Imaginary Money
Dec 13, 2022 07:59:51 #
Lots of people have made a fortune by investing in cryptocurrency, what I like to call imaginary money. Lots of people have also lost a fortune trying to get rich with crypto. Now, the government has to deal with the guy who lost millions of other people's money - Bankman-Fried. I think it's funny that his name is "Bankman."
My life is ruled by credit cards and cash. That's a theoretical as I want to get.
My life is ruled by credit cards and cash. That's a theoretical as I want to get.
Dec 13, 2022 08:07:09 #
Dec 13, 2022 08:18:14 #
I am a pretty conservative guy when it comes to investing. There is something to be said for early adoption and departure of new things, like crypto. Those who got it and out early, made a fortune. Those who stayed in, still made money, but lost a lot of it. Those who got in late and stayed, lost a ton.
My experience with crypto was not a good one. I did not actually buy crypto, I sold a Nikon Z7II and the guy who I sold it to asked me if I wanted cash or crypto. I chose to gamble. The amount wasn’t huge and I figured, what the hell, a little gamble with money I didn’t actually have to outlay, was a decent risk.
Well, I got in at a value of 3x of what it is worth today. Have not lost anything yet because I have not sold yet, just happy that I did not actually spend a lot to buy crypto.
Like stocks or any other investment, better know what you’re doing, or you will likely lose, unless you’re really lucky.
My experience with crypto was not a good one. I did not actually buy crypto, I sold a Nikon Z7II and the guy who I sold it to asked me if I wanted cash or crypto. I chose to gamble. The amount wasn’t huge and I figured, what the hell, a little gamble with money I didn’t actually have to outlay, was a decent risk.
Well, I got in at a value of 3x of what it is worth today. Have not lost anything yet because I have not sold yet, just happy that I did not actually spend a lot to buy crypto.
Like stocks or any other investment, better know what you’re doing, or you will likely lose, unless you’re really lucky.
Dec 13, 2022 08:46:13 #
jerryc41 wrote:
Lots of people have made a fortune by investing in cryptocurrency, what I like to call imaginary money. Lots of people have also lost a fortune trying to get rich with crypto. Now, the government has to deal with the guy who lost millions of other people's money - Bankman-Fried. I think it's funny that his name is "Bankman."
My life is ruled by credit cards and cash. That's a theoretical as I want to get.
My life is ruled by credit cards and cash. That's a theoretical as I want to get.
All booms and busts have had those that made fortunes and those that lost. Only those that got in and out early made fortunes in most of them going back to tulips.
Dec 13, 2022 09:24:16 #
Dec 13, 2022 15:31:53 #
When I think about getting into crypto but then I think of my luck with the Lotto, spend two buck for six numbers and not one of them is a number that comes up. So I stay away from crypto.
Dec 13, 2022 15:46:14 #
Longshadow wrote:
Yup - I won't touch crypto... 
I don't think touching it is an option.
Dec 13, 2022 22:10:35 #
Cryptocurrency is fiat money. The value of fiat currency depends on the level of trust it can command.
The dollar is also fiat currency. It has trust based on history. It fluctuates in value but not as much as crypto.
Current events have strongly eroded the trust in crypto.
The dollar is also fiat currency. It has trust based on history. It fluctuates in value but not as much as crypto.
Current events have strongly eroded the trust in crypto.
Dec 13, 2022 23:17:49 #
bikinkawboy
Loc: north central Missouri
So is crypto any different than counterfeit money? Both are created out of nothing, be it 1s and 0s on a computer or running paper through a copier or printer. Real money is backed up by a government, making it exchangeable for “hard” currency (silver, gold). Crypto is backed up by??? A bunch of bits of electronic information on the currency creator’s computer? A computer crash can make all of that go away forever. At least if your house burns down, you can go pick up the melted lumps of gold or silver.
If you ask me, doing business with crypto is bartering with nothing more than a promise. And promises are sometimes reneged upon.
If you ask me, doing business with crypto is bartering with nothing more than a promise. And promises are sometimes reneged upon.
Dec 14, 2022 07:07:16 #
bikinkawboy wrote:
So is crypto any different than counterfeit money?... (show quote)
Currencies USED to be backed up by gold or silver but I think they are all fiat currencies now.
The dollar got off the gold standard last millennium.
Dec 14, 2022 07:35:23 #
DirtFarmer wrote:
Cryptocurrency is fiat money.
You mean it has a bad electrical system, and it rusts easily? 😂
Dec 14, 2022 07:37:13 #
bikinkawboy wrote:
So is crypto any different than counterfeit money?
Not much. They have both fooled and cheated a lot of people.
Dec 14, 2022 07:59:58 #
As @Dirtfarmer points out, crypto is fiat money, which is pretty much the case with all currencies (although China is planning to make the Yuan gold based in their efforts to take over the world). The 'thing' about current crypto currencies (and there are hundreds of them, Bitcoin, Dogcoin and Etherium are merely the most well known) is that they are not controlled by a central entity, like the Fed or some other central government...that is what has made them appealing for those who get excited about them.
The so-called "mining" of crypto takes an enormous amount of electricity, though - it is said that Bitcoin mining consumes as much electricity as the country of Austria...let that sink in a minute. But certainly crypto has been at the top of the hype-cycle in the past couple of years.
As for FTX - that was a case where Sam Bankman Fried just scammed the company and took out billions of dollars to feed it back to donations to Democratic politicians - just the newest flavor of outright fraud.
One thing to be VERY aware of is the new push (by the gub'ment, of course) to movfe to what is innocently referred to as "CBDC - Central Bank Digital Currency - this is something to run, not walk, away from as fast as possible. We need to never allow our "leaders" to institute CBDCs, because it enables a level of constant surveillance and control that we have not seen in the west. China uses CBDCs and that. along with 24/7 facial recognition surveillance gives the Communist government a detailed view of every individual's behavior - which leads to their social score (something I can comfortably say that NOBODY here wants to have implemented). Further, CBDCs enable the government to put expiration dates on "YOUR" money - as in "here's your tax return but if you don't spend it by August 1 it will automatically be reduced by 10%" as well as make it impossible to purchase things on their naughty list.
And for those who bray "hey - I'm not worried - I'm not doing anything wrong" as the excuse to think this technology is acceptable in any way, I must point out that things that are "wrong" are defined by those at the top. SO, today - child porn is bad, sure (well, perhaps except to the Epstein crowd). But tomorrow, guns and ammo might be on the naughty list...and after that, soda pop - or whatever. So think it through before you get sold on the "but it's just so convenient and makes life so much easier!" BS that those who push it try to use.
The so-called "mining" of crypto takes an enormous amount of electricity, though - it is said that Bitcoin mining consumes as much electricity as the country of Austria...let that sink in a minute. But certainly crypto has been at the top of the hype-cycle in the past couple of years.
As for FTX - that was a case where Sam Bankman Fried just scammed the company and took out billions of dollars to feed it back to donations to Democratic politicians - just the newest flavor of outright fraud.
One thing to be VERY aware of is the new push (by the gub'ment, of course) to movfe to what is innocently referred to as "CBDC - Central Bank Digital Currency - this is something to run, not walk, away from as fast as possible. We need to never allow our "leaders" to institute CBDCs, because it enables a level of constant surveillance and control that we have not seen in the west. China uses CBDCs and that. along with 24/7 facial recognition surveillance gives the Communist government a detailed view of every individual's behavior - which leads to their social score (something I can comfortably say that NOBODY here wants to have implemented). Further, CBDCs enable the government to put expiration dates on "YOUR" money - as in "here's your tax return but if you don't spend it by August 1 it will automatically be reduced by 10%" as well as make it impossible to purchase things on their naughty list.
And for those who bray "hey - I'm not worried - I'm not doing anything wrong" as the excuse to think this technology is acceptable in any way, I must point out that things that are "wrong" are defined by those at the top. SO, today - child porn is bad, sure (well, perhaps except to the Epstein crowd). But tomorrow, guns and ammo might be on the naughty list...and after that, soda pop - or whatever. So think it through before you get sold on the "but it's just so convenient and makes life so much easier!" BS that those who push it try to use.
Dec 14, 2022 08:00:20 #
jerryc41 wrote:
You mean it has a bad electrical system, and it rusts easily? 😂
Took me a half minute.
I never had a Fiat car.
Dec 14, 2022 08:02:33 #
DirtFarmer wrote:
Took me a half minute.
I never had a Fiat car.
I never had a Fiat car.
Good for you!
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