ChiGoose Posted July 27 Share Posted July 27 (edited) 10 minutes ago, KDIGGZ said: To your point I think there will be crypto with better use cases for currency replacement. I don't personally see that happening for Bitcoin. I think it's like gold bullion and if you want dollar dollar bills you will trade it as needed. So is your theory that there will come a time where the US dollar fails and instead of the Euro, GBP, the Yuan, precious metals, trade goods, or gems, we should be prepared with a digital asset whose entire history at this point has been defined by its volatility? Edited July 27 by ChiGoose Link to comment Share on other sites More sharing options...
phypon Posted July 27 Share Posted July 27 13 minutes ago, ChiGoose said: So is your theory that there will come a time where the US dollar fails and instead of the Euro, GBP, the Yuan, precious metals, trade goods, or gems, we should be prepared with a digital asset whose entire history at this point has been defined by its volatility? There are stable coins out there like USDC and USDT which are pegged to the dollar currently and are not volatile (hence being called a stable coin). Countries around the world are introducing CBDC's and there has been enough talk about it here in the US as well. The dollar will not last forever. Link to comment Share on other sites More sharing options...
K D Posted July 27 Share Posted July 27 13 minutes ago, ChiGoose said: So is your theory that there will come a time where the US dollar fails and instead of the Euro, GBP, the Yuan, precious metals, trade goods, or gems, we should be prepared with a digital asset whose entire history at this point has been defined by its viability? I think if we get to that point we are all screwed. That's end of the world type stuff. I hope it doesn't completely fail but dollars are increasingly becoming more and more worthless every day (inflation) and China already stopped using dollars in trade so there's that. My personal thought is that US dollars are worthless in theory now that we are off the gold standard and maybe other countries won't want to be bullied into using it for trade anymore so it doesn't need to completely fail for us to see hyper inflation. Our entire economy is supported by the fact that we are the world's super power and we can print dollars any time we want. What if nobody wants US dollars anymore? Look at our deficit. Why would other countries allow us to print endless dollars to pay it down? Something will eventually have to give. Bitcoin is just another asset class, much easier to trade than physical goods. A use case might be the US is in a civil war and you flee to Europe but nobody wants your US dollars to pay for things but they do want your Bitcoin so maybe you trade a Bitcoin for local currency. You can't easily trade a house or a car in that situation and you aren't going to be walking around with a backpack full of gold bricks. Or maybe we see hyper inflation and Bitcoin will suddenly seem pretty stable when soup costs $100 a can. Maybe you won't need some Bitcoin. But if you do, I do know that you can wait to buy it and it will just cost more and more. I have a friend that said at 5k he was waiting for it to go back under 1k then at 20k he was waiting for 10k and now at 68k he's waiting for like 30k. He's just always going to be waiting. Any maybe he won't need it but it's a nice option to have. 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted July 27 Share Posted July 27 21 minutes ago, phypon said: There are stable coins out there like USDC and USDT which are pegged to the dollar currently and are not volatile (hence being called a stable coin). You mean like the one Sam Bankman-Fried created? 1 Link to comment Share on other sites More sharing options...
ChiGoose Posted July 28 Share Posted July 28 9 minutes ago, KDIGGZ said: I think if we get to that point we are all screwed. That's end of the world type stuff. I hope it doesn't completely fail but dollars are increasingly becoming more and more worthless every day (inflation) and China already stopped using dollars in trade so there's that. My personal thought is that US dollars are worthless in theory now that we are off the gold standard and maybe other countries won't want to be bullied into using it for trade anymore so it doesn't need to completely fail for us to see hyper inflation. Our entire economy is supported by the fact that we are the world's super power and we can print dollars any time we want. What if nobody wants US dollars anymore? Look at our deficit. Why would other countries allow us to print endless dollars to pay it down? Something will eventually have to give. Bitcoin is just another asset class, much easier to trade than physical goods. A use case might be the US is in a civil war and you flee to Europe but nobody wants your US dollars to pay for things but they do want your Bitcoin so maybe you trade a Bitcoin for local currency. You can't easily trade a house or a car in that situation and you aren't going to be walking around with a backpack full of gold bricks. Or maybe we see hyper inflation and Bitcoin will suddenly seem pretty stable when soup costs $100 a can. Maybe you won't need some Bitcoin. But if you do, I do know that you can wait to buy it and it will just cost more and more. I have a friend that said at 5k he was waiting for it to go back under 1k then at 20k he was waiting for 10k and now at 68k he's waiting for like 30k. He's just always going to be waiting. Any maybe he won't need it but it's a nice option to have. Do you believe that the USD is the only currency that faced inflation? If USD is replaced as the global standard of trade, what will replace it? It almost certainly won’t be Bitcoin, so why not just invest in the actual replacement? Link to comment Share on other sites More sharing options...
The Frankish Reich Posted July 28 Share Posted July 28 Link to comment Share on other sites More sharing options...
K D Posted July 28 Share Posted July 28 Just now, The Frankish Reich said: He changed his mind like some of my family members did after 4 years of Biden 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted July 28 Share Posted July 28 1 minute ago, KDIGGZ said: He changed his mind like some of my family members did after 4 years of Biden Translation: he realized that Crypto boosters were ready to give him a metric sh!t-ton of money if he started boosting them. Really, what has happened in the last 5 years since that tweet that would cause an uber-crypto skeptic to start singing its praises? I mean, other than the revelation that SBF exploited huge holes in the whole unregulated crypto concept to enrich himself? 1 Link to comment Share on other sites More sharing options...
sodbuster Posted July 28 Share Posted July 28 (edited) 1 hour ago, Doc Brown said: It's for people that live in fear. Gold, or crypto? Because with gold, at least, that "fear" has been realized over the course of the last 5 years in the form of a rapidly weakened dollar. Edited July 28 by sodbuster 1 Link to comment Share on other sites More sharing options...
ChiGoose Posted July 28 Share Posted July 28 6 minutes ago, The Frankish Reich said: Translation: he realized that Crypto boosters were ready to give him a metric sh!t-ton of money if he started boosting them. Really, what has happened in the last 5 years since that tweet that would cause an uber-crypto skeptic to start singing its praises? I mean, other than the revelation that SBF exploited huge holes in the whole unregulated crypto concept to enrich himself? Basically why he flipped on TikTok: for the $$$ 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted July 28 Share Posted July 28 Just now, ChiGoose said: Basically why he flipped on TikTok: for the $$$ I see that his Project 2025 friends (Disclaimer: Trump has never, ever, ever heard of this!) include a recommendation to outlaw porn. Let's see how that one goes. Does it include soft core Melania porn? Or just Stormy Daniels style? Link to comment Share on other sites More sharing options...
phypon Posted July 28 Share Posted July 28 6 minutes ago, The Frankish Reich said: I see that his Project 2025 friends (Disclaimer: Trump has never, ever, ever heard of this!) include a recommendation to outlaw porn. Let's see how that one goes. Does it include soft core Melania porn? Or just Stormy Daniels style? You'll only be able to buy Trump approved Melania NFT's 1 Link to comment Share on other sites More sharing options...
phypon Posted July 28 Share Posted July 28 38 minutes ago, The Frankish Reich said: You mean like the one Sam Bankman-Fried created? Are you talking about the FTX token? Link to comment Share on other sites More sharing options...
The Frankish Reich Posted July 28 Share Posted July 28 Just now, phypon said: Are you talking about the FTX token? Tether. https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether Link to comment Share on other sites More sharing options...
phypon Posted July 28 Share Posted July 28 1 minute ago, The Frankish Reich said: Tether. Tether is alive and kicking and stable. SBF didn't create Tether. I don't think SBF ever ended up creating a stable coin. I think FTX collapsed before he could create one, although they did have their own exchange token call FTT (FTX coin). To Frank's point, for anyone that hasn't bought crypto, if you do, make sure you use a soft or hard wallet and never keep your coins (keys really) on an exchange. Link to comment Share on other sites More sharing options...
The Frankish Reich Posted July 28 Share Posted July 28 I really can't recommend Zeke Faux's book on SBF and crypto enough. https://www.penguinrandomhouse.com/books/711959/number-go-up-by-zeke-faux/ I'm not a crypto hater, in that I do think there's a valuable concept underlying the creation of the "better" cryptocurrencies. But the wild, wild west of crypto will not end pretty. Just the SBF-Ellison network of incestuous companies and the lack of any normal bookkeeping is bad enough. Link to comment Share on other sites More sharing options...
phypon Posted July 28 Share Posted July 28 5 minutes ago, The Frankish Reich said: I really can't recommend Zeke Faux's book on SBF and crypto enough. https://www.penguinrandomhouse.com/books/711959/number-go-up-by-zeke-faux/ I'm not a crypto hater, in that I do think there's a valuable concept underlying the creation of the "better" cryptocurrencies. But the wild, wild west of crypto will not end pretty. Just the SBF-Ellison network of incestuous companies and the lack of any normal bookkeeping is bad enough. I agree with you there, especially for the meme coins and most alt coins. I do think that Bitcoin has longevity as it has a lot of institutional backing now. As with any investing you should never invest more than you can afford to lose. 1 Link to comment Share on other sites More sharing options...
The Frankish Reich Posted July 28 Share Posted July 28 Just now, phypon said: I agree with you there, especially for the meme coins and most alt coins. I do think that Bitcoin has longevity as it has a lot of institutional backing now. As with any investing you should never invest more than you can afford to lose. Agreed. But really - check out the Zeke Faux book. I learned a lot. He's more of crypto skeptic than I am. Was a good audio book to listen to while biking - only 9 hours or so. 1 Link to comment Share on other sites More sharing options...
Doc Brown Posted July 28 Share Posted July 28 2 hours ago, sodbuster said: Gold, or crypto? Because with gold, at least, that "fear" has been realized over the course of the last 5 years in the form of a rapidly weakened dollar. Both. The weakening of the US dollar is overblown. It remains close to a 10 year high versus currencies of countries with which the U.S. trades. It remains the primary currency used for trade and financial transactions in the world economy. There's not really any other viable reserve currency alternatives. 1 Link to comment Share on other sites More sharing options...
sodbuster Posted July 28 Share Posted July 28 (edited) 8 hours ago, Doc Brown said: Both. The weakening of the US dollar is overblown. It remains close to a 10 year high versus currencies of countries with which the U.S. trades. It remains the primary currency used for trade and financial transactions in the world economy. There's not really any other viable reserve currency alternatives. It's value relative to other currencies is irrelevant. Its value relative to my heating and grocery bills is what matters. I care far more how many gallons of milk I can buy with 10 USD than how many Yen that I can buy. Edited July 28 by sodbuster 1 Link to comment Share on other sites More sharing options...
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