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(Yahoo)   Young, dumb, and full of doge   (finance.yahoo.com) divider line
    More: Obvious, Investment, half of current investors, crypto-firm Grayscale Investments LLC, Finance, Preference, digital asset's turbulence, Bitcoin, volatile asset class  
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1020 clicks; posted to Business » on 07 Dec 2021 at 8:57 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-12-07 8:22:59 AM  
CSB: I recently met with the CEO of a PR agency with mainly crypto clients about some potential consulting.

He asked me, "So, which cryptocurrencies to you own?" I almost choked on my own tongue trying not to laugh. it was like being at an interview at McDonald's and trying not to say, "I'd never eat this shiatty food."

/ didn't get the work
 
2021-12-07 9:00:57 AM  
th.bing.comView Full Size
 
2021-12-07 9:11:13 AM  
This is an ad.

Grayscale, which conducted the survey in mid-August, recently filed to convert its $35 billion Grayscale Bitcoin Trust (ticker GBTC) into a physically backed ETF. But so far, U.S. regulators have only allowed the launch of a futures-based Bitcoin fund.

"It is becoming increasingly difficult for investors to ignore Bitcoin as its price continues to rise," the survey said.


The popularity of Bitcoin has the momentum of a runaway freight train.  Why is it so popular?
 
2021-12-07 9:14:05 AM  
Young? My 67 year old dad got into Bitcoin this year. Not a lot, but it took some restraint not to eyeroll.
 
2021-12-07 9:18:48 AM  

kozlo: Young? My 67 year old dad got into Bitcoin this year. Not a lot, but it took some restraint not to eyeroll.


They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village.  Old guys are into the "Government can't control it!" aspect of it.  It's the new gold.
 
2021-12-07 9:21:06 AM  

Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village


Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.
 
2021-12-07 9:25:04 AM  

NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.


Oh, they are.  Want to see an even worse idea?
Fark user imageView Full Size


Fark user imageView Full Size
 
2021-12-07 9:29:56 AM  

Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]


I'm willing to bet you 1/100th of a Bitcoin that the next step is the GOP will move to replace Social Security with a personal Bitcoin Wallet.
 
2021-12-07 9:33:45 AM  

NewportBarGuy: Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]

I'm willing to bet you 1/100th of a Bitcoin that the next step is the GOP will move to replace Social Security with a personal Bitcoin Wallet.


Smart.  I mean, it is way up.  That's how you invest - you go after the top performers.  At the end of every year, I look at the best performing stocks and funds of the year.  Then I sell my existing stocks and funds and buy those.
 
2021-12-07 9:35:00 AM  

Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]


Stop! I can only roll my eyes so far into the back of my head!
 
2021-12-07 9:40:14 AM  

Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image image 850x446]

[Fark user image image 850x476]


To their credit, crypto proponents really are great at co-opting existing financial structures, whilst simultaneously being massively ignorant of how/ why they work, but knowing how they work is definitely wrong.
 
2021-12-07 9:45:07 AM  
1. First you set it up.
2. Then you pump it up.
3. Then you draw in the rubes.
4. Then you go for the kill.

We're still doing step 3.
 
2021-12-07 10:00:09 AM  

Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]


jfc

I kinda want to start setting everything on fire now.

>:-/
 
2021-12-07 10:12:19 AM  

Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image image 850x446]

[Fark user image image 850x476]


Fark user imageView Full Size


The only gif I have on hand that kinda fits. That is a banana pants stupid idea.
 
2021-12-07 10:16:17 AM  

NewportBarGuy: Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]

I'm willing to bet you 1/100th of a Bitcoin that the next step is the GOP will move to replace Social Security with a personal Bitcoin Wallet.


Having an HSA made me realize that even before the current Conservative cult, the GOP was not the party of good ideas.

The funds available have terrible returns and terrible fees and once you stop working, they monthly fee your savings to death.
 
2021-12-07 10:16:53 AM  

Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]


They forgot to include the step where the crypto wallet is suddenly looted because the noobs didn't know that they need to store them offline.  You only keep them at an exchange for as long as it takes for you to convert or sell them.

But hey, if you want to fund someone else's retirement, have at.
 
2021-12-07 10:18:53 AM  

edmo: 1. First you set it up.
2. Then you pump it up.
3. Then you draw in the rubes.
4. Then you go for the kill.

We're still doing step 3.


Oh, you sweet summer child. There are more than just a handful of crypto coins out there. #4 has been going on for a long, long time. You just have to know where to look.
 
2021-12-07 10:23:02 AM  
I got in this year, enough BTC and Ethereum for amusement purposes--like a moderate Super Bowl bet's worth.

It's been a fun ride, and the vitriol in these threads has been a part of that.
 
2021-12-07 10:29:43 AM  

Garza and the Supermutants: I got in this year, enough BTC and Ethereum for amusement purposes--like a moderate Super Bowl bet's worth.

It's been a fun ride, and the vitriol in these threads has been a part of that.


What do you enjoy more:  their seething hatred for things they don't understand, or their intense jealousy of your incredible returns?
 
2021-12-07 10:42:17 AM  

NewportBarGuy: Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]

I'm willing to bet you 1/100th of a Bitcoin that the next step is the GOP will move to replace Social Security with a personal Bitcoin Wallet.


You're not up on the talking points. Bitcoin was created by George Soros to overthrow the US dollar.

/srsly
 
2021-12-07 10:57:55 AM  
I have about a hundred bucks in Doge just in case i need to buy something with crypto. Otherwise I don't think much about it. I can't imagine trying to invest with that nonsense.
 
2021-12-07 11:19:04 AM  

Rapmaster2000: kozlo: Young? My 67 year old dad got into Bitcoin this year. Not a lot, but it took some restraint not to eyeroll.

They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village.  Old guys are into the "Government can't control it!" aspect of it.  It's the new gold.


Lmao,
The government in the USA has imposed punishing taxes on crypto, brokerages charge high fees, and mining is performed at a loss.  Some 75% of trades are also at a loss.  It's a gold mine for those who manage crypto, not so much for investors.
But sure, go ahead and invest in a doomed commodity.  Once carbon taxes ramp up, crypto will no longer be viable.
 
2021-12-07 11:28:02 AM  

Rapmaster2000: kozlo: Young? My 67 year old dad got into Bitcoin this year. Not a lot, but it took some restraint not to eyeroll.

They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village.  Old guys are into the "Government can't control it!" aspect of it.  It's the new gold.


Bitcoin seems very 2020.  If you want to attract the hip elderly crowd with disposable funds you need to sell NFTs of Matlock episodes.
 
2021-12-07 11:30:26 AM  
Only BTC I have I won on giveaways on Twitter from CashApp. I have like $200 or so. Whenever I need that money I'll cashout or invest it in something a bit safer.
 
2021-12-07 11:42:02 AM  

Northern: Once carbon taxes ramp up, crypto will no longer be viable.


We can only hope. Tax these useless farkers until it hurts.
 
2021-12-07 11:54:28 AM  

NuclearPenguins: Northern: Once carbon taxes ramp up, crypto will no longer be viable.

We can only hope. Tax these useless farkers until it hurts.


Bitcoin alone consumes more electricity than Australia right now, and demand will increase every year as the Blockchain grows longer.  That is incompatible with fighting climate change.
 
2021-12-07 12:18:27 PM  
"Bitcoin's Current Holders Are New, With 55% Getting in This Year"

uhh yeah that's how these scams work.
If you don't have enough noobs to feed on the whole thing collapse, it is a scam based on noobs and always getting that noob money.
cause most everyone else that's been around a few years is going to have found out the hard way what's really going on.


It's kinda of why all movies are just lame low effort repeats of other movies. Why try harder when you can earn easy money, as long as there are enough noobs who don't have the XP to know any better/have low standards still.
 
2021-12-07 1:09:54 PM  

GRCooper: NewportBarGuy: Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]

I'm willing to bet you 1/100th of a Bitcoin that the next step is the GOP will move to replace Social Security with a personal Bitcoin Wallet.

You're not up on the talking points. Bitcoin was created by George Soros to overthrow the US dollar.

/srsly


Soros must live on a diet of Adderall and Viagra with all the sh*t this guy is supposed to have done. LOL
 
2021-12-07 2:11:08 PM  
So far ITT:

Scam
George Soros
"Carbon tax"
"Bitcoin energy needs will increase as the blockchain grows"

Holy fark guys, this is reading like a list of "things uninformed idiots say about bitcoin"

Ive owned BTC for a couple of years, it's not a huge part of my investment portfolio but it's performed well enough I'm happy to put in more money. But at least I've done enough reading to know how it work and what it's future is rather than just believe memes and random comments from morons on the internet
 
2021-12-07 2:28:42 PM  

the_massive_a55hole: than just believe memes and random comments from morons on the internet


I don't just believe memes and random comments from morons on the internet.  I believe memes and specific comments from morons on the internet.
 
2021-12-07 3:24:53 PM  
Started throwing $$$ at Crypto this past February. Currently up 63%. I'd love to find more "bad" investments with this same ROI.
 
2021-12-07 3:30:58 PM  

wildbill0712: Started throwing $$$ at Crypto this past February. Currently up 63%. I'd love to find more "bad" investments with this same ROI.


Here are some:  https://www.nerdwallet.com/art​icle/inv​esting/best-performing-stocks
 
2021-12-07 3:46:16 PM  
I put all my funds into NFTs for pets.com
 
2021-12-07 4:00:14 PM  

Rapmaster2000: kozlo: Young? My 67 year old dad got into Bitcoin this year. Not a lot, but it took some restraint not to eyeroll.

They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village.  Old guys are into the "Government can't control it!" aspect of it.  It's the new gold.


Fark user imageView Full Size
 
2021-12-07 4:02:50 PM  

the_massive_a55hole: So far ITT:

Scam
George Soros
"Carbon tax"
"Bitcoin energy needs will increase as the blockchain grows"

Holy fark guys, this is reading like a list of "things uninformed idiots say about bitcoin"


You are either being dishonest, or you can't even read and understand a Fark thread, much less understand how bitcoin and blockchain work.

The reference to Soros was what OTHER people are saying. It's not unlike the many stupid accusations already out there against Soros.

Carbon Taxes are a real possibility, Climate Change should make that obvious.

Energy needs is a huge concern too.

Scam? For somebody who claims to understand it all, and pretends others don't, I wonder what you have to say to the legions of tech/software experts on tech/dev sites who laugh at crypto all day long?
 
2021-12-07 4:03:08 PM  

bostonguy: CSB: I recently met with the CEO of a PR agency with mainly crypto clients about some potential consulting.

He asked me, "So, which cryptocurrencies to you own?" I almost choked on my own tongue trying not to laugh. it was like being at an interview at McDonald's and trying not to say, "I'd never eat this shiatty food."

/ didn't get the work


This kind of stuff is a bad sign.

Like the investment banker who, ~6 months before the 2009 housing collapse, described finding out his personal chef had bought like 3 houses as investment properties.
 
2021-12-07 4:04:56 PM  

LoneCoon: I have about a hundred bucks in Doge just in case i need to buy something with crypto. Otherwise I don't think much about it. I can't imagine trying to invest with that nonsense.


Has anyone ever actually needed to buy something with crypto that couldn't be bought with actual currency?
 
2021-12-07 4:07:03 PM  

GregInIndy: Rapmaster2000: kozlo: Young? My 67 year old dad got into Bitcoin this year. Not a lot, but it took some restraint not to eyeroll.

They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village.  Old guys are into the "Government can't control it!" aspect of it.  It's the new gold.

[Fark user image 425x285]


I know a high school student who is planning to spend Christmas break making some NFTs and getting in on the hoopla. He doesn't have any IT skills, unlikely any artistic skills, is just your typical student.

Jumping the shark indeed.
 
2021-12-07 4:08:19 PM  
I don't mind dummies losing money on investments. At all. It's actually kind of my favorite thing, actually.

What concerns me is the exposure of the actual market, the one that makes and sells things of value, to being laid low by a crypto collapse. That would just farking piss me off, as it should everyone.
 
2021-12-07 4:10:14 PM  

ChibiDebuHage: GregInIndy: Rapmaster2000: kozlo: Young? My 67 year old dad got into Bitcoin this year. Not a lot, but it took some restraint not to eyeroll.

They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village.  Old guys are into the "Government can't control it!" aspect of it.  It's the new gold.

[Fark user image 425x285]

I know a high school student who is planning to spend Christmas break making some NFTs and getting in on the hoopla. He doesn't have any IT skills, unlikely any artistic skills, is just your typical student.

Jumping the shark indeed.


This kind of stuff is when the guys behind crypto & NFTs know it's time to go find the next grift. This one's playing out.
 
2021-12-07 4:14:13 PM  

GregInIndy: I don't mind dummies losing money on investments. At all. It's actually kind of my favorite thing, actually.

What concerns me is the exposure of the actual market, the one that makes and sells things of value, to being laid low by a crypto collapse. That would just farking piss me off, as it should everyone.


That's nothing compared to consequences if unregulated crypto were to actually replace fiat currency.

Leading governments like US would no longer have the financial levers to land the economy after a pandemic, bubble burst, or any black swan event. Now THAT would be catastrophic, think Great Depression.

None of the cryptobulls ever have an honest answer to that. They'll just point to another topic, misdirection, "but what about whargarbl?!?"
 
2021-12-07 6:53:34 PM  

ChibiDebuHage: None of the cryptobulls ever have an honest answer to that. They'll just point to another topic, misdirection, "but what about whargarbl?!?"


Their "cure" is worse than the problem. They only paper over the problems and kick the can down the road. 2008 for example, they went in and took control of toxic assets that the banks held. That didnt solve anything, it only delayed the repercussions and placed the risk at the Sovereign level (where does the risk go after Sovereign?). When COVID hit it got even worse. They are now so far behind they cannot raise rates again without major systemic risk (debt matters!). This distorts pricing signals in the market. Look at junk bonds for example. Money is pouring into them hand over fist now as people search for yield (adding systemic risk to the market). They have made homes unaffordable, living difficult, and savings worthless, which make it extremely difficult for people to plan, save and invest for their future.

Having a state-less currency would force Governments hand to be truthful to their constituents. They wont be able to paper over issues. Real interest rates would enable pricing signals to be corrected. Money isn't free! That is why it is vital to remove the money creation function away from Government. However, having real market driven rates would smash asset prices, and that is why no one in Government wants this. They will be voted out in a heartbeat.

You keep saying "unregulated crypto." Why do you assume that? Gensler is moving in to go after alt-coins and treat them like securities (which is awesome). Bitcoin is seen as digital property which would fall under a different purview. Caitlyn(sp) Long in Wyoming is working with regulators to creating specific digital asset regs with banks. And we are seeing many members of the Senate move in to ensure that the US isn't left behind in this asset class.
 
2021-12-07 6:54:07 PM  

NewportBarGuy: [th.bing.com image 850x600]



i never trusted meme coins.   to me, you aren't buying the coin as much as you are buying its underlying blockchain.

Ethereum has more programmers working and using its blockchain than any other blockchain.  it has more Institutional use than any other blockchain.

which means 80% of my crypto investments are in Ether.
 
2021-12-07 6:55:25 PM  

the_massive_a55hole: So far ITT:

Scam
George Soros
"Carbon tax"
"Bitcoin energy needs will increase as the blockchain grows"

Holy fark guys, this is reading like a list of "things uninformed idiots say about bitcoin"

Ive owned BTC for a couple of years, it's not a huge part of my investment portfolio but it's performed well enough I'm happy to put in more money. But at least I've done enough reading to know how it work and what it's future is rather than just believe memes and random comments from morons on the internet



grab some Ether if you can.  it's The One.
 
2021-12-07 6:56:47 PM  

Hawk the Hawk: Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image image 850x446]

[Fark user image image 850x476]

To their credit, crypto proponents really are great at co-opting existing financial structures, whilst simultaneously being massively ignorant of how/ why they work, but knowing how they work is definitely wrong.



the only thing Permanent is Change.

the Internet rattled a bunch of feathers back in the 90's.

Blockchain is doing same now.
 
2021-12-07 6:57:38 PM  
FarkCoin!!


step aside, Ether!
 
2021-12-07 6:58:27 PM  

Rapmaster2000: NuclearPenguins: Rapmaster2000: They're giving out free lunches to go hear a Bitcoin pitch at my mom's retirement village

Please tell me that this is more of your usual, but wonderful, sarcasm. Bitcoin cultists are stupid, and I don't mind if they ruin their own financial lives, (ruining the planet aside for now) but I hate the idea of them preying on the elderly.

Oh, they are.  Want to see an even worse idea?
[Fark user image 850x446]

[Fark user image 850x476]



own enough Ethereum and in 10 to 15 years you won't need an IRA, bubba!
 
2021-12-07 7:48:58 PM  

AsparagusFTW: c
"2008 for example, they went in and took control of toxic assets that the banks held."...
...
"Having a state-less currency would force Governments hand to be truthful to their constituents. They wont be able to paper over issues."


So you are basically saying, let whatever happens happen during a catastrophe, without government help. Is that right? If so you are a heartless, greedy sociopath arsehole of the highest order.

You clearly don't understand that bank problems and bubbles popping will ALWAYS be a problem, regardless of whether or not governments have control of the medium of exchange or not. There will ALWAYS be lenders, borrower, and speculative investors. ALWAYS. And so there there always be booms and busts. Whether or not the government has some means to control this DOES NOT STOP these major problems from happening!

But governments having those means of financial control DOES avoid a lot of pain, suffering, death, and war.

You clearly don't understand the pain, death, and societal breakdown that would follow in the US government just shrugged its shoulders and did nothing for financial markets when Covid hit. You are either sociopathically callous, or incredibly ignorant.

"When COVID hit it got even worse. They are now so far behind they cannot raise rates again without major systemic risk"

When my friend had chemo treatment for life-threatening cancer, he lost his hair and felt nauseous. Obviously, you think this means that we should scrap chemotherapy, right? NO, because it saved his farking LIFE! Deadly bkack swan events require desperate measures, and OF COURSE there will be side effects.

Have you no idea what has been averted, thanks to government intervention?!? Would you not take the chemotherapy if you would otherwise die of cancer quickly The ignorance, it burns!

You keep saying "unregulated crypto." Why do you assume that?

Who said I assumed that? That is simply the terms of the hypothetical which appears to be the ongoing wet dream of the crypto bulls. If you were to say, "If ever in France, you should visit the Eiffel Tower", nobody takes that to mean you're assuming everybody (or even anybody) listening is ever going to go to France.

If there were deeply regulated crypto, or government-run crypto, equivalent to fiat printing powers that government now, obviously government would still have the tools to try to stave off financial armageddon when black swan events do occur.

Black Swan events will ALWAYS occur. Cancer will ALWAYS be around.
Do you agree, or not, with having life-saving medicines that will prevent death and suffering?
 
2021-12-07 8:18:16 PM  

ChibiDebuHage: But governments having those means of financial control DOES avoid a lot of pain, suffering, death, and war.


If we had a hard money system, Governments wouldn't be able to paper over and go to war, the opposite of your claim. Imagine Iraq for example. If Bush had to come out to the constituents and levy a direct tax to pay for Iraq/Afghanistan, that war would never have been funded as the bullshiat would have been sniffed out. Which would have lead to less death, less war, less wasted resources. But because we can issue paper at a moments notice, taxpayer didn't have to feel the financial pain of the war, and it was accepted. More war!

ChibiDebuHage: Have you no idea what has been averted, thanks to government intervention?!?


You do not understand what the Federal Government has unleashed because of the intervention. We now have extreme interest rate risk. There is an excellent book on the subject "Big Debt Crisis" where Dalio outlines what occurs during these massive credit cycles. Right now we cannot have any uptick in rates or the bond market, stock market, housing market ect. will become repriced. Down. Massive pain. This causes obscene asset prices, wealth disparity to the likes we have never seen in history. This give away to the top leads us to social unrest and political populism. Because our money is fake. Look at our streets now as political divisions are far greater now than ever.

ChibiDebuHage: Who said I assumed that? That is simply the terms of the hypothetical which appears to be the ongoing wet dream of the crypto bulls.


Having regs on bitcoin is actually a great thing. It unleashes its full potential. Right now pension funds, wall street firms, insurance companies have a very difficult time holding the asset because of lack of clarity. Once that gets sorted out, all those funds have the ability to enter the space. Currently they do not. The money sitting on the sidelines is massive. It is why they are not approving the spot ETF (my feeling) despite other countries doing so. It expedites this entire process of making the dollar less valuable. Shiatcoins? Fark them, Gensler is taking them to the woodshed. When dollars that were allocated to bonds start to flow to BTC and not sovereign debt, yoink. Rates up, money printer goes to hyper drive. Feature, not a bug. I will say that given our political division, it was a massive gain for btc as no one looked at it until the recent year when the trojan horse has already entered.

ChibiDebuHage: government-run crypto


No one wants this. Direct access to a Fed account is a massive overreach. They would effectively be able to determine what and how you transact on everything. This would not be a substitute for bitcoin. China freaked because no one wants their shiat digital.

ChibiDebuHage: Black Swan events will ALWAYS occur. Cancer will ALWAYS be around.
Do you agree, or not, with having life-saving medicines that will prevent death and suffering?


If we had real rates of interest, that would entice individuals to save more as they would earn more than .05%, or -6ish% real rates. More savings makes economic shocks a lot more tolerable. 0% rates entices people not to save, and so when a shock does occur they do not have the funds to fall back on. The current system incentivizes incorrect behavior.

ChibiDebuHage: Obviously, you think this means that we should scrap chemotherapy, right?


Im sorry for your friend. But this 'whataboutism' is a means to divert the convo like you have stated above that you do not like. I wish your friend well.
 
2021-12-08 4:14:49 AM  

AsparagusFTW: If we had a hard money system, Governments wouldn't be able to paper over and go to war, the opposite of your claim. Imagine Iraq for example.


To believe that government can't go to war if they can't print fiat money is naive in the extreme . So you're willing to sociopathically allow the hundreds of millions of people to suffer and die during Black Swan event, just because of this ridiculous belief that it leads to peace? And then, when you find out you were wrong, "Oh well, now we have wars AND complete societal/financial breakdown. *Shrug*"?

BTW, the day the US no longer has ability to fund its military is also the day your should learn mandarin, Russian, etc, and say goodbye to your comfortable first world lifestyle. The enemies of the U.S. would be ecstatic and ready to drive world affairs, and their decisions would NOT be to our benefit. I realize you have nice dreams, but you should really look at least one step ahead on the chess board.

AsparagusFTW: You do not understand what the Federal Government has unleashed because of the intervention. We now have extreme interest rate risk.


For fark's sake, you did not even read a word I wrote previously? You are the cancer patient screaming about losing hair after your life has been saved. YES, there are consequences of the actions the government has taken, but NO they aren't nearly as bad as they would have been if the government had done nothing when the pandemic or other black swan events hit.

Do you really have ZERO ability to understand that if the fed had not acted, things would have gone straight to hell OVERNIGHT?

Do you really not understand that government intervention has already saved us MANY times over, historically? That ALONE defeats any argument you have. Government intervention has saved the patient already MANY times over. Even if the patient were to relapse and die tomorrow (which he won't), nobody points at the guy who survived cancer for sixty years and said, "What a waste of time and money! We should never have used those medical treatments that helped keep him alive for so long!"

And BTW, you can't start co-opting "social unrest and political populism" or anything else happening in society and pretend that its caused by whatever you want to argue, that's just incredibly stupid on its face. The political divide between right and left in the US is an incredibly complex topic that involves a myriad of factors, including education, star-power, religion, racism, greedy news media, etc, etc, etc. To have you pretend you know its such a simple explanation  makes you a poster child for the left-hand side of the Dunning-Kreuger graph (the less people understand  something, the more they think they know about it)

AsparagusFTW: government-run crypto..No one wants this.


Nobody said everybody wants it. You had asked my why I was only talking about unregulated crypto, and so my answer was to point out that deeply regulated (i.e., government run) crypto is not what crypto bros ever talk about, and would not have the same concerns. So you now you're taking that answer to your question and spinning it as if that is my preference?
That is very dishonest.

AsparagusFTW:If we had real rates of interest, that would entice individuals to save more as they would earn more than .05%, or -6ish% real rates...

Oh puleez. There is a huge segment of the population that has well demonstrated lack of ability to save money, even when they start earning more than usual. Just you saying that they would start saving money does not make it true. Your pulling random wishes out of a hat does not merit my time, or anybody elses. Worse, you are replying to actual real concerns about people's welfare with fantasy. Again, ridiculous.


AsparagusFTW:Obviously, you think this means that we should scrap chemotherapy, right?
Im sorry for your friend. But this 'whataboutism' is a means to divert the convo like you have stated above that you do not like


You have zero understanding of the difference between an analogy and "whataboutism". They mean two completely different things.

The patient undergoing painful chemotherapy is an ANALOGY to the financial system undergoing treatment from the US government. In both cases, there are painful side effects to the treatment, but in both cases the worst case scenario - death - is averted.

"Whataboutism" has NOTHING to do with analogies. "Whataboutism" is the practice of responding to a difficult question by raising a completely different issue "Whataboutism" is basically dodging a question entirely by pointing somewhere and saying, "But hey look over there!"

Can you understand the difference now?
 
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