They Work in Crypto, ...

[destriero]

Sorry, this goes over my head.

The acronym in crypto world, POS, stands for proof of stake, so I keep getting thrown off since you're clearly not saying this. Maybe point of sale? I have no fucking idea. And I don't even know why you're talking about an FX hedge.

We are only talking about bitcoin being an asset that is recognized by the entire world one day as the best form of asset to own. Everything else can be figured out along the way.

The idea that currency exists solely due to its utility function. World economies are built on fiat due to that utility function/convenience. I'm not going to get into it bc I need you to argue from the same level of education and experience, and I know how that comes off, but do you really think that if crypto didn't exist that we would have a $30T economy built on the gold-standard? That w/o fractional reserve we'd solve world hunger?

Wage growth is the root cause of inflation. The only benefit that outweighs the cons with crypto is universal adoption as it would be frictionless. Now, how is the EU doing?

Yes, Point of Sale. You've made the argument on here. It's never going to happen. You need POS to be based on stables. The POS-failure is that you're accumulating FIFO-inventory while it's verified. The shit has huge vola. You cannot pay for a LV BJ with it.

So it's reduced to a gold-analog. Big fucking deal. It hasn't even functioned as risk-off/inflation hedge.

Bye.

 

[NoahA]

I am not getting anywhere here. I was stating that the immutability doesn't warrant the edge loss and friction elements. Joe Blow with $800 in Chase passbook savings understands utility function as it impacts his life for the better. He says fuck your immutability. It's an answer to a question that nobody asked.

We'd be Cuba and driving '57 Pontiacs w/o fractional reserve.

I'm done.

Another point to this is that your example is very specific. Nobody thinks that everything has to be on a world wide distributed ledger. Blockchain is useless for many applications. I'm happy to keep my money in a bank that is used to deposit my paycheck and pay bills. But that bank is clearly making money from the USD dollar being set up the way it is, which is designed to rob from the poor. How much does it cost to run a bank? Shit loads, and that money has to come from somewhere. Banks aren't really all that useful when you think about it. They are just a middle man that makes everything more difficult.

Its like credit cards. I love my free points and its costs me nothing, but somebody is paying for this. If they couldn't find suckers to pay 20% interest fees, my points wouldn't be free. Plus, all of this relies on the USD rails, and as I have said many times, there is theft right there. So not only does using fiat screw you, but also using banks.

Joe Blow could have had a much better life to be honest but instead, all he gets is knowing that his $800 will be covered in case his bank fails or something robs the bank. But for this service, he is kept in perpetual poverty.

 

[NoahA]

World economies are built on fiat due to that utility function/convenience.

Actually no. It is built on theft. Read enough to understand how the World Bank and IMF go into countries in order to steal their resources and put them on the USD debt standard.

Technology has grown at a very fast pace, but only because someone else paid for it. The monumental rise in wealth for some has been a detriment to others, and this will become apparent when the whole thing collapses. Cheap labor and cheap materials has fueled this. The exported inflation to the rest of the world that soaked it all up.

It kind of went like this. Lets make a system where the US can grow at the fastest way possible and we will get the rest of the world to supply the manpower and resources to make this happen. They do this by issues dollars for nothing and selling this debt.

Think about it. You want to create a new style of rocket, ie. SpaceX. You need 10 billion. If you relied on savers, you couldn't make it happen, so you rely on debt. 10 billions shows up, and you can pay all your workers, but that debt had to be bought by someone. The debt is literally the top of the pyramid scheme until it rug pulls.

No different than a crypto scam. I buy at 10 and sell at 20, you buy at 20 and sell at 30, etc.... When it hits 100, that last person holding gets rug pulled. We are about to witness the rug pull of US debt which has fueled the rise of the past 100 years.

 

[destriero]

Actually no. It is built on theft. Read enough to understand how the World Bank and IMF go into countries in order to steal their resources and put them on the USD debt standard.

Technology has grown at a very fast pace, but only because someone else paid for it. The monumental rise in wealth for some has been a detriment to others, and this will become apparent when the whole thing collapses. Cheap labor and cheap materials has fueled this. The exported inflation to the rest of the world that soaked it all up.

It kind of went like this. Lets make a system where the US can grow at the fastest way possible and we will get the rest of the world to supply the manpower and resources to make this happen. They do this by issues dollars for nothing and selling this debt.

Think about it. You want to create a new style of rocket, ie. SpaceX. You need 10 billion. If you relied on savers, you couldn't make it happen, so you rely on debt. 10 billions shows up, and you can pay all your workers, but that debt had to be bought by someone. The debt is literally the top of the pyramid scheme until it rug pulls.

No different than a crypto scam. I buy at 10 and sell at 20, you buy at 20 and sell at 30, etc.... When it hits 100, that last person holding gets rug pulled. We are about to witness the rug pull of US debt which has fueled the rise of the past 100 years.

Dude, I started at Booth when I was 19. This site sucks.

 

[semperfrosty]

Good discussion.

I think the mitigating factor is whereabouts we are on the BTC(crypto)timeline.

Are we all earlier than we think(i.e too early) or are we in a calm before the nearing storm.

Change will come very quickly when it comes.As they say,'Necessity is the mother of invention'.

 

[NoahA]

Dude, I started at Booth when I was 19. This site sucks.

No idea what Booth is so I can't give you the recognition you're wanting... LOL

 

[NoahA]

Good discussion.

I think the mitigating factor is whereabouts we are on the BTC(crypto)timeline.

Are we all earlier than we think(i.e too early) or are we in a calm before the nearing storm.

Change will come very quickly when it comes.As they say,'Necessity is the mother of invention'.

Totally agree. As excited I am, I can see a major fork in the road where they try and blame bitcoin for the reasons why the system start collapsing. I see it playing out in the media with other things. The woke narrative is so strong right now and nobody goes down without swinging. So the transition is going to be very ugly.

 

[semperfrosty]

Totally agree. As excited I am, I can see a major fork in the road where they try and blame bitcoin for the reasons why the system start collapsing. I see it playing out in the media with other things. The woke narrative is so strong right now and nobody goes down without swinging. So the transition is going to be very ugly.

Where there's chaos,there's opportunity!

 

[johnarb]

I see this one posed quite often as sort of a trick question or a test of someone's belief.

To me it's not a difficult scenario.

Most would live off 80%(or more)of their income.So as the money comes in,just as quickly does it go out(direct deposit,recurring payments,etc.)

Even with BTC being seen as a volatile product,as a weekly or monthly payment,it is worth to the recipient what it is worth to the payer until it is held longer term.

Now with the remaining 20% which may be for savings or investments or whatever,and held longer term,you need to determine where it gets the best growth and assign it as such.That may be a percentage left in BTC/more volatile investments or a sleepy savings account for safety.

I see no difference in fiat or BTC for regular payments.

If you signed a contract for 10 BTC for a years work with payment to be made at end of said year some more thought would need to be applied.

Most if not all of the people who work for crypto gets paid or got paid in crypto, that's the trick answer

It's only a matter of time perspective

If someone gets paid bitcoin every month but converts all to fiat for life expenses, then it's fake

However, if someone gets paid fiat every month, but converts most of it to bitcoin, then that person is getting paid in bitcoin

If you have a contract for 2 years net income $270k, get a loan, purchase 10 btc's now and put all your net income to paying the loan

When a person decides to put their money into bitcoin, they are converting their wages in the present and in the future to bitcoin

What about expenses?

You can purcahse fiat with some of your bitcoin

Or, if you don't want to lose satoshis and your expenses are low, you can borrow against your bitcoin as needed

 

[rajendrash]

Most if not all of the people who work for crypto gets paid or got paid in crypto, that's the trick answer

It's only a matter of time perspective

If someone gets paid bitcoin every month but converts all to fiat for life expenses, then it's fake

However, if someone gets paid fiat every month, but converts most of it to bitcoin, then that person is getting paid in bitcoin

If you have a contract for 2 years net income $270k, get a loan, purchase 10 btc's now and put all your net income to paying the loan

When a person decides to put their money into bitcoin, they are converting their wages in the present and in the future to bitcoin

What about expenses?

You can purcahse fiat with some of your bitcoin

Or, if you don't want to lose satoshis and your expenses are low, you can borrow against your bitcoin as needed

Your point about converting wages to Bitcoin is spot on. It's a
strategic move if you believe in the long-term potential of
cryptocurrencies.