Posted on 08/30/2021 9:55:52 AM PDT by SaxxonWoods
I admit it—I don’t understand crypto.
I don’t want to understand it, just don’t like the smell of it.
My sense of smell never lets me down.
I’d be OK with this as long as it breaks that racist bastard Spike Lee and his “new money” fraud.
Don’t know much about this stuff, but will folks begin shorting it soon like they do stocks?
Not even Detroit:
The same is true of fiat currencies, including the U.S. Dollar. At least with a cryptocurrency you have a good idea how many are in circulation. With the U.S. Dollar, you have now idea how much the U.S. Treasury has printed, or added zeros and ones to accounts, whether "legitimately" or for the Taliban.
Silly wagging tongues.
“Why aren’t home prices in a bubble just like 2007?”
A good question with an easy answer.
Houses were in oversupply in 2007 and people were losing their jobs. Interest rates were higher, making homes less affordable. Consumer confidence was much lower.
Now, houses are in undersupply, plenty of jobs are available for those willing to work, mortgage rates are much lower and cash held by consumers is much higher.
Also a large amount of used homes are being purchased by investors, large and small, because money is cheap and they expect hard assets to be inflation protection.
Anyone who thinks world govts will allow crypto stay uncontrolled by said govts is in for a big shock.
Funny, this is the first time I’ve seen a money guy recommend Gold and not be praised to the hilt.
Do people really believe in crypto above Gold now?
“There is nothing backing cryptocurrencies, except its notional value.”
Oh, like the US dollar. Now I get it.
I thought they were a great example of people looking for something outside our banking system and was not fiat currency, but were afraid of gold.
The other thought is that it is a Trial Run by the Powers That Be to get people used to crypto. Then at some financial crisis, ban all of them except those issued by governments and do away with currency as we know it.
Think of the potential under the new "No soup for You" concept:
"post anti-government comments?" - no soup . . .
"refuse vaccination?" - no soup . . .
etc., etc. .
And then we have their ultimate Wet Dream - Time Dependent deposits - spend before the expiration date or lose it.
It's all "For Your Safety", ya know.
I’ve got no problem investing in precious metals. Have some myself. However, crypto is the future. In what form exactly? Who knows. Only a fool, or someone with an agenda will say otherwise.
In short term survival of the moment, yes of course. But beans and rice, ammo and a generator are a bridge to help you make it back to real life. When there is a collapse of some sort, bitcoin, gold, etc will allow you to buy into the new currency, and reestablish your life.
A person would be a fool to only have bitcoin or gold and think they are prepped. A person would be a fool to think their durable supplies make them prepped either. Bitcoin and gold is not for use DURING the crisis. It is for after the depression, war, or whatever.
To rebuild your life.
“There is nothing backing cryptocurrencies, except its notional value.”
Oh, like the US dollar. Now I get it.”
____________________________________________________
That canard (started by crooked gold and silver dealers) really needs to die. The dollar is backed by the worth of all the land, minerals, oil, gas etc. and improvement owned or controlled by the federal govt.
And that’s plenty, which is countries accept the fact the dollar is stable, use it and trade it.
See my 29.
I certainly don’t hold it above gold. Gold is a great steady investment, and the price has gone up.
I’ve been making my money in crypto though; and what’s key is that the money I’ve put in, I can afford to lose. It’s just 1 part of a solid investment strategy.
The value of Bitcoin is in its rarity, like a collectible, not currently as an exchange medium. How does one use it to exchange labor and services? Can you send a small fraction of a bitcoin, or are you walking around with a $51,000 dollar bill that only institutions and drug dealers actually trade? I fully admit my ignorance on this. There are only 19 million bitcoins around, but there are 8.6 billion Tethers. Is that why it is only trading at $1?
Anyone who thinks world govts have any power to control crypto is in for a big shock.
I think he’s fundamentally correct. There is nothing backing cryptocurrencies, except its notional value.
—
And now that the US Military has surrendered to 7th Century tribal types wielding 70 year old guns, neither does the Dollar.
Bitcoin may be exchanged in numerous ways. Not all that different than using a credit card payment except there is no middle man.
Can you send a small fraction of a bitcoin, or are you walking around with a $51,000 dollar bill that only institutions and drug dealers actually trade?
Bitcoin may be traded at an extremely small fraction as it is not a physical entity.
I fully admit my ignorance on this. There are only 19 million bitcoins around, but there are 8.6 billion Tethers. Is that why it is only trading at $1?
BTC is currently trading at the USD equivalent of about $48,500. There are dozens of other crypto currencies and I have no idea about "Tethers"
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.