Bitcoin/Crypto Yay or Nay

[Archvaldor]

Well, my bank was founded in 1812 and hasn't gone under yet. Also charges $0 to wire from my account to most bank accounts in the world and charges no transaction fee for withdrawals from most every ATM in the world (they also pay for the other bank's fee) with no foreign exchange fee. No monthly fees, but gives me Amazon Prime for free. Think Ill stick with it.

I don't think any one is suggesting Americans should give up their bank accounts and put their money in crypto.

In much of the world those banks that exist are little more than ponzi schemes and can be accessed by few people. Crypto has a lot of potential there.

[Cacarulo]

I fully concur with the pros and cons discussed concerning the use of crypto wallets. In my situation, I employ them as a more economical
alternative for international transfers compared to traditional bank transfers. Naturally, all my transactions involve stablecoins (such as USDT, DAI, etc.).
Upon receiving the transfer, I promptly transfer it to my bank account. It doesn't remain in the wallet for even half a day.

Sincerely,
Cac

[drunk]

.

I have a small investment in crypto which has returned about 150% in a couple of years - that was my only reason for buying it - hodl

I think, like many things, acceptance or lack of acceptance of crypto is related to age

older people, like me, have difficulty accepting brand new things that drastically change our usual ways

younger people love new stuff -

I, like Norm, don't see our currency system as being in any way lacking and needing an alternative

one piece of really, really bad news for crypto - some major scam with btc - and the value will tank - and might be very, very tough to recover

like many, I'm comfortable with risk re my stock market stuff - and the risk is considerable - but crypto - a very large investment - no, I wouldn't be comfortable with that



one point about FDIC - but it only insures $250K per bank per person - so more than that should go to more than one bank - $500K if it's a joint account

.

[Archvaldor]

.



I, like Norm, don't see our currency system as being in any way lacking and needing an alternative

one piece of really, really bad news for crypto - some major scam with btc - and the value will tank - and might be very, very tough to recover


.

Yeah maybe some crypto exchanges will crash and tank the economy, require a 32 trillion dollar bailout, damaging public finances and devaluing the currency in everyone's pocket....oh....wait...

[Norm]

$32 trillion? The 2008 financial crisis caused the formation of the TARP $700 billion fund to buy bad assets. About $426 billion was used. However, I believe TARP eventually sold back the assets for a small profit. Although many corporations that took large risks were hurt, I don't think the bailout cost the government. I haven't heard that this caused a dollar devaluation. I do know that there are Bitcoin sites that claim all kinds of odd things about devaluation, in particular the 1971 Nixon temporary drop of the gold standard.

[drunk]

Yeah maybe some crypto exchanges will crash and tank the economy, require a 32 trillion dollar bailout, damaging public finances and devaluing the currency in everyone's pocket....oh....wait...

the operations of U.S. currency cannot be blamed for the $32 trillion national debt
that has been caused by politicians borrowing and spending money they don't have and are not able to repay in a proper manner
if the economy tanks because of it, everything will tank including crypto and U.S. currency
that's very different from it being the cause of the problem

the devaluing of the currency due to inflation has happened many times before - there are a great number of causes of it - none of them include problems with the operations of the currency itself

.

[Archvaldor]

the operations of U.S. currency cannot be blamed for the $32 trillion national debt

.

I'm not taking about US national debt. Or the US at all. The US bailout alone in fact was roughly 29 trillion (source https://www.levyinstitute.org/pubs/wp_698.pdf) -other countries also had bailouts, notably the UK so the final total was easily in excess of 32 trillion. (It is probably a lot more than that in total. I just happened to know the numbers for the US, UK and eurozone and it is at least that).

Whether this money was paid back or not (not in fact because of the huge cost of implicit subsidy) is irrelevant to the size of the bailout. If my bank gives me a million dollar loan it is still a million dollar loan after I pay it back.

Very obviously subsidy of that amount and all the quantitative easing that followed would reduce the true value of global currencies. Your Mona Lisa is worth less if Leonardo knocks out 100 other versions in his attic. You can't just wish that away by citing crypto bros or talking about conspiracies in some vague way.

[Norm]

The paper you are using as a source was written by a 21 year old student who is now a high school math teacher.

[Dog Hand]

<snip> in particular the 1971 Nixon temporary drop of the gold standard.

Norm,

"temporary"??? Haven't we been off the gold standard ever since?

Dog Hand

[Norm]

Finally totally off in '73 I think, Before that, it varied in degree.

[Archvaldor]

The paper you are using as a source was written by a 21 year old student who is now a high school math teacher.

Says the min wage software developer. You see how that reductive cynicism works out?

What exactly is the size of the bailout if you are actually contesting the numbers?

[Norm]

Actually, I lost over a million in that debacle. But, exaggerating numbers doesn't help that. It's past history. I also see no point in discussing a student paper.

There is nothing cycnical or reductio about pointing out a poor source. The web is one of the greatest collections of information in existence. Alas, it is also the greatest source of misinformation in existence and misinformation is the vastly larger part. That's why Wikipedia's reliable sources guideline is the most referenced when discussing content. https://en.wikipedia.org/wiki/Wikipe...liable_sources

[drunk]

Says the min wage software developer.

so very unfortunate that you chose to insult Norm
he didn't deserve that
my suggestion is that you apologize

.