Bitcoins/Litecoins/Virtual Currencies

Gravel · Apr 24, 2021

Bullshit we haven't seen inflation. Yes, if you use the government's manipulated definitions, sure. Like transitory increase don't count; for instance if we have an increase of 100% on all goods and services from 2020 to 2021, but it's a one time increase, that's technically not "inflation." Or when they change the basket used for CPI every year or two, you never get a consistent number for inflation either.

Everything has become massively more expensive in just the last 6 months. It has to when you add another $8 trillion in a year.

Lightning Lord Rule · Apr 24, 2021

Gravel said:
Bullshit we haven't seen inflation. Yes, if you use the government's manipulated definitions, sure. Like transitory increase don't count; for instance if we have an increase of 100% on all goods and services from 2020 to 2021, but it's a one time increase, that's technically not "inflation." Or when they change the basket used for CPI every year or two, you never get a consistent number for inflation either.

Everything has become massively more expensive in just the last 6 months. It has to when you add another $8 trillion in a year.

This.

Pretty much all gov or big tech data numbers are pure bullshit anymore. It's been going on so long that I'm not even sure anyone even knows what the real data would look like if they saw them. I'm 100% certain it's to obfuscate things for the masses so they don't know what's happening and will remain asleep, and so that insiders can be constantly ahead of everyone else since they are the only ones with real numbers and data.

Furry · Apr 24, 2021

Lightning Lord Rule said:
This.

Pretty much all gov or big tech data numbers are pure bullshit anymore. It's been going on so long that I'm not even sure anyone even knows what the real data would look like if they saw them. I'm 100% certain it's to obfuscate things for the masses so they don't know what's happening and will remain asleep, and so that insiders can be constantly ahead of everyone else since they are the only ones with real numbers and data.

Spoken like someone that don't read the fast food thread. Inflation is here and real.

Lambourne · Apr 24, 2021

Gravel said:
Bullshit we haven't seen inflation. Yes, if you use the government's manipulated definitions, sure. Like transitory increase don't count; for instance if we have an increase of 100% on all goods and services from 2020 to 2021, but it's a one time increase, that's technically not "inflation." Or when they change the basket used for CPI every year or two, you never get a consistent number for inflation either.

Everything has become massively more expensive in just the last 6 months. It has to when you add another $8 trillion in a year.

You're where I was 8 years ago, way down the rabbit hole. It's mesmerzing I know.

Before you link to shadowstats, calculate what their 6% annual inflation comes to over a decade.

Lightning Lord Rule · Apr 24, 2021

Furry said:
Spoken like someone that don't read the fast food thread. Inflation is here and real.

Umm, that's what I was saying? Gov says inflation is minor and cites their own BS numbers, I'm saying the opposite. And no, I don't read the fast food thread because I don't eat fast food except occasional egg mcmuffin when I'm going to be on the road.

OU Ariakas · Apr 24, 2021

LachiusTZ said:
There is going to be serious pain if the dollar is to remain the world reserve.

Like serious fucking hurt for almost everyone.

I dont think people are capable of pushing society through it, much less society actually enduring it.

And why do you think it would be fiat?

Mist said:
America doesn't look particularly stable these days. It is not likely to get better in the near-term (25 years.)

You are both missing the bigger picture. The United States: is the only first world country not in terminal demography (thank you milennials), only relies on exports for last than 15% of GDP, can satisfy 90%+ of its import needs regionally, and is also the only country that can protect all it's own shipping lanes.

Instability in the United States causes *greater* instability in the rest of the world because none of them are in as good a shape across the dimensions that are conducive to a stable reserve currency. Even if either of you are completely correct; there are no viable replacements for the USD in the timeframes any of you are predicting.

BTC may be decentralized and above some of those criteria but it falls flat when you are talking about a world where US influence and largesse are gone. In that world who do the expect will be able to fund the greater internet connectivity and technological innovation required to make BTC fungible enough to be the reserve currency?

TheBeagle · Apr 24, 2021

Technology has now made it so it's virtually impossible for any true revolution of any kind to occur. Those in power will never give it up and will never allow any kind of true populist movement. This power transcends nation states. US vs. China is just another distraction for the plebs to focus on while the real power continues skimming off the top.

In the entire history of our species, the commoners have never defeated the masters. Sure we might get a couple heads under the guillotine every now and then but in the end it's just the illusion of trading one corrupt group for another. The powerful have never had as much influence/power/money/weapons as they currently do now. The idea that they are going to be brought down or allow anyone else to participate in their game is laughable and naive. If crypto replaces fiat then it's because those in power already have control over it.

Tmac · Apr 24, 2021

TheBeagle said:
If you think your average suburban mom is going to be buying groceries with Bitcoin or Eth in 5 years then you're delusional. If your answer is "they'll just convert it to cash to buy stuff" then that does nothing to solve inflation.

People have been worrying about inflation forever. It's unavoidable and it's a feature of a healthy, growing economy. Sure out of control inflation should be avoided but I've been hearing that's coming since 2007 and it still hasn't happened.

Crypto is an interesting abstraction for hyper tech nerds that's made it's way into the mainstream consciousness. 99.9% of people will never understand how it actually works beyond "buy low, sell high lol". At some point when enough money from Main Street makes it's way into crypto the sharks will snatch it all away, people will lose money they couldn't afford, the mainstream media will convince everyone it was an alt right plot thought up by Nazis and it will go back to being an abstraction for nerds in the dark corners of the Internet.

The End.

Inflation is simply legalized robbery. When you say it’s a feature of a healthy currency it sounds like you don’t understand what it is.

If you or I print money we go to jail for the rest of our lives. But the Fed prints it at will. The super rich make money on inflation and get richer, the rest of us just get poorer.

Saying inflation is a feature of a healthy economy is like saying a keylogger is a healthy feature of banking software or ransomware is a healthy feature of municipalities. Inflation is a plague, a deadly diseases, a curse and its being used to fuck you.

Take look see if you don’t believe me: WTF Happened In 1971?

Arden · Apr 24, 2021

You guys can argue about if (or when) crypto will replace fiat or if it will be deflationary all day, but the bottom line is that cryptocurrency- as in the monetization of blockchain tech- isn't going anywhere. And if you don't believe it's going to be an increasingly important part of the global economy over the next few years, then you are as dumb as the people who thought the Internet was just a "fad" in the early 90s. Trying to predict exactly how it will play out is a fools errand, but if you like money, investing in crypto is a wise idea. People much smarter than anyone on this board have already figured that out.

Kiroy · Apr 24, 2021

Tmac said:
Take look see if you don’t believe me: WTF Happened In 1971?

giant bitcoin add on top, lol

Rajaah · Apr 24, 2021

Tmac said:
Inflation is simply legalized robbery. When you say it’s a feature of a healthy currency it sounds like you don’t understand what it is.

If you or I print money we go to jail for the rest of our lives. But the Fed prints it at will. The super rich make money on inflation and get richer, the rest of us just get poorer.

Saying inflation is a feature of a healthy economy is like saying a keylogger is a healthy feature of banking software or ransomware is a healthy feature of municipalities. Inflation is a plague, a deadly diseases, a curse and its being used to fuck you.

Take look see if you don’t believe me: WTF Happened In 1971?

These graphs are mind-blowing. Even though I already knew a lot of it, it's still mind-blowing to see it illustrated so effectively in a group of charts. I was told for years that the productivity/profits/cost of living versus income divide started under Reagan, but 1971 ain't Reagan. This goes well beyond any president being responsible for it, I'd say. It's above their pay grade.

Mist · Apr 24, 2021

Tmac said:
But the Fed prints it at will.

You have little-to-no idea what you're talking about. Yeah, the 70s were a complete shitshow, mostly due to energy economics, but past that, "The Fed" has kept the US dollar's inflation incredibly low vs other currencies for most of the past 40 years. US inflation has remained as good or better with the other most stable currencies in the world:

What happened after 1980 that caused compensation to remain stagnant is that the Reagan Republicans were able to successfully re-brand any kind of pro-worker movement/policies as 'socialism' and therefore an evil that had to be combatted, then somehow over the next 40 years, perfected the practice of duping working class whites into voting against their own economic interests. "Working Class Hero" Donald J. Trump appointed 234 federal judges hand-picked by the most powerful corporations in America, by shadowy group within the Federalist Society, guaranteed to rule in the most anti-worker ways possible. This was done in the same way that white southern plantation owners were able to convince white southern workers, impoverished by the practice of slavery devaluing labor, to wage one of the most gruesome wars in the history of man against their own economic interests. I'm sorry that white American males, particularly in the south, are that consistently and reproducibly manipulated in the same dumb ways, but they are.

Mist · Apr 24, 2021

The other cause of the difference between productivity and compensation is unfortunately technological. In the 1970s and later, companies invested heavily into other forms of non-human capital, particularly computers and other forms of automation, to force-multiply their existing workers, which causes profits-per-employee to appear elevated. The dollars that would have gone into wages went to the companies that made computers and advanced robotics, which enriched the shareholder class, did alright for the engineers who made the computer shit and the salesmen who sold that shit, and basically fucked everyone else.

But now we're entering a world where SaaS, PaaS, and IaaS are reducing the amount of up-front capital investments that companies need to make to run their businesses. Compensation should start to tick up, but it won't, because the ownership class has successfully brainwashed the populace into accepting 2-3% raises every year as "normal."

Aaron · Apr 24, 2021

Finally folded and set up a Coinbase account. Bought my first 0.0023 BTC! Gonna sell them in 2 days time. This is just a test run. If it all goes well I'm thinking of buying a lot more. At the moment I have it linked to my Credit Card.

Any tips for a first time person? I'm looking to buy and hold long time (1+ year) as both a savings but also a hedge against the crazy shit most Fait currencies are engaging in at the moment. Also, note that I'm a Euro Bro, so some of the USA only stuff won't apply to me.

Tmac · Apr 24, 2021

Mist said:
You have little-to-no idea what you're talking about. Yeah, the 70s were a complete shitshow, mostly due to energy economics, but past that, "The Fed" has kept the US dollar's inflation incredibly low vs other currencies for most of the past 40 years. US inflation has remained as good or better with the other most stable currencies in the world:

View attachment 350609

What happened after 1980 that caused compensation to remain stagnant is that the Reagan Republicans were able to successfully re-brand any kind of pro-worker movement/policies as 'socialism' and therefore an evil that had to be combatted, then somehow over the next 40 years, perfected the practice of duping working class whites into voting against their own economic interests. "Working Class Hero" Donald J. Trump appointed 234 federal judges hand-picked by the most powerful corporations in America, by shadowy group within the Federalist Society, guaranteed to rule in the most anti-worker ways possible. This was done in the same way that white southern plantation owners were able to convince white southern workers, impoverished by the practice of slavery devaluing labor, to wage one of the most gruesome wars in the history of man against their own economic interests. I'm sorry that white American males, particularly in the south, are that consistently and reproducibly manipulated in the same dumb ways, but they are.

1. Your chart doesn’t include the trillion dollar bills the Fed printed last year
2. Your chart doesn’t account for inflation:gdp which is what we should care about. 1% of a few trillion and 1% of a billion are completely diff orders of magnitude.
3. The group that picked those judges was 10 deep and included partners in firms like Reed, Collins, and Tsai, who are colloquially known as the Delta Force of law firms (they sue the biggest firms in the world)
4. If 1-3 don’t do it, you comparing Fed Soc to slave owning plantation owners exposes how broken your lens is

Tmac · Apr 24, 2021

Aaron said:
Finally folded and set up a Coinbase account. Bought my first 0.0023 BTC! Gonna sell them in 2 days time. This is just a test run. If it all goes well I'm thinking of buying a lot more. At the moment I have it linked to my Credit Card.

Any tips for a first time person? I'm looking to buy and hold long time (1+ year) as both a savings but also a hedge against the crazy shit most Fait currencies are engaging in at the moment. Also, note that I'm a Euro Bro, so some of the USA only stuff won't apply to me.

Make a spreadsheet w your investment and the fees. Then have it setup to show you what you’ll pay in fees and taxes if you sell.

You have to make > 15-20% return if you want to make money.

Mist · Apr 24, 2021

Tmac said:
1. Your chart doesn’t include the trillion dollar bills the Fed printed last year

Yeah but it does include all the other times over the past 14 or so years that people freaked out and claimed the sky was falling over the Fed printing tons of money.

The Fed isn't perfect, but they are neither idiots nor a nefarious conspiracy to steal your money through inflation.

Kiroy · Apr 24, 2021

Tmac said:
1. Your chart doesn’t include the trillion dollar bills the Fed printed last year
2. Your chart doesn’t account for inflation:gdp which is what we should care about. 1% of a few trillion and 1% of a billion are completely diff orders of magnitude.
3. The group that picked those judges was 10 deep and included partners in firms like Reed, Collins, and Tsai, who are colloquially known as the Delta Force of law firms (they sue the biggest firms in the world)
4. If 1-3 don’t do it, you comparing Fed Soc to slave owning plantation owners exposes how broken your lens is

engage with a communist mega dyke who can't help but drag every thread she's in into a pit of despair, and you'll get what you deserve

you're like one or two responses away from getting her to start multi posting personal anecdotes about her work and life

Mist · Apr 24, 2021

Kiroy said:
communist mega dyke

This is really not the insult you were hoping for.

Kiroy · Apr 24, 2021

Mist said:
This is really not the insult you were hoping for.

it's not meant as an insult i'm just describing you

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