No surprise except in how quickly it happened but Crypto loooking pretty dead

Walt said:
You seem completely unwilling to accept reality. I have watch Bitcoins go from 5 cents to $1000, back to 2 cents, back to $1000, and then up to $50,000. Some of those moves took less than an hour. There is no one trying to keep Bitcoins steady, and they are useless in accounting. Meanwhile, most of the world uses the Dollar for cross border accounting. Extreme amounts of effort goes into making it very stable.
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im not for bitcoin either. i already said that.
 
AssHatZombie said:
im not for bitcoin either. i already said that.
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It is not a question of what you are for or against. It is a clear example that BitCoins has nobody trying to keep it steady, and the Dollar has a huge effort to keep it steady. The situation is the opposite of what you claim.
 
Walt said:
It is not a question of what you are for or against. It is a clear example that BitCoins has nobody trying to keep it steady, and the Dollar has a huge effort to keep it steady. The situation is the opposite of what you claim.
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i do not agree. the fed is abusing the dollar to detriment of everyone else.

you're saying "it's better than bitcoin".

IM saying "thats a shitty low bar to compare to and the fed is still shitty and abusive, negligent, and corrupt"
 
if you think big banks arent' behind crypto you're dumb.

the big banks were behind wwII as well and you can't accept that reality either.
 
Celticguy said:
Anyone foolish enough to have gotten into it ?

Oh well....
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Getting in at $200, and selling at $60,000 must have been great.

But investing in something that doesn't exist is just plain silly.

And now that it will be regulated, the thrill is gone
 
Walt said:
Most money is not created by the government, and most inflation is due to velocity of money, and not creation of money. In short, it is very complex to control inflation, much as it turned out to be very complex to reverse deflation.

Keeping the US Dollar stable has taken a huge amount of effort. Volcker raised the fed rate to 20%, causing double digit unemployment, and hurting the income of over half of Americans, all to get inflation under control in the late 1970's. It was brutal what we as a country went through, but the Fed decided it was worth it.

Your claim they are not trying to keep the Dollar steady is just delusional.
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Well, my first mortgage in the late 80s was at 14%. It sure did suck, but back then CDs were paying almost 10%. Bond market was out of sight as well.
 
Althea said:
Getting in at $200, and selling at $60,000 must have been great.

But investing in something that doesn't exist is just plain silly.

And now that it will be regulated, the thrill is gone
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crypto was the establishments way of stopping the fed-suspicious from buying gold.
 
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Althea said:
Well, my first mortgage in the late 80s was at 14%. It sure did suck, but back then CDs were paying almost 10%. Bond market was out of sight as well.
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My parents first mortgage was 10.5% in the 1970's. My grandfather thought they were fools, because he thought interest rates had to come down in a month or two. They only went up from there.

Right now you can still get a mortgage rate for about 5%. The mortgage market is assuming an inflation rate of about 2%, which is the target rate.
 
AssHatZombie said:
if you think big banks arent' behind crypto you're dumb.

the big banks were behind wwII as well and you can't accept that reality either.
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And AssHat goes back to Neo-Nazism.

Why would the big banks want to give an alternate way to send currency overseas? That would be giving up a major profit center for them.
 
Guille said:
Crypto is not a fiat currency because it is not currency at all.
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Non government crypto is not government issued currency, but can be used as currency. It is difficult to use as currency because it is not a steady means of accounting, so I would have sort of agreed with you...

But now we have government crypto, and crypto's backed by government currency. At that point, it is currency.
 
Walt said:
My parents first mortgage was 10.5% in the 1970's. My grandfather thought they were fools, because he thought interest rates had to come down in a month or two. They only went up from there.

Right now you can still get a mortgage rate for about 5%. The mortgage market is assuming an inflation rate of about 2%, which is the target rate.
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And the flip side is seniors with 'safe' portfolios are earning nothing on their money.
 
Walt said:
Non government crypto is not government issued currency, but can be used as currency. It is difficult to use as currency because it is not a steady means of accounting, so I would have sort of agreed with you...

But now we have government crypto, and crypto's backed by government currency. At that point, it is currency.
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It's a trade medium, just like chickens and pies.
 
Guille said:
It's a trade medium, just like chickens and pies.
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Chickens, and pies are a terrible medium of trade. They go bad, so require being used quickly. That requires a coincidence of wants, which is very hard to engineer.
 
Althea said:
And the flip side is seniors with 'safe' portfolios are earning nothing on their money.
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The last decade it has been almost impossible to generate any money off of safe investments, or even much money off of dangerous investments. That looks like it might change.
 
Walt said:
The last decade it has been almost impossible to generate any money off of safe investments, or even much money off of dangerous investments. That looks like it might change.
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'Dangerous' investments are basically any stock on the market, as there is no guarantee that there won't be fluctuations. The market is nothing but a facade for decades now, propped up by the Fed or by share buybacks. If you are active, you can definitely take advantage of the market fluctuations, but there is risk if you aren't hands on.

The wealthiest people in the nation made billions in the market during Covid.

Same for EVERY SINGLE member of Congress.
 
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