World of crypto

[NottsRam77]

59 minutes ago, KBB said:

I've got an idea/thought/project which involves £1 a day.

The cost of a paper or coffee or whatever. The type of money we "throw away" on a daily basis with nothing if anything to show for it, bit doesn't impact on my finances at all.

Sonic going to stop that £1 being thrown away and am going to do something with £1 every day

I contemplated £1 a day in a jar as physical cash, scratch card a day, then I thought about shares or crypto.

Before I carry on I want to say that I can afford £1 to never see it again as I already pretty much do that anyway.

I'm contemplating using some sort of platform or app to basically buy £1 of crypto or shares every day to see what happens after a year.

Talk me in or out of it.

 

Interesting and good idea….

the only issue i could foresee with purchasing say bitcoin, stocks, shares, gold, bonds, anything is ur going to lose a chunk of that £1 if ur doing it every day to transaction fees 

i would suggest lob it into a bottle then when theres say … and i dont know say £30 quid buy whatever u choose As a little dont look at again for a long time nest egg perhaps 

trading 212 is good as it has a cash isa option u can buy stocks and shares with, is tax free up to 20k but i have no idea about transaction fees as not used it Myself yet. I dont think u can buy btc on it. 
i use nexo and revolute myself for buying btc .. nexo where i can as has a better tighter spread and smaller fees 

but as with anything do ur own research etc etc 

 

 

 

 

[NottsRam77]

 

if only there was another method to transfer value 🤪

 

[cstand]

76% of all income tax will go to just to pay the interest payments on the US debt this year.

The predictions by a Peter Schiff that it will be 100% by 2035 look to be on track so unable to pay Medicare or social security payments. 😳

Its either cut government spending or tax rates going to extortionate levels.

Gold  $2,400 near ATH.

BTC $ 67,000 14% from ATH.

Newmont mining up 50% since early 2024 lows. 

Other commodities worth looking at as well.

I am Currently 100% up MSMN and 50% up HEX both Helium stocks.

Pick your store of value and hope for the best because I very much doubt there will be political solution.

 

Edited July 23 by cstand

[Stive Pesley]

36 minutes ago, cstand said:

Its either cut government spending or tax rates going to extortionate levels.

Of course the third way of forcing redistribution of wealth (which I'm pretty sure the vast majority of the world's population would have no issue with, if the alternative was societal collapse, starvation and death) is somehow unspeakable

I get your point about investing in wealth stores as a hedge, but I don't think it will matter how much gold or BTC you have if society collapses

[NottsRam77]

1 hour ago, cstand said:

76% of all income tax will go to just to pay the interest payments on the US debt this year.

The predictions by a Peter Schiff that it will be 100% by 2035 look to be on track so unable to pay Medicare or social security payments. 😳

Its either cut government spending or tax rates going to extortionate levels.

Gold  $2,400 near ATH.

BTC $ 67,000 14% from ATH.

Newmont mining up 50% since early 2024 lows. 

Other commodities worth looking at as well.

I am Currently 100% up MSMN and 50% up HEX both Helium stocks.

Pick your store of value and hope for the best because I very much doubt there will be political solution.

 

The the level of irresponsibility from those in power is truly astonishing. 
 

im so fearful for my kids and the world theyre going into 

[cstand]

Just now, Stive Pesley said:

Of course the third way of forcing redistribution of wealth (which I'm pretty sure the vast majority of the world's population would have no issue with, if the alternative was societal collapse, starvation and death) is somehow unspeakable

I get your point about investing in wealth stores as a hedge, but I don't think it will matter how much gold or BTC you have if society collapses

Looking back at history the forced redistribution of wealth has just lead to poverty because no one has any incentive to work any more.

You obviously think it will be a success, I actually think any temporary success will lead rapidly to complete failure.

We will both never change our minds on this particular subject so its best to agree to disagree.

You make a valid point about holding gold or BTC if society collapses but if I can make enough money before this happens enjoy the ride and spend it on luxurious but more importantly I will be able to buy my daughter a nice house and hope a sensible solution can be found before it’s too late then I will be happy.

Hopefully I am being too pessimistic and I am completely wrong but I feel like the world has gone mad and there is no sensible solution.

Researching investment opportunities keeps my mind active, I spend less time on social media and MSM.

 

 

[Stive Pesley]

19 minutes ago, cstand said:

Looking back at history the forced redistribution of wealth has just lead to poverty because no one has any incentive to work any more.

You obviously think it will be a success, I actually think any temporary success will lead rapidly to complete failure.

We will both never change our minds on this particular subject so its best to agree to disagree.

I'm not trying to change your mind, and I'm under no illusions that it would automatically be a success, but it does seem a glaringly obvious solution that - faced with the amount of debt in the global monetary system - we should at least try and do something about the way the system is rigged. Having several thousand multi-billionaires who just keep on hoovering up more and more of the money while the rest of the world crashes can't be right on any level. It's a deeply dysfunctional system

 

 

 

[Crewton]

1 hour ago, cstand said:

Looking back at history the forced redistribution of wealth has just lead to poverty because no one has any incentive to work any more.

I've racked my brains but I can't immediately think of an example of this, but I'm guessing you must have something in mind?

[Stive Pesley]

39 minutes ago, Crewton said:

I've racked my brains but I can't immediately think of an example of this, but I'm guessing you must have something in mind?

I assumed he was referring to Universal Basic Income type approaches, but that wasn't what I meant

 

[GboroRam]

How is national debt down to incompetence? 

Every pound spent on public services is raised by taxation. When governments want to spend faster than tax allows, they'll borrow against future tax income. 

I think the idea is, we overspend 10%, invest it wisely, and it returns 20%. But the reality is different. We're spending faster than income will pay for it, and relying on population growth to support future debt payments. 

The billions, trillions aren't incompetence (well, there's plenty of that, but that's another story). They are major projects on infrastructure, funding for schools and hospitals, for all initiatives designed to keep the UK running. Public spending hoe's into public sector workers' pockets, who then spend it on rents and mortgages, food and drink, etc. And the restaurants, shops, supermarkets, landlords etc. pay staff, buy stock and pay their creditors. 

Public spending isn't the enemy. We need it for roads not full of potholes, for hospitals with staff inside, for schools that can teach our children. 

Moving to a new kind of economic platform that prevents elastic borrowing just means governments hands are tied. 

What we need is to raise taxes to pay for the stuff we use, not continual elastic debt. 

[Wolfie]

On 23/07/2024 at 10:06, cstand said:

76% of all income tax will go to just to pay the interest payments on the US debt this year.

The predictions by a Peter Schiff that it will be 100% by 2035 look to be on track so unable to pay Medicare or social security payments. 😳

Its either cut government spending or tax rates going to extortionate levels.

Gold  $2,400 near ATH.

BTC $ 67,000 14% from ATH.

Newmont mining up 50% since early 2024 lows. 

Other commodities worth looking at as well.

I am Currently 100% up MSMN and 50% up HEX both Helium stocks.

Pick your store of value and hope for the best because I very much doubt there will be political solution.

 

That tweet is alarmist and misleading, if I'm reading it right.

It says 76% of all income tax - which is itself only about 45% of total government revenue.

It's a big number, don't get me wrong, but it doesn't mean that they're spending 76% of total funds.

[NottsRam77]

On 23/07/2024 at 17:39, GboroRam said:

How is national debt down to incompetence? 

Every pound spent on public services is raised by taxation. When governments want to spend faster than tax allows, they'll borrow against future tax income. 

I think the idea is, we overspend 10%, invest it wisely, and it returns 20%. But the reality is different. We're spending faster than income will pay for it, and relying on population growth to support future debt payments. 

The billions, trillions aren't incompetence (well, there's plenty of that, but that's another story). They are major projects on infrastructure, funding for schools and hospitals, for all initiatives designed to keep the UK running. Public spending hoe's into public sector workers' pockets, who then spend it on rents and mortgages, food and drink, etc. And the restaurants, shops, supermarkets, landlords etc. pay staff, buy stock and pay their creditors. 

Public spending isn't the enemy. We need it for roads not full of potholes, for hospitals with staff inside, for schools that can teach our children. 

Moving to a new kind of economic platform that prevents elastic borrowing just means governments hands are tied. 

What we need is to raise taxes to pay for the stuff we use, not continual elastic debt. 

See article below 

Running out of tax left to tax people though arnt we

without wanting to go all political … agree public spending on the things u listed is essential and totally correct

the problem for me is where money is being stolen, syphoned off by people in places of power,

The list is endless globally nevermind just this country

 

[NottsRam77]

4 hours ago, Wolfie said:

That tweet is alarmist and misleading, if I'm reading it right.

It says 76% of all income tax - which is itself only about 45% of total government revenue.

It's a big number, don't get me wrong, but it doesn't mean that they're spending 76% of total funds.

Think what its saying is that the recorded amount collected in taxes when measured against the national debt for US is 76% 

either way … deliberate or not it is alarming

its no secret countries like the US and UK are in massive debt and theres no money left .. other than what we borrow off the national credit card 

which as we know needs to be inflated away … bitcoin .. protection against inflation bla bla bla etc lol

[Wolfie]

58 minutes ago, NottsRam77 said:

Think what its saying is that the recorded amount collected in taxes when measured against the national debt for US is 76% 

either way … deliberate or not it is alarming

its no secret countries like the US and UK are in massive debt and theres no money left .. other than what we borrow off the national credit card 

which as we know needs to be inflated away … bitcoin .. protection against inflation bla bla bla etc lol

National debt percentages vary massively over time. For half of the last century, UK national debt was at a far higher % than it is now. 
 

It’s reduced by a combination of reducing government deficits, economic growth and inflation. 
 

What happens to bitcoin inflation protection if / when the price next collapses?

[Stive Pesley]

2 hours ago, NottsRam77 said:

its no secret countries like the US and UK are in massive debt and theres no money left

Depends on how you look at it. We control the money supply. The US has created trillions of dollars in the past 5 years. Where is it all? Money doesn't just disappear. It's just ends up in the hands of the wrong people 

[NottsRam77]

4 minutes ago, Stive Pesley said:

Depends on how you look at it. We control the money supply. The US has created trillions of dollars in the past 5 years. Where is it all? Money doesn't just disappear. It's just ends up in the hands of the wrong people 

Well yes, totally 

to us the tax payer ….. its disappearing and were seeing less and less for it and paying for it in ever increasing ways 

[NottsRam77]

1 hour ago, Wolfie said:

National debt percentages vary massively over time. For half of the last century, UK national debt was at a far higher % than it is now. 
 

It’s reduced by a combination of reducing government deficits, economic growth and inflation. 
 

What happens to bitcoin inflation protection if / when the price next collapses?

If u study bitcoin the answers awaits lol

(im not explaining it again for everyones sanity 😂😂😂🙌) 

in summary bitcoin price does collapse from prev ATH every cycle … but in the time frames ur probably speaking of re national debt and inflation then look at btc in the same time frame and u have ur answer 🙌

Edited July 24 by NottsRam77

[GboroRam]

I still don't get how bitcoin saves any of the above. 

A economy based on bitcoin avoids inflation because they can't create new bitcoin like they can magic up new fiat. 

So new projects don't get approved and build, because there's no money available. 

And there's nothing preventing insider bungs being made in bitcoin. You can still approve your mate to get the contract at vastly inflated prices. 

The idea that bitcoin will fight corruption flies in the face of everything we've seen from crypto. It's slap bank in the middle of plenty of corruption. 

[Stive Pesley]

18 minutes ago, GboroRam said:

I still don't get how bitcoin saves any of the above. 

A economy based on bitcoin avoids inflation because they can't create new bitcoin like they can magic up new fiat. 

So new projects don't get approved and build, because there's no money available. 

And there's nothing preventing insider bungs being made in bitcoin. You can still approve your mate to get the contract at vastly inflated prices. 

The idea that bitcoin will fight corruption flies in the face of everything we've seen from crypto. It's slap bank in the middle of plenty of corruption. 

See my comment above about huge quantities of FIAT money being created and it all sliding down the table into the pockets of the already super rich. Nothing we've seen so far suggests that BTC will be any different. We already have all the mega financial corps hoovering up as much as they can get. It's the new game in town. And of course then you have the huge amounts of BTC held by the criminal underworld. I know that the model is supposed to solve all the "old problems" (and on paper it does), but where money is concerned, it's just a matter of time before people work out how to exploit the model to benefit themselves and sod everyone else

[1of4]

As the super rich keep on getting richer, sucking up more and more money out of our society. Governments will need to continue borrowing to pay for the things that keep our society stable and liveable. 

What are our choices, a dystopian society where the rich live in their ivory towers, while the rest live of their scraps. Or the rich are told they will have to pay a large portion of their wealth back into the social pot in taxes.

Unfortunately the former scenario is already taking it's first steps towards the finish line. 

For this trend to be reversed the need to tax the rich at a high rate of tax is paramount. Even the USA that considers socialism a swear word and tantamount go devil worship. Recognised back at in the fifties, for capitalism to work then there needed to be a free flow of cash across society, taxing their rich at 90%

If society does ultimately fail a few bitcoins isn't going to help, even the super rich won't survive. It will be the people that have the control of the military, that will have the ultimate power.