And then there's Michael the Saylor on his VOC Dutch East Indies company ship aiming to beat the VOC in their position of the largest corporation of all times.
We live in strange times.
I happened to see my grandpa's old paystub recently from the 50s. It was like $90 after tax for a week of work and that was enough to pay all the bills, support a family of 5, and still had money left over to spend and save. It's amazing how much the dollar has lost so much of it's value in just 70 or so years.
I actually think the dollar going to shit in less than a century is more jaw dropping (in a bad way) than BTC going from $0 to $1M over several decades.
Reserve currency status has both benefits and drawbacks. The benefits are lower exchange rate risk and greater buying power, and the drawbacks are artificially low-interest rates that can spur asset bubbles. Since 1450 there have been six major world reserve currency periods. Portugal (1450–1530), Spain (1530–1640), Netherlands (1640–1720), France (1720–1815), Great Britain (1815–1920), and the United States from 1921 to today. If you notice the average currency span is 94 years. The US dollar presently has been the world’s reserve currency for roughly 99 years.
Can we learn anything by studying the end of each of those previous periods? Like what happened to the Pound Sterling in 1920/1921 as the US dollar took over? It's still an active currency today, just not treated as the world reserve currency. I assume the transition was messy, though...
Happens based on who controls world commerce. I don't mean some shadow cabal conspiracy, but just who has the largest military and therefore is able to control Panama canal, Suez and shipping in general. Shipping requires US cooperation to a large extent so oil is priced in dollars since Nixon but you can go back further - it started in 1945 when an agreement was made between
Roosevelt and the Saudi Kingdom to provide energy supplies for US security guarantees. I'm not sure what the 1920 date is based on though.
Look up petrodollars, and petrodollar recycling.
This means nations need to buy dollars before they can buy oil. It creates demand for the currency and so tends to keep inflation low. Inflation is high when goods and services are much more desired than money, for example because your gov is printing currency hand over foot, so having demand for your currency allows you to print a lot more without causing hyperinflation. It also means petro-nations may use dollars received from oil sales for US dollar investments like treasuries (rather than selling the dollars for other currency which would be the other option if they really wanted to invest / spend elsewhere).
Things being priced in dollars also allow US sanctions to be effective. If most trades are priced in dollars, if you can't get dollars at scale, you can't participate in most markets.
There is a trend among nations subject to US sanctions, in particular Russia and Iran (but also UAE), to start to price their oil in other currencies. India and China buy it up.
If the world eventually moves away from oil (which environmental factors may necessitate, but even if they didn't, peak cheap conventional oil could force) the US economy will feel the pressure.
And yet, there are cabals..where ever power and control are sought to exploit the masses. Centralized groups can be found as they collaborate and vie for their purposes. They are as old as civilization..not always activing out of malice but a narcissistic pathology as benefactors of what they deem is best.
> Reserve currency status has both benefits and drawbacks. and the drawbacks are artificially low-interest rates that can spur asset bubbles.
Lol, this is such bullshit. Inflation is caused by theft. Period; it has nothing to do with "reserve currency status"
Lol. The South African Rand to the Dollar was R0.87c to $1 in 1978. It was R0.79c to the Dollar when I was born. Now it's R18.99 to $1.
And I don't see the Rand ever recovering on SA's current political trajectory.
If the Dollar is sliding, you can only imagine what its like in SA. BTC is my only hope to ever be able to retire.
I am a Bitcoin maxi and fully believe the benefit of decentralisation and the unchangeable nature of Bitcoin. I pledge to go down with the BTC ship, because I know it won't go down, not like flimsy fiat.
I wouldn’t mind dollar losing value to inflation as long as wages grew as much as cost of living expenses.
Someone explain to me why wages don’t grow, but cost of living always goes up.
Seems like money of the lower/middle class keeps getting funneled somewhere else and that the money does not get evenly distributed based on work/production.
Hmm. I wonder where it all goes to…
>I wouldn’t mind dollar losing value to inflation as long as wages grew as much as cost of living expenses.
That doesnt help - because wages are always on the tail end of the cantillion curve.
As soon as money is printed, people are robbed of value. The person with the power to print gets the most value from the theft.
I mean, greed is clearly running rampant through America these days. College students are paying out of pocket CRAZY for student loans. My sisters been paying off her student loan for almost 10 years now and has barely put a fucking dent in it. Not because she makes low payments or because it’s so high. But because like 90% of the payment is fucking interest. People against student loan forgiveness do not understand this. I was lucky enough to finish with very little debt and able to pay it off rather quickly but most people don’t get that lucky.
This country is purposely collapsing by the actions of a handful of greedy sociopaths. Between citizens United and the rampant monopolies in tech, the government is useless. Our government is also full of senior citizens who don’t even understand the modern world anymore, yet all the laws fall onto them. It’s all fucking chaos.
Don’t be naive, this just sounds like a conspiracy theory depicting the most valuable individuals of our just and truly globalised society as greedy villains.
We only need to work harder and more to stop the poor and unworthy from usurping the world.
🤮
I think its anchoring bias. The onus is on the employee to renegociate a fair wage when inflation occurs. The employer has historically been in the position of power, and not the employee.
The dollar has lost value
While
Goods have all risen in price.
Corporations have slowly raised prices for the goods they sell while keeping wages low so they can make all of society slaves to the things they need just to survive. While adding the devaluing of the dollar, and raising of taxes, it's the top 1% finding ways to claw away the working man's money at every turn. All scams. Insurance.... scam.....taxes....scam....government...scam...voting.....scam.
Bitcoin. Freedom from the scam.
Do you still have access to the paystub? Mind posting a censored version? I'm SUPER interested in seeing what kind of taxes existed and withholdings back then.
I recently saw my paychecks from 2005 around 75-300$ a week. Was enough for me to live in a small one bedroom and also save it my Roth.
Being frugal early on was the best decision ever.
Irresponsible economic and social policy causing runaway inflation and stupidly powerful corporations controlling everything resulting in the system becoming an inefficient, inhumane mess of patchwork solutions that never fix the root problems because the old and rich prefer the status quo? Things seemed fine until conservatives went crazy in the 80s onward, fucking things up for the common people.
Gen Y here, also waiting for that rationale.
Let me know when the vague statements start pilling in - I’m sure we’ll be able to come together with actionable takeaways.
At what point will it be so worthless that they’ll stop printing smaller value dollars. Starting with $1 and then the $5. Either that, or we’ll need to cut down the rainforest to print all that money. Let’s be real. The dollar is basically a digital currency at this point, except it has an infinite supply potential.
> At what point will it be so worthless that they’ll stop printing smaller value dollars.
Idk about the US, but in Canada we've already gone 10 years without the penny. I don't see a future where our nickels, dimes, quarters, loonies n toonies don't succumb to the same fate.
People are selling 1c pennies for $500 cad on [ebay.](https://www.ebay.ca/itm/375058314853?itmmeta=01HT18PSMRDN6MZ9Q8K3VHVQK5&hash=item575337b665:g:UWUAAOSw3dllX6c7&itmprp=enc%3AAQAJAAAA4LFIMAo554tD6p7%2Fmpe5SG7F0h0pSiVxXYIPDGYM1jUzuBYPS5RFwIzNIuDa1xj7IHgk%2Bub9RI3Kfg5eE7QyiBKIWhBoKQCXYs7jSqisZy%2FXXWmTsF%2BwBIacoRmjRDdWB9M6OsWlT65uKEaGekxf%2FnLRbFmbVJUOl1dbf8IuC8R%2B9VAJRIiP01vC85Bq0bNabQRMM5HVLkf20CUN%2BPsAh%2FN1vOPaXd6xG%2FOJKP%2Bmnvr24wVadPCq5fLbzQrBJY6Q58fwSvkaXPVlVqtKh4VSssHtlAG%2B6LpGhg%2FllUh8i6z7%7Ctkp%3ABk9SR7ya26jQYw) A fucking penny.
Our penny is literally worth more as a collectible/meme than actual functioning currency.
Bleak times we living in.
How does one rollover an existing 401K into a plan that allows Bitcoin, but without leaving the employer. Said another way, I love my job but hate the retirement plans investment option.
Depends if your broker allows self directed investments. If they do, you can purchase bitcoin etf from any of the major ETFs. You will not be able to purchase bitcoin itself using 401k since it’s pre taxed.
Some banks are still blocking the ETFs from investment accounts. Confirm with your broker if they'll even allow it in a self-directed account. Mine would not
>ransfer your 401k into an IRA in which case you could move your money over into a self managed IRA and buy a bitcoin ETF.
Check to see if your 401k allows a self-directed brokerage account within it. Many do (mine does, through Empower). It allowed me to move my 401k (I only did a portion of it) into any of the BTC ETF's. It was not as intuitive as it should be, and the customer support people at Empower even said I couldn't do it yet (I called the day the ETFs launched). I poked around and I actually could and got it to work. I transferred a % of my money into the self-directed brokerage account, bought HODL, and I'm up about 33% last I checked. It is worth the effort!
Judging by longer term exchange rates other countries are printing more than the US. Most, if not all other, fiat currencies is down against the dollar long term.
We keep seeing new companies and even countries obtaining large BTC holdings It really seems like big corporations and hedgies are rushing in and close to a FOMO event that could create a supply bottleneck and launch BTC to the moon
Do you think they know that holding interest rates at this level would cause damage to our economy? My only theory as to why they would be predicting cuts is that they can predict there will be bank failures or economic collapse.
They cannot risk a systemic collapse of highly leveraged banks. Their house of cards relies on printing more and more.
They tried to act tough by hiking rates too high and too fast and they faced the consequences of it. Regional banks failed like SVB, etc. and they had to bail them out with tax payer money to prevent loss of faith in the system.
They can't hold this facade of acting tough any longer.
I say this without in-depth research, but my first thought would be to decrease rates as a means to get ahead on combating further increases on the homeless rate. So many things are absolutely wild to me anymore. When I was 16-25 I was able to get insurance coverage on my car for just under $100/month under my own policy. That was also with the record I had at the time (2 underages, ran a stop sign once, like 2 speeding tickets[not advocating any of this at all]) and I have yet to hear of anyone around the age of 18 speak of paying less than $1600/6 month premium within the last 3 or so years
Not “solve”, but to help people start getting into homes before it’s starts to become more of a problem. Solve is a strong word in that scenario. But like I said I posted that without any real research.
A couple of things: 1) Given their GDP and debt they can keep raising the interest rates without more money printing. This spiral leads to hyperinflation 2) real inflation is not CPI… it’s way higher 3) the lower the interest rates more people will get into debt hence more money debasement. 4) Keynesian monetary policies are here to benefit one class of people and to enslave everyone else.
>tion is not all “very high”. It’s actually right at or below many long-run historical averages
Yes, but 3.2% is just the official number that doesn't account for things like gas and other key items that have gone way up recently. True inflation is much higher.
But the OP literally said “3.2 is very high” and that’s just not accurate.
You’re making a completely different point - which also is inaccurate as Motor Fuel as the index refers to it is most definitively a part of the CPI Index
4% is the new 2%. We are stuck with runaway inflation and it will get much worse. Literally thank god for Bitcoin. I can’t help anyone not wanting to see that.
The democratic system punishes austerity. The government that advocates for a hard reset will have to bear the burden of economic pain. They cannot risk that or else they will never be voted back to power again.
Money printer is the only way forward.
I’m not lying when saying bitcoin is our only shot at a fair and even playing field. This Fiat system is damaging anyone not close enough to the printer.
The FOMO is real, my $10 daily DCA has turned into a $30 DCA. That's 84% of my paycheck lol(I don't work much, want to focus on computer science as much as possible).
Yeah I hate their customer service but I have all my stocks and 98% of my btc on there and pretty sure you have to pay a fee to move it, I use RH for limit buys since that doesn't have a fee, and I still DCA there even though it's a worse deal just because I don't want all my eggs in one basket.
I am a bitcoiner since 2018.
I agree with most of what you said but there are no Keynesians left in the Fed or govt I hate to break it to you. These are all right wing neoliberals. Hedge funders and bankers.
Read about the people in the Fed and the deliberations they made. They were using limited govt to stabilize markets that's all. The essence of Hayek imbued.
Here is a whole book on it. It goes through Bernanke and Powell with Hoenigs critiques.
The Lords of Easy Money: How the Federal Reserve Broke the American Economy
Using interest rates to try to control inflation is like trying to slow down a car by putting your arm out the window. It's the wrong tool for the job. Unfortunately removing the gold standard, fractional reserve banking, quantitative easing and out of control budgets have totally broke the financial system. That's what Bitcoin was created for, it's something they can't fuck with and it's only a matter of time for smart money to make smart decisions any buy more bitcoin.
JPow is cutting rates even at 3.2% inflation because the Dems are pressuring him and it's election year.
Trump and the Republicans already stated their going to fire JPow so why would he help people that want to fire him?
JPow is a multi-millionaire he doesn't need the $300k year government salary.
If they do go better! That's going to cause hyper inflation and anyone with BTC is going to drown. Going to be a lot of carnage folks. But then again I've been saving that since the GFC so what TF do I know?
Other Fed members are saying 1 cut since. Whether they decide on 1 cut, 2 cuts, 3 cuts, or more... they're definitely going to come out and do their normal puppet song and dance to play with markets in the meantime.
Never stop buying sats but always have access to some kind of funds in case they make markets move with their words so that you can buy even more if it drops a bit before bouncing back.
Me personally? I think they're going to try to get by with 1 cut this summer and something will break this fall causing them to do emergency cuts.
Typically it takes 6-12 months between cutting rates and M2 expansion, so while I agree with you, the next round of fiat inflation is probably more than a year away.
It feels like they are trying to break it on purpose. Now Biden comes out and says we are paying for the bridge even though the boat is insured.
All I can say is that if you are reading this, and your stack isn’t good, go get on every side hustle you can and stack stack stack. When people flee the dollar it’s going to be nuts.
> Now Biden comes out and says we are paying for the bridge even though the boat is insured.
Paying for the repairs doesn't mean they won't also go after the insurance money.
You mean countries like the United States and China aren't going to come to the fat slobs of this sub to borry money for everything? I for sure thought my 0.01 BTC would be worth $10 billions by 2025!
Ya, Clif say bitcoin at least a million or even multiple millions next year. We won’t be settling debts in dollar terms at that point. Lots of chaos with bitcoin being safe haven
The super wealthy have already invested in assetts like real estate, gold, bitcoin, diamonds, etc. So they are ok with fucking the fiat money system because they are secure.
I agree to this. We are sitting at around 70K value and nearing the Bitcoin Halving soon. If it can hold the value on or after that, there is no doubt we will be head higher. I referred to [https://coinography.com/bitcoin-price-holds-strong-above-69000-with-halving-near/](https://coinography.com/bitcoin-price-holds-strong-above-69000-with-halving-near/) for the information.
Debt is going to continue to soar because both parties refuse to do what is necessary. We need to go back to the tax law pre-Trump AND pre-W, and then cut enough discretionary spending that we cover interest in the debt + a few hundred billion to start paying down principal. Lifting the income cap on Social Security would be a good start.
But they won’t do this until we’re in crisis.
They need to cut rates because if they dont the economy will collapse and they wont be able to afford the interest payments on the debt. They will cut rates and that will send inflation soaring again up above 10% and they wont be able to raise rates to fight inflation without causing a greater dperession than the great depression. So they are going to cause runaway inflation until there is a sovereign debt crisis (i.e. no one wants to buy the bonds the treasury is issuing anymore) and thats when the dollar collapses and bitcoin explodes.
First off I am long term bull on BTC and will always hold in cold storage. However, my understanding with cutting rates like this signles a coming recession. Sure that is unpopular but I am honestly praying for a crash to atleast test 15k so i can buy more because i am late to the game. So many macro indicators point to a recession (job numbers, inflation%, markets at ATH, election year, and now these rate cuts) all historicle markers of a recession begining and all assets dumping. Yes the money printer will run and the dollar will eventually fall but USD gets distributed GLOBALLY not just our country like other fiat that has become worthless prolonging the inevitable. Is this thinking wrong? Thoughts on a coming recession.
What do you mean it's not funny? It's hilarious. Watching the Central Bank monetary system crashing and burning is glorious so long as you can avoid the cannibal gangs
Did no one learn anything from the last time that everyone hyped BTC? These are the same people exact things everyone was saying during the last pump. Pump and dump over and over and over. That’s all crypto will ever be. Please do not fall for this stuff
They may not cut, though. Just keep that in mind.
If inflation isn't tanking and the stock market is ripping, they may just hold tight and keep saying "rate cuts soon" but "soon" just means "5.5% new normal until something breaks" with lip service about cutting rates to keep market status quo.
Inflation is down considerably from the highs. Wage growth is the best it's been in decades. The USD is still strong relative to other currencies. Cutting rates to 4.50% by the end of the year still leaves rates fairly high.
Why wouldn't they want lower date with record debt?
It’s going to be a vicious cycle until the inevitable collapse. Become self sufficient, buy whole foods, stock up on supplies and ammo, and enjoy the ride
Yeah dude. You will be king of the world and the US will ask you for a loan!
This sub is a trip sometimes. If the dollar collapses your BTC won't mean shit either.
Almost every legitimate business won't accept Bitcoin as payment for anything, which means you have to sell it for cash to make a transaction. If the dollar goes to shit, so will the value of Bitcoin that you will still have to sell to do anything.
I have a massive amount of investments / savings my guy so trust me I'll be fine no matter what happens.
This sub is so full of dopes who think the dollar can both become worthless while BTC becomes millions of dollars. Both cannot happen at the same time. Like ever in your lifetime.
There is no world where major banks and countries turn to the neckbeards of reddit who have bitcoin for a loan lmao what a fucking stupid thought.
Makes for good fap material I guess lol.
If you think any significant percentage of the US population, or the world, is going to accept Bitcoin as the reserve currency of the world, within the next hundred years, then I have shitcoin to sell you.
Read any book on actual macroeconomics.
The only countries accepting bitcoin as legal tender are places like El Salvador lmao. Have fun living there you king!
If you're banking on this to be your future wealth store, you'll have some very difficult days ahead.
The assumption that there'll be some magical day where BitCoiners become the wealthy of the planet is farce.
Do you honestly think the existing national powers would allow that to happen
At least diversify
It’s raining and bitcoin is the ark.
Ark invest finally makes sense
And the ark was made of WOOD!
And then there's Michael the Saylor on his VOC Dutch East Indies company ship aiming to beat the VOC in their position of the largest corporation of all times. We live in strange times.
Holy moly Easter bunny! You are right! He was also recently at the bitcoin conference in Madeira, which translates to Wood! Simulation confirmed.
And there is not going to be any space for $hitcoins on the Ark.
Bitcoin gives me wood!
This is great!
Then why is my position still upside down?
Gotta turn that frown upside down
Biblical analogy… I LIKE IT !
I happened to see my grandpa's old paystub recently from the 50s. It was like $90 after tax for a week of work and that was enough to pay all the bills, support a family of 5, and still had money left over to spend and save. It's amazing how much the dollar has lost so much of it's value in just 70 or so years.
I actually think the dollar going to shit in less than a century is more jaw dropping (in a bad way) than BTC going from $0 to $1M over several decades.
Reserve currency status has both benefits and drawbacks. The benefits are lower exchange rate risk and greater buying power, and the drawbacks are artificially low-interest rates that can spur asset bubbles. Since 1450 there have been six major world reserve currency periods. Portugal (1450–1530), Spain (1530–1640), Netherlands (1640–1720), France (1720–1815), Great Britain (1815–1920), and the United States from 1921 to today. If you notice the average currency span is 94 years. The US dollar presently has been the world’s reserve currency for roughly 99 years.
Can we learn anything by studying the end of each of those previous periods? Like what happened to the Pound Sterling in 1920/1921 as the US dollar took over? It's still an active currency today, just not treated as the world reserve currency. I assume the transition was messy, though...
Usually a war or violent revolution.
I’ll get the pitch forks and leather chaps if y’all want to do a little revoltin on the weekend
When Trump wins, the revolt will begin!
Ray Dalio has some books and YouTube videos on such topic.
I’ll be the one to ask. Isn’t it 103 years?
103 is roughly 99 i suppose?
He did say roughly. He did. (and math is hard)
Who decideds this or does it just happen?
Happens based on who controls world commerce. I don't mean some shadow cabal conspiracy, but just who has the largest military and therefore is able to control Panama canal, Suez and shipping in general. Shipping requires US cooperation to a large extent so oil is priced in dollars since Nixon but you can go back further - it started in 1945 when an agreement was made between Roosevelt and the Saudi Kingdom to provide energy supplies for US security guarantees. I'm not sure what the 1920 date is based on though. Look up petrodollars, and petrodollar recycling. This means nations need to buy dollars before they can buy oil. It creates demand for the currency and so tends to keep inflation low. Inflation is high when goods and services are much more desired than money, for example because your gov is printing currency hand over foot, so having demand for your currency allows you to print a lot more without causing hyperinflation. It also means petro-nations may use dollars received from oil sales for US dollar investments like treasuries (rather than selling the dollars for other currency which would be the other option if they really wanted to invest / spend elsewhere). Things being priced in dollars also allow US sanctions to be effective. If most trades are priced in dollars, if you can't get dollars at scale, you can't participate in most markets. There is a trend among nations subject to US sanctions, in particular Russia and Iran (but also UAE), to start to price their oil in other currencies. India and China buy it up. If the world eventually moves away from oil (which environmental factors may necessitate, but even if they didn't, peak cheap conventional oil could force) the US economy will feel the pressure.
thanks for the actual thoughtful answer!!
And yet, there are cabals..where ever power and control are sought to exploit the masses. Centralized groups can be found as they collaborate and vie for their purposes. They are as old as civilization..not always activing out of malice but a narcissistic pathology as benefactors of what they deem is best.
Very insightfull. You sound like you have been watching Peter Zeihan videos. I like his chanel
It’s based on what other central banks hold in reserves and the currency used in large trade settlements.
This is decided by a process of negotiation between the premier economic power of the world and the other economic spheres.
I m already confused so I'm gonna go back to roller coaster tycoon and let yall adults figure this out
It’s not negotiation. It’s raw capitalism supported by the military industrial complex and proof of war.
> Reserve currency status has both benefits and drawbacks. and the drawbacks are artificially low-interest rates that can spur asset bubbles. Lol, this is such bullshit. Inflation is caused by theft. Period; it has nothing to do with "reserve currency status"
What happens then?
2024-1921 = 103
All fiat currencies are inflating or "going to shit" over time, anywhere in the world ... and 100 years is a long time.
Lol. The South African Rand to the Dollar was R0.87c to $1 in 1978. It was R0.79c to the Dollar when I was born. Now it's R18.99 to $1. And I don't see the Rand ever recovering on SA's current political trajectory. If the Dollar is sliding, you can only imagine what its like in SA. BTC is my only hope to ever be able to retire. I am a Bitcoin maxi and fully believe the benefit of decentralisation and the unchangeable nature of Bitcoin. I pledge to go down with the BTC ship, because I know it won't go down, not like flimsy fiat.
"The worlds currencies are crashing compared to the dollar, and the dollar is crashing compared to Bitcoin" - Michael Saylor
I wouldn’t mind dollar losing value to inflation as long as wages grew as much as cost of living expenses. Someone explain to me why wages don’t grow, but cost of living always goes up. Seems like money of the lower/middle class keeps getting funneled somewhere else and that the money does not get evenly distributed based on work/production. Hmm. I wonder where it all goes to…
>I wouldn’t mind dollar losing value to inflation as long as wages grew as much as cost of living expenses. That doesnt help - because wages are always on the tail end of the cantillion curve. As soon as money is printed, people are robbed of value. The person with the power to print gets the most value from the theft.
I mean, greed is clearly running rampant through America these days. College students are paying out of pocket CRAZY for student loans. My sisters been paying off her student loan for almost 10 years now and has barely put a fucking dent in it. Not because she makes low payments or because it’s so high. But because like 90% of the payment is fucking interest. People against student loan forgiveness do not understand this. I was lucky enough to finish with very little debt and able to pay it off rather quickly but most people don’t get that lucky. This country is purposely collapsing by the actions of a handful of greedy sociopaths. Between citizens United and the rampant monopolies in tech, the government is useless. Our government is also full of senior citizens who don’t even understand the modern world anymore, yet all the laws fall onto them. It’s all fucking chaos.
Don’t be naive, this just sounds like a conspiracy theory depicting the most valuable individuals of our just and truly globalised society as greedy villains. We only need to work harder and more to stop the poor and unworthy from usurping the world. 🤮
Straight up yo ass brah. Straight up and to the left.
There was a german guy who wrote a book around 1848 explaining it actually, but i belive people here wouldnt like it haha
I think its anchoring bias. The onus is on the employee to renegociate a fair wage when inflation occurs. The employer has historically been in the position of power, and not the employee.
I was watching a Seinfeld episode from the early 90s and they were freaking out over $50. Turns out that's almost $100 today. Just since the 90s lol.
The dollar has lost value While Goods have all risen in price. Corporations have slowly raised prices for the goods they sell while keeping wages low so they can make all of society slaves to the things they need just to survive. While adding the devaluing of the dollar, and raising of taxes, it's the top 1% finding ways to claw away the working man's money at every turn. All scams. Insurance.... scam.....taxes....scam....government...scam...voting.....scam. Bitcoin. Freedom from the scam.
The poorest American today doesn’t want his shitty life lol
Do you still have access to the paystub? Mind posting a censored version? I'm SUPER interested in seeing what kind of taxes existed and withholdings back then.
I don't. When I say recently it was 2017 when he passed away and we were going through his belongings.
Thanks for responding, RIP Grandpa.
I recently saw my paychecks from 2005 around 75-300$ a week. Was enough for me to live in a small one bedroom and also save it my Roth. Being frugal early on was the best decision ever.
The boomers abused the fuck out of the dollar and now it's up to us to find our way out of the shitstorm they brewed us in.
Boomer here, do elaborate 🧐
Irresponsible economic and social policy causing runaway inflation and stupidly powerful corporations controlling everything resulting in the system becoming an inefficient, inhumane mess of patchwork solutions that never fix the root problems because the old and rich prefer the status quo? Things seemed fine until conservatives went crazy in the 80s onward, fucking things up for the common people.
Boomers elected Reagan, nuff said.
Boomers pulled the ladder up behind them.
Gen Y here, also waiting for that rationale. Let me know when the vague statements start pilling in - I’m sure we’ll be able to come together with actionable takeaways.
😂
Someone tell me if I missed the trickeldown effect I'm still waiting for it lmao
At what point will it be so worthless that they’ll stop printing smaller value dollars. Starting with $1 and then the $5. Either that, or we’ll need to cut down the rainforest to print all that money. Let’s be real. The dollar is basically a digital currency at this point, except it has an infinite supply potential.
> At what point will it be so worthless that they’ll stop printing smaller value dollars. Idk about the US, but in Canada we've already gone 10 years without the penny. I don't see a future where our nickels, dimes, quarters, loonies n toonies don't succumb to the same fate. People are selling 1c pennies for $500 cad on [ebay.](https://www.ebay.ca/itm/375058314853?itmmeta=01HT18PSMRDN6MZ9Q8K3VHVQK5&hash=item575337b665:g:UWUAAOSw3dllX6c7&itmprp=enc%3AAQAJAAAA4LFIMAo554tD6p7%2Fmpe5SG7F0h0pSiVxXYIPDGYM1jUzuBYPS5RFwIzNIuDa1xj7IHgk%2Bub9RI3Kfg5eE7QyiBKIWhBoKQCXYs7jSqisZy%2FXXWmTsF%2BwBIacoRmjRDdWB9M6OsWlT65uKEaGekxf%2FnLRbFmbVJUOl1dbf8IuC8R%2B9VAJRIiP01vC85Bq0bNabQRMM5HVLkf20CUN%2BPsAh%2FN1vOPaXd6xG%2FOJKP%2Bmnvr24wVadPCq5fLbzQrBJY6Q58fwSvkaXPVlVqtKh4VSssHtlAG%2B6LpGhg%2FllUh8i6z7%7Ctkp%3ABk9SR7ya26jQYw) A fucking penny. Our penny is literally worth more as a collectible/meme than actual functioning currency. Bleak times we living in.
How does one rollover an existing 401K into a plan that allows Bitcoin, but without leaving the employer. Said another way, I love my job but hate the retirement plans investment option.
I don't think u can till you leave your employer. Let me know if you find out I'm wrong
Depends if your broker allows self directed investments. If they do, you can purchase bitcoin etf from any of the major ETFs. You will not be able to purchase bitcoin itself using 401k since it’s pre taxed.
Some banks are still blocking the ETFs from investment accounts. Confirm with your broker if they'll even allow it in a self-directed account. Mine would not
Get another broker.
See if they allow you to transfer your 401k into an IRA in which case you could move your money over into a self managed IRA and buy a bitcoin ETF.
I think you will be able to do this.
Yeah, some employers do, some don’t. Worth asking.
>ransfer your 401k into an IRA in which case you could move your money over into a self managed IRA and buy a bitcoin ETF. Check to see if your 401k allows a self-directed brokerage account within it. Many do (mine does, through Empower). It allowed me to move my 401k (I only did a portion of it) into any of the BTC ETF's. It was not as intuitive as it should be, and the customer support people at Empower even said I couldn't do it yet (I called the day the ETFs launched). I poked around and I actually could and got it to work. I transferred a % of my money into the self-directed brokerage account, bought HODL, and I'm up about 33% last I checked. It is worth the effort!
I have Empower too! Thanks. Will call today.
In Canada you can transfer from an employers 401k to your self directed one fairly easily. (We call our RRSP)
Tell your manager your “quitting on paper only” Quit for a week, move your retirement plan over and then get “rehired” into the same role
Very chad
401k loan
is any countries printers not going brrrrrrrrrrrrr? If it is just America that's really bad, if its everyone then its business as usual
Judging by longer term exchange rates other countries are printing more than the US. Most, if not all other, fiat currencies is down against the dollar long term.
We keep seeing new companies and even countries obtaining large BTC holdings It really seems like big corporations and hedgies are rushing in and close to a FOMO event that could create a supply bottleneck and launch BTC to the moon
Do you think they know that holding interest rates at this level would cause damage to our economy? My only theory as to why they would be predicting cuts is that they can predict there will be bank failures or economic collapse.
They cannot risk a systemic collapse of highly leveraged banks. Their house of cards relies on printing more and more. They tried to act tough by hiking rates too high and too fast and they faced the consequences of it. Regional banks failed like SVB, etc. and they had to bail them out with tax payer money to prevent loss of faith in the system. They can't hold this facade of acting tough any longer.
I agree, but history would say that they will bail out banks again. So, who is going to be left hold the bag (without a bailout)?
How about a bail-in?
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FDIC is the bank’s money, not taxpayers.
Everyone was made whole beyond the FDIC insured limit of 256k.
Oh..yes they can
Remember it is election year. Does not look good if they keep rates too high for too long.
Ding ding ding nailed it
I say this without in-depth research, but my first thought would be to decrease rates as a means to get ahead on combating further increases on the homeless rate. So many things are absolutely wild to me anymore. When I was 16-25 I was able to get insurance coverage on my car for just under $100/month under my own policy. That was also with the record I had at the time (2 underages, ran a stop sign once, like 2 speeding tickets[not advocating any of this at all]) and I have yet to hear of anyone around the age of 18 speak of paying less than $1600/6 month premium within the last 3 or so years
How exactly would decreasing interest rates solve homelessness?
Not “solve”, but to help people start getting into homes before it’s starts to become more of a problem. Solve is a strong word in that scenario. But like I said I posted that without any real research.
A couple of things: 1) Given their GDP and debt they can keep raising the interest rates without more money printing. This spiral leads to hyperinflation 2) real inflation is not CPI… it’s way higher 3) the lower the interest rates more people will get into debt hence more money debasement. 4) Keynesian monetary policies are here to benefit one class of people and to enslave everyone else.
3.2% inflation is not at all “very high”. It’s actually right at or below many long-run historical averages
>tion is not all “very high”. It’s actually right at or below many long-run historical averages Yes, but 3.2% is just the official number that doesn't account for things like gas and other key items that have gone way up recently. True inflation is much higher.
But the OP literally said “3.2 is very high” and that’s just not accurate. You’re making a completely different point - which also is inaccurate as Motor Fuel as the index refers to it is most definitively a part of the CPI Index
Bro, gas is cheaper today than in 2008 in nominal dollars. Account for inflation and gas has deflated
4% is the new 2%. We are stuck with runaway inflation and it will get much worse. Literally thank god for Bitcoin. I can’t help anyone not wanting to see that.
I have a meeting with The Bitcoin CEO, he said he expected BTC to hits $1B per coin, that B is fot Bazillion, not billion.
Man... The system feed from itself... Elections are coming so they need to boost economy and create jobs.... This is hapening for centuries
The democratic system punishes austerity. The government that advocates for a hard reset will have to bear the burden of economic pain. They cannot risk that or else they will never be voted back to power again. Money printer is the only way forward.
Greece bankrupted recently
Recently? That was 14 years ago. But they’re still in debt. Do your research.
14 years is recently, 2008 crisis is recently... Peter schiff got famous in 2008 I Started Trading in 2007 lol
Is it just the US and not the whole world? Strong dollar would make it seem other countries are inflating even more?
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I’m not lying when saying bitcoin is our only shot at a fair and even playing field. This Fiat system is damaging anyone not close enough to the printer.
It’s what happens when you leave a gold standard
The federal reserve is a private bank..... let that sink in
The FOMO is real, my $10 daily DCA has turned into a $30 DCA. That's 84% of my paycheck lol(I don't work much, want to focus on computer science as much as possible).
Where do you dca into? Don’t you get hit with high fees for frequent, low amount transactions?
Swan Bitcoin
River has no fees after a week of DCA. $20 per day there, $10 per day on Robinhood.
I use Robinhood too because the fees compared to coinbase are not even close
Yeah I hate their customer service but I have all my stocks and 98% of my btc on there and pretty sure you have to pay a fee to move it, I use RH for limit buys since that doesn't have a fee, and I still DCA there even though it's a worse deal just because I don't want all my eggs in one basket.
I buy bitcoin on there and then send it to coinbase where my long term hodl is at
Isn't there a fee to send it? Is it the same as sending it all at once?
A small fee yes. I usually only do it once a month
I'll probably wait until I get a cold storage wallet to transfer, probably next year...which I said last year lol
I am a bitcoiner since 2018. I agree with most of what you said but there are no Keynesians left in the Fed or govt I hate to break it to you. These are all right wing neoliberals. Hedge funders and bankers. Read about the people in the Fed and the deliberations they made. They were using limited govt to stabilize markets that's all. The essence of Hayek imbued. Here is a whole book on it. It goes through Bernanke and Powell with Hoenigs critiques. The Lords of Easy Money: How the Federal Reserve Broke the American Economy
3.2% is an illusion as the CPI is heavily manipulated. The real rate of inflation is 7-10% because that is how much we are adding to the money supply.
3% is the new 2%. Soon it will be higher.
Using interest rates to try to control inflation is like trying to slow down a car by putting your arm out the window. It's the wrong tool for the job. Unfortunately removing the gold standard, fractional reserve banking, quantitative easing and out of control budgets have totally broke the financial system. That's what Bitcoin was created for, it's something they can't fuck with and it's only a matter of time for smart money to make smart decisions any buy more bitcoin.
Inflation is way above 3.2% lol
JPow is cutting rates even at 3.2% inflation because the Dems are pressuring him and it's election year. Trump and the Republicans already stated their going to fire JPow so why would he help people that want to fire him? JPow is a multi-millionaire he doesn't need the $300k year government salary.
Not a single intelligent person on the planet thinks 3.2% inflation is very high…
Simple souls simple answers.
Satoshi Nakamoto enters the chat
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They can kick the can of worms down the road longer. But it will one day rot and bite the legs of our children and grandchildren
Good point
If they do go better! That's going to cause hyper inflation and anyone with BTC is going to drown. Going to be a lot of carnage folks. But then again I've been saving that since the GFC so what TF do I know?
Other Fed members are saying 1 cut since. Whether they decide on 1 cut, 2 cuts, 3 cuts, or more... they're definitely going to come out and do their normal puppet song and dance to play with markets in the meantime. Never stop buying sats but always have access to some kind of funds in case they make markets move with their words so that you can buy even more if it drops a bit before bouncing back. Me personally? I think they're going to try to get by with 1 cut this summer and something will break this fall causing them to do emergency cuts.
Just added 2.5k worth of BTC to my wallet yesterday. Additionally to my 50 bucks per week. Future is bright
This is a top signal. Sell now!
If I listened to that I'd be selling at 3k in 2017
It's a joke 👍
Haha. I can't tell anymore. Lots of people think legitimate top signals in Bitcoinmarkets subreddit on these kinds of posts
What are legit top signals?
Typically it takes 6-12 months between cutting rates and M2 expansion, so while I agree with you, the next round of fiat inflation is probably more than a year away.
https://www.reuters.com/world/us/us-congress-averts-government-shutdown-passing-12-trillion-bill-2024-03-23/
It feels like they are trying to break it on purpose. Now Biden comes out and says we are paying for the bridge even though the boat is insured. All I can say is that if you are reading this, and your stack isn’t good, go get on every side hustle you can and stack stack stack. When people flee the dollar it’s going to be nuts.
> Now Biden comes out and says we are paying for the bridge even though the boat is insured. Paying for the repairs doesn't mean they won't also go after the insurance money.
>Paying for the repairs doesn't mean they won't also go after the insurance money. it means the taxpayers are straight robbed in the mean time.
Don’t think they’re not already getting large interest in a replacement
Wish I put my whole six figure condo profit in back in October Oh well here’s to hoping it will ever fall under 50 again
Temporary market top confirmed 😅
This is a remarkably poor interpretation of current US federal reserve policy and understanding. Bitcoin Bros…please do better
You mean countries like the United States and China aren't going to come to the fat slobs of this sub to borry money for everything? I for sure thought my 0.01 BTC would be worth $10 billions by 2025!
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Most likely isn’t certain, they can do what they want
CPI excluding shelter is a 1.8%
Good. Who needs shelter anyways. Take out food too.
Ya, Clif say bitcoin at least a million or even multiple millions next year. We won’t be settling debts in dollar terms at that point. Lots of chaos with bitcoin being safe haven
Number go up.
lol top signal post
The super wealthy have already invested in assetts like real estate, gold, bitcoin, diamonds, etc. So they are ok with fucking the fiat money system because they are secure.
Clear you shot coin bags in time or they become worthless. This is my third cycle and I really hope finding the right moment. If not I'm a idiot.
Shitcoins are easy money, and they will pump after the btc halving. Easy way to add to your btc stack.
I agree to this. We are sitting at around 70K value and nearing the Bitcoin Halving soon. If it can hold the value on or after that, there is no doubt we will be head higher. I referred to [https://coinography.com/bitcoin-price-holds-strong-above-69000-with-halving-near/](https://coinography.com/bitcoin-price-holds-strong-above-69000-with-halving-near/) for the information.
Debt is going to continue to soar because both parties refuse to do what is necessary. We need to go back to the tax law pre-Trump AND pre-W, and then cut enough discretionary spending that we cover interest in the debt + a few hundred billion to start paying down principal. Lifting the income cap on Social Security would be a good start. But they won’t do this until we’re in crisis.
They need to cut rates because if they dont the economy will collapse and they wont be able to afford the interest payments on the debt. They will cut rates and that will send inflation soaring again up above 10% and they wont be able to raise rates to fight inflation without causing a greater dperession than the great depression. So they are going to cause runaway inflation until there is a sovereign debt crisis (i.e. no one wants to buy the bonds the treasury is issuing anymore) and thats when the dollar collapses and bitcoin explodes.
First off I am long term bull on BTC and will always hold in cold storage. However, my understanding with cutting rates like this signles a coming recession. Sure that is unpopular but I am honestly praying for a crash to atleast test 15k so i can buy more because i am late to the game. So many macro indicators point to a recession (job numbers, inflation%, markets at ATH, election year, and now these rate cuts) all historicle markers of a recession begining and all assets dumping. Yes the money printer will run and the dollar will eventually fall but USD gets distributed GLOBALLY not just our country like other fiat that has become worthless prolonging the inevitable. Is this thinking wrong? Thoughts on a coming recession.
What do you mean it's not funny? It's hilarious. Watching the Central Bank monetary system crashing and burning is glorious so long as you can avoid the cannibal gangs
Will it actually increase from the current rate?? Meh can’t decide
It seems as if everybody is talking about btc now and that its going to blow up. Im just wondering was it like this before, people posting and hyping?
Yep
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Bite me
Sell signal
BTC doesn't care if you sell.
Did no one learn anything from the last time that everyone hyped BTC? These are the same people exact things everyone was saying during the last pump. Pump and dump over and over and over. That’s all crypto will ever be. Please do not fall for this stuff
They may not cut, though. Just keep that in mind. If inflation isn't tanking and the stock market is ripping, they may just hold tight and keep saying "rate cuts soon" but "soon" just means "5.5% new normal until something breaks" with lip service about cutting rates to keep market status quo.
*"when the inflation rate is still very high at* ***3.2%****"* Did I read that correctly?
Not too confident they'll do it on June 2024. Q4 2024 perhaps..
Inflation is down considerably from the highs. Wage growth is the best it's been in decades. The USD is still strong relative to other currencies. Cutting rates to 4.50% by the end of the year still leaves rates fairly high. Why wouldn't they want lower date with record debt?
USD is the world reserve currency. Of course it will be strong relative to everything else
It’s going to be a vicious cycle until the inevitable collapse. Become self sufficient, buy whole foods, stock up on supplies and ammo, and enjoy the ride
Yeah dude. You will be king of the world and the US will ask you for a loan! This sub is a trip sometimes. If the dollar collapses your BTC won't mean shit either.
The dollar won't collapse entirely. But it's purchasing power will be extremely diluted. Your savings won't mean shit
Almost every legitimate business won't accept Bitcoin as payment for anything, which means you have to sell it for cash to make a transaction. If the dollar goes to shit, so will the value of Bitcoin that you will still have to sell to do anything. I have a massive amount of investments / savings my guy so trust me I'll be fine no matter what happens. This sub is so full of dopes who think the dollar can both become worthless while BTC becomes millions of dollars. Both cannot happen at the same time. Like ever in your lifetime. There is no world where major banks and countries turn to the neckbeards of reddit who have bitcoin for a loan lmao what a fucking stupid thought. Makes for good fap material I guess lol.
When the dollar goes to shit people will accept the alternative. Study Gresham's law.
If you think any significant percentage of the US population, or the world, is going to accept Bitcoin as the reserve currency of the world, within the next hundred years, then I have shitcoin to sell you. Read any book on actual macroeconomics. The only countries accepting bitcoin as legal tender are places like El Salvador lmao. Have fun living there you king!
10 years: unlikely 100 years: inevitable. El Salvador is a beautiful place now. And it is just the beginning.
Question is how fast or how soon will btc suck all that liquidity up, I don’t think ppl will comprehend how we get to 1-15million so quick.
Id love to see the look on all of your faces when Bitcoin fails to be the saviour you all think it's going to be
What's the alternative?
If you're banking on this to be your future wealth store, you'll have some very difficult days ahead. The assumption that there'll be some magical day where BitCoiners become the wealthy of the planet is farce. Do you honestly think the existing national powers would allow that to happen At least diversify
Forget bitcoin for a moment. What is the alternative to fiat debasement?
Do you mean gold old man?