused on these exchanges. Through multiple accounts, Gensler met with SBF, seemingly twice, before the FTX collapse. Really unfortunate nothing came of those discussions to prevent the catastrophe...

As for "funny money," that's our fiat system, officially since 15 Aug 1971 (Nixon, off gold standard). The history of such "money" has never ended well. I keep enough of the stuff to pay the bills and secure "hard" assets, BTC being one. I think it was over 6 months back in an NIL thread here where I inquired about giving Bitcoin, instead of USD. Unless I'm mistaken, there was no response. The price has nearly tripled since...

Found that post, 01 Sep 2023:

https://bearinsider.com/forums/2/topics/116234/replies/2214428

SBF proved to be a bad apple, which caught many of us, me included, by surprise. I thankfully was not negatively impacted.

As an aside, I recently finished a great book called the "Lords of Finance." For those who love history, as well as finance, it's amazingly well done, and well-written. I mentioned it here before, but a good foundational read on the history of money: "Layered Money."

Apologies in advance if there any replies as I likely won't check back in until football season begins.

---

“Why #Bitcoin is Pumping?” pic.twitter.com/JuCxLdS7p2

— Vivek⚡️ (@Vivek4real_) March 25, 2024

See you in the fall. Hopefully, things will look pleasantly different by then.

Cal89 said:

---

I'm long retired, but I was part of quite a few investigations that involved money laundering, wire fraud, commodities fraud, securities fraud and related conspiracy charges…. Just like SBF here. Shortly after Cal I worked in the FDIC's Legal Division, during a period some here might remember as the S&L debacle. These frauds span the industries, here crypto.

FTX is/was a centralized exchange, with that, one person, or a controlling group at the helm, without adequate controls in place, can and eventually would wreak havoc upon others. Bitcoin, and at least a few other cryptos are decentralized. FTX is not a Bitcoin or crypto failure. The likes of Gensler or the SEC should be focused on these exchanges. Through multiple accounts, Gensler met with SBF, seemingly twice, before the FTX collapse. Really unfortunate nothing came of those discussions to prevent the catastrophe...

As for "funny money," that's our fiat system, officially since 15 Aug 1971 (Nixon, off gold standard). The history of such "money" has never ended well. I keep enough of the stuff to pay the bills and secure "hard" assets, BTC being one. I think it was over 6 months back in an NIL thread here where I inquired about giving Bitcoin, instead of USD. Unless I'm mistaken, there was no response. The price has nearly tripled since...

Found that post, 01 Sep 2023:

https://bearinsider.com/forums/2/topics/116234/replies/2214428

SBF proved to be a bad apple, which caught many of us, me included, by surprise. I thankfully was not negatively impacted.

As an aside, I recently finished a great book called the "Lords of Finance." For those who love history, as well as finance, it's amazingly well done, and well-written. I mentioned it here before, but a good foundational read on the history of money: "Layered Money."

Apologies in advance if there any replies as I likely won't check back in until football season begins.

---

Choosing an elemental metal with fixed supply as the medium of exchange made some sense for static agrarian, medieval economies. However, when European economies started to grow and deversify under the Renaissance, the supply of money needed to grow to avoid deflation and economic collapse. So Europeans set out to explore the world, conquering and killing indigenous peoples, destroying nature, to obtain more the the shiny metal that economic growth under the arbitrary gold standard required. Absolutely nuts.

The economic growth the United States and the world has experienced since the abandonment of the finite supply of AU has been unprecedented in world history and would not have been possible under a gold standard.

It is mostly banks that create money, based on reserve requirements.

The governance of our "fiat" currency by the Fed has actually been extremely successful.

Cripto currencies offer little benefit as a medium of exchange (too volatile) and are poor vehicles (and too risky) for storing value. Like other essentially worthless things like tulip bulbs or beanie babies, they can be the object of speculative bubbles. Like beanie babies and tulip bulbs some people make a lot of money if they sell out before the collapse.

calumnus said:

---

Cal89 said:

---

I'm long retired, but I was part of quite a few investigations that involved money laundering, wire fraud, commodities fraud, securities fraud and related conspiracy charges…. Just like SBF here. Shortly after Cal I worked in the FDIC's Legal Division, during a period some here might remember as the S&L debacle. These frauds span the industries, here crypto.

FTX is/was a centralized exchange, with that, one person, or a controlling group at the helm, without adequate controls in place, can and eventually would wreak havoc upon others. Bitcoin, and at least a few other cryptos are decentralized. FTX is not a Bitcoin or crypto failure. The likes of Gensler or the SEC should be focused on these exchanges. Through multiple accounts, Gensler met with SBF, seemingly twice, before the FTX collapse. Really unfortunate nothing came of those discussions to prevent the catastrophe...

As for "funny money," that's our fiat system, officially since 15 Aug 1971 (Nixon, off gold standard). The history of such "money" has never ended well. I keep enough of the stuff to pay the bills and secure "hard" assets, BTC being one. I think it was over 6 months back in an NIL thread here where I inquired about giving Bitcoin, instead of USD. Unless I'm mistaken, there was no response. The price has nearly tripled since...

Found that post, 01 Sep 2023:

https://bearinsider.com/forums/2/topics/116234/replies/2214428

SBF proved to be a bad apple, which caught many of us, me included, by surprise. I thankfully was not negatively impacted.

As an aside, I recently finished a great book called the "Lords of Finance." For those who love history, as well as finance, it's amazingly well done, and well-written. I mentioned it here before, but a good foundational read on the history of money: "Layered Money."

Apologies in advance if there any replies as I likely won't check back in until football season begins.

---

Choosing an elemental metal with fixed supply as the medium of exchange made some sense for static agrarian, medieval economies. However, when European economies started to grow and deversify under the Renaissance, the supply of money needed to grow to avoid deflation and economic collapse. So Europeans set out to explore the world, conquering and killing indigenous peoples, destroying nature, to obtain more the the shiny metal that economic growth under the arbitrary gold standard required. Absolutely nuts.

The economic growth the United States and the world has experienced since the abandonment of the finite supply of AU has been unprecedented in world history and would not have been possible under a gold standard.

It is mostly banks that create money, based on reserve requirements.

The governance of our "fiat" currency by the Fed has actually been extremely successful.

Cripto currencies offer little benefit as a medium of exchange (too volatile) and are poor vehicles (and too risky) for storing value. Like other essentially worthless things like tulip bulbs or beanie babies, they can be the object of speculative bubbles. Like beanie babies and tulip bulbs some people make a lot of money if they sell out before the collapse.

---

Well said. There always is some guy that stayed awake in the econ classes.

calumnus said:

---

Cal89 said:

---

I'm long retired, but I was part of quite a few investigations that involved money laundering, wire fraud, commodities fraud, securities fraud and related conspiracy charges…. Just like SBF here. Shortly after Cal I worked in the FDIC's Legal Division, during a period some here might remember as the S&L debacle. These frauds span the industries, here crypto.

FTX is/was a centralized exchange, with that, one person, or a controlling group at the helm, without adequate controls in place, can and eventually would wreak havoc upon others. Bitcoin, and at least a few other cryptos are decentralized. FTX is not a Bitcoin or crypto failure. The likes of Gensler or the SEC should be focused on these exchanges. Through multiple accounts, Gensler met with SBF, seemingly twice, before the FTX collapse. Really unfortunate nothing came of those discussions to prevent the catastrophe...

As for "funny money," that's our fiat system, officially since 15 Aug 1971 (Nixon, off gold standard). The history of such "money" has never ended well. I keep enough of the stuff to pay the bills and secure "hard" assets, BTC being one. I think it was over 6 months back in an NIL thread here where I inquired about giving Bitcoin, instead of USD. Unless I'm mistaken, there was no response. The price has nearly tripled since...

Found that post, 01 Sep 2023:

https://bearinsider.com/forums/2/topics/116234/replies/2214428

SBF proved to be a bad apple, which caught many of us, me included, by surprise. I thankfully was not negatively impacted.

As an aside, I recently finished a great book called the "Lords of Finance." For those who love history, as well as finance, it's amazingly well done, and well-written. I mentioned it here before, but a good foundational read on the history of money: "Layered Money."

Apologies in advance if there any replies as I likely won't check back in until football season begins.

---

Choosing an elemental metal with fixed supply as the medium of exchange made some sense for static agrarian, medieval economies. However, when European economies started to grow and deversify under the Renaissance, the supply of money needed to grow to avoid deflation and economic collapse. So Europeans set out to explore the world, conquering and killing indigenous peoples, destroying nature, to obtain more the the shiny metal that economic growth under the arbitrary gold standard required. Absolutely nuts.

The economic growth the United States and the world has experienced since the abandonment of the finite supply of AU has been unprecedented in world history and would not have been possible under a gold standard.

It is mostly banks that create money, based on reserve requirements.

The governance of our "fiat" currency by the Fed has actually been extremely successful.

Cripto currencies offer little benefit as a medium of exchange (too volatile) and are poor vehicles (and too risky) for storing value. Like other essentially worthless things like tulip bulbs or beanie babies, they can be the object of speculative bubbles. Like beanie babies and tulip bulbs some people make a lot of money if they sell out before the collapse.

---

The result of the shift in 1971 have been mitigated, see the link below.

The dollar monetary system did away with the gold standard and moved on to another commodity, oil, as the US$ has been buttressed by the Petrodollar. The currencies of Saudi Arabia and every other GCC country (Koweit, UAE, Bahrein have been subsidiaries of the US monetary system, with the rate fixed at 3.75 Riyals/Dirhams per US$ since the 1970s.

https://w tfhappenedin1971.com/

(edit: you must remove the space between the w and tf in the URL above, as the BI software automatically censors all swear words including w t f)

And the USD still reigns supreme.

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

DiabloWags said:

---

And the USD still reigns supreme.

---

People who believed $USD was real money suffered a 99.7% loss in the past decade. Their loss is still ongoing. pic.twitter.com/68ZIe9vYAY

— Ki Young Ju (@ki_young_ju) April 1, 2024

There's an endless supply of it out there.

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

Too bad Bitcoin isnt immune to "crashes".

A lot of young, naive, "investors" will be learning a very tough lesson at some point. Lack of supply is not an immunization of risk. Many here seem to ignore that salient principle.

DiabloWags said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

Too bad Bitcoin isnt immune to "crashes".

A lot of young, naive, "investors" will be learning a very tough lesson at some point. Lack of supply is not an immunization of risk. Many here seem to ignore that salient principle.

---

These kids have the time to hold for the long term to weather the crashes.

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

You know that the Fed doesn't print money, right?

bear2034 said:

---

DiabloWags said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

Too bad Bitcoin isnt immune to "crashes".

A lot of young, naive, "investors" will be learning a very tough lesson at some point. Lack of supply is not an immunization of risk. Many here seem to ignore that salient principle.

---

These kids have the time to hold for the long term to weather the crashes.

---

At least all the people that sunk their hard earned dollars into beanie babies have had something cute to look at while they wait for the market to recover.

https://ourworldindata.org/grapher/global-gdp-over-the-long-run?time=1..latest

calumnus said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

You know that the Fed doesn't print money, right?

---

And government doesn't have our best interests in mind.

bear2034 said:

---

calumnus said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

You know that the Fed doesn't print money, right?

---

And government doesn't have our best interests in mind.

---

Wanna buy a bible?

Bobodeluxe said:

---

bear2034 said:

---

calumnus said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

You know that the Fed doesn't print money, right?

---

And government doesn't have our best interests in mind.

---

Wanna buy a bible?

---

I already have one, are you thinking about the same one I'm thinking about?

Anarchistbear said:

---

He should start a crypto club in prison

---

Price of #bitcoin when SBF gets out?

— HODL (@americanhodl8) March 28, 2024

bear2034 said:

---

calumnus said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

You know that the Fed doesn't print money, right?

---

And government doesn't have our best interests in mind.

---

The good thing about crypto compared to the other internet cons(piracies) that you apparently believe is you will only hurt yourself. So, yes go sink your life savings in Bitcoin and report back to us in 10 years.

calumnus said:

---

bear2034 said:

---

calumnus said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

You know that the Fed doesn't print money, right?

---

And government doesn't have our best interests in mind.

---

The good thing about crypto compared to the other internet cons(piracies) that you apparently believe is you will only hurt yourself. So, yes go sink your life savings in Bitcoin and report back to us in 10 years.

---

If you own a 401k, ETF's, mutual or index funds, there's a good chance you will own bitcoin in the near future and not even know it.

calumnus said:

---

bear2034 said:

---

calumnus said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

You know that the Fed doesn't print money, right?

---

And government doesn't have our best interests in mind.

---

So, yes go sink your life savings in Bitcoin and report back to us in 10 years.

---

Did this back in 2021 (went 100% BTC), doing well so far.

bear2034 said:

---

calumnus said:

---

bear2034 said:

---

calumnus said:

---

bear2034 said:

---

wifeisafurd said:

---

Well said. There always is some guy that stayed awake in the econ classes.

---

The guys who are taking econ classes now are buying bitcoin during lectures because they know they can never purchase a home as long as the Fed keeps printing and Congress keeps spending.

---

You know that the Fed doesn't print money, right?

---

And government doesn't have our best interests in mind.

---

The good thing about crypto compared to the other internet cons(piracies) that you apparently believe is you will only hurt yourself. So, yes go sink your life savings in Bitcoin and report back to us in 10 years.

---

If you own a 401k, ETF's, mutual or index funds, there's a good chance you will own bitcoin in the near future and not even know it.

---

I dont. Tempted to look into buying put options on it though.

The long term power of crytpo/bitcoin has always been low friction transactions (at the satoshi level) that can be "programmed" to happen with automaticity given the criteria for the transaction have been met. It has never been as a store of value. The only problem continues to be the energy requirements of the block chain maintenance.

Yes, speculation may be able to create gains, but that never was part of the value proposition.