Crypto Currencies

[J_D 2.0]

My comment was more directed to your statement that China doesn’t have laws… and not to imply crypto is a good investment…

China may have laws but the CCP is above them all and they do whatever they please. There’s a reason China used more concrete in a decade than the US did in basically the whole twentieth century and it’s not because NIMBYs were stopping the CCP from building things!

The first example you used was from a CCP mouthpiece so I’d take that with one a grain of salt and the Daily Mail article pretty much makes clear that they will harass and intimidate you to make you leave your house.

I have far more confidence as a home owner in getting an equitable outcome in the case of an eminent domain issue than in China!

 

[Skydrol]

It’s not very likely though unless you’ve bought property where they are planning to put a motorway or some such and you still get paid out. A lot better odds of a positive outcome than putting all your money into crypto.

The point I am trying to make is the Gov, let us say... they can kick you out of your property on any excuse. A motorway that is never going to happen, a wind power farm, solar panels array; or just a sanctuary for some snails.

 

[J_D 2.0]

The point I trying to make is the Gov, let us say... they can kick you out of your property on any excuse. A motorway that is never going to happen, a wind power far, solar panels array; or just a sanctuary to some snails.

Yeah, but statistically it won’t happen in the same way that the world currency system collapsing and everyone deciding to use a specific cryptocurrency won’t happen.

The blockchain is a useful bit of kit but crypto is the Wild West of markets and the least secure place to park your money.

Read a news article yesterday about the crypto crash and how people have lost all their life savings. One of them was an electrician who put all their savings for a house deposit into that crypto exchange thats now frozen withdrawals because it had an 18% APR.

I just kept thinking to myself how can you be smart enough to become an electrician but be so stupid you put all your eggs into one basket (the APR even tells you it’s the riskiest one) without doing any due diligence at all?

 

[the_boozer]

I just kept thinking to myself how can you be smart enough to become an electrician

Heaps of electricans are fuckw*ts most of you don't think much of me as one example.
Look at the lies majourity of us tell, as in did you turn what ever on they stand there and say no even thou the said device is wired wrong and burn't out. Plenty of sparkys are just greedy liars.

 

[mpower]

The property still exists though and you still own it Of course this doesn’t apply in countries without proper rule of law like China where they could just take the property off you.

Property crashes are only a problem for the overleveraged or those unlucky enough to lose there job in a recession. Myself I don’t particularly care if my house price goes to zero as I still have the amenity of it and I’m not beholden to a landlord jacking the rent up every five minutes.

you don't get it do you?

In the countries mentioned there are whole suburbs and developments full of useless property just sitting there that eventually rot and decay with no residents.

Or try out Detroit, the people left in droves when industry dried up, more property down the shitter.

 

[Skydrol]

Or try out Detroit, the people left in droves when industry dried up, more property down the shitter.

The US Feds are raising the Prime Rate to control the inflation. What is doing is elevating the cost of the currency. Here in the US we have some called an ARM (Adjustable Rate Morgage). Allows you to buy a huge house for small monthly bill that goes up each month. Some peopke use those loans to flip houses; some get dupped by predatory lending institutions. When the prime rate goes up, it also raises the mortgage payments. If they cannot sell the house to another person, these loans will keep going up. Happened in 2008, all came down like a house of cards. Anyway, bankers use those loans as assets and bundle them with retirement plans.

What is happening is a train wreck that started in slow motion, and picking up speed... counter intuitive, but that is the nature of the beast.

 

[mpower]

The US Feds are raising the Prime Rate to control the inflation. What is doing is elevating the cost of the currency. Here in the US we have some called an ARM (Adjustable Rate Morgage). Allows you to buy a huge house for small monthly bill that goes up each month. Some peopke use those loans to flip houses; some get dupped by predatory lending institutions. When the prime rate goes up, it also raises the mortgage payments. If they cannot sell the house to another person, these loans will keep going up. Happened in 2008, all came down like a house of cards. Anyway, bankers use those loans as assets and bundle them with retirement plans.

What is happening is a train wreck that started in slow motion, and picking up speed... counter intuitive, but that is the nature of the beast.

not the point, point was property can become a useless asset if no one wants it. which is exactly what happens when there are too many speculators in the market.

kinda like crypto atm, who wants that trash. lol. Any asset class or currency can become worthless even if it's currently the new hotness and will never fail to hold value.

 

[JRNZER]

Heaps of electricans are fuckw*ts most of you don't think much of me as one example.
Look at the lies majourity of us tell, as in did you turn what ever on they stand there and say no even thou the said device is wired wrong and burn't out. Plenty of sparkys are just greedy liars.

One of the truck drivers that frequently comes into work lost $80k on bitcoin, He's now got nothing in the bank at 60 years old.
Both him and his brother dumped all their money into it, He was cheering when it was up, He ain't cheering anymore

 

[Immortality]

The point I trying to make is the Gov, let us say... they can kick you out of your property on any excuse. A motorway that is never going to happen, a wind power far, solar panels array; or just a sanctuary to some snails.

The difference here is your rose tinted glasses are so heavily shaded against the government you only ever see the bad in anything when it comes to govco. All you see is intent to screw over the people.

Such as sad life.

 

[J_D 2.0]

you don't get it do you?

In the countries mentioned there are whole suburbs and developments full of useless property just sitting there that eventually rot and decay with no residents.

Or try out Detroit, the people left in droves when industry dried up, more property down the shitter.

I’m not really here to argue semantics. I’m just saying that putting $500k into a house of your own is a far surer bet than putting $500k into crypto.