discussion comment
5 years ago
If bitcoin were the main currency then people would be incentivized to save their money, so the systematic theft of the working class through monetary devaluation wouldn't be necessary in the first place.
BitCoinHodler, I hope you use this opportunity to begin using your brain for critical thinking and logic. Clearly you haven't used it for that yet. Do you really think that the Federal Reserve is the entity that is supporting people through the action of printing money? How stupid can you be?
Do you think Zimbabwe has the strongest economy in the world? Look at the dollars they used! https://en.wikipedia.org/wiki/Zimbabwean_dollar#/media/File:Zimbabwe_$100_trillion_2009_Obverse.jpg
Here's an idea, BitcoinHodler. Instead of issuing new currency, how about we just allow people to add up to 3 new zeros to all the currency that we currently own. So, if you have a 20 dollar bill, you can add three zeros with a marker and magically turn it into $20,000......
.... That will put food on people's tables, right?
LMAO
discussion comment
5 years ago
Didn’t you listen to Donald Trump’s press conference today?! Even HE has realized that your statement, 623, is not necessarily true. How many lives have been damaged or lost, or are going to be damaged or lost, because of lost income, or because of malinvestment? How long can all business (except life sustaining business) be shut down? You can’t forcibly shut down an economy for months unless the people have lots of savings. Lives are destroyed when businesses are lost. And there isn’t much evidence that the shuttering of business and all this social distancing is having a profound effect, anyway. Who’s to say that the virus wouldn’t have run almost the exact same course if we had just continued life as usual, but limited our in-person contact and keep our distance from each other?
Maybe we should force all citizens to stay in their homes for the next 3 years. After all, we can’t let another 1000 people die from an illness, right 623? Nobody move for 3 years, there’s a virus!
discussion comment
5 years ago
This economic “crisis” was created by government intervention. No intervention = no crisis = no need for trillions of dollars of “stimulus.” Isn’t that obvious?
My opinion of your intellect could not be any lower, lol.
discussion comment
5 years ago
people who make more than 100k won't get any checks. People who make between 70k and 100k will get a reduced amount. Only people who make about average income will receive the full stimulus check.
discussion comment
5 years ago
Raoul Pal is not a crypto expert. Why don't you get your facts straight before typing something?
Raoul Pal
CEO & Co-Founder
Real Vision
Raoul Pal – A Goldman Sachs alumni and ex-hedge fund manager from GLG Partners, Raoul also writes and publishes an elite macro investor service called Global Macro Investor (GMI) for the world’s leading hedge funds, pension funds, banks and sovereign wealth funds.
https://doubleline.com/2019/10/s6-e8-raoul-pal-bio-page/
discussion comment
5 years ago
Watch the videos, then make your comments.
discussion comment
5 years ago
https://www.youtube.com/watch?v=LGR8VmW6p8c
https://youtu.be/gv0_UehJmSE
discussion comment
5 years ago
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Papi_ChuloMiami, FL (or the nearest big-booty club)
@RandomMember well, I’m certainly not losing a ton of money in the stock market. I had been selling my stock funds over the last year or so. By January of this year I was only about 15% in stocks. I started selling the remainder as this decline started. I am now 0% in stocks as of several days ago. I also had took large position in bond funds a little over a year ago, after the Fed raised rates a few times and the yield curve inverted. The yield curve never goes extremely inverted, so I knew the only direction short-term bonds was gonna go was UP (in price, down in yield)!
Unfortunately, I also had a somewhat large position in Bitcoin. Fortunately I dollar-cost-average bought my position in November-December last year, when the price was in the 6.5-8k range, so it’s not like I FOMO bought when the price had its recent peak at 10.5k. Still, that was a big sell off that Bitcoin had, so my portfolio lost a decent amount there.
Regarding where this is going.... I’ve heard some very doom & gloom predictions from some very smart people. In particular, Raoul Pal, founder of Real Vision, has a very gloomy outlook. Like.... global depression. And he has a very detailed analysis of how the house of cards is falling. I can’t explain it here, but it doesn’t take much to put it all together considering corporations were indebted at record levels, and there are tons of corporations rated BBB, just one notch above junk grade. Add to that the fact that one of the major buyers of corporate debt is the pension funds. And somehow state taxes is wrapped up in this. But, basically, his description is basically that this is all a house of cards because the Federal Reserve’s QE has been an EXTREME moral hazard. Why not take risk when we have solved all of economics? Quantitative Easing and Modern Monetary Theory can save the day in any failing economy, so don’t worry about bankruptcy! Just borrow tons of money and don’t care about the consequences, the Fed has your back!
Raoul Pal owns Bitcoin. He just tweeted that he has now sold all his bond positions, so now he has only two things in his portfolio: dollars, and Bitcoin.
When are you people going to wake up? How sustainable can Monopoly Money really be? How can you run an advanced economy on fake funny money? Yes, of course, the dollar is universally accepted as payment..... but it’s also so easily manipulated and devalued! And now, our flat broke government is going to somehow support its citizens?! Just listen to Peter Schiff’s show today! He pointed out the obvious.... it’s the people that support the government, not vice versa. Our government has been broke for many years, so how can they send money to everybody?! The answer is simple: because the money has no value. They’re not really sending the people anything of value, which is why they can do it.
But hey...... as long as we can stare into the boob tube at night...........
discussion comment
5 years ago
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Papi_ChuloMiami, FL (or the nearest big-booty club)
So.... who saw that coming? lol
discussion comment
5 years ago
Maybe we should ask one of those idiots....
Oh, btw, BitCoinHodler... does Amazon accept bitcoins?
discussion comment
5 years ago
Really? Seems unlikely. Who thinks Amazon accepts bitcoin?
discussion comment
5 years ago
Some idiots just don't know how Bitcoin works.... ;-)
discussion comment
5 years ago
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Papi_ChuloMiami, FL (or the nearest big-booty club)
Yes, RandomMember and I have both commented that the stock market is/has been STUPIDLY OVERVALUED. CAPE ratio, price/sales ratio, price/book ratio, you name it!
Plus.... get this.... most people don't know this.... but the "earnings" that public companies disclose on their statements are based on one accounting standard (a standard that changes based on who's in public office), but there is a completely different set of accounting standards that give a very different picture! If all you looked at were the earnings released to the public, you would think these current stock prices are fair. But if you looked at the NIPA corporate profits series, https://fred.stlouisfed.org/series/A446RC1Q027SBEA , you would get a COMPLETELY different idea of corporate profitability!
So, not only are stocks overvalued based on a view of history, those valuations use an "earnings" metric that is very optimistic, and, I suspect, very biased and manipulated! Imagine how overvalued these stock prices would appear if these valuation metrics were based on NIPA data!
Despite that, though, the daily RSI of S&P 500 hit a low today, in the morning, and that low was lower than the daily RSI of any other day in the past 20 years, so I said FUCK IT, and I bought a 3x leveraged NASDAQ ETF! What can't continue forever, won't continue forever, and stock markets can't plunge all the way down to zero, with each day lower than the other. Only way that will happen is in the apocalypse. So, given a record low in daily RSI, I figured stocks will bounce back for at least a day or two. Looks like it bounced back up in the second half of today, so hopefully the markets open positive on Monday and I can sell my ETF for a solid 10%+ return.
discussion comment
5 years ago
has anybody purchased a VIP card and used it? Was it worth the expense? Things you liked, didn't like, etc...?
discussion comment
5 years ago
"It's a pseudoanonymous tool to make dark web transactions. Backed by comedy godl."
Welcome back to Who's Bitcoin is it Anyway, where nothing is made up, but it's okay because the points don't matter! BitCoinHodler/CTLennay..... You get 1/2 point for correctly characterizing Bitcoin as pseudoanonymous. However, you lose one point for mischaracterizing Bitcoin as something that is exclusively used for dark web transactions*. You get -1 sillies for the comedy godl bit.
Congratulations, your score is -1/2 points and -1 sillies! Thanks for playing.
*How did I make an Amazon purchase a couple weeks ago by only spending my bitcoins? Is Amazon part of the dark web? Better luck next time....
discussion comment
5 years ago
What is bitcoin? I have no fucking idea what it is, please explain it to me! How does it work? How do I use it? Where do bitcoins come from? I don't have a clue, please explain it to me! You all know so much about it, please tell me how it works!
:-)
discussion comment
5 years ago
https://www.youtube.com/watch?v=5Z_DJpj3ey8
discussion comment
5 years ago
https://www.youtube.com/watch?v=nR3_Gv9bjJ8
discussion comment
5 years ago
CNBC anchors all bullish on Bitcoin: https://www.reddit.com/r/Bitcoin/comments/f2oivc/i_never_thought_id_see_the_day_all_5_anchors_on/
discussion comment
5 years ago
https://www.reddit.com/r/Bitcoin/comments/f5yhfx/why_no_government_can_attack_bitcoin_per_the_best/?utm_source=share&utm_medium=web2x
discussion comment
5 years ago
https://www.reddit.com/r/Bitcoin/comments/f5pp4d/so_you_say_cash_was_never_laundered_hmm/?utm_source=share&utm_medium=web2x
discussion comment
5 years ago
What is this "Bitcoin" thing? Can somebody please explain it to me? What is it, and how does it work? How exactly are bitcoins produced? How do I use it? I don't know ANY of these things because I'm lazy and stupid!
... but at least I don't make judgments about things I know nothing about...
hehe :-)
discussion comment
5 years ago
@Uprightcitizen, I don't think CTLennay is the type to be convinced. He seems like the type of controlling person who would watch "V for Vendetta" and think that the only good guy in the movie is the Chancellor. IMO, better to gradually adopt Bitcoin along with the rest of the world and let the stubborn, controlling people deal with the consequences of their inaction. We all know Bitcoin can't be shut down... all we have to do is wait.
discussion comment
5 years ago
I'm sorry, I don't know what this "Bitcoin" thing is. CTLennay, you seem to have made up your mind about Bitcoin, so you must know what Bitcoin is. Please teach me, what is Bitcoin? Please teach me what it is, and how it works, and how to use it, and how bitcoins are created. You must know all these things................ right?
:-)
discussion comment
5 years ago
Agreed. I thought it was a little slow at first, kinda was wondering where it was going. But then it got really good. Quite a roller coaster.