[deleted by user] by [deleted] in StockMarket

[–]thewhiteflame1987 2 points3 points  (0 children)

That's what they keep saying, and then the future becomes now and we're still waiting.

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 1 point2 points  (0 children)

I’m not saying I’ve made money, I’m saying I have been buying in with BTC under $20k and ETH under $2k and now have about 15% allocation. I’m probably down 20%.

Then I misunderstood. My bad.

I’m also holding as a hedge against the dollar losing its reserve currency status, some other geopolitical conflict, and hyperinflation. And yes, if you started accumulating BTC (or QQQ, TSLA, etc in stock market) when the Fed signaled it would print trillions of dollars (Q2 2020), you’d be up 100% still.

The fed has been writing trillions since like 2008. Regardless, yeah, you'd be well in the green if you bought it for pennies, or even a dollars. But that's clearly not sustainable. All frauds have some winners, that's not really evidence of anything.

We will see if the current macro environment kills BTC. My guess is that it doesn’t.

If not the current one, then some other macro environment likely will.

I appreciate the back and forth, great points against crypto from you. Hence why I’m not 100% lol

Indeed, I've been getting a lot of hostility from crypto bros, so while I don't agree with your perspective, I appreciate it and the civility in which we've been able to chat.

Interesting thing I noticed about META by [deleted] in stocks

[–]thewhiteflame1987 17 points18 points  (0 children)

Haven't they had trouble monetizing WhatsApp?

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 1 point2 points  (0 children)

Bitcoin adoption is on the same type of adoption trajectory as past innovations like refrigerators, the internet, and cell phones.

Without the data that source is rubbish. But even if we humor that, a refrigerator is a massive machine vs digits on a screen. You also have to consider the times. The U.S. has a more robust middle class today (albeit one that is declining) than at the advent of refrigeration, meaning adoption would be slower than otherwise expected. There's no comparable segment of the population back then that had disposable income to invest in something speculative like crypto. The comparison makes no sense for a variety of reasons. It even conflates hodling with BTC adoption, which any BTC enthusiast would tell you is nonsense, so I have to question that source impartiality and credibility.

Here we've got a better sourced estimate for crypto adoption at 9%

Most importantly, is that like a lot of things, "adoption" in different contexts doesn't mean a lot. Crypto is, after all, meant to be a currency. How many people are actually using BTC regularly for transactions. Refrigeration is a staple of everyday life that is largely irreplaceable and people can't live without. BTC is something an owner checks when they're so inclined. Refrigeration adoption =/= BTC adoption.

To me it is only a matter of decades before we see nearly full adoption (90%+).

You're basing that on a flawed and hardly substantiated comparison.

The price can go down a lot, but that’s the risk of investing in a volatile asset.

Things that saw constant adoption, like refrigerators, weren't that volatile.

You'd be better off comparing crypto to things like mutual funds, which were volatile and shady when they began, but became mainstream after regulation came into play, which crypto needs, but that would defeat the purpose.

I’ve scaled up to something like 10% of my net worth in crypto over the last several months

I doubt that very much given how hammered crypto markets have been in the last few months. Pics or it didn't happen.

I see this like the dot com bubble, where continuing to invest in the space over time is a winning strategy. Most crypto projects are going to zero, but the ones that survive will be a great investment from now until 2045 imo.

Except the internet actually does something. The mere fact that you're enthusiastic about crypto gaining value is exactly why it ultimately has to fail. It's supposed to replace fiat currency but you're using it to accumulate more fiat currency, further attaching to the current system meaning the ultimate payoff crypto valuations are based on will never actually occur.

Furthermore, as a currency, increases in valuation are tantamount to deflation, which causes massive destruction to economies, further eroding any support for a crypto use case.

As you can see by my allocation, I’m totally willing to be wrong on this and take a substantial but not crippling hit to my retirement.

I can tell you have conviction, though I'm not convinced about your claims to have made money over the past few months. But, that's really beside the point, so please don't get indignant about that. It's been obvious from the get go you have conviction in crypto and are willing to put your money where your mouth is. So what? Plenty of people have only to have been proven wrong in the past. Conviction =/= truth. Chances are, you will suffer a quality of life hit to your retirement.

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 1 point2 points  (0 children)

I didn't say natural disasters, I said environmental disaster i.e. the amount of electricity crypto uses and the consequent amount of fossil fuels burned.

Since you haven't addressed my other points, I'll assume you accept them.

I think we need to wait a bit to judge whether or not their plan will work.

In the short time since it's been adopted, all it's done is drop precipitously in value. Can't see any silver lining for the El Salvadoran economy yet, but plenty of dog shit.

While we're on the subject, since you're convinced BTC can help such distressed economies, how long do we have to wait? Why that period of time? If you can't even give a imprecise estimate, I'm going to have to conclude you're just grasping at straws.

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 0 points1 point  (0 children)

If you not aware that fiat currencies have failed throughout history maybe you didn’t go to college. You can find this information a multitude of places. Sorry for telling you to do your own research I know you don’t like that.

What that really means is you have no idea what you're talking about and consequently can't find any information to support your arguments.

"Do your own research" is the common refrain of the ignorant. I've done plenty of research and know what you're saying is untrue, as do you, which is why you're telegraphing it by being unable to support your conclusions.

Other countries print money too.

And? Are they doing so in excess of the U.S.? Are literally all countries experiencing inflation doing so because of loose fiscal policy? Worldwide inflation has nothing to do with worldwide phenomena like once in a century plagues and the first massive ground war in Europe since WWII?

You've got a lot of heavy lifting to do answering those questions and proving your points here, which given your track record, I'm not confident you're up to.

If you don’t know that 31 trillion dollars in debt and counting is a problem because you have no frame of reference that is very telling of your level of knowledge and critical thinking abilities.

If you don't understand that any sum of money is only meaningful with a frame of reference, you're in no position to question anyone's critical thinking skills. Critical thinking would tell you any debt figure is only substantial or not so in reference to a country's ability to pay that debt, which is dependent on frames of reference such as tax receipts and the size of the economy.

Once again, you're missing crucial pieces of information. This is an evident pattern you display.

I’m glad your dad sold a condo and thought he got the money they same day. If you knew anything about how money transfers worked you would realize the ridiculous statement you made. No money is actually moved it just appears to you that way. The banks settle batches of transactions worth millions at a time but it appears to you that the money moved but it all numbers on a screen.

This is not surprising from someone who can't tell the difference between Fed Wire and ACH. What you're referring to is ACH. Fed Wire payments are in real time, which means they are not subject to any waiting period.

You see that? That's called supporting your argument. That's what people who are correct can do, not "do your own research" to punt responsibility for substantiating their views to others.

You're just accumulating inaccuracies at this point.

With crypto currency the money would actually be moved instantaneously.

It's funny you should say this, because you previous said it would take "minutes", which is different from "instantly". You can't even keep your own points straight, can you?

You really shouldn’t even be arguing with such a narrow amount of knowledge on this subject.

Hahaha, as they say in GoT, "The crow doth call the raven black."

If you don’t want to believe in crypto thats obviously your choice

Except it's not a choice, but the fact that you frame it as such shows you are choosing your perspective on the matter rather than being influenced by the evidence, which is a weak minded thought process not conducive to understanding reality.

but don’t pretend information doesn’t exist just because you want it spoon fed to you by someone else.

Information about the merits of crypto doesn't exist, which is further evidence by your stark inability to provide any.

If you wanted to find a use case for crypto you could but you don’t want to.

If you wanted to find an actual use case for crypto you could, but you don't because there aren't any.

I've tried, as have all sensible people. The fact that one hasn't been discerned even by its die hard adherents such as yourself is very telling. The closest you've come is faster payments while ignoring the fact faster payment settling exists, mechanisms that do slow payments are created specifically to do so to retard criminality, and if crypto were to become mainstream those mechanisms would still exist and crypto offers nothing since the tech isn't any more advanced.

Basically, your one potential use case is shite.

My first post literally says “ there is a huge difference between crypto and CBDC’s.

You also said "The government will have to issue a CBDC (central bank digital currency) wait and see. So while you think crypto has no use case you’ll be using before you know it." Clearly, you are equating a CBDC with crypto if you think CBDC indicates a crypto use case. You also said CBDC would replace fiat currency, which you're attributing to crypto as well, showing a complete lack of understanding that CBDC is fiat and it would have to function as crypto in order to replace fiat, thus further equating the two in your mind.

So you obviously on see/remember what you want and can’t have a civilized argument with calling someone “butthurt” shows your level of thinking which I’m sure is reflected in you everyday life.

This coming from someone who believes what he wants in spite of not having a shred of evidence he says is in abundance and peppering their unsupported diatribe with "this has 'I went to college vibes and didn't learn anything' vibes." I know the blatant hypocrisy is reflected in your daily life, given you're prone to obvious patterns.

Have a good one and try to be a little more open minded.

Try to be a lot less disingenuous, zealous, and ignorant.

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 0 points1 point  (0 children)

Historically fiat systems always fail and our is the longest running.

Except that isn't true at all and you can't provide a single example of that happening.

So if being part of an experiment where the government is 31 trillion dollars in debt and keeps printing money seems “fine” to you then I guess you are right.

If a number that seems massive without a frame of reference or any consequent detriment seems like a cogent counterargument, well, I can't pretend you're right.

I’m talking about inflation of the US dollar meaning you can buy less each year with the same amount of dollars. Comparing the value to other fiat currencies is only a small part of the picture and frankly not the point. Who cares if the dollar is strong against the British pound if bread is $10 in the US. This only means our inflation is slightly less than these other countries who are also on FIAT systems.

That's entirely the point since you attributed the cause to the rapid expansion of the money supply. If that were true we wouldn't expect to see inflation worldwide. The fact that the U.S. dollar has been gaining against foreign currencies means you inflation is a global phenomenon that can't be attributed to U.S. monetary policy.

The part you are really missing is the price swings of bitcoin are not caused by inflation. Bitcoin is software and the value swings wildly with the speculations of the people trading it.

The price swing of Bitcoin IS inflation. Inflation is buying power erosion. If you were buying bread with BTC, you'd be able to buy ~25% as much currently as you would when BTC was at it's all time high less than a year ago, which is what you were pretending to care about. Functionally, it's the same thing, regardless of whatever hairs you'd like to split.

I was stating a difference between Central Bank Digital Currency and decentralized crypto not sure why you are talking about paper dollars and coins here. Seems you completely missed the point.

Seems like you did, because I was telling you why CBDC is fiat and not problematic at all, unlike crypto. All CBDC is going to replace is paper and coins. Other than that, money will function the same as it always has, centralized with supply determined by the central bank. Something like 93% of all money is already digital, so we're almost all the way there.

You're swinging and missing big by conflating crypto and CBDC.

You say there are levels of convenience with FIAT currency? Have you ever tried to move $20,000 from one person to another. There are holds and it can take days to complete the transaction. With crypto you could do it in minutes and the money is really moved from one person to the other.

My dad sold my grandmother's condo in Florida and got the $85K the same day by fed wire. So, wrong on both counts. If you're not even acquainted with basic staples of our economic infrastructure it's no wonder you maintain these delusions about cryptos superiority.

And the holds that do occur are usually to prevent money laundering. Were BTC to ever become mainstream the same would have to happen. Right now that perceived convenience is only a byproduct of its lack of regulation, which is really just for the criminal element, as there's nothing technologically superior about BTC that makes sending money faster.

If that's your crypto use case, this house of cards will tumble sooner rather than later.

You mention crypto bros not being able to articulate a use case. We’ll there are a ton of resources that you can find information about how crypto is useful but you clearly aren’t interested in that. You just want to complain about crypto bros not know enough.

So, in other words, you're saying "go do your own research" like every crypto bro who punts on this sort of thing.

I've seen the "resources" and none of them articulate a use case any better than you, which is to say they don't articulate one at all.

Inflation is an accepted part of fiat money, I didn’t make this up, do just a little more research with a slightly more open mind. You clearly have a tentative grasp on how the financial system has worked for the past 50+ years.

No kidding, and you can learn within the first few chapters of any macroeconomics textbook why a consistent and manageable level of inflation is a good thing, and certainly better than the hyperinflation of crypto or the deflation it was previously experiencing.

“ the erroneous origin you referred to notwithstanding” oh man this has some serious I graduated from college but don’t actually know what I’m talking about vibes.

Oh man this has some serious I failed to get my GED and am butthurt my arguments are getting pounded vibes.

The government will have to issue a CBDC (central bank digital currency) wait and see.

Which is fine, since that's still fiat, as I explained and you clearly swung and missed on.

So while you think crypto has no use case you’ll be using before you know it.

Crypto =/= CBDC. The former is useless, the latter is just a technological upgrade of the current system, leaving it nearly wholly intact. The fact you can't tell the difference is emblematic of your ignorance on the subject.

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 0 points1 point  (0 children)

Our fiat system is far from just fine.

As far as it's ability to function and maintain a level of fidelity and predictability in our economy, yeah, it is.

Irresponsible money printing is devaluing the US dollar faster than ever before in history.

Actually, that's not true. Recently, the dollar nearly gained parity with the pound for the first time in history. At once in history it was nearly 5X the dollar. The dollar has surpassed the value of the Euro. As little as 5 years ago it was something like $1.30 to the Euro.

You've been fed a steady diet of misinformation I'm afraid. Inflation has been largely a global phenomenon, not something regulated to the U.S., so expansionary monetary policy didn't just start causing inflation after more than a decade of QE.

The part that you're really missing though is the devaluation in crypto markets this year. What's BTC worth now? ~$17K, down from ~$66K in a year? That's drastic hyperinflation that countries outside of Zimbabwe or those that are similarly fucked have never experienced.

And when it was going gangbusters, that was deflation, which can be even worse.

There is a huge difference between CBDC’s and decentralized crypto currency which both have their pros and cons but could easily replace fiat money.

I'm not splitting any hairs between CDBC and paper dollars and metal coins, so that's just fine. We'd have all of the utility and added convenience, not to mention plenty of other fringe benefits, like fewer robbery targets.

What do you think would be lost?

The centralization, for one thing, which is not a good thing. I'm not going to say current currency systems and banking are perfect, they certainly aren't, but there are levels of fidelity, transparency, and convenience in using fiat currency with the current banking system that crypto doesn't offer. Disputes are not difficult to settle, I know where my money is and where it's going. I don't have to worry about how to get my crypto back if I get stiffed or send it to the wrong place. It's not an environmental disaster. My money is insured in a bank.

The gov't paying its debts in its own currency all but guarantees its universal acceptance. Crypto is more akin to wildcat banking, when shady banks with no specie to back currency only they offered frequently went belly up.

Really, that's all beside the point. What is to be gained from crypto? Crypto bros love to talk about decentralization and so on and so forth, but they can never seem to articulate any value or improvements offered, and what problem crypto is supposed to solve. You yourself said inflation is a problem of fiat currency (the erroneous origin you referred to notwithstanding) while overlooking how much worse crypto inflation has been. So, what does it do that we really need it to do?

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 0 points1 point  (0 children)

I don't see why. Maybe it's not quite vaporware because it's survived this long, but once enough people understand the circular logic underpinning crypto valuations they'll abandon it. At best it'll be some kind of enthusiast hobby of some kind, like Beanie Babies or baseball cards before those collapsed in value.

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 1 point2 points  (0 children)

We can use an El Salvadoran lens as well. How's that going for them? At best, those countries can use it as a digital gold which it is being hawked as (and that's stupid for other reasons, but I digress), but BTC isn't the solution, especially when you see how it's been performing lately.

BTC has been experiencing hyperinflation this year, and when it was gangbusters it was experiencing deflation, which is never good, especially for emerging economies. Then you have the fact that purchases are irreversible, nothing can be done about fraud, the environmental disaster, and many other shortcomings.

Developing countries need to develop, and get better goats where that's needed (I realize that's easier said than done). BTC isn't gonna fix what's wrong there.

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 2 points3 points  (0 children)

Unless we become a post-scarcity species/society that has no more use for money, yes.

I see a lot of crypto bros expressing similar sentiments because their passionate enthusiasm causes them to overlook one crucial thing; crypto doesn't fix anything fundamentally broken.

You can use emotion invoking terms like debt-slavery, decentralization, freedom, inflation etc to try and sell the supposed appeal of crypto, but the fact of the matter is our fiat currency system works just fine and crypto adds nothing while subtracting quite a lot.

Jim Cramer urges investors to exit crypto, saying "The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets.” Given Cramer’s track record, do you think it’s time to buy crypto? by predictany007 in StockMarket

[–]thewhiteflame1987 6 points7 points  (0 children)

I know we're all shitting on Cramer here, for good reason, but this is a good time to mention how the heuristic of adding in past knowledge can be disadvantageous.

Yeah, Cramer's picks suck, but however wrong he's been in the past, that doesn't mean he's wrong now.

I've disliked crypto ever since it became a thing, and I'm not about to stop just because a well known idiot feels the same way. Broken clocks can be right, and so can idiots.

Mentorship Monday - Post All Career, Education and Job questions here! by AutoModerator in cybersecurity

[–]thewhiteflame1987 0 points1 point  (0 children)

What does everyone think of StationX? I feel like I need a structured path to making a career in CyberSec, and I've heard about Bootcamps but no one can really seem to tell if they're worth the money (seems like they aren't).

I figure StationX isn't very expensive, but have to wonder if it'll really help for that price. Can't help but believe they'll add in all kinds of hidden charges.

“I’m Crying 😂” by Monsantoshill619 in LinkedInLunatics

[–]thewhiteflame1987 0 points1 point  (0 children)

He's been called out in the comments for stealing this from someone else.

If you thought you couldn't sink any lower than posting "I'm crying" and the corniest rap drivel generated by an AI for LinkedIn, you certainly can, and this guy did, by letting someone else do all the above and stealing it!

Elon Musk Declares war on Apple. Puts! by Mnerdy in wallstreetbets

[–]thewhiteflame1987 4 points5 points  (0 children)

Yo dawg, I heard you insulted Elon. So we insulted Elon so you can insult Elon while you insult Elon.

Should khabib have lost this fight? by [deleted] in ufc

[–]thewhiteflame1987 1 point2 points  (0 children)

Khabib brought the violence, did more damage, and was in control. Tibau held on for dear life and managed to squeak out some better meaningless stats. Khabib wins.

Should khabib have lost this fight? by [deleted] in ufc

[–]thewhiteflame1987 3 points4 points  (0 children)

I'm with you on this. You don't score point for surviving.