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(CNBC)   STFU Jack   (cnbc.com) divider line
    More: Dumbass, Inflation, Central bank, Federal Reserve System, founder Jack Dorsey, Billionaire investor Paul Tudor Jones, Monetary policy, Friday night, Money supply  
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1235 clicks; posted to Business » on 25 Oct 2021 at 12:31 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



33 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-10-25 11:50:19 AM  
"Dorsey is a strong bitcoin advocate"

Cool, now we can ignore his opinion.
 
2021-10-25 12:18:35 PM  

b2theory: "Dorsey is a strong bitcoin advocate"

Cool, now we can ignore his opinion.


Because if there's one thing Bitcoin is known for, it is its complete stability.
 
2021-10-25 12:36:51 PM  
Having been alive during the 1974-1985 period, I see some of the same signs. A couple of good political jolts could trigger a run-up.

However, This is Dempsey's version of a pump and dump. Maybe he can scare the herd for fun and profit.
 
Juc
2021-10-25 12:40:05 PM  
better tax the rich then.
 
2021-10-25 12:41:40 PM  
CRYPTO!
 
2021-10-25 12:48:23 PM  
And this illustrates why CNBC is garbage. Jack's opinions on the economy are irrelevant.
 
2021-10-25 12:49:39 PM  
Fortunately, my wealth is in inflation protected NASCAR commemorative plates and beanie babies, with a smattering of Pogs and new in box Tickle Me Elmo
 
2021-10-25 12:51:27 PM  
Fark user imageView Full Size
 
2021-10-25 12:51:34 PM  

HighlanderRPI: Fortunately, my wealth is in inflation protected NASCAR commemorative plates and beanie babies, with a smattering of Pogs and new in box Tickle Me Elmo


You fool you need to get into the commemorative spoon market and invest heavy in Garbage Pail Kids futures.
 
2021-10-25 12:54:08 PM  
something something "Newsflash asshole, the cost of living is already going up"
 
2021-10-25 12:56:54 PM  

Juc: better tax the rich then.


No, no, they need a tax BREAK, doncha see?
 
2021-10-25 1:38:21 PM  

TofuTheAlmighty: And this illustrates why CNBC is garbage. Jack's opinions on the economy are irrelevant.


I paused for a brief moment trip consider how seriously to take this, then I got a pop up for Jim Cramer, and realized the only appropriate reaction is distain towards subby for wasting our time.
 
2021-10-25 1:49:01 PM  
Get @jack off twitter.
 
2021-10-25 2:00:56 PM  
If he thinks the entire bond market is wrong, there are financial positions he can take. Go for it, hotshot.

People sitting on giant mountains of cash hate inflation, because it functions as a tax on their wealth.

People not sitting on giant mountains of cash enjoy moderate inflation (whether they realize it or not) because it reduces the real cost of borrowing (borrow a dollar today, pay it back with 95¢ next year; this is how we paid off all the money we borrowed to fight World War 2 so quickly) and it encourages the people sitting on mountains of cash to put that cash to work in the economy in hopes of keeping it from slowly dwindling to nothing. There's a chance that people without jobs will be able to get a job once a rich person is forced into hiring people, and when there's hiring going on, working people get paid more. The idle rich hate that.

We will know when inflation is a problem by how easy or hard it is for our government to borrow money. Right now long-term (20-30 year) bond rates are hovering around 2%. That means that people buying Treasury bonds aren't much worried about the government's credit rating.

Listening to rich people complain about inflation is one of my favorite pass-times. It adds a subtle sweetness to my day.
 
2021-10-25 2:04:07 PM  

AsparagusFTW: [Fark user image 445x481]


Isn't that backwards?
 
2021-10-25 2:05:13 PM  

aaronx: If he thinks the entire bond market is wrong, there are financial positions he can take. Go for it, hotshot.


The bond market isn't allowed to find a market clearing rate. It is why the Fed has stepped in to buy 120b a month in bonds, to suppress the markets from finding that true rate.
 
2021-10-25 2:07:51 PM  
Inflation isn't real, Inflation can't hurt you.
Brought to you by the economic geniuses of fark, whose primary claim to fame seems to be, not earning a "living wage" and being dumb enough to overpay for education, homes and cars.
 
2021-10-25 2:14:17 PM  
Inflation may get high soon.  The current combination of high government spending, worker shortages, and product shortages seems ripe to trigger it, after a thirty year period of almost zero inflation.  One of the reasons Manchin, Sinema, and the Republicans state as to why they are against the full 3.5 trillion reconciliation bill is fear of inflation, and they may have a tiny bit of a legit point there.

But "hyperinflation" ain't happening.  That term means out of control inflation in the thousands of percentage points yearly (sometimes monthly, sometimes daily).  That only happens with a failing government, during wartime, or a combination of both.  The max possible levels that realistically could possibly happen would probably match the worst years of the 1970's and early 1980's, maybe 10-15% annually.

Still, levels even close to that would cause deep political trouble for Biden and Congressional Democrats.
 
2021-10-25 2:16:58 PM  
Fark user imageView Full Size
 
2021-10-25 2:18:31 PM  
One childhood friend has gone full Crypto Bro and was freaking out about hyperinflation a few weeks ago and was actually asking for advice via social media on what canned foods to stock up on, and every comment was a serious answer.
 
2021-10-25 2:21:09 PM  

Back2Good: Inflation isn't real, Inflation can't hurt you.
Brought to you by the economic geniuses of fark, whose primary claim to fame seems to be, not earning a "living wage" and being dumb enough to overpay for education, homes and cars.


Inflation != Hyperinflation
 
Juc
2021-10-25 3:23:13 PM  

Fireproof: One childhood friend has gone full Crypto Bro and was freaking out about hyperinflation a few weeks ago and was actually asking for advice via social media on what canned foods to stock up on, and every comment was a serious answer.


What good will canned goods do him with regards to hyper inflation?
I can't imagine they'd be that great for barter.
 
2021-10-25 3:59:20 PM  

Gubbo: b2theory: "Dorsey is a strong bitcoin advocate"

Cool, now we can ignore his opinion.

Because if there's one thing Bitcoin is known for, it is its complete stability.


The massive deflation is the biggest issue. How can a currency even function properly if buying a pizza in 2010 results in your net worth in 2021 being $627 million lower today.
 
2021-10-25 4:12:15 PM  

groppet: HighlanderRPI: Fortunately, my wealth is in inflation protected NASCAR commemorative plates and beanie babies, with a smattering of Pogs and new in box Tickle Me Elmo

You fool you need to get into the commemorative spoon market and invest heavy in Garbage Pail Kids futures.


Bullshiat, GPK was overvalued in the 90s and I sold it all and converted to Furbies, hell I've got a safe deposit box with a Dale Earnhardt plate, Princess Di beanie and a Furby just for retirement
 
2021-10-25 4:14:36 PM  

Mad_Radhu: Gubbo: b2theory: "Dorsey is a strong bitcoin advocate"

Cool, now we can ignore his opinion.

Because if there's one thing Bitcoin is known for, it is its complete stability.

The massive deflation is the biggest issue. How can a currency even function properly if buying a pizza in 2010 results in your net worth in 2021 being $627 million lower today.


So much this. If you truly believe that Bitcoin is the future, you would have to be an absolute moron to spend any on anything today.

I first heard about Bitcoin when it was "trading" (assuming the exchanges were working that day) at about $100 - 200. Now, less than a decade later, a single Bitcoin is worth about $60,000. Assuming growth continues, and it's worth assuming growth continues if you believe in the future of Bitcoin since eventually no new ones will be made, a decade from now you'll be able to retire comfortably on a single Bitcoin. So why would you actually use one for anything? There is massive negative incentive to spend, and that negative incentive will remain in place right until the point where it flips suddenly and irreversibly - basically right at the point where a single Satoshi is too valuable to do anything with and everyone suddenly remembers why we no longer pay for groceries with bricks of gold.
 
2021-10-25 4:37:50 PM  

Lusiphur: Mad_Radhu: Gubbo: b2theory: "Dorsey is a strong bitcoin advocate"

Cool, now we can ignore his opinion.

Because if there's one thing Bitcoin is known for, it is its complete stability.

The massive deflation is the biggest issue. How can a currency even function properly if buying a pizza in 2010 results in your net worth in 2021 being $627 million lower today.

So much this. If you truly believe that Bitcoin is the future, you would have to be an absolute moron to spend any on anything today.

I first heard about Bitcoin when it was "trading" (assuming the exchanges were working that day) at about $100 - 200. Now, less than a decade later, a single Bitcoin is worth about $60,000. Assuming growth continues, and it's worth assuming growth continues if you believe in the future of Bitcoin since eventually no new ones will be made, a decade from now you'll be able to retire comfortably on a single Bitcoin. So why would you actually use one for anything? There is massive negative incentive to spend, and that negative incentive will remain in place right until the point where it flips suddenly and irreversibly - basically right at the point where a single Satoshi is too valuable to do anything with and everyone suddenly remembers why we no longer pay for groceries with bricks of gold.


I spend bitcoin. If I'm so inclined, I just buy more and replace it. It isn't that complicated.
 
2021-10-25 4:53:16 PM  

Juc: Fireproof: One childhood friend has gone full Crypto Bro and was freaking out about hyperinflation a few weeks ago and was actually asking for advice via social media on what canned foods to stock up on, and every comment was a serious answer.

What good will canned goods do him with regards to hyper inflation?
I can't imagine they'd be that great for barter.


I assume the thinking is "I would still be able to eat."
 
2021-10-25 5:09:53 PM  

Earl of Chives: Lusiphur: Mad_Radhu: Gubbo: b2theory: "Dorsey is a strong bitcoin advocate"

Cool, now we can ignore his opinion.

Because if there's one thing Bitcoin is known for, it is its complete stability.

The massive deflation is the biggest issue. How can a currency even function properly if buying a pizza in 2010 results in your net worth in 2021 being $627 million lower today.

So much this. If you truly believe that Bitcoin is the future, you would have to be an absolute moron to spend any on anything today.

I first heard about Bitcoin when it was "trading" (assuming the exchanges were working that day) at about $100 - 200. Now, less than a decade later, a single Bitcoin is worth about $60,000. Assuming growth continues, and it's worth assuming growth continues if you believe in the future of Bitcoin since eventually no new ones will be made, a decade from now you'll be able to retire comfortably on a single Bitcoin. So why would you actually use one for anything? There is massive negative incentive to spend, and that negative incentive will remain in place right until the point where it flips suddenly and irreversibly - basically right at the point where a single Satoshi is too valuable to do anything with and everyone suddenly remembers why we no longer pay for groceries with bricks of gold.

I spend bitcoin. If I'm so inclined, I just buy more and replace it. It isn't that complicated.


HODL dammit. HODL

/I've forgotten what that stands for
 
2021-10-25 5:12:37 PM  

Clenched Bisque: [Fark user image 425x471]


Well that explains why DPRK News Service was deactivated.
 
2021-10-25 5:55:58 PM  

Professor Horatio Hufnagel: Clenched Bisque: [Fark user image 425x471]

Well that explains why DPRK News Service was deactivated.


They're back by the way.
 
2021-10-25 6:23:39 PM  

Gubbo: Earl of Chives: Lusiphur: Mad_Radhu: Gubbo: b2theory: "Dorsey is a strong bitcoin advocate"

Cool, now we can ignore his opinion.

Because if there's one thing Bitcoin is known for, it is its complete stability.

The massive deflation is the biggest issue. How can a currency even function properly if buying a pizza in 2010 results in your net worth in 2021 being $627 million lower today.

So much this. If you truly believe that Bitcoin is the future, you would have to be an absolute moron to spend any on anything today.

I first heard about Bitcoin when it was "trading" (assuming the exchanges were working that day) at about $100 - 200. Now, less than a decade later, a single Bitcoin is worth about $60,000. Assuming growth continues, and it's worth assuming growth continues if you believe in the future of Bitcoin since eventually no new ones will be made, a decade from now you'll be able to retire comfortably on a single Bitcoin. So why would you actually use one for anything? There is massive negative incentive to spend, and that negative incentive will remain in place right until the point where it flips suddenly and irreversibly - basically right at the point where a single Satoshi is too valuable to do anything with and everyone suddenly remembers why we no longer pay for groceries with bricks of gold.

I spend bitcoin. If I'm so inclined, I just buy more and replace it. It isn't that complicated.

HODL dammit. HODL

/I've forgotten what that stands for


After a few cycles you learn to take profits here and there.
 
2021-10-25 8:48:47 PM  

Earl of Chives: Lusiphur: Mad_Radhu: Gubbo: b2theory: "Dorsey is a strong bitcoin advocate"

Cool, now we can ignore his opinion.

Because if there's one thing Bitcoin is known for, it is its complete stability.

The massive deflation is the biggest issue. How can a currency even function properly if buying a pizza in 2010 results in your net worth in 2021 being $627 million lower today.

So much this. If you truly believe that Bitcoin is the future, you would have to be an absolute moron to spend any on anything today.

I first heard about Bitcoin when it was "trading" (assuming the exchanges were working that day) at about $100 - 200. Now, less than a decade later, a single Bitcoin is worth about $60,000. Assuming growth continues, and it's worth assuming growth continues if you believe in the future of Bitcoin since eventually no new ones will be made, a decade from now you'll be able to retire comfortably on a single Bitcoin. So why would you actually use one for anything? There is massive negative incentive to spend, and that negative incentive will remain in place right until the point where it flips suddenly and irreversibly - basically right at the point where a single Satoshi is too valuable to do anything with and everyone suddenly remembers why we no longer pay for groceries with bricks of gold.

I spend bitcoin. If I'm so inclined, I just buy more and replace it. It isn't that complicated.


Ok, great, but that's sort of a stupid move. Why not just use your cash to buy shiat instead of averaging up your long-term Bitcoin ownership cost? You're using an appreciating asset to make transactions that would be easier to make in a depreciating asset.

And I'm sure some part of your answer will boil down to "I only buy the dips, bro," but you and I know that's bullshiat. So my guess is that what it mostly boils down to is that you've never actually thought about this before.
 
2021-10-26 9:54:21 AM  

Gubbo: Professor Horatio Hufnagel: Clenched Bisque: [Fark user image 425x471]

Well that explains why DPRK News Service was deactivated.

They're back by the way.


OH snap no way! Best news so far this week. MFW:
Fark user imageView Full Size
 
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