Crypto is a venereal disease

[surfnole]

It's a slow football day and I even have the FSU game in the background....

"anyone who sells crypto is either “delusional or evil.”..

Munger added that he does not believe crypto is a real asset—and it should have never been allowed.

“This is a very, very bad thing,” Munger said. “The country did not need a currency that was good for kidnappers… There are people who think they’ve got to be on every deal that’s hot. They don’t care whether it’s child prostitution or bitcoin. If it’s hot they want to be on it. I think that’s totally crazy.”...

The Fed is “willing to have a little recession in order not to have out-of-control inflation”—that’s what they’re supposed to do, he said. “They’re supposed to be the one guy at the party that doesn’t hang around the punch bowl getting drunk.”

Warren Buffett’s right-hand man Charlie Munger continues to celebrate crypto’s demise and cites the famous analogy of the Fed, the party, and the punch bowl

“They’re supposed to be the one guy at the party that doesn’t hang around the punch bowl getting drunk,” Munger said.

finance.yahoo.com

 

[surfnole]

More Munger quotes

Warren Buffett's right-hand man blasted crypto, praised Elon Musk and Tesla, and defended the Fed in a rare interview this week. Here are the 14 best quotes.

Charlie Munger trashed bitcoin, touted Elon Musk and Tesla's unlikely success, and supported the Fed risking a recession to bring down inflation.

sports.yahoo.com

Charlie Munger trashed bitcoin, touted Elon Musk and Tesla's unlikely success, and supported the Fed risking a recession to bring down inflation.

 

[billanole]

More mlMunger quotes

Warren Buffett's right-hand man blasted crypto, praised Elon Musk and Tesla, and defended the Fed in a rare interview this week. Here are the 14 best quotes.

Charlie Munger trashed bitcoin, touted Elon Musk and Tesla's unlikely success, and supported the Fed risking a recession to bring down inflation.

sports.yahoo.com

Charlie Munger trashed bitcoin, touted Elon Musk and Tesla's unlikely success, and supported the Fed risking a recession to bring down inflation.

Wut?

 

[FSU4FUN]

Take a look at how much money FTX gave to the Democratic Party you will see why there were no regulations on it.

 

[billanole]

Take a look at how much money FTX gave to the Democratic Party you will see why there were no regulations on it.

Oh nose. Now it becomes clear.

 

[mnole03]

The idea that the guy took $95 million for nothing is just absurd. He fleeced them good.

 

[seminole97]

The Fed is “willing to have a little recession in order not to have out-of-control inflation”—that’s what they’re supposed to do, he said. “They’re supposed to be the one guy at the party that doesn’t hang around the punch bowl getting drunk.”

And yet they’re the ones spiking the punch bowl by manipulating interest rates artificially low in the first place and inducing consumption and investment patterns that are unsustainable in real terms.

They exist to bail out Wall Street (see: 2008, 2019) when their bets fail.
That’s why Charlie loves them.
He’s big enough he’ll be among the rescued.
Rescued at the expense of everyone else in inflation.

 

[seminole97]

"anyone who sells crypto is either “delusional or evil.”..

Munger added that he does not believe crypto is a real asset—and it should have never been allowed.

“This is a very, very bad thing,” Munger said. “The country did not need a currency that was good for kidnappers… There are people who think they’ve got to be on every deal that’s hot. They don’t care whether it’s child prostitution or bitcoin. If it’s hot they want to be on it. I think that’s totally crazy.”...

 

[surfnole]

Remember when crypto was the next big thing and equivalent to gold or silver for inflation protection and a store of value? How's that working out for ya?

 

[seminole97]

Remember when crypto was the next big thing and equivalent to gold or silver for inflation protection and a store of value? How's that working out for ya?

When Trump-Pelosi-Schumer made their deal to eliminate the debt ceiling in 2019, what was the price in USD?
What is the price in USD today?

 

[surfnole]

When Trump-Pelosi-Schumer made their deal to eliminate the debt ceiling in 2019, what was the price in USD?
What is the price in USD today?

I don't understand your point or what it has to do with crypto.

 

[GeddyLee09]

When Trump-Pelosi-Schumer made their deal to eliminate the debt ceiling in 2019, what was the price in USD?
What is the price in USD today?

Its not eliminated. It will be up for a vote to raise it again in 23.

 

[GeddyLee09]

Remember when crypto was the next big thing and equivalent to gold or silver for inflation protection and a store of value? How's that working out for ya?

Hopefully those that made money on it were smart enough to get out before they lost everything.

 

[BelemNole]

I don't understand your point or what it has to do with crypto.

Get used to it.

 

[seminole97]

I don't understand your point or what it has to do with crypto.

Do you understand what causes inflation in USD?

 

[surfnole]

Do you understand what causes inflation in USD?

Yes. Crypto does not cause inflation though. It was supposed to be inflation protection.

 

[seminole97]

It’s not eliminated. It will be up for a vote to raise it again in 23.

It was suspended in 2019 pursuant to an agreement made by Trump, Pelosi and Schumer.
CBO.gov
Currently, there is no statutory limit on the issuance of new federal debt because the Bipartisan Budget Act of 2019 (Public Law 116-37), enacted in August 2019, suspended the limit through July 31, 2021. On August 1, 2021, the debt limit will be reset to the previous ceiling of $22.0 trillion, plus the cumulative borrowing that occurred during the period of suspension.

Biden has subsequently signed additional debt limit increases.
Currently $31.2 trillion in federal debt.

 

[seminole97]

Yes. Crypto does not cause inflation though. It was supposed to be inflation protection.

I don’t think crypto causes inflation in USD either.
Some crypto has inflation built into the protocol.
Bitcoin does not.

Can you explain how inflation in USD is achieved?

 

[surfnole]

I don’t think crypto causes inflation in USD either.
Some crypto has inflation built into the protocol.
Bitcoin does not.

Can you explain how inflation in USD is achieved?

Is this an ecomics class? Supply, Demand, M1, M2.......

 

[seminole97]

Is this an ecomics class? Supply, Demand, M1, M2.......

Sorry for the dull questions.
When someone says they don’t understand why fiat money steadily (and sometimes rapidly) debased by a government will devalue over time relative to hard money, I’m not sure where to assume the conversation should start.

"We can guarantee cash payments from here on out, what we cannot guarantee is the purchasing power of that cash." -Alan Greenspan during remarks on Social Security, Feb 16, 2005

 

[GeddyLee09]

It was suspended in 2019 pursuant to an agreement made by Trump, Pelosi and Schumer.
CBO.gov
Currently, there is no statutory limit on the issuance of new federal debt because the Bipartisan Budget Act of 2019 (Public Law 116-37), enacted in August 2019, suspended the limit through July 31, 2021. On August 1, 2021, the debt limit will be reset to the previous ceiling of $22.0 trillion, plus the cumulative borrowing that occurred during the period of suspension.

Biden has subsequently signed additional debt limit increases.
Currently $31.2 trillion in federal debt.

Yes but you said eliminate. That's different then suspend.

 

[goldmom]

Hopefully those that made money on it were smart enough to get out before they lost everything.

Are we supposed to feel sorry for these people?
My 401K is in pain at the moment, like most Americans, and I could give two 💩about Bitcoin players.

 

[GeddyLee09]

Are we supposed to feel sorry for these people?
My 401K is in pain at the moment, like most Americans, and I could give two 💩about Bitcoin players.

Nope. They knew the risks like everyone else. It was a subtle dig at all the dummies that dumped everything into crypto. Crypto had issues years ago but some ignored them.

 

[seminole97]

Yes but you said eliminate. That's different then suspend.

You’re making a distinction without difference for the time frame I’m talking about.

For half of 2019, all of 2020, and half of 2021 the debt ceiling was eliminated, with agreement it would reset at what the debt level was then plus whatever those three decided to spend between them.

Biden supported the earlier spending, and even more that he didn’t get through Congress when he got into office. He’s been a force for even more debt, not a curb on what we’ve enjoyed thus far.

Biden WH budget projections show no deficits below 1 trillion dollars for the next decade.

 

[GeddyLee09]

You’re making a distinction without difference for the time frame I’m talking about.

For half of 2019, all of 2020, and half of 2021 the debt ceiling was eliminated, with agreement it would reset at what the debt level was then plus whatever those three decided to spend between them.

Biden supported the earlier spending, and even more that he didn’t get through Congress when he got into office. He’s been a force for even more debt, not a curb on what we’ve enjoyed thus far.

Biden WH budget projections show no deficits below 1 trillion dollars for the next decade.

Not arguing that part.

 

[Spearhead04]

Bitcoin has been around since 2009. I doubt it’s disappearing anytime soon. Prob an extended depressed period but it will run again. Usually when folks say something is dead is when the opposite happens. Same can be said for the reverse. When every Joe on the street said it was going straight up, that was the time to sell.

 

[FisherWilcoxTaggart Survivor]

Are we supposed to feel sorry for these people?
My 401K is in pain at the moment, like most Americans, and I could give two 💩about Bitcoin players.

What about poor Ukraine, losing all of that invested “aid money” in the volatile crypto market? I hope we send more to fill the void…. 😀

 

[surfnole]

Top economist Mohamed El-Erian says we’re not just headed for another recession, but a ‘profound economic and financial shift’

The former CEO of PIMCO sees three trends that suggest a transformation in the global economy is under way.

fortune.com