American Economics Thread

voyager1

Captain
Registered Member
Many years back I ran a Bitcoin client, waited until it generated a coin, then I deleted the application and the local wallet. It felt kinda meh to me. I tried it again a couple years later and it took so long just to get the blockchain I deleted it without generating any coin. I am sure a lot of people did the same as me and a lot of the early coins are basically gone.



Not anymore. Tesla uses their own chips for the self driving hardware. They basically hired chip designers and made a chip for that.
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The US has had plenty of time to get its act together. Instead they printed trillions to use to fund their military and military adventures abroad. Last I heard Trump wanted Australia to fund infrastructure development in the US, and he wanted toll roads to repay those loans. Whatever Biden does, I suspect it will be more of the same so he'll just be throwing good money after bad investments. He might patch up some of the existing infrastructure. But US transportation infrastructure is not cost effective and the whole way US city planning works is inefficient. Zoning the way it is done in the US ala SimCity is one of the dumbest ideas ever. No mixed residential/commercial for the most part and gobs and gobs of single family homes is energetically wasteful.



Inflation has been rising on every single thing people actually need like food, clothes, or housing. Only some consumer electronics prices, or cars, were going down and now with the trade war, and lack of supply for semiconductors even that is being put into question.
Americans have still not realised that the reason inflation was kept down for so long was technological improvements and outsourcing the work to ultra cheap Chinese labour.

However this wont work anymore, yesterday I think, China released its inflation for producing products and it was ~4.4% vs the estimate ~2.4% estimate. And guess what, China exports to the whole world, so when China raises prices the whole world soon follows.

Inflation is coming now and its time to get ready. The FED can joke all they want about not raising rates but the market is having none of it
 

quantumlight

Junior Member
Registered Member
Americans have still not realised that the reason inflation was kept down for so long was technological improvements and outsourcing the work to ultra cheap Chinese labour.

However this wont work anymore, yesterday I think, China released its inflation for producing products and it was ~4.4% vs the estimate ~2.4% estimate. And guess what, China exports to the whole world, so when China raises prices the whole world soon follows.

Inflation is coming now and its time to get ready. The FED can joke all they want about not raising rates but the market is having none of it
Monetary inflation (aka diluting purchasing power) is a function of global energy sources falling EROEI... its the energy multipier that had provided society most of the "wealth", so as this multiplier advantage starts ever shrinking, so will our collective output/productivity and this shall be reflected in ever inflated prices for everything...

Hyperinflation will hit the US hard and fast...

None shall be spared
 

quantumlight

Junior Member
Registered Member
Many years back I ran a Bitcoin client, waited until it generated a coin, then I deleted the application and the local wallet. It felt kinda meh to me. I tried it again a couple years later and it took so long just to get the blockchain I deleted it without generating any coin. I am sure a lot of people did the same as me and a lot of the early coins are basically gone.
Tell me about it... back in 2008 original bitcoin was mined in the browser using only CPU!! People were mining a bitcoin a day

Then later you needed to download a client, later you needed a GPU, and a while after that you needed specialized ASICs....

Now its impossible to mine without joining a bitcoin mining pool...
 

quantumlight

Junior Member
Registered Member
Yep this is the important point, even China wont escape this US induced inflation

Maybe, time for China to stop opening its capital markets haha

BTW also time for Digital Yuan
Dual circulation, digital Yuan... these are China's best bets in terms of Peak Oil mitigation

Doesnt make sense to accept fake helicopter monopoly money and destroying its own environment (rare earth etc) to pump out real goods for US anymore esp since Amerikkka is hellbent on destroying China...

Now with all the sanctions, China holding US dollars is less than useless since there is nothing to buy....

China needs to drop the hammer on US hard, lets see how Biden is gonna own the 21st century when a meal at Mcdonalds costs $25 bucks but min wage still $7.25
 

voyager1

Captain
Registered Member
Clarify something for me please.

I do not own any Bitcoin.

If I did, and sold it for a capital gain, how would the government know, and how can they find out?
There are ways to find out. For example I know that the US has deals with cryptoexchanges to know if someone is trying to evade taxes etc. (don't know how they do it, but they have found people trying to evade taxes with bitcoins)

Now publicly, there is no way for the gov to find out, but I am 100% sure that behind the scenes they have ways to find out, (taxes, terrorism, gambling, evading capital controls etc)
 

quantumlight

Junior Member
Registered Member
Clarify something for me please.

I do not own any Bitcoin.

If I did, and sold it for a capital gain, how would the government know, and how can they find out?
Back in 2013 I was reading on pacer.gov indictment documents of two US secret service agents whom like you mistakenly believed bitcoin was anon, so they stole from the US gov some bitcoins that they had in another stingy operation took from the so called Dread Pirate Roberts that he was using on the Silk Road (not BRI related) to buy drugs, weapons, hitmen etc....

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Unless you mined your own bitcoin, you got it from someone else, which means it can be tracked... thats what the blockchain is, a distributed general ledger of every transaction that everyone ever made with bitcoin!

The one benefit of bitcoin is to circumvent capital controls if you needed to leave the country in hurry and take a lot of wealth with you. In the past you had to transfer it to another bank account or carry it with you in physical cash or assets...

Its when money enters and exits the system that makes it trackable. Most people use dollars to buy bitcoin from an exchange, then when they sell it they use exchange to get it back in dollars. They exchanges are required by law to keep track of all of this.

The moment dollars are involved then US gov can track you. Now if all you did was mine your own coins and bought things anonmouysly online with merchants that accepted bitcoin and didnt require any other info, and you used VPN over Tor for your online shopping and shipped your stuff to a PO box, maybe then you wouldnt be trackable but to sign up for PObox the government still gets your information
 
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horse

Colonel
Registered Member
There are ways to find out. For example I know that the US has deals with cryptoexchanges to know someone is trying to evade taxes etc. (don't know how they do it, but they have found people trying to evade taxes with bitcoins)

Now publicly, there is no way for the gov to find out, but I am 100% sure that behind the scenes they have ways to find out, (taxes, terrorism, gambling, evading capital controls etc)
Really?

Thanks for that, because when this Bit thingy first came out, that was really the basic selling point, hid your assets and evade taxes.

Other than speculation, and really wild swings, seems like there is no point to Bitcoin.
 

quantumlight

Junior Member
Registered Member
Really?

Thanks for that, because when this Bit thingy first came out, that was really the basic selling point, hid your assets and evade taxes.

Other than speculation, and really wild swings, seems like there is no point to Bitcoin.
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For example I use venmo and cashapp to settle lunch money with coworkers, small amounts

Recently bitcoin transaction fee hit 16 usd... so you cannot even use it for small purchases and small transfers... the transaction fee makes it prohibitive for anything other than large amounts

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