American Economics Thread

Bellum_Romanum

Brigadier
Registered Member
This is the dumbest financial move I've ever seen. He got lucky he's not living in a box behind a dumpster right now and wherher that continues to hold remains to be seen.
People shouldn't shed a tear when this monkey see monkey do person hits the financial woes later on. People in the west and maybe some in China are placing Elon Musk into this messianic figure who can't seem to do no wrong with respect to his products or pitches on things like cryptocurrency, hyperloop, the boring company, etc..He has for sure managed to be successful with Tesla and Space X but goodness to gracious the man had some spectacular duds as well. And he's not infallible as he himself can attest to that fact.

It's a bit worrysome that people like Elon and others like him (Theranos everyone?) have developed this bigger than life outsize influence to the sheeps. I hope the people that have followed the same steps as the person on this article had done would soon wise up to protect their hard earned money and before it evaporates into the ether never to be seen or spent ever again.
 

BlackWindMnt

Captain
Registered Member
Dutch tulips also were used for buying stuff until they weren't.
To be fair you could say that after the first peak and crash cycle of bitcoin. But bitcoin had like 4 of those peak and crash cycles and each time the top and bottom are way higher. Wouldn't be surprised if in 4~5 years bitcoin market cap will be bigger then that of gold. Gold will just become a industrial metal for electronics. Gold is boomer generation shit, the general public here in west Europe talks about crypto and bitcoin not about holding gold papers.
 

FairAndUnbiased

Brigadier
Registered Member
To be fair you could say that after the first peak and crash cycle of bitcoin. But bitcoin had like 4 of those peak and crash cycles and each time the top and bottom are way higher. Wouldn't be surprised if in 4~5 years bitcoin market cap will be bigger then that of gold. Gold will just become a industrial metal for electronics. Gold is boomer generation shit, the general public here in west Europe talks about crypto and bitcoin not about holding gold papers.
I don't invest in risk that doesn't pay me for holding it. You can do whatever you want.
 

Overbom

Brigadier
Registered Member
People are really HODLing bitcoin with the expectation of higher and higher gains and the same can be said of other cryptocurrencies as well.
Not a bad idea. eLOn musK will go to twitter, hype bitcoin and the next minute, it will be up at least 10%.

Best fraud I have ever seen was Tesla buying Bitcoin and then Elon making memes about Bitcoins lol
 

BlackWindMnt

Captain
Registered Member
Not a bad idea. eLOn musK will go to twitter, hype bitcoin and the next minute, it will be up at least 10%.

Best fraud I have ever seen was Tesla buying Bitcoin and then Elon making memes about Bitcoins lol
Why would you not use those situations with the money you can lose, a smart trader can minimize his or her loses by setting limit/stop limit orders.
 

Overbom

Brigadier
Registered Member
Why would you not use those situations with the money you can lose, a smart trader can minimize his or her loses by setting limit/stop limit orders.
You are talking about rationality. But check out this fraud. Elon buys bitcoin, next day he hypes it in his twitter, then his braindead fans buy bitcoins which increase its value by 10%

Then Elon sells bitcoin. Then repeat the cycle again

Same with dogecoin. At one point AFAIK he bought dogecoin for "cheap", then he went into Twitter and started hyping it up and immediately its value went up by a lot. Presumably, he later sold his stake there, and got a good profit out of it lol


Well-executed fraud by Elon
 

FairAndUnbiased

Brigadier
Registered Member
Not a bad idea. eLOn musK will go to twitter, hype bitcoin and the next minute, it will be up at least 10%.

Best fraud I have ever seen was Tesla buying Bitcoin and then Elon making memes about Bitcoins lol
living in the heart of the emprie it is easy to start thinking that the degrading and vile is normal, even virtuous. it gets sometimes maddening and is almost contagious.

You have the crazy incel fascists who secretly jerk it to gay p*** on one side. But their opposite isn't 'rational normal people', it's the neolib Twitter rage mob that are so SJW, they're now pro segregation, s** slavery, racism, etc. Asians aren't much better. Among the new generation you have boba libs on one side and the boba neocons on the other. Among the older generation half of them are Falun Gong pro Trump.
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How does this tie in to economics? From a dialectical materialist view of the world, deep divisions are due to fundamental economic dislocations. This has occurred in the past 10 years, where apps and gig jobs have turned work from a steady relationship between an employee and a stable organization, to transient and transactional short term flings. It's the economic difference between being married, and having a bunch of one night stands. Because gig jobs are repetitive by nature and don't give you the chance to grow and learn, the end result is, no matter how much you work, where you are is where you stay. You have stagnation in terms of talent.

Compare to China which still keeps old school industrial job structures and highly regulates gig jobs (and in fact, has recently forced app companies to treat gig workers like regular workers). Even a Foxconn worker, as long as they stay in the industry, will keep learning bit by bit. For example they can start assembling phones. But they'll start seeing, what the parts of a phone are. What the assembly line is like and the reason for its organization. They know how to market a product. All from just assembling phones and using their brain. And then, they can get promoted, either internally or by quitting. Or, they can start a company like LuxShare, which was started by Wang Laichun, who used her assembly experience to build her own assembly company and eventually became a full service ODM.

Because of this stagnation, people realize they don't have any real possibility of advancement. Today an Uber driver? Tomorrow and forever an Uber driver.
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who have no benefits and can be fired at any time without even HR recourse. So of course you have people who dream about making it big through no merit of their own, by speculation on $TSLA or BitCoin- because for them, advancement through merit is impossible.
 
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BlackWindMnt

Captain
Registered Member
You are talking about rationality. But check out this fraud. Elon buys bitcoin, next day he hypes it in his twitter, then his braindead fans buy bitcoins which increase its value by 10%

Then Elon sells bitcoin. Then repeat the cycle again

Same with dogecoin. At one point AFAIK he bought dogecoin for "cheap", then he went into Twitter and started hyping it up and immediately its value went up by a lot. Presumably, he later sold his stake there, and got a good profit out of it lol


Well-executed fraud by Elon
That is cultural weakness he is exploiting, people in the west and west adjacent people love their billionaires and celebs. You're not really going to change that any time soon. so why not grab a bit of the profits.

I agree its a fraud and shouldn't be allowed but crypto is still a wild wild west environment. I also agree bitcoin will at the end of the day not replace fiat.

But given the economic situation in the west what do you do. If I save my money its purchase power is evaporating away at a speed I can't keep up with like getting a yearly inflation corrected pay raise. Hell if you are rich enough you even have to pay the bank for them to save your money if your savings account reaches a certain threshold. The economic situation in the west is beyond fubar so you gotta protect yourself financially.

The only signal I'm watching for is when the Fed and ECB will raise interest rates.
 
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