LogFAQs > #955307052

Im not a financial advisor and know nothing. This should not be taken as investment advice. Always speak with a trusted financial advisor before investing. Do your own research and think for yourself.

This may be the most interesting point in human history, financially speaking. I want to help people take a step back and look at the larger narrative being crafted. Finance is boring, stories are fun.

Ill bet most of you are sick to death of hearing about cryptocurrencies. Those of you who arent are probably heavily invested in them. Since Bitcoins rise late last year its been the talk of the town, but BTC isnt the only crypto making waves. ETHs gone up a lot, and Doge has had a hell of a year thanks to Robinhooders everywhere.

Speaking of, GME and AMC sure have been exciting. I personally wouldnt touch them with a 10 foot pole, but its cool to see average joes make it big in the stock market. Not quite as cool seeing people dump their life savings into literal memes, but I digress. For anyone reading this who followed this whole phenomenon from the beginning, you may remember talks of a silver short squeeze too. Interesting how the media didnt really run with that one.

Man theyve really been hammering home this inflation thing in the news. Maybe its just me but I cant seem to get away from it. It makes sense though, considering how many trillions of dollars are being signed for COVID relief and whatever the hell else. Fucking trillions. Did you know that if you received a million dollars every day since Jesus crucifixion, you still wouldnt have a trillion dollars? Someone told me that a couple weeks ago I thought it was an interesting way to put it. Over one-third of all US dollars ever printed were in the last year alone. It must be fun when your money isnt backed by anything.

Pretty wild how El Salvador just made Bitcoin legal tender. Citizens will tell you this is nothing more than a publicity stunt from their president or prime minister or whatever the fuck doesnt matter hes not the guy making the decisions. It does nothing to help the average person, and its a less efficient payment method than traditional systems, but that doesnt mean there isnt potential here.

The concept of financial inclusion is extremely important. Digital currencies could potentially be used to create a more inclusive economy, to allow average citizens to conduct business in a streamlined, decentralized fashion. Banking the unbanked is a phrase they like to use, usually in reference to developing nations. This is one of the primary arguments pushing digital currencies forward. Its doubly effective: its framed as a tool to create a more level playing field for underprivileged communities, while also not hiding the fact its a method of getting everyone onto the system and giving governments and banks more control than ever.

Crypto has been absolutely dominating the media for a while, right up until they recently started pushing inflation. Everyone familiar with blockchain technology knows its not going anywhere, and will only become more prominent as we see more institutional adoption. But not all blockchains are created equal.

All publicity is good publicity doesnt apply to Bitcoin. What did senator Warren call it, an environmental disaster? Yeesh that sounds harsh. This is an extremely common sentiment surrounding Bitcoin (and Ethereum to a lesser extent) repeated all across the internet. Whether you, the biased individual reading this, believe this claim to be an accurate representation of the facts or not is irrelevant. The narrative on climate change, the green initiative, theyre only getting stronger. Theres no way in hell people are going to accept a new technology that they believe to be detrimental to the environment. When youve got guys like Bill Gates saying Bitcoin is the least energy efficient payment system in history, recognize that its over. When youve got the president of the ECB (bank that runs Europe) saying using Bitcoin as a reserve is out of the question, recognize that its over. And this isnt even the extent of the FUD. Dont forget the criminals and extortionists, asking to be paid in Bitcoin. Dont forget the slow transaction speeds and pitiful transactions per second. Thats not to say I think Bitcoin is worthless; Im just very long on it. Regardless, Bitcoin is only worthwhile as a store of value, and that value is HEAVILY inflated in the current market thanks to the media and Tether.

If you dont know about Tether heres a quick rundown. Stablecoin tied to the value of the US Dollar. 60 billion in circulation, but less than 3% are actually backed by real (and I use that term loosely) US dollars. Most of what backs Tether is commercial paper, debt from who the fuck knows backed by Im afraid to ask. And the Tether to Bitcoin pair is traded more than every fiat to Bitcoin combined. Nothing fishy here, Im sure.

(This next paragraph is mostly conjecture, but I think it adds something to the narrative Im trying to illustrate so I left it in. I mean this whole thing is like half conjecture anyway so w/e)
I dont know if you people are Reddit or Twitter savvy, but people are really anti-work right now. Wages have stagnated, working conditions have deteriorated thanks to COVID, and general motivation is at an all time low. Im a young guy, I know how much people in my generation detest the notion of working for some fucking company, 40 hours a week for 50 years. Its untenable. Factor in the generous stimulus checks and unemployment bonuses, and you have a generation completely disillusioned with the idea working. Im of the opinion that COVID stimulus is the beginning of what will become UBI, universal basic income. I mean, whos gonna argue against free money? Just say ok boomer to the old fogeys complaining and never worry again, the states got your back. The best way to officially roll out UBI would be a government-issued digital wallet, so I dont expect anything like this until weve begun transitioning to a digital economy. Soon enough.

The media isnt random, and its even less so about reporting the truth. It exists to tell a story, to paint a narrative for all the guys and gals and nonbinary pals unfortunate enough to be listening. Its not a coincidence that cryptocurrencies have been at the forefront while the traditional economy has begun to implode. Crypto is the already primed solution to a problem weve yet to see the full extent of. Somethings got to give eventually, and when it finally does its going to be really ugly.

So what exactly am I getting at? Thanks to things like GME, Dogecoin, and COVID stimulus checks, the general population is more aware than ever that money isnt real. At the same time, cryptos being shoved down all of our throats, but not without an intense smear campaign against Bitcoin. Its when everyone gets wise to the scam that a ponzi scheme will pull the plug.

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I am the numbah of Veetle. If you wanna see me you gotta Veetle to the heetle, see that beetle? Look, everyone you eatle, you gotta shadeetle. >.