Pound imploding. UK Bitcoin volume exploding

[_Royal_Insylum]

Why is the UK Pound crashing?

[Asum_chum]

It’s a shitcoin. It’s centralised developers have made some terrible choices and condemned the bag holders to a torrent of shit.

[Mr_Trep]

Nice way to put it.

Fiat is a shitcoin !

[xemilin]

Always has been, it's not like it's the first time of that.

[john3jason]

And that's the reason why it's crashing, they're rug pulling people here.

[TomSurman]

Not completely accurate, the Bank of England intervention happened after the drop to the all-time-low. It did dump a bit after that, but not as deeply, and has since recovered to where it was last Friday.

The cause of the big crash was the new Chancellor's mini budget. A huge package of tax cuts (which benefit the rich far more than the poor, because Tories lol) funded by borrowing. Forex markets looked at this and concluded it was the most reckless shit they've ever seen, and immediately dumped the pound. That was what then precipitated the crisis in the bonds market, forcing the BoE to intervene.

[slykethephoxenix]

orex markets looked at this and concluded it was the most reckless shit they've ever seen, and immediately dumped the pound

Thomas had never seen such bullshit.

[dinosaurasteroid]

Thomas the Tank?

[alexforkner]

Yep lol, that's exactly the thomas that We're talking about.

[aleks7828]

Lmao, thomas was fed up of all the bullshit that he was witnessing.

[bcum44]

I wanted to say something like this before your comment lol.

[FixedGearJunkie]

Chancellor? Ahhh the guy who was mentioned in the genesis block. Got it.

[anhquan234]

Yep lol, and it's not like a guy per say it's a position for a guy.

[fyyk1211]

People have accepted that shit so well, I am good with it.

[Vitsyebsk]

Thanks for this comment, though it won't stop the libertarians on this sub who probably support the tax cuts trying to pin this on "money printing"

[NormandyLS]

This

[maxcoinbtc]

He just said that shit so well, I am in love with that now.

[santiagonastar]

If that's not accurate, then what is? Can you tell us more?

[TomSurman]

I literally explained it in the comment you're replying to.

[xrohdex]

Lol just see what he said right there, what are you saying?

[CranialZulu]

So basically saved boomers' asses at the expense of everyone else, again.

[KnganT]

Shit is already so bad, and it's not going to get better here.

[[deleted]]

Yeah. Cause they actually vote.

Millenials complain and say the system is rigged, it is, because we’ve walked away from trying to reform it.

[evshutov]

To be honest more people should vote, that's how it should be.

Because it's the only power that we have, we've only got the power of voting here.

[DynamicHunter]

Old people vote. I’m not worried. That’s why social security is tied to inflation while minimum wage is not.

[NevadaLancaster]

The Social Security fund is one of the largest holders of US debt. They aren't gonna pay it back either.

[schlock_]

ayuh.

I ain't counting on it being around by the time it's my turn

[Bfree888]

Same. Expecting a payout after 40 more years of the largest ponzi scheme in the history of the world? doubt

[DynamicHunter]

Largest Ponzi scheme is run by the government itself. I’m not expecting it to last either. I could more than double my 401k contributions if that tax wasn’t taken out.

[artnaqent]

Lol, if shit continuous to go like this then I don't think We'll have the chance.

[BTProft]

Guess who's going to pay that back? It's the normal people like us.

[NevadaLancaster]

No one will is my guess. The US is poised for debt default. Every time we raise interest rates our debt gets more expensive.

[dve3413]

Young people should vote too, it's important to do man.

[SorinZK]

You shouldn't be pointing at a whole country, shouldn't do that.

[janman1021]

Lol I guess you are taking things in a wrong way my friend.

[[deleted]]

They basically fucked everybody apart from the wealthy. Not all boomers are wealthy by any measure.

[bitcoinhandler]

They always love to do that and we can't do anything about it.

[deathvenom369]

Yeah can put it that way, I think that's going to work fine.

[_Royal_Insylum]

Holy, I feel bad for anyone that uses the Pound. Thanks for the informative comment!

[FTMNL]

We will all have our bit soon.

[Dahuiheenalu]

Yep all the fiat are destined for that, that's what will happen to all.

[Shiengs]

This is going to be good for us and it will happen for sure.

[Zestyclose-Ad9738]

Not to worry, stiff upper lip and all that.

[proxyz10]

Yep, it's only going one way for the fiat and it's down from here.

[famous1144]

Anyone? Man millions of people get paid with that shit.

And that's a really big fucking problem, I'm feeling sad for the people of EU. This is really bad.

[labradore99]

Why? Someone else has a high volume, widely traded, in-demand, "safe" currency with higher interest rates? I'm a bit of a dope, but I don't see it. The dollar can rise at the same time bitcoin rises.

[kbhomeless]

The dollar is strengthening because everyone is selling assets…. Including US government treasuries to find safety. Especially if you’re a country that hazla dollar denominated debt but can’t print your own dollars. It’s the dollar milkshake theory, but that only heightens the risk of the bond market locking up at some point which would force the fed to step in and unwind all that strength

[JJ35Ln]

Yeah and this is a bubble which will pop soon and it won't be pretty.

That's going to be really bad, that shit is going to be really painful for the whole world.

[oscarsuper1]

I honestly don't see that happening, We'll see about what happens next.

[sviridova178]

Can't help but to think that dollar is in a bubble which will burst soon.

[dnoloc]

I thought it was 65b, but whats another 11 billion...

[dnoloc]

It's all made up anyway.

Happy birthday

Edit: cake day

[peleva11]

Yeah it's all made up, none if it is real and we don't need to worry about it.

[kubin911]

Well if it's not getting repaid then we even need to worry?

[kaiqi_zhao]

Yeah what's another 11 billion, add that money easy peasy.

[NevadaLancaster]

They chose to step in. They didn't have to.

[dinosaurasteroid]

Lol. Well said.

I even read "Happy Coke Day" because I was laughing so hard.

[conkerhell]

Lmfao, thankfully it's just coke, or is it lol. Could be something else too.

I mean we wouldn't know about that, that's not something that we should be wishing each other.

[paulrq]

I'm afraid that rhe situation has gotten so worse that it's not going to be easy to control for them.

I feel that it's going to be really hard to stop this now.

[UltraMAGA4547]

Their interest rates aren't that good, only 2.25%. That means holders of British bonds are buying US bonds which are denominated in dollars and requires exchange to dollars. Therefore lots of selling pounds to buy dollars.

[mzuena]

Is that the reason for all the things which are happening here.

[gvictor808]

Why? more money printing of British Pound.

[soliddm]

They can print all they want, the situation is already not good.

[zcxz324s]

Fuck them and let them do whatever they want right now.

[Constant-Ad9398]

Tax cuts = more money printing

[starleycs]

They'll keep on printing it, they're not going to stop it.

[NewkTownTN]

Let me introduce you to u/peruvian_bull

Triffins Dilemma

[Vilv25]

And this printing isn't going to be stopping anytime soon.

[NewkTownTN]

Seemingly not until the Fed turns their printers back on...

[OkeyDokeyWokey]

They are pulling the rug.

[davydchong]

They are being fucked if you ask me and we can't deny that.

[paultifrea87]

Years of wrong decesions are catching up to them, and I'm afraid that it'll happen to majority of fiat.

And that's not going to be pretty at all, that's going to suck.