Who is buying this trash?

ironchef said:
The reason is simple, foreigners/foreign governments are no dummies. They quickly exchanged their US $ into US assets. Just look at ownerships of many of Los Angeles' properties, hotels, office buildings and US stocks.... Everyone is following Norway and Singapore, setting up sovereign wealth funds and buying up US assets. China has a huge wealth fund buying up assets everywhere. Theoretically, the end game if we keep printing money buying foreign goods, one day all US assets will be owned by foreigners.
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How'd that work out for the Japanese in the 80's/90's?

Pebble Beach Golf Course, Rockefeller Center etc.
 
ScroogeMcDuck said:
US public debt is still exploding, but the portion of it held by foreigners is flat. The continued financial stability of the US depends upon a steady supply of new suckers to buy its treasuries at negative real yields. Who are these domestic suckers and why haven't they switched to bitcoin yet?
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loooollllll.....that was a good one.

I wonder when the crypto guys realize that coins are just as fiat as any currency out there...

...or you think that when there's an actual confidence crash in currencies then the crypto is somehow providing the necessities that humans need such as food, shelter (real estate), medical and security ? Cause i have soooo much i can do with a computer formula in my virtual wallet when real shit hits the fan, right ? Here, take a bite of my BTC and have a zip of Doge, hope u r not so hungry any more...
 
Folks in Venezuela knew how little Bolivars were worth and then how much more their converted dollars in bitcoin were worth once they left.

Try moving suitcases of dollars or gold past the authorities and thieves.

Same thing played out in many other places around the world.
 
i'm not arguing the illegal, tax evasion etc role and value of crypto. I fully understand its heaven status for drug/arms dealers, tax evadors and the likes. Crypto is a modern CASH. Anonymous way to make underground transactions. That's great. But that wasn't the point. The point was about replacing a currency. That's a whole new thing. (Decentralized) Crypto will never replace a currency. It's an absurd statement. The best it can do is become a young brother of an existing currency. Like cash. An illegal, anonymous brother. But it'll always be just as fiat. Actually worse, cause it's intrinsic value is negative. Selling coins against usd yields you positive rollover. A commodity so to speak, but without the real value of commodities (which are also arguable and another subject for another time).
 
Agree cryptos likely won't replace currencies ... but because there are waaaaaay too many advantages for criminal activity and tax evasion using good old greenbacks.
 
tsfx said:
i'm not arguing the illegal, tax evasion etc role and value of crypto. I fully understand its heaven status for drug/arms dealers, tax evadors and the likes. Crypto is a modern CASH. Anonymous way to make underground transactions. That's great. But that wasn't the point. The point was about replacing a currency. That's a whole new thing. (Decentralized) Crypto will never replace a currency. It's an absurd statement. The best it can do is become a young brother of an existing currency. Like cash. An illegal, anonymous brother. But it'll always be just as fiat. Actually worse, cause it's intrinsic value is negative. Selling coins against usd yields you positive rollover. A commodity so to speak, but without the real value of commodities (which are also arguable and another subject for another time).
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sounds like you've been reading too much bullshit from krugman.

~0.5% of bitcoin transactions are illicit vs 2-4% for fiat. It's really dumb to do illegal transactions on a medium where every transaction has a permanent public record.
 
SunTrader said:
How'd that work out for the Japanese in the 80's/90's?

Pebble Beach Golf Course, Rockefeller Center etc.
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Would have done fabulously well if the Japanese kept those properties, practicing "buy and hold" instead of "buy high sell low".
 
ScroogeMcDuck said:
sounds like you've been reading too much bullshit from krugman.

~0.5% of bitcoin transactions are illicit vs 2-4% for fiat.
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Alright, tell me please, what are the numbers you refer to by those bitcoin transactions? And how much is it ?

ScroogeMcDuck said:
It's really dumb to do illegal transactions on a medium where every transaction has a permanent public record.
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So, you're saying that every btc holder's IDENTITY is known and/or always traceable ?


Again, it's important to understand that our discussion was about replacing a currency because goverment bonds (and therefore its currency) is trash.

Block chain tech itself is nothing sort of an innovative revolution which is applicable in many fields. But blockchain tech doesn't make THE BTC (or doge, or any other of those thousands of coins) worth a jack shit (unless i can hide my ID and/or transactions, which i talked about earlier).

What if Walmart made its own coin ? or Amazon ? And will never accept btc's as payment (i brought this up because you specifically referred to BTC not crypto in general). What r u gonna do then ? Eventually, CB's are gonna make currencies digital as well. What r u gonna do then with btc ? One more time...The only reason it can and will have value if u can ditch paying taxes.


Btw, looking at btc value and seeing it drop half it's value in a matter of weeks...suuuureee, it's much much more than a speculative gambling. Most of the BTC INVESTORS are sophisticated rational and experienced players and it has nothing to do with the good ol' plain dumb fck "please please go up, so i can buy a lambo" greed, right ?
 
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