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I don't have the time to keep track of all the naysayers who will be proven wrong eventually... I will be too busy laughing my way to Bank of America to pay for the property in full...
A fiat currency can theoretically survive if backed by something that is deflationary. Back the Yuan by Bitcoin reserves. When Rome started cutting the concentration of precious metals in the coins with inferior compounds and diluting it, that was the beginning of the end.
I'm not promoting it, but as a student of history those who have rare earth reserves in ancient times and mastered metallurgy came out ahead. The government benefits indirectly although they can't directly control it, they can leverage it as a hedge in negotiations for favorable terms.
Encourage mining, tax mining incomes and offer tax subsidies for miners that sell the block rewards directly to the government.
The USD is backed by near exclusive access to oil by purchase in USD. The value of OPECs reserves is worth more than all the gold ever mined by multiples. It is also backed by access to the largest economy on earth and the world economy that’s more than 50% conducted in usd. There’s more usd outside the country than in it.
There aren’t enough bitcoins to back the yuan in reserves. And no one with sense trusts the yuan and bitcoin enough to use it as a reserve. Ie, the usd is 2/3 of reserves and the other 3 countries+ euro block I mentioned are the remaining percentage up to about 95%.
And do you know what China has historically tried to peg to? The usd.
That’s annualizing a most likely short term spike to the entire year. Most economists and fund manager polls that I’ve seen think the price increases will be transitory since the economy is so messed up right now from a supply chain and workforce perspective.
Keep believing Powell if you'd like.
He is an unqualified buffoon who has no credentials to be in his current position.
Supply chain woes have been significantly overstated. It's the semiconductor chip industry that is specifically having problems due to LONG STANDING corruption and fraud in that industry from Mainland China, along with COVID spikes in Taiwan, forcing them to temporarily shutdown plants.
Workforce is just fine. Your hamburger price will still be going up even when Billy gets off his extended unemployment.
He is an unqualified buffoon who has no credentials to be in his current position.
Supply chain woes have been significantly overstated. It's the semiconductor chip industry that is specifically having problems due to LONG STANDING corruption and fraud in that industry from Mainland China, along with COVID spikes in Taiwan, forcing them to temporarily shutdown plants.
Workforce is just fine. Your hamburger price will still be going up even when Billy gets off his extended unemployment.
You do realize the irony of you calling out people about 1000 more times more qualified than you on economics?
It’s like when you scoffed at the Bank of England.
Maybe you should reign in your utterly ridiculous ego.
I don't have the time to keep track of all the naysayers who will be proven wrong eventually... I will be too busy laughing my way to Bank of America to pay for the property in full...
A fiat currency can theoretically survive if backed by something that is deflationary. Back the Yuan by Bitcoin reserves. When Rome started cutting the concentration of precious metals in the coins with inferior compounds and diluting it, that was the beginning of the end.
I'm not promoting it, but as a student of history those who have rare earth reserves in ancient times and mastered metallurgy came out ahead. The government benefits indirectly although they can't directly control it, they can leverage it as a hedge in negotiations for favorable terms.
Encourage mining, tax mining incomes and offer tax subsidies for miners that sell the block rewards directly to the government.
Modern currency is backed by the economies behind them. The US dollar will reign supreme as it’s back by the US economy which is second to none.
Ancient times had to have metals; economies were much more fragile; entire nations were much more fragile.
A $ is just a store of value. More effective than holding cows. It’s not finite by any means.
You guys get too wrapped up in a $ has to translate to a metal that isn’t very valuable itself. We’re in a different era now. Currency is supposed to be inflationary. You’re not supposed to hold currency; you’re supposed to exchange it; store it in a working asset.
You guys get too wrapped up in a $ has to translate to a metal that isn’t very valuable itself. We’re in a different era now. Currency is supposed to be inflationary. You’re not supposed to hold currency; you’re supposed to exchange it; store it in a working asset.
That is fine. We can continue to use USDC - There is no need for the Fed to "create" a digital dollar, it should just certify USDC and use the stable coin rails already built.
Currency can be inflationary, but Treasury bonds need to become mostly obsolete. There is no point in holding dollars as you mention because it is no longer an effective store of value. It hasn't been for a while.
That is fine. We can continue to use USDC - There is no need for the Fed to "create" a digital dollar, it should just certify USDC and use the stable coin rails already built.
Currency can be inflationary, but Treasury bonds need to become mostly obsolete. There is no point in holding dollars as you mention because it is no longer an effective store of value. It hasn't been for a while.
There is a reason, a “gov stablecoin” should be under the purview of the gov; not a private party. USDC isn’t guaranteed to remain pegged stable with the dollar. It wouldn’t surprise me that if a lot of people tried to cash out the value would decline. There is zero guarantee they have enough dollars to match USDC in circulation.
Treasury bonds are not currency; they’re bonds. The interest is the reward.
There is a reason, a “gov stablecoin” should be under the purview of the gov; not a private party. USDC isn’t guaranteed to remain pegged stable with the dollar. It wouldn’t surprise me that if a lot of people tried to cash out the value would decline. There is zero guarantee they have enough dollars to match USDC in circulation.
Treasury bonds are not currency; they’re bonds. The interest is the reward.
Sorry to break it to you but FDIC isn’t fool proof either. This is why I believe aside from Crypto that precious metals, real estate and direct business ownership are the only true stores of value. We rely on fractional reserve banking principles whereas Crypto markets regularly experience margin calls and "due in full ASAP" moments which the US dollar could never survive.
Treasury bonds means you are the creditor and the government is the debtor. We have no idea if the government can even maintain social benefit payments, so what makes you think bond holders will get their promised interest paid on time
The US government shuts down every 2 years. I am not sure it's a good idea to place your hard earned money with such an unstable organization.
I don't have the time to keep track of all the naysayers who will be proven wrong eventually... I will be too busy laughing my way to Bank of America to pay for the property in full...
A fiat currency can theoretically survive if backed by something that is deflationary. Back the Yuan by Bitcoin reserves. When Rome started cutting the concentration of precious metals in the coins with inferior compounds and diluting it, that was the beginning of the end.
I'm not promoting it, but as a student of history those who have rare earth reserves in ancient times and mastered metallurgy came out ahead. The government benefits indirectly although they can't directly control it, they can leverage it as a hedge in negotiations for favorable terms.
Encourage mining, tax mining incomes and offer tax subsidies for miners that sell the block rewards directly to the government.
Just wondering how much you have invested in crypto and which coins right now. That way if it goes to the moon you can truly brag here and laugh at us plebs. Thanks.
Aren’t you the guy that was bragging on buying “the ether dip” at $3,700?
Sorry to break it to you but FDIC isn’t fool proof either. This is why I believe aside from Crypto that precious metals, real estate and direct business ownership are the only true stores of value. We rely on fractional reserve banking principles whereas Crypto markets regularly experience margin calls and "due in full ASAP" moments which the US dollar could never survive.
Treasury bonds means you are the creditor and the government is the debtor. We have no idea if the government can even maintain social benefit payments, so what makes you think bond holders will get their promised interest paid on time
The US government shuts down every 2 years. I am not sure it's a good idea to place your hard earned money with such an unstable organization.
You will never win an argument about solvency between the US gov and really anything else. To
The FDIC will always pay when needed; remember there are caps so spread the money around. USDC does not have the ability to fill funding gaps like the US gov.
Precious metals, real estate and business are stores of value on the asset side. These days though I include precious metals under commodities based on supply and demand; as gold doesn’t have the intrinsic value it once did; it’s an expensive asset to have to hold and dispose of. Note real estate and business are the type that work for you. None of these are comparable to cash. Cash is where value goes until it goes into another.
There’s nothing wrong with fractional banking. Again; a $ is just moving value around. Value is not finite. It’s a tool for that transaction of value.
The US government holds the greatest asset in the world; the US economy. That’s why people buy it’s debt.
Bought and sold gbtc over maybe not even an hour today …picked up a few hundred dollars while sitting at the computer working on our pictures In photoshop .
I happened to see it was down like 6% so I bought …looked again and it was up a few hundred so I sold it .
Order Number F16TZVMP
Status Filled at $31.47
Symbol GBTC
Description GRAYSCALE BITCOIN TRBTC SHS
Action Buy
Quantity 793 Shares
Route
CITADEL EXECUTION SERVICES
Order Type Market
Time in Force Day
Conditions None
Trade Type Cash
Market Session Standard
Order Date 06/16/2021, 02:27:21 PM ET
Cancel Date
GRAYSCALE BITCOIN TRBTC SHS
Print Order
Close Popup
Order Number F16WCNXN
Status Filled at $31.80
Symbol GBTC
Description GRAYSCALE BITCOIN TRBTC SHS
Action Sell
Quantity 793 Shares
Route
KNIGHT EQUITY MARKETS, L.P.
Order Type Market
Time in Force Day
Conditions None
Trade Type Cash
Market Session Standard
Order Date 06/16/2021, 03:19:27 PM ET
Cancel Date
It is falling again and almost down to where I want to buy ..it fell about 500 bucks from where I just sold
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