Question: Hyperinflated USD might actually be happening now. Is there a contingency plan?

[MsPudding]

Data as of July 2023

Data from June:
YOY Inflation Rate United States: 3.0%
YOY Core Inflation Rate United States: 4.8%

If this trend continues, the inflation rate in the U.S. will be in the feds target range 6 months from now.

Will we really see the "soft landing" we've heard so much about. It's kind of starting to look like it, but time will tell. I'm a little skeptical. We'll see.

 

[NevadaJake]

It will be nice if inflation settles down in the US. I have not heard the same news for other countries. It will be interesting to see how this plays out in game.

 

[atomicstorm]

Data as of July 2023

Data from June:
YOY Inflation Rate United States: 3.0%
YOY Core Inflation Rate United States: 4.8%

If this trend continues, the inflation rate in the U.S. will be in the feds target range 6 months from now.

Will we really see the "soft landing" we've heard so much about. It's kind of starting to look like it, but time will tell. I'm a little skeptical. We'll see.

Such a shame that inflation numbers have been manipulated for over 40 years. They have been changed to remove the things that impact people the most, food/energy and are more biased towards housing prices and commodity assets - which the federal reserve has the biggest handle (read: strangle) on the most.

True inflation hasn't been this low, as you quote, in forever.

What you can't skip is that food specifically is still skyrocketing (due to policies) and money is being printed out of thin air, thanks to the removal of the fractional reserve system in 2020. When you charge your credit card or get a loan, that "money" is "manufactured".

 

[psyche]

Such a shame that inflation numbers have been manipulated for over 40 years. They have been changed to remove the things that impact people the most, food/energy and are more biased towards housing prices and commodity assets - which the federal reserve has the biggest handle (read: strangle) on the most.

True inflation hasn't been this low, as you quote, in forever.

What you can't skip is that food specifically is still skyrocketing (due to policies) and money is being printed out of thin air, thanks to the removal of the fractional reserve system in 2020. When you charge your credit card or get a loan, that "money" is "manufactured".

Interesting to see a US economic discussion on this forum. US inflation is very suspicious. Earlier this year we keep seeing news about mass layoffs. First tech then extended to retails like Walmart and Disney. We also had bankruptcies from Bed Bath Beyond, JCPenny, and some other small companies. Then we had bank failures. US credit card debt is going up and up. Somehow job reports are strong. Some how inflation are going down while people struggle to afford everyday necessities, some how we will have a soft landing somehow people are saying the US economy is strong and banks are sound and resilient. Somehow stocks continue to go up and up. I don't know what to believe and things definitely don't make sense. Someone is lying about the data and or information.

 

[Jhereg]

Interesting to see a US economic discussion on this forum. US inflation is very suspicious. Earlier this year we keep seeing news about mass layoffs. First tech then extended to retails like Walmart and Disney. We also had bankruptcies from Bed Bath Beyond, JCPenny, and some other small companies. Then we had bank failures. US credit card debt is going up and up. Somehow job reports are strong. Some how inflation are going down while people struggle to afford everyday necessities, some how we will have a soft landing somehow people are saying the US economy is strong and banks are sound and resilient. Somehow stocks continue to go up and up. I don't know what to believe and things definitely don't make sense. Someone is lying about the data and or information.

Inflation going down while recessionary pressures going up makes total sense btw...this is basic economics...Prices don't go up if people can't afford to buy shit.


Also, it turns out the tech sector isn't the only sector in the US economy...

 

[atomicstorm]

Interesting to see a US economic discussion on this forum. US inflation is very suspicious. Earlier this year we keep seeing news about mass layoffs. First tech then extended to retails like Walmart and Disney. We also had bankruptcies from Bed Bath Beyond, JCPenny, and some other small companies. Then we had bank failures. US credit card debt is going up and up. Somehow job reports are strong. Some how inflation are going down while people struggle to afford everyday necessities, some how we will have a soft landing somehow people are saying the US economy is strong and banks are sound and resilient. Somehow stocks continue to go up and up. I don't know what to believe and things definitely don't make sense. Someone is lying about the data and or information.

Stocks go up because fed printed money and that's where it all went. Crypto too.

All that free money and printrrr go brrrr props the whole ponzi scheme up and has for decades.

The data (inflation AND jobs) is ALL manipulated. It's not even a secret. Details are in the definitions.

 

[psyche]

Inflation going down while recessionary pressures going up makes total sense btw...this is basic economics...Prices don't go up if people can't afford to buy shit.


Also, it turns out the tech sector isn't the only sector in the US economy...

I'm aware of that. I know inflation is going down. What I'm confused about is why we are seeing layoff news but the jobs report data shows such strong job market... personally I think inflation went down too late as prices have already soared too high. Even at 0% inflation now, I think the damage is already done for the lower and middle class. It's just a matter of time before lower and middle class start to default on their debt and then eventual eviction for rent delinquency. I just saw news today about the Blackrock CIO saying that it's fine for inflation to stay at the current level... sure let's have prices continue to go up 4% and we'll see what happens to the lower and middle class.

 

[psyche]

Stocks go up because fed printed money and that's where it all went. Crypto too.

All that free money and printrrr go brrrr props the whole ponzi scheme up and has for decades.

The data (inflation AND jobs) is ALL manipulated. It's not even a secret. Details are in the definitions.

that's exactly how I see crypto. I don't know why ppl are buying BTC. I feel even Peds have more use than BTC. I can't buy anything with BTC. Biggest Ponzi currently. Ppl just buy BTC hoping that other ppl will pay more for BTC than they paid for. definition of ponzi right there.

 

[Naomi]

that's exactly how I see crypto. I don't know why ppl are buying BTC. I feel even Peds have more use than BTC. I can't buy anything with BTC. Biggest Ponzi currently. Ppl just buy BTC hoping that other ppl will pay more for BTC than they paid for. definition of ponzi right there.

If I don't see people starting around me, does that mean there is no world honger? No, it doesn't!

Point 1:
There is thousands of places today where you can pay directly with BTC or alike, There is thousands of BTC atm's around, There is many thousands of webshops that accept crypto, Today there are quite a few ppl that live without a regular bank account, and using their crypto accounts for everything...
so... maybe crypto hasn't penetrated to your living environment, but there definitely is use case for it today.

Point 2
Gold has been around for quite some time. The arguement of gold is that its value has remained more or less stable throughout the ages. Let me explain: 1 ounce of gold allows you to buy a custom tailored suit. In the 1950's that suit costed 40 USD, today that suit would cost you around 2000 USD.
So basically gold has been increasing over time, due to money devaluation. The realistic gold value is give or take a bit, the same as it was x years ago. The usd amount has increased because its value has decreased, mainly due to inflation and money printing.

According to your view above, gold is one big ponzi!
People who bought gold 20 years ago, are just hoping that ppl will pay more for gold then they paid for. Definition of a ponzi right here... ?

Definitely NOT. There is a big difference between wealth preservation, and short term ponzi. Bitconnect, now that was a ponzi. A fun one, but a ponzi. It ran for like 6 months to a year. Davor was another ponzi. It ran for like 4 months before it busted. Ponzi's pop up and go away.

Point 3
Typical ponzi's go up and up and up untill they are bust. BTC goes up and down just as the stock market does, and will over time raise just as the stock market and gold do.



BTC has been here in the digital age for 15 years now. It isn't going anywhere. Currently the worlds' largest asset management companies are involved, such as Blackrock, Vanguard, Fidelity, and many national banks as well inclucing some of the richest national banks on this planet.

People by BTC because the don't trust their national currency. The only thing national currencies do is devaluate your wealth. For example when you earn 3000 USD today, you won't be able to buy with it in 1 month, then what you can buy with it today due to inflation.
It has been like this for centuries. Currencies come, devaluate, and finally disappear. Some people see this large scale economic factors and try to hedge against it.
Investors say that, putting your wealth into USD is a sure bet to loose value every year.
Some call the USD an 'international tax': New currency is printed, the usd you have in your pocket devalues, and its value goes to the newly printed currency. It is called, weath transfer. Not everyone is a fan of their hard earned wealth diminishing, hence hedging against it. Some ppl see value in crypto for this reason, others do more stockmarket, precious metals or rental properties or something else, some do it all...

 

[Naomi]

I'm aware of that. I know inflation is going down. What I'm confused about is why we are seeing layoff news but the jobs report data shows such strong job market... personally I think inflation went down too late as prices have already soared too high. Even at 0% inflation now, I think the damage is already done for the lower and middle class. It's just a matter of time before lower and middle class start to default on their debt and then eventual eviction for rent delinquency. I just saw news today about the Blackrock CIO saying that it's fine for inflation to stay at the current level... sure let's have prices continue to go up 4% and we'll see what happens to the lower and middle class.

It's a dilemma. There are no good choices:
- either print more money and inflation goes up
- or stop printing and companies goes bust.

Do you think governments care about the common people? Do you believe in the idea that governments serve those who elected them?


It is a typical currency end-times problem and we have seen this dilemma in all the countries that had hyper inflation in the end before they fell, think Weimar republic, Zimbabwe, Argentina...
This is exactly what people hedge agaist with putting their bets on crypto, precious mettals etc.

The only reason the USD is preserving its value more or less, is because of its military dominance, directly and indirectly.
The usa had done over 200 attacks into other countries since the 1950's, mainly to topple gouvernments that did not want to adopt the USD, Think Iraq, Lybia, Syria,... They all were migrating from USD to gold or EUR or selling their oil in different currencies then the USD, before being invaded and the USD being re-established. These are 'hard' interventions.

There also are "soft-interventions". These are things like paid political intrigues, killing of politicians or paying revolutions and putting puppets in place.

The average modern politician is afraid of the usa. If they stick their head above the corn field (= voice an opinion against it) it may be chopped of. That also is dominance. It seems that this dominance is fading slowly (which may not be a good thing and be causing instability). More and more countries are 'diversifying' their reserve curerncies to a basket of multiple currencies. More and more countries are asking back their gold reserves that had been stored in the US for 'safety reasons'....

Gold plays a huge role in the current economy. When a country falls, either due to invasion or revolution, the first thing that is done is, the gold is taken over and flown out...

 

[jambon]

that's exactly how I see crypto. I don't know why ppl are buying BTC. I feel even Peds have more use than BTC. I can't buy anything with BTC. Biggest Ponzi currently. Ppl just buy BTC hoping that other ppl will pay more for BTC than they paid for. definition of ponzi right there.

You may want to start learning why people smart money are buying Bitcoin and more about the whole crypto space as this is something that's only going to be more relevant as time goes on.

 

[atomicstorm]

that's exactly how I see crypto. I don't know why ppl are buying BTC. I feel even Peds have more use than BTC. I can't buy anything with BTC. Biggest Ponzi currently. Ppl just buy BTC hoping that other ppl will pay more for BTC than they paid for. definition of ponzi right there.

[Moderated: Rule violation removed] (blah blah blah)

Your quote is not the definition of a ponzi. That's the definition of an investment. You also can buy lots of things with BTC whether it be with the help of an intermediary or through P2P - just like fiat.

 

[Sulje]

[Moderated: Rule violation removed] (blah blah blah)

Your quote is not the definition of a ponzi. That's the definition of an investment. You also can buy lots of things with BTC whether it be with the help of an intermediary or through P2P - just like fiat.

BTC has no basis, nothing to back it, it's just speculative value, could say same as USD, just that USD has "Tomahawks" while BTC has millenial useless braindeads.

 

[atomicstorm]

BTC has no basis, nothing to back it, it's just speculative value, could say same as USD, just that USD has "Tomahawks" while BTC has millenial useless braindeads.

That's a very bad take. Not starting a BTC debate - you're going to need to learn that on your own. However, BTC exists because of people's disdain for FIAT and it's incorruptibility. Even a fiat backed by gold or whatever can eventually be not backed by said commodity at a whim.

 

[Naomi]

BTC has no basis, nothing to back it, it's just speculative value, could say same as USD, just that USD has "Tomahawks" while BTC has millenial useless braindeads.

BTC has a network of computing power that is extremely reliable and nearly impossible to hack.

Funds can be accessed anywhere in the world without having to take physical gold or bills over international borders. Try to travel or relocate more then 10k US these days without governments starting to ask questions...

BTC has a worldwide support network and cannot be taken down by a government. Some have tried, and failed. Therefore it protects its users against malicious governments. This cannot be said about fiat currencies.

BTC is backed by having a controlled supply, which cannot be said about fiat currencies.

But yes, it is not fully mainstream yet. And current powers may want to keep it that way... for now



and hey, I'm not here to defend BTC or anything, but I do research before I type.

 

[jambon]

BTC has no basis, nothing to back it, it's just speculative value, could say same as USD, just that USD has "Tomahawks" while BTC has millenial useless braindeads.

You can say the same thing about anything really. If you really think about the core of what being "backed" even means. Is having an asset backed by gold mean it's better? What's golds value backed by other than the desire of others to acquire it - its use cases? Well the vast majority of all gold is still just used for jewelry (not a necessity at all) and as a commodity investment (bullion/coins). The supply of gold constantly increases every year and we're not even close to having exhausted all currently KNOWN deposits on this planet and it's a highly recycled material. Yet, we still have it as the base layer of all money in the world (from a "final settlement" point of view not a "dollars being backed by" point of view).

Bitcoin has the potential to replace gold as the base layer for money in the world. Which, for the average Joe Blow working 40 hours a week means nothing. But in reality, when you really start to go down the rabbit hole and understand this and the importance of why we need something like this and how it's pretty much the only hope we currently have to escape the inevitability of complete economic collapse when hyper inflation happens (and it will history shows that ALL fiat currencies eventually hyper inflate) - you start realizing that Bitcoin could actually be a financial life raft for many in the world (not just the USA).

Not saying Bitcoin is the be-all end-all, it could very well be replaced eventually too but for now, my opinion on it is if you're someone that's been lucky enough to have earned like $1 million+ in net worth and don't want it having the buying power of just $10,000 in 30 years it's worth doing some real research to see about Bitcoins potential to help prevent that. There is real opportunity there.

But if not, that's cool too. Not everyone's gonna get it or see the value. And not everybody needs to. Does the average person understand things like GDP, ETFs, fractional reserve banking, usury laws or even how credit cards work behind the scenes? Probably not - but they can still get benefit from it. It'll be the same case here.

 

[psyche]

If I don't see people starting around me, does that mean there is no world honger? No, it doesn't!

Point 1:
There is thousands of places today where you can pay directly with BTC or alike, There is thousands of BTC atm's around, There is many thousands of webshops that accept crypto, Today there are quite a few ppl that live without a regular bank account, and using their crypto accounts for everything...
so... maybe crypto hasn't penetrated to your living environment, but there definitely is use case for it today.

Point 2
Gold has been around for quite some time. The arguement of gold is that its value has remained more or less stable throughout the ages. Let me explain: 1 ounce of gold allows you to buy a custom tailored suit. In the 1950's that suit costed 40 USD, today that suit would cost you around 2000 USD.
So basically gold has been increasing over time, due to money devaluation. The realistic gold value is give or take a bit, the same as it was x years ago. The usd amount has increased because its value has decreased, mainly due to inflation and money printing.

According to your view above, gold is one big ponzi!
People who bought gold 20 years ago, are just hoping that ppl will pay more for gold then they paid for. Definition of a ponzi right here... ?

Definitely NOT. There is a big difference between wealth preservation, and short term ponzi. Bitconnect, now that was a ponzi. A fun one, but a ponzi. It ran for like 6 months to a year. Davor was another ponzi. It ran for like 4 months before it busted. Ponzi's pop up and go away.

Point 3
Typical ponzi's go up and up and up untill they are bust. BTC goes up and down just as the stock market does, and will over time raise just as the stock market and gold do.



BTC has been here in the digital age for 15 years now. It isn't going anywhere. Currently the worlds' largest asset management companies are involved, such as Blackrock, Vanguard, Fidelity, and many national banks as well inclucing some of the richest national banks on this planet.

People by BTC because the don't trust their national currency. The only thing national currencies do is devaluate your wealth. For example when you earn 3000 USD today, you won't be able to buy with it in 1 month, then what you can buy with it today due to inflation.
It has been like this for centuries. Currencies come, devaluate, and finally disappear. Some people see this large scale economic factors and try to hedge against it.
Investors say that, putting your wealth into USD is a sure bet to loose value every year.
Some call the USD an 'international tax': New currency is printed, the usd you have in your pocket devalues, and its value goes to the newly printed currency. It is called, weath transfer. Not everyone is a fan of their hard earned wealth diminishing, hence hedging against it. Some ppl see value in crypto for this reason, others do more stockmarket, precious metals or rental properties or something else, some do it all...

I just don't see many places where I can spend my BTC. It's definitely not very convenient to use BTC. It's main purpose is to hold it until it become more valuable.
The difference in gold is that gold has been the currency for a very long time before the paper currencies.
I mean the only reason I hold my BTC is I believe it will go up in value. But I realize that I cannot use it like a currency. I know TSLA did accept BTC at one point. But even Musk changed his mind as it was just too inconvenient.
But to bring up Warren Buffet's point. Gold and BTC are non producing assets and has no intrinsic value.
At the same time I also realize how the world works and that people will buy into assets that has no intrinsic value just because they believe it is worth something.
I am curious how BTC is different from PED. Seems like a very similar concept to me. Both are digital currency.

 

[MrFatBoy]

BTC has a network of computing power that is extremely reliable and nearly impossible to hack.

really- proof please? and btw "hacking" is a term thrown around but really most "hacks" are people clicking on something they should not have or various other methods.

So ANY system that has a human involved can be hacked. Brute force accessing to any computer is very difficult - that is why when idiots say "i was hacked" they really mean " i clicked on a porno add that said it will make my dick bigger, then my PC got funny" - that's not a hack

Funds can be accessed anywhere in the world without having to take physical gold or bills over international borders. Try to travel or relocate more then 10k US these days without governments starting to ask questions...

and the costs to do so? are there no fees for buy/sell using BTC or other crypto? With cash i get discounts on stuff

BTC has a worldwide support network and cannot be taken down by a government. Some have tried, and failed. Therefore it protects its users against malicious governments. This cannot be said about fiat currencies.

again - you have no way of knowing this. The block chain can be "seen" as far as i know by US authorities so i am sure other can too. some trying and failing is meaningless. maybe not easy or close to impossible but you also do not need to take the system down to make crypto useless - they can just pass a law and there you go no more crypto. is crytpo popular in China? nope they just took over with digital Yuan - have fun paying taxes on 100% of everything - lol great idea to have digital money

BTW - i would think malicious governments are more likely to use crypto for their activities - so crypto supports those bad actors - or at least is possible that his can be happening.

BTC is backed by having a controlled supply, which cannot be said about fiat currencies.

for now no way to know that it wont change - its a selling BS point for now - in the future anything can happen.

But yes, it is not fully mainstream yet. And current powers may want to keep it that way... for now

agreed its not mainstream- but that's because people who don't use it don't want to cause they don't want their $ value to drop 10% in a hour or lose 50% from 60K to 30K or we gonna ignore the insane risks and ease of manipulating BTC/Crypto prices (much like EU weapon prices .

btc price - Google Search

and hey, I'm not here to defend BTC or anything, but I do research before I type.

than why not provide some of that - your statements above have no back up,

 

[jambon]

really- proof please? and btw "hacking" is a term thrown around but really most "hacks" are people clicking on something they should not have or various other methods.

So ANY system that has a human involved can be hacked. Brute force accessing to any computer is very difficult - that is why when idiots say "i was hacked" they really mean " i clicked on a porno add that said it will make my dick bigger, then my PC got funny" - that's not a hack

and the costs to do so? are there no fees for buy/sell using BTC or other crypto? With cash i get discounts on stuff


again - you have no way of knowing this. The block chain can be "seen" as far as i know by US authorities so i am sure other can too. some trying and failing is meaningless. maybe not easy or close to impossible but you also do not need to take the system down to make crypto useless - they can just pass a law and there you go no more crypto. is crytpo popular in China? nope they just took over with digital Yuan - have fun paying taxes on 100% of everything - lol great idea to have digital money

BTW - i would think malicious governments are more likely to use crypto for their activities - so crypto supports those bad actors - or at least is possible that his can be happening.

for now no way to know that it wont change - its a selling BS point for now - in the future anything can happen.

agreed its not mainstream- but that's because people who don't use it don't want to cause they don't want their $ value to drop 10% in a hour or lose 50% from 60K to 30K or we gonna ignore the insane risks and ease of manipulating BTC/Crypto prices (much like EU weapon prices .

btc price - Google Search

than why not provide some of that - your statements above have no back up,

Clearly you have exactly ZERO idea what the hell you're talking about in regards to how Bitcoin, Blockchain and decentralization works. I don't even know where to begin with correcting all the incorrect statements you've made here.

1. At current, it's not feasibly possible to hack the Bitcoin network. Wallets, yes cause people are stupid and don't protect their seed phrases and are suckers for falling victim to scams. But there is no one point of failure where someone can just go in an corrupt the Bitcoin network. Even trying has as theoretical cost over $1 million per hour - lot of money for a criminal for zero gain. Taking over the network doesn't get them any money as the value would go to $0 as people moved to something else.
2. No one can change the supply. It's a hard coded 21 million and that's all it will ever be. Essentially everyone in the world running a node would have to run the new software with the increased supply and that's after a very long approval process for the change to even be uploaded to GIT. Then people need to choose to download the new version - they can't just roll it out live to everyone automatically. And should the change go through at any time those who don't approve can fork from Bitcoin to a version that still only continues to have 21 million. I refer you to what happened with Bitcoin Cash as an example.
3. It can't be banned by a law. I mean governments can try but they can't stop it. China tried and failed many times. This is the nature of a decentralized network. As of now China loves crypto and is once again trying to be a major player in the mining space. Digital Yaun and all CBDC's are not really a good thing and are not the same as Bitcoin at all for many reason that's I'm not going into here.
4. Costs to use bitcoin can be very small. People have moved BILLIONS for less than $2. The fees are not based on a % of what you're sending unlike Paypal, Credit Cards, Western Union and all the rest.
5. Smart money that invest in Bitcoin know that if your timeframe for investment is less than 5 years the volatility will eat you alive. You preserve long term wealth with Bitcoin you don't buy at 9am hoping to be a millionaire by lunch. In any case, 1 Bitcoin is always equal to 1 Bitcoin and since Bitcoin started it's continued to have more dollar value each year on average (and will continue as the value of the dollar keeps dropping). Bitcoin isn't really meant to be spent like a currency anyways (it can be though especially with lightning network and places that use bitpay to accept crypto like NewEgg). But really you're complaint that you can't spend it anywhere is like complaining that "no one accepts gold flakes I shave off my bullion". lol
6. People are learning that crypto is a horrible means for conducting illegal activity as everything is openly visible forever on the ledger. And with KYC being a requirement on the on and off ramps it's very easy to see and track who's doing what. Cash is and always will be the primary means of which criminals conduct business.

If you want proof of all the above I suggest taking the time to do your own research and look it up in Google and Youtube. It will be much more impactful if you discover these facts on your own rather than someone just telling you.

 

[Sulje]

Clearly you have exactly ZERO idea what the hell you're talking about in regards to how Bitcoin, Blockchain and decentralization works. I don't even know where to begin with correcting all the incorrect statements you've made here.

1. At current, it's not feasibly possible to hack the Bitcoin network. Wallets, yes cause people are stupid and don't protect their seed phrases and are suckers for falling victim to scams. But there is no one point of failure where someone can just go in an corrupt the Bitcoin network. Even trying has as theoretical cost over $1 million per hour - lot of money for a criminal for zero gain. Taking over the network doesn't get them any money as the value would go to $0 as people moved to something else.
2. No one can change the supply. It's a hard coded 21 million and that's all it will ever be. Essentially everyone in the world running a node would have to run the new software with the increased supply and that's after a very long approval process for the change to even be uploaded to GIT. Then people need to choose to download the new version - they can't just roll it out live to everyone automatically. And should the change go through at any time those who don't approve can fork from Bitcoin to a version that still only continues to have 21 million. I refer you to what happened with Bitcoin Cash as an example.
3. It can't be banned by a law. I mean governments can try but they can't stop it. China tried and failed many times. This is the nature of a decentralized network. As of now China loves crypto and is once again trying to be a major player in the mining space. Digital Yaun and all CBDC's are not really a good thing and are not the same as Bitcoin at all for many reason that's I'm not going into here.
4. Costs to use bitcoin can be very small. People have moved BILLIONS for less than $2. The fees are not based on a % of what you're sending unlike Paypal, Credit Cards, Western Union and all the rest.
5. Smart money that invest in Bitcoin know that if your timeframe for investment is less than 5 years the volatility will eat you alive. You preserve long term wealth with Bitcoin you don't buy at 9am hoping to be a millionaire by lunch. In any case, 1 Bitcoin is always equal to 1 Bitcoin and since Bitcoin started it's continued to have more dollar value each year on average (and will continue as the value of the dollar keeps dropping). Bitcoin isn't really meant to be spent like a currency anyways (it can be though especially with lightning network and places that use bitpay to accept crypto like NewEgg). But really you're complaint that you can't spend it anywhere is like complaining that "no one accepts gold flakes I shave off my bullion". lol
6. People are learning that crypto is a horrible means for conducting illegal activity as everything is openly visible forever on the ledger. And with KYC being a requirement on the on and off ramps it's very easy to see and track who's doing what. Cash is and always will be the primary means of which criminals conduct business.

If you want proof of all the above I suggest taking the time to do your own research and look it up in Google and Youtube. It will be much more impactful if you discover these facts on your own rather than someone just telling you.

Well educated on youtube

 

[Jhereg]

I just don't see many places where I can spend my BTC. It's definitely not very convenient to use BTC. It's main purpose is to hold it until it become more valuable.
The difference in gold is that gold has been the currency for a very long time before the paper currencies.
I mean the only reason I hold my BTC is I believe it will go up in value. But I realize that I cannot use it like a currency. I know TSLA did accept BTC at one point. But even Musk changed his mind as it was just too inconvenient.
But to bring up Warren Buffet's point. Gold and BTC are non producing assets and has no intrinsic value.
At the same time I also realize how the world works and that people will buy into assets that has no intrinsic value just because they believe it is worth something.
I am curious how BTC is different from PED. Seems like a very similar concept to me. Both are digital currency.

PED is as valuable as your trust that MA will honor your withdrawals to USD at a ratio of 10 ped to 1 dollar.

 

[psyche]

PED is as valuable as your trust that MA will honor your withdrawals to USD at a ratio of 10 ped to 1 dollar.

for 20 years MA has honored it. It's also a big reason for many of us to be playing this game.
Then again just like BTC we can sell PED to another person as well. Although it is probably against EULA. I mean people sell all kinds of MMO currencies to other people. Just like BTC we sell BTC to another person. Not trying to be argumentative or anything, but I really am not able to see a big difference between BTC and MMO in game currencies. The big difference is that BTC is much more popular and has a bigger fan base. But other than that, you can't buy ingame items with BTC, you can't buy Tesla cars anymore with it, you can't buy pizza with it anymore. No major retailers are accepting BTC still. And it has been around for near 20 years now. I mean whenever I can start buy stuff with BTC, then I can see an intrinsic value in it. But then the inconvenient part is that 1BTC will probably be worth over 100k USD and you will need to pay 0.0000001 BTC for a pack of gum lol.

 

[San]

Past results are never a guarantee for future performance. There is hardly a good reason for doubt though that MA will continue to honor withdrawals, if this fails one day then something bigger has happened. (The long waiting times are a separate issue.) On the other hand, there are doubts and different viewpoints on whether USD will retain its purchasing power and what to do if this weighs down on PED pegged to it. This is what the thread is about. Can we stop drifting off into bs territory with every such topic? It's too important, really.

 

[Jhereg]

Past results are never a guarantee for future performance. There is hardly a good reason for doubt though that MA will continue to honor withdrawals, if this fails one day then something bigger has happened. (The long waiting times are a separate issue.) On the other hand, there are doubts and different viewpoints on whether USD will retain its purchasing power and what to do if this weighs down on PED pegged to it. This is what the thread is about. Can we stop drifting off into bs territory with every such topic? It's too important, really.

Two criteria that makes currency functional as money. It has to be easy to use, and you have to be able to trust that it retains its usability. Basically you and other people will commonly accept it in exchange for goods and services.

 

[theProphet]

soon you'll find out that almost every larger crypto exchange already offers debit CCs, and you can use it to pay anywhere as simple as paying with your regular bank card

 

[Sulje]

soon you'll find out that almost every larger crypto exchange already offers debit CCs, and you can use it to pay anywhere as simple as paying with your regular bank card

Yes and then you will wake up

 

[Optimator]

Bitcoin is based and "backed" by math and a consensus network. Every transaction is validated, verified and agreed upon. I trust math more than any government and fiat currency. Making a law to "ban" bitcoin or transacting bitcoin is like trying to make a law banning mathematics, good luck with that.

That being said, Bitcoin is currently more a store of wealth due to its relatively slow transaction speed.

As a side note, I'll just mention here that Kaspa (KAS) is the new, better Bitcoin. It solves the trilemma of decentralization, security and scalability(speed). You're welcome.


I'm not a financial adviser. This is not financial advice. Do your own research. Past performance is not a guarantee of future results. Your mileage may vary. Never invest an amount over that which if you were to lose it, it would cause you to be angry enough to kick your dog. Good luck. Have fun.

 

[Sulje]

Bitcoin is based and "backed" by math and a consensus network. Every transaction is validated, verified and agreed upon. I trust math more than any government and fiat currency. Making a law to "ban" bitcoin or transacting bitcoin is like trying to make a law banning mathematics, good luck with that.

That being said, Bitcoin is currently more a store of wealth due to its relatively slow transaction speed.

As a side note, I'll just mention here that Kaspa (KAS) is the new, better Bitcoin. It solves the trilemma of decentralization, security and scalability(speed). You're welcome.


I'm not a financial adviser. This is not financial advice. Do your own research. Past performance is not a guarantee of future results. Your mileage may vary. Never invest an amount over that which if you were to lose it, it would cause you to be angry enough to kick your dog. Good luck. Have fun.

Good luck banning mathematics xD Bitcoin = mathematics ? that's new

 

[Optimator]

Good luck banning mathematics xD Bitcoin = mathematics ? that's new

Yes, exactly. Bitcoin IS math, and I mean literally.

 

[theProphet]

Yes and then you will wake up

i woke up with several % cashback