Why was the news that the SEC rejected a spot ETF deleted? Are mods mad because future of coins is poor &they can’t get liquidity and dump bags as easily?
Grayscale Investments' lawsuit against the U.S. Securities and Exchange Commission for nixing the digital asset manager's proposal to create a spot bitcoin exchange-traded fund will likely be decided within a year, the compan...
These currencies are only down in relation to USD.
If the idea is to not value USD, then it doesn’t matter.
The problem is, no one bought Bitcoin and such because they wanted Bitcoin. They traded USD for them at the point of purchase in hopes of trading back for more USD in the future.
That’s not investing, it’s speculating.
Investing is putting money towards something with a plan that it would be used to actually create more money.
Buy lemons, water and sugar. Pay people to mix them, bottle them and sell them. Do it right and the sales will exceed the money invested.
What was the purchase of Bitcoin supposed to do?
Even if you invest in art, classic cars or stamps you can at least look at them or display them while hoping their value goes up due to scarcity.
In a capitalist society, a certain select group is able to negotiate a higher wage for their labor than what they require to pay for food, housing, etc. And another group gets to start businesses and earn profits that are also in excess of what they need to pay their living expenses. This passive income is a privilege and in a socialist or communist society would be the property of the state or the workers' collective. The argument for capitalism is that this passive income is directed at funding business endeavors which contributes to market efficiencies through competition and a growing economy, which lifts all boats (yes, we all know that is BS, but this is just for argument). Of course, even Milton Friedman readily admitted that government and courts were needed to set some rules for the market to prevent fraudsters from ruining everything.
Allowing people to use their passive income to essentially gamble on crypto is completely antithetical to capitalism because it syphons money away from businesses that could use the capital to expand, do R&D etc.
Crypto is not a currency. Outside of money laundering, drug smuggling and buying a Tesla, you can't use crypto to buy anything. It will never be adopted as a currency because it is too volatile. For the same reason, crypto is not an inflation hedge. Crypto is crashing at precisely the time when investors should be flocking to it to hedge against inflation and a falling equities market.
Crypto is just a ponzi scheme where everyone who is in the game spends all their time trying to get others to join in and then dumps just when things start to go bad, leaving the FOMOs to lose their shirts. Crypto is also having a cost problem in that the cost of maintaining a crypto coin is beginning to cost more than the market value of the coin. This puts a good bit of the crypto market on the path of a death spiral where the companies that maintain the coins run out of money. And I am not even getting into the huge leverage bombs that are going to go off as crypto keeps diving.
If you are a capitalist, you will want to ban crypto for the same reasons that insider trading and fraud are against the law. Capital needs to be directed at businesses that create value and efficiencies. Capital should not be allowed to pool into a gambling den.
In a capitalist society, a certain select group is able to negotiate a higher wage for their labor than what they require to pay for food, housing, etc. And another group gets to start businesses and earn profits that are also in excess of what they need to pay their living expenses. This passive income is a privilege and in a socialist or communist society would be the property of the state or the workers' collective. The argument for capitalism is that this passive income is directed at funding business endeavors which contributes to market efficiencies through competition and a growing economy, which lifts all boats (yes, we all know that is BS, but this is just for argument). Of course, even Milton Friedman readily admitted that government and courts were needed to set some rules for the market to prevent fraudsters from ruining everything.
Allowing people to use their passive income to essentially gamble on crypto is completely antithetical to capitalism because it syphons money away from businesses that could use the capital to expand, do R&D etc.
Crypto is not a currency. Outside of money laundering, drug smuggling and buying a Tesla, you can't use crypto to buy anything. It will never be adopted as a currency because it is too volatile. For the same reason, crypto is not an inflation hedge. Crypto is crashing at precisely the time when investors should be flocking to it to hedge against inflation and a falling equities market.
Crypto is just a ponzi scheme where everyone who is in the game spends all their time trying to get others to join in and then dumps just when things start to go bad, leaving the FOMOs to lose their shirts. Crypto is also having a cost problem in that the cost of maintaining a crypto coin is beginning to cost more than the market value of the coin. This puts a good bit of the crypto market on the path of a death spiral where the companies that maintain the coins run out of money. And I am not even getting into the huge leverage bombs that are going to go off as crypto keeps diving.
If you are a capitalist, you will want to ban crypto for the same reasons that insider trading and fraud are against the law. Capital needs to be directed at businesses that create value and efficiencies. Capital should not be allowed to pool into a gambling den.
From a societal level completely agree. From an individual level, if you can buy a limited asset and the it goes up that’s good for you.
So there is this bartender, who is heavily into crypto, that I haven't really seen since Covid has been generally keeping me away. I saw him very recently and while i thought he would have reluctantly have gotten out of crypto during the huge slide, it turns out he won't because he thinks that cashing in his crypto for fiat currency would be like kissing it good-bye because fiat currency will soon be worthless, in his opinion. So, he''s actually been buying more, on the dip.
I have been leaving huge tips for this guy for years, and now it is sinking in that I've been throwing that money away.
Do I continue tipping this clueless guy big or is it like I think, there's no point in doing that?
I would continue tipping him well but write your apologies for him getting REKT on the receipt
This makes perfect sense to you and me. But I hope you see that he sees it entirely differently. So differently, it is almost hard to fathom.
His way of seeing it: the fact that I am giving him large tips is just about meaningless (in his eyes) because what I am unloading is a currency that is soon to be worthless anyway, And only due to his insight are we able to convert this outdated (fiat) currency into something that will maintain its value (bitcoin).
Again, I fully expected this huge downturn to maybe open his eyes, but I was very surprised to find that he is even more dogmatic about this than I imagined.
I tip my bartender at Thanksgiving, as you say, for me and my running buddies, a generous $20., He buys bitcoin, as he always does, Now those satchmos, or whatever he calls them, are worth - get this - $7.25! That is based upon how much bitcoin has lost in value since then.
Why bother leaving a big tip if you know it's almost certainly just going up in smoke?
how much extra do you tip him? Does he keep checking the price even while he’s at work?
usually in the 30% range. but that's because I only drink a couple and that makes for a piddly tip.
And no, he never checks the price as far as I can tell. That's because it's not an investment, to him. He bristles if you call it an investment. He's made it clear. It's money, and clueless dimwits like me are the only ones who don't realize that yet - but we will when our fiat currencies are replaced by bitcoin, which it absolutely positively will (according to you know who).
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