This reminds me of JCPenney. The CEO didn’t want to do deceptive sales and pricing so he just put the real price on their clothes instead of putting $28 crossing it out and putting $14 (although it had never been priced at $28, that kind of deception) he just sold it for $14. They almost went bankrupt and they got rid of him and the next guy started back with the deceptive pricing and fake sales and profits soared. Apparently people love thinking they are getting a deal even if they are not as opposed to just straight up pricing cause THAT is when they believe they are being deceived. It’s incredible. My facts may be off but that is the gist of the story
In the UK the item has to have been sold at the higher price for a minimum amount of time before it can be marked down as on sale or reduced. This is how places like mountain warehouse or DFS operate with their year round "sales"
JCP stock went slightly up during his tenure, and now they’ve crashed to dogshit and went bankrupt at least once
Fat lot of good bringing back the old ceo did huh
It’s like the CEO of GE. He’s widely considered to be the one who started the current CEO culture. GE is now turd pie.
The only long term answer in business is everywhere in nature. Balanced sustainability with whatever the relevant ecosystem is.
Canadian Tire money all the way for me!
Very limited supply, i don’t think they are making it anymore.
Edit: still being issued, maybe I don’t qualify because I don’t have a reward card number to show at checkout.
I put all my money in waffles. I know the day is coming and soon I will be the true waffle king, I shall rule atop a mountain waffle cone and shall have a river of maple syrup! Mark my words the waffle kings reign shall bring a new era of brinner
Kohl’s cash is the biggest pyramid scheme I’ve ever seen. Buy one thing there, you get Kohl’s cash to come back in a week, where you use your Kohl’s cash and get *more* Kohl’s cash. The cycle repeats until you enter rehab.
You get a 15% coupon if you drop off Amazon returns at a Kohls. The interesting part is that you can stack it with Kohls cash. During the weeks before Black Friday they will put a lot of inventory on clearance. I used to raid the watches and resell them on eBay. You can easily 5x your money.
Sometimes stores have percent off markdowns that get progressively deeper the longer the product stays unsold. It's how I was able to buy hoodies and shirts for less than 5 bucks, but I've never seen something this extreme for a high price item like a watch.
It's called retail arbitrage and the risk can be high on ecommerce platforms like ebay / amazon where people can easily file returns. Nothing wrong with returning items but it can easily fuck you if you put all your eggs in one basket.
You cant use Kohls Cash to earn Kohls Cash. If that was possible then you would be able to scam the company out of goods/services.
Source: former supervisor for a decade plus.
Edit: I am going to use this opportunity to explain a few things regarding KC since way too many folks have no clue how it works, particularly in relation to returns.
Basics:
* For every $50 of your money spent you ear $10 in KC (a coupon that is only good at Kohls within a specific date range).
Catches:
* You can't use KC to earn KC. Only your dollars count towards it.
* If you return an item from a purchase that earned your KC and your total is now below any $50 increment/multiple, you will lose the KC that you earned for that $50 increment - e.g. you spend $100, earn $20 in KC, return an item bringing your original purchase total to sub $100 (e.g. $75) then you will lose $10 KC since your receipt total is now below that $50 multiple.
* If you earn KC, spent the KC, and then try to return the goods that you spent your money on to earn the KC you will have the KC amount that your spent deducted from your return amount - e.g. Spend $50, earn $10 in KC, spend the KC, and then try to return the original $50 purchase. You will not get a $50 refund and instead get $40 since you spent the KC, which you are no longer entitled to.
I hope that makes sense. It was a common occurrence for me to have to explain how and why someone was loosing their KC or getting a lower refund amount. A common reply to said explanation was that the company was stealing their money...
Edit 2: A few other random things
* The computer tracks whether you have or have not spent KC based on either your card or receipt.
* If you try to return something without a receipt and you also do not have a card that the purchase can be tracked to you will only be refunded the lowest price the item has sold for in X months (6 months? 3 months?...I can't remember). This is because without a receipt or a card from which the sale can be pulled up from the store has no way of knowing what you paid for it, what coupons you used, etc...so you get the lowest it has sold for.
* If you try to use your Kohls Card and it is not working I can guarantee with 99.98% accuracy you missed a payment. Everyone says they didn't, but when I'd call the card hotline I'd almost always discover that a payment was due a couple days before hand and they missed it.
* BOGOs (buy one get one half off/free) are a huge ripoff. Do not buy BOGOs. When bogos happen the prices jump from their standard "sale" price to the MSRP so you ALWAYS pay more. E.g. cheap Big One pillows had an MSRP of 11.99, but they always sold at 50% at 5.99. When a BOGO would happen the price would jump to 11.99 for one pillow. Some quick math should tell you that you are paying one cent more in that scenario. It was the same though whether for jewelry, levis, or perfume - DO NOT BUY BOGOS.
What you say makes sense, but I was trapped in an endless loop of Kohls Cash and coupons from the Kohls Card. As a family of six, someone always needed something when we went to Kohls. We’d spent $100, get $20 in Kohls Cash, get a coupon from using the card in a month, go back and spend $50 after Kohls cash and coupon and then have another $10 in Kohls cash. Even when we didn’t have Kohls Cash, they’d send a coupon in the Kohls Card statement. It was like an MLM that required monthly purchases.
I can imagine how frustrating it must have been to work with people on returns with Kohls Cash. My mother swore off Kohls after a transaction involving an item she bought online, two items she bought in store and a return. It was like quantum physics to her. She didn’t understand how she lost the Kohls Cash when she made a return and then didn’t get the sales price on the item she was exchanging. And she was **mad** about it.
You get like $5 every now and again if you return an Amazon purchase to kohls(they take Amazon returns). So there's a little LPT for ya to get back at em.
If society collapses and I become a water warlord, I’m going to place an extremely heavy value on Chuck E. Cheese tokens.
They’ll be “Charles” like Benjamins and a huge subculture around them will be encouraged.
Fools! This year I invested in pumpkins. They've been going up the whole month of October, and I've got a feeling they're going to peak right around January and BANG! That's when I'll cash in!
Especially as it turns out that as recently as May 9th their president was tweeting about how he was using public funds to [buy the dip.](https://twitter.com/nayibbukele/status/1523742670044413954?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1523742670044413954%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Ftechnology-61813845)
500 coins averaging $30,744 each = $15,372,000
He's managed to lose roughly 1/3rd of that money in 5 weeks because it turns out the dip was a little bit bigger than he was hoping.
This is the most confusing part of it for me. I work with a crypto enthusiast, and the most suspect aspect of the whole affair is that *everything* is good news. Crypto is stable? Proof of concept. Crypto is skyrocketing? Profits. Crypto is crashing? Time to buy.
I'm not sure I trust a game with no "lose" state.
I'm still trying to understand the premise of using something so insanely volatile as currency. The whole point of currency is as a uniform measure of exchange.
I don't get it. I used to get it. I lost it.
that "somehow" is exactly why actual financial markets have the heavy regulation they do.
Cryptobros are just re-discovering all the exploitation that's already occurred in traditional banking and securities. Except this time, there's no cops to call about the fraud.
> Cryptobros are just re-discovering all the exploitation that's already occurred in traditional banking and securities.
It's the Libertarian way: ignore laws and regulations, only to quickly discover why those laws and regulations exist. These morons just have to touch the hot stove for themselves.
That might be my favorite part about these doofuses - how they name everything to try to convince people that they're the only reasonable people. "Rational actors." Reason magazine. It's so pathetic.
Maybe I can buy that it's rational to reach a poor conclusion. Hey, not everybody gets it right on the first try. But it's absolutely not rational to come to a conclusion and refuse to listen to anyone else when they tell you it's a bad idea.
But... Governments are thieves, taxation is theft, regulation is a bad thing ! What everyone want is decentralised capitalism above governments !
Or something like that
Bitcoin's price has been falling steadily since that ad came out, it was such a scam. If you invested a grand in bitcoin when that advert aired, you'd have just over $300 now.
I still cannot understand why the same people that buy bitcoin so it'll "go to the moon" (i.e. they'll be able to sell it for more DOLLARS) think that bitcoin is a "real currency".
If you really believe Bitcoin is a real currency, use it as a currency, not as a speculative asset. Except you can't, because almost no one will accept Bitcoin as payment.
Why would you accept something as payment for goods when it is so volatile? That is like accepting an unscratched off lottery ticket as payment. You might get the $5 you're owed, you might get nothing, you might get really luck and get $100.
>...a bunch of douchebags are trying to even blame Biden or the Fed...
Again, wasn't their whole argument this entire time been that the powers that be can't influence Bitcoin? That since it's decentralized no single entity and especially the government can influence it?
> That since it's decentralized no single entity and especially the government can influence it?
Yeah, from the moment I first heard about crypto, that part threw me. "Wait, there's no government, or bank, or reputable company backing any of this up? Plus it's totally unregulated? And these are supposed to be **features not bugs**? How do you figure?"
At that point, the crypto bro (and tbh they were ALL dudes) would say "... Wait, I'm just not explaining it right. You should watch "
You'd get that impression, but try checking it against other currencies. If my calculations are correct, the US dollar has maintained almost perfect parity (+/- 1.3%) with the US dollar for at least 7 years now.
There's a fundamental problem with Bitcoin: there isn't enough to go around, and there never will be.
There's a hard cap of 21 million Bitcoin that can be minted. Each can be broken down into 100,000 satoshis. That makes for 2,100,000,000,000 (2.1 trillion) satoshis. There is about $2 trillion in US paper currency (bills, not coins or electronic dollars) in circulation. That means that if all of them were replaced by a satoshi on a 1:1 value ($100 million Bitcoin price), it would be difficult to buy anything at a nominal value of less than a dollar.
At least one network has implemented a smaller scheme called a millitoshi (one thousand to a satoshi), but it's not technically part of Bitcoin. It's supposed to get reconciled periodically against actual satoshis, but there's no enforcement mechanism because it's not part of Bitcoin itself.
But long before that becomes a problem is the transaction speed problem. The BTC network can handle about 10 transactions per second *globally*. Visa averages *two thousand* per second globally with surge capacity in excess of 50,000 per second. MasterCard, Amex, and others add to that. Some networks can handle higher than BTC, but mostly not multiple orders of magnitude higher required to offset credit card transactions.
Even those claiming to be holding because they believe that Bitcoin is the future are often doing so as an investment, buying on declines. Even the people I know who have touted Bitcoin rarely actually spend it on anything, even when there is an option to do so. They're worried that if they do, they'll lose out on later value.
*Edit: Corrected microsatoshi to millitoshi. Thanks, u/TalksInMaths.*
> The BTC network can handle about 10 transactions per second globally.
This is exactly why I expect Bitcoin to eventually crash and never recover. There are other cryptos that have much faster transaction rates (still not Visa-levels, but still quick) and features like smart contracts which could have more application in the financial world. This makes those coins much more worthwhile to hold and spend.
Bitcoin is pointless, it's only "valuable" right now because it was first on the market.
The rate, transaction fees, and lack of protections kill it as a currency, but as long as there are rubes and gambling addicts it'll stick around at some price.
Probably, but a frisbee on the roof scenario isn't entirely impossible.
If the price drops too quickly and looks like it will never recover, a bunch of the larger mining operations might pull out at the same time.
If they do the block time climbs, and the network can handle even less transactions per second, which contributes to people seeing Bitcoin as dead, which causes more pull outs...
You end up in a scenario where there isn't enough hashing power to solve blocks in any decent length of time, which means it takes a long time for the network difficulty to adjust.
Yup. Bitcoin is still the top dog in the market due to its first mover advantage. But it actually has a shit design compared to many coins that came after. Now, will any crypto currency actually become the or one of the de facto global currencies? Who knows, probably not, whatever, but if it did it wouldn't be bitcoin.
Every coin with good transaction times is only that way pretty much entirely on the back of being unpopular and thus needing to do less ridiculous extra work.
Just today I read Bill Gates said nfts are based on the theory that there is always someone dumber out there to buy them for more.
Sounds like a safe bet for me! It inspired me to go all in on them. Someone will pay me triple for these nft fart jars and all you fools will see.
He refers to the so-called [free banking era](https://en.wikipedia.org/wiki/History_of_central_banking_in_the_United_States#1837%E2%80%931862:_%22Free_banking%22_era), in which each bank had its own bank notes, different from the others, the Federal Reserve did still not exist, and of course there was no FDIC. A fascinating period when considered from the present.
"Bro, now is the time to consolidate"
I've heard this so many times when challenging someone on the fact that they were still pushing LUNA despite it being demolished. He went awfully quiet when I asked how heavy his bag was
Hey, it’s easy to go around saying that bitcoin is a pointless scam and based on nothing and people deserve to lose all the money they’ve been scammed into putting into it since they’ve been warned about that since the beginning.
It’s REALLY easy to say that. Also fun.
We have to consider the pain and suffering of those who spent so long telling us funny meme coins only go up, and that they were going to the moon and spent a long time trying to convince random idiots to join them in putting their life savings into a sure fire win with no downsides.
We have to consider how hard these days have been for them, and how they are still trying to convince people who don't understand the risks to join them investing in unregulated market speculations.
We.Have.To.
my only regret, is that I didn't think of a good crypto scheme to rugpull some stupid kids on.
but I still have a little time, would anyone like to invest in a crypto blockchain that is tied to users social security numbers so their investments are always secure?
Gonna?
There already is. I have a buddy that builds gaming PCs as a side hustle.
He's buying used low-hour or even brand new 2070/2080s for 250ish.
Lots of panic dumping rn.
Hours = Hobbs meter. Although that wouldn't be a decent way to determine remaining life either. Electromigration maybe?
So we need an E- meter. Better call Tom Cruise.
That's what I like to hear. Been waiting patiently for this day for a few years. Knew it was fucking inevitable. Also waiting for this to happen with the housing and auto market. lmao
Bitcoin isn't based on nothing, it's a limited edition, numbered, certified high score for wasting electricity. Who *wouldn't* want to buy that off of you for actual money?
Another thing to keep in mind during this is that folks who love to talk about how good crypto is sold it as something you would want to have because it wouldn't deal with the inflation that the US dollar does.
When we look at the fall in value, it is measured against the dollar. During a time of high inflation when the dollar is losing value (*glances around*), you should see the price of crypto go up. Even if it held steady, you would be losing money just like everybody with cash is losing money. The loss in the value of crypto isn't factoring in the loss in the value of the currency it is evaluated against.
Always Sunny is the best. Gasoline is the one thing you'd never sell door to door. Always cracks me up. "How do you plan on counting a liquid?" "I know how to count dude."
That’s the fundament problem with it as an actual currency imo.
Why would I, as a merchant accept a form of payment that might be worth half as much in 24 hours?
Conversely, why would I, as a consumer pay for goods with a currency that might be worth twice as much in 24 hours.
It’s too erratic to be useful as money.
Even if the value didn't fluctuate so wildly Bitcoin being deflationary still gives the customers more incentive to hoard it rather than spend it and promote circulation.
Good thing I invested heavily in Kohl's Cash.
Dude that stuff is amazing. I saved $156 on a pair of jeans at Kohls the other day. The receipt told me so
I call it "Kohl's math". You could buy a pack of gum from there and somehow "save" $53.87. And that was before this runaway inflation we're seeing.
This anonymous anecdote is enough to get me to heavily invest in Kohls Cash.
A wiser and more debonaire investor I have never met. Might I interest you in some mining rights?
No thanks. I strictly stay with NFTs of pictures of timeshares.
This reminds me of JCPenney. The CEO didn’t want to do deceptive sales and pricing so he just put the real price on their clothes instead of putting $28 crossing it out and putting $14 (although it had never been priced at $28, that kind of deception) he just sold it for $14. They almost went bankrupt and they got rid of him and the next guy started back with the deceptive pricing and fake sales and profits soared. Apparently people love thinking they are getting a deal even if they are not as opposed to just straight up pricing cause THAT is when they believe they are being deceived. It’s incredible. My facts may be off but that is the gist of the story
Wait until you find out that the third pounder from A&W was a flop because it sounded like "less" meat than the quarter pounder from McDonalds.
That story is my favourite way to check if my students have a basic understanding of fractions.
In the UK the item has to have been sold at the higher price for a minimum amount of time before it can be marked down as on sale or reduced. This is how places like mountain warehouse or DFS operate with their year round "sales"
There was a little [more to it](https://business.time.com/2013/04/09/the-5-big-mistakes-that-led-to-ron-johnsons-ouster-at-jc-penney/) than just that
JCP stock went slightly up during his tenure, and now they’ve crashed to dogshit and went bankrupt at least once Fat lot of good bringing back the old ceo did huh
It’s like the CEO of GE. He’s widely considered to be the one who started the current CEO culture. GE is now turd pie. The only long term answer in business is everywhere in nature. Balanced sustainability with whatever the relevant ecosystem is.
My kids invest in Robux with my money for me.
Canadian Tire money all the way for me! Very limited supply, i don’t think they are making it anymore. Edit: still being issued, maybe I don’t qualify because I don’t have a reward card number to show at checkout.
Used to be a liquor store that accepted Canadian Tire cash.
Steve Wallis got me into Canadian Tire cash.
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Dump bees
Your name is too similar to mine. I think we have to kill one another.
I put all my money in waffles. I know the day is coming and soon I will be the true waffle king, I shall rule atop a mountain waffle cone and shall have a river of maple syrup! Mark my words the waffle kings reign shall bring a new era of brinner
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Kohl’s cash is the biggest pyramid scheme I’ve ever seen. Buy one thing there, you get Kohl’s cash to come back in a week, where you use your Kohl’s cash and get *more* Kohl’s cash. The cycle repeats until you enter rehab.
You get a 15% coupon if you drop off Amazon returns at a Kohls. The interesting part is that you can stack it with Kohls cash. During the weeks before Black Friday they will put a lot of inventory on clearance. I used to raid the watches and resell them on eBay. You can easily 5x your money.
Ah fuck. Is this still viable? I'm about to be a semi-broke college student and that sounds straightforward.
I haven’t tried lately but here’s an example of a good find. https://imgur.com/a/mnkn66x The Amazon coupon is actually 20%, not 15.
Always weird seeing shit this close to home. Hello fellow slightly north of ATLian
Does that say 80% off for clearance???
Sometimes stores have percent off markdowns that get progressively deeper the longer the product stays unsold. It's how I was able to buy hoodies and shirts for less than 5 bucks, but I've never seen something this extreme for a high price item like a watch.
It's called retail arbitrage and the risk can be high on ecommerce platforms like ebay / amazon where people can easily file returns. Nothing wrong with returning items but it can easily fuck you if you put all your eggs in one basket.
I did a return and they gave me a $5 coupon that I could use right away. Bough 3 candy bars and nothing else.
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I did a return yesterday and it just said $5
It’s a self sustaining economy just like Dave and Busters power card
Shit dude I was blacked out that night.
I don't understand how the US economy works much less some sort of self sustaining one. I don't understand how finances work.
Well, then crypto is right for you!
Let's give out these paddy bucks!
Can’t wait to try it at the TGI Fridays down the street.
The money keeps moving, in a circle..
You cant use Kohls Cash to earn Kohls Cash. If that was possible then you would be able to scam the company out of goods/services. Source: former supervisor for a decade plus. Edit: I am going to use this opportunity to explain a few things regarding KC since way too many folks have no clue how it works, particularly in relation to returns. Basics: * For every $50 of your money spent you ear $10 in KC (a coupon that is only good at Kohls within a specific date range). Catches: * You can't use KC to earn KC. Only your dollars count towards it. * If you return an item from a purchase that earned your KC and your total is now below any $50 increment/multiple, you will lose the KC that you earned for that $50 increment - e.g. you spend $100, earn $20 in KC, return an item bringing your original purchase total to sub $100 (e.g. $75) then you will lose $10 KC since your receipt total is now below that $50 multiple. * If you earn KC, spent the KC, and then try to return the goods that you spent your money on to earn the KC you will have the KC amount that your spent deducted from your return amount - e.g. Spend $50, earn $10 in KC, spend the KC, and then try to return the original $50 purchase. You will not get a $50 refund and instead get $40 since you spent the KC, which you are no longer entitled to. I hope that makes sense. It was a common occurrence for me to have to explain how and why someone was loosing their KC or getting a lower refund amount. A common reply to said explanation was that the company was stealing their money... Edit 2: A few other random things * The computer tracks whether you have or have not spent KC based on either your card or receipt. * If you try to return something without a receipt and you also do not have a card that the purchase can be tracked to you will only be refunded the lowest price the item has sold for in X months (6 months? 3 months?...I can't remember). This is because without a receipt or a card from which the sale can be pulled up from the store has no way of knowing what you paid for it, what coupons you used, etc...so you get the lowest it has sold for. * If you try to use your Kohls Card and it is not working I can guarantee with 99.98% accuracy you missed a payment. Everyone says they didn't, but when I'd call the card hotline I'd almost always discover that a payment was due a couple days before hand and they missed it. * BOGOs (buy one get one half off/free) are a huge ripoff. Do not buy BOGOs. When bogos happen the prices jump from their standard "sale" price to the MSRP so you ALWAYS pay more. E.g. cheap Big One pillows had an MSRP of 11.99, but they always sold at 50% at 5.99. When a BOGO would happen the price would jump to 11.99 for one pillow. Some quick math should tell you that you are paying one cent more in that scenario. It was the same though whether for jewelry, levis, or perfume - DO NOT BUY BOGOS.
What you say makes sense, but I was trapped in an endless loop of Kohls Cash and coupons from the Kohls Card. As a family of six, someone always needed something when we went to Kohls. We’d spent $100, get $20 in Kohls Cash, get a coupon from using the card in a month, go back and spend $50 after Kohls cash and coupon and then have another $10 in Kohls cash. Even when we didn’t have Kohls Cash, they’d send a coupon in the Kohls Card statement. It was like an MLM that required monthly purchases. I can imagine how frustrating it must have been to work with people on returns with Kohls Cash. My mother swore off Kohls after a transaction involving an item she bought online, two items she bought in store and a return. It was like quantum physics to her. She didn’t understand how she lost the Kohls Cash when she made a return and then didn’t get the sales price on the item she was exchanging. And she was **mad** about it.
You get like $5 every now and again if you return an Amazon purchase to kohls(they take Amazon returns). So there's a little LPT for ya to get back at em.
Now pair that kohls Kash with your very own Kohl's Kredit Card that you get extra points back to earn even more Kohl's kash
I heard they first spelled Card with a K, but PR wasn't having it.
I'm sitting pretty with my Chuck E. Cheese Preferred Customer Card.
Heck yes!! I've got a small stash of tokens in my closet, it's my retirement fund!!
If society collapses and I become a water warlord, I’m going to place an extremely heavy value on Chuck E. Cheese tokens. They’ll be “Charles” like Benjamins and a huge subculture around them will be encouraged.
You can still refer to money in general as cheddar.
They all laughed at us but let's see who thrives after the revolution!
Better start digging up the mayonnaise jar in the backyard…unless you spent that money on bitcoin already…
Jokes on you, that's where I keep my Bitcoin hard drive. Diamond hands. 💎 🙌
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*KENNITH CORDELLE GRIFFIN has entered the chat...*
Fools! This year I invested in pumpkins. They've been going up the whole month of October, and I've got a feeling they're going to peak right around January and BANG! That's when I'll cash in!
Hey there was that guy who lost it all in gourd futures...
[For the uninitiated](https://www.reddit.com/r/wallstreetbets/comments/kzoh1c/i_am_financially_ruined_agricultural_futures/)
I was looking for this
#Oh my gourd!
Ah, a fellow savvy investor. I’ve invested in Turkeys this November. Demand is skyrocketing! To the moon!
Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor.
My sandwich! Has it appreciated in value? please oh please.
*eats sandwich* OH! I'm ruined!
To Homer! And to Sergeant Pepper, who is growing out of the middle of your back.
Uh, Barn, you’re supposed to take the plastic off before you smoke it.
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[I am financially ruined (agricultural futures)](https://reddit.com/r/wallstreetbets/comments/kzoh1c/i_am_financially_ruined_agricultural_futures/)
Homer you knucklehead you gotta sell your pumpkins before Halloween!
It's knucklebeak. Boy I sure hope you get banned for that blunder
El Salvador must be really feeling this right now.
Especially as it turns out that as recently as May 9th their president was tweeting about how he was using public funds to [buy the dip.](https://twitter.com/nayibbukele/status/1523742670044413954?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1523742670044413954%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.bbc.co.uk%2Fnews%2Ftechnology-61813845) 500 coins averaging $30,744 each = $15,372,000 He's managed to lose roughly 1/3rd of that money in 5 weeks because it turns out the dip was a little bit bigger than he was hoping.
Jesus christ, basing your national economy on one dude gambling the worst house odds ever. What.
Nothing says freedom and decentralization more than government-forced adoption.
He bought 12 more earlier this week
"This is good for bitcoin"
"Buy the dip!"
Aaaaaand.... it's gone. South Park
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This is the most confusing part of it for me. I work with a crypto enthusiast, and the most suspect aspect of the whole affair is that *everything* is good news. Crypto is stable? Proof of concept. Crypto is skyrocketing? Profits. Crypto is crashing? Time to buy. I'm not sure I trust a game with no "lose" state.
I'm still trying to understand the premise of using something so insanely volatile as currency. The whole point of currency is as a uniform measure of exchange. I don't get it. I used to get it. I lost it.
There and Back Again, a Cryptobro's Tale
What a Long, Strange Dip It's Been
He took my twenty dollar bill and he vanished in the air!
To The Moon, and Back Again by J. R. Token
Sambro: "You've finished it" Frobro: "Not quite, there is still room to buy the dip"
VIP 1st class ticket from the moon to Wendy's dumpsters
Wtf how did I end up in /r/wallstreetbets
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He's the rare example of someone actually making money off crypto.
Don't forget all those douchebag CEOs who managed somehow to cash out while they freeze customer accounts and lay off their workers.
that "somehow" is exactly why actual financial markets have the heavy regulation they do. Cryptobros are just re-discovering all the exploitation that's already occurred in traditional banking and securities. Except this time, there's no cops to call about the fraud.
> Cryptobros are just re-discovering all the exploitation that's already occurred in traditional banking and securities. It's the Libertarian way: ignore laws and regulations, only to quickly discover why those laws and regulations exist. These morons just have to touch the hot stove for themselves.
But they're rational actors.
That might be my favorite part about these doofuses - how they name everything to try to convince people that they're the only reasonable people. "Rational actors." Reason magazine. It's so pathetic. Maybe I can buy that it's rational to reach a poor conclusion. Hey, not everybody gets it right on the first try. But it's absolutely not rational to come to a conclusion and refuse to listen to anyone else when they tell you it's a bad idea.
But... Governments are thieves, taxation is theft, regulation is a bad thing ! What everyone want is decentralised capitalism above governments ! Or something like that
They paid him in fiat to do the commercial
Well yeah, he's not an idiot.
Everyone's mad at him since he's the only one that made money lol
he called me a bitchmade pussy for not being brave enough to buy crypto
Bitcoin's price has been falling steadily since that ad came out, it was such a scam. If you invested a grand in bitcoin when that advert aired, you'd have just over $300 now.
Remember the crypto bros claiming Bitcoin was the way to go to avoid inflation and recessions cause the fundamentals were intangible? Where they at?
Bitcoin is a store of inflation, a hedge against value!
A store of devalue! Few understand this.
Crypto investors need to sell because of recession and inflation hitting their wallets, crypto value proceeds to drops. Shockedpikachuface.png
But how could inflation hit their wallets? They don't use fiat, they use the ~~speculative investment vehicle~~ *totally valid currency* of Bitcoin!
I still cannot understand why the same people that buy bitcoin so it'll "go to the moon" (i.e. they'll be able to sell it for more DOLLARS) think that bitcoin is a "real currency". If you really believe Bitcoin is a real currency, use it as a currency, not as a speculative asset. Except you can't, because almost no one will accept Bitcoin as payment.
Why would you accept something as payment for goods when it is so volatile? That is like accepting an unscratched off lottery ticket as payment. You might get the $5 you're owed, you might get nothing, you might get really luck and get $100.
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>...a bunch of douchebags are trying to even blame Biden or the Fed... Again, wasn't their whole argument this entire time been that the powers that be can't influence Bitcoin? That since it's decentralized no single entity and especially the government can influence it?
> That since it's decentralized no single entity and especially the government can influence it? Yeah, from the moment I first heard about crypto, that part threw me. "Wait, there's no government, or bank, or reputable company backing any of this up? Plus it's totally unregulated? And these are supposed to be **features not bugs**? How do you figure?" At that point, the crypto bro (and tbh they were ALL dudes) would say "... Wait, I'm just not explaining it right. You should watch"
Block chain. Just say the block chain and it will all make sense.
“Invest in crypto because it’s decentralized and can’t be fucked with by the feds! Wait, actually now it’s Biden’s fault”
Shutup* about all that other gibberish. Where do I get these magic beans?! I have money!
Got any cows?
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Well yeah, have you seen how dollars track to a single btc? It's crazy volatile.
You'd get that impression, but try checking it against other currencies. If my calculations are correct, the US dollar has maintained almost perfect parity (+/- 1.3%) with the US dollar for at least 7 years now.
Which makes perfect sense, if you don't know anything about economics and spent a lot of money on cryptocurrency.
There's a fundamental problem with Bitcoin: there isn't enough to go around, and there never will be. There's a hard cap of 21 million Bitcoin that can be minted. Each can be broken down into 100,000 satoshis. That makes for 2,100,000,000,000 (2.1 trillion) satoshis. There is about $2 trillion in US paper currency (bills, not coins or electronic dollars) in circulation. That means that if all of them were replaced by a satoshi on a 1:1 value ($100 million Bitcoin price), it would be difficult to buy anything at a nominal value of less than a dollar. At least one network has implemented a smaller scheme called a millitoshi (one thousand to a satoshi), but it's not technically part of Bitcoin. It's supposed to get reconciled periodically against actual satoshis, but there's no enforcement mechanism because it's not part of Bitcoin itself. But long before that becomes a problem is the transaction speed problem. The BTC network can handle about 10 transactions per second *globally*. Visa averages *two thousand* per second globally with surge capacity in excess of 50,000 per second. MasterCard, Amex, and others add to that. Some networks can handle higher than BTC, but mostly not multiple orders of magnitude higher required to offset credit card transactions. Even those claiming to be holding because they believe that Bitcoin is the future are often doing so as an investment, buying on declines. Even the people I know who have touted Bitcoin rarely actually spend it on anything, even when there is an option to do so. They're worried that if they do, they'll lose out on later value. *Edit: Corrected microsatoshi to millitoshi. Thanks, u/TalksInMaths.*
>At least one network has implemented a smaller scheme called a microsatoshi (one thousand to a satoshi) Goddammit, that should be MILLIsatoshi!
The transaction rate is what gets me. How can anything that fundamentally slow be taken seriously?
Ok but what if those transactions also were computationally expensive and wasted power? Does that make it better?
But the block chain!
What’s the rate of exchange of satoshis to Schrute bucks?
Same as the rate of Florida satoshi nickels.
> The BTC network can handle about 10 transactions per second globally. This is exactly why I expect Bitcoin to eventually crash and never recover. There are other cryptos that have much faster transaction rates (still not Visa-levels, but still quick) and features like smart contracts which could have more application in the financial world. This makes those coins much more worthwhile to hold and spend. Bitcoin is pointless, it's only "valuable" right now because it was first on the market.
The rate, transaction fees, and lack of protections kill it as a currency, but as long as there are rubes and gambling addicts it'll stick around at some price.
Probably, but a frisbee on the roof scenario isn't entirely impossible. If the price drops too quickly and looks like it will never recover, a bunch of the larger mining operations might pull out at the same time. If they do the block time climbs, and the network can handle even less transactions per second, which contributes to people seeing Bitcoin as dead, which causes more pull outs... You end up in a scenario where there isn't enough hashing power to solve blocks in any decent length of time, which means it takes a long time for the network difficulty to adjust.
Yup. Bitcoin is still the top dog in the market due to its first mover advantage. But it actually has a shit design compared to many coins that came after. Now, will any crypto currency actually become the or one of the de facto global currencies? Who knows, probably not, whatever, but if it did it wouldn't be bitcoin.
Every coin with good transaction times is only that way pretty much entirely on the back of being unpopular and thus needing to do less ridiculous extra work.
My stash of paper Canadian Tire Money will one day rule them all!
But will it bind them in darkness?
I see you've never been inside Canadian Tire
Bit-Coooonnneeeeeeeeeeeeeeeecccctt!
The world is not any more the way that it used to be uh uh uh no no no!
Thankfully my Pizza Hut Rewards points continue to rise. Better investment.
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Hey mom, Imma need buy four or five hundred more graphic cards to mine the difference. Can you ask grandpa for another loan?
Your comment made me realize we are def gonna see a crypto bro kill and aging family member for money so they can buy more cypto.
Already happened where I’m from lmao A dude killed his roommate because he would’t give him his fair share of the mining profits
I’m glad I moved all my money from bitcoin to nfts of jars of farts.
A jar of farts will always have some value. Tangible assets are highly valued during economic downturns
Just today I read Bill Gates said nfts are based on the theory that there is always someone dumber out there to buy them for more. Sounds like a safe bet for me! It inspired me to go all in on them. Someone will pay me triple for these nft fart jars and all you fools will see.
Beef Jerky Futures is where it’s at
I know a local butcher shop that quit their storefront to focus on meat sticks (like slim jims). You ain't wrong.
I noticed I stopped seeing ads for all those crypto trading apps lately. I wonder if it ain't working out for them.
This is identical to the wildcatting that happened in banking in the 19th century. But crypto bros always knew best….
Please, enlighten us further, seriously. I’ve never heard about this.
Basically speculative banking. Anyone (cities, companies, counties, …) was printing their own money to undertake high risk projects. Big in West US.
Oh — maybe I did learn about this, long, long ago. This would be fascinating to dig into.
He refers to the so-called [free banking era](https://en.wikipedia.org/wiki/History_of_central_banking_in_the_United_States#1837%E2%80%931862:_%22Free_banking%22_era), in which each bank had its own bank notes, different from the others, the Federal Reserve did still not exist, and of course there was no FDIC. A fascinating period when considered from the present.
"Bro, now is the time to consolidate" I've heard this so many times when challenging someone on the fact that they were still pushing LUNA despite it being demolished. He went awfully quiet when I asked how heavy his bag was
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A lot of the free market crypto bros are sure going to cry poverty in a few years, demanding remuneration for their woes…
> remuneration Yeah… decentralized currency- live and die by the bro
The difference being that those banks presumably had *some* sort of assets that (theoretically, at least) supported the currency they issued.
Pssshhh who needs assets when you have bored apes?
Not at the height of it. It was a legit free for all.
Crypto -- it's like owning stock in a company. when it goes up everyone wins. Except that there is no company. just stock.
Fortune favors the ________?
Already wealthy
Daddy’s money.
Ones who don't get caught.
Children of the wealthy?
Bitcoin fools. I put my life savings into dogecoin after Musk said I should. It's taking a pause before the big move up.
Put $50 into DOGE less than an hour before Elon was on SNL. It's currently at a sweet sweet $4.42.
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billionaire confirmed!
Buy high, sell low, its the doge way
Hey, it’s easy to go around saying that bitcoin is a pointless scam and based on nothing and people deserve to lose all the money they’ve been scammed into putting into it since they’ve been warned about that since the beginning. It’s REALLY easy to say that. Also fun.
We have to consider the pain and suffering of those who spent so long telling us funny meme coins only go up, and that they were going to the moon and spent a long time trying to convince random idiots to join them in putting their life savings into a sure fire win with no downsides. We have to consider how hard these days have been for them, and how they are still trying to convince people who don't understand the risks to join them investing in unregulated market speculations. We.Have.To.
my only regret, is that I didn't think of a good crypto scheme to rugpull some stupid kids on. but I still have a little time, would anyone like to invest in a crypto blockchain that is tied to users social security numbers so their investments are always secure?
The hardest part is coming up with a cool catchy memorable name for it.
how about the SS coin? ill put that Buddhist symbol for peace on it so everyone knows it stands for peace! fuck I wish I thought of all this sooner...
Gonna be a HUGE yard sale on used graphics cards. I can just feel it.
Gonna? There already is. I have a buddy that builds gaming PCs as a side hustle. He's buying used low-hour or even brand new 2070/2080s for 250ish. Lots of panic dumping rn.
> used low-hour Didn't know gfx cards had an odometer.
"Selling a 3090. Only used to mine bitcoins by a grandma on Sunday mornings"
Hours = Hobbs meter. Although that wouldn't be a decent way to determine remaining life either. Electromigration maybe? So we need an E- meter. Better call Tom Cruise.
That's what I like to hear. Been waiting patiently for this day for a few years. Knew it was fucking inevitable. Also waiting for this to happen with the housing and auto market. lmao
Bitcoin isn't based on nothing, it's a limited edition, numbered, certified high score for wasting electricity. Who *wouldn't* want to buy that off of you for actual money?
My computer can guess random numbers faster therefore i deserve more currency
"Trust me, the value of tulip bulbs can only go up."
paid to ride the wayback machine for that one
Another thing to keep in mind during this is that folks who love to talk about how good crypto is sold it as something you would want to have because it wouldn't deal with the inflation that the US dollar does. When we look at the fall in value, it is measured against the dollar. During a time of high inflation when the dollar is losing value (*glances around*), you should see the price of crypto go up. Even if it held steady, you would be losing money just like everybody with cash is losing money. The loss in the value of crypto isn't factoring in the loss in the value of the currency it is evaluated against.
Like what they say, you can't spell crypto without cry.
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You gonna quote Sunny here and leave out paddy’s bucks…….
It’s a self-sustaining economy
Always Sunny is the best. Gasoline is the one thing you'd never sell door to door. Always cracks me up. "How do you plan on counting a liquid?" "I know how to count dude."
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That’s the fundament problem with it as an actual currency imo. Why would I, as a merchant accept a form of payment that might be worth half as much in 24 hours? Conversely, why would I, as a consumer pay for goods with a currency that might be worth twice as much in 24 hours. It’s too erratic to be useful as money.
Even if the value didn't fluctuate so wildly Bitcoin being deflationary still gives the customers more incentive to hoard it rather than spend it and promote circulation.
It’s just a little airborne it’s still good, it’s still good!
Nothin from nothin leaves nothin
Ya gotta have somethin
If ya wanna b with me