Michael Kay
Well-Known Member
BTC down another 8.5% to 75k AUD now. Just keep telling yourself it's a good investment hahaha. Whatever makes you sleep better at night.
2020 Collapse
- Thread starter TreasureHunter
- Start date
It seems that Harry Dent's forecast of an 80% stock market drop was about 6 months off.
And since cryptos have a strong correlation with stocks expect a similar if not greater falls there.
Hold stocks and cryptos at your peril from now on [ Don't say you were not warned ]
And since cryptos have a strong correlation with stocks expect a similar if not greater falls there.
Hold stocks and cryptos at your peril from now on [ Don't say you were not warned ]
God that was tedious to watch.
So basically what happened was Dent was wrong again. Twice.
So basically what happened was Dent was wrong again. Twice.
Traditional banks are in the “create government backed fiat” out of thin air scheme. POS blockchains aren’t.
Some days I'm not so sure. Governments/CB's seem a bit too accommodating to cryptos.
The more the average person is buying imaginary crypto's, the less they are buying real things. That's a government wet dream come true.
Humans have been consuming imaginary things since before governments existed. Sometimes governments exploit that, other times they don’t. Governments want us buying real things in the main, buying imaginary things doesn’t suit monetary or fiscal policy.
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it all makes sense now, DOWN and under water, its the most demoralising to remain submerged
its just that the water level, they are just your own imagination, you are under the sun or under the moon or sun and moon
comeon moon pull the water already lol
when you look at prices charts, they are about right in the middle, 50:50 between the low and the high. middle ground.
its just that the water level, they are just your own imagination, you are under the sun or under the moon or sun and moon
comeon moon pull the water already lol
when you look at prices charts, they are about right in the middle, 50:50 between the low and the high. middle ground.
By real things i mean precious metals. So from an investment point of view, governments would much prefer you buy Bitcoin over Gold.
Governments wouldn’t give a shit if you bought precious metals. You can’t pay your taxes in gold.
Link?
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Nah. Reuters. China. Nah.
Governments have no need to confiscate gold. It’s worth nothing to them.
when Germany asked for their gold back, it took some years, waiting for the production to be ready to deliver those gold bars, it confirmed that there was no gold being kept as they were already loan out and sold, the strong dollar policy back then. then Brown's bottom, then Canada also no longer hold gold, only newly mined and produced.
Who cares about taxes anymore. You're living in the past, stuck on an old idea. You took the MMT stuff too literally.
There are better ways to reduce credit in the system today, taxes are no longer needed or an effective tool.
Governments only now care that you use a credit system that they control. Cryptos is one of the things they control, that's why it's encouraged.
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Lol. Now you’ve jumped in bed with the the conspiracy theorists.
6 months ago you’re arguing that MMT explains how the system operates, now you’re saying it doesn’t?
The government doesn’t control crypto and they certainly don’t encourage it. It’s viewed as a threat to their fiat system.
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MMT is the best description we have, my view hasn't changed. MMT explained the initial reason for taxation, but times have changed. Some MMT people talk as if it's still need, while some talk about it only as a historical tool. I fall in the camp of seeing it only as an historical tool that is no longer needed today.
What's still needed?
Taxation is an obligation created by government to ensure that individuals accept government issued fiat. That's always been the case and still is. The penalties associated with taxation are enough to ensure most people comply. Governments do not accept crypto in lieu of tax obligations, nor do they need to. They don't accept gold in lieu of tax obligations, nor do they need to. Taxation is a critical component in ensuring the money supply in the real economy is maintained at a level that promotes GDP growth. Currently of course the taxation policy of the government is faulty because there is not enough money circulating in the real economy.
Governments don't care if you buy precious metals, Bitcoin or hookers with your fiat as long as it doesn't threaten their monopoly fiat system.
The former Head of Payment Policy at the RBA had this to say on digital currencies and the current fiat system:
Tony Richards said:
https://www.rba.gov.au/speeches/2021/sp-so-2021-11-18.html
The RBA and the Treasury will work toward ensuring that the fiat currency system we have remains at the centre of our payments platform. Taxation is one tool at their disposal to ensure that. Privately issued cryptocurrency payment systems such as BTC, FRAX or LTC etc or any of the other currency coins are not tools in the government's kit bag. And they certainly don't control it.
That's my view on commodity backed currencies.
I'm happy to transact in the aether with intangible assets. I'm not happy that the purchasing power of one of those intangible assets (fiat) is inflated away. But I'm also of the opinion that "real" assets such as gold cannot provide the solution.
I disagree. Other mechanisms do this job much better, for example increasing/decreasing private sector borrowing or increasing/decreasing government spending (both indifferent to taxation). The taxation tool (today) is pointless in my view.
I would say get rid of government debt and get rid of taxation. Two clunky legacy tools that's become irrelevant in today's world.