What is your stance on crypto?
- Thread starter Tokenz
- Start date
I like it to the extent that I hate the Fed and abuse of power by central banks. I hate governments printing money out of thin air to buy votes and bailouts for the too big to fail and passing the costs onto my children and the hidden tax of inflation. The enemy of my enemy is my friend I guess. I want a world with a stable store of value that does not lose purchasing power with time (essentially devaluing the rewards for past work). Chart below needs an update for the last 2 years.
I like it to the extent that I hate the Fed and abuse of power by central banks. I hate governments printing money out of thin air to buy votes and bailouts for the too big to fail and passing the costs onto my children and the hidden tax of inflation. The enemy of my enemy is my friend I guess. I want a world with a stable store of value that does not lose purchasing power with time (essentially devaluing the rewards for past work). Chart below needs an update for the last 2 years.
noted. it is trending down.
But this chart doesn't make sense unless you compare it with other currencies.
Please also show other currencies with the rising trend since 1910.
The Russian Ruble has strengthened quite a lot since at least 1998. Collapse of the Soviet Union likely had a lot to do with that. I don't have data going back to 1910. But the strength of the currency should be proportional to the debt and credit worthiness of the nation. Lately, there's been a ton of debt in most places around the world.
I hate about crypto that it is almost a religion. It's like preachers in a mall - you can't avoid them. Back in the day Forex trading was the religion you couldn't avoid, now it's crypto and meme stonks. If people would put in as much energy into learning to trade as they use to talk about crypto they would reach seven figures a lot sooner.
I love everything about crypto, decentralized currency, constant/set supply so basically disinflationary, blockchain, etc...
my 2 main hang ups essentially revolve around its high risk:
1) no SIPC or FDIC...and people do have their wallets hacked, there is no way around that. yes, most of the time it is their own fault for not following safety procedures...taking a screen shot of your recovery seed instead of writing down, not using a hardware wallet, etc...but still a higher level of personal responsibility must be adopted to protect yourself.
2) several countries have already banned the use of CC. Imagine what would happen if the US decided it was a threat to the USD and banned it. They already push the narrative of "its primarily used for illegal black market transactions". Nearly all value would be completely wiped out instantly. Is this likely? probably not but the world is pretty fucky right now.
my 2 main hang ups essentially revolve around its high risk:
1) no SIPC or FDIC...and people do have their wallets hacked, there is no way around that. yes, most of the time it is their own fault for not following safety procedures...taking a screen shot of your recovery seed instead of writing down, not using a hardware wallet, etc...but still a higher level of personal responsibility must be adopted to protect yourself.
2) several countries have already banned the use of CC. Imagine what would happen if the US decided it was a threat to the USD and banned it. They already push the narrative of "its primarily used for illegal black market transactions". Nearly all value would be completely wiped out instantly. Is this likely? probably not but the world is pretty fucky right now.
Yes. That's about the time the US started aggressively outsourcing all production overseas. Go into a Walmart and try to find something other than food or fluids that is made in America. Not easy to do.