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RCBH928
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Re: Any cryptocurrency users here?

by RCBH928 Mon Jan 17, 2022 1:48 pm

@fuctfuct

investing in real estate should be pretty safe, but yeah I agree saving money is useless since the value depreciate and honestly I think its depreciating much faster than in the 70s and the 80s. While I wasn't alive then, now you can actually see the price rise every several months meanwhile in past years a price of an item will hold for a long time say at least a decade. Now it feels like we are in Zimbabwe

Golgo 14 wrote:
RCBH928 wrote:I am interested in crypto currency as a service to avoid the conventional monetary system. I had a lot of tough time trying to send and receive money via this method. I like to think of cryto currency as the new "PayPal".

Since this is your only interest, I think you can sleep on crypto for a good while. At this point it isn't known for its ease of use and user friendly interfaces.


I have not used it but I was informed that Monero and Zcash are basically made for this type of thing, there is also USD Coin which I do not trust.
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MrPopo
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Re: Any cryptocurrency users here?

by MrPopo Mon Jan 17, 2022 2:38 pm

RCBH928 wrote:@fuctfuct

investing in real estate should be pretty safe, but yeah I agree saving money is useless since the value depreciate and honestly I think its depreciating much faster than in the 70s and the 80s. While I wasn't alive then, now you can actually see the price rise every several months meanwhile in past years a price of an item will hold for a long time say at least a decade. Now it feels like we are in Zimbabwe

You're correct that we aren't seeing the same levels of inflation we have seen in the past. And keeping money in cash is definitely not the smart play; it should be in some sort of asset. But to say "it feels like we are in Zimbabwe" is hilariously over the top. They printed multi-trillion unit bills that were worthless.
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marurun
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Re: Any cryptocurrency users here?

by marurun Mon Jan 17, 2022 4:19 pm

Here's a fun anecdotal take on cryptocurrencies from an Aussie who invested some "fun" money in a whole bunch of different coins and shared the results, of the "investments", the experience watching the numbers change, seeing the edges of the community, and all the various risks and pitfalls. Not a horribly long read and worth a few minutes.

https://www.dmarge.com/2021/06/crypto-c ... iment.html
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fuctfuct
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Re: Any cryptocurrency users here?

by fuctfuct Mon Jan 17, 2022 5:30 pm

MrPopo wrote:But to say "it feels like we are in Zimbabwe" is hilariously over the top. They printed multi-trillion unit bills that were worthless.


It's closer than you think. 40% of the US dollars in existence were "printed" in the last 12 months.
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Ack
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Re: Any cryptocurrency users here?

by Ack Mon Jan 17, 2022 8:30 pm

fuctfuct wrote:
MrPopo wrote:But to say "it feels like we are in Zimbabwe" is hilariously over the top. They printed multi-trillion unit bills that were worthless.


It's closer than you think. 40% of the US dollars in existence were "printed" in the last 12 months.

That's not that surprising though. The typical lifespan of most smaller denominations of US currency is less than 5 years. Fresh currency is routinely created while banks turn over older bills to be destroyed on a regular basis.

There's a good article on this process. It's a little over a decade old, but it explains the ins and outs of currency destruction: https://www.theatlantic.com/business/archive/2011/04/the-destruction-of-money-who-does-it-why-when-and-how/236990/
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Re: Any cryptocurrency users here?

by fuctfuct Mon Jan 17, 2022 9:08 pm

Not surprising at all.

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o.pwuaioc
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Re: Any cryptocurrency users here?

by o.pwuaioc Mon Jan 17, 2022 9:42 pm

fuctfuct wrote:Not surprising at all.

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Yep, not surprising at all.

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Dodgy Youtube videos, misleading graphs, a lack of critical analysis, and one man's personal testimony that this scheme enriched him. Yeah, sign me up to this scam, please!

(Before you say shit, I have some crypto, and I fully am aware that this is gambling.)
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Re: Any cryptocurrency users here?

by Ack Mon Jan 17, 2022 9:47 pm

Yes, and we also had a pandemic occur during the early part of 2020 that led to actions by the Federal Reserve. As the economy and portions of industry shut down entirely, the Fed made radical changes to try and limit damage.

Here is their white paper on their actions: https://www.federalreserve.gov/econres/feds/the-covid-19-crisis-and-the-federal-reserves-policy-response.htm

So while the spike may be significant, the external factor of a global pandemic that is still ongoing is also significant.
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fuctfuct
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Re: Any cryptocurrency users here?

by fuctfuct Mon Jan 17, 2022 10:52 pm

o.pwuaioc wrote:Dodgy Youtube videos, misleading graphs, a lack of critical analysis, and one man's personal testimony that this scheme enriched him. Yeah, sign me up to this scam, please!

(Before you say shit, I have some crypto, and I fully am aware that this is gambling.)


What precisely is "dodgy" about the recent videos I've posted? Other than the humorous one. None are shill vids. Just intelligent people having open, long forum discussions. Did you actually watch all of them? Or are you just using the "its from YouTube" non argument fallacy? There are many more to share, I was just sharing the ones I'd recently watched. I'd understand if I was sharing some of the millions of click bait hype vids. I cant stand those either.

I fail to see how my (single) graph is misleading. The one you posted is surprising too.. Plandemic or not.

You have no idea how much analysis I've done, or not done. I've stated a few times that I'm not great at articulating my views on the subject. This is the reason I shared the videos of people who can.

How fucking dare I share my experiences in a thread about exactly that. WTF was I thinking!!!?

Moving on....

The amount of ignorance and hostility on the subject in this echo chamb... err forum.. is kind of astonishing. I literally get nothing out of this. It's not like if I convinced every single one of you to buy Bitcoin it would increase the price even 0.5%. I believe in it. How dare I!! I'd love to see other people benefit as I have. My brother bought a $72,000 truck with a single-ish BTC in the summer. He bought that BTC for less than 10k after talking to him about it in 2016 IIRC. My ex wife used some of hers for a down payment on a house recently. There is a very real chance it becomes very big and gains mass adoption. What do you think happens to the price then? There's also chance it does not. I've been 100% honest about this in all of my posts.

I just don't get it. None of you are willing to risk even a few bucks a month? Seriously? What are you going to do if it gets into the multi millions and is accepted everywhere 10 years from now? You not gonna say "Sure glad I saved that few bucks a month back in 2022!" I know that.

Literally 95% of all of the negative things each of you express about Bitcoin have been debunked many times over. Some of it is more accurate for crypto in general though.

(Before you say shit, I have some crypto, and I fully am aware that this is gambling.)
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Re: Any cryptocurrency users here?

by PretentiousHipster Mon Jan 17, 2022 11:00 pm

I am someone who looks into stuff in good faith, despite topics I disagree with, and am a big believer in nuance. I just find it weird that you are calling people out for a non-argument fallacy, when in fact you have used a fallacy yourself (gish gallop). It's not that we don't hate youtube videos, it's that you linked us almost 4 hours worth of content, with the shorter being an hour and 40 minutes.

What I do when talk about economics is that I summarize what I've learned. Would you read my favourite 1500 page long economics book? No, no one in their right mind would, and although it's only a fraction of the length, almost 4 hours is still complete overkill.

I'll gladly talk to you about it, especially since you were going into good faith with it, and saying you want to inform us. I would just like some effort in your part and to summarize the points made in those videos if you're gonna keep linking them.

However, this might not be the best topic because it will really reach into political territory ie regulations vs decentralization, and libertarian style policies.

EDIT: However, the two points I will make, and would like to see them addressed, is its 20% drop because a smaller country used it as legal tender, which shows its volatile nature, and 2) the environmental impact. Yes, in theory it may not do so, but in reality with something decentralized people will try to take advantage. It is stated, and I can provide sources if needed, that bitcoin's power consumption is equivalent to 2.6-2.7 billion homes for one year. You used your argument that it raised your bill by I think $30, but if you're saying that that's ok because one person only does that much, then I guess I'll never vote again because it's only one vote, and in the grand scheme of things it doesn't matter, especially if I vote minor party.
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