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Message
re: Dave Ramsey: Will the stock market crash under Joe Biden?
Posted on 4/15/21 at 11:17 am to finchmeister08
Posted on 4/15/21 at 11:17 am to finchmeister08
We’re up 11% ytd on the S&P. A crash, if it were
To happen because of Biden, should have already happened imo
To happen because of Biden, should have already happened imo
0
Posted on 4/15/21 at 11:20 am to rocket31
No I've always like the technology and I'm big on decentralization of government. I don't understand how it's any different than a government backed currency. And the more I hear the institutional men that have ins with the regulators talk about it, I don't really see the value other than another piece of Art for elites and a way to pretend your wealth is isolated from the system.
Posted on 4/15/21 at 11:21 am to wutangfinancial
quote:
I can use any fraction I want as a means of exchange. That means there's an infinite supply of BTC. What am I missing?
finite supply, but infinitely divisible
for example, ~$600 can buy you 1 million sats right now (or 0.001000000 bitcoin)
This post was edited on 4/15/21 at 11:21 am
Posted on 4/15/21 at 11:22 am to wutangfinancial
quote:
I don't understand how it's any different than a government backed currency.
dude, the circulating supply of bitcoin will never be more than 21 million
the circulating supply of dollars will continue to go up for the rest of our lives
Posted on 4/15/21 at 11:42 am to wutangfinancial
quote:
I don't understand how it's any different than a government backed currency.
Scarcity.
I don’t have to trust the people involved, I only have to trust the code and the established protocol.
Posted on 4/15/21 at 11:47 am to wutangfinancial
quote:
I don't understand how it's any different than a government backed currency
This is a surprising comment given your apparent sophistication in other realms of finance.
Posted on 4/15/21 at 12:16 pm to rocket31
quote:
the circulating supply of dollars will continue to go up for the rest of our lives
This is objectively wrong with the current system
quote:
finite supply, but infinitely divisible
Infinite supply, finite divisibility
What's the difference?
BTW this is all assuming the commercial banks have nothing to do with creating money, which they do.
This post was edited on 4/15/21 at 12:19 pm
Posted on 4/15/21 at 12:32 pm to wutangfinancial
If you don’t understand the differences between BTC and a CBDC, I’m not sure what to say.
Also a CBDC should frighten the bajeezus out of everyone but politicians
Also a CBDC should frighten the bajeezus out of everyone but politicians
Posted on 4/15/21 at 12:55 pm to jimbeam
yea the discussions around cdbcs are kinda alarming but I'm just hoping it's fear mongering
Posted on 4/15/21 at 12:57 pm to jimbeam
quote:
If you don’t understand the differences between BTC and a CBDC, I’m not sure what to say.
I fully understand the difference between the two. I'm talking about dollars now not some theory on what the central bank will do in cohorts with the Treasury at some point down the road as they continue to fight deflation. If you don't understand that the money printer is not in the hands of the Federal Reserve I don't know that we can continue this conversation because that underlying assumption needs to be understood by both parties. This is because that is the system that exists now.
On another note the other issue is the difference between the two (decentralized control) seems to be an illusion. The decentralized aspect can be put into question fairly easily. Also, I still haven't been explained how people expect to dissasocciate from government without some utopian BTC economy that is allowed to operate independently from the rest of the plebians who don't have access to it.
Posted on 4/15/21 at 2:39 pm to wutangfinancial
Focusing on dollars now.
There is about 90 trillion in assets in the equities markets. The credit/bond market has 300 trillion. How much leverage?
Today, the common bank only has $4 dollars to every $100 loan. (25x leverage) For reference, Lehman brothers in 2007 was leveraged 31x
World debt is 4 to 1 GDP. Growth needs to be at 12% a year to stop the need for these huge stimulus packs.
How is this sustainable? US is 30 trillion in debt and has 150 more in obligations within 15 years.
Bitcoin is a default swap on this. ??
There is about 90 trillion in assets in the equities markets. The credit/bond market has 300 trillion. How much leverage?
Today, the common bank only has $4 dollars to every $100 loan. (25x leverage) For reference, Lehman brothers in 2007 was leveraged 31x
World debt is 4 to 1 GDP. Growth needs to be at 12% a year to stop the need for these huge stimulus packs.
How is this sustainable? US is 30 trillion in debt and has 150 more in obligations within 15 years.
Bitcoin is a default swap on this. ??
Posted on 4/15/21 at 3:02 pm to rocket31
quote:That was me. I can pull up so many threads back in the Wiki days where I was a major critic. Then I actually took the time to learn about it.
i feel like wutang is like one of those people who hates bitcoin at first and then once he learns all about it, ends up loving it
Posted on 4/15/21 at 3:02 pm to down time
yea great point. greg foss and Preston were talking about that on the latest pod
Posted on 4/15/21 at 3:04 pm to wutangfinancial
quote:Your posts usually exude that you are knowledgeable in general. This comment here makes me have my doubts though.
I don't understand how it's any different than a government backed currency.
Posted on 4/15/21 at 3:06 pm to down time
De-leveraging isn't inflationary but I agree with you it's not sustainable.
Is that why nobody can actually address the questions I'm asking?
quote:
This comment here makes me have my doubts though
Is that why nobody can actually address the questions I'm asking?
This post was edited on 4/15/21 at 3:11 pm
Posted on 4/15/21 at 3:21 pm to wutangfinancial
your question makes no sense
we have a free market to buy whatever we want and store value in whatever we want.. that is the epitome of freedom, and patriotism, and being an american
only a statist would make it's people stay dependent on the dollar
we have a free market to buy whatever we want and store value in whatever we want.. that is the epitome of freedom, and patriotism, and being an american
only a statist would make it's people stay dependent on the dollar
This post was edited on 4/15/21 at 3:22 pm
Posted on 4/15/21 at 5:00 pm to rocket31
quote:
only a statist would make it's people stay dependent on the dollar
Umm correct. Guess who's in charge of public policy? DC statists that only care about their own wealth, power and self interests. My question makes perfect sense since BTC is supposed to be an end game asset in a post-dollar dominant world.
Posted on 4/15/21 at 5:09 pm to wutangfinancial
Ultimately, I believe crypto will force a reckoning between the people and the state. This will be in Western societies of course.
The people will have to ask themselves if they are subjects to the state or masters of their own government. The reverse question is already being pondered by the state.
The people will have to ask themselves if they are subjects to the state or masters of their own government. The reverse question is already being pondered by the state.
Posted on 4/15/21 at 6:03 pm to wutangfinancial
quote:
My question makes perfect sense since BTC is supposed to be an end game asset in a post-dollar dominant world
maybe for some people but not for me personally
bitcoin for me is just to preserve wealth, im more than happy using dollars to buy stuff or send money to others
Posted on 4/15/21 at 6:07 pm to Douglas Quaid
quote:
Ultimately, I believe crypto will force a reckoning between the people and the state.
i dont think it will cause that much disruption overall in the states
save in bitcoin (if you want) and then spend in dollars.
not sure why that would be a big deal
This post was edited on 4/15/21 at 6:07 pm
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