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   Twig (twig@noauthority.social)'s status on Monday, 29-Jul-2024 17:23:41 JST Twig

   ButtCoin > 70K

   • Embed this notice
     Twig (twig@noauthority.social)'s status on Monday, 29-Jul-2024 17:23:40 JST Twig

     in reply to

     • Master of Navel Gazing

     @neanderthalsnavel

     👍 💯

     What would happen if every investor cash in?

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     ?? Humpleupagus ?? (humpleupagus@eveningzoo.club)'s status on Monday, 29-Jul-2024 17:23:40 JST ?? Humpleupagus ??

     in reply to

     • Master of Navel Gazing
     Every investor can't "cash in." Cash is recieved as consideration for the sale of nit coin to a buyer. If there are no buyers, the value is theoretically $0.
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     Master of Navel Gazing (neanderthalsnavel@noauthority.social)'s status on Monday, 29-Jul-2024 17:23:41 JST Master of Navel Gazing

     in reply to

     @Twig

     "what goes up goes down twice as fast" -anonymous

     "Don't be the bag hodler." -Santa Claus.

     "I'd like to cash in these 100 BTC I 'found'" -Uncle Satoshi.

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     Master of Navel Gazing (neanderthalsnavel@noauthority.social)'s status on Monday, 29-Jul-2024 17:34:23 JST Master of Navel Gazing

     in reply to

     • ?? Humpleupagus ??

     @Humpleupagus @Twig

     Like all stonks
     My issue with these coins is that it represents nothing
     It doesn't represent the production or service or cash flow of anything.
     It is potentially useful right now for cross border money laundering but that is eroding.
     It's demand exists because its going up .

     A ton of risk in that

     ?? Humpleupagus ?? likes this.
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     ?? Humpleupagus ?? (humpleupagus@eveningzoo.club)'s status on Monday, 29-Jul-2024 17:36:31 JST ?? Humpleupagus ??

     in reply to

     • Master of Navel Gazing
     The irony is that they're sold as a currency, but their value is constantly pinned to the dollar.
     
     I mean.... I don't regularly think "I have $100 in my wallet, that's worth X Yen."
     
     The fact it's so regularly pinned to another currency is a clear indication that it has failed as an intrinsic currency.
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     cjd (cjd@pkteerium.xyz)'s status on Tuesday, 30-Jul-2024 00:21:00 JST cjd

     in reply to

     • ?? Humpleupagus ??
     • Master of Navel Gazing
     • KK954
     • Bob
     It doesn't work like this.
     
     Everyone thinks about this Mad Max, return to the stone age total collapse, but in all of the wars that happened around the world, this scenario has never happened.
     
     What actually happens is things become the same, but shittier.
     
     Things like fuel, electricity and internet don't become unavailable, they become expensive and limited to certain places and times. But when and where there is electricity, everyone goes to charge their phones, and when and where there is cell service, everyone goes to send messages to their family and get news updates.
     
     People never rush adopt precious metals as a medium of exchange (they also don't rush to adopt crypto). They use local paper currency or if the local currency is completely debased, they may use dollars or euros. People stick with whatever has the lowest friction of adoption, when everything is upside-down is NOT a time that anyone is thinking about new ideas for money.
     
     For large purchases like a car, or (say) paying to be smuggled out of the country, sellers tend to accept bitcoin because they know nobody has that much cash on hand. But it's already like that: If you're buying a yacht or a supercar, dealers typically accept bitcoin because you're not the first person who asked to pay in it.
     ✙ dcc :pedomustdie: :phear_slackware: likes this.
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     KK954 (kk954@nicecrew.digital)'s status on Tuesday, 30-Jul-2024 00:21:01 JST KK954

     in reply to

     • ?? Humpleupagus ??
     • cjd
     • Master of Navel Gazing
     • Bob
     If the majority of people have no electricity or internet, crypto won't be helpful.
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     KK954 (kk954@nicecrew.digital)'s status on Tuesday, 30-Jul-2024 00:21:02 JST KK954

     in reply to

     • ?? Humpleupagus ??
     • cjd
     • Master of Navel Gazing
     • Bob
     No you don't. What are you buying the gold with? The dollar goes down, it's costing you more money to buy gold. If the dollar collapses tomorrow, are you going to take your one ounce gold coin to the store for a gallon of milk? Or how do you plan to sell your gold, if the dollar collaspes?
   • Embed this notice
     cjd (cjd@pkteerium.xyz)'s status on Tuesday, 30-Jul-2024 00:21:02 JST cjd

     in reply to

     • ?? Humpleupagus ??
     • Master of Navel Gazing
     • KK954
     • Bob
     Gold doesn't really make sense in the case of the government going entirely to shit - what makes sense is HARD SKILLS, because when the local Arian Brotherhood faction is the only thing that will keep you alive, you get to eat if you know how to:
     * Kill and butcher a deer
     * Fix a motor bike
     * Forage and cook edible plants
     * Take solar cells and power tool batteries and re-assembly them to re-power 2 way radios
     etc.
     
     Gold will NOT keep you alive, it will be taken.
     
     Gold also doesn't make sense if the government is doing just great because, well, you should be invested in things that make value!
     
     Gold makes sense in some kind of twilight moment of dysfunction, but in these moments, but in these moments crypto makes more sense, so IMO gold is kind of outdated.
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     Bob (bobbala@nicecrew.digital)'s status on Tuesday, 30-Jul-2024 00:21:03 JST Bob

     in reply to

     • ?? Humpleupagus ??
     • cjd
     • Master of Navel Gazing
     • KK954
     The idea behind buying metal isn't to make money. You stop losing it.
     
     The dollar bleeds every time congress meets.
   • Embed this notice
     KK954 (kk954@nicecrew.digital)'s status on Tuesday, 30-Jul-2024 00:21:04 JST KK954

     in reply to

     • ?? Humpleupagus ??
     • cjd
     • Master of Navel Gazing
     It's the same with silver. You're paying a premium to buy it and sell it, everyone makes a profit but you. If you want my two cents for someone wanting to hold metal. Buy boxes of nickels from the bank. It's the only coin left that is still primarily it's pure metal at 75% nickel. Cost you two dollars a roll, no premiums and it's still worth two dollars a roll to spend it. If the government eventually changes it's composite away from nickel, you are going to have something that will appreciate quickly.
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     Twig (twig@noauthority.social)'s status on Tuesday, 30-Jul-2024 00:21:05 JST Twig

     in reply to

     • ?? Humpleupagus ??
     • cjd
     • Master of Navel Gazing

     @cjd @Humpleupagus @neanderthalsnavel

     “ It's not like a company because it earns nothing.", it's truly true.

     Its dividends don't come from productive activities.

     "What it represents is a transferable store of value", a good remark, then I might ask the transferability, how good is the transferability of, say, Bitcoin?

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     cjd (cjd@pkteerium.xyz)'s status on Tuesday, 30-Jul-2024 00:21:05 JST cjd

     in reply to

     • ?? Humpleupagus ??
     • Master of Navel Gazing
     Compared to gold, it's hilariously good. Every time you transfer gold, you have to take risk to get it to its destination and then the recipient has to either trust you, or melt it down to check you didn't put tungsten in it.
     
     Transfer of other things is pretty much always mediated by a custodian, which means there's someone out there holding and protecting the underlying asset - and then you have to pay for that protection.
     
     Either you're paying a vaulting fee, property tax, or such up front, or you're holding an asset like dollars where the protection fee is pulled out of the value of the asset by printing.
     
     Arguably bitcoin is in the second category because "happened before" relationship of transactions is protected by mining, but that fee is lower and more predictable than it is with dollars, which get printed for any old reason, subject to the whim of politicians.
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     cjd (cjd@pkteerium.xyz)'s status on Tuesday, 30-Jul-2024 00:21:06 JST cjd

     in reply to

     • ?? Humpleupagus ??
     • Master of Navel Gazing
     What it represents is a transferrable store of value that politicians can't print any more of. Nothing more, nothing less.
     
     It's not like a company because it earns nothing, but it's also not like a company because powerful people can't just sue it to death, regulate it out of existence, or send a mob enforcer to burn it to the ground.
     
     In a good world, you always want your money to be invested in things that produce maximum value, and you would invest like Warren Buffett.
     
     We don't live in a good world, we live in a world where politicians print money and manipulate markets. If you invest like Warren Buffett you will perform worse than the market, because The Market has been turned into a Tech Buzzword Casino.
     
     The foundational thesis of crypto is "I reject your definition of value, I value this instead". And again, in a good world, this would be kind of a niche thing and wouldn't have much price appreciation.
     
     But we don't live in a good world, so this idea of opting out of has gotten a lot of traction, and we've ended up with a "stampede" of value moving into these assets which has driven a "crazy" price rise.
     
     Of course there is a downstream cohort which doesn't have any idea of why they might want to buy crypto, they're just chasing green candles, but this is true of everything.