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(Forbes)   Internet fake money decides to start off the week by setting 5-10% of your portfolio on fire. Which of course means you should just buy more Beanie Babies and Franklin Mint Collectible Plates   (forbes.com) divider line
    More: Fail, Federal government of the United States, World, Sveriges Riksbank, last week, bitcoin price, billionaire investor Leon Cooperman, cryptocurrency prices, matter of weeks  
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795 clicks; posted to Business » on 13 Sep 2021 at 3:05 PM (11 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-09-13 2:36:02 PM  
Crypto investing is for fun money only.  I don't classify any of my money as "fun money" personally.  Other than the time I won $500 on a $2 minimum craps table, which was stupid good and stupid all the same.
 
2021-09-13 2:43:38 PM  
Lets see, even with today's drop (cryptos from the article):
Bitcoin up 10% since Aug 1.
Ethereum: up 25% since Aug 1.
Solana up 532% since Aug 1.
XRP up 41% since Aug 1.
BNB up 27% since Aug 1.

In the long term major cryptos have always gone up.  There are short term corrections.  But the trajectory is pretty clear.

It's about time Fark quit greenlighting 'beanie baby' headlines.  Beanie babies were a bubble for 2 years or so.  The Tulip craze for around 2 as well.  Crypto has been around 11 years.  It's price action has been a series of ups and downs, but its overall trajectory has been nothing but up.  Calling it beanie babies at this point is sticking your head in the sand./ remember when Fark called bitcoin beanie babies when it was worth $300?// remember when Fark called bitcoin beanie babies when it was worth $3000?/// remember when Fark called bitcoin beanie babies when it was worth $30000?//// Pepperidge farms remembers...
 
2021-09-13 2:48:02 PM  
Hmm, fark mangled my slashie formatting.  Not sure why.
 
2021-09-13 2:48:42 PM  
Not my portfolio, subby...
 
2021-09-13 3:22:35 PM  
Crypto only goes up.
 
2021-09-13 3:29:17 PM  

Lord Bear: It's about time Fark quit greenlighting 'beanie baby' headlines.  Beanie babies were a bubble for 2 years or so.  The Tulip craze for around 2 as well.  Crypto has been around 11 years.  It's price action has been a series of ups and downs, but its overall trajectory has been nothing but up.  Calling it beanie babies at this point is sticking your head in the sand./ remember when Fark called bitcoin beanie babies when it was worth $300?// remember when Fark called bitcoin beanie babies when it was worth $3000?/// remember when Fark called bitcoin beanie babies when it was worth $30000?//// Pepperidge farms remembers...



Crypto has as much utility as tulips.  Very little is actually used in transactions.  Instead the price action is being solely driven on speculation and demand.  It's an escalating cycle of the greater fool theory.  The beanie baby comparison is entirely warranted.
 
2021-09-13 3:35:52 PM  
I don't care if it blows up 500%..

I'll never involve myself in something so petty. Too much collateral damage.
 
2021-09-13 3:37:59 PM  
Just another example of the cool, technical, "liberal" young and what they really believe in. They would trade whatever is required for riches, they're farking republicans.
 
2021-09-13 3:46:13 PM  
JK47:
Crypto has as much utility as tulips.  Very little is actually used in transactions.  Instead the price action is being solely driven on speculation and demand.  It's an escalating cycle of the greater fool theory.  The beanie baby comparison is entirely warranted.

Sigh, this is where I should probably rebut with a load of actual utility that cryptos have.  But that is exhausting, so I'll go with one:

Bitcoin has a lower inflation rate than any other currency on the planet.  And yes, it is a currency, and an official one in El Salvador, with Paraguay and Ukranine with proposed legislation on the books.  You can buy a coffee in Starbucks, or a hamburger in McDs  in El Salvador with bitcoin.

Not to mention cryptos with smart contract functionality which do a lot more.  Saying crypto has no utility is straight up ignorant and has no basis in fact.
 
2021-09-13 3:51:12 PM  

Drearyx: Just another example of the cool, technical, "liberal" young and what they really believe in. They would trade whatever is required for riches, they're farking republicans.


Regardless of my politics, I trade to make money.

What do you trade for?  For life experiences?
 
2021-09-13 3:59:08 PM  

JK47: Crypto has as much utility as tulips.  Very little is actually used in transactions.  Instead the price action is being solely driven on speculation and demand.  It's an escalating cycle of the greater fool theory.  The beanie baby comparison is entirely warranted.


But you need it to pay off ransomware when your network gets hacked.
 
2021-09-13 4:00:34 PM  
Here is some good examples of bitcoin in the real world in El Salvador.

Note that they are using Strike/Lightning network transactions.  They are as quick as Visa, and transaction costs are less than a penny.  Visa costs around 1.5% to the retailer, which gets passed on to the customer.

No utility my ass.

Paying with Bitcoin at Starbucks and Pizza Hut in El Salvador
Youtube R0uSx3mmE5c
 
2021-09-13 4:16:45 PM  

Lord Bear: Note that they are using Strike/Lightning network transactions. They are as quick as Visa, and transaction costs are less than a penny. Visa costs around 1.5% to the retailer, which gets passed on to the customer.


What are the fees in comparison to Interac? You know, the thing that bitcoin should actually be compared to?
 
2021-09-13 4:17:59 PM  

Lord Bear: Lets see, even with today's drop (cryptos from the article):
Bitcoin up 10% since Aug 1.
Ethereum: up 25% since Aug 1.
Solana up 532% since Aug 1.
XRP up 41% since Aug 1.
BNB up 27% since Aug 1.

In the long term major cryptos have always gone up.  There are short term corrections.  But the trajectory is pretty clear.

It's about time Fark quit greenlighting 'beanie baby' headlines.  Beanie babies were a bubble for 2 years or so.  The Tulip craze for around 2 as well.  Crypto has been around 11 years.  It's price action has been a series of ups and downs, but its overall trajectory has been nothing but up.  Calling it beanie babies at this point is sticking your head in the sand./ remember when Fark called bitcoin beanie babies when it was worth $300?// remember when Fark called bitcoin beanie babies when it was worth $3000?/// remember when Fark called bitcoin beanie babies when it was worth $30000?//// Pepperidge farms remembers...


Fark user imageView Full Size
 
2021-09-13 4:27:09 PM  

trialpha: Lord Bear: Note that they are using Strike/Lightning network transactions. They are as quick as Visa, and transaction costs are less than a penny. Visa costs around 1.5% to the retailer, which gets passed on to the customer.

What are the fees in comparison to Interac? You know, the thing that bitcoin should actually be compared to?


In that video it was 18 cents to pull from bitcoin to USD at an Atm.  And practically noting for either side to use in a store.
 
2021-09-13 4:38:58 PM  

trialpha: Lord Bear: Note that they are using Strike/Lightning network transactions. They are as quick as Visa, and transaction costs are less than a penny. Visa costs around 1.5% to the retailer, which gets passed on to the customer.

What are the fees in comparison to Interac? You know, the thing that bitcoin should actually be compared to?


Looking further the 18 cent fee was a bank fee.

Interac fees vary depending on type.
A stripe payment is 0.75 cents (similar to lightning).
a contactless chip/pin is 3 cents
ATM fees are a flat 75 cents
Apple/google pay are....
60 basis points capped at a transaction value of $300
Above transaction value of $300 there is a flat fee of $1.80

So, more.  Maybe not a lot more, but more.

I pay with a credit card for nearly  everything, and pay it off every month, just for the rewards points.  So while comparing to interac is valid, comparing to credit card is also valid.
 
2021-09-13 4:39:18 PM  

Lord Bear: Bitcoin has a lower inflation rate than any other currency on the planet.


*sigh*

Comments like this are why people can't take you all seriously.
 
2021-09-13 4:39:33 PM  

Lord Bear: trialpha: Lord Bear: Note that they are using Strike/Lightning network transactions. They are as quick as Visa, and transaction costs are less than a penny. Visa costs around 1.5% to the retailer, which gets passed on to the customer.

What are the fees in comparison to Interac? You know, the thing that bitcoin should actually be compared to?

In that video it was 18 cents to pull from bitcoin to USD at an Atm.  And practically noting for either side to use in a store.


Here's Interac: https://www.interac.ca/en/bu​siness/sup​port/understanding-fees/
 
2021-09-13 4:47:56 PM  
Oh boy another thread with the Bitcoin Brigade spamming posts about how Bitcoin isn't a scam.

It's getting ridiculous.  You people are worse than vegans.
 
2021-09-13 4:58:22 PM  

Lord Bear: I pay with a credit card for nearly everything, and pay it off every month, just for the rewards points. So while comparing to interac is valid, comparing to credit card is also valid.


It's actually not. Interac and Bitcoin are the same; paying with money you already have. Paying by Visa is paying with Visa's money, which you then pay off later.

Interac - with it's insignificant 3 cent charge - exists, and yet Visa still charges 1.5%. Bitcoin would similarly do nothing regarding Visa's fees.
 
2021-09-13 5:02:37 PM  

Lord Bear: Lets see, even with today's drop (cryptos from the article):
Bitcoin up 10% since Aug 1.
Ethereum: up 25% since Aug 1.
Solana up 532% since Aug 1.
XRP up 41% since Aug 1.
BNB up 27% since Aug 1.


WTF is BNB?  Does AirBNB have their own internet money token thing too?
 
2021-09-13 5:16:44 PM  

Lord Bear: JK47:
Crypto has as much utility as tulips.  Very little is actually used in transactions.  Instead the price action is being solely driven on speculation and demand.  It's an escalating cycle of the greater fool theory.  The beanie baby comparison is entirely warranted.

Sigh, this is where I should probably rebut with a load of actual utility that cryptos have.  But that is exhausting, so I'll go with one:

Bitcoin has a lower inflation rate than any other currency on the planet.  And yes, it is a currency, and an official one in El Salvador, with Paraguay and Ukranine with proposed legislation on the books.  You can buy a coffee in Starbucks, or a hamburger in McDs  in El Salvador with bitcoin.

Not to mention cryptos with smart contract functionality which do a lot more.  Saying crypto has no utility is straight up ignorant and has no basis in fact.


The idea of having a currency for trade and services as volatile as that will never take off.

Either you play the tulip game and gamble.

Or you have a stable crypto currency that may give you returns comparable to any other traditional investment vehicle.

But you can't have both.

Side note: The only way crypto is still sustainable is people like you encouraging new people to put new money into the system. It's an integrated MLM-Ponzy scam.
 
2021-09-13 5:24:44 PM  
Have Biden order the military to eliminate crypto farms and have the FBI hunt down and eliminate crypto holders.  Then mandate a federal US Dollar debit card so that every transaction is tracked.

Problem solved.
 
2021-09-13 5:26:30 PM  

Lord Bear: Here is some good examples of bitcoin in the real world in El Salvador.


El Salvador's Bitcoin Rollout Marred by Technical Glitches in Digital Wallets
 
2021-09-13 5:26:51 PM  

the_rhino: WTF is BNB? Does AirBNB have their own internet money token thing too?


Private coin of Binance, one of the larger exchange services.
 
2021-09-13 5:27:41 PM  
I went to an estate sale in North Dallas, upper scale area, relatively recent house. In the home office there's a plaque congratulating the guy as marketing director of the Franklin Mint in the heyday. Not a single Franklin Mint collectible in the building.
 
2021-09-13 6:03:53 PM  

hi13760: Lord Bear: JK47:
Crypto has as much utility as tulips.  Very little is actually used in transactions.  Instead the price action is being solely driven on speculation and demand.  It's an escalating cycle of the greater fool theory.  The beanie baby comparison is entirely warranted.

Sigh, this is where I should probably rebut with a load of actual utility that cryptos have.  But that is exhausting, so I'll go with one:

Bitcoin has a lower inflation rate than any other currency on the planet.  And yes, it is a currency, and an official one in El Salvador, with Paraguay and Ukranine with proposed legislation on the books.  You can buy a coffee in Starbucks, or a hamburger in McDs  in El Salvador with bitcoin.

Not to mention cryptos with smart contract functionality which do a lot more.  Saying crypto has no utility is straight up ignorant and has no basis in fact.

The idea of having a currency for trade and services as volatile as that will never take off.

Either you play the tulip game and gamble.

Or you have a stable crypto currency that may give you returns comparable to any other traditional investment vehicle.

But you can't have both.

Side note: The only way crypto is still sustainable is people like you encouraging new people to put new money into the system. It's an integrated MLM-Ponzy scam.


I don't think it's a Ponzi scheme or mlm. It's more of a greater fool theory.

If anyone buys into Bitcoin at this point they are probably a pretty big fool.  It's why the bit-bots post here.
 
2021-09-13 6:07:06 PM  

AmbassadorBooze: Have Biden order the military to eliminate crypto farms and have the FBI hunt down and eliminate crypto holders.  Then mandate a federal US Dollar debit card so that every transaction is tracked.

Problem solved.


What problem?
 
2021-09-13 6:21:58 PM  
the_rhino:

WTF is BNB?  Does AirBNB have their own internet money token thing too?

It's a coin created by Binance.  It is a centralized competitor to Ethereum.  It can also be used to pay exchange fees and is deflationary.
 
2021-09-13 6:24:48 PM  

Sliding Carp: Lord Bear: Here is some good examples of bitcoin in the real world in El Salvador.

El Salvador's Bitcoin Rollout Marred by Technical Glitches in Digital Wallets


This isn't really surprising.  Most tech rollouts are pretty bumpy the first few days. In any event things were smoothed out in a couple days and ES added more bitcoin to their accounts in the process.
 
2021-09-13 6:35:57 PM  

Meat's dream: AmbassadorBooze: Have Biden order the military to eliminate crypto farms and have the FBI hunt down and eliminate crypto holders.  Then mandate a federal US Dollar debit card so that every transaction is tracked.

Problem solved.

What problem?


The problem.
 
2021-09-13 6:38:41 PM  
hi13760:
Side note: The only way crypto is still sustainable is people like you encouraging new people to put new money into the system. It's an integrated MLM-Ponzy scam.

Bitcoin is too big for individuals to move the price much.  Governments and big business are the ones that move the price nowadays.

I've been laughed at in Fark threads for 5 or 6 years now.  However, the price is 100 times higher from where I started posting about it.  Objectively I'm right and you and the other haters are wrong.
 
2021-09-13 7:11:23 PM  

Lord Bear: In the long term major cryptos have always gone up.



that is the funniest thing I have ever read.
 
2021-09-13 7:14:59 PM  

SoundOfOneHandWanking: Lord Bear: In the long term major cryptos have always gone up.


that is the funniest thing I have ever read.



I mean today.
 
2021-09-13 8:05:45 PM  
I'm still struck by the fact that we managed to find a way to convert energy directly into money without that whole inconvenient production, distribution, and consumption part in the middle.  We managed to cut any actual productive use out of the loop.  It's actually quite impressive... it's as if economic bragging evolved to literally burning large bank notes for show rather than buying luxury goods or subtly demonstrating inconspicuous displays of affluence.
 
2021-09-13 8:31:40 PM  

zeroman987: Oh boy another thread with the Bitcoin Brigade spamming posts about how Bitcoin isn't a scam.

It's getting ridiculous.  You people are worse than vegans.


https://archive.is/THwOF?fbclid=IwAR2N​i9l4AIPYveyFnYg_VIntNli1TBupxBsb5nG3sf​gVM8GpfEEteyNYk00
 
2021-09-13 8:48:21 PM  

dmike: https://archive.is/THwOF?fbclid=IwAR2​N​i9l4AIPYveyFnYg_VIntNli1TBupxBsb5nG3sf​gVM8GpfEEteyNYk00


Everything said in that article pretty much applies to the other side too.  Anti-crypto people are just as closed minded and insular.

I generally don't insult people when they criticize crypto, I mostly just try to correct misconceptions and misinformation. But I've taken ton of personal attacks and abuse in these threads.  To me, the Anti-crypto guys seem more cult-like than the crypto guys.

This is even more evident when anti-crypo guys spout the same disproven garbage over and over.  'Only used for crime!', 'no value!', 'money laundering!', 'price went down today, haha!', 'beanie coins!', 'no use case' etc.

They rarely seem to have any real understanding of what crypto is about, what it's use cases and potential is, and little understanding about general finance.  And zero intention to learn more either.
 
2021-09-13 9:03:25 PM  

Lord Bear: Bitcoin has a lower inflation rate than any other currency on the planet.


It's not inflationary at all, it is -- by design -- deflationary.

And that is even worse.
 
2021-09-13 9:07:45 PM  

Lord Bear: It's a coin created by Binance. It is a centralized competitor to Ethereum. It can also be used to pay exchange fees and is deflationary.


Again: THIS IS A BAD THING.

Quite possibly the worst thing to happen to a currency. I've explained this to you morons over and over again. What the fark is wrong with you?
 
2021-09-13 9:08:43 PM  

Lord Bear: I've been laughed at in Fark threads for 5 or 6 years now. However, the price is 100 times higher from where I started posting about it.


THIS IS A BAD THING!!


YOU DO NOT WANT YOUR CURRENCY TO DO THIS! IT EFFECTIVELY MAKES IT FUNCTIONALLY USELESS AS A CURRENCY.
 
2021-09-13 9:14:45 PM  

Ishkur: Lord Bear: Bitcoin has a lower inflation rate than any other currency on the planet.

It's not inflationary at all, it is -- by design -- deflationary.


This is factually incorrect.  Bitcoin currently has a 1.7% inflation rate.  It currently acts deflationary since it is not well distributed.

Ishkur:

YOU DO NOT WANT YOUR CURRENCY TO DO THIS! IT EFFECTIVELY MAKES IT FUNCTIONALLY USELESS AS A CURRENCY.

The world has never seen a truly deflationary currency.  There is no real evidence it would stop spending or halt an economy.  People will still need/want stuff, and a deflationary currency would make some things easier to save for (put a few bucks away early on for a college fund and its completely taken care of etc.).  And as I said above, bitcoin is not deflationary.
 
2021-09-13 9:23:50 PM  

Lord Bear: This is factually incorrect. Bitcoin currently has a 1.7% inflation rate. It currently acts deflationary since it is not well distributed.


Is the total maximum number of bitcoins fixed? Yes. It is thus deflationary. It may temporarily be inflationary as coins are still being mined, but it is inherently deflationary.

Lord Bear: The world has never seen a truly deflationary currency. There is no real evidence it would stop spending or halt an economy. People will still need/want stuff, and a deflationary currency would make some things easier to save for (put a few bucks away early on for a college fund and its completely taken care of etc.). And as I said above, bitcoin is not deflationary.


Let's look up periods of time where deflation occurred. 1930-1933, and 2007-2008. Those were great economical times, right?
 
2021-09-13 9:26:41 PM  

Ishkur: Lord Bear: Bitcoin has a lower inflation rate than any other currency on the planet.

It's not inflationary at all, it is -- by design -- deflationary.

And that is even worse.


I think the fundamental issue is that technical nerds think they're smarter than  economists leaning on thousands of years of human experience.  As if any of this is somehow a new concept.

New means of exchange and monetary approaches are always interesting, but let's build a decentralized 'currency' that combines the drawbacks of both fiat and something loosely akin to a gold standard?  That alone is a silly libertarianish pipe dream.  Yet the claim in (just) this thread is crypto is a stable/ mundane day to day currency, great mid to long term mega growth stock, and means of low inflation, all in one.  Any one of those?...sure, it's feasible.  But all of it?  Simultaneously?  That's just zealotry.

But hey, what do I know?  BSAB, so clearly I'm just a jelly 'anti-crypto' who isn't very smart and refuses to learn new things.
 
2021-09-13 9:32:44 PM  

trialpha: Lord Bear: This is factually incorrect. Bitcoin currently has a 1.7% inflation rate. It currently acts deflationary since it is not well distributed.

Is the total maximum number of bitcoins fixed? Yes. It is thus deflationary. It may temporarily be inflationary as coins are still being mined, but it is inherently deflationary.

Let's look up periods of time where deflation occurred. 1930-1933, and 2007-2008. Those were great economical times, right?


The maximum number of bitcoins won't be reached for another hundred years.  It's not deflationary in our lifetime.

And the deflation in those periods were caused by larger economic troubles, NOT the other way around.
 
2021-09-13 9:36:19 PM  

trialpha: Let's look up periods of time where deflation occurred. 1930-1933, and 2007-2008. Those were great economical times, right?


In the late 1800's there was a period called the great deflation. Basically there are different kinds of deflation. The 1930's/2008's was rough since that was credit deflation. But the late 1800's was driven by technological deflation. Since wages are sticky, they stayed roughly the same while the technological progress and productivity filtered through to lower prices, and increased living standards.
 
2021-09-13 9:38:19 PM  

Lord Bear: This is factually incorrect. Bitcoin currently has a 1.7% inflation rate. It currently acts deflationary since it is not well distributed.


If it's going up in value, by definition it is not inflationary.

That value is how much is getting created. Money creation and money inflation are two different things.
 
2021-09-13 9:40:35 PM  

Lord Bear: The world has never seen a truly deflationary currency.


Actually, yes it has. Currencies have deflationary spirals all the time. It's not a unique or unusual thing.

Deflation often causes, or is caused by, economic depressions.
 
2021-09-13 9:41:04 PM  

Ishkur: If it's going up in value, by definition it is not inflationary.


We are not talking price...
 
2021-09-13 9:42:53 PM  

Lord Bear: The maximum number of bitcoins won't be reached for another hundred years. It's not deflationary in our lifetime.


Gold is deflationary yet we keep finding more.

I'll let you figure out the hows and whys of that.
 
2021-09-13 9:44:05 PM  

Ishkur: Gold is deflationary yet we keep finding more.


You countered your own point. More supply is inflation.
 
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