Economy Bitcoin/Crypto is imploding

[Rob Battisti]

I mean...there's only so much money in the world. If Bitcoin was $1 million a coin, its market cap would be $21 trillion. Where is that money supposed to come from, the Tooth Fairy?

Is there? We don’t have an unlimited money supply built on a governments who literally are addicted to money printing? News to me.

 

[Jacket time]

Been in it for awhile it’s not hard to have a low average buy price. The Bitcoin hate is always fun to see. The same people said the same things when it was 5k, 10k 20k, 50k, 100k and 125k.

They’ll say the same things when it’s 300k, 500k, 800k and beyond.

Those who live in ignorance are free to criticize. Me? I’ll be happy ensuring I don’t have to be a wage slave my entire life.

I got in at 17/20. I want 1 token.
it's beer my beer money, just dca

 

[HOLA]

Is there? We don’t have an unlimited money supply built on a governments who literally are addicted to money printing? News to me.

Indeed there is. The M2 money supply in the U.S. - cash and cash equivalents - is like $22 trillion in the U.S. currently. Somewhere around there.

 

[johnsmithjohnson]

Correct me if I'm wrong but doesn't crypto make it easier to do things like launder money, evade taxes, misrepresent wealth? Isn't crypto mining bad for the environment?

Trump and sons' stake in crypto firm worth $5bn

World Liberty Financial, launched by the Trumps during the presidential campaign, begins trading.

www.bbc.com

It makes it very easy to take legal bribes. There's nothing regulating it. 200 mill of the trump coin can secure your country f 35s for instance. Want a blm land contract to drill a couple billion in oil, buy 50 mill stable trump coin. But it's going spread everywhere.
The true value isn't in the coin but the favor it will secure you. How many favors can be given out and are demanded gives you a value. As long as orange diddler and it his family is in government at a high level or lobbying or banking to get favors you give them money for worthless 000101.
This creates a lower market of people not understanding it's Disney money but currently Disney is president


There is some intrinsic value to some of the crypto but that's gets into programming it's not worth the market value. My guess is some crypto will crash and others will dominate until there's 2 or 3 and the bar for entry is high because of cost or litigious shit like license or regulations. That will have value but for like the rarity/historic/status. Think John wick and coins. I don't see the sky falling soon until some crazy shit happens with qbits

 

[b34stmode]

What? lol. there is an ID for every transaction, ever, on crypto. Its actually a wet dream for say an agency like the IRS, if they could distinctly tie a wallet to a person. Im surprised the Government hasn't pushed harder for it to be honest. Im guessing the infrastructure to roll it out has an insane price tag to it, too much to make it feasible, or they would do it 100%.

 

[Jacket time]

there is too much skin the game to go to Zero

this is s gift

 

[HOLA]

What? lol. there is an ID for every transaction, ever, on crypto. Its actually a wet dream for say an agency like the IRS, if they could distinctly tie a wallet to a person. Im surprised the Government hasn't pushed harder for it to be honest. Im guessing the infrastructure to roll it out has an insane price tag to it, too much to make it feasible, or they would do it 100%.

Bruh almost almost every long-time Buttcoiner has been scammed by a hoodwink somehow. It's like a right of passage for them almost. You go to their conferences and ask them and they almost all have a story.

 

[b34stmode]

The United States can roll over its debt in perpetuity. It doesn't have to pay it back. We haven't been debt free since 1835.

This is where I get lost. If this is true, then its all fake right? Why would anyone lend to the US, besides the federal reserve? My brain can't grasp it, like I understand the principal, but I don't understand how it doesn't all just fall apart as well.

the US can just print an infinite amount of dollars, diluting the dollar, making it worthless, but itll never be worthless because we produce so much and so much is tied to the dollar itself.

Is there ever a tipping point on the debt clock where everyone will just say fuck it? Why even track it?

 

[johnsmithjohnson]

This is where I get lost. If this is true, then its all fake right? Why would anyone lend to the US, besides the federal reserve? My brain can't grasp it, like I understand the principal, but I don't understand how it doesn't all just fall apart as well.

the US can just print an infinite amount of dollars, diluting the dollar, making it worthless, but itll never be worthless because we produce so much and so much is tied to the dollar itself.

Is there ever a tipping point on the debt clock where everyone will just say fuck it? Why even track it?

Look up how much oil is left in alaska if we to drill. Copper in Missouri. Lots of stuff like that. Obama opened a huge amount of drilling and fracking to restart the economy. The Chinese fell into the trap of shitting where you eat and probably will import food for 200 million. 26 years ago I think they exporting for 130 mill. The trend is continuing. The country was built on expansion. I think we need to expand somewhere. Preferably peacefully.

 

[HOLA]

This is where I get lost. If this is true, then its all fake right? Why would anyone lend to the US, besides the federal reserve? My brain can't grasp it, like I understand the principal, but I don't understand how it doesn't all just fall apart as well.

Trust, basically. That's why it's important that our leaders aren't untrustworthy schmucks. One of many reasons. People have to believe The United States is good for paying its debts.

the US can just print an infinite amount of dollars, diluting the dollar, making it worthless, but itll never be worthless because we produce so much and so much is tied to the dollar itself.

Is there ever a tipping point on the debt clock where everyone will just say fuck it? Why even track it?

We don't have to repay the principal - just issue a new bond - but we have to pay the interest, that's what it's important we don't let the debt get out of control. Otherwise more and more of Uncle Sam's money will go towards interest payments, and less towards important things, like making sure our roads aren't crumbling. As long as the debt isn't consistently growing faster than the U.S. economy, the system should be fine, because there will always be buyers of our bonds, unless we manage to piss them off so much one day they've just had enough, which is possible, but would be pretty hard to do, because the U.S. is a very safe place to park your money.

 

[b34stmode]

lol. How out of touch is this dude? MAGA amirite guyz?

 

[Siver!]

I get people that see crypto as a long game, but I'd be way happier investing in something I could sell whenever I wanted to rather than waiting for volatility to correct itself.

Its not for me and never will be.

 

[aerius]

What? lol. there is an ID for every transaction, ever, on crypto. Its actually a wet dream for say an agency like the IRS, if they could distinctly tie a wallet to a person. Im surprised the Government hasn't pushed harder for it to be honest. Im guessing the infrastructure to roll it out has an insane price tag to it, too much to make it feasible, or they would do it 100%.

It's funny how crypto-bros don't understand this, or pretend not to. Crypto and all other blockchain based systems inherently have a full chain of custody for their transactions, you might as well be buying everything with a credit card unless you launder the 'coins every time they change hands. If you have a bitcoin, you can find out where it's been because all that info is encrypted into it.

 

[Long Dark Blues]

It's funny how crypto-bros don't understand this, or pretend not to. Crypto and all other blockchain based systems inherently have a full chain of custody for their transactions, you might as well be buying everything with a credit card unless you launder the 'coins every time they change hands. If you have a bitcoin, you can find out where it's been because all that info is encrypted into it.

This is true for most but not all projects.

There are and always have been legitimate crypto/block-chain projects whose purpose is to obfuscate ownership.

 

[HOLA]

Down another 8% today. To $67,000.