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Trevor Lawrence (probably didn’t) lose 65% of total rookie contract on Bitcoin


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5 hours ago, Barry McCockinner said:

actually it does matter if it's made of gold, paper, beads or digital bytes. it is critically important and saying it doesn't matter shows a lack of understanding on your own part.

The purpose of money is to store and transfer economic value so we don't have to barter goats for houses. Scarcity is a core property of good money. The reason why things like beads failed to be good money is that they are not scarce and someone can easily introduce more beads into the economy without providing economic value thereby debasing the value of all the previously earned beads. gold is the most scarce and durable money on the planet which makes it much better at storing and transferring economic value than something like beads. You can't just flood the supply of gold like you can beads.

paper money was introduced on top of gold because gold is difficult to transfer and secure over larger physical differences (it's hard to ship gold 100s or 1000s of miles). central entities then went on to create more paper money than gold they had backing it up debasing the value of everyone's money. Governments then scammed everyone blaming gold for the problems created by printing more money than they had gold.

Now we're on a fiat standard where the money technology is even worse than beads at meeting the scarcity property of money. We're all being scammed and have no where to store the economic value we've created because the money is constantly being debased by a central entity creating more of it.

The gold standard failed because we allowed central entities to pretend to maintain a gold backing with fiat currency. We cannot go back to that because the problem was never solved. We can go to a bitcoin standard where there is no need for any central entity to print paper on top of it. We can easily transfer and secure bitcoin and it has all of the properties that made gold the best money in human history.

It's time to separate money from state. Satoshi bless.

Barry, we have discussed this. This is never going to happen.

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5 hours ago, Warfish said:

TLDR:  Any method of exchange, including all currencies, are only worth what society thinks it's worth. 

Act accordingly.

I would say that in this specific case the currencies are mostly a representation of the exchange value in the commodities market. So, its value is directly tied in production - and everything that accounts for - and not only in what society believes. 

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46 minutes ago, More Cowbell said:

So what would you use measure the value of bitcoin in without state controlled currency like the dollar? 

It's  the only decent  measure we have currently. You can compare it to the value of an Oz of gold but you are still measuring that value in dollars.

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10 minutes ago, Lurker89 said:

It's  the only decent  measure we have currently. You can compare it to the value of an Oz of gold but you are still measuring that value in dollars.

The revolution is over Lebowski. Condolences. The bums lost. 

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22 minutes ago, Barry McCockinner said:

because you said so.

Because you can't run a business on bitcoin. I can't  have someone pay me for goods that I sell and have that payment be worth 5, 10 or 30 percent less in a week. I need that money to buy more. The gamble is in what I am buying, not what I use to buy it with. 

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26 minutes ago, More Cowbell said:

Because you can't run a business on bitcoin. I can't  have someone pay me for goods that I sell and have that payment be worth 5, 10 or 30 percent less in a week. I need that money to buy more. The gamble is in what I am buying, not what I use to buy it with. 

When the world is on a Bitcoin standard it won't be volatile anymore. I know you think it's crazy but I am actually convinced this will be the case in the future.

Hopefully we don't have to suffer through some Chinese or global CBDC before moving to Bitcoin. USD is not going to be the reserve currency for much longer (relatively speaking), at least not as we know it today. Maybe they can pull off another rug pull on the world and switch to a USCBDC global reserve currency for some time. It seems we're already splitting away from the USD though.

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16 minutes ago, The Crusher said:

Without food we die. Can’t eat currency, can’t eat gold, can’t eat real estate, can’t eat promissory notes and certainly can’t eat crypto currency. You are welcome, 

It will take some of us longer to die than others huh big boy.... now I understand your BMI investment strategy.😘

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32 minutes ago, Barry McCockinner said:

When the world is on a Bitcoin standard it won't be volatile anymore. I know you think it's crazy but I am actually convinced this will be the case in the future.

Hopefully we don't have to suffer through some Chinese or global CBDC before moving to Bitcoin. USD is not going to be the reserve currency for much longer (relatively speaking), at least not as we know it today. Maybe they can pull off another rug pull on the world and switch to a USCBDC global reserve currency for some time. It seems we're already splitting away from the USD though.

Barry,  it won't  happen. You are in the minority when it comes to Bitcoin. 99% of the people who own it  are in it to make a profit. One day there might be a digital currency  as a standard,  but I doubt it will be bitcoin. China is already regulating it. The US is not far behind. Once that happens, bitcoin will most likely be outlawed. 

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29 minutes ago, More Cowbell said:

Barry,  it won't  happen. You are in the minority when it comes to Bitcoin. 99% of the people who own it  are in it to make a profit. One day there might be a digital currency  as a standard,  but I doubt it will be bitcoin. China is already regulating it. The US is not far behind. Once that happens, bitcoin will most likely be outlawed. 

Regulations in the US will be good for Bitcoin and will not outlaw it. Once regulatory clarity exists it will open the floodgates to a metric f-ton of liquidity.

China tried to ban Bitcoin mining about a year ago and metrics are now showing they're almost back up to the same mining hash rate coming from China as before the ban. This is from a communist country that has way more control over everything. 

There will be CBDCs and they will be bad for freedom. Everyone should be hoping for Bitcoin instead.

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16 minutes ago, Barry McCockinner said:

Regulations in the US will be good for Bitcoin and will not outlaw it. Once regulatory clarity exists it will open the floodgates to a metric f-ton of liquidity.

China tried to ban Bitcoin mining about a year ago and metrics are now showing they're almost back up to the same mining hash rate coming from China as before the ban. This is from a communist country that has way more control over everything. 

There will be CBDCs and they will be bad for freedom. Everyone should be hoping for Bitcoin instead.

Nobody actually knows what will happen because nobody knows what rules there will be. Also none of that changes the mentality  that bitcoin is a product to be traded, not accumulated. 

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10 hours ago, bitonti said:

there's a famous story about how Mark Zuckerberg has a mortgage. The Bank gave him a 1% rate (less than inflation) essentially paying him to take their money 

that's the US government and the deficit. It's a billionaire who takes a 6 million dollar mortgage because he can (and because it would be negligent not to, the cash could be used for other activities) 

And the assets are more than natural resources (land and oil etc). It's also the Army assets, the nukes, the robot on mars, the stealth bombers, the james webb telescope and also cultural assets like streaming reality shows and whenever beyonce decides to release a song (yes im old). 

The US is borrowing against all these nebulous ideas when it issues debt and the market for 30 year T bills is as strong as ever. Because in part the US has never defaulted on said debt. Some countries like China have only existed in their current form since the 1950's and that old debt was defaulted upon. 

Meanwhile Bitcoin (and it's derivative s--tcoins) are based on nothing real. There's no FDIC to reimburse you when the exchange gets hacked. There is a central banker (satoshi) he's just AFK. 

the real truth is had I bought bitcoin when it was 300 bucks I almost assuredly would have lost my wallet, my passcode or whatever USB device that stores them. I would be like that poor Welsh dude trying to do an archeological dig in the local dump.

Because I am a jackass. Like most people. I can't be responsible for my own money storage. I buy Jets jerseys get someone sober to watch that account number.

It's the same reason why we don't bury cash in coffee cans in the backyard. 

this whole thing is why banks were invented. It's not some grand conspiracy it's because money needs management and currencies need a central plan 

High Five Way To Go GIF by SmileDirectClub

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11 hours ago, Barry McCockinner said:

weird, it's almost like something happened in the early 70's

Looks like median income and GDP were in line until something happened in the early 80s to me. 

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18 hours ago, jgb said:

I was being flippant. Deficit spending is meaningless when you can print your own money and destroy the value of your creditors’ holdings.

It's also meaningless if you can import deflation and technology keeps making it more efficient and cheaper to bring assetts out of the ground.  Demand for US treasuries has been amazingly strong.  I run a huge deficiet with Shoprite supermarkets.  It's really not an issue.  

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11 hours ago, Lurker89 said:

furman_2021-07-27_piiechart_0.thumb.png.9c1328195e3437411816ace96abef59e.pngReal-Median-Household-Income-and-Real-GDP-Per-Capita-in-the-US_ppm.png.cd6f5e1492d985bab9d884adae1001c8.pngslowincomegrowth-figure2-version1.png.8760eecc5d7069791ed28afa75d504fd.png

Income growth for the typical American family doesn't take into account Income growth for the none typical American family.  If growth is outpacing inflation the people get to decide through representative government if and how income will be redistributed.   The invention of Chapter S corporations has created a huge class of entrepreneurs who are much wealthier than the typical wage earning family.  

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21 hours ago, CSNY said:

Mmmmmmm interesting take. If Gase had such an innovative offense it’s a wonder that I haven’t heard of him getting another NFL job Would have figured he would have been hired by now 

Over My Head Reaction GIF by MOODMAN
 

😂

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6 hours ago, Biggs said:

Income growth for the typical American family doesn't take into account Income growth for the none typical American family.  If growth is outpacing inflation the people get to decide through representative government if and how income will be redistributed.   The invention of Chapter S corporations has created a huge class of entrepreneurs who are much wealthier than the typical wage earning family.  

I'm diligently working my way into an atypical family model as we speak but this chart is deliberately showing the break for the "typical" or "median"  family and how it no longer strongly correlates with GDP growth.

We agree that their is upward mobility for those willing to do what is necessary to achieve it. I was recently promoted and have gone from middle management to low level corporate executive. At age 33 that puts me on a decent career and Income  trajectory.

I don't know that we are in agreement or disagreement in general but somehow we seem to have jumped from monetary policy to representative government and redistribution. 

That being said redistribution sounds nice in a vacuum. However, government redistribution through increasingly corrupt channels is deliberately inefficient for the purpose of self enrichment and our representation has been watered down through engineered mass manipulation that borders on artful. Expecting benevolence from governments in a machiavellian world when a governments concern is for its own self interests doesn't seem prudent. Convincing oneself that a governments best interests and its people's best interests are always aligned ignores history.

 

That along with ignoring mankinds penchant for self inflicted disaster and the fact that worldwide governments killed a couple hundred million of their own people in the 20th century alone looks like optimism bias. Very bad things can and will happen, it's best to be self sufficient and not rely on the nanny state. This is just me sharing my point of view with you not meant as any sort of attack on your point of view. We live in a time and place with the best quality of life in history but in my opinion it's foolhardy to think this thing couldn't go sideways under the right set of circumstances.

Maybe its just a difference in worldview ... but my world view has provided me with contingencies in case they are needed.

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