Current Events > Have you realized yet that inflation is bad?

(+) Yeah! (+)

Your life savings is worth less every day. Gas prices keep rising. The cost of housing and food are going up. Joe Biden sees nothing wrong with running the money printers 24 hours a day.

I've accepted my future living in a van down by the river.

Who was the last president that didn't?

All I know is that according to the media it's completely beyond biden's control, but it's also completely his fault, but he's also inheriting the mess of the previous administration who was actually at fault for everything bad but that any improvement is because of the good things he's doing but also the economy tends to lag behind such that anything good happening in the first year of a president is the results of the prior administration but everything bad in the first year is a result of their direct action.

Without crypto I probably would have had to go back to living with my parents

Yup, sucks when greedy capitalists decide they want even higher profits and pass the cost on to the common person.

Yep, thats why I entered crypto

Was there anyone saying it was good?

There's nothing poor people can do to control it lol. The government has always been a ponzi scheme for well-to-do people to become even richer, and when their pockets keep getting fatter and fatter the dollar becomes less valuable. It's the trickle down effect.

And crypto currency is not the answer. It's actually exacerbates the problem because you're literally investing US Dollar into a fake currency with hopes it becomes worth more US Dollar.

Of course inflation is bad, that's exactly why it's such a good fetish

Perascamin posted...

And crypto currency is not the answer. It's actually exacerbates the problem because you're literally investing US Dollar into a fake currency with hopes it becomes worth more US Dollar.

So why isn't it the answer? Bitcoin has a finite supply, 21 million. Nobody can turn on the Bitcoin printer and devalue it.

There is no inflation, companies that provide goods and services have raised their prices and are seeing record profits because of it.

I've been to Deviant Art. I've seen worse.

Pepys Monster posted...

So why isn't it the answer? Bitcoin has a finite supply, 21 million. Nobody can turn on the Bitcoin printer and devalue it.

When it's been mined completely everyone will just move on to the next most popular crypto

Perascamin posted...

When it's been mined completely everyone will just move on to the next most popular crypto

Not everyone mines, and even if that WERE true, the last Bitcoin will be mined in 2140. I'll be dead by then.

Perascamin posted...

When it's been mined completely everyone will just move on to the next most popular crypto

Miners are still rewarded with transaction fees

Crypto is going to crash when the interest rates get pulled up. Nobody will be buying speculation at that point. Eventually we are going to have a 1981 to burn off the excess cash which will take decades to recover from. It will be very bad.

How much was the corporate stimulus package that Trump signed in 2020? $5 trillion?

dude makes a few bucks on fake money trading and now he's an expert on global economy

Costs aren't rising because of money printing (alone). Costs are rising because the cost of moving goods, producing goods, serving goods, storing goods, maintaining the roads, trucks, boats, etc to move those goods, and so on are all rising.
If any part of that chain has issues because of corona or geo politics, it all rolls downhill. This is why it's so important to invest in things like education, infrastructure, and healthcare - use resources wisely to reduce costs across the board and save money wherever you can.

I want to buy a car in the next year or so. The used market is absolutely insane right now and popular new cars are either being marked up several thousand over MSRP or you have to wait 4+ months for your order to arrive. I expect if/when the new car supply problem gets better, we will see the used market tank back to normal, but who knows when that will be.

.

project_night posted...

I want to buy a car in the next year or so. The used market is absolutely insane right now and popular new cars are either being marked up several thousand over MSRP or you have to wait 4+ months for your order to arrive. I expect if/when the new car supply problem gets better, we will see the used market tank back to normal, but who knows when that will be.

I just paid off my car after 4.5 years and it didnt depreciate in value. My mom just traded in her car she bought from my sister a couple years ago for $5k and got $7k for it a couple weeks ago.

Just insane.

It's bad, if you don't have any debt.

Pepys Monster posted...

So why isn't it the answer? Bitcoin has a finite supply, 21 million. Nobody can turn on the Bitcoin printer and devalue it.

Because things only have value because someone values them. Should people in the future decide that they aren't going to work with Bitcoin then it will become this generation's Beanie Baby. The act of there only being a finite amount means nothing if nothing is actually backing it.

Of course.

ellis123 posted...

Because things only have value because someone values them. Should people in the future decide that they aren't going to work with Bitcoin then it will become this generation's Beanie Baby. The act of there only being a finite amount means nothing if nothing is actually backing it.

Bitcoin is already mainstream. It was once obscure internet money. Now, institutional investors and El Salvador are invested big in it.

Not as bad as even the existence of billionaires who actively harm the economy by hoarding absurd amounts of money that should be changing hands frequently for a healthy economy.

EmbraceOfDeath posted...

Not as bad as even the existence of billionaires who actively harm the economy by hoarding absurd amounts of money that should be changing hands frequently for a healthy economy.

They're not hoarding money though. They're reinvesting their dollars into businesses, which is why their net worth keeps growing.

Pepys Monster posted...

Bitcoin is already mainstream. It was once obscure internet money. Now, institutional investors and El Salvador are invested big in it.

Beanie Babies were very mainstream. That is how the passage of time works, yes.

ellis123 posted...

Beanie Babies were very mainstream. That is how the passage of time works, yes.

https://i.imgur.com/sfdY2qA.jpeg

Isn't inflation basically a paradoxical situation where no one has enough money because everyone has too much?

Criminalt posted...

Isn't inflation basically a paradoxical situation where no one has enough money because everyone has too much?

Biden and his cronies get large bonuses and pay raises. Your employer doesn't want to raise your wage, and may give you a $50 gift card for Christmas (if you're lucky).

Pepys Monster posted...

Biden and his cronies get large bonuses and pay raises.

Sounds like a radically new departure in American politics.

Pepys Monster posted...

The cost of housing and food are going up

my rent went up 5$. food is definitely going up.
cant even buy ground beef anymore.

of course everyone gets a jelly of the month club :(.

Pepys Monster posted...

Biden and his cronies get large bonuses and pay raises. Your employer doesn't want to raise your wage, and may give you a $50 gift card for Christmas (if you're lucky).

implying the GOP isnt complicit in this as well lmao

Pepys Monster posted...

https://i.imgur.com/sfdY2qA.jpeg

Bad takes that also age poorly are a function of the passage of time, yes.

That, however, isn't exactly an argument against what I'm saying at all and is pretty self-aware.

What we really bad is our wages are not keeping up with inflation and haven't for decades.