I picked the Brokeback Mountain/Herschel Walker fake badge tribute card. Pretty sick.
Cryptocurrency
- Thread starter Playboi Carti
- Start date
Good points, but here’s the thing. Everything in the world with a material worth is valued in fiat currency, literally every physical item as well as services. So the USD has hundreds of millions of SKUs and maybe hundreds of trillions of aggregate dollars all that give a unit of the currency assignable value. Whereas bitcoin currently has a theoretical market cap of $334B, an arbitrary value that many people feel is very inflated.
My friend is CFO of the Edgewood Savings bank in eastern Iowa with branches in Manchester, Dyersville and other nearby towns. They have half a billion in assets. So the global value of bitcoin is only 668 times the value of assets of a small town Iowa bank. If bitcoin drops to $5000 then that multiple is reduced to roughly 200. Seems small to me, almost trivial. My concern if I’m a bitcoin HODLer is that the big institutional guys they’ve been waiting for to give it rocket fuel will lose interest. I’m sure plenty have already, then you throw in FTX to further discourage them.
I may be right or wrong, but I give you and others credit who waded in and made money even if crypto does blow up. The credit belongs to the man in the arena……
I don't think so, no. I expect the government to attempt to regulate the way citizens USE bitcoin. But they have no control over the bitcoin protocol itself. Those are two different things.
I mean look at China. Last time I checked 20% of hashpower still comes from China and bitcoin is banned there.
Stateless money is a brilliant solution, if the state allows it. All of the problems resulting from fiat currency also benefit the select few immensely. Hard to imagine them relinquishing that.
Reminds me I still have to change my username to "FULLY WEAPONIZED MONSTER".
When I went to change, it asks you why and I don't know if I have a valid enough reason.
You are up for the year? Congrats. You must have sold early and gotten back in on the downside.
Yeah easy to lose money also. You had said to make money must have sold early. I'm just pointing out there is so much movement I do well just buying and selling at these lows.
I dont do much trading. I tried and I suck at it. I just dca when we are far below the 20 week sma. Then I sell some when I need it when we get extended from the 20 week on the upside.
I buy alts only after a capitulation and apathy has set in. So last time around I picked up some Ethereum for $400. Not the bottom of like $80, but not bad.
This time around I expect to pull the trigger on eth between $600-$800. I don't have much extra cash lying around these days, but I'll buy what I can.
My tax program keeps my cost basis. It looks like I am in the green for the year. But that is mostly from some degen plays early in the year that I sold.
I must say, you certainly seem to have the crypto jargon down pat.
I guess if Krugman continues to pooh-pooh, I'm not eager to dive in, especially since I don't see the advantage over traditional currency.
www.nytimes.com
Indeed, the cult of the genius entrepreneur has played a large role in the rolling debacle that is crypto. Sam Bankman-Fried of FTX wasn’t selling a real product nor, as far as anyone can tell, are those of his former competitors who haven’t yet gone bankrupt: After all this time, nobody has come up with significant real-world uses for cryptocurrency other than money-laundering. What Bankman-Fried was selling, instead, was an image, that of the mussy-haired, scruffily dressed visionary who grasps the future in a way normies can’t.
I guess if Krugman continues to pooh-pooh, I'm not eager to dive in, especially since I don't see the advantage over traditional currency.
Opinion | Why Petulant Oligarchs Rule Our World (Published 2022)
The cult of the genius entrepreneur has done a lot of damage.
Indeed, the cult of the genius entrepreneur has played a large role in the rolling debacle that is crypto. Sam Bankman-Fried of FTX wasn’t selling a real product nor, as far as anyone can tell, are those of his former competitors who haven’t yet gone bankrupt: After all this time, nobody has come up with significant real-world uses for cryptocurrency other than money-laundering. What Bankman-Fried was selling, instead, was an image, that of the mussy-haired, scruffily dressed visionary who grasps the future in a way normies can’t.
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I must say, you certainly seem to have the crypto jargon down pat.
I guess if Krugman continues to pooh-pooh, I'm not eager to dive in, especially since I don't see the advantage over traditional currency.
Opinion | Why Petulant Oligarchs Rule Our World (Published 2022)
The cult of the genius entrepreneur has done a lot of damage.
Indeed, the cult of the genius entrepreneur has played a large role in the rolling debacle that is crypto. Sam Bankman-Fried of FTX wasn’t selling a real product nor, as far as anyone can tell, are those of his former competitors who haven’t yet gone bankrupt: After all this time, nobody has come up with significant real-world uses for cryptocurrency other than money-laundering. What Bankman-Fried was selling, instead, was an image, that of the mussy-haired, scruffily dressed visionary who grasps the future in a way normies can’t.
Just curious, why put so much stock in someone like Krugman? That "expert" is laughably wrong quite frequently.
As a bitcoin guy, I can't stand SBF. He hated bitcoin because he couldn't control it. But he loved $hitcoins. The dude is a crook and deserves life behind bars.
Also, to add to the jargon:
In crypto you can also switch between LIFO and FIFO, etc each year if you want. That is also a lesser known fact that can also help tax burden. NFA
I think you mean capital gains loss not wash trade. New slogan for all you true believers:
"Decrease your taxes by investing in crypto!"
"I don't know all the questions yet, but I know the answer is always crypto!"
