Cryptocurrency

[Cdub100 3,384]

59 minutes ago, Hardcore troubadour said:

If they could only print more money like the sophisticated countries do. 

They should just forgive the debt.

[Hardcore troubadour 12,660]

29 minutes ago, Cdub100 said:

They should just forgive the debt.

Find out who they owe first. I remember when Clinton forgave mexicos debt. Mexico owed the banks. We paid the banks. All is forgiven. Bank makes a bad loan, we pick up the tab. It’s a great business model. Goldman Sachs loved it. Clinton justified it by saying it would curtail illegal immigration and an influx would lead to Americans losing jobs.  You can’t make this stuff up. Biden was good with it. Illegal immigration hasn’t been curtailed and Americans lost jobs. But the banks got paid so it’s all good. Fast forward to today and liberals love banks, corporations, the CIA and the FBI. They go along with what whatever they tell them. What happened to them? 

[Hardcore troubadour 12,660]

I remember the, at the time far left liberal actor Ron Silver commenting on Clinton’s inaugural. He said he was there and loving it. Then he saw a military jet fly over and was upset. He didn’t like the military being involved involved in what he thought was a celebration of peace and pacifism. Then it dawned on him and he said “those are ours now” and he was good with it. Such is the mind of a leftist. Everything can be justified as long as they have the power. Nixon spies on the DNC , he must be impeached and banished. Obama spies on Trump, it’s ok. Our side is the good side. Bush bails out the banks, that can’t be tolerated. Obama comes along a few months later and continues to bail them out and that’s necessary.  They only care about power and their flock will nod along with anything they do. Even droning kids. 

[WhiteWonder 2,172]

1 hour ago, Hardcore troubadour said:

I remember the, at the time far left liberal actor Ron Silver commenting on Clinton’s inaugural. He said he was there and loving it. Then he saw a military jet fly over and was upset. He didn’t like the military being involved involved in what he thought was a celebration of peace and pacifism. Then it dawned on him and he said “those are ours now” and he was good with it. Such is the mind of a leftist. Everything can be justified as long as they have the power. Nixon spies on the DNC , he must be impeached and banished. Obama spies on Trump, it’s ok. Our side is the good side. Bush bails out the banks, that can’t be tolerated. Obama comes along a few months later and continues to bail them out and that’s necessary.  They only care about power and their flock will nod along with anything they do. Even droning kids. 

hate to break it to you but people from all sides justify everything as long as they have the power. This is a concept as old as time and is just as prevalent on the right. 

Of course, I agree with you because generally, I am probably of similar political beliefs but a very basic example would be the constant cries of trump supporters that the election was stolen (I think it was), yet at the same time trump supporters didn't want to hear about Russia being involved in 2016, true or not. We can justify or brush things off when we come out on top but not when the tables are turned. 

Not only did Bush bail out the banks and it was bad, then Obama continued and it was needed, as you said...... but then Obama's administration organized the biggest theft in history, with the perpetual conservatorship of Fannie Mae and Freddie Mac, who were not responsible for the mortgage crisis nearly as much as the banks were... but as soon as they had insider info that those companies were going to start turning billions in quarterly profits again, the bailout turned into the Net Worth Sweep... likely to fund other projects such as Obamacare. Of course, he protected most of those documents with presidential priv. 

[Hardcore troubadour 12,660]

30 minutes ago, WhiteWonder said:

hate to break it to you but people from all sides justify everything as long as they have the power. This is a concept as old as time and is just as prevalent on the right. 

Of course, I agree with you because generally, I am probably of similar political beliefs but a very basic example would be the constant cries of trump supporters that the election was stolen (I think it was), yet at the same time trump supporters didn't want to hear about Russia being involved in 2016, true or not. We can justify or brush things off when we come out on top but not when the tables are turned. 

Not only did Bush bail out the banks and it was bad, then Obama continued and it was needed, as you said...... but then Obama's administration organized the biggest theft in history, with the perpetual conservatorship of Fannie Mae and Freddie Mac, who were not responsible for the mortgage crisis nearly as much as the banks were... but as soon as they had insider info that those companies were going to start turning billions in quarterly profits again, the bailout turned into the Net Worth Sweep... likely to fund other projects such as Obamacare. Of course, he protected most of those documents with presidential priv. 

The claim about Russian interference from the left is that Trump was in on it. Of course Russia tried to influence the 2016 election. They have been doing it forever. They fund green energy organizations today.  I’m all ears about foreign influence on our elections, I don’t deny it. But again, claiming Trump participated is the problem we have. It was not true, and his opponents knew it wasn’t and launched a witch hunt based on that lie and hurt the country. 

[Chronic Fockster 106]

Oh great now HT derailed the crypto thread

[Hardcore troubadour 12,660]

5 hours ago, Chronic Fockster said:

Oh great now HT derailed the crypto thread

Keep it up and I’ll remind everyone you think that a four year old twerking for the amusement of adults is fine. 

[WhiteWonder 2,172]

7 hours ago, Hardcore troubadour said:

The claim about Russian interference from the left is that Trump was in on it. Of course Russia tried to influence the 2016 election. They have been doing it forever. They fund green energy organizations today.  I’m all ears about foreign influence on our elections, I don’t deny it. But again, claiming Trump participated is the problem we have. It was not true, and his opponents knew it wasn’t and launched a witch hunt based on that lie and hurt the country. 

Yes, sorry for not specifying that the issue was his involvement. Thought that went without saying. My point still stands, true or not, his backers didn't want to hear it then because... "we won, we have the power". As soon as they didn't win and didn't have the power "it was stolen! "..... which again I don't disagree with. 

[Cdub100 3,384]

8 hours ago, Hardcore troubadour said:

The claim about Russian interference from the left is that Trump was in on it. Of course Russia tried to influence the 2016 election. They have been doing it forever. They fund green energy organizations today.  I’m all ears about foreign influence on our elections, I don’t deny it. But again, claiming Trump participated is the problem we have. It was not true, and his opponents knew it wasn’t and launched a witch hunt based on that lie and hurt the country. 

I hear both sides say this all the time. But things go really quiet when I ask about dual citizens serving in the senate and house. Or when I point out a certain tribe holds far more high-level government, education, media and CEO positions than their demographic suggest they should. Oy Vey, I should just go back to watching my sporty ball.

[Hardcore troubadour 12,660]

2 hours ago, Cdub100 said:

I hear both sides say this all the time. But things go really quiet when I ask about dual citizens serving in the senate and house. Or when I point out a certain tribe holds far more high-level government, education, media and CEO positions than their demographic suggest they should. Oy Vey, I should just go back to watching my sporty ball.

I don’t think it’s right when a very, very small part of the population has an outsized role in the running of a country. It was the argument against apartheid. 

[Chronic Fockster 106]

Btc back under 20k

Buy buy buy

[easilyscan 559]

On 8/27/2022 at 12:13 PM, WhiteWonder said:

but then Obama's administration organized the biggest theft in history, with the perpetual conservatorship of Fannie Mae and Freddie Mac, who were not responsible for the mortgage crisis nearly as much as the banks were...

The best article I've ever read related to that. 

https://www.backwoodshome.com/the-meltdown-and-the-bailout-why-how-and-what-they-mean/

 

[peenie 1,690]

On 8/27/2022 at 8:51 AM, edjr said:

  Yeah well I gained investing in certain stocks How much crypto didn't tank? Nitwit. 

Not sure your point, some of my stocks also gained (Apple). Dimwit.

[peenie 1,690]

On 8/27/2022 at 10:19 AM, WhiteWonder said:

there are many major differences between the world of crypto and investing in companies. Each involves risk, one involves more. Quick example, If you wanted to cut bait on your losses, you can claim your stock losses on your taxes either to offset the tax you will pay on your realized gains, or up to 3k in excess of your gains. To my knowledge, there is no write off for crypto losses, unless you invested in crypto through robinhood for example, rather than actually owning the digital assets themselves. 

when some of these crypto sites go tits up, you're basically SOL if you held your assets there. At least if a company goes bankrupt, there are some measures in place for investors to recover some losses... specifically if you owned preferred or senior preferred shares in that company. 

Also, there was always a lot of talk among the crypto bros that crypto was a hedge against inflation, the market, etc. similar to gold.... but we have kind of seen the opposite to be true, at least thus far. So it's not really a surprise that you've lost money equally on btc and eth as you have on amazon. The question will be, will they rise in lockstep when the stock market recovers.

Finally, as @edjr pointed out, you could have made money investing in certain stocks. It's harder than it was 2 years ago, for obvious Brandon reasons, but i've made money on certain stocks while others were going down. Crypto as a whole is down. No one is making money on crypto since it's highs. (yes, some people are still up because they bought in years ago, and some people are miners etc,) but the average crypto investor has not been making anything. 

 

 

I didn’t cash out my stocks or any of my coins, Good to know it would be a tax write off if I invested through Robinhood or PayPal. 

Isn’t it possible the coins will go up again? Is it fear that makes you all think the coins will drop to $0 or common sense?

[edjr 5,567]

1 hour ago, peenie said:

Not sure your point, some of my stocks also gained (Apple). Dimwit.

Not a ponzi scheme, trash bucket.  That is my point.  

[WhiteWonder 2,172]

2 hours ago, peenie said:

I didn’t cash out my stocks or any of my coins, Good to know it would be a tax write off if I invested through Robinhood or PayPal. 

Isn’t it possible the coins will go up again? Is it fear that makes you all think the coins will drop to $0 or common sense?

I never said it was going to zero. Of course the coins can and probably will go up again. There will be more FOMO driven runs, I’m sure. 
 

I also can’t speak for buying crypto through PayPal. Only Robinhood. If buying through PayPal is basically government by you “stock” in a cryptocurrency but not the actual digital asset, then yeah, you should get tax forms at the end of the year like you would from any broker. So if you made 5,000 selling other stock, and lost 9,000 trading bitcoin, you can claim 8,000 as a loss to lower the tax you will pay on that 5,000 gain. The other 1,000 loss you have to carry over to the next year 

[iam90sbaby 2,125]

On 8/27/2022 at 2:04 PM, Chronic Fockster said:

Oh great now HT derailed the crypto thread

I'm cool with it 

[MTSkiBum 1,594]

Etherium is doing their transition shortly IIRC. If it goes well I could see it replacing bitcoin as kind of the defacto cryptocurrency among the masses, however it they have problems with the transition then it could tank in value as well.

 

My prediction is that it could go up or down! I am quite the forecaster

[iam90sbaby 2,125]

3 minutes ago, MTSkiBum said:

Etherium is doing their transition shortly IIRC. If it goes well I could see it replacing bitcoin as kind of the defacto cryptocurrency among the masses, however it they have problems with the transition then it could tank in value as well.

 

My prediction is that it could go up or down! I am quite the forecaster

Ethereum might surpass Bitcoin in market cap but it will NEVER surpass Bitcoin in price per coin. Bitcoins entire supply has almost been mined, when that happens we will probably see Bitcoin over 100k.

[Chronic Fockster 106]

17 minutes ago, iam90sbaby said:

we will probably see Bitcoin over 100k.

[Hawkeye21 1,855]

I'd be a very happy man if Shiba Inu went to $1.  I'd be happy if it just got to a penny to be honest.

[iam90sbaby 2,125]

21 minutes ago, Chronic Fockster said:

It will.

[iam90sbaby 2,125]

4 minutes ago, Hawkeye21 said:

I'd be a very happy man if Shiba Inu went to $1.  I'd be happy if it just got to a penny to be honest.

The market cap of SHIB would need to be higher than the total supply of money there is on earth. In other words, it's never going to happen.

[nobody 2,044]

3 minutes ago, iam90sbaby said:

It will.

Based on what?  No new supply coming into the system?

The miners will have to transition to processing transactions for fees.  Those fees will end up driving the value of bitcoin.  I think that will be an existential crisis for bitcoin.  Right now, miners are incentivized to process as much as they can to get as much bitcoin as possible.  Once they transfer to a fee based structure, the miners are going to take processing offline to control transaction price.  It'll find an equilibrium I'm sure to start because people will want to uphold the price, but the end game is that large transaction processors will glom together and start setting price OPEC style. 

[nobody 2,044]

That's actually a real problem with proof-of-work right now.  The whole thing relies on decentralization, but due to the high resource cost, it had this clumping effect which has the potential to cripple the whole system.

[Chronic Fockster 106]

This is dumb to speculate anyway because we're talking about 100 years into the future.  We will all be dead, and a $100k bitcoin could represent a dinner at that point.

[iam90sbaby 2,125]

6 minutes ago, nobody said:

Based on what?  No new supply coming into the system?

The miners will have to transition to processing transactions for fees.  Those fees will end up driving the value of bitcoin.  I think that will be an existential crisis for bitcoin.  Right now, miners are incentivized to process as much as they can to get as much bitcoin as possible.  Once they transfer to a fee based structure, the miners are going to take processing offline to control transaction price.  It'll find an equilibrium I'm sure to start because people will want to uphold the price, but the end game is that large transaction processors will glom together and start setting price OPEC style. 

Based on supply/demand.

[iam90sbaby 2,125]

2 minutes ago, Chronic Fockster said:

This is dumb to speculate anyway because we're talking about 100 years into the future.  We will all be dead, and a $100k bitcoin could represent a dinner at that point.

It hit 70k not even a year ago. When all BTC has been mined and it starts deflating you'll see 100k. You don't think so? Great don't invest, I don't give a fock.

[nobody 2,044]

1 minute ago, iam90sbaby said:

Based on supply/demand.

Yeah, there's a demand side of that equation as well.  Right now demand is driven purely by speculation.  If the network stops being able to process transactions, demand falls.

Not saying it's doomed to fail because one of the best things going for it is a lot of rich and powerful people are invested in it's success.

[Chronic Fockster 106]

3 minutes ago, iam90sbaby said:

It hit 70k not even a year ago. When all BTC has been mined and it starts deflating you'll see 100k. You don't think so? Great don't invest, I don't give a fock.

That's 100 years from now.  I have no idea what 100 years is going to look like.  Good luck.

[iam90sbaby 2,125]

Just now, nobody said:

Yeah, there's a demand side of that equation as well.  Right now demand is driven purely by speculation.  If the network stops being able to process transactions, demand falls.

Not saying it's doomed to fail because one of the best things going for it is a lot of rich and powerful people are invested in it's success.

Great, so don't invest.  I'm just going to keep HODLing and not listen to the FUD.

[iam90sbaby 2,125]

Just now, Chronic Fockster said:

That's 100 years from now.  I have no idea what 100 years is going to look like.  Good luck.

When you understand how Bitcoins halving and block subsidy works get back with me.

[nobody 2,044]

4 minutes ago, iam90sbaby said:

Great, so don't invest.  I'm just going to keep HODLing and not listen to the FUD.

So based.

[Alias Detective 1,179]

 

58 minutes ago, iam90sbaby said:

When you understand how Bitcoins halving and block subsidy works get back with me.

What experience do you have to be so matter of fact?  There is a reason the absolute best financial minds scoff at crypto.

[Cdub100 3,384]

1 hour ago, iam90sbaby said:

The market cap of SHIB would need to be higher than the total supply of money there is on earth. In other words, it's never going to happen.

That's not entirely true. Liquid supply on exchanges is usually a big driving force.

That being said I doubt we will ever see a $1 doge. If we do something went very wrong with the US dollar. Then again I never thought I'd see a .70 cent doge either.

[iam90sbaby 2,125]

29 minutes ago, Alias Detective said:

 

What experience do you have to be so matter of fact?  There is a reason the absolute best financial minds scoff at crypto.

Every halving the block subsidy reward gets smaller and smaller. I think there will be a total of 32 halvings. Towards the end the you'll be getting 0.0000001 or less for completing a node. Mining is only profitable at that point if BTC is in six figure or more range. 

[nobody 2,044]

26 minutes ago, iam90sbaby said:

Every halving the block subsidy reward gets smaller and smaller. I think there will be a total of 32 halvings. Towards the end the you'll be getting 0.0000001 or less for completing a node. Mining is only profitable at that point if BTC is in six figure or more range. 

And everyone needs Bitcoin for... stuff, so it must go up in value to match. 

[Chronic Fockster 106]

Under $19K now.

 

BUY BUY BUY

[WhiteWonder 2,172]

1 hour ago, Chronic Fockster said:

Under $19K now.

 

BUY BUY BUY

Did eth hit under 1,100 yet? I actually would buy back in if it does. I meant to last time it did and missed out on an easy 7-8k profit. 

[Chronic Fockster 106]

2 minutes ago, WhiteWonder said:

Did eth hit under 1,100 yet? I actually would buy back in if it does. I meant to last time it did and missed out on an easy 7-8k profit. 

No Eth is doing great, as it actually has some utility.