UPSC Exams include Crypto-related stuff that seems good
Hory sssshhheeeeiiittt!!!!!
Any relation at all to this actual topic.. ?
Corns...
have you ever heard of dee corns?
Rich people enjoy the benefits of debt. Inflation favors indebtedness. The system is rigged so that debt is extremely destructive to those with inadequate capital, but those with high capital and good access to the system can profit from borrowing money. For those in a position that is favored by the way the whole system is set up, it is stupid not to be in debt!
That was a part of my thinking that got me in trouble. I was trying to outsmart the system—to find clever ways to get the benefits of debt, when the system is stacked against me. Compare my earlier discussion with Jay about Saylor’s use of debt to buy Bitcoin. For him, that’s just savvy. For me, it was catastrophic: I thought I was being clever, but I was only finding creative ways to make all of the usual newbie mistakes. I managed to stabilize it for awhile, and to hang on for much longer than a newbie could have; but after months of personal torture over this, I eventually lost most of my money anyway.
You are probably not saying anything different from what I am going to say in regards to the rich (and even regular folks with very decent cashflow) being able to use debt in ways that less cashflow rich folks are able to achieve... So sure, there is nothing wrong with having a lot of capital, but if you ONLY have capital, then you are fucked if you have not sufficiently/adequately figured out how to continue to service your debt during high downity asset depreciation liquidity events.
In other words, there still are needs to be able to draw cashflow from other sources, if primary cashflow sources dry up...
To me, it seems that a lot of people believe that they can just leverage their bitcoin (or whatever other asset) and get away with being richie.. but if they have not sufficiently planned for a variety of scenarios, they could end up transitioning back into pobre status after they had already presumed they were richie (or reached fuck you status before they actually did).
Inflation punishes savers, deflation punishes producers—that is Econ. 101. To Keynesians, et al. (or worst of all, NMT lunatics), punishing savers is a feature, not a bug: They call saving “hoarding money”. Deflationary money is obviously a great store of value, and it makes for a sound reserve currency; the problem arises when some deflationary-money enthusiasts stick their heads in the sand about the well-known, entirely uncontroversial problems with deflationary currencies, while they hypocritically continue to use inflationary, centralized, permissioned altcioins (“fiat”) both directly, and as a unit of account. I mention that because I think it’s no less than an historical tragedy that the whole concept of decentralized, permissionless price-stability has now been unfairly trashed by the actions of a scammer with a centralized blockchain.
(P.S., Jay, that relates to something I said earlier, which I think was misunderstood in your reply; I will try to circle back to that sometime.)
I don't necessarily claim to understand all points that you make, so perhaps sometimes I will end up going on my own tangent that I had thought responded to the presented issue(s).... Even in your paragraph above, you seem to be framing some of the LUNA matters as if they were structured in a way that anyone could actually logically and prudently involve their lil selfies in such scam products... so they are lured into earning massive gains, but there is no way to profit in those kinds of schemes unless you just have in and out gamblers luck (or maybe inside information or some kind of insured/assured closeness to the Cantillon effect distribution of the proceeds that are distributed while the rug is being pulled and/or the exit is being scammed).
By the way, if you (or anyone else) is attempting to completely stay away from increasingly KYC dollar systems, then you are trying to balance your BTC exposure with various "stable" currencies, you are likely making yourself vulnerable to a variety of exit scam issues because any of the ones that are "acceptable" by various governments including the USGovt, are forced to follow all kinds of KYC/Tracking procedures, so some of the coins that are trying to stay out of the KYC/Tracking procedures seem to have their own greater likelihoods to NOT provide you with the stability (or peggedness to the USD) that they proclaim to be providing.
Ok... I feel that I am going too much astray with some of this shitcoin discussions, and sure there might still be some ways to deal with USD (or other fiats) in a physical form, and surely engaging in some direct transactions with BTC can be quite good - but at the same time, any of us who might be attempting to balance some of our BTC exposure with something dollar/fiat pegged (maybe not exactly the dollar/fiat of your choice?), then there might be some limitations in what we can do without exposing ourselves to the scammers - if we do not have some KYC avenues.. that might be able to provide some of their own better security, even if there are then needs to retain some feet in legacy systems... and for me, I like options, and I don't really like having people steal my money because I thought that their system was not rug pull based.