Crypto Sold my house and put it all into bitcoin.

Sorry haven’t been on the site in a while! I will try to compile some podcasts and YouTube channels and post shortly.
I personally find the whole current banking and monetary system ridiculous. It’s crazy that you can’t just work and save your money without having it eroded down due to inflation. Instead you need to make risky investments to try to protect your wealth. Money should be able to be saved without having to worry about losing its purchasing power in the future.

 

Really? Ever studied any economics?

 

What they’ve taught about economics is mainly rubbish to suit the agenda and current system. It is much like the narrative that we’ve been taught for years on nutrition. It’s complete rubbish.

 

What do you expect the market cap of bitcoin to be?

Could it be bigger than Gold?

 

Why does any monetary or economic system owe you that?

 

Why should you trust a centralised party where they have the ability to erode your purchasing power at any moment in time?

Consider this - how would you feel if you were living in a country like Zimbabwe or Venezuela where inflation was through the roof?

 

IMO it will be bigger than gold. But only time will tell!

 

Because I invest the most precious thing on this earth for money (my time). I find it ridiculous that my monies value can be eroded by government and the banks. I pay tax on the money I earn and then pay the hidden tax of inflation. The money I’ve earned represents the time I’ve spent giving value to someone else. That money should hold its value throughout time and maintain at least the majority of its purchasing power.

 

Is it too late to buy in haha

 

Haha. Not in my opinion. I think there’s still a lot to play out. But you really just need to do your own research.

 

I still don't understand why society owes you this magic monetary vehicle to store past expense of your time?

If you don't like inflation, then take advantage of it and borrow some money so that it's value declines in real terms. Most monetary inflation is the result of banks and borrowers, not government.

 

Nothing magic about having an inflation resistant money. Not sure why you think this? Inflation is the result of both government and banking policies. Not sure why you think it’s ok for these organisations to inflate the money and decrease the purchasing power of everyone’s money so rapidly.

 

They are inflating the money supply IN LINE with people's use of it and reliance on it.

Why is it the government's fault that you or your neighbour took out a mortgage and inflated the money supply?

They are providing you with a system to use, to earn via, a simple way to economically transact with others. I don't think they owe you some system that specifically aligns with what you want out of it. Inflation resistant money would cause other problems e.g. consider the greater volatility in consumer inflation during the era of the gold standard. Maybe that would have suited you, but what about everyone else?

If you don't like the system provided, then opt out. Own other assets, gold, bitcoin, property, all that good stuff.

 

Are you serious? Government and banks control lending policy and procedures who else’s fault is it? They’ve allowed people to borrow over 6-7 times their annual income. They’ve allowed banks the freedom to 90% fractional reserve!
And if you didn’t get it from the title of the thread I have chosen to opt out of “the system” in its current corrupt state.

 

Glock manufactures a handgun.
Someone takes that handgun and uses it irresponsibly, injuring themselves or others.
Who's fault is it?

McDonald's produces unhealthy food.
Someone eats too much of it and they suffer health issues as a consequence.
Who's fault is it?

Money is complex. I don't think it's as simple as 'government is at fault for everything you don't like about it in it's current form'. Yes, people who borrow the money should be included in those at fault (if you think there is a problem with the status quo), like they would be in almost any other scenario I can think of where something that entails risk is put into their hands and they use it irresponsibly. There is blame to go around.

And regardless, 'the government' isn't some abstract entity in which people have no input, it is effectively the collective decision making, through elected representatives, of the population at large. The community advocates for the monetary system that is in place, even if they don't understand it's intricacies.

Your comment "90% fractional reserve" would suggest to me that you may not have a thorough understanding of the monetary system in it's current form. Recommended reading: https://www.bankofengland.co.uk/-/m...tin/2014/money-creation-in-the-modern-economy

I didn't see you were the OP, the forum could do with a label to flag that TBH. Good luck with your gamble. There's a possibility it pays off handsomely.

 

These are ridiculous arguments. Why not make all drugs legal. If someone choose to use them irresponsibly that’s their Fault.
Yes, Australians are given the choice between bunch of rats or a bunch of dirtier rats to form our government. It’s a lose lose situation. And then the banks and reserve bank are free to do whatever they please with the currency.

You’ve posted a UK banking article??
I posted a good australian banking documentary In the thread above.
Australian banks are required to hold only 10% reserves.

 

If all currency was Bitcoin right now then how would the government be providing things like JobKeeper? Where would they get the money from?

Every country would be bidding to get hands on Bitcoin to distribute to the jobless and driving up the price of bitcoin to extreme highs. Making the rich richer in an event like this. Making the debt considerbly higher. Is that what you want?

The flexibility of value in a monetary system is designed to have a fail safe when things go wrong. You can carve out a portion and devalue collective money to redistribute it. Without it we'd have a revolution on our hands. It feels very dangerous to me.

You're decrying the current monetary system but you couldn't survive without it. You in fact need it. Bitcoin couldn't work by itself.

 

It’s the current system that gets you where we are now. People shouldn’t be in debt up to there eyeballs. Companies shouldn’t get government bailouts.

 

How does the current system get us to a Coronavirus pandemic?