re: Why is crypto crashing?

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You wouldn't. What difference does it make if I would? Would you put everything you own into one stock? No? Yet that is exactly how Gates, Bezos, Ellison, Walton, Allen, etc. became billionaires. You say you'd not take your salary as 100% stock. Yet that is exactly how Musk became the richest man on the planet. Odell Beckham took his salary in BTC. He got burned badly. In a different year he might clean up. It is what it is.

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It makes a difference to me because it gives me an idea of what sort of person I’m responding to. If you say “yes, why not?” Then You’re either wealthy enough to take that risk or you’re naive or just don’t care about the conversion risk. If you say “maybe” then that shows some degree of rational through about all of this.

And yes, It’s possible to take stock, bitcoin, coffee beans, day old bread or whatever in lieu of usd for salary or earnings but the question is whether it makes sense?

Answer- it depends.

If you’re just starting out in life and have bills to pay, mouths to feed, do not take that risk. If you’re real wealthy then sure, take whatever you want for pay. And Sometimes it makes sense tax wise to take stock.

Heck, If the stock is relatively stable and you feel strongly about it’s future then sure go ahead and take some or all in lieu of usd. But don’t forgo taking the USD as an acceptable form of currency just because you have some concern over its stability!

Taking Bitcoin in lieu of the USD? No way would I do that and I don’t recommend anyone doing it. Very risky exchange risk there. I can’t see any reason where that makes sense especially when you’re quickly converting it to usd. If you’re holding it in HOPES that it increases in value then maaybe. All depends on one’s financial position though.

Very wealthy people do things for reasons we might not realize. Elon musk might have accepted stock in lieu of currency but I guarantee he converted as quickly as he could as needed. Same for gates. Warren buffet is a different cat. He wanted to keep his salary low because he can earn millions in interest and dividends at very low tax rate. He didn’t always take stock though. He got paid in usd’s early in his career.

For people to sit here and use these guys as their rationale for taking bitcoin in lieu of the usd for their salary or earnings is a stretch. What they do is irrelevant.

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As it has been mentioned multiple times, most people aren't buying any crypto currency to be used as a currency today. They are buying it in a speculative nature that the value of their investment will be worth more in the future due to any number of reasons. I think many people would entertain the idea of being paid in bitcoin with a certain discount. For example if your business sells widgets for $1k and someone offered you 1 BTC (currently $21k) for the same widget, I think you would be foolish not to accept. This provides adequate downside conversion risk and you could convert to USD relatively quickly.

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I agree that the majority of people are not interested in using bitcoin for currency or even pay attention to its viability as a currency.

As to the former statement, it does without saying that if someone pays you more than something is worth that it will be accepted. I can’t imagine anyone actually willing to pay more than what something is worth though.

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If you say “yes, why not?” Then You’re either wealthy enough to take that risk or you’re naive

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Hopefully, I don't sound naive.

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whether it makes sense?

Answer- it depends.

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THERE YOU GEAUX!

The answer is if you cannot afford (by whatever your definition of "afford" is) to lose it, don't risk it.

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Taking Bitcoin in lieu of the USD? No way would I do that and I don’t recommend anyone doing it. Very risky exchange risk there.

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Let's start over, "If you say yes, then you’re either wealthy enough to take that risk or you just don’t care about the risk." .... stick with that and be done.

Loving the bitcoin dip but honestly disappointed that alts are showing strength.

Except the whole point is there is precedent of companies paying employees with stocks that fluctuate in value similar to your concerns with crypto. It is more widespread than you think. Essentially the biggest component of total compensation of the biggest sector of our economy is in the form of stocks which are volatile.

The sad part is that all of this is a moot point due to your inability to think of crypto in any form other than being used solely as a currency in 2022 without any regard to future potential.

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The sad part is that all of this is a moot point due to your inability to think of crypto in any form other than being used solely as a currency in 2022 without any regard to future potential

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Not sad. I see it for what it IS. I hope it becomes a more widely used form of currency so that it can gain to intrinsic value lost to the relatively limited usage that it has today.

The limited usage is what is making it so volatile. The wild volatility is what makes it so risky to accept as currency….. quite a conundrum.

Here is yet another simple example that I think even you can understand.

Axie Infinity is a video game that has an in game currency. People like to pay to win in video games. People trade the in game currency on the blockchain because of this. To take it a step further, people from poor countries make their living playing this game. That's right, they provide for their families by playing a video game.

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there is so much leverage getting flushed - and still yet to get flushed - it is mindblowing

still more chips to fall FOR SURE

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I agree. The people who catch anything close to the bottom will make a ton of money during the next bull market.

Dude we are debating on a money forum. Everyone on this forum and in crypto is well researched on crypto. There is a thirty-nine thousand page ongoing crypto thread.

Are you under the impression that 100% of our portfolios are yolod into crypto? I don't even have 10% of my portfolio in crypto and most of us on the board are roughly in that range also.

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relative to the usd

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You mean like printing half the money in circulation over 18 months? The USD is complete crap.