Dogecoin mania, as exemplified by the cryptocurrency community’s failed quest this week to get its price above 69 cents on Tuesday in honor of a 04/20/69 date meme associated with “national stoner day,” doesn’t just seem frivolous, it is. Yet, there’s real, serious money at stake.
In that sense, dogecoin’s wild ride encapsulates an important moment in human history. Society’s traditional “story” of money is breaking down, where new, head-scratching concepts like SPACs (special purpose acquisition companies) and NFTs (non-fungible tokens) are flourishing, and where fun and games and mob-buying can overwhelm markets.
Doge is part of an intense competition for meaning within the world of money, a testament to the 21st century power shifts fueled by two separate financial crises and by the rise of social media networks. Let’s explore them.
YMMV.
Related: Becoming debt free and more anti-fragile is my sole focus as these bubbles grow.
h/t Daivd Murrell
Crypto is here to stay. It has found a function especially in the 3rd world, were millions of people in the 3rd world have no access or way to do banking. There is no real difference between crypto and fiat other than the fact that it allows people to bypass the Government. Fiat is no more secure anymore than crypto. Because governments have debased the currency so badly, that people have began choosing crypto in order to survive.
Yes governments will try and outlaw it and will fail.
The only way they can nail you is when you bring it onshore and deposit it in a Canadian bank. Then they go after the transaction end of the deal.
Governments and the their paid shills in the msm always portray it as bad. And it is bad for them, because they have no control.
The blockchain is impenetrable to government. It is genius but do not lose your security codes. The new Defi functions are amazing. They allow all banking transactions p2p with no fees to banks etc. Countries in collapse like Venezuela the people could not survive without it right now. So it has a lot of good things.
I can’t see it surviving as you still need electricity and computer access.
At any time, your government can cut this off. You cannot transfer it to another computer as it is locked into your device.
You lose it, you smash it or a computer virus messes your computer, that wealth is gone. If your crypto is from another country, again your reliant on a stable government.
The very poor can’t use it, so again, it is reliant on people carrying the interest of this one crypto our of hundreds now.
Sorry, I’ll stick with what I have in my hands, it is real.
And I don’t mean fiat currency that keeps losing value on.
Look at Turkey, the CEO’s are getting busted. So if your crypto came from their, your to bad, should have bought something more stable.
If your computer breaks, just having a hard copy of your crypto wallet ID is enough to be able to recover your wealth on another computer. Electricity to run a small SBC (less than 10 watts) is easy enough to come by, a small solar panel will do it. The only weak point is an internet connection, and between satellite( both geostat and starlink low-orbit now exist), cellular, lorawan, and fiber-based services, the internet is pretty secure. Most crypto (bitcoin, etherium, etc) don’t come from a given place, they are totally decentralized, with the money residing in the blockchain, of which thousands of copies exist. If you can memorize your wallet ID, then you can move the money from anywhere to anywhere, in your head, and access it anywhere there is an internet connection and a wee bit of processing power.
Learn what a ‘brain wallet’ is, and how to use it.
What Is A Brain Wallet & How To Create One For Yourself?
Money is too important to be left in the reckless hands of gov’t.
Look what they’ve done with it, every day the value slides and their response is, “we’re helping” … “we’re doing this for you”
https://www.youtube.com/watch?v=coHC_9ApBdg&t=1397s
Music was digitalized, Tv and movies and video, your id digitalized, your bank records, the federal gov’t and taxation is comfortable with digitalization of records and collection.
and now, gold and silver are digitalized, while old banking printed paper copies of “gold or silver certificates” to further erode those instrument’s value.
You can’t do that with digital money, there’s a record of who has held it, it doesn’t work for money laundering like paper money…
Get used to it.
Digital gold and silver…
It appears that crypto currency has allowed other people to create currency out of an IOU instead of it being the sole preserve of government.
The old adage can be modified.
Nothing is certain in life but death, and sometimes taxes.
“…becoming debt free…”
When the BIG bubble bursts, it will be precisely because the LEFT has wanted to have ALL DEBT completely vanish. Say bye bye to private property!
Being debt free is a way of life for me and my wife. In 1982 … we owed 2000. on our credit cards. We couldn’t pay it down hard as we tried. So we cut them up and vowed to not used them again for credit. We lived for a full year without a credit card. We were force to live within our means.
After we finally payed them off, we applied for new cards with the proviso that the first month the we were unable to pay the card balance off in full would mean surrendering the card for a full year before being allowed to use it again.
So far we have not failed to pay out credit card balances in full each month. The credit card is now just a convenience rather than carrying a wad of cash around.
What happened through all this is that we got our spending under control and developed a better understanding of money and debt. Once we avoided ALL DEBT, we noticed that our money was piling up and we managed to accumulate enough ‘kicker’ money to never worry about paying off a credit card again.
There is a great sense of pride that comes with being in control of your finances and to never have to ‘sweat the rent’ ever again.
We have also been able to financial help others in the extended family who need help from time to time. That is a good feeling too.
Tesla’s financials will be made public today after close on the NY Stock Exchange…
How much Doge does Tesla hold? How much Bitcoin…
How easy it is to simply go to another land, withdraw your digital currency and not have to ever let CRA / IRS know where you are, what you’ve done with your personal property isn’t any of their concern.
How upset are they, that they see their control of you flying away to lands like Malaysia or Singapore or Portugal (I don’t believe Porto taxes digital currency yet, and there are others).
You see what the Gov’t of Canada is doing regulating YouTube (and others, in the above post by Kate) … To vote with your feet used to work, now you can protect with a keystroke and a click click click, what is yours from those who would tax it to nothingness, to give to those who have not done anything for this reward.
The wealthy have moved their generational wealth to tax havens and under cover of the night so as to not let it be known who/what they support, where they spend, who is in favor or who is not …
and now it’s your turn, with private money.
Until the people realize that their enemy is the state, nothing is safe, anywhere.
Crypto has its uses but it is still a defacto fiat, not being commodity backed, with public confidence via the state replaced by public confidence in the blockchain ledger system. If that confidence is compromised, what is it? Vapour. The blockchain is supposed to be incorruptible, but the Germans were totally confident that Enigma was uncrackable. How that that work out.
The debate other whether to buy BC or gold is totally idiotic. They are radically different things. When you buy Bitcoin you are not purchasing an asset, you are making a Forex trade. At the very bottom of everything, you still have gold and silver, the only thing standing after the world collapses. Bitcoin trading should be treated as a speculation play for fun-and-profit, using money you can throw away without crying. Gold investments are for a completely different objective; they are disaster insurance.
Ammunition is a better investment than gold or silver.
I’m diversified across most asset classes including crypto, cash, physical, real estate, stocks. However what keeps springing to mind is Kyle Bass observation that Zimbabwe had the top performing stock market in the world for a while – but by the time it was all said and done your trillions would only get you 3 eggs.
We are in a high inflationary environment which I think is going to get worse (intentionally) where all ones lifes remuneration is destroyed or deeply devalued.
My thought is to move into hard assets fully (farmland or acreage), maybe even buy depreciating assets such the diesel pusher ive always wanted.
What are other SDAers doing to try to protect their lifes savings
What are other SDAers doing to try to protect their lifes savings
Get OUT of CA … cash in on my Real Estate gains … before the crash. Gotta hang on for about 1 more year. It’s gonna be a photo-finish
I have a portfolio I created myself for retirement income. It’s heavy on hard cash flow assets that can’t just turn to vapour like a tech stock or even a manufacturer of widgets. REITs, MICs, Utilities. Lots of Covered Call ETFs (I’m after cash flow so CC income is a great strategy for me). Income producing gold (HGY). I live off the distributions, not by selling stock. If the stock markets implode and it all loses half its value on paper, most of the distributions will continue, as happened last spring. If it all completely collapses, we’re all going to be fighting over squirrels and raccoons for dinner so it won’t matter.
And further to my comment – even considering taking a mortgage, with the thought that if they are going to devalue money I might as well borrow some and lock it in and pay it back with devalued dollars later on.
I hate to break it to the author … but “mob buying” is what has driven the market (esp. every bubble, like the .dotcon swoon) for decades. To denigrate crypto-currency as “mob-buying” … while ignoring Tesla’s sudden, meteoric rise to over 700 points despite NEVER having a HOPE of becoming a profitable company … is ignorant
How do you “play” the Stock market successfully? Do you research the fundamentals of companies, and invest in the most solid players? Ha! What a joke. The way to a stock market fortune is to divine where the mob will go next. And get there before them.
Without the ability to redeem banknotes for final payment in the form of a commodity (i.e. gold), all currency is worthless.
Incorrect. Any token or medium of exchange that you can exchange for a product or service that you want has inherent value, be it a dollar or a bus token or a Walmart gift card.
Sorry, I just can’t bring myself to trust digital currency. As said above, without an internet connection, your digital money vanishes. My age as well does not allow that trust to develop. I’ll stick with hard assets, and debt reduction. Again, the four G’s. Gold, Grub, Ground, and Guns!
Do you have any money in the bank? What exactly do you think it is composed of, if not 0s and 1s?
The fact is, without an internet connection, you can’t access your money, but as soon as you can get an internet connection you can, it hasn’t “vanished.” If your local bank branch loses its internet connection, you can’t access money from there, either. Its like saying without a shovel, a bunch of buried gold “vanishes.”
Sorry…
Keep seeing our governments ideas crash and burn the system all the time with their nutbar impositions.
Having a massive amount of car chargers all over Province no matter if they use a generator, is not a smart leadership running the country when not even 1% of cars are EV.
I am a realistic and our governments are trying impose a failing futuristic notion.
I try having as little as possible in the bank as only $100,000 is insured.