Gotta feel sorry for tradfi bros .. you did your MBA, you're making money, people think you are smart because your stonks are up, even though it's largely due to currency devaluation .. and then these #bitcoin turbo autists show up, outperform you, while dunking on you with memes & sh#tposts.
Keynesian economists are the people who accidentally stumbled into a fluid dynamics lecture and now think they can model the economy.
#bitcoin
I think many people from the right, who whine about how most of society's powerful institutions have a solid leftist bias, would immediately use these powers against the left if given the chance. Both eagerly expand the government's power, only to be shocked once it's used against them.
If one believes societal issues can be solved by money printing, there is an infinite amount of excuses to kick on the printer. Urgency reaches from "Let's flip each cobblestone around, so they get worn down evenly" to "The I AM LEGEND virus is here & my cousin turned into a zombie, pls fix". But the level of importance of a societal issue doesn't change the money printer's incapability to create wealth. It can only (ineffectively) redistribute it.
No- & precoiners often give an example of pressing societal issues such as climate change or a respirative infection & stress that an issue of such importance can only be solved by money printing. Of course, it can't .. well .. you can address and probably even solve specific issues more quickly by redistributing society's resources to a specific niche via money printing, but hereby you drain resources from other parts of society that don't receive the blessing of the money hose.
Thus, I think the real clash of beliefs is about how society's limited resources should be allocated. By the free market (everybody spending, saving & investing their money how they see fit) or by a group of experts that appropriate it by money printing and direct it onto what they believe to be the most pressing issue. Personally, I suspect the former approach to be more effective.
But many people struggle with the concept of 'You can't create wealth by money printing', especially if faced with a crisis. I think it's largely due to the complexity of today's monetary system and thus I like to simplify things when being faced with the "But how can we solve X, if not by the government printing money?".
Imagine a population of a few people living on an island. Each person has some savings in the form of fruits, fish & other stuff. They have also developed a primitive form of credit money where they have a large piece of bark that functions as a ledger. When they exchange goods for money, they update the ledger by scratching the new account balances onto the bark. One day a horrible storm blows half of the population's papayas and smoked fish into the ocean. The people of the island freak out. All that hard work, all those savings .. gone. And that too at the beginning of autumn, when fewer fish can be caught .. no doubt an existential crisis. Luckily they come up with a plan. They gather in awe in front of their piece of bark & scratch 5 additional markings behind each name. Cheerfully they congratulate each other on how much more wealthy they've become. And they are confident that the newfound wealth will get them through the winter.
Unfortunately, half of them starve to death, as scratching a bunch of markings onto a piece of bark doesn't create actual wealth. The same of course also applies to adding a bunch of zeroes in a bunch of 'excel files' to people who are on good terms with the central bank and who are believed to be the saviours of the current crisis.
#bitcoin
I think Bitcoiners should be more careful with the 'if u hold for 4-5 years u'll be in profit'. Imo market cycles are largely driven by psychology & once everyone expects the 4 year cycle, people will try to front-run, it ll make early ATHs & then descend into a loong bear market.
Congrats to all stonk enjoyers celebrating this SP 500 all-time high, with the value of the denominator at it's all time lows. Don't wanna be a party pooper, but pls check an 'SP 500/price per rumpsteak' index.
#bitcoin
I think finance suits are the least impressive people on the planet. Especially in contrast to the high regard that they are generally given by society.
Part of Bitcoins' unstoppability lies within its ability to respond to stimuli. Saying Bitcoiners must not consider defending against attackers because of the proclaimed unstoppability, disregards that the unstoppability is only ascribed due to #Bitcoin being able to respond to a threat.
Human societies have always chosen superior monetary technologies over inferior ones. #Bitcoin is obviously the best form of money encountered so far. Being surprised by Bitcoin's relentless uptrend means u r surprised that everything is exactly as it has always been.
Difference in electricity consumption with & without my 6 GPU mining rig. Just received 3.3 k refund for paying too much in electricity costs, as I stopped mining .. would appreciate a 30% #bitcoin pull-back.. so I can stack harder 🥲
I've run the numbers .. a single #Bitcoin transaction destroys 1.3 continents.
Travelled Florida for 5 weeks and really liked it. But does sth like this pic from Hamburg exist in the (southern) US? Obviously, there r no 500 year old buildings but sth like 'walkable down town cobblestone streets with 4 story residential stone houses, no cars & shops'?
#Plebchain
And this is what I ate for supper 🤤 .. basically what I always eat for supper
This cost me $54.74 at Walmart in Orlando, Florida. I'd say that is comparable to German grocery prices .. maybe a tad more expensive.
3 lbs lean ground beef
3 lbs grilled chicken breast
36 Eggs
5 tins of sardines in water
1 tin of chilli
3 tins of beans
3 lbs of tomatos
Was talking to my airbnb host about Murica and it got to the topic of inflation. He explained to me that it's 'greedflation' and due to greedy corporations making record profits 😬
He's a kind & intelligent guy, former public teacher & now pastor and still it seemed to not cross his mind that lockdowns (destroying supply side) plus enormous money printing (pumping demand side) are obviously highly inflationary policies.
Obviously, checking operating margins on large retailers and other large corporations within the manufacturing process of daily goods will also immediately show that they didn't suddenly 'became greedy' and chose to double their margins.
Also obviously, an inflationary monetary system will see yearly 'record profits' as a structural phenomenon.
#bitcoin
My European brain doesn't understand US crossroads. U arrive. Stop at the stop sign. And then awkwardly look at each other until someone starts driving.
People im Murica wake up later than Germans. In Germany I'd say a typical time to start at work is 7:30. In the US, it's 8:30 to 9 am. A large percentage of Germans wake up at 6 am to get ready before work. Here people r more surprised when I set my alarm to 6 am.
I guess the reason for more medical device regulation in the US is partly due to this more predatory 'suing culture'
I think I have never in my life seen such an advertisement in Germany .. and in the US, they are everywhere
