When we make it

7 months ago

I was talking to my wife today about the possibility of having success with this whole crypto thing we've been doing for seven years or so. I mean, it's not that much of a long shot anymore, and the idea of "cashing out" which was the plan in the beginning; sounds quite stupid.

Screen Shot 2024-11-09 at 5.35.44 PM.png

Without even mentioning that we live in a country where the Banks can disappear one day, because it has happened before. I find it more and more difficult to believe that the US dollar is going to make it for that much longer.

Yes, I'm becoming one of those doomsday prophets, but I believe I'm level headed enough to outline respectable reasons as to why I believe this is the case.

Let's see here:

We are overdue for a good recession.

The cycle is estimated to be 8 years or so, and we are past that point by quite a lot to be honest. As a matter of fact, I'm shocked to see that COVID didn't quite trigger it altogether, since it seemed to be the perfect storm, but alas, here we are.

The US Debt is about to skyrocket.

As it was on Trump's first time, the printing machine is about to go bananas. Why? Well, simply because our orange Lord blew up the deficit last time by increasing spending and cutting back on taxes, a combination that is guaranteed to fornicate things upwards, as the snobs would say.

Taxation and no representation

I don't see a single politician, and I do say not one, that has moral values that I can look up to. If they are not war mongers who love to feed the killing machines little children, they are corporatists who are so deep in the pockets of the elites that they've not seen sunlight for decades.

Giving them a penny of what I own is painful to even think about. So yeah, they can go fry potatoes with motor oils as far as I'm concerened.

People are fed up

The system is has been playing the rumpy pumpy with the people for way too long. Most people are done, tired, angry and want to see it all burn to the ground. The vote for Trump, in my personal opinion, is precisely that: The biggest fuck you to the system that keeps people down.

The "fed upness" of the people is possibly the little push they needed to turn into crypto as a way to opt out; A peaceful way of walking away from the rigged game.

The government can't stop it

Unless they put everyone in jail while at the same time decide consciously to fall behind all other developed nations. They simply can't go full on Elizabeth Warren and ban all of it into oblivion. So, they won't.

If they did, it would be like telling China to take their owed prima nocta...

At any rate... The message is this. I won't be cashing out. Yes, even if we BOOM. I'll set aside some stable coinage, to drip life into my struggling existence, only to hold off enough to catch another ladder up, but cashing out. For What? To get fucked and not even kissed? Yeah... Not interested.

MenO

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11 comments

@edicted 83

7 months ago

For the most part this is decent sentiment but also USD can't just blow up in a puff of smoke.
Inflation has to go to 20%... then 30%... then 40%... then 50%.
USD can step on all the other fiat currencies so several other countries have to systemically fail before we do. This creates a "canary in the coalmine" effect in which the signs will become more and more obvious.

Dollar Milkshake Theory.

Also good to point out that even 100% inflation per year does not technically qualify as hyperinflation.
It's more like 50% inflation per month.
Could take a decade or more to get there even under the most catalyzed circumstances.

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7 months ago

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@meno 76

7 months ago

dont know if it was max keiser or maybe it was mcaffee...

It's going to happen real slow, and then it will be all of the sudden.

When Ecuador (the country where I'm now) collapsed it's currency, it happened within a week. But it had been limping badly for years.

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@edicted 83

7 months ago

I was also considering this as a possibility but it is highly unlikely.
USD is way too connected to everything for this to happen.
It can't be compared to any other fiat currency in existence at the moment.
Unless a more stable currency magically pops up and drains USD it can't happen.
This is why other lesser fiat currencies tend to go belly up so fast; everyone gets USD.

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@amberyooper 71

6 months ago

I cashed out once because I really needed the money, but I didn't cash out everything. So, I still have a stake in hive, and I still have a tiny bit of litecoin and dogecoin. I have no idea what those are worth because I haven't been paying any attention to them for at least a year now. I really should check on that one of these days.

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@meno 76

6 months ago

no shame in cashing out... the truth is sometimes we gotta do what we gotta do.

the actuall bull run just started, so even your small amount of tokens might mean something very soon.

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@steevc 79

7 months ago

I don't understand economics, but it feels like something is going to crash. The richest people just shuffle money around without actually making anything useful to the rest of us. More billionaires does not improve matters. I'm not advocating communism, but a better distribution of wealth seems a good idea. Everyone should expect to be able to have the basics for life such as housing, food, education and health. If those are unaffordable then society is broken.

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7 months ago

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@meno 76

7 months ago

Your positions are those of a good thinking person... I'm in the same boat as you. I get called a commie for thinking that kids should get lunches in school, but also get called a right winger for thinking that free market can be a good thing too.

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@steevc 79

7 months ago

Political extremes tend to be bad and compromises work better. We know pure communism has failed everywhere, partly due to greed, and I don't think anywhere has tried a pure free market.

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7 months ago

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