The current trend of removing cash is a serious mistake

makeorbrake

nofiller69 wrote: »

Eh not really. I find that boomers like to talk about bitcoin like its this dangerous concept full of hidden dangers etc etc etc.
Crypto right now is one of the easiest ways of making money if you know what youre doing.

You're sounding pretty obnoxious round about now. The thread isn't about 'the easiest way to make money'.

nofiller69

makeorbrake wrote: »

You're sounding pretty obnoxious round about now. The thread isn't about 'the easiest way to make money'.

As someone deep into crypto with 160k to liquidate at any given moment, the boomers here are the obnoxious ones.

Most people here are very evidently clueless.

El Tarangu

makeorbrake wrote: »

You're absolutely right. Once you lodge funds to a bank, legally the bank owns the depositors funds. All the depositor is left with is an IOU or promise to pay - with the depositor becoming an unsecured creditor.

This is not really accurate: deposits in banks in the EU are guaranteed up to €100k.

makeorbrake wrote: »

I would have thought the average person should have an interest in privacy.

They should, but they don't.

Bitcoin is highly secure - it has never been broken. However, people do have to take responsibility for the storage of their private key - that requires a shift in thinking as we've become accustomed to having a third party custody our wealth.

I think that you are allowing your personal experience/outlook to colour your thinking on how the average consumer of financial services operates; most people are accustomed to the idea that, if they forget their gmail password, a new token will be sent to their phone. The notion that if you were to lose the password to your bitcoin wallet, the hundreds of thousands of euro you had there is now irretrievable is alien to most people - again, bitcoin will remain the realm of early-adopters of new technologies/people interested in bleeding-edge of investing for a while yet.

KyussB

makeorbrake wrote: »

...

It's stupid to put any portion of your wealth in Bitcoin no matter what 'portfolio management' babble you go on about.

It absolutely is a primary vehicle for speculation and criminality/fraud. That's why you can only find a conflcited source from crypto promoters saying it isn't.

Currency intermediaries work fine, thanks. Bitcoin provides zero practical advantages there.

If you're suggesting USD/EUR etc. are going to experience hyperinflation, you're just a bonkers gold-bug/Austrian.
All of the other countries you listed are either under international sanctions collapsing exchange value of the currency, or have debts denominated in foreign currencies - with that being the driver of the fall in currency value.

Libertarians/Austrian-economists know fuck all about macroeconomics - and prove themselves wrong all the time by constantly going on about hyperinflation being 'just around the corner' - deluded bunch.

TimeToShine

nofiller69 wrote: »

For example how many of you know these words:

>Uniswap
>ERC 20
>Proof of Liquidity
>Liquidity Pools
>Pool tokens
>Balancers
>Decentralized Finance
>Staking


And many more words I cant think of right now consists of the current trend in crypto. Unfortunately the older folk only have bitcoin and stocks to reference, which causes them to completely misconstrue the whole point, and thus conclude that >>NO ONE<< will put money into crypto despite the billions already pouring in and the millionaires being made overnight - See: Statera

I don't disagree with you but who do you think is on the other side of these trades which are making people millionaires?

It could easily be you. Liquidate and run. Pay your taxes or Revenue will come after you.

Sorolla

makeorbrake wrote: »

You're absolutely right. Once you lodge funds to a bank, legally the bank owns the depositors funds. All the depositor is left with is an IOU or promise to pay - with the depositor becoming an unsecured creditor.

Also a reason (if you have a good hiding place at home) to hide a few multiples of your monthly salary in cash

Amirani

makeorbrake wrote: »

You're absolutely right. Once you lodge funds to a bank, legally the bank owns the depositors funds. All the depositor is left with is an IOU or promise to pay - with the depositor becoming an unsecured creditor.

You've just made it clear that you don't have a notion with that statement right there.

nofiller69

TimeToShine wrote: »

I don't disagree with you but who do you think is on the other side of these trades which are making people millionaires?

It could easily be you. Liquidate and run. Pay your taxes or Revenue will come after you.

No doubt its definitely a zero sum game, but not entirely.

KyussB

nofiller69 wrote: »

...

Some of these cryptocurrency-pumping nonsense posts msut be classified by boards as ads or something? Such a load of nonsense, where snake oil salesmen try to use crypto-techno-babble to convince people that they aren't pushing total nonsense.

El Tarangu

Sorolla wrote: »

Also a reason (if you have a good hiding place at home) to hide a few multiples of your monthly salary in cash

A global banking collapse (while certainly not impossible) is probably a lot less likely than your house being burgled and thieves making off with several K of your money in untraceable cash.

nofiller69

KyussB wrote: »

Some of these cryptocurrency-pumping nonsense posts msut be classified by boards as ads or something? Such a load of nonsense, where snake oil salesmen try to use crypto-techno-babble to convince people that they aren't pushing total nonsense.

Big word make head hurt

nofiller69

Damn those techno-crypto-salesmen!

KyussB

nofiller69 wrote: »

As someone deep into crypto with 160k to liquidate at any given moment...

Sure you do, recent-reg with low post count...

I have 23 million ready to go myself, from cryptocurrency I bought several years ago - a multi-millionaire ready to cash out at any moment! - everybody should get into cryptocurrency now, and fast while the going is good... They would be clueless not to! Haha, bunch of boomer idiots, don't know what they're missing...

Sorolla

nofiller69 wrote: »

Cash is never king mate, sorry that was indoctrinated to your generation growing up but everyone is slowly learning thats false.

Assets can be liquidated instantly now, this isnt the 1980s where you can to go through a broker. I liquidated 20k worth of Ethereum last night and got it this morning.

Again, thats all outdated boomer talk from a slower generation

I would suggest you have a google on the Lindy Effect

Please do so and then reconsider your position

Hard cash will always be king - what good is it if you tell the barnan you have a Fortune in Ethereun - he still won’t give you that pint of Guinness

However if a boomer or anyone for that matter comes in with hard cash .....

Chris_Heilong

If everything is just on a card you will end up spending more than you realize, also a society without cash absolutely will kill beggars and the poor, sometimes I dont want my business tracked, It really does seem we are heading for a less free society. Maybe the next step will be prevent people from owning houses or land and no more private cars.

Geuze

Chris_Heilong wrote: »

If everything is just on a card you will end up spending more than you realize

This is a psychological issue, not due to the format of the money.

Overheal

KyussB wrote: »

Some of these cryptocurrency-pumping nonsense posts msut be classified by boards as ads or something? Such a load of nonsense, where snake oil salesmen try to use crypto-techno-babble to convince people that they aren't pushing total nonsense.

I agree. A lot of unverifiable claims that make the arguments sound like a multi level marketing gimmick, someone trying to fluff up their own investment by enticing others to buy in, but all in all not unlike folks who are die hard Xbox or PlayStation fans who need more friends to kneecap in [console exclusive title]

nofiller69

KyussB wrote: »

Sure you do, recent-reg with low post count...

I have 23 million ready to go myself, from cryptocurrency I bought several years ago - a multi-millionaire ready to cash out at any moment! - everybody should get into cryptocurrency now, and fast while the going is good... They would be clueless not to! Haha, bunch of boomer idiots, don't know what they're missing...

This isn't 2016 anymore mate. Theres billions already into crypto, I literally could not give a f*ck if boomers buy in or not. The train has left the station, and the clueless ones are still arguing about the oldest most outdated blockchain out there.

https://pools.balancer.exchange/#/

Check out these pools. Each and every one of those pools were manually injected with liquidity from a real person. Hundreds of millions are in that 2 month old niche.

Boomers will sleepwalk through the entire DeFi pump because of outdated notions from 2016.

nofiller69

Sorolla wrote: »

Hard cash will always be king - what good is it if you tell the barnan you have a Fortune in Ethereun - he still won’t give you that pint of Guinness

Yeah thats a boomer mindset. I can liquidate crypto and ETF assets at any moment. I realize now why most people here will always be poor.

And you'll never get why.

Overheal

nofiller69 wrote: »

Yeah thats a boomer mindset. I can liquidate crypto and ETF assets at any moment. I realize now why most people here will always be poor.

And you'll never get why.

You could prove this, slightly: why don’t you become a subscriber to boards.ie real quick so we know you have plenty of wealth to toss around? The hamsters will appreciate it.

nofiller69

Overheal wrote: »

I agree. A lot of unverifiable claims that make the arguments sound like a multi level marketing gimmick, someone trying to fluff up their own investment by enticing others to buy in, but all in all not unlike folks who are die hard Xbox or PlayStation fans who need more friends to kneecap in [console exclusive title]

I dont know what you mean because all of this information is on a public blockchain. There is nothing I said that can't be checked by going to Etherscan.io

nofiller69

Overheal wrote: »

You could prove this, slightly: why don’t you become a subscriber to boards.ie real quick so we know you have plenty of wealth to toss around? The hamsters will appreciate it.

Nah I just bought a Ford Mustang.

makeorbrake

El Tarangu wrote: »

This is not really accurate: deposits in banks in the EU are guaranteed up to €100k.

The two things are separate. To an extent, the existence of the guarantee confirms the former.

El Tarangu wrote: »

They should, but they don't.

I agree. We all trade off privacy for convenience - to varying extents. However, this very subject - doing away with cash - is a heightening of the importance of privacy. I suspect that over the course of the next few years, we will reach a tipping point re. privacy concerns to the extent that people will be motivated to counteract it.

El Tarangu wrote: »

I think that you are allowing your personal experience/outlook to colour your thinking on how the average consumer of financial services operates; most people are accustomed to the idea that, if they forget their gmail password, a new token will be sent to their phone. The notion that if you were to lose the password to your bitcoin wallet, the hundreds of thousands of euro you had there is now irretrievable is alien to most people - again, bitcoin will remain the realm of early-adopters of new technologies/people interested in bleeding-edge of investing for a while yet.

I agree completely. That's very difficult for people to get their heads round. I'm one of these 'boomers' referred to in this thread. I grew up with it being normal practice for intermediaries (banks, etc.) to cusody savings/funds. That's intuitive to my generation. But that is changing from millenial level down. They will be accustomed to digital money from the outset.

KyussB wrote: »

It's stupid to put any portion of your wealth in Bitcoin no matter what 'portfolio management' babble you go on about.

I respectfully disagree.

KyussB wrote: »

It absolutely is a primary vehicle for speculation and criminality/fraud. That's why you can only find a conflcited source from crypto promoters saying it isn't.

Sure, it's speculative insofar as it's nascent. I provided the example of gold in the 70s. It's no different in that respect - it will settle over time to a point where speculative interest will be minimal. As regards criminality, there is far more illicit use of cash. You were presented with data that shows no more than 1% illicit use of crypto but chose to ignore it. I can't help you with that.

KyussB wrote: »

Currency intermediaries work fine, thanks. Bitcoin provides zero practical advantages there.

Do they really? So no bank on this planet has ever gone bust leaving depositors high and dry? Or would it be more accurate to say that hundreds of them have? Have depositors ever taken a haircut on their savings? Perhaps you should talk to some Greeks and Cypriots. The example would be more close to home had our Minister of Finance taken the second option re. Anglo that fateful night post 2008.
Have you ever sent money internationally via the SWIFT system? How long does it take? What are the fees? Is it always even possible to transfer funds from Ireland to certain countries? International remittances cost 9% on average.

KyussB wrote: »

If you're suggesting USD/EUR etc. are going to experience hyperinflation, you're just a bonkers gold-bug/Austrian.

Am I really? And tell me - back in 2010 - when the Euro was very close to being dismantled, what would have happened that morning when you could have woken up to find that your savings had been converted into Punt Nua's?
But nothing will happen because things have been relatively stable? That's a foolish assumption. The world has never seen the extent of this money printing - and you can't say with any certainty what the outcome will be.

KyussB wrote: »

All of the other countries you listed are either under international sanctions collapsing exchange value of the currency, or have debts denominated in foreign currencies - with that being the driver of the fall in currency value.

What you mean is that the citizens of all of those countries have suffered due to fiscal mismanagement. Ergo governments and central banks can get it wrong. There is always that potential. And with that, in any given year, there is always a list of governments/CBs who have mismanaged their sovereign currency.

KyussB wrote: »

Libertarians/Austrian-economists know fuck all about macroeconomics - and prove themselves wrong all the time by constantly going on about hyperinflation being 'just around the corner' - deluded bunch.

Gold bugs? So again, I'll put it to you that you're suggesting that the participants in the $10 trillion gold market are all deluded.
Nobody has been proven wrong - quite the opposite. Government and CB fiscal mismanagement is evident in spades worldwide - and on an ongoing basis.

Overheal

nofiller69 wrote: »

Nah I just bought a Ford Mustang.

Aw now we know you’re completely bull****ting

Chris_Heilong

Geuze wrote: »

This is a psychological issue, not due to the format of the money.

We are all human and money is a Human concept so it is an issue to do with the form. Some country's follow the no cash route but I prefer to have money in my pocket and know what I can spend.

makeorbrake

Amirani wrote: »

You've just made it clear that you don't have a notion with that statement right there.

Please do enlighten me.

Sorolla

nofiller69 wrote: »

Yeah thats a boomer mindset. I can liquidate crypto and ETF assets at any moment. I realize now why most people here will always be poor.

And you'll never get why.

True - you can liquidate at a moment BUT you cannot dictate what price you get

Another point ETFs are passive investments - you should buy and hold

If you are actively trading ETFs you will generate revenue for you band and end up with empty pockets

John C Bogle way always aghast that so many investors actively trade ETFs

In fact I would recommend you liquidate your Ethereum and pay the taxes due.

Whatever is left over invest into a widely diversified ETF (example ALL World)

Forget about it and with an average of 6% growth per year you will double your money in 12 years

If the average return is 4% then it will take 18 years to double your money

Diversity is your friend, my friend

KyussB

nofiller69 wrote: »

This isn't 2016 anymore mate. Theres billions already into crypto, I literally could not give a f*ck if boomers buy in or not. The train has left the station, and the clueless ones are still arguing about the oldest most outdated blockchain out there.

https://pools.balancer.exchange/#/

Check out these pools. Each and every one of those pools were manually injected with liquidity from a real person. Hundreds of millions are in that 2 month old niche.

Boomers will sleepwalk through the entire DeFi pump because of outdated notions from 2016.

Whoops! Who would have guessed something like this could happen...

Hacker Drains $500K From DeFi Liquidity Provider Balancer
“We were not aware this specific type of attack was possible.”

Decentralized finance (DeFi) liquidity provider Balancer Pool admitted early Monday morning it had fallen victim to a sophisticated hack that exploited a loophole, tricking the protocol into releasing $500,000 worth of tokens.
...

https://www.coindesk.com/hacker-drains-defi-liquidity-balancer

Fraud/criminality and speculation. That's all they're good for.

nofiller69

Overheal wrote: »

Aw now we know you’re completely bull****ting

Nah. I was first into Statera and made 120k from it. Made x3 from RPL, then x10 on UBT and a very nice x 15 on ESH.

Now I sit back and get dividends from my Balancer Pool Tokens leveraged by top 5 market cap tokens on CMC.

Boomers literally could not grasp how this works, theres no precedence or infrastructure to do this even 2 years ago, and the DeFi trend only began the past few months.

nofiller69

Sorolla wrote: »

True - you can liquidate at a moment BUT you cannot dictate what price you get



In fact I would recommend you liquidate your Ethereum and pay the taxes due.

Whatever is left over invest into a widely diversified ETF (example ALL World)

How about I keep making 35k every month instead?

Nice try. Im not liquidating my crypto for boomer bonds.

This guy is really trying to get me into the stock market at the current climate

LOL

Some people here are really destined to be poor. Its time to adapt or left behind.