Now you can pay your McMansion with McDollars and help bring about the next subprime mortgage crisis.
2008 called and wants it’s stupid fucking ideas back.
It is far worse. Like the end of the dollar having any value sort of economic destruction.
A cryptocurrency wet dream idea to make dollars worth zero and fuck everyone not in the ownership class…
I mean that’s pretty much the entire current plan of this administration
How is that different from using dollars?
Capitalists are already doing this with dollars and other forms of currency. Crypto is just one more scam just like money.
One of the actual valid reasons for a government is the regulation of a standard currency established via political policy and regulated by the rule of law.
Wildcat currencies only harm the most vulnerable and benefit the most wealthy.
unregulated currency is an unlabled casino
Yep, cryptocurrencies are no more worthwhile than scrip, in-game tokens or Monopoly money.
“One of the actual valid reasons for a government is the regulation of a standard currency established via political policy and regulated by the rule of law”.
Said the libertarian
Do you not see the contradiction of your political beliefs?
Anarcho-capitalism is not an actual political ideology. It is a contradiction of two ideologies.
AYN RAND WAS A FRAUD.
AYN RAND WAS A FRAUD.
That implies she was deliberately deceptive. She was a crank, who believed her own bullshit, until it became inconvenient to do so.
And, despite libertarians’ efforts to hijack it, state-managed currency has bugger-all to do with their defective, half-baked theories.
Library-socialist actually.
Odd that you think that a standard medium of exchange in a resource bound economy is a libertarian idea given that it predates capitalism and liberalism by more than a millennium.
Turn your fake money and turn it into valuable assets the poor can’t afford with their real money. Then simply rent out the property too the poors for twice the average family income.
I remember liar’s loans and how much they contributed to the 2008 crash.
Now Trump and his gang are mandating that kind of chicanery?
Can the consideration be “this person makes poor financial decisions”?
The thing with cryptocurrencies is, if you create it out of thin air, mine it, hawk it or hoard it, you’re a “crypto investor” - i.e. a swindler - and you can be said to be making good financial decisions - albeit not very moral ones - since you’re probably making money out of the scam. However, if you buy or spend crypto and you think it’s an honest alternative to traditional currencies, you’re clearly a mark.
This mortgage thing puts anybody who goes for it squarely in the second category. Nobody who’s in on the scam would do it.
Yes please I’d like to apply to take out a loan for $1 million using this picture of an ape.
It’s like they want to be scammed on purpose.
I have here a genuine, unique string of digits (I know it is, at least am nearly certain, it’s a GUID).
You know what it’s worth? Whatever some sucker will pay for it. Same as NFTs.
“The agencies were also instructed to consider other modern non-dollar assets such as Pokemon cards and Beanie Babies” /s
I’m going to qualify for a $2M mortgage with my pogs as collateral.
Nice humblebrag. You don’t need to use the plural of pog in your post here when you only have a single mint condition Alf pog as your $2M asset.
I’m sure that linking real estate assets to a volatile currency will totally work this time.
“25th time is the charm” they say.
Pretty soon I will be able to use my boardgame collection as collateral for a mortgage.
Is anything stopping them at considering those assets, and valuing them at zero?
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Lmfao what the shit is happening this is wild. It’s like they just decided to find all the ideas that are dumber than what started the 08 recession, and use them.
I have a Trump trading card I want to use as collateral. Also, several old freezer burnt steaks in my freezer should cover all of the fees.
Well I’m urging them to do no such thing and I’m also urging whoever urged them to go ahead and fuck off.
Banks should consider anyone with heaps of crypto as easily duped.
Hahaha all the people here who laughed at this stuff and told others not to buy it are now big mad. Other people are buying houses.
It’s so silly guys. Silly silly goose’s. You all were so right about everything. As always. What a silly thing. Crypto is so dumb. Who wants to make money like a silly goose. How many of you find advice in r/relationship too? That’s another gem of online advice giving right along with people who told others crypto is a scam.
all the people here who laughed at this stuff and told others not to buy it are now big mad
Not really. The only people who profit from crypto are those who got in early and those who scam ordinary people looking to invest.
I tried mining bitcoins way back when, when one bitcoin was worth a fraction of a cent. I mined a few dozen coins until I decided it really wasn’t worth the electricity bill, reformated the hard drive and repurposed the machine for serious CAD work that actually paid the bills. That’s my only regret. Other than that, as far as I’m concerned, crypto can fuck right off - especially now that the orange utan in the White House and his retarded sons are doing it too.
Their comment is basically “we logged the whole forest and sold lumber for profit, now don’t you feel stupid for not doing it when trees still existed?!” Most anti crypto people are more sad that crypto exists than upset that they didn’t cash out big. A fascist government saying that everyone who engaged in ruining the forest was right isn’t going to change how people actually feel about the fact the forest is now gone.
People like that would rather be “right” than good, and will side with whoever is declaring them “right”.
I’m sure that back in the day, there were pillocks crowing the same way about the vast fortunes they made from tulip bulbs.
There was opportunity almost every year to profit. I’ve watched it dip almost cyclically and then rocket. Seems like November it would start to get really big again. So many opportunities over the past decade to jump in. Each time there was Reddit users and other telling others how dumb it all was.
Like any of these new things. I’m starting to embrace it more. I’m so tired of people calling every new thing silly. The worst part is in finding that it’s actually starting to divided along political lines. People on the left seem like there the most adverse to change and adaptation.
I enjoyed crypto when it was a decentralized asset that isn’t bound by monetary policy inherent in fiat shell games. Transfer fees were eh, but avoiding forex scalpers was dope.
Dumbasses who only see it as a financial instrument are what has ruined crypto. We literally had the potential for a new gold standard-esque inflationary hedge, and instead we got NFTs, rug pull scams, and a permanently bag-holding ‘investor’ class.
I agree. I thought the idea and technology behind it was really interesting.
But also looking back. Writing was on the wall. A lot of people justify not investing into it. But truth is this was a vehicle that a lot of people could have been well off with. But online types couldn’t help but shit on it.
Is it great? No.
Could people have changed their lives? Absolutely.
Will they get another chance like this? Probably not.
And it’s one of those moments in my like where I’m kind of waking up to the type of people who did this complaining about crypto or AI or Google or whatever the new thing is. They’re always there just acting like a body guard to opportunity for growth and improvement. It’s the Reddit mentality the r/relationship advice mob shouting DIVORCE at every opportunity. It sucks because people do listen to them.
I think the question I always have is “what is driving the value”? Why do more people want it now than a year ago?
Since the only answer that I can come up with is “because someone later might pay more for it”, it makes me a little skittish to bother with it. I did invest in etherium when it looked like web 3.0 might actually be a thing, but that seems to have stagnated so I sold.
The issue right now is that every “asset” seems to only go up, the question will be how it all fairs when the next crash happens (cause it will happen eventually). Stocks in companies that produce something can usually weather a storm and rebound, same with bonds, but what does an intangible speculative asset do?
Bet the farm on it. Let us know how it goes, if they don’t repo your computer.
I did pretty well with it. Could have been better. But I fucked up listening to a lot of the people online who I thought knew what the fuck was up.
If I hadn’t deleted my Reddit account I could literally show you others smugly saying “go ahead put your money into it and let me know how it goes” almost every year I was on Reddit. I don’t get how or why you guys exist like this. But you do and you’re online in droves.
It’s such a cool thing to witness. All these crackhead kids you would probably get off on calling dumb who go on to make lots of wealth with something like this. Meanwhile a lot of the super intelligent heroes of the story don’t get much further ahead but keep doubling down every year.
