Cryptocurrency

[CleverNickname]

Yes. Holding bitcoin is currency speculation.
Flip side is if you bought BTC at 10k and sold at 60k a few weeks ago, you were a genius.

Ask me about selling a G34 and a Rem 700 in 2017 for ~5 BTC and then immediately cashing out the BTC. As far as bad financial decisions go it wasn't all that bad since I didn't actually lose any money, but I sure missed on the upside.

[the Schwartz]

Cash isn't easy to trace. We have contractors here that only deal in cash. They don't even like to run checks through their bank. Some don't even use a bank. I recently paid a contractor in cash because he didn't have a bank account in order to cash a check. I don't have a problem with that because it isn't my job to keep track of his business transactions using my bank account. Cash, or Federal Reserve Notes is legal tender for all debts, public and private.

I think many people these days think a person is doing something illegal by using cash. I gave a Costco checker some cash the other day because my bank card didn't work. She gave me a dirty look.

Personally I still like the idea of cash and keep some in my safe. When the EMP bomb goes off I'll have a way to buy some food and fuel. OK boomer.

If an EMP weapon is used, your cash won't matter much, if at all. Count on a barter/labor exchange economy at that point because things will be that bad if the general public's behavior during relatively minor disruptions (e.g.; COVID) is any indicator of what we can expect to see during severe disruptions like an EMP attack.

[Borderland]

Yes. Holding bitcoin is currency speculation.
Flip side is if you bought BTC at 10k and sold at 60k a few weeks ago, you were a genius.

Not much difference than the futures market except a lot more volatile. Got it.

[JCS]

The flip side of being able to transfer without government supervision is exactly what happened when you trust a new company without government supervision!

Question for those with crypto holdings -- where do you keep these crypto holdings and what assurances do you have the crypto will be there when you want to access it?

Self-custody. I purchase BTC and then transfer to a cold storage wallet. It’s impossible for it to go anywhere once it’s on my wallet. I am the only person that can ever access it or transfer it. But self custody requires responsibility. There is no third party or bank that has access to it. It’s 100% on me. This is the part about crypto that makes people uncomfortable.

[Borderland]

I think I'll wait until the dust settles. I'm heavily invested in the stock market but I understand that. The risk is rated by smarter people than I and I depend on that to invest. I also understand how the value is based and the things that affect the market. With crypto it appears the value is in the fact that it isn't connected to any bank or national currency. I can see some benefit in that but the USD is a pretty stable currency. Now if I lived in Ubekybekystan, I might want some Bitcoin for no other reason than if the banks fail I might want to buy a plane ticket the hell out of there.

[JCS]

The ability to move funds without government supervision appeals to me if for no other reason than "none of your business what i do with my money after my taxes are paid"... In the gig economy, I certainly understand why Governments want to monopolize digital currency, but for me, privacy is a factor. Although, I assume it's not impossible to trace crypto if the user isn't paying attention to their personal privacy.

I had to loan my kid $20 to pay for a cash-only admission to some event last weekend. They paid me back via Zelle. Easier than an ATM and more convenient than carrying cash. Kids these days are cashless... Me? I pay for my sin products (ATF) in cash.

What really drove me into crypto was learning how little access I really have to my money. Well that and the government rapidly devaluing my money by printing more at will. Look at what happened in Canada with the truckers protest. They were freezing peoples bank accounts because of their involvement.
Want to make a large transfer from your bank? They ask all sorts of questions and ultimately can tell you no. You give your money to a bank and they now have control of it.

[GJM]

Interesting take:

https://www.cnbc.com/video/2022/11/1...cecchetti.html

[OldRunner/CSAT Neighbor]

Interesting take:

https://www.cnbc.com/video/2022/11/1...cecchetti.html

Caught it live, dude had some points IMO.

[Bart Carter]

Bitcoin was about 70K and months later about 16K. That's all I need to know about the strongest cryptocurrency in the market.

[the Schwartz]

Bitcoin was about 70K and months later about 16K. That's all I need to know about the strongest cryptocurrency in the market.

Yep. Crypto is more volatile than the NYSE and offers nothing that a well-balanced mix of equities and bonds doesn't. Unless one is really great at market timing, Crypto and Vegas are about the same in terms of risk with Vegas having better entertainment in its favor.