Bitcoin price crash becomes even more drastic as crypto owners lose hundreds of billions

Yahoo! News ^ | 1/22/2022 | Andrew Griffin

[BiglyCommentary]

But I’m saing it not as bad as you are making it out to be since you your assets went up in value accordingly and your pay increased also.

[BiglyCommentary]

“Mayor Adams is but one of a number of high-profile figures to take their paychecks in cryptocurrency. NFL players including Aaron Rodgers, Tom Brady, and Odell Beckham Jr. have also chosen to convert a portion, if not their entire salaries into cryptocurrency. The current crypto slump is likely wringing out their digital wallets even more so than Adams’, however, as all three players switched over their salaries when Bitcoin was at its highest last fall.”

Some of these “we want to be cool and hip and happening” types are getting smelling salts.

[cuban leaf]

Actually, that is my point. The value of assets and the amount of money I make both went up because in reality what happened was the money became less valuable. That’s why I consider increasing the minimum wage to be inflationary. What you’re doing is raising the floor. And when you raise the floor you raise the whole building.

[BiglyCommentary]

You have 10 people on an island and each needs 5 fed shells in their pocket to transact business. 20 years later the island now has 100 people. How do they transact business unless the money supply is increased from 50 shells to 500 shells?

[cuban leaf]

You have 10 people on an island and each needs 5 fed shells in their pocket to transact business.

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Simple. 10x5=50. Increase the number of people to 100, and each gets a half shell. And in order to sell goods, everyone will have to cut their prices, but the money becomes more valuable. i.e. deflation.

But the good news is that you can always find more shells, though there may be a limited supply. But when you convert them to paper, and you increase the population by ten, and increase the “paper” shells by 500, well you end up with inflation. And when you increse the paper shells by 10,000, you end up with hyperinflation.

[BiglyCommentary]

Shells are from the titania musclock and not possible to cut in half without diamond tipped saws, that have not been invented yet.

[cuban leaf]

Shells are from the titania musclock and not possible to cut in half without diamond tipped saws, that have not been invented yet.

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That makes them the equivalent of a penny. I suggest they find a different form of money. A currency that can not be broken down into small enough denominations is not all that useful. Imagine if the smallest denomination was $100. Shopping would be a pain and convenience stores would cease to exist.

Then again, maybe they could print notes that are worth a part of a shell. Hmmmmm... 🤣

[BiglyCommentary]

One guy on the island suggested having pennies and they all agreed to throw him into the volcano.

[cuban leaf]

OK, THAT one cracked me up! :)