Fed on brink of fifth(?) round of quantitative easing - page 8.

cryptosize

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Quote from: larry_vw_1955 on May 04, 2023, 08:18:55 PM

so 2 things to update this thread:

#1: balaji closed out his bet and admitted defeat early so he lost his $1 million but we all knew that would happen. i don't think he seriously thought it wouldn't though.

#2: the usa is heading towards a bankruptcy/default on debt this june unless the usa government prints some serious money or they're talking about issuing "premium" bonds at a higher interest rate. sounds like a ponzi scheme now. the usa government is becoming the laughing stock of the world since it can't be fiscally responsible. and thus causing inflation and ruin peoples' lives.

Balaji is a man of his own word, but to be fair, his bet ends in June 17. I have no idea why he ended it prematurely and even gave 50% more money!

If USA defaults on its debt by then, Balaji could be redeemed (chances are very slim of course, but you never know!)... 43 days left.

1.1 trillion USD per year just for interest payments (more than the military/Pentagon budget). Shocked

larry_vw_1955

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so 2 things to update this thread:

#1: balaji closed out his bet and admitted defeat early so he lost his $1 million but we all knew that would happen. i don't think he seriously thought it wouldn't though.

#2: the usa is heading towards a bankruptcy/default on debt this june unless the usa government prints some serious money or they're talking about issuing "premium" bonds at a higher interest rate. sounds like a ponzi scheme now. the usa government is becoming the laughing stock of the world since it can't be fiscally responsible. and thus causing inflation and ruin peoples' lives.

larry_vw_1955

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Quote from: cryptosize on April 26, 2023, 05:01:28 PM

Oops:

https://twitter.com/RadarHits/status/1651210188513243138

Shocked

isn't it really easy to short the dolllar though? anyone can do it right? they don't even have to be a billionaire.

Quote

Balaji right now:

https://www.youtube.com/watch?v=zMRrNY0pxfM

Grin

balaji is an idiot. to be quite honest, he did that bet more to get attention than to actually make any money. he knew it was going to lose. he knows its going to lose. but it's not much money to him. Shocked

the only thing that i dont like about his bet is that he didn't let me put up 1btc. and get in on the action...if only there was more dumb people like him then people like me could place a bet with them instead...

cryptosize

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Oops:

https://twitter.com/RadarHits/status/1651210188513243138

Shocked

Balaji right now:

https://www.youtube.com/watch?v=zMRrNY0pxfM

Grin

cryptosize

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Well, it seems you need a primer on who Soros is and why he says what he says...

Chrystia Freeland is less well-known (she froze many bank accounts in Canada), but she's not a mere coincidence either. Do you know what WEF is?

https://www.youtube.com/watch?v=jo1PiiVEfGQ

Someone with moderate IQ can easily connect the dots...

Hell, most people don't even realize USA has not been a sovereign nation for a long time.

FED is owned by certain people (that tend to use occult symbolism) and these folks want to dismantle the US and promote China instead.

Crazy, right? As soon as China invades Taiwan (around 2026/BTC's next bear market most likely), the West will try to hit China with sanctions (like they did with Russia).

On noes, they won't be able to sell their Made in China products to spoiled US folks? Too bad the BRIC alliance opens up a whole new market for consumption.

US/EU won't be able to import anything with their hyperinflated trash.

I suggest to read this too: https://www.brandonquittem.com/bitcoin-rhythms-of-history/

larry_vw_1955

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Quote from: cryptosize on April 24, 2023, 08:40:11 PM

It will probably take me a dozen posts to explain this to you (like the 1 million bet)

Code:

James Medlock
@jdcmedlock
·
Mar 16
I'll bet anyone $1 million dollars that the US does not enter hyperinflation

From the above posting, it seems to me like James wants to risk $1 million of his own money.

Code:

Balaji
@balajis
I will take that bet.
You buy 1 BTC.
I will send $1M USD.
This is ~40:1 odds as 1 BTC is worth ~$26k.
The term is 90 days.
All we need is a mutually agreed custodian who will still be there to settle this in the event of digital dollar devaluation.
If someone knows how to do this with a smart contract, we can do it on chain, so I can send USDC.
If you won't do that, name a custodian.

But then Balaji replies to that tweet saying that he'll put up $1 million and james only needs to risk 1BTC. I doubt that's what James had in mind...

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and in the end you won't even apologize about your ignorance. Roll Eyes

sorry for my ignorance. Embarrassed

Quote

Not worth my time... wait for hyperinflation to kick in. Shocked

when is that going to happen exactly? just say a date no need to explain why.

cryptosize

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Quote from: larry_vw_1955 on April 24, 2023, 06:23:45 PM

Quote from: cryptosize on April 24, 2023, 05:03:56 AM

Interesting video:

https://www.youtube.com/watch?v=884wXCT-i7A

what's so interesting about it? seems like about 1 minute of some guy talking about how the us economy is a drag on the rest of the world. but yet everyone in china wants to sell their products here in america. go figure.

It will probably take me a dozen posts to explain this to you (like the 1 million bet) and in the end you won't even apologize about your ignorance. Roll Eyes

Not worth my time... wait for hyperinflation to kick in. Shocked

larry_vw_1955

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Quote from: cryptosize on April 24, 2023, 05:03:56 AM

Interesting video:

https://www.youtube.com/watch?v=884wXCT-i7A

what's so interesting about it? seems like about 1 minute of some guy talking about how the us economy is a drag on the rest of the world. but yet everyone in china wants to sell their products here in america. go figure.

cryptosize

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Interesting video:

https://www.youtube.com/watch?v=884wXCT-i7A

larry_vw_1955

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Quote from: o_e_l_e_o on April 03, 2023, 04:30:27 AM

In a scenario where it costs $1 million for a loaf of bread, how many wheelbarrows will you need to cart around the cash you receive for selling a bar of gold? And you better spend all that cash today, because by next week it will have lost another 90% of its value.

yeah, i mean that's a good point.

Quote

You forget that I lost all my bitcoin in an unfortunate boating accident!

then you'll have some explaining to do when they see you out scuba diving Grin

o_e_l_e_o

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Quote from: larry_vw_1955 on April 02, 2023, 07:24:48 PM

you don't need to subdivide it. just sell your gold coin or bar at the pawn shop. then go spend your money.

In a scenario where it costs $1 million for a loaf of bread, how many wheelbarrows will you need to cart around the cash you receive for selling a bar of gold? And you better spend all that cash today, because by next week it will have lost another 90% of its value.

Quote from: larry_vw_1955 on April 02, 2023, 07:24:48 PM

i'm sure that every pawn shop that buys gold has some type of device like this. it's not a big cost at all.

So now you are entirely dependent on a third party who can price gouge you. And who is to say that in an economic collapse pawn shops will even still exist or operate or want to buy gold? Not to mention carrying around wheelbarrows full of cash as above, since who knows if internet banking will still be working. Bitcoin solves all of this.

Quote from: larry_vw_1955 on April 02, 2023, 07:24:48 PM

well, if you can find someone that has a computer connected to the internet and who understand how bitcoin works, maybe it is.

Using a wallet such as Electrum on your phone is good enough for most people.

Quote from: larry_vw_1955 on April 02, 2023, 07:24:48 PM

if the dollar went to 0, they might make it illegal to buy other fiat currencies or even bitcoin.

You forget that I lost all my bitcoin in an unfortunate boating accident!

larry_vw_1955

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Quote from: o_e_l_e_o on April 02, 2023, 06:32:43 AM

True, but harder to safely store where you can easily access it, harder to spend, difficult for the average person to verify, and almost impossible for the average person to subdivide as needed to buy goods. All of this is very easy with bitcoin.

you don't need to subdivide it. just sell your gold coin or bar at the pawn shop. then go spend your money. i could say the same thing about bitcoin. difficult for the average person to verify because the average person might not even know anything about bitcoin.

Quote from: BlackHatCoiner

In addition to what o_e_l_e_o said, if you're not a goldsmith, you're about to pay lots in the verification part.

i doubt it.
https://www.amazon.com/GemOro-AuRACLE-6-24K-Platinum-Tester/dp/B00D6Q8EO4

i'm sure that every pawn shop that buys gold has some type of device like this. it's not a big cost at all. and that's not how they make their money by price gouging people on "verification".

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On the other hand, verifying that you own bitcoin is free.

well, if you can find someone that has a computer connected to the internet and who understand how bitcoin works, maybe it is.

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Unless regulations get even stricter, you can buy fiat currencies in the same (but more complicated) manner that you buy bitcoin.

if the dollar went to 0, they might make it illegal to buy other fiat currencies or even bitcoin. Shocked

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If people observe their currency getting devalued rapidly, then I don't see why not switching to another. The problem is that it's too difficult to have cash of non-foreign currency;

right. you can't spend foreign fiat at businesses here in the usa. so it's worthless.

Quote

here bitcoin comes.

you still have to follow government laws. if they made bitcoin illegal for usa people then what then?

cryptosize

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Quote from: BlackHatCoiner on April 02, 2023, 08:28:25 AM

Quote from: larry_vw_1955 on April 01, 2023, 06:18:49 PM

you might have to consider leaving the usa so you can get away from the us dollar and be free to buy those euros and use them...

Unless regulations get even stricter, you can buy fiat currencies in the same (but more complicated) manner that you buy bitcoin. If people observe their currency getting devalued rapidly, then I don't see why not switching to another. The problem is that it's too difficult to have cash of non-foreign currency; here bitcoin comes.

Quote from: larry_vw_1955 on April 01, 2023, 06:18:49 PM

as an altetrnative to owning bitcoin i suppose someone could own gold or silver. those are also inflation hedges.

In addition to what o_e_l_e_o said, if you're not a goldsmith, you're about to pay lots in the verification part. On the other hand, verifying that you own bitcoin is free.

The US government just sold another batch of Silk Road BTC for worthless dollars...

These idiots don't realize: 1) they have the FED, 2) BTC's scarcity, 3) BTC's 4-year halving cycles.

By late 2025 they will wish they had hedl!

But hey, at least it's good for people who want to buy cheap BTC (I guess it's no longer considered "tainted").

BlackHatCoiner

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Farewell, Leo

Quote from: larry_vw_1955 on April 01, 2023, 06:18:49 PM

you might have to consider leaving the usa so you can get away from the us dollar and be free to buy those euros and use them...

Unless regulations get even stricter, you can buy fiat currencies in the same (but more complicated) manner that you buy bitcoin. If people observe their currency getting devalued rapidly, then I don't see why not switching to another. The problem is that it's too difficult to have cash of non-foreign currency; here bitcoin comes.

Quote from: larry_vw_1955 on April 01, 2023, 06:18:49 PM

as an altetrnative to owning bitcoin i suppose someone could own gold or silver. those are also inflation hedges.

In addition to what o_e_l_e_o said, if you're not a goldsmith, you're about to pay lots in the verification part. On the other hand, verifying that you own bitcoin is free.

cryptosize

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Quote from: o_e_l_e_o on April 02, 2023, 06:32:43 AM

Prior to the 2008 crash, the Fed's balance sheet was sitting at around $0.85 trillion. 15 years later, it now sits at almost $9 trillion. This means that in the last 15 years, we've printed 9x more money than we had in the entire history of the US before 2008. This is clearly unsustainable.

Pretty sure the production of goods/services hasn't gone up 9x in 15 years... but it surely has made rich people with assets richer (Cantillon effect).

It's a shame we're on a Bitcoin forum, most people here are long-time BTC hodlers and yet they don't realize this simple fact?

Printing so much money out of thin air is legalized forgery by FED.

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- Leo -

Quote from: o_e_l_e_o on April 02, 2023, 06:32:43 AM

Absolutely, but it can't accommodate an infinite amount of stupid decisions and money printing. We are currently riding off of previous successes and a previously strong economy.

This is true, there is only so much a strong economy can take. In their board rooms they must be thinking that they would not get to make an infinite amount of such decisions and have enough time to undo whatever damage is done now.
"Hopefully, we stumble on some purple patch and the economy bounces strong, and all would be forgotten"

- Jay -

o_e_l_e_o

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Quote from: un_rank on April 01, 2023, 05:41:38 PM

The U.S might be making brain dead decisions, but its economy can accommodate lots of such before it sinks into hyper inflation.

Absolutely, but it can't accommodate an infinite amount of stupid decisions and money printing. We are currently riding off of previous successes and a previously strong economy. Prior to the 2008 crash, the Fed's balance sheet was sitting at around $0.85 trillion. 15 years later, it now sits at almost $9 trillion. This means that in the last 15 years, we've printed 9x more money than we had in the entire history of the US before 2008. This is clearly unsustainable.

Quote from: larry_vw_1955 on April 01, 2023, 06:18:49 PM

as an altetrnative to owning bitcoin i suppose someone could own gold or silver. those are also inflation hedges.

True, but harder to safely store where you can easily access it, harder to spend, difficult for the average person to verify, and almost impossible for the average person to subdivide as needed to buy goods. All of this is very easy with bitcoin.

larry_vw_1955

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Quote from: o_e_l_e_o on April 01, 2023, 12:53:15 PM

If the dollar goes to zero, and it costs a million dollars to buy a single euro (substitute with any other large currency), but I still own a bitcoin worth ~26,000 euros, then I will fare significantly better than if I owned no bitcoin.

depending on how much bitcoin you owned you might be ok but there's still issues to consider. for example, you might not have a job anymore. you might have to consider leaving the usa so you can get away from the us dollar and be free to buy those euros and use them...

as an altetrnative to owning bitcoin i suppose someone could own gold or silver. those are also inflation hedges.

un_rank

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- Leo -

Quote from: bittraffic on April 01, 2023, 01:26:29 PM

Although many were also thinking that USD will hyperinflate like the Zimbabwe Dollar, the USD might not really go that low even if it will be debased.

Was anyone really expecting that? Two different countries with two different economies would not have the same result even if they perform the same actions, here we have different actions with the Zimbabwe situation and that of the U.S.A.
The U.S might be making brain dead decisions, but its economy can accommodate lots of such before it sinks into hyper inflation.

Quote from: cryptosize on March 24, 2023, 05:19:43 AM

It's quite simple actually: USA should stop playing world police. There you go, 2 trillion $ of taxpayer money saved! Who would've thought, right?

They want to police the world so there is no one left to police them.

Quote from: cryptosize on March 24, 2023, 05:19:43 AM

And of course with Bitcoin it would be nearly impossible to print so much money to fund wars (well, unless you're Satoshi and you want to donate your 1m BTC stash).

That would even be an unequal equivalent. One is being pushed into circulation from thin air and the other is already mined and just coming back into circulation after staying dormant.

- Jay -

cryptosize

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Quote from: philipma1957 on April 01, 2023, 03:35:05 PM

Hyper inflation will not happen for the USD.

Never say never.

Watch this video:

https://www.youtube.com/watch?v=OuOcnGAv4oo

Topic: Fed on brink of fifth(?) round of quantitative easing - page 8. (Read 2351 times)