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Mallette

Told you to follow Elon...

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Also, pretty sure this means the end of the gold standard for currencies...and probably currency itself since all these national currencies cost money to exchange. Jesus had this one right!

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"Seems high?"  Who among us can say what it's supposed to be worth?

 

Contrast this to Shu's post in the other thread, trying to equate dividend income to a stock's equity.  These things are not even in the same ballpark.  You can own GoPro for 20 years and watch its price soar and watch it crash, and as long as you sit and watch it, what did you ever get?  Zip!  At some point, if you don't realize anything from the stock, it proves to be worthless.  

 

Contrast that to a stock that pays 5+% dividends every year. 

 

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55 minutes ago, Mallette said:

Also, pretty sure this means the end of the gold standard for currencies...and probably currency itself since all these national currencies cost money to exchange. Jesus had this one right!

Here's an eye-opener...

 

When's the last time you actually used currency?  I know many of us are  geezers, so I expect in this group, it's probably more recently than the younger generations.  But seriously, I use my cash back credit card on everything.  I use it to buy a $0.79 fountain drink at the gas station.  Long gone are the days when people groaned when a person in front of them paid by credit card. Remember having to pull out the imprint machine and the carbon copy paper?  The processing speed has improved so greatly that the guy in the front of the line counting currency is what now makes us groan.  (Remember that, you old geezers who still pay with cash and count coins.)  

 

Currency?  What's currency?  

 

If you still write checks, look at Zelle.  There might be something better, so anyone feel free to chime in.  Zelle is like Paypal without the charges.  We are on the way to "free."

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Elon is not visionary in this instance... cryptocurrency.

don't look to him for leadership.

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Frankly, Schu is probably right at some level.  BTC has a wide acceptance.  So does gold.  What is gold?  We use it to make jewelry.  We've used it in dentistry.  Some limited use is also made in high end electronics.  But at the end of the day, it sure as heck isn't money, and it has the same problem as BTC - namely, your only hope is that the next person pays more than you did.  Yet gold is claimed to have tremendous "intrinsic" value, and it has certainly stood the test of time.  I admit BTC can do the same thing; it's just that I don't have a lot of trust in it.  I think the next big dip wallop BTC and that AT&T's stock will fare much better.  We'll see...  I could be wrong.

 

 

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2 hours ago, Jeff Matthews said:

When's the last time you actually used currency? 

All the time.  Probably 20% currency, 80% credit card.  Never owned a debit card but the wife uses hers all the time.

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I almost never use cash ... except at the gas station.  debit card almost exclusively in person -- if I buy online, always a credit card. 

I also never use singles ... that's why I have hundreds of them here in the house.  

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43 minutes ago, Jeff Matthews said:

Frankly, Schu is probably right at some level.  BTC has a wide acceptance.  So does gold.  What is gold?  We use it to make jewelry.  We've used it in dentistry.  Some limited use is also made in high end electronics.  But at the end of the day, it sure as heck isn't money, and it has the same problem as BTC - namely, your only hope is that the next person pays more than you did.  Yet gold is claimed to have tremendous "intrinsic" value, and it has certainly stood the test of time.  I admit BTC can do the same thing; it's just that I don't have a lot of trust in it.  I think the next big dip wallop BTC and that AT&T's stock will fare much better.  We'll see...  I could be wrong.

 

 

Gold is a commodity.  What is bitcoin?  I don't really know, but I have read that it is "mined" using lots and lots of computing power.  Mined from what?  Computers on the web, I think.  Schu has promised to explain it to us.  The price of anything is related to supply and demand.  Apparently demand is greater than supply so far.  Mined from what?  Who are the miners?  Most supercomputing power is in the hands of institutions (correct me if I am wrong) so don't kid yourself if you think this leads to some kind of monetary "freedom."

 

Now let's say you are a successful miner.  How do you turn this success into reality?  Only by others accepting and using the "currency,"  either by passing it along to others who also use it as a medium of exchange, or by converting it into another store of value/medium of exchange.  

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59 minutes ago, oldtimer said:

Apparently demand is greater than supply so far.

Right. They're buying Bitcoin with the incredible killing they've made on Tesla stock.  All this newfound "wealth" is being traded, and it grows and grows.  But there's this huge "unreal"-ized aspect of it.  It's got to blow before long.  The market seems to have a "need" to cleanse itself of idiots every once in a while.  Just like drinking parties, they've got to come to an end if you are to survive to drink again.

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The safest asset right this minute is the US Dollar.  It is that way because our government decrees it is.  So let it be written; so let it be done! 

 

Anyone can argue to the contrary, but the powers that be tell us what is the standard.  They will always protect and preserve that standard.  It's how they've done their accounting for hundreds of years, and it will not be changing anytime soon. 

 

Just look at the value of one Bitcoin these days.  I suppose a loaf of bread would cost, say.... oh, about .00005537 Bitcoin.  I mean, WTF is that?!!!  The math, alone, makes it silly.  I don't think the founder ever intended that it would work out like this.  Due to its startling success, maybe they need a new way to express it.  It's time for a 1-50,000 Bitcoin split.

 

 

 

 

 

 

 

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Up here in car country, Elon Musk is considered a joke.

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On 2/20/2021 at 8:02 PM, Jeff Matthews said:

It's time for a 1-50,000 Bitcoin split.

It just occurred to me that would be inflation.  I guess it's stuck into the ether where it will always be measured in dollars.

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On 2/20/2021 at 8:02 PM, Jeff Matthews said:

I suppose a loaf of bread would cost, say.... oh, about .00005537 Bitcoin.  I mean, WTF is that?!!!

I bustin a nut 🤣

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16 minutes ago, MyOwn said:

I bustin a nut 🤣

Ouch! 🤒 I believe the expression you are looking for is "Bustin, a gut."  Fwiw, Bustin' a nut is when you highly exert yourself to accomplish a goal. 

  • Haha 1

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